Sales have been trending downwards for two years; however, we are still at record low inventory. What happens next?
The NDP look to stabilize the market with a PTT increase; foreign buyer tax of 20% including Victoria; and a 2% speculation tax!
I’ve always bought concrete as I don’t feel there is enough of a discount on the wood-framed product.
Based on the one example we have in Victoria, B.C., I would say approximately 10 to 12%.
Rogers talks about his experience shopping for a home in this market.
Fundamentally I agree with the new rules; however, it will create some challenging practical problems.
The rooftop, the gym, and the “beach” access!
So far the market isn’t showing any signs of slowing down.
There are reasons to rent your suite, but there are also reasons not to rent your suite.
Understand the Tenancy Act and plan ahead of selling a tenanted property.
In my opinion, no.
Is truss uplift a carpentry problem or a drywall problem….more like a physics problem.
A lot cheaper and lot easier to repair in the event of a failure.
I am predicting relatively flat, but who knows?
Some buyers may find it more difficult to complete on contracts with the new mortgage rules kicking in January 1st, 2018.
Advantages of having a suite above a garage versus in your basement!
The numbers are all over the place!
Consumers seem to be more interested in the colour of the kitchen than the actual quality of construction.
In my opinion, instead of spending your money inspecting during construction or on completion a better choice would be to inspect the home before the various 2-5-10 year stages of the warranty expire.
If I had any clue I wouldn’t be selling real estate.
Update for 2017 – In terms of construction costs (land excluded) you can build a solid home for approximately $150 to $160 per square foot. At $200 per square foot you should be getting into a very nice home and beyond $300 per square foot is for the pure custom homes. Prices can be dramatically affected by type of building lot, heating system, and finishing. For example, you can spend $8,000 on Milgard windows or $40,000 on Pella windows. Pricing can also vary by municipality and make sure to add the square footage of the garage into calculations.
Personally, I’ve had good experiences renting my units furnished for several reasons outline in the video.
What no one has bothered to bring up is garden suite building permits will require a BC Housing owner-builder authorization which involved an impossible to pass exam, so good luck with the process 🙂
Evaluating a buyer demographic is important in sale, but the problem in real estate is all buyers whether young or old are using the same tool to find a home; MLS®.
In my opinion this is the most exciting pre-sale since the Encore by Bosa!
2016 was a crazy year…..what will 2017 bring?
With the parking crunch, downtown Victoria parking spots will become increasingly valuable!