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A question I have been getting a lot lately is, do I fix up my home and get a higher value out of it or should I sell it as is. My answer is usually along the lines of it depends and that it depends on 3 questions Timing-How long will it take you to complete the renovation? How experienced are you to make this happen? and will you be hiring professionals to assist to either keep costs down or keep it on time? Will you like the renovation you completed if you were forced to live there another few years? This time is no different, however, the timing portion could have a much larger impact than before. Canadian Mortgage and Housing Corporation (CMHC) reported this week that the national level
Taking a pulse.... With the reopening plan for the BC Economy being underway with starting Phase 2 as of May 19th, taking a pulse of the current market will give a baseline to determine the direction the market and consumer confidence moving forward. Lower inventory than normal for the time of year, which makes sense as people do not want to risk their health. Overall inventory is down 506 listings compared to last year at the end of May (3,396 last year compared to 2,890 currently). There have been 482 new listings come on the market in May compared to 1158 in May of last year. 590 new listings came on in April and 985 new listings in March. The days on market increased to 83 compared to
Looking at the market, inventory is still relatively low for single-family homes, where condo inventory appears to be increasing. Single-family homeowners do appear to hold the power and can benefit from selling now. With supply low, we have not seen a decrease in prices in the single-family home market yet. As people come out of quarantine Condos living in condos likely does not seem attractive right now. Condos may start to see a price decrease if supply continues to increase and demand continues at this pace. Condos have also been hit with the increase in strata fees due to insurance premiums making them less appealing and reducing demand. Let me know if there is ever anything I can do f
April Real Estate Stats 215 total Residential sales down 46% from March of 396 and down 51% from last April of 435 sales. 2,704 total listings down 16% from April 2019 of 3,152 and up from slightly from March 2020 of 2,676 April Average Days to Sell 66 down from 69 in March Prices Single Family home - April median sale price $676,000 down slightly from March median sale price of $685,182 Apartment- April median Apartment sale price $292,000 down from March of $325,000 Townhomes-April median townhouse sale price $514,150, similar to March of $514,850 Mobile Home- April median mobile home sale price $126,950 down from $187,250 in March. Single Fa