The Bank of Canada announced this morning that they have reduced their Target Overnight Rate by 25 basis points (.25%). This is the rate used by the big banks to determine their prime lending rate therefore Prime Rate should lower to 6.7% (aside from TD, which is higher). This would impact any borrowers with fluctuating rate mortgages and/or secured lines […] As we gear up for the long weekend in May, many of us look forward to cherished moments on the lake and quality time with family and friends. It’s a time for relaxation and celebration, a brief pause from our daily routines to bask in the beauty of our surroundings. However, as we embrace this […] Early spring land tours offer more than just an opportunity to admire the changing seasons; they provide invaluable insights for prospective landowners. As winter’s grip loosens, venturing into the province’s interior reveals crucial details about properties that may go unnoticed during other times of the year. Transitioning from snowshoes to rubber boots, explorers can navigate […] Winter is often overlooked as a prime time for selling property, but there are compelling reasons why it might be the ideal season to list your home. Here’s why embracing the chill can lead to a hot sale. Serious Buyers, Less Competition Winter tends to filter out less serious buyers, leaving those genuinely interested and […] 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. A 27 year old mobile home, previously assessed at $55,400 in 2021, is now being assessed for $116,000, a $60K increase, year over year. BC Assessment had previously de-valued the mobile by -$1700 in 2021 even with an increase in the land value. 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 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… Despite the costs of building a backyard zen, investing in your property instead of a couple costly weekend get-aways gives you a forever space that can be enjoy every day of the week. Well built outdoor improvements add value to your property, and they become unique future selling features. In my experience, buyers are impressed by extra storage, inspired by covered outdoor living areas, and excited to discover a greenhouse or garden that The southern BC Markets have shifted, with an influx of new inventory giving buyers more choices amid a slower paced sales and multiple offers have all but disappeared, for now. In the active Harrison Hot Springs market, we have seen initial listing prices quickly reduced after open house events have yielded zero offer situations. Canada’s national housing starts were down in February by 2,285 units over last year, an indicator to watch that will predict further economic pullback. Many rural and remote acreages are being purchased this year and lots of buyers are discovering that they need the professional services of a surveyor to begin the process of securing the land with gating and fencing and to plan out the location of new dwellings and outbuildings. A boundary survey adds value to your title, it allows the title owner to confidently create a land use plan and develop the acreage to add maximum value using the land in the best possible way. If the provincial government released another 2-3% of Provincial Crown Land into the private saleable holdings we would see an immediate and lasting impact on the real estate market as supply would increase dramatically and prices would stop their continued rise. The uplifting economic benefits of homeownership could continue to grow the economy and the province and its residents would actually benefit as a result instead of being continually penalized for a population growth issue that has been neglected by governing bodies in BC. The released crown parcels could be ear-marked for specific types of qualifying multi-unit and single family affordable housing which could actually be affordable! The exit of the CMBPP leaves long term collateral damages like double digit price growth and widens the wealth inequality gap between renters and asset holders even further. The BOC had a primary directive to stabilize the economy with the Bond Purchasing Program and stated the widening wealth gap is a by-product of this best policy approach. British Columbians have been living with uncertainty for over 2 years, and even when the threat of viral infection becomes a secondary consideration, fundamentally what we have lived through has changed us. Having pushed the restart button and emerged into the “New Normal, we discover that BC’s economic engine is but a shadow of its former self. Citizens and businesses must now face the long term consequences of the national measures taken to combat the Covid19 pandemic. No amount of government stimulus funding will make up for […] It makes sense that city dwellers and even suburbanites are itching to flee urban areas! Remember back to a time when you were imagining how you would run your own business and what kind of lifestyle you would enjoy as a result of your imagined efforts. Before you registered your business name or incorporated, and before you knew what you know now about being an independent business owner. Was there […] Planning a spring listing for your home or property? If your goal is to sell your home, you may be surprised to learn that there are many positives when potential purchasers are viewing your home during the winter months. The short lull in interested buyers around the December holidays turns into a mid January movement of […] Nothing beats a great pair of wool socks for keeping you warm in winter, except a dual heating system that’s works even when the grid goes down. A back up heat source is not just for eccentric practical preppers, a short or long term grid down situation during the winter has the ability to put […] British Columbia has both an ever increasing population and a prevalent lack of saleable, privately owned land. BC’s population growth outpaced five other provinces and increased by 5.6 per cent over four years from 2011-2016. The provinces 4,648,055 citizen count has shown steady growth with an increase of between 5%-7% every 5 years since 2001. All those […] Cariboo Gold project – which has completed its environmental assessment – would generate $53 million annual payroll and require twice as many workers as the town’s currrent population Nelson Bennett, Glacier Media. The tiny, historic town of Wells, B.C. is about to experience an economic transfusion, whether it likes it or not, in the form of […] 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 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. Part 1 of a two-article series on groundwater sources and water systems on rural land. A clean, year-round, potable water source will always be the most important land attribute you need to sustain life. Understanding the different types of rural property water sources and how you can and cannot access, divert and use them will save you time in vetting rural properties and raw land for both residential and commercial use.
Bank of Canada – Happy Rate Cut Day!
Rallying Community Support for a Charitable May Long Weekend
Spring Insights: Unveiling Rural Realities for Prospective BC Acreage Owners
Why Winter Might Be the Best Time to Sell Your Property
Part 2: Locating and Evaluating Potable Water Sources on Rural Property
Early spring land tours reveal more than just flood risks.
Equity is your advantage, deplete at your own risk.
Manufactured home sees 60K dwelling tax assessment increase.
Altered Expectations Required To Return Balance
Waterfront Property Rewards Beyond Value Retention
commercial land purchase, and so should you!
Contingent to: Common Sense
Positioning for Profit in a Correcting Market.
On the fence about building that shed?
Financial Lockdown Fuels Market Shift.
The Value of a Property Boundary Survey can be Priceless!
Provincial policy changes that would make housing affordable without penalizing buyers or sellers.
Is there still a middle class in our electric future?
Transformative Lifestyle Choices Spur 2020 Land Rush.
Home Sales Vital To Economic Recovery
Rural Land Inquiries stimulate market movement amid lockdown.
Realistic Goal Setting Adds Value to More than your Bottom Line.
Winter Home Sales strategies bring in cold hard cash$
A back-up heat source is a must have to protect your property investment and it’s a great selling feature.
Correcting BC’s Private Land Market with a Crown Land Release.
Western Investor: New gold mine will transform tiny, historic Wells, B.C.
Exploring Fractional Ownership: A New Age in Real Estate
“Trading Skyscrapers for Spruces: Embarking on the Ultimate BC Adventure in Rural Living”
Western Investor: Camping goes upscale as land, operating costs bite
Jun 13, 2023
CAMPING GOES UPSCALE AS LAND OPERATING COSTS BITE
Locating and Evaluating Potable Water Sources on Rural Property
