Connect with us

Real eState

Quit judging people who bought houses at the peak of the real estate market and overpaid

Published

 on

As the Canadian housing market takes a turn for the worse, once eager homebuyers are now jaded, tapped out, and, well, not buying.

Housing prices hit their peak in February of 2022 at a daunting $816,720 and dropped to $711,000 in May 2022 – Per MLS® Systems report.

Those that bought during the peak might be kicking themselves now, but are they to blame? And was it really a mistake?

In the months leading up to the housing market peak, several signs indicated the market would continue growing, albeit less vigorously. This led many industry professionals and homebuyers to bite the bullet and throw their hats in the ring.

A Nanos Research poll showed that in February of 2022, spirits were high among homeowners, as 64% of those surveyed predicted their home values would go up over the next six months. This is the highest recorded level since this question was first asked in 2008.

Talk about adding insult to injury.

But we can’t blame Canadians for their ill-fated optimism. The desire to buy and own property is deeply woven into the fabric of Canadian society. Passed from generation to generation, societal pressure to own a hard asset flourished, even in the face of sky-high prices.

In many cultures, take southern Europe, for example, it’s common for young people to live in their family until they marry or even well into their 30s. This norm is partly due to economic constraints but is a socially accepted practice.

In Canada, however, we know this is not the case. The belief in homeownership is so pervasive that parents are willing to put their own finances on the line.

A study from CIBC reports that mom and pop banks are contributing an average of $82,000 to their first-time home buyer offspring. This is an impressive $30,000 more than the average gift in 2015.

The thing we have to consider with these financial gifts is how first-time homebuyers are using them. Do they see these contributions as a way to lower their mortgage loan and monthly payments? Or a way to access larger loan amounts to get that bigger and better property they couldn’t have afforded otherwise?

Think about what that can do to the market on a macro scale.

If societal pressures aren’t enough, it doesn’t help that rent prices overtook the average monthly mortgage payment in 2022.

In Q4 of 2021, the average monthly mortgage payment shot up 3% to $1390 – a 3% jump from the last quarter. This is a pricey climb, but still not as costly as rent. Q4 2021 rent was an average of $1473/month for a one-bedroom and $1,820/month for a two-bedroom.

For many Canadians, the choice to buy at the peak came down to a matter of gaining equity versus padding their landlord’s wallet.

A few points to consider:

  • New constructions are rising in Canada, but labour shortages will delay a boom.
  • Rising interest rates do not offset falling prices. It is still more expensive to buy now than this time last year.
  • Falling housing prices are beneficial to the economy and the country as a whole.

 

Real eState

B.C. ‘clear’ there’s not enough housing as Vancouver encampment ordered dismantled

Published

 on

VANCOUVER — British Columbia’s acting attorney general says the province was “clear” with Vancouver officials that the Crown corporation responsible for subsidized housing does not have enough spaces available for people who are being told to dismantle their tents along a street in the city’s Downtown Eastside.

Murray Rankin, who is also minister responsible for housing, says housing is a human right, and the “deeply concerning scenes from Hastings Street demonstrate how much more work we have to do to make that a reality for everyone in our communities.”

Rankin in a statement Friday says BC Housing has accelerated efforts to secure new housing for encampment residents including pursuing new sites to lease or buy and expediting renovations on single-room occupancy units as they become vacant.

He says BC Housing is aiming to make a “limited number” of renovated units available next week, with more opening later in the fall.

Vancouver fire Chief Karen Fry ordered tents set up along Hastings Street sidewalks dismantled last month, saying there was an extreme fire and safety risk.

Police blocked traffic Tuesday as city staff began what’s expected to be a weeks-long process of dismantling the encampment but little had changed by the end of the week with most residents staying put, saying they have nowhere to go.

The city has said staff plan to approach encampment residents with “respect and sensitivity” to encourage the voluntary removal of their tents and belongings.

Community advocacy groups, including the Vancouver Area of Drug Users and Pivot Legal Society, have said clearing the encampment violates a memorandum of understanding between the city, the B.C. government and Vancouver’s park board, because people are being told to move without being offered suitable housing.

The stated aim of the agreement struck last March is to connect unsheltered people to housing and preserve their dignity when dismantling encampments.

The City of Vancouver may enforce bylaws that prohibit structures on sidewalks “when suitable spaces are available for people to move indoors,” it reads.

The province is not involved in the fire chief’s order or the enforcement of local bylaws, which prohibit structures on sidewalks, but it is “bringing all of BC Housing’s resources to bear to do what we can to secure housing for people, Rankin said.

“I recognize the profound uncertainty and upheaval people impacted by the fire order are facing, and we will provide updates on this work as we have news to share,” he said.

Rankin, who had been serving as minister of Indigenous relations, was appointed acting attorney general after David Eby stepped down to run for leadership of the B.C. NDP.

This report by The Canadian Press was first published Aug. 12, 2022.

 

The Canadian Press

Continue Reading

Real eState

Mismanaged real estate deals land B.C. lawyer two-month suspension – Business in Vancouver

Published

 on


Mismanaged trust accounts have landed a ban on residential real estate conveyancing for a B.C. lawyer.

A Law Society of BC tribunal panel has suspended Surrey lawyer Serf Grewal after determining he unintentionally misappropriated tens of thousands of dollars of trust funds.

