*Index and Market Summary based on previous 14 days rolling Average from Sold & Leased listings. PSF = Price per FT2
Well, it’s a new year and there’s a new outlook on the horizon for the Vancouver condo market. While there are still some buyers sitting on the fence waiting to see what’s going to happen with prices overall, many investors and first-time buyers are recognizing that condos for sale in Vancouver are a smart choice right now.
Vancouver Condo Market Looking Healthy
What most of the fence-sitters are worried about is in the detached market, in which we’ve seen declines of nearly 10% and many expect to see a further slide. In comparison, the condo market is actually quite healthy.
As we start our way into 2017 and finally come out of our Holiday hangovers, we would like to touch on a subject which often has divided opinions, whether to list your property in the winter or wait it out until the spring? When is the best time to sell? Condo Pro Marc Ronne offered some insight on this topic.
What’s the difference between selling in the spring or winter?
Now each of these strategies can have their Pros and Cons. But let us preface this advice firstly by saying it is very dependent on what type of market you are selling in, whether it be a buyer’s market or seller’s. In previous years in Toronto, we have seen that real estate trends show a slowdown during the month of December, but then steadily start to pick up again throughout the winter months and into the spring. But these days, with a fiercely competitive seller’s market, we are seeing less and less of a slowdown . . . if any at all!
The start of a new year is always a time to take stock of your life, think about your hopes and dreams, and start planning how to get there. Resolutions to reactivate that gym membership, eat healthier, and give yourself more ‘me’ time are a great start. But the new year is also a smart time to think about your real estate goals for the future.
Are you finally ready to buy your first home? Are you going to sell a condo and take off travelling the world? Or maybe it’s time to start thinking about down-sizing for yourself and or someone in your family? Remove some of the clutter from the family-home, and move into something a bit smaller, a bit more convenient.
Young professionals may be putting off marriage and children in favour of more dream driven lifestyles, but for many young people the financial value of real estate investment remains a central part of the plan.
The difference today from say twenty years ago, is that fewer young working professionals can afford to buy a home on their own. That’s why we are seeing a rise in the occurrence of multiple-buyer transactions, in which unmarried couples, friends, and family members decide to buy a condo in Toronto together.
A big issue that has been rocking the Toronto condo scene over the last year is short-term rentals, particularly the use of home-sharing sites like Airbnb.
With the news in October that New York City had fought a legal battle with Airbnb to ban short-term rental listings, many Torontonians wondered if such measures would soon come marching north. Currently, short-term rental regulation in Toronto is a murky subject, as the municipal bylaws are in transition.
What’s the problem with short-term condo rentals?
If you went to university or college, you can probably remember the amount of money you spent on living expenses over those four or five years. Whether paid to your school’s housing facility or handed over each month to a landlord, it was a big chunk of change that you never saw again. Now you’re a working professional, thinking about your financial future, and you understand the value of real estate. A student condo investment can be a great starting place for first-time buyers.