Real eState

Q+A: New London-area real estate boss offers reality check for buyers, sellers – The London Free Press

Published

10 months ago

January 13, 2024

It’s been a rollercoaster ride for those working in the volatile real estate market during the past few years. But for anyone contemplating buying or selling a home, the new chair of the London St. Thomas Association of Realtors, Kathy Amess, shares some advice on what she calls “a fairly balanced market.”

Article content

Q: Tell us about yourself.

A: “I’ve been a full-time realtor since January of 1993. I opened Blue Forest Realty in December of 2014 and I have 85 realtors in the office.”

Article content

Q: What is the state of the real estate market, with interest rates being the highest they have been in the last few years?

A: “I think there is this misconception that rates are high and I think that’s because we had such artificially low rates for a few years. People are stuck in this narrative. The rates go up a quarter of a point (and), this is no slam on the news media, but they will say rates soar by quarter of a per cent. The rates are actually lower (than they have been historically). I think a lot of people got used to those artificially low rates.”

Q: What are we going to see a year from now?

A: “There are signs interest rates are going to come down . . . but my crystal ball is broken. I don’t really know. I think we have a fairly balanced market, which is good for both buyers and sellers. It just maybe looks different than . . . the COVID years when the market was crazy. It looks different than the rest of real estate history. I think it’s a good time for buyers and for sellers, it’s just been in a different place than it’s been for the last few years.”

Q: What is your advice for people buying or selling a home right now?

Article content

A: “Everyone has different reasons for buying or selling, so it depends on that. If you’re a buyer, though, you need to get into the market to reap the benefits of home ownership. If you sit around and always wait for something to happen . . . it’s not so easy to find the perfect time to (buy a house). I don’t remember who said this: ‘The perfect time to buy real estate was 20 years ago. The second best time is now.’ It’s true.”

Q: What about the young adults who can’t afford home ownership?

A: “There’s no question houses are less affordable than they were, but I also think not in all cases. There are instances where maybe people need to adjust their expectations. You can’t buy your parents’ house as your first house. There are ways to offset some expenses, purchase something with a friend or relatives. Or you buy a property that needs work and you’re going to do the work yourself over time and build equity in it that way. People are less interested in doing that than they used to be.”

hrivers@postmedia.com

Recommended from Editorial

Share this article in your social network

Adblock test (Why?)

Source link

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

2 weeks ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

Source link

Real eState

Here are some facts about British Columbia’s housing market

Published

3 weeks ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

Source link

Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

3 weeks ago

October 17, 2024

Anne Joseph

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

Source link