Grewal was found to have committed several breaches of law society rules, largely related to real estate. As such he’s also been barred from future residential real estate conveyancing.

“The proven misconduct,” stated the society, “includes unintentional misappropriation of slightly over $42,000 of client trust funds, due to trust shortages and accounting errors, mishandling of a further $3,770 of client trust funds which resulted in a trust shortage that he did not report to the law society, improper withdrawal of $5,500 held in trust for fees before delivering bills to the client, failure to comply with accounting obligations over a four year period, and improperly commissioning an affidavit by not personally witnessing the attestation.”

Grewal’s suspension was said to be curtailed from what may have been a longer one, granted there was “evidence establishing that none of Grewal’s misconduct arose from dishonesty or deliberate misconduct for personal gain.”

As well, “the panel also considered evidence of a clear connection between Grewal’s misconduct and mental health issues related to childhood and personal trauma, and that the consequences flowed from his decision to report that trauma,” noted the society in a statement Aug. 10.

Grewal was also ordered to undertake trust account supervision and educational courses.

He claimed his annual income was in the range of $45,000 to $50,000 and so the tribunal panel afforded him 16 months to pay $9,000 in costs.

gwood@glaciermedia.ca

Adblock test (Why?)



Source link

Continue Reading

Real eState

Best Real Estate Shares Five Ways To Increase Trust In Your Ad Campaigns – Net Newsledger

Published

 on



When it comes to online advertising, gaining the trust of your audience is critical. If people don’t trust you, the experts at Best Real Estate in Tampa, Florida, say they won’t buy from you. This article will discuss five ways to increase your ad campaigns’ trust and boost sales!

Trust is essential for ad campaigns because it helps connect the advertiser and the consumer. When consumers see an ad, they need to trust that the advertised product or service is legitimate and that they won’t be ripped off if they purchase it. This can be difficult for advertisers, as many unscrupulous companies are more than happy to take advantage of unsuspecting consumers.

However, Best Real Estate experts say a few things advertisers can do to help build trust with their audience. First, they can be transparent about their product or service, clearly explaining what it is and how it works. Second, they can use testimonials from satisfied customers to show that their product or service delivers on its promises. Finally, they can provide a money-back guarantee to show that they stand behind their product or service. By taking these steps, advertisers can help build trust with their audience and ultimately increase sales.

In the past, advertisers have not been entirely transparent about how they create and place ads. As a result, there has been a lot of mistrust between brands and consumers. However, increased transparency will help to increase trust in advertising campaigns. When consumers understand how ads are created and placed, they are more likely to trust the campaign and the brand.

Additionally, Best Real Estate professionals say transparency helps build relationships between brands and consumers. When brands are open and honest about their advertising, consumers are more likely to feel closer to the brand and be more likely to purchase its products. Therefore, transparency is essential for increasing trust in ad campaigns.

Another way to increase trust in your ad campaigns is to use customer reviews. Customer reviews are a form of social proof, which is when people see that others are using and enjoying a product, they are more likely to want to use it themselves. Therefore, by featuring customer reviews in your ads, you can show potential customers that your product or service is trustworthy and worth their time.

Additionally, customer reviews help to build credibility for your brand. When potential customers see that other people have had positive experiences with your brand, they are more likely to trust it and be willing to try its products.

As mentioned above, social proof is essential in increasing trust in ad campaigns. Social proof is the idea that people are more likely to trust a product or service if they see that others are using and enjoying it.

One way to create social proof for your ad campaign is to feature testimonials from satisfied customers. Testimonials are a great way to show potential customers that your brand can be trusted and that you have happy customers.

Another way to create social proof is to show media mentions of your brand in your ads. If you’ve been featured in any news articles, magazines, or other publications, mention it in your ad! This will help increase trust by showing potential customers that your brand is credible and has been noted by reputable sources.

You can create social proof and increase trust in your brand by featuring testimonials and media mentions in your ad campaigns.

Ad campaigns can be a great way to promote your product or service. However, ensuring that your ad campaigns are adequate is essential to get the most return on investment. There are a few key things to keep in mind when creating ad campaigns:

Define your target audience

Who are you trying to reach with your ads? When you know your target audience, you can create ads that are more likely to resonate with them.

What are you trying to achieve with your ad campaign? Are you looking to increase brand awareness, drive traffic to your website, or generate sales? When you know your goal, you can create ads that are more likely to achieve it.

Where will you be placing your ads? There are various advertising platforms, each with its strengths and weaknesses. You’ll need to choose the medium most likely to reach your target audience and help you achieve your goal.

By following these tips, experts at Best Real Estate say you can create ad campaigns that are more likely to succeed. Keep these things in mind as you complete your next marketing campaign!

Ad campaigns can be a great way to promote your product or service. However, ensuring that your ad campaigns are adequate is vital to get the most return on investment. When creating ad campaigns, the key things to remember are defining your target audience, determining your goals, and choosing the right platform. By following these tips, you can create ad campaigns more likely to succeed.

Best Real Estate is a company focused on providing innovative marketing solutions for real estate professionals. For more information on their products and services, please visit the official site at https://bit.ly/bestrealsystem

Adblock test (Why?)



Source link

Continue Reading

Trending