Say hello to fractional ownership, a new rising star in real estate that’s increasingly being eyed as an attractive alternative to traditional property options, based on the highest Property prices in the history of BC, the lack of availability, and a comparison to timeshare. In the last few years, fractional ownership has been raining in […]
Dreaming of ditching that claustrophobic condo in downtown Vancouver? Yearning for wide-open spaces where the only traffic jams involve herds of deer? Well, you’re not alone! The hustle to rural utopia in British Columbia is picking up steam faster than a hipster runs to the newest kombucha bar. What’s got everyone swapping their penthouse view […]
Peter Mitham, Western Investor
Jun 13, 2023
CAMPING GOES UPSCALE AS LAND OPERATING COSTS BITE
Operators focus on RVs, luxury amenities for post-pandemic glampers. Private campground operators are upgrading sites and investing in amenities as high land costs and rising expenses put an emphasis on cash flow. The timing couldn’t be better, however. High housing costs in the run up to the pandemic saw many people swap Van city for van life, while COVID-19 spawned renewed interest in getting outdoors.
When the property you are inspecting has a “shallow well” designation you could come across a system as crude as a large open pit dug by a backhoe that captures ground seep and run-off water to a hand-bored sand point with a hand pump or 12-volt solar pump on off-grid properties. Shallow wells are typically 25 feet below the surface of the ground or less and can experience taste and odor issues from mineral content like iron and manganese.
Break up has arrived in the interior of the province, and Right Now! is one of the best times to head north and strap on pair of snowshoes or a pair of rubber boots and go make trails around the properties you are interested in possibly owning.
Walking property during the transition between winter and spring will give you valuable insight into how the geography changes with winter snow accumulation, and more importantly how well the geography deals with snow melt and runoff water. Characteristics you need to know about before you invest in or plan the location of driveways, dwellings, gardens, and outbuildings.
1.1 millions Canadians are set to renew their mortgages in 2023, and their equity position is one of the first risk indicators their lender will examine along with; income changes, credit card debt and credit score. Depleted equity makes you a higher risk to a lender and can be a factor in your ability to negotiate the best rates in subsequent renewals.
2023 dawned an altered and uncharted chapter in our province’s history of real estate. With well-meant intentions to expose corruption, reduce speculation, and increase affordable supply back into BC markets, buyers and sellers will now have several additional layers of government policy to navigate when entering into any real estate transaction.
Using the historically high 2021 figures as a benchmark for where market values should aim to be is misleading to potential buyers, investors and home owners. Your home is only worth what someone is willing to pay for it, at the time you are ready to sell it. And you should only buy or sell a home or property when it makes sense for you, and not just when the market is at the lowest or highest point. Yes, it is financially advantageous when you can time the purchase or sale of your property to coincide with the beginning or end of a cycle, but the real return on investment in owning your own home is received while you are living in it and still paying for it. Somewhere along the line we have forgotten that.
Savvy buyers and property investors look beyond luxury square footage to first locate a one-of-a-kind, spectacular location before entering into any type of residential or
commercial land purchase, and so should you!
Whether you buy .25 or 500+ acres, a land purchase is an investment in the physical geography in that unique location. Highly sought after geographical attributes like, water frontage, clean air, sunshine hours, fertile soil, mild climate, mature trees & timber, the view, the privacy and clean drinking water, all factor into the locations desirability and increases the richness of both lifestyle and market value.
BC NDP Finance Minister Selina Robinson, served up what can only be described as, “the 3 Day Nothing Burger” as her governments solution to calm overheated markets that saw the average sale price of a home in BC reach $1.096 million dollars in March 2022. The same month Minister Robinson commissioned the BC Financial Services Association to consult industry stakeholders in examining ways to cool down the frenzied market activity.
North to south, BC markets are at different stages of a market correction. The low interest rate buying frenzy is behind us as prices fall in line with realistic lender assessments and approvals. Careful consideration, in-depth vetting and negotiation has returned to the real estate process. A welcomed change for…