January Newsletter – Property Assessments, Future of BC Housing & Most Searched Areas in 2016!

homevalues2017

PROPERTY ASSESSMENTS 2017

2017 has already started for most with some shocking real estate news – Property Assessments are out and up 25-50% from last year. I’ve had a lot of clients either excited or upset about their prospected value of their home.

I think an important point to note is that these assessments are not specific to any renovations you’ve done (without permits) or cosmetic upgrades you’ve made to your home. That said, many of the the target buyers that might purchase your home take assessed value as matter of fact. With that knowledge I urge people not to attempt to get their assessments lowered, particularly if they plan on selling as it may affect their market value. Assessed value is but one aspect of a market evaluation and there are many other factors including :
  1. Inventory in your area – low or high inventory in your neighbourhood can greatly affect market value.
  2. Recent sales (last 90 days) after assessments were performed.
  3. Cosmetic renovations (reno’s without permits)
  4. How your home shows to a buyer – proper staging makes a huge difference and in my experience can help you gain 10% more than a house that’s not staged in some situations. 
If you have any questions about your property assessment email me at patrick@patrickweeks.ca or give me a quick call 604-803-9335 and I can help clarify any questions or concerns with your increased home value.

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FUTURE OF B.C. HOUSING

I recently came across an in depth study regarding the Future of BC Housing showing the effects of the real estate market on Baby Boomers, Gen-X and Millennials. Boomers were the most to reap the benefits of the hot real estate market. They sold their family homes to downsize into smaller accommodation capitalizing on equity and either buying a smaller townhome or condo in the area they lived, or making the decision to move out of the Greater Vancouver area to where real estate is less expensive such as Vancouver Island, Okanagon, Kootenays, and Northern BC. Gen-X also capitalized on the hot market transitioning into well functioning homes for now. The study showed those that fall into the Gen-X category (late 30’s to early 50’s) will be looking to move again in the next 5 years to a home less expensive in a different location. Unlike most millennials, the Gen-X would rather not always live in the heart of the city and pay the high price tag. They’ve noticed a trend of Gen-X in the suburbs where they have a lower cost for more square footage. Millennials on the other hand struggled a bit to get their foot in the door during these past couple of years. The affordable homes were taken in bidding wars, or sold to those with cash in hand. The new stimulus the province announced coming January 16th aiding this set of first time buyers to get into the market. It’s important to note these buyers must not make over $150,000 combined family income, can only have a down payment under 20%, and must be residents. The maximum purchase price is $750,000 in this category. Read the in depth article: http://resonanceco.com/reports/future-of-bc-housing/

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Top 5 Most Viewed Real Estate Neighbourhoods Online in 2016:

Most Viewed Area in 2016 - Real Estate, Vancouver
  1. Kitsilano: 730,108
  2. Cloverdale: 648,735
  3. Willoughby Heights (Langley): 625,749
  4. Abbotsford West: 587,415
  5. Abbotsford East: 571,454
Definitely some surprises here, but with 2016 real estate prices more people were interested in moving further out for a cheaper price tag and more space. If you have any questions, please feel free to give me a call 604.803.9335 or email me at patrick@patrickweeks.ca.  
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