Since this time last year, we have seen sales volume INCREASE! In Metro Vancouver, there were 137 more detached homes sold last month compared to the year prior, 91 more condos, and 54 more townhomes. Great news right?!
Well, yes and no. Depends on which side of the fence you’re on – a seller or a buyer.
Benchmark prices are still down. Buyers have finally started putting in their offers as they realize that they have a lot of opportunity with lower interest rates and can negotiate hard against sellers. Sellers are still facing a difficult time getting their ask price, or selling their home at all.
So to my investors and first time buyers, it’s a great time to buy! I’ve seen fixed rates at 2.59%.
Metro Vancouver sees gain in sales over the summer
If you’re interested in the stats for a particular area, please reach out! I’d be happy to provide further info.
HOT SPOTS FOR REAL ESTATE INVESTMENTS
Each month I feature hot spots for real estate opportunities and I decided to feature Kelowna as both the hot spot and the presale opportunity (see segment below for BC’s first solar power community).
When combing through the stats of all of the boards, Okanagan is still going strong. In fact!….Condos are a seller’s market right now in Kelowna. Meaning, more than 20% of the active listings are being sold each month. Single family homes are still in a balanced market, with 15% of it’s inventory turning over each month.
While you cannot rent a Kelowna investment property out on a short-term basis (think Speculation Tax), you can definitely ask for a healthy rental rate for your rental from a long-term tenant and cashflow approximately $1,078 each month without a property manager, or approximately $758 with one. Check out the house that I found and ran numbers for below.
Invest in BC’s first solar community! Promontory is located in Kelowna and is already 50% sold out in Phase 2. Phase 1 sold out within one week.
These townhomes are 5 minutes to the Downtown core and you can scoop up a 2 bedroom and 2 bath unit in the mid $400,000s. It comes with 8 solar panels, energy efficient appliances, and a double car garage! It’s also within close proximity to Big White ski resort.
Interested in getting in before it sells out? There is a 10% deposit within 7 days of writing the contract and then 5% after the building receives it’s building permit.