With the COVID-19 pandemic, there was a boom in real estate with many offers over asking sale prices. This was the trend for detached homes in North and East Vancouver ranging in price between $1.5 and $2 million. In the Fraser Valley area, prices were lower but the trend was the same. This trend is now seemingly moving into houses that are at high prices, particularly since mid-February 2021. Statistics show one house going for sale $700,000 over the asking price and another going $1.6 million higher.
In a market where demand is high and there are multiple offers on properties, real estate agents and sellers are being challenged to determine asking prices based on recent sales on similar properties. This leads to asking prices that are higher by even a hundred of thousands of dollars.
At the start of the real estate boom in 2014 to 2018, a home in Shaughnessy sold for $2 million over the asking price. Later in June 2015, a home in West Vancouver that sold for $1.1 million over the asking price. These were just one off sales but after they word sold they set higher price comparable rates and margins for sales of other houses in their respective areas.
Real estate agents note that the low interest rates along with “cheap money” are currently driving sales prices. Current homeowners are benefiting by refinancing their properties and cashing in on those lower rates. First time home buyers are benefiting from the low interest rates but many are at a disadvantage when it comes to competing sales with this high oversells. Since they can only bid in smaller increments, they are at risk for losing out on a sale easily by someone with a higher spending power.
Solution for Home Buyers with Limited Income
If you are searching for your home but are finding it hard to compete with the high over-asking on the market we have a solution for you. Here at SilverBeam Homes, we offer you the opportunity to build the home you can afford from the ground up. We have a team of professionals every step of the way. Contact us, so we can see how we can help you make your dream of owning a home, a reality today.
If you are getting tired of seeing those same walls every day, maybe it’s time to get some work done on your house. With many of us staying inside a lot now, working from home, and homeschooling our kids, all we see is our home. For many what used to be a space, you loved coming home to is now a space you’re getting just a wee bit tired of.
After spending a year at home for many, it’s easy to see all the things you wish about. Are you wishing your kitchen was nicer, or your bathroom was bigger? If you are that we understand, and we understand that you may be tempted to tackle the projects, especially if you can see how you can afford it. But we want to caution you about how to go about your home renovation in today’s article.
Prioritize Your Renovations
You want to start with renovation tasks that will be the best option for your home in the long term. Before you engage a contractor you want to have an understanding of your home and the best way to keep it strong for years to come. That is the real priority at the end of the day.
You want to start out by looking around your home, and we recommend you create two separate lists. These will be:
Need To-Do List
This list will have things that are related to your house’s health and structure. These can address an aging furnace, an old roof, creaky or drafty windows etc.
You also want to look for anything odd like unexplained water stains or bubbling paints only in a particular area. Make note of these, even if you don’t know the exact issue, these are things you need to get looked at, and they are going to be a priority.
Want To-Do List
This list includes those aesthetic overall goals, the dream renovation ideas you have that you saw on HGTV. These can include changing up your kitchen, adding a deck, a pool etc. Here you can also list jobs that you can do yourself or that can be complete in one day.
If you find yourself with a very long Need To-Do list you are not alone so don’t be discouraged or intimidated by the list.
Start With Structure
Now that you have made your lists and are ready to act on your needs, where do you start? Structure – you want to start with anything that will affect the structure of your home. So a failing roof, siding that is falling apart or cracks in your foundation are all great places to start. Pay attention to the parts of your home that keep sleet, rain and other moisture out of your home. These are very important to keep in tip-top condition.
If there is anything you aren’t sure about, get a licensed contractor to look over your list and your home and help you decide where to start. If you found any oddities without apparent cause they may be able to help you figure out the cause so you can determine if these need to be prioritized or if they can go lower on the list or even into the want list.
Going Through Your List
As you go through your list and get rid of things you may see that these items are affecting the items on your want to do list. So you may find yourself adding to your want list. For example, if you get a new roof, your water intrusion problems will be solved. So now you can add painting to your want list and get it done later on down the road.
Whatever you want to add to your list, just keep adding and maintaining a priority. If you come up on a problem that has more priority than others that were previously on the list, then go ahead and replace whatever you need to when you rearrange your list.
When you properly plan and prioritize your renovation you won’t go wrong. Always start with the structural concerns and then continue into your dream upgrades.
If you are entirely tired of your current home and ready to move on to a new one, give us a call. We are custom home builders who can build your dream home from the ground up. Get the home that is made just for you right here at SilverBeam Homes.
With its generous nature, mild climate and coastal location, British Columbia has a lot of going for it. These are also reasons it is being touted as having the best feng shui in Canada right now. So we’re definitely seeing good feng shui this season. But what is feng shui anyway? Feng shui is about the implementation of the five natural elements; metal, water, fire, earth, and wood.
With the lunar new year approaching, many Asian households are now looking to feng shui and good fortune. The word feng shui is derived from the Chinese term for “wind-water”. The system of feng shui is quite complex as it delves into polarity, astronomy, magnetic forces, and also architectural contribution.
The Chinese consider feng shui to be linked to property and real estate intrinsically. They believe in a strong connection between health, wealth, energy, and estate. Some take it so seriously they only seek out buildings that have been feng shui approved because they want the best home life.
How to Determine The Feng Shui Rating of a Property
To derive if a property is feng shui approved, a physical survey of the property is done. Also, a feng shui chart mapping is done which is a job done by only a professional feng shui consultant. These professionals are hired the world over to survey and chart different residential, industrial, and commercial properties. They work after construction as well as before and during. They believe that no matter where in the construction journey a building is or where it is located, its energy flow can be improved because that is just how easy it is to implement or improve feng shui.
The practice of feng shui is logical as it is scientific even though it is often regarded as a psychogenic mystery. In feng shui, a building has a cycle of 20 years, so does their surroundings and so there can be a shift in energy forces even for places that had good feng shui to begin with. Feng shui consultants know the differences in shifts and know how to enhance the energy flow of property for its occupants. The aim is to improve your current living conditions.
Why Is BC Experiencing Good Feng Shui
But back to BC’s feng shui. Is there a thing as a good real estate feng shui? Well turns out that according to feng shui consultant Yuen, British Columbia is in a good cycle. He explains the reasons he is of this assumption.
Location – the pacific coast’s beautiful environment with mild climate, fresh air and lush green spaces is key to having a good feng shui rating.
Steady political climate
Inclusive multicultural attitude
The community spirit; the kind nature of the inhabitants.
Are you considering making British Columbia your home? Do you have a home in mind? Do you have a custom home design you’ve always dreamed of building? Let us here at SilverBeam Homes help to make your dream a reality. Because we are home builders that can help you through every step of the process. Contact us today.
A large number of detached homes purchased in 2016 will be up for the five-year mortgage renewal this year.
You may be aware of the frenzy in the market re detached homes. With the pandemic on our heels, people want more space for privacy and are looking for home office space. They were met with lower interest rates and a higher supply of detached homes. Now, the supply of homes has shrunk ad prices are rising, so what does this mean? It means that buyers in the near future may get priced out of a home.
Mortgage Rates in British Columbia
The Real Estate Association for B. C is forecasting in 2021 that we will approach the home sales numbers of 2015 to 2017. BC was placed at the top of a list by Point2Homes as one of the most expensive places to have a mortgage. The study showed the following percentages of income going towards just to mortgages:
Burnaby – 44.7%
Richmond – 44%
Vancouver – 43.8%
Kelowna – 40.8%
Langley – 40.5%
Coquitlam – 38.5%
Saanich – 37%
There is a significant unknown though. This is the impact on inherited wealth for some homeowners. Homeowners with inherited wealth will be better able to put higher amounts of income towards their mortgage payments.
The SilverBeam Weigh In
Here at SilverBeam Homes, we think the 1st 6 months of 2021 are going to be crucial. This is where the setting for the sales and price trends of the coming years will be set. If you are a homeowner who has been stretching to make your mortgage payment since you purchased your home in 2016, you may want to consider putting your home on the market now. Why now? Because with rising prices you may be able to clear your mortgage and also make a profit. You can then use this money to find a home that meets your needs better. For example, check us out to build the home your family needs to continue living comfortably in the new normal.
When we look at the housing market in Canada right now, it’s all mixed feelings. What can $500,000 get you? It all depends on where you are looking and it all looks different. You can get a one bedroom condo or a five bedroom detached home. This is what the January 2021 circa for the Canadian housing market is looking like. To help you get a better idea of what your money can do here is what you can expect in different areas.
A detached 2 story home on Winslow St. in St. John’s recently sold for $499,900. This home features three bedrooms with full bathrooms, a master bedroom with a walk-in closet, and a bathroom ensuite. It also features a heated loft and floors. On the main floor, the house features a large open dining and kitchen combo, a bright living room, an office/den, and a powder room. But wait, we’re not done yet there is a basement complete with a wet bar and rec room, an oversized bedroom/ games room, a full bath, and the laundry room. On top of all that real estate, the backyard offers a separate fenced green space as well as a lot of usable hard surface area.
Killarney Road, New Brunswick
On Jenkins drive just four minutes outside of Fredericton, this New England farmhouse style home sold for $499,900. This two-story home features five bedrooms, 3 ½ bedrooms, a tiled kitchen with porcelain floors, and new appliances. The formal dining room features red pine plank floors. The living room is spacious with a den on the main level which could be a potential living room.
On the upper level we find a newly refinished bathroom complete with tub/shower combination and white subway tile along with the three bedrooms. The large master features an ensuite bathroom with soaker tub, large vanity, porcelain floors and a tile shower.
The lower level was recently finished and features a large family room, two of the bedrooms and the 3rd full bathroom which also has a tub/shower combo. On the outside there is a back deck as well as two covered front porches offering a view of the landscaped yard.
In Montreal, you can get a two bedroom, one bath condo for $499,700. The condo has a total of 1,232 square feet and is located in the central business district. The bedrooms are large and the home features a terrace that is 20’ by 8’.
In Toronto’s West End, a one bedroom, one bathroom condo home with parking included was sold for $499,900. Here you can find panoramic views of the city from both the balcony and the bedroom. The unit was freshly painted and bedroom storage and roller door recently updated. You will find this unit located close to transit, subway and shops and grocery stores.
Here a five bedroom and three bathroom home sold for $499,900. On the main floor we find a mudroom.laundry room, the formal dining room and a large island kitchen. The kitchen is bright with granite countertops along with a built in cooktops and is complete with an oven. There is also a secondary dining room in the rear with patio doors that lead to an additional deck off of a sunroom. The great room offers an open concept design and is complete with a fireplace and entertainment center finished with laminate flooring. The primary bedroom is located on the upper level with an ensuite bathroom complete with jetted tub and walk-in closet. All windows are triple pane and there is a garage, an above ground pool, a finished basement and storage shed.
In Parkhill, a contemporary styled three bedroom, two bath home sold for $499,000 fully furnished. This bilevel home features hardwood floors and a mantled wood fireplace in the family room. There is a sizable kitchen, access to a private backyard compete with mature trees, deck and hot tub as well as a detached double garage.
The three bedrooms can be found on the lower level with a vessel sink and rain shower. This is also where you will find the storage room and laundry room This home is located within walking distance to a number of restaurants and shops on 4th street.
On Stephens St. a 495 square foot condo with one bedroom and den for $498,000. The condo is located in the Kitsilano neighborhood with restaurants and shops readily reachable as well as the beach. You can enjoy a view of the North Shore mountains from your open concept kitchen with stainless steel appliances and quartz countertops. The kitchen also features a breakfast bar. The living room is airy and features skylights, vaulted ceilings, and a fireplace. Amenities included are parking and a storage locker.
How much hose can $500,000 get you when you choose SilverBeam Homes? Get in touch with us and let us how to build your dream home on your budget.
COVID-19 has changed a lot of things for us all. But one thing that is true is that we are all trying to now more than ever stay on top of our health and wellbeing. New data suggests that the lighting in our homes can help us with that. And isn’t that a really simple and easy place to start?
The most thought we give to home lighting is how it looks. How often do we consider how something will make us feel before we purchase it? When it comes to lighting or anything else we bring into our homes for that matter, we ought to think about how it will make us feel.
There are multiple studies that indicate that our lighting has an impact on our health. One such study reviewed lighting in buildings on a whole and not just our homes. But this information is pertinent to the type of lighting that we choose for our homes.
What Should Lighting Do for Us
Our brains and our internal body clocks are affected by light. The lighting around us signals to our body the time of day it is and even affects us on a cellular level. So you really want your lighting to sync up with the time of day, both in color and intensity.
When the sun goes down our bodies start releasing melatonin that helps us to fall asleep. If we are exposed to too much light after sunset, then our bodies won’t kick in that hormone, then our brains get confused with day and nighttime.
Your ceiling height is a major determining factor in the type of lighting you choose. If your ceilings are 9 feet above or more you can use pendant lights. For anything lower than that you want to use flush mounting. Flush mount lights are good because they are very versatile. They will work well in casual settings as well as in formal interiors.
You will also want to install ambient light in some rooms such as your home office. Just ensure you install dimmers to work alongside. Don’t forget to use LED lighting options to save energy and keep more money inside your pockets!
Building a home? Let us do the work for you, we can do everything and all you need to do is pick the lighting fixtures!
Sales for detached homes in greater Vancouver were up 70% in December 2020. Houses are being sold above asking price as more people are looking to purchase homes. With the low interest rates being offered, buyers are now able to increase their spending power. And the fact is there are just not enough homes, so when a home goes on the market, there is a flurry of potential buyers and most often the highest qualified bidder wins.
The inventory as at January 2021 is at 2.7 months and whenever inventory goes below 4 months, the prices always rise. So all the sales increases we saw in 2020 were all due to a scarcity of inventory.
What To Do If You Can’t Find a Home to Buy
Give us a call. Yes, no, really – do give us a call. Here at SilverBeam Homes we offer home building services. We can build you the home of your dreams, according to your specifications and on your budget.
The truth is that the economy is not recovering as well as the housing market. And with so many changes in our lives we all now have different needs for our homes. Now more than ever families are having unique situations and needs and need their homes to fulfill those needs.
When you choose to build your home you can create a design that will completely match your needs for your home. So is it that you need more office-like space? Do you now need your kids to have a dedicated space to have online classes? Do you now need more space in your kitchen because you are having to do more home cooking? All these and more are some of the questions you can ask yourself to determine what your home needs to have to serve you best.
Maybe the idea you had for a dream home is no longer feasible due to our current situation with the pandemic. Maybe you have lost income and your dream of owning a home has been blighted. But before you decide you can no longer afford it, especially with the increases in house prices, give us a call. We may be able to help you make your dreams of homeownership a reality still.
Are the Price Increases Really That Bad?
You don’t have to take out words for it, take a look at the market yourself. Look at some listings, look at what the houses have to offer and look at those prices. The truth is that with this high demand and low inventory these high prices won’t be going away soon. Check in with the real estate agents on some of these houses and you will see that a lot of them have over asks and multiple offers.
This is great news for sellers who can now really cash out of their homes and move on into a new era, but for buyers this can be disheartening news.
If you need a home, give us a call. Don’t let these prices and this type of news deter you. Let us help you make your dream of owning a home a reality.
Not everybody is living in doom and gloom during the pandemic. Many are seeing the opportunities where they are and are moving to go and grab them. That is why people are looking to Surrey, Squamish and Coquitlam for home ownership. This is because the permitting times are shorter here. So one can purchase and renovate a home which is cheaper than buying a new one and can get the necessary work done in less time.
How Do They Work So Fast on Renovating Shows?
How often do you watch home renovating shows? They can be really satisfying as you watch a property be transformed into a beautiful dwelling. But watching these shows and actually doing the process yourself are two different things. When it comes to the permitting process there are headaches and hiccups to be had. Even the pros on the shows have to submit like the rest of us but you just don’t see that part of the process.
Waiting for Permits in Vancouver
Waiting for a building permit can take months. Often other things are filmed while they are waiting on the permits to be sorted. Also with multiple projects being worked on at the same time it is easier for them to provide the content without you seeing all the red tape they have to go through to get to the actual building and the actual transformation.
Vancouver has a significant permit waiting time with some straightforward renovations waiting for up to a year. While there are people that are willing to wait for years for their homes, not everyone is like this. A Lot of this wait time is believed to be due to a backlog of applications. Over the past twenty years, the city of Vancouver has seen a number of new renovations and new builds.
As professionals, we always warn our clients about the potential wait time when it comes to the permit process. We do all we can, so our clients are not stuck with a mortgage and house they can’t live in at the same time. But the reality is that this happens when you are not building your home from the ground up . So it would be a great idea for you to choose us to build your dream home.
What to Do if You Want to Renovate
If you are looking to renovate we recommend you choose a home in one of these areas. They are Surrey, Squamish or Coquitlam as these areas have a shorter wait time when it comes to processing permits. These areas also offer more affordable prices as well for potential homeowners.
We can help you make your dream of owning a home in Vancouver a reality. We are house builders for the Greater Vancouver and British Columbia areas. That home you have wanted with those specific design features does not have to elude you. Give us a call today, so we can set up consultations and show you how we can help make your dream a reality.
We had a very rough year in 2020. As we look to 2021 we are entering a new year with COVID-19. Vaccines are now available, but right away a new strain of the virus emerged. Our future is very unpredictable. Our new normal is sanitizing, mask-wearing, and social distancing. What we do know is that COVID-19 will have a long-lasting effect on how we design our houses, neighborhoods, and cities.
Previous Pandemics/Epidemics and House Design
If we think of the tuberculosis epidemic in the 19th and 20th centuries. In a time before antibiotics, people started spending more time outside. This was because the best known cure was fresh air and sunlight. Designers introduced sleeping porches on the upper floors of Victorian style houses so people could get fresher air and sunlight. This is no longer seen in our current homes, but we do have decks and balconies.
The flu pandemic of 1918 introduced “powder rooms” into houses so that guests would not have to use the main bathrooms. This was also a time of transformation for the main bathrooms. White toilet seats replaced wooden ones and more built-in bathtubs and white tiles replaced those of the previous era. All this was done to minimize the spread of germs.
Le Corbusier, a French-Swiss architect, urged residents to get rid of clutter. He urged people to get rid of heavy furniture, and carpets. This while urging them to keep their walls and floors clear to eliminate dark and dirty corners.
Design Before the COVID-19 Pandemic
Before the onset of COVID-19, several developments in the Metro Vancouver area offered clean white interiors and exteriors. When we look at single-family homes, on the other hand, they are designed for another era.
Many people have started to work from home and so homeowners are revamping their homes to include dedicated office space. Now we are seeing the need for more dedicated office spaces that are quieter and away from your family. Because these types of set-ups are more conducive to work. A separate home office is the most ideal scenario, but smaller apartments will prove difficult to make this a reality. The aim would then be to modify the layout of a living room to offer a space for work.
Previous epidemics and pandemics have transformed our built environments. The Cholera pandemic of the 19th century caused urban parks around the world to incorporate tree-lined boulevards. Central Park was created in the 1850s by the New York City’s Board of Health. This was the first public park in the United States.
Years ago Vancouver established a requirement for 2.75 acres of park space for every 1,000 residents. This seems to be forgotten, but we expect in the coming year that many municipalities will start to create more public open spaces, plazas, and parks.
We may see road space reallocated to allow for wider footpaths which would reduce driving lanes for vehicular traffic. Like major European cities, we may even find some streets converted into pedestrian zones.
Historical data shows that with the increases in the prices of lower mainland homes, commuting times have also increased. For potential homeowners to find something they can afford they would have to drive further.
We find many households moving away from the lower mainland to Pemberton and Squamish which are smaller communities. We even see households moving away from Victoria on Vancouver Island.
The use of video conferencing tools has increased during the pandemic. As such, more and more families are realizing there is no need for them to live physically close to their jobs. We expect in the coming years to see many communities’ housing prices become more affordable.
COVID-19 and Urban Density
There are questions about how COVID-19 will affect urban density and apartment living. We think many residents will prefer to opt for ground housing over apartments that are accessed by elevators. But these high-density developments won’t become obsolete in the near or distant future.
There is talk about “the 15-minute city”. This refers to living in an area where residents can get to work, leisure activities, and shopping whether by walk or a short bike ride.
2020 was an awful year for many of us. But happily the pandemic has changed our focus. Now we all want healthier homes and communities in 2021 and beyond.
On a positive note, the team here at Silver Beam wishes you a Happy New Year and a Prosperous 2021.
The BC real estate market has seen a lot of momentum lately, but we are seeing that these sales are coming from outside of Vancouver. Most of the demand is coming from the Okanagan and the Fraser Valley. Buyers are looking more and more for detached homes and Vancouver has them to offer.
Around this time of year we would be seeing a seasonal slowing but not this year. The sale of detached homes has been on the rise for the past couple months. With more people working from home and staying at home, people need more space for offices and in their yards.
How Much Did the Sales Rise for November 2020?
MLS’s service posted a 42% increase over November 2019 with the highest recorded home sales coming in at 2,173. This is the highest the Fraser Valley Real Estate Board has recorded for almost a century!
The Okanagan saw a rise of 74% in home sales including the Shuswap and Central North. The Metro Vancouver area saw a modest increase of around 23%. Land seems to be the premium with buyers looking to get more land in the entry level price ranges.
What House Prices Are Looking Like
In Abbotsford, detached homes are priced above $620,000 on average. Buyers seem to be looking for older homes that may be later rebuilt. A Lot of properties are getting multiple offers as a bit of a frenzy seemingly ensues.
There’s not as much demand for luxury homes with Fraser Valley townhouse sales rising about just 51% with apartment sales on a slow rise of 15% over sales in November 2019. The highest demand in Fraser VAlley is being seen for properties that are less expensive and that have more land.
Many realtors find themselves going back to listing strategies and procedures used in 2016 and 2017. They are listing the home and making a set time and date for multiple offers. This is due to the specificity in the demand. So listings are dwindling but buyer demand is still there. The demand is being fueled by historically low interest rates as well.
What About the Condo Market?
The condo market on the other hand is going the other way. There are lots of condos listed with more than 2000 for sale in Metro Vancouver for the month of November. It is expected that once the economy settles and people return to their in person classes and in office jobs, buyers and investors will return for the condos.
Are you in the market for a detached home but can’t seem to find one? Let us help you. Here, at Silver Beam Homes, custom homes are our specialty. Let us know what your needs are, and we can provide you with just what fulfills them better than any home already on the market for sale. Contact us today.