As buyers and sellers return to the market (and with open houses and presentation centres now reopening, albeit with pandemic related safety measures in place), it’s a good time for everyone in real estate to consider if the near future will look different.
In particular, we’re going to look at how the priorities for buyers might change, and how that could affect the market.
It has been a challenging time for everyone these last few months, and some restrictions are being lifted in BC. But what does this mean for resuming viewings in the BC real estate market?
Social distancing is still of course in effect, and employers are required to develop a COVID-19 Safety Plan that outlines the policies, guidelines, and procedures they have put in place to reduce the risk of transmission. This means identifying protocols that everyone at the workplace must follow to keep people safe.
We hope that everyone reading this is staying safe and coping with these difficult and stressful times—understandably this month’s roundup will be dominated by the facts of the exceptional circumstances we find ourselves in.
Writing a roundup of real estate news invariably involves projection. Always trying to look forward and see how the market will shift, and give our customers the best advice on what to do with their property searches—but this month, the theme of the news is definitely one of uncertainty and calls for stability.
Here’s a roundup of all the latest developments in the Vancouver housing market for the beginning of February.
With the recently issued property assessments painting a deflated picture for the BC housing market — it would be easy to understand if investors and experts were less than enthusiastic about the picture for 2020. However, in the wake of recent numbers and forecasts, there’s a wave of cautious optimism when it comes to the market in 2020.
Whether you’ve already received yours or are expecting one soon, if you’re among the 374,600 property owners throughout Vancouver Island to receive a 2020 assessment notice from BC Assessment, you may already be reevaluating your future property decisions for the coming year.
These assessments — which reflect property values as of July 2019 — are issued yearly by BC Assessment based on their yearly analysis of the relevant data. The picture that’s being painted is one of relative stability, especially in the southern areas of Vancouver Island, with shifts falling primarily in the range of -5% to +5%. However, further upland there are more significant examples of volatility, especially in terms of price increases.
The role of the kitchen in the home and its importance to the modern buyer has changed significantly. These aren’t utilitarian spaces, they are stylish, multi-functional, and designed to be lived in as much as used. That’s why we’re seeing homeowners renovate their kitchens in the hope of adding value to their property. There is another way. By upgrading your kitchen appliances you can actually add significant value to your home — as long as your careful and make the right choices.
You’ll definitely want to get a professional home inspection before you buy a particular property as a qualified professional can identify issues you may not have noticed yourself.
Gen Z is bigger than the Baby Boomers and is about to upend consumerism.
Generation Z thinks differently about marketing and commerce. Surveys show that unlike Millennials, Gen Z is cautious about consumption.
Here's how the oldest members and consumers compare with previous demographic cohorts in the United States:
Boomers: 54-72 Years Old
Generation X: 38-53 Years Old
Millennials: 22-37 Years Old
Generation Z: Born after 1996
Gen Z are more ethically minded spenders than the previous generation.
Gen Z are harder to reach. Forget TV — social media will be how they connect. Statistics Canada notes they're sometimes called the "Internet generation", as the first generation born after the popularization of the internet.
