We are excited to enter the next season with optimism in BC’s Fall Housing Market. However, we’d like to point out 7 things that people should continue to observe as the season changes over.
1. A hot pre-sale market
Attractive to young buyers, British Columbia’s pre-sale market is hot and booming. This is perfect for young buyers who are still living at home and saving up for a down payment to own their own homes. We can expect the pre-sale market to continue to be hot and in demand.
2. Demand should continue to outpace supply
Demand will continue to outpace supply. We know that it can take up to 3 years to complete a development and with rising costs we simply can’t build fast enough in order to keep up with our current market’s demand. This topic continues to be a major issue especially because our policies make it so difficult for developers to build faster.
3. Low interest rates will continue to fuel demand
Low interest rates will indeed continue to fuel demand as it is a great incentive. You may have heard talk about the possibility of inflation in the short term and it has definitely been higher than what we’ve seen in the last few decades. We would caution you for now especially with things just beginning to open up from the turmoil COVID-19 has caused us, health wise and economic wise. It may be too early to proceed with things as we go into another wave of COIVD-19. We have more information about this topic here which can really illustrate what’s happening right now.
4. Competition from expatriates
This is definitely a hot issue that will continue through to this fall and of course, is a vital topic in politics with elections warming up. How might each party respond to foreign investors who take advantage of our hot market? Will the Government ban foreign buyers from purchasing property? The impact this has on our real estate is vast and many houses are left without occupation. Many Canadians are looking to own their own home, if this trend continues the market will continue to inflate. We have each political plan here on our blog.
The NDP: How They Plan to Tackle the Housing Crisis if Elected
The Liberals: How They Plan to Tackle Housing if Re-Elected
The Conservatives: How They Plan to Tackle the Housing Crisis if Elected
5. A new wave of renters and buyers could enter the market
We have a new wave of renters and buyers that are entering the market. Those who are immigrating into the country and those who are of generational age are ready to rent and purchase homes this fall. We continue to welcome 400,000 immigrants per year with a total of 1.2 million people as a set goal by the Canadian Government. The increase in renters will encourage investors to continue to invest in our cities which will create a busier rental market over all.
6. Quality offers
Quality offers will continue to prevail but the good news for new buyers is that their won’t be many offers to compete against. Canadians however will continue to increase their financial literacy and education which will help better their knowledge on planning and taking the proper steps towards their goals. Having clarity on the options around you will aid in the maintenance of quality offers.
7. Optimism should remain high
Optimism should remain high because it is a top priority among many Canadians because it stabilizes them financially and secures the future of their equity. Working with the correct professionals will ensure that you’re prepared for this fall housing market.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at email@example.com or at 604-802-3983.
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