Connect with us

Real eState

Canada Real Estate Expectations For 2021 – Haute Residence

Published

 on

Real eState

2021 home sales will rival 2016 boom year, says B.C. Real Estate Association – Vancouver Sun

Published

 on


Article content continued

Last summer, real estate agents described pent-up demand for detached homes following the pandemic shutdown. They said this trend has been sustained as some buyers who want more space, often because they are now working at home, also have more purchasing power with lower interest rates. Overall, however, they weren’t seeing the dynamics of the boom years of 2015, 2016 and 2017.

Now, some of them are starting to sense a boom.

“The market is really hot right now and it’s not slowing down,” said Vancouver real estate agent Steve Saretsky. “Most of the froth is in the single family housing market. It’s insanely competitive and comparable to 2016. The condo market is much more balanced though, and buyers can take more time to sift through the inventory.”

“Single family inventory for sale is near record lowest on record. If you’re looking for a house under $2m, there’s 1.6 months of supply. That’s insanely tight and is creating bidding wars. People are seeing prices getting bid up, and now there’s a fear of being priced out.”

Marion Chekaluk, co-founder of Ecom Appraisals Inc. said mid-December to mid-January is usually a very slow time of year for the appraisers and lawyers who process real estate transactions.

But in recent weeks, everyone in her office has been “absolutely run off their feet. I’m getting lenders calling constantly. I had three this (Monday) morning, saying ‘a deal is supposed to happen,’ that ‘subjects need to be removed today. And we’re waiting on this report. You saw the property on Friday.’ They’re asking our appraisers not to take a weekend and I’m saying to them, ‘no, you take your weekend. Because if not, you’ll get burned out.”

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Skyrocketing cost of building materials could stress Victoria real estate market – CTV Edmonton

Published

 on


VICTORIA —
The real estate market on southern Vancouver Island continues to be red hot.

“Condos were up single digits, low single digits,” said David Langlois, president of the Victoria Real Estate Board. “Whereas single family homes in a lot of markets were sort of low double digits.”

Inventory for condos has been holding its own. In contrast, the inventory for those sought-after single-family homes is bleak.

“When we look at the single-family home market, (there’s) very limited inventory and very strong competition for buyers,” said Langlois.

Besides inventory, developers say that the rising cost of building materials may also lead to a rise in costs for home buyers.

“Things are getting almost ridiculous,” said Phil Aitken, a co-owner of Thistle Construction.

“Some products are just getting exponentially more expensive and it’s reaching a point where guys are starting to say, you know, ‘Is there any point in me building this home anymore?’” said Aitken.

Thistle Construction is currently building three homes for clients in Victoria’s Fairfield neighbourhood. In September, they got a quote for lumber for the last home.

“By the time we got around to purchasing the material, it increased in price by about $7,000,” said Aitken.

That increase happened over a three-month period.

General contractors and those who work in sub-trades are also feeling the pinch.

“A 30-day quote is not available anymore,” said Iain Sorrie of Hybrid Plumbing.

For Sorrie, it’s gotten to the point where he can’t even give his clients an accurate estimate due to the rapidly changing costs of materials.

“Suppliers have told us not to give out 30-day quotes (for) the time being because their increases are going to happen quicker than the 30 days expires,” said Sorrie.

Plumbing supplies, lumber, drywall – everything has increased in price, which has many builders questioning if there’s a business case anymore for adding to that new home inventory.

“I think there are lots of opportunities out there at the moment for somebody to start flipping homes,” said Aitken.

“Certainly, finding an older home, new floors, a new kitchen, a coat of paint, some new exterior – you’re still going to pay a bit for materials but it’s not going to be anything like the cost of building a new home.”

The situation could put more pressure on that singe-family home inventory that is slowly becoming more out of reach for many families.

“You know, I feel for the younger generation,” said Aitken. “It’s really quite scary for those people trying to get into their first-time home.” 

Let’s block ads! (Why?)



Source link

Continue Reading

Real eState

Skyrocketing cost of building materials could stress Victoria real estate market – CTV Edmonton

Published

 on


VICTORIA —
The real estate market on southern Vancouver Island continues to be red hot.

“Condos were up single digits, low single digits,” said David Langlois, president of the Victoria Real Estate Board. “Whereas single family homes in a lot of markets were sort of low double digits.”

Inventory for condos has been holding its own. In contrast, the inventory for those sought-after single-family homes is bleak.

“When we look at the single-family home market, (there’s) very limited inventory and very strong competition for buyers,” said Langlois.

Besides inventory, developers say that the rising cost of building materials may also lead to a rise in costs for home buyers.

“Things are getting almost ridiculous,” said Phil Aitken, a co-owner of Thistle Construction.

“Some products are just getting exponentially more expensive and it’s reaching a point where guys are starting to say, you know, ‘Is there any point in me building this home anymore?’” said Aitken.

Thistle Construction is currently building three homes for clients in Victoria’s Fairfield neighbourhood. In September, they got a quote for lumber for the last home.

“By the time we got around to purchasing the material, it increased in price by about $7,000,” said Aitken.

That increase happened over a three-month period.

General contractors and those who work in sub-trades are also feeling the pinch.

“A 30-day quote is not available anymore,” said Iain Sorrie of Hybrid Plumbing.

For Sorrie, it’s gotten to the point where he can’t even give his clients an accurate estimate due to the rapidly changing costs of materials.

“Suppliers have told us not to give out 30-day quotes (for) the time being because their increases are going to happen quicker than the 30 days expires,” said Sorrie.

Plumbing supplies, lumber, drywall – everything has increased in price, which has many builders questioning if there’s a business case anymore for adding to that new home inventory.

“I think there are lots of opportunities out there at the moment for somebody to start flipping homes,” said Aitken.

“Certainly, finding an older home, new floors, a new kitchen, a coat of paint, some new exterior – you’re still going to pay a bit for materials but it’s not going to be anything like the cost of building a new home.”

The situation could put more pressure on that singe-family home inventory that is slowly becoming more out of reach for many families.

“You know, I feel for the younger generation,” said Aitken. “It’s really quite scary for those people trying to get into their first-time home.” 

Let’s block ads! (Why?)



Source link

Continue Reading

Trending