MARKET HIGHLIGHTS
It’s happening!… Another month of increased buyer activity. The Real Estate Board of Greater Vancouver has reported that October’s sales were almost 10% above the 10-year October sales average!
What does this mean? We have seen inventory move more quickly than it has been moving, and we actually are in a seller’s market for condos and townhomes in Metro Vancouver. I know that seems a bit surreal at this point because it has been constant talk of a declining market for quite some time, but we have sold more than 20% of the inventory on the market, for both condos and townhomes. When monthly sales hit over 20%, then the Real Estate statisticians announce we’re in a seller’s market.
If you’re interested in the stats for a particular area, please reach out! I’d be happy to provide further info.
FORECLOSURES
With 159 listings on the MLS as ‘court ordered’ sales, I thought that this newsletter should highlight different foreclosures that are taking place. You may be wondering why we are seeing more court ordered sales on the MLS lately (you can expect more to take place in the future too!) compared to the past couple of years. So today, we’ll review WHY we have more court ordered sales today.
When someone obtains a mortgage, the bank usually has an appraisal done on the value of the home. The bank wants to know that if the owner cannot make their payments then they can take the home, sell it, to recoup their investment. If someone bought a home at the peak of the market and paid top dollar, say in 2016, then couldn’t make their mortgage payments in 2018 or 2019 (very low years in the market), then the bank would have lost money if they resold the house. That is why we saw very few court ordered sales happening over the past 2 years.
Maple Ridge $270,000
Large 1 bedroom unit in “The Atrium”, a centrally located, rental and pet friendly complex within walking distance to schools, shopping, and transportation! Great layout features spacious living room w/gas f/p, and dining area open to the kitchen. Large mbdrm w/walk-through clst and semi-ensuite. Features sundeck overlooking greenbelt. Open atrium hallways to court yard. Pet friendly, rentals allowed. Suite also comes with secured underground parking and storage locker. Great walk score and located near transit, shopping, restaurants, parks, schools + Golden Ears Bridge.
Chilliwack $273,500
Three bedroom, three washroom townhome in a central Sardis location – close to shopping, schools, recreation & more. Renovations started and ready for your ideas to make this house your dream home. Spacious master bedroom with a walk-in closet, laundry shoot and 3-pc ensuite. 2-pc powder room on main level. Lots of storage – closet space plus under-stair storage. Single car garage plus extra open parking – two parking spaces in total. Close to visitor parking. Lots of natural light.
Surrey $304,900
Surrey Tower Quorum – In need of renovations. 2 bedroom, 2 bath 1,167 Sq.ft. ground floor unit facing the courtyard. Pet friendly complex and underground parking. Prime location walking distance to everything including transit, Superstore, restaurants.
North Vancouver $379,000
Spacious condo situated in the popular Lower Lonsdale neighborhood close to the Quay, Restaurants, Recreation Facilities, and Transportation. This unit features a skylight, 2 balconies, a gas fireplace, large closets, in-suite laundry and large windows allowing lots of natural light in and providing for great views of the North Shore mountains and Downtown Vancouver. To be sold “As Is, Where Is” subject to court approval.
Abbotsford $707,000
Gorgeous family home priced far below assessed value. Spacious home with unauthorized suite. Private backyard backs onto peaceful greenspace. Lots of room to enjoy privacy and relaxation. Living room offers vaulted ceiling with large window allowing natural light. Awesome neighborhood and close to all the amenities.
Email me to further discuss foreclosures
Also, did you know that I can set you up with auto notifications for new Foreclosures on the market? Click the link above to ask me to set you up.
HOT SPOTS FOR REAL ESTATE INVESTMENTS
Kamloops
My monthly feature for a real estate hot spot is Kamloops this month. Why? With a population of over 90,000 residents, there is less than a 1.4% vacancy rate, it’s the perfect climate for retirees wanting to golf and fish, and it’s a student rental city due to Thompson Rivers University. The Royal Inland Hospital is set to have a $417million dollar upgrade… which is a big attractor for retirees. According to Real Estate Wealth Magazine, “Kamloops is scheduled to be one of the few major cities where significant work on the Trans Mountain Pipeline will take place.” “..estimated to bring 2,500 jobs to the area over the next several years.”
It also has been one city to have seen a steady increase in housing prices over the last year, while Metro Vancouver cities were decreasing.
What does this mean from an investment perspective? A solid investment with big housing appreciation potential.
Investors dream! A mint condition 3 up, 1 down home w/ self-contained suite. Located close to parks, beach & schools. This property offers a turnkey opportunity for the 1st time investor / buyer looking for some rental income. Each unit has their own electrical meters, driveway, yard & laundry. The long term owner has meticulously maintained this property as to attract quality tenants. The main floor has addition living space in the basement, gas f/p, hardwood floors & lg rooms. The kitchen has lots of cabinets & counters plus stove & fridge. Dining has built in china cabinet & room for big furniture. Very lg living room, built in shelves 4pc bath & more. Bright basement has lg rec room & lg laundry w/washer & dryer (main floor use). Home has C/Air, HE furnace, 2 newer H/W tanks, newer roof, fenced yards, 2 storage sheds. Main floor vacant quick possession, basement tenant pays $810 + utilities/month. Please allow notice for basement views. All measurements approx. Buyer to verify.
