Tag Archive for: comox real estate

selling your comox valley home

Considering Selling Your Comox Valley Home?

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Are you considering selling your Comox Valley home? Have you been maximizing your home’s value?

Maximizing your home’s value before a future sale can be achieved. With thoughtful, strategic updates you can make a lasting impact on potential buyers. Start with curb appeal; a well-maintained exterior creates a positive first impression. It sets the tone for the rest of the home.

Simple tasks like fresh paint, updated landscaping, and a new front door can go a long way in boosting the perceived value of the property. Small upgrades to outdoor lighting and an inviting entryway can also enhance the look and feel of the home. These could act to draw in buyers from the start.

Inside the home, focus on key areas like the kitchen and bathrooms. They tend to yield a high return on investment. Simple improvements can give these rooms a refreshed, appealing look without major renovations. Consider things such as modernizing fixtures, repainting walls in neutral tones, and updating hardware.

Decluttering and staging are also essential. They allow buyers to envision their own lives in the space. This will make the home feel larger, cleaner, and more move-in ready. By focusing on these areas, homeowners can increase their property’s value and appeal to prospective buyers. Ultimately this is likely to attain a smoother, more profitable sale.


If you have any questions, don’t hesitate to contact me!

canadian real estate in wake of US election results

Canadian real estate in wake of US election

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Surrounding the US election on November 5 there has been a spike in interest in Canadian real estate for sale.

Royal LePage found visits to its website from our neighbours to the South have risen significantly since the presidential campaign began.

US Searches More Than Doubled

According to Royal LePage, U.S.-originated sessions to royallepage.ca more than doubled. They surged 104 percent week over week, 67 percent year over year, in the week of June 16 just before the first presidential debate.


The following week, after the debate between President Joe Biden and then-presumptive Republican nominee, Donald Trump, traffic peaked with an additional four per cent increase in visitors over the week prior. Phil Soper, CEO of Royal LePage, said trends were similar in 2016, prior to Donald Trump being elected. “It’s not surprising in this incredibly divisive American presidential election that they are attracted, at least emotionally, to the concept of getting away from it all,” he said. “I think that’s probably the biggest message in this surge in American interest in Canadian properties. Call it internet therapy.”


Most of the Visitors to the Site Came from Democratic States

Soper said most of the visitors to the site came from Democratic states. Interest from a Republican-leaning state, South Carolina, was also prominent. “Canada is the nation on earth that most closely resembles the United States,” he said. “Dreaming of Toronto, Montreal, Calgary, Vancouver is an American election sport.” Ryan Neely, a partner with McCrea Immigration law, said he’s fielding calls daily during this year’s election campaign – mainly from those in Blue states. “We’ve had an increase in what we call cold calls,” he said. “People who have just found us on the internet and are saying, ‘Well, listen, we’re interested in Canadian immigration.’” Despite the aspirations to immigrate to Canada, Neely said in actuality, the conversion rate to becoming a permanent resident is low.


“But there is a core group of people who are dedicated to doing it.” That group, he said, often includes young families or those who have been struggling with the decision to move for a long time. More restrictive immigration policies favoured by Trump could also lead to an influx of skilled workers and families seeking to relocate north of the border. This could drive up housing demand in major urban centers, particularly in Ontario, Alberta, and British Colombia, and put upward pressure on prices.

Factors to Consider Before Moving to Canada

Other considerations for people from south of the border would obviously be that there is currently a ban on foreign buyers in Canada. There are some areas outside larger centres where they are not restricted.

Another factor that could be affected by the change in government in the US is more interest rate cuts in Canada. The Trump administration policies are expected to stoke economic stimulus. One way to do this is to set aggressive rate cuts. Typically Canada follows that lead which would mean lower mortgage payments, and more people getting into the real estate market.

Contact Me For Real Estate in Comox Valley!

As always, if you’re looking for local advice on the real estate market and what’s happening in Comox Valley then get in touch with me today! I would love to help you with timely advice, buying or selling or your property here on Vancouver Island.

gen z home buyers in comox valley

Relocating or lifestyle changes are worth it if Generation Z adults can get into the home ownership market.

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According to a survey conducted this year by Royal LePage, 83% of 18 to 38-year-olds in British Columbia believe that home ownership is a worthwhile investment. Of those who are not yet homeowners, 77% say they plan to purchase a primary residence in their lifetime. Even though they realize it is expensive to own a home, it is a priority for them.

The positive association with owning real estate amongst the younger generation was not altogether unexpected. What is surprising and promising is the practical and purposeful way they are tackling the affordability barriers.

They are focused on saving for a down payment which is often the most difficult hurdle buyers face.

Purchasing in larger urban markets like Vancouver might not be attainable. However, smaller markets such as the Comox Valley may reap the benefits. The overall sentiment from this demographic is that owning their home, regardless of the property type, is a valuable and worthwhile long-term investment.

To achieve this, they are willing to make lifestyle adjustments or find alternative ways to enter the market. This may include purchasing with friends or family. It may mean buying a property with the intention of renting part of it to a tenant. It can even mean relocating to more affordable areas.

For many of these young buyer hopefuls, current higher lending rates are a major barrier. Keeping potential buyers in the rental market longer.

Now that rates are edging lower, we may begin to see more of these potential homeowners move away from renting and into purchasing.

Among respondents in British Columbia who do not currently own a primary residence, 75% say that owning a home is a priority. Approximately half of all who responded (51%) really believe this is an achievable goal. The other 49% are split between being unsure whether they will be able to buy and those who are convinced they will not be able to own a home.

When asked why the goal of home ownership is important to them, the vast majority say they would like their own permanent place to live. Other factors they consider are the stability of owning and the restrictive landlord-tenant policies when renting.

Homeownership is a highly valued milestone for many in the Generation Z and young millennial demographic. This makes it a key priority for their future.

While some young buyers expect to receive financial assistance from their families, others are assessing their finances and making the necessary adjustments to reach their goals. They are doing a thorough analysis of their income and spending habits, and are cutting back on expenses where possible.

Remember that opportunities exist in every market. Don’t feel pressured to act immediately. Take the time to ask questions, understand, and become comfortable with the opportunities available to you.

I am here to help you with that goal and explain some of the options and possible solutions. Get in touch today!

Summary

● The Royal LePage® 2024 Demographic Survey on the Next Generation of Buyers revealed
that 84% of respondents nationally believe in home ownership as a worthwhile investment,
with variations across provinces. 1
● 51% of respondents nationally currently own their primary residence, while 35% are renting
and 13% are living rent-free.
● 74% of non-homeowners consider owning a home a lifetime priority, citing reasons such as
seeking stability and financial benefits. 2
● 54% of those prioritizing home ownership believe it is achievable, with 20% thinking it is not
achievable.
● 75% of those prioritizing home ownership plan to purchase a home in their lifetime, with
varying timelines for purchase, including 40% aiming to buy within the next 5 to 10 years. 3
● The Home Purchase Survey by Hill & Knowlton highlighted various steps taken towards
home ownership, such as saving for a down payment and reducing discretionary spending.
● Respondents reported delaying or eliminating major life decisions to save for a home, with
some receiving financial assistance from family. 4
● Canadians showed openness to alternative options for affording a home, including rental
income and co-owning programs.