As we delve into the real estate market for the month of March, it's evident that each city has its own unique story to tell. From Victoria to Nanaimo, Vancouver to Calgary to Toronto, the trends and statistics vary, showcasing the diverse nature of Canada's real estate landscape. All across the country we are facing high interest rates, high demand for housing due to record immigration numbers and slow down in construction starts. It’s a perfect storm for prices to go even higher in this mostly balanced market.  
Let's take a closer look at the market performance in each of these cities.

Victoria

“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

FULL REPORT HERE

Vancouver
The Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,415 in March 2024, a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. This was 31.2 per cent below the 10-year seasonal average (3,512). “If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” Andrew Lis, GVR’s director of economics and data analytics said. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”

The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. The benchmark price of an apartment home is $770,700. The benchmark price of a townhouse is $1,094,700

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,552, a 22.5 per cent increase compared to March 2023 (8,617). This is 6.3 per cent above the 10-year seasonal average (9,923).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2024 is 23.8 per cent. By property type, the ratio is 18.2 per cent for detached homes, 31.3 per cent for attached, and 25.8 per cent for apartments.

Sales of detached homes in March 2024 reached 694, a 5.4 per cent decrease from the 734 detached sales recorded in March 2023. The benchmark price for a detached home is $2,007,900. This represents a 7.4 per cent increase from March 2023 and a 1.8 per cent increase compared to February 2024.

Sales of apartment homes reached 1,207 in March 2024, a 7.9 per cent decrease compared to the 1,311 sales in March 2023. The benchmark price of an apartment home is $777,500. This represents a 5.7 per cent increase from March 2023 and a 0.9 per cent increase compared to February 2024.

Attached home sales in March 2024 totaled 495, a 6.2 per cent increase compared to the 466 sales in March 2023. The benchmark price of a townhouse is $1,112,800. This represents a 5 per cent increase from March 2023 and a 1.7 per cent increase compared to February 2024.

FULL REPORT HERE

Calgary
March reflects strong seller's market and price increases.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

Detached homes:
Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.
Semi-Detached:
Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.
Row:
The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000. The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city's most affordable districts.
Apartments:
Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

FULL REPORT HERE

Toronto

“We have seen a gradual improvement in market conditions over the past quarter. More buyers have adjusted to the higher interest rate environment. At the same time, homeowners may be anticipating an improvement in market conditions in the spring, which helps explain the marked increase in new listings so far this year. Assuming we benefit from lower borrowing costs in the near future, sales will increase further, new listings will be absorbed, and tighter market conditions will push selling prices higher,” said TRREB President Jennifer Pearce.

“The average selling price edged up in comparison to last year as we moved through the first quarter of 2024. Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods. Lower borrowing costs in the months ahead will help fuel increased demand for ownership housing,” said TRREB Chief Market Analyst Jason Mercer.

The average price of a detached home in the area code (416) is $1,708,437. Semi-detached: $1,300,403. Townhouse $999,771. Condo:$729,392.

FULL REPORT HERE

Nanaimo
MARCH HOUSING MARKET CALMER THAN EXPECTED
“As we reported last month, there is a lot of interest among potential buyers,” says Jason Yochim, VIREB Chief Executive Officer. “REALTORS® are definitely busy, although the statistics don’t reflect that. We expect it will be June before the numbers catch up with pent-up demand.”
“The VIREB area is geographically widespread, so market conditions in Nanaimo won’t be the same as in Port Alberni,” adds Yochim. “However, properties priced appropriately for their location attract the most interest and sell more quickly than overpriced homes. That’s why the knowledge a local REALTOR® brings to the table is invaluable.”
In Campbell River, the benchmark price of a single-family home was $677,500 last month, up eight per cent from the previous year. The Comox Valley’s year-over-year benchmark price rose by 10 per cent to $856,300. In the Cowichan Valley, the benchmark price was $753,200, a three per cent increase from March 2023. Nanaimo’s year-over-year benchmark price rose by six per cent to reach $794,900, while the Parksville-Qualicum area saw its benchmark price increase by two per cent to $867,300. The cost of a benchmark single-family home in Port Alberni was $528,800, up four per cent from the previous year. For the North Island, the benchmark price of a single-family home rose by four per cent to $407,100.

FULL REPORT HERE

Quadra Island Real Estate:

March had a busy start on Quadra Island, with 7 new listings, 3 pending, 1 sold. All prices were between $419,000 and 1,199,000, one at $6,5000,000. Out of the 11 listings 3 are over the million dollar mark. Quadra Island has currently 21 active listings.
March activity on Quadra Island here

Current Listings on Quadra Island here

Cortes Island Real Estate:
Cortes saw 2 new listings, one of which was a re-list, one sold, and 1 expired. Cortes currently has 10 active listings.
March activity on Cortes Island here

CORTES ISLAND REAL ESTATE LISTINGS

 In conclusion, statistics can be manipulated and don’t necessarily show the whole picture. It’s very clear that Canada’s immigration policy is flawed and our country is taking more immigrants than new housing builds. This is creating a massive shortage of housing across the whole country. With 500,000 new immigrants expected this year the demand is not going to slow down much. Let’s be realistic, rents can not continue to go up endlessly. There is a cap on tenant’s ability to pay rent. Are we nearing that cap? Based on the most current sales it clearly appears that less transactions happen. In the month of March specifically, Vancouver has seen 31% less transactions than the 10 year seasonal average. Vancouver Island Real Estate Board: Campbell River 45% decline YoY of transactions. Comox 36% Less transactions than last year. Nanaimo 11% less, Parksville 31% less, Port Alberni almost 7% less, Cowichan Valley is the only area that has seen more sales than last year with 1.72% growth. Calgary is still in a very strong seller’s market with almost 10% growth in transactions! Toronto had less transactions but it’s in single digits still. Let’s see what happens in the next couple of weeks with the start of spring market. Last year spring market had an earlier start compared to this year. Maybe we need some good weather to wake up the buyers or maybe this is how things will be this year. That remains to be seen. I can’t predict the future, but I feel that the market will be much slower this year. The key to selling your home today is to make sure the property is in good shape and priced very well, otherwise it won’t sell; just like many new listings that are coming to the market now. 

link to all current listings in Campbell River here

It’s hard to believe that in this market we can still see listings of detached homes for sale for relatively affordable homes in Campbell River Real Estate. Let’s not forget that buyers don’t really look at the price of the property but are mostly concerned about the monthly payment. If you’re in the first step of your house search adventure consider looking at an easy tool I have on my website “the mortgage calculator” 

This tool will allow you to play with your numbers to determine the rough cost of a mortgage could be. Let’s assume you’re thinking of buying a property under $500,000. Let’s assume that you have 20% down payment ($100,000). In this case you’ll be seeking a $400,000 mortgage. Today’s mortgage rates are in the 5-6% range so let’s assume that your lender will offer you a 6% rate, 25 year amortization on the 5 year term; your monthly payments will be roughly $2560 

If you change the amortization to 30 years your payment will go down by about $180 to roughly $2380

The cost of mortgage is not the only cost a home owner faces. In addition to loan cost there are insurance and property taxes, which vary based on the area. Campbell River taxes can range between $2500-$4500 a year. Insurance costs depend on the condition of the house and area but roughly $2000 is a reasonable budget. Any way you slice it, you’ll end up with an extra cost of roughly $500/ month for both.

February in Real Estate

Another month went by and we are seeing more listings coming on the market every day. How was February you may ask? Well, here’s a brief summary of each important market. The reason why I am including only these markets is because based on what algorithms show, most people that come to Campbell River and surrounding area, are from these cities across Canada.

Campbell River

February brought additional inventory to the table in the Vancouver Island Real Estate Board (VIREB) area. However, listings are still far below where they need to be to satisfy buyer demand.

“British Columbia is in the midst of a housing crisis,” says Erica Kavanaugh, 2022 VIREB President. “Organized real estate has data-driven insights into potential solutions, which is why BCREA just released a white paper on market conditions in the province.”

In a Better Way Home: Strengthening Consumer Protection in Real Estate, BCREA presents over 30 recommendations to the provincial government on how it can protect consumers today and provide affordable housing in the future. Using extensive data and expert analysis, BCREA focuses on real-life solutions in the paper instead of ineffective and temporary demand-side fixes, adds Kavanaugh. (To read or download the white paper, visit bcrea.bc.ca/whitepaper.)

Benchmark Price for a detached home in Campbell River in February reached: $699,900.

Benchmark Price for an apartment: $333,600.

Benchmark Price for a Townhouse: $514,200. 

Quadra Island
Quadra Island in February had NO new listings, 4 sold (pending) and 1 Sold.  

If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Cortes Island

February on Cortes Island had 1 listing “pending” and one “sold” but NO new listings.  

If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Calgary

Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months’ levels. However, with only one month of supply, the market continues to favour the seller.

The benchmark price of detached homes in the city of Calgary hit $596,400; semi-detached: $461,400; row home: $321,100; apartments: $257,500.

Vancouver

The Metro Vancouver* housing market saw steady home sales activity, modest increases in home listings and continued upward trends in pricing in February.

“As we prepare to enter what’s traditionally the busiest season of the year, the Metro Vancouver housing market is seeing more historically typical home sale activity and a modest uptick in home listing activity compared to last year,” Taylor Biggar, REBGV Chair said. 

The benchmark price for a detached home is $2.044,800. This represents a 25 per cent increase from February 2021.

The benchmark price of an apartment home is $807,900. This represents a 15.9 per cent increase from February 2021.

The benchmark price of an attached home is $1,090,000. This represents a 27.2 per cent increase from February 2021. 

Toronto

February home sales were down compared to the all-time record in 2021, but represented the second-best result for the month of February in history. New listings dropped, but by a marginally lesser annual rate than sales, pointing to a modest move to a slightly more balanced market. Competition between buyers, however, remained tight enough to support double-digit price growth year-over-year.

“Demand for ownership housing remains strong throughout the GTA, and while we are marginally off the record pace seen last year, any buyer looking in this market is not likely to feel it with competition remaining the norm. Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs,” said TRREB President Kevin Crigger.

The average price for a detached home in area (416) is $2,073,989.

The average price of a semi-detached home (416) is $1,499,489.

The average price of a townhouse (416) is $1,131,809.

The average price of a condo (416) is $822,090 as reported by the Toronto Regional Real Estate Board (TREBB).

If you keep tracking these numbers like I do, you must have noticed that prices keep going up significantly all across the country. Even when you look at a monthly change a lot of the times it’s substantially higher. With immigration policy accepting over 400,000 new immigrants this year, and now with Ukraine conflict I’m sure that number will at least double. We can only speculate that this will drive prices even higher, especially the lower priced units.

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

Spring Market.

Spring Market is just around the corner. Historically the busiest time in Real Estate starts in April and goes on until about August. Usually the busiest months are April, May and June but last couple years March was also very busy. 

As usual a lot of people considering a move and thinking about selling are calling their realtors with questions. I would like to address some of the concerns here.

2022 has just started and so far, has been very turbulent already. Rising inflation, potential of rising interest rates, illegal government overreach, covid mandates, high immigration targets and now conflict in Ukraine, to name a few.

Making rational decisions based on facts can get hard because it seems there are many variables that can change weekly.

Why is spring market good for buyers and sellers?

Simply put, curb appeal! Hopefully when spring hits, all snow is melted and spring flowers make your yards look beautiful. The trees are waking up with color and people feel more energized and wanting to move. 

Since the pandemic has started more home buyers decided to reconfigure their lives, priorities changed and also the demand for larger homes with multi purpose rooms have increased. A lot of buyers have moved out of the highly densely populated cities into the suburbs or in many cases even changed the provinces in search for more affordable prices. We are still not clear if the exodus from big cities will continue or once offices open up, people will head back to cities, or if they will continue to work remotely.   

Rising inflation will be higher than we have seen in many years. In order for the central banks to combat the rising inflation they need to raise the interest rates.

Banks saw this trend coming, that’s why they introduced the “mortgage stress test”. The extra 2% buffer needed to qualify for a mortgage gives the bank confidence that borrowers will be able to make payments once the mortgage rates go up.
How does that translate in real life?

Based on a quick Google search, the average Canadian has a $372,000 mortgage. A 5 year closed mortgage of 4.79% will cost roughly $2120/ monthly.

If the mortgage rate goes up by 2% the monthly payments will be $2,560/ monthly

$440 increase in monthly payments.

Today we are facing record low inventory but the demand is still very high.

So, is now a good time to sell?

Every person is in a different place in their lives. Don’t base your decision on fear.  

Generally, best time to sell is during a seller’s market. We are in the strongest seller’s market in a long time. This is by far the best time to sell, based on historical data.

If you are thinking of buying it’s probably not the optimal time but it depends on your circumstance. If you can afford to wait until the market changes to a buyer’s market, then wait. If you must buy now, don’t expect to find any “deals”.

It is important to listen to a few opinions, ideas before making up our minds. The most important aspect is to listen to ourselves, to the feeling we have. Sometimes it’s not all about the money or timing.

My personal litmus test when making big decisions is to ask myself: is it going to hurt someone, does it come from respect, kindness and compassion? Whatever decision I make is a decision I’m willing to live with.

Over the last couple of years, we have followed so called “leaders” telling us how we should live but I really hope we have reached the end of this. It’s time to take charge of our lives and finally return back to kindness and community.  

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

 The first market statistics of the year were published late therefore I’m including them in this article instead of the last one. I can’t believe we are mid way through January already!

I’m assuming by now you have all received your BC Assessment and you’re excited at the fact that your home is worth more than 30% and in some cases even 50% more! Your property taxes will not go up by 50%, don’t worry. They will certainly go up though. 

Campbell River

According to the British Columbia Real Estate Association, the supply situation is especially critical in markets outside the Lower Mainland, with one of the worst being Vancouver Island. Even if sales were to return to long-run average levels, total listings would need to nearly double to achieve a balanced market, and the road to doubling those listings lies in building more homes.

“Expanding inventory is the key to affordability, and it requires a coordinated effort from all levels of government and adequate incentives for municipalities to take action,” says Mackay. “The public also has a role to play by being more open to gentle densification in some areas.”

Benchmark Price for a detached home in Campbell River in December reached: $689,000.

Benchmark Price for an apartment: $335,000.

Benchmark Price for a Townhouse: $505,300.

Average sale price in 2021, in Campbell River was $692,906 compared to $537,494 in 2020.

Quadra Island
Quadra Island saw a very busy December with 3 listings sold (pending), 2 sold, 1 cancelled and 1 expired.

Overall in 2021 Quadra Island had 42 listings in total that sold, 5 were cancelled, and 3 expired.

If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca 

Cortes Island

Cortes Island also had a relatively busy year with 14 listings sold, 2 cancelled, and 4 expired.

 If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca

Calgary

“2021 Record year for home sales”. Thanks to exceptionally high sales in December, 2021 was a record year for home sales. Calgary sales reached 27,686 units this year, nearly 72 per cent higher than last year and over 44 per cent higher than the 10-year average. “Concerns over inflation and rising lending rates likely created more urgency with buyers over the past few months. However, as is the case in many other cities, the supply has not kept pace with the demand causing strong price growth,” said CREB® Chief Economist Ann-Marie Lurie.

The benchmark price of detached homes in the city of Calgary hit $547,300; semi-detached: $432,400; row home: $300,100; apartments $252,000.

Vancouver

Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.

“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Keith Stewart, REBGV economist said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”

Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent) and Whistler (27.8 per cent).

The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020.

The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020.

The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020.

Toronto

In December, GTA REALTORS® reported 6,031 sales – a strong result historically, but still down by more than 1,000 transactions (-15.7 per cent) compared to the record of 7,154 set in December 2020. Over the same period, new listings were down by 11.9 per cent to 5,174. The MLS® Home Price Index Composite benchmark was up by 31.1 per cent year-over-year in December. The average selling price was up by 24.2 per cent annually to $1,157,849.

The average price for a detached home in area (416) is $1,698,178.

The average price of a semi-detached home (416) is 1,342,429.

The average price of a townhouse (416) is $997,208.

The average price of a condo (416) is $730,792 as reported by the Toronto Regional Real Estate Board (TREBB).

Prediction for 2022- more of the same. Looks like the biggest problem we currently have is a huge demand for housing but supply of new housing is just not meeting the demand. Being a buyer in this market is very hard, especially if you don't have a $1million dollars for a downpayment. 

In my opinion, the most important drivers of housing crisis are the artificial low interest rates and very high numbers of newcomers to Canada. According to Sean Fraser (Minister of Immigration), Canada welcomed 401,000 new immigrants in 2021.This is the most newcomers in a year in Canadian history since 1913. Federal government is planning to bring 411,000 immigrants in 2022. Just to be very clear- I'm not blaming immigrants for this crisis. This is just a bad policy by the feds. 

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

First and foremost, I would like to Wish you an abundant, joyous and prosperous 2022!

As of this writing, the real estate boards haven’t released the monthly stats for the month of December yet, so I’ll have to write on a different topic as I have originally planned.

By the time you read this article in the Discovery Islander you have probably already received your BC Assessment report, so I’d like to give you some information about what this report is and how it’s compiled.  

BC Assessment is a Crown Corporation created as an independent impartial party to keep consistency and order. The corporation employs 650 full-time staff positions in 17 offices throughout the province. B.C. Assessment's annual budget is just over $77 million.

The value is determined based on property type and which method was used. There are several types of methods but the most common method for residential properties is the “Sales comparison method”. This method determines market value of properties based on most current data of sold units that are comparable in any given area. Land assessments are based on its most reasonable and optimal use which is both physically possible and financially feasible.

For example, vacant downtown land may be valued at its development potential rather than existing use. BC Assessment will consider many factors when determining highest and best use; including zoning, official community plans and recent development trends.

The assessed value of your home is broken down into 2 categories: Land, and Buildings. The report also includes comparable information on your previous year’s value.

Please note that the value assigned to your property is already outdated when you get it in your mail, because it’s based on data of sold units provided by the real estate boards as of July of last year. There are 5 more months of active market that are not included in that report.
 

How relevant is Assessed value during a real estate transaction? This is the second most common question I hear on regular basis from my clients. The answer is as usual: “It depends”.

As a Realtor my job as a listing agent is to sell it to a potential buyer, to their agent and most importantly to the bank that will provide financing to the buyer.

In a sellers market like we have seen over the last few years, the market can seem all over the place with prices. The bottom line is that the market will dictate what a property will sell for, provided that the bank is in agreement. For example, A buyer can be very excited about a property they’d like to purchase. They participate in a multiple offer situation where they have outbid all competing offers. What happens now? Depending if the buyer is a cash buyer or if financing is required, the bank will consider the BC assessment report as a factor in granting financing or in some cases, not.

If the offer is viewed as unreasonably high and not in line with how the market has behaved in the area, the banks can refuse to finance the mortgage for the buyers or assign conditions before financing can be finalized.

The truth is that the BC assessment report is used mostly for tax purposes. The market value of a property is determined by the economic forces of demand and supply. Our biggest issue in the real estate market is very low inventory and a very high demand for properties. There simply aren’t enough homes for sale to meet the demand. That’s what we are being told by the governments and it seems consistent with what we are seeing in the market place.

Is BC Assessment important in the purchase or sale of your home? Yes. It’s considered to determine what the property taxes will be for the current year, as well as qualifying for a mortgage.

In a strong sellers market, it is very common for properties to sell well above BC assessment values. When the market changes into a buyers market, and it will change one day, buyers and lenders alike will be paying much closer attention to what the BC Assessment numbers are.

The most accurate appraisal of your property can be obtained from a property appraisal company or your REALTOR®

If you haven't received your statement yet but you're curious, here's a link https://www.bcassessment.ca/

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

Every year around Christmas time I get all nostalgic as I remember that one special Christmas, and I would like to share this story with you.   

Most of you can guess based on my name that I must have come to Canada from elsewhere. I came to Canada when I was just a teenager. My parents decided to leave our country of origin just before the Iron Curtain came down. We left a country that was at a verge of collapse and we feared the unknown.

We were different type of immigrants. Not like today’s immigration with money to buy exotic cars and mega houses. We came with virtually the clothes on our backs and a suitcase each, containing mostly books.

We lived in a Co-op in a Vancouver suburb for the first few years. My dad was working with another Eastern European doing odd construction jobs, just to pay the bills.
The first couple years in Canada were very hard. We didn’t know how anything worked, we didn’t know the language at all and didn’t know where to get help. Prior to coming to Canada we spent 3 years in refugee camps in Germany, where things were decided for us. Neo Nazi attacks on our refugee camps were common and constant fear of the unknown motivated us to leave Europe. We were fortunate that our application through the red cross was accepted and we could come to the land of opportunities- Canada.

As a new immigrant, without any English language, my dad had to resign to taking any job he could get. He ended up working with some shady guys that wouldn’t pay him for months at a time. This one specific guy decided not to pay him for about 3-4 months of salary and fired him just before Christmas. My dad didn’t know where to go to deal with this, whom to call, how to feed his family.

Let me tell you, being a new immigrant as a teenager wasn’t all rosy.

Couple weeks, maybe days before Christmas in 1992 we had literally cancelled Christmas. I don’t know if any of you have ever experienced real hunger, real lack of food for days at a time, but that was our situation just before Christmas. My parents must have felt terrible for not being able to prepare our traditional Christian dinner, not to mention presents.   

It was a Saturday morning, the doorbell rang. Since I am the oldest out of the kids, it was my job to go open the door. I opened the door and to my amazement saw several large boxes full of food!!! This was truly a Christmas miracle! There was nobody there, no note, just lots of food. Most people won’t relate to this story, but every single time I share this story my eyes swell up with tears. This incident alone made a long term impact on who I am as a person. To this day we still don’t know who left all these boxes in front of our place. This was a Christmas miracle that I associated with the spirit of Canada.

I love Canada because of the people here; Because of these random acts of kindness! The compassion, the deliberate and conscious acceptance of our differences. Our family shares this story every Christmas dinner we have this time of the year, and these are the stories we need to share with our communities.  

As a new immigrant I have experienced first hand the kindness from regular people, from my teachers, neighbours and everyone I met. It made me more sensitive to certain aspects of our society.   

I love Canada because it allows people to be who they are. There’s no discrimination against your beliefs, your religion, or your ethnicity, everyone can travel as they please, and these rights are guaranteed in the Canadian Charter of Rights and Freedoms.

The Charter of Rights and Freedoms is the main reason why our family and many other immigrant families have chosen to come to this great country!

Immigrants feel safe here.

As a proud Canadian my heart breaks when I see how politicians have divided our country recently. Multicultural, and multi faceted, with varying degrees of opinions is a definition of our beloved Canada.

Yes, this country was born on injustice towards first nations and it’s important to learn from history and never to repeat it. Our laws are here to protect us and unite us as people with common values.

I’m not writing any of this to start any debates towards one side or the other. I’m not a conspiracy theorist, or an anti-vaxxer and I don’t feel I need to defend my views… because I am Canadian.

All I’m doing is using critical thinking and stating the obvious, that our country has drastically changed over the last couple years and I find it disturbing that communities across the country are very divided. Even some of our families are divided as well, including my own family.  

This Christmas my wish for Canada and my immediate community- Quadra Island is to come together, in kindness, compassion and mutual respect. The Canada I know, doesn’t discriminate against anybody.

This country is the best country in the world and we should stand on guard for thee. Merry Christmas!

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

November in Real Estate

I can’t believe that it’s already December! A good reminder was the dump of snow we had last night, power outages and cancellation of schools; wow what a day! I almost missed the deadline for submitting this article but I’m very grateful that the hard working people at BC Hydro brought back the power just in time.

It’s statistics time, just like every month, this time for the month of November.

If you have any suggestions for any future articles, please email, text or call me. Your opinion matters to me.

Campbell River

Active listings in the Vancouver Island Real Estate Board (VIREB) area continue to drop, with demand far outpacing supply. Inventory has hit consecutive historical lows for several months running.
According to the British Columbia Real Estate Association, the supply situation is especially critical in markets outside the Lower Mainland. One of the worst inventory situations is on Vancouver Island. Even if sales were to return to long-run average levels, total listings would need to nearly double to achieve a balanced market, and the road to doubling those listings lies in building more homes.

In Campbell River, the benchmark price of a single-family home hit $683,500 in November, up by 30 per cent from the previous year. Townhouse: $485,900.

Quadra Island
Quadra Island saw a busy November with 3 new listings, 3 sold (pending) and one expired.

If you would like more details including “sold prices” go to my website and sign up for free to

members only area that will provide that information www.quadrarealty.ca

Cortes Island

Cortes Island saw only 1 new listing in November, a beautiful almost 10 acre property.

If you would like more details including “sold prices” go to my website and sign up for free to members only area that will provide that information www.quadrarealty.ca

Calgary

Driven by growth in demand for all property types, there were 2,110 sales in November, just shy of the record for the month set in 2005. “Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB® Chief Economist Ann-Marie Lurie. “At the same time, supply levels have struggled to keep pace, causing tight conditions and additional price gains.”

 In November, the detached price reached $542,600 up over 10.6 per cent higher than levels reported last October.

The semi-detached benchmark price rose to $429,800 this month, 8.7% Y/Y.

Row Price: $299,100, Apartment $251,700.

Vancouver

As we near the end of 2021, home buyer demand remains well in excess of long-term averages and the supply of homes for sale continues to decline across Metro Vancouver’s housing market.

“The imbalance between supply and demand, coupled with some buyers wanting to use rate holds on lower rate fixed-term mortgages, is keeping upward pressure on home prices in this traditionally quieter time of year for the market,” Stewart said.

The benchmark price for a detached home is $1,870,000. This represents a 20.8 per cent increase from November 2020.

The benchmark price of an apartment home is $752,800. This represents an 11.4 per cent increase from November 2020.

The benchmark price of an attached home is $990,300. This represents a 20.2 per cent increase from November 2020.

Toronto

Home sales reached a new record for the month of November and the average selling price also reached a new all-time high. New listings were down substantially compared to last year for all market segments – further highlighting the inherent supply issue across all home types in the Greater Toronto Area (GTA).

“Governments at all levels must take coordinated action to increase supply in the immediate term to begin addressing the supply challenges of today, and to work towards satisfying growing demand in the future. The GTA remains the primary destination for new immigrants, and is at the centre of the Canadian economy”, said TRREB President Kevin Crigger.

The average price for a detached home in area (416) is $1,807,983.

The average price of a semi-detached home (416) is 1,431,988.

The average price of a townhouse (416) is $981,759.

The average price of a condo (416) is $745,951, as reported by the Toronto Regional Real Estate Board (TREBB).

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

August in Real Estate

Another month has gone by and it seems like not much has changed in terms of pricing or demand for real estate in BC or across the country for that matter. It seems like things have been slowing down a little bit but the demand is still strong and the supply end is lagging behind. I love Real Estate and it's also part of my job to be informed so I can serve my clients better. Every month when statistics are released I analyze and review what's going on in the market and share all my findings. The sources of this information come from the Real Estate Boards that release it to the media. It's all public knowledge and easily accessible by anybody. All i'm doing is compiling a brief summary of each area to give my clients a snapshot of what's going on in the market. I could expand and provide you with much more information on each sector but I think most people are just interested in how much their home is worth today and also if the market is strong or if the sky is falling. Some of my clients have experienced some market corrections back in the 1980's but I was fortunate enough to witness just a short lived bump in 2009. Do I think we are way overdue for a correction? Maybe. I just don't believe things can go on indefinetely and one day there will be a correction but for now I don't think we are seeing any signs of that. The most current development is the news headline coming out of China regarding the Chinese property giant #evergrande   I will be paying closer attention to this developing story because it's related to global real estate. The company's share price has dropped over 80% from it's 52 week highs. Apparently the company is in financial troubles, and it has as much as 3 times debt as the Lehman Brothers did before the whole thing colllapsed. Will this company pull the global markets down? I personally believe that it may cause big ripples in the markets in the next couple of months. 

Campbell River
Slight cooling due to historically low inventory.
Inventory remains extremely tight in the VIREB (Vancouver Island Real Estate Board) area, tracking at a 21-year historical low. Active listings of single-family homes and row/townhouses dropped by 51 per cent from July 2020. In the condo apartment category, inventory decreased by 60 per cent from one year ago. Based on the demand VIREB (Vancouver Island Real Estate Board) is seeing, there is no doubt that sales would be higher if there were sufficient inventory.

In Campbell River, the benchmark price of a single-family home hit $639,100.

The British Columbia Real Estate Association (BCREA) forecasts that market conditions may begin to even out somewhat by the end of the year. However, it would take approximately 2,500 new listings in the VIREB area to create an actual balanced market if activity continues at this pace. The Vancouver Island Real Estate Board (VIREB) in August saw sales of 450 single family detached properties compared to 531 in June.

Quadra Island
In the month of August we saw two listings “sold”, two were “pending” and three “new” listings. The lowest price was a 10acre empty lot that sold for just under $400,000. The highest Sold price was an Ocean front property in Drew Harbour that sold for $860,000

Cortes Island
August showed some activity on beautiful Cortes Island as well, with one sold listing, one pending and two new listings. The only sold listing was a 10acre lot with buildings that sold over $800,000.

Calgary

Market continues shift toward more balanced conditions after torrid start to the year.

“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® chief economist Ann-Marie Lurie.

Detached Homes prices remained relatively stable compared with July figures, but were more than 10 per cent higher than levels recorded last year. Price gains continue to vary significantly based on location. Prices have risen across all districts relative to last year, but prices trended down In the City Centre, North West, West and South districts compared to last month. Detached homes benchmark price was $538,700

The semi-detached homes benchmark price was $430,000. Despite strong price gains across all districts, prices still have not recovered from previous highs in the South, North East and City Centre districts

The row benchmark price in August pushed above $300,000, eight per cent higher than last year.

Apartment benchmark price $253,300 nearly 16 per cent lower than previous highs.

Vancouver

While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020

The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020

The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

#quadrarealty #realestatestats #romankrzaczek #campbellriver #cortesisland #quadraisland

10 Things to be done to your homes before fall starts

I can’t believe the summer is nearing the end. Although I always enjoy the hot summer days a bit of rain would be welcome even by sun worshipers like myself. In a couple of months, I will surely regret these words but in the mean time I like to make sure my home is ready for the rainy season. I would like to share with you some tips on what is important before the rains come to avoid unpleasant surprises. Perhaps they will help you slowly start mentally preparing for the change of season.

Gutters
We are all used to them working properly and draining lots of water. Over the years however most people forget about checking them for damage or just a simple cleanup. When gutters are clogged, water can seep through into the house and cause major damage. A simple cleanup and a visual inspection can save you a lot of grief and possibly a lot of money.

Roof
Inspection of the roof is much easier to be done in the summer months before the rains start. If there’s any repairs needed to be done now is probably the best time.

Windows and doors
Check the exterior of your windows and doors. They may need re-calking.

Insulation
Take a look in your attic if there’s any holes made by critters. Sometimes squirrels or birds get inside your attic and build nests out of your existing insulation. Inspect and seal any possible points of entrance.

Chimney and wood stove.
Now would be a good time to inspect your wood stove, clean it out and do any repairs if necessary.

Fix any cracks in your driveway.
If you have a concrete driveway and it has cracks in it, this is the best time to take care of that. When winter comes it will be very difficult to get the right conditions to fix it.

Get your composter ready.
This is a big one for the gardeners like myself. There will be a lot of “greens” and soon enough “browns”. I like to make sure I have enough space for all that goodness.

Test winter equipment
Luckily we didn’t have much snow last year but it’s always a good idea to check your snow blower if it needs any repairs or maintenance.

Change your furnace filters
Another thing in your house that might be costing you more money than it should be. If your filters are clogged, it's harder to keep your home at the temperature you want it to be which will increase your heating bills. Clean these filters monthly, not just before the fall, for optimal performance.

Last but not least Change your batteries. Carbon Monoxide and smoke detectors are very important devices that should work properly.

This might look like a long list but there is still a lot of time. If you are a procrastinator or are busy with other more important projects this could be a good to-do check list before September ends.

If you have any suggestions or feedback…or have any topics you would like me to cover, please let me know. I would love to hear from you.

Roman Krzaczek Realtor
Quadrarealty.ca
250-285-2141