On October 15, 2020 the Bank of Canada announced, that they will stop the Canada Mortgage Bond Purchase program in the week of October 26, 2020. In their explanation the bank stated, that improved
Should I buy during COVID19
Dated: October 20 2020
This pandemic has put a huge amount of uncertainty in us. Will I keep my job or what happens, when one of my family members gets sick? How much stimulus will be provided and is the government gonna be of help?
All these questions to a large part haven't been answered yet. But there is hope. When it comes to real estate, especially here in the Fraser Valley, many good agents can at least be of help with the questions surrounding real estate purchases and sales.
So what to do during COVID 19? Well, obvioudly that depends, however, there are trends, that can be used to measure the probabilities of todays market.
Generally, the low interest rates are great for buyers; One of the reasons, why we see so many on the hunt for their next home, especially in suburban areas like Langley, Mission, Chilliwack, Abbotsford or Maple Ridge. Furthermore, the "work from home" culture, which took over this year, leads to more people looking for more space to set up home offices. So demand for the time being is quite strong.
What about the supply side. Well, here is where we run into a little bit of a mishap. The sellers are quite hesitant to put their homes on the market. But we do need it. When the demand is going up as much as it did this year, the supply has to match or at least come close to the demands, in order for homes to stay somewhat affordable.
Unfortunately, this hasn't happened yet, and therefore prices are pushing higher. So overall, that becomes an issue, especially for the people trying to move up to a bigger home. Selling their home is easy, but finding an affordable solution in the higher valued, bigger homes market is almost impossible.
So this just shows, how important it is to talk to your professional real estate agent, so you get a ful picture of what opportunities and risks are surrounding your situation and what may be the best approach to fulfill your dreams.
Frank and Sherry Heitzer are partners in business and in life. While Frank was born and raised in Regensburg, Germany, Sherry was born and raised in Langley, BC. Both of them started their working liv....
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