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November 2020 Edition

Hi <<First Name>>,

Many people are putting their lives on hold right now. They're waiting to see the outcome of the election. Waiting for the pandemic to end. Waiting for the economy to get better (or get worse). Except opportunity doesn't always wait until "things are back to normal." In this edition, we will explore these opportunities that should convince you to stop waiting!

Last Month's (October 2020) Market Activity

The home sales average in October 2020 for Greater Vancouver stands as the second-highest total on record for the month! 🔥🔥🔥 
Prices: MLS Home Price Index benchmark price across all residential properties in Greater Vancouver is $1,045,100. Prices increased +0.4% from September 2020 and +6% from October 2019.
+1.2% from September 2020 

+29% from October 2019 (last year)

+34.7% compared to the October 10-year sales average

*Information extracted from the Real Estate Board of Greater Vancouver website and The Rennie Advance
New Listings
-13% from August 2020

+36.7% from October 2019 (last year)

Average days on market for condos/apartments 
stayed the same when compared to September 2020, whereas townhouses sold 4 days faster and detached homes sold 2 days faster.
Federal government plans to bring in over 1.2 million immigrants in the next 3 years!
Realistic or not amidst the global pandemic, the Canadian government needs more skilled workers (and people in general) in the to keep the economy humming along. Canada aims to bring in 401,000 new permanent residents in 2021 with 60% of all new admissions in the economic class.

Cari's Commentary Corner: The Millennials are Coming :house:
My generation is currently the largest buyer demographic out there in the Greater Vancouver Region. We're buying our first homes and upsizing! For newer townhouses in the Surrey area (Guildford & Fleetwood) where 3 bedroom townhouses are < $600,000, I've experienced multiple offers within days of the property going to market. The condo market in the downtown cores are not dead - my first time home buyers and I are taking our time to negotiate and getting phenomenal deals!!! With immigration projected to go up in the coming years, my generation will be faced with more competition for housing. If you're ready and if you find something you like, ACT NOW!  
Property taxes could go up by 5% in Vancouver
Ok, it's a sad comic. But seriously, the City of Vancouver will need at least a hike of 12% in property tax to balance their 2021 budget but decided that 5% would be enough to meet some of the city's priorities without having to face major layoffs to services, including first responders.  Article: HERE
Open Houses are cancelled to help curb the increase in transmission rates faced in BC in the interim as urged by BC Real Estate Council.

Important Reminders 

November 11: Remembrance Day 
November 14: Diwali
November 26: US Thanksgiving
November 27: Black Friday
Mortgage Update 
5-year variable: as low as 1.63% 
5-year fixed: as low as 1.74%
Up to $3,000 cash back for new mortgages.
Employee rates for law, healthcare, and military personnel.

**Contact Alexis Woodward at CIBC 604-318-6526 to get this deal**
Pause. Shift. Rebound.
This year has been exceptionally difficult for folks in the performing arts. During the pandemic, a group of local Vancouver circus performers could've just sat on the sidelines, collected CERB handouts and did NOTHING. But instead, they decided to produce a DIGITAL CIRCUS SHOW!  My client, Renee bottle-walks in the show! :champagne: They're streaming every weekend in November and tickets are only $15. Support local artists today and watch a cool show:
Thanks for reading!

Many of you asked me to include more photos into my newsletters - how did I do this time? If you'd like to discuss how to buy a home or sell your home in today's market conditions, don't hesitate to contact me! Opportunities come when you keep hunting, not when you sit on the sidelines. So don't live your life in waiting, come hunt with me!

Cari Mai
Copyright © 2020 Cari Mai Real Estate, All rights reserved.

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