Karen's January Market Update
Wow! Wasn't 2022 a party? It started off with lots of excitement - everyone wanting to be a part of the event - heated up to almost a rave-like mentality - and then crashed right down as if we'd been awake for 2years straight. (Not that I've been to a rave mind you :) )
As you are all aware the interest rate changes have affected the market resulting not only in slower moving product but fewer choices as well, changing the current Buying ability and those who have variable mortgages are taking a bit of a hit monthly.
There are predictions of up to 2 more hikes or no more hikes.... but no lowering of rates this year. Just look into my crystal ball....
Major changes you'll have heard about are the Provincial changes to STRATA OWNED PROPERTY. NO RENTAL RESTRICTIONS FOR ANY STRATA, AND AGE RESTRICTIONS LIMITED TO 55+. IF YOU'RE A 55+ BUILDING THEN YOU CAN RESTRICT THE AGE OF TENANTS, BUT ONLY IN THOSE BUILDINGS.
For more information on the sweeping changes click the link:
Here is what I'd like to see from the Strata Property Owners in BC: IF you opposed the blanket changes that David Eby brought in regarding no rental or age restrictions with the exception of 55+ for an age restriction, you need to send a letter to the Government expressing your concerns. We know that our clients buy into certain buildings because of the age or rental allowances/restrictions specifically.
And there are concerns about property values if strata buildings change their age restriction to 55+. Call us to discuss what that could mean for you and your building.
This is, in our opinion, a knee jerk reaction to a problem that the governments have been hearing about for at least a decade, but have done nothing to improve the rental supply, so now they're putting it onto the owners of homes without thinking it through, talking to the stakeholders and those in the know about how open rentals affect a building. The gov't doesn't listen to Realtors, even though we too are voting, taxpayers. But they should listen to YOU.
The 2 year restriction on Foreign Buyers purchasing residential property began on January 1st.
There are exceptions of course, and three of the most interesting ones are:
they can still buy a property to rent out
they can still buy a foreclosure
and I didn't see anything about foreign buyers not being able to purchase commercial property
AND we have increased numbers for immigration over the next 3 years - so where are these people supposed to live?
Here is a report from Global News regarding their opinion on the ban.
We at Conyers and Associates would like to thank you for your continued support and friendship. We love what we do and you help us continue to help others. We all win!
To all: good health, wealth and prosperity for 2023!
From your friendly, neighbourhood realtors:
Karen and Winston Conyers
Karen Conyers
Personal Real Estate Corporation
Real Estate Advisor
Senior Vice President of Sales
Senior Partner Conyers & Associates
THIS ENTRY WAS POSTED ON January 6th, 2023 BY Conyers & Associates |
POSTED IN General ,