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Real Estate News

Why is Real Estate an Essential Service?

Written by PR&Content Manager Re/max Canada – Lydia McNutt (remax.ca)

With social distancing advisories and non-essential business closures in place, many people – some real estate agents included – are scrutinizing whether real estate is an essential service as it has been classified in many regions across Canada and the US; including here in British Columbia. Those who argue against the essential classification are coming from a good place, with hopes that more-stringent lockdowns will stop the spread of COVID-19. On the surface, shutting down such real estate services as those provided by agents, lenders, lawyers and land registry offices may seem like the sensible thing to do given the current climate. However, the unintended consequences would be detrimental to many people and for many reasons.

Real Estate as an Essential Service

The fact is, real estate is an essential service. This is something that RE/MAX leadership has lobbied hard for, for the right reasons. Alongside food, water and clothing, shelter is one of life’s basic necessities. As Dave Ramsay says; “Shelter is one of the main 4 pillars of life.” 

When Moving is a Must

Someone has already sold their home, and must now find a new place to live. Many of Canada’s housing markets were in seller’s territory in early 2020, prompted by low housing supply and growing demand. This motivated many homeowners to list.

A homeowner has to sell their existing home to finance the new home they’ve already agreed to purchase. Precluding homeowners from selling would have a detrimental domino effect.

A family is living in a precarious place, with no choice but to move. Factors such as neighbourhood crime or unsafe conditions inside the home itself may have forced a decision to move.

A homeowner has to liquidate their home equity in order to finance their business or their life. Social distancing measures mean many businesses are suffering huge losses. Furthermore, Canada’s unemployment rate in March 2020 rose to 7.8 per cent, up from 5.6 per cent in February 2020. Incomes are down and bills are continuing to roll in.

Those who were already in the thick of the re-homing process as the pandemic set in are now finding themselves stuck between a rock and a hard place – and homelessness is not an option. With that said, this spring real estate market is anything but “business as usual.” RE/MAX, along with other real estate brands and association, has strongly advised against open houses and in-person showings. The real estate industry has responded in an incredibly responsible way, limiting face-to-face contact and facilitating real estate transactions virtually.

Agents Are Doing Business Differently

Recognizing the need to proceed with real estate transactions, agents have adapted their business practices to meet social distancing measures. This include digital listing presentations, virtual open houses and showings, video conferences, e-signatures and e-transfers, among other things. RE/MAX agents are increasingly completing 100-per-cent digital transactions, and their clients are open to this new approach.

It’s understandable that people are on edge, as they come to terms with the shaky ground beneath us and the uncertain road ahead. Together, we will get through this and as always, RE/MAX professionals are here to provide guidance to Buyers and Sellers, to help them meet this most basic of human needs.

Catalpa Community – Fundraising Homes

UPDATE: Homes are now live on MLS – click here to have a peek at the one of the newest communities in Kamloops. 

A very new, exciting development is coming shortly to Brocklehurst in Kamloops – Catalphttps://www.indybal.com/?page_id=2195&previa Community.

As announced in May earlier this year, the Cooper Family Foundation is reconstructing the old Bowler Time location to create a permanent home for the  Kamloops Search and Rescue & SRD K9 Unit. The  most recent project, Catalpa consisting of 73 new homes along Ord Road in Brocklehurst will be sold with $10,000 from each sale (that’s $730,000!) to be donated to the Cooper Foundation for renovations and upgrades of the new Search and Rescue site.

The long time auto yard that was sold in 2018 has been completely overhauled to make way for this new development. The development will be made up of  level-entry homes, two styles of ranchers, two layouts of single-family homes and a duplex.  Phase 1 is slotted to begin sales starting at $399 on Friday, Sept 27/2019.  For more information about the sales and phase plans – please visit www.catalpacommuity.com

Not familiar with the Cooper Family Foundation?

The Foundation was started in 2017 by the Cooper family, which was behind the Cooper’s Foods stores that could be found in every neighbourhood across the city for the last several decades. In 1999, the family sold the grocery store chain to Overwaitea and over the past 20 years has been involved in property development.  Their first of the Foundation’s fundraising  endeavours was  last year’s silent auction of a new home in Aberdeen. The  money raised went towards the  $1.4-million expansion at the Marjorie Snowden Willoughby Memorial Hospice Home, located in Sa-Hali.

 

UPDATE OCT 17/19

Phase 1 was released with with pricing starting at $399,900 up to $459,900. Head on over to their website to see the floor plans, site plan and color schemes. Very nice neutral colors have been chosen for the outside of the units which will leave to a very nice cohesive neighborhood feel. Families will love the set up of the homes with detached buildings set in a loop – safe for young & older children!

 

 

 

Kamloops Building Permit Values up in 2019

Building permit values are up considerably in 2019 compared to the previous year. Driving the increase over the past two months are two big permits for the downtown area. A new 140 unit rental apartment building is under construction on the between 4th and 5th on St Paul Street, the site of the old Movie Mart rental store. The $21 million permