How Long Does it Take to Find a New Home?

Many people ask me this!

If you're planning to look for a new home sometime in the future, you may be wondering how long the process will take? How much time should you set aside for viewings? How many of the homes should you see?

Of course, the process varies from person to person. According to the Department of Housing & Urban Development, home buyers view an average of 10 - 15 properties before finally choosing to make an offer on one of them. That number may be a good benchmark for you.

On a Saturday afternoon, you can comfortably look at three or four potential properties. You can see more if you want to make a full day of it.  One factor that impacts the home shopping process is how clearly you know what you're looking for.  For example, if you're certain you want a three bedroom home, backing onto a wooded area or ravine, in an upscale neighbourhood, then the process is going to be fairly simple. You're just going to view properties that closely meet that criteria.  But if you're the kind of person who simply says, "I'll know it when I see it", then you'll need to look at several homes on the market. That means carving out plenty of room in your schedule for viewings.  A good REALTOR can help you understand what's available on the market and which homes are worth seeing. He or she can also help you determine how long the process will likely take, and show you ways to make the process go more quickly and smoothly.


Call me if you're ready to make the move to buy a home!

Population distribution 

Most of B.C.’s population is located in the southwestern corner of the province. In 2008, the proportion of the population, by region, was:

• Mainland/Southwest – 60%
• Vancouver Island/Coast – 17%
• Thompson-Okanagan – 12%
• Cariboo – 4%
• Kootenay – 3%
• North Coast & Nechako – 2%
• Northeast – 2%

Population age distribution

The population is aging 

B.C.’s population is aging. In 2006, for the first time since census-taking started in the province, the median age in B.C. was just over 40 years.

Between 1995 (the first year for which regional workforce data is available) and 2008, the number of seniors – people aged 65 and older – grew by 34%. That was more than double the increase in B.C.’s total population during the same period (16%).

In 2008, 15% of the population of the province was aged 65 and older. By comparison, 19% of the Thompson-Okanagan population was in this age category. Seniors accounted for the smallest percentage of the total population in Northeast (8%) and North Coast & Nechako (11%). 

Changes in the size and age structure of the population are linked to changes in employment over time. For example, because many people 65 years or older are retired, a large senior population in a region will mean that a smaller share of its residents is likely to be available for work.

Northern regions of the province have a more youthful population than other regions 

Between 1995 and 2008, the number of children (under 15 years) living in B.C. decreased by 8% while the province’s total population grew by 16%.

Mainland/Southwest, where the population grew by 23%, is the only region that saw an increase in children (3%) from 1995 to 2008.

Overall, the northern regions have a youthful population compared with other regions of the province, but even in the north the number of children is declining. In North Coast & Nechako, for example, children made up 20% of the population in 2008. Yet, between 1995 and 2008, the number of young people there declined by a greater proportion than in any other region (34%). North Coast & Nechako’s total population shrank by 14% in the same period.

In 2008, Cariboo also had a relatively large number of children (18%), as did Mainland/Southwest (16%). Thompson-Okanagan (15%) and Vancouver Island/Coast (14%) had proportionally fewer children.

In every region, at least two-thirds of the population is between 15 and 64 years of age 

The largest share of the population in every region is of working age – that is, between 15 and 64 years. In 2008, the largest percentages of working-aged residents were in Mainland/Southwest (71%) and Cariboo (70%). Proportionally smaller working-aged populations were in Thompson-Okanagan (66%) and Kootenay (67%), both having large senior populations.

Courtesy Work BC  http://www.workbc.ca/Statistics/Regional-Profiles/Pages/Regional-Profiles.aspx 

September 2013 Market Update!  

Home sales are up 63% higher than last September!  See the Video link to the newest housing market update here!

If you are thinking or planning to retire, here are 7 strategies towards speeding up towards financial independence!

1)  Consider a part time job!

If you don’t have enough money to retire, then you’ll need to cut back on your planned retirement spending, or find a way to save more. Many people are choosing to work longer.  If you don't want to work longer, you will have to find a way to save more!

2)  Protect your savings!

Plain old GICs are among the best low-risk investments, but you have to shop around for the best rates. Bonds are another option worth looking into but you may want to speak with a financial advisor to ensure you are selecting the right type of GIC or Bond!

3)  Boost your income with Dividends!

You’ll need to keep a significant part of your portfolio in equities, and focusing on dividend-paying stocks may provide the right balance of risk and reward.

4)  Downsize and cash in your home!  

Real estate in Canada has had an enormous boom in recent years, and that’s allowed many long-time homeowners to build wealth!   If you own an expensive home, you could add to your cash savings by downsizing or relocating.

5)  Think differently about debt!  

Carrying debt into retirement was once considered dangerous and irresponsible. But today’s low interest rates have changed the game—as long as you borrow smart.

6)  Wait before you buy an Anuity!

Annuities suit many middle-class seniors but aren’t necesarily for everyone. Annuity payout rates are affected by interest rates, and current payouts are dismally low. Many experts say the current sweet spot for annuities these days is about age 70!

7)  Reduce your Tax Bill!

Tax-Free Savings Account (TFSA) has added another option.  If you’re saving for retirement with limited funds, whether you sock money away in your RRSP or TFSA depends on your tax bracket now compared with when you withdraw the funds.

For more information click here!

Courtesey of Moneysense.ca 

Sale and listing activity continues to follow historical averages

Home buyer and seller activity in the Greater Vancouver housing market continues to far outpace 2012, yet is in line with the region’s 10-year averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,483 on the Multiple Listing Service® (MLS®) in September 2013. This represents a 63.8 per cent increase compared to the 1,516 sales recorded in September 2012, and a 1.2 per cent decline compared to the 2,514 sales in August 2013.

Last month’s sales were 1 per cent below the 10-year sales average for the month, while new listings for the month were 3.5 per cent below the 10-year average.

“While sales are up considerably from last year, it’s important to note that September 2012 sales were among the lowest we’ve seen in nearly three decades,” Sandra Wyant, REBGV said. “Home sale and listing activity this September were in line with the 10-year average for the month.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,030 in September. This represents a 5.5 per cent decline compared to the 5,321 new listings reported in September 2012 and a 20.2 per cent increase compared to the 4,186 new listings in August of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 16,115, a 12.2 per cent decrease compared to September 2012 and a 0.5 per cent increase compared to August 2013.

The sales-to-active-listings ratio currently sits at 15.4 per cent in Greater Vancouver.

“It’s important to remember that stronger sales activity does not necessarily equate to rising home prices. In fact, home prices have not fluctuated much in our market this year,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $601,900. This represents a decline of 0.7 per cent compared to this time last year and an increase of 2.3 per cent compared to January 2013.

Sales of detached properties reached 1,023 in September 2013, an increase of 72.2 per cent from the 594 detached sales recorded in September 2012, and a 6.9 per cent increase from the 957 units sold in September 2011. The benchmark price for detached properties decreased 1.4 per cent from September 2012 to $922,600.

Sales of apartment properties reached 1,018 in September 2013, an increase of 50.6 per cent compared to the 676 sales in September 2012, and an increase of 10.4 per cent compared to the 922 sales in September 2011. The benchmark price of an apartment property decreased 0.5 per cent from September 2012 to $366,600

Attached property sales in September 2013 totalled 442, an increase of 79.7 per cent compared to the 246 sales in September 2012, and a 20.4 per cent increase from the 367 attached properties sold in September 2011. The benchmark price of an attached unit is currently $458,300, which is unchanged from September 2012.

Courtesy of the real estate board of greater vancouver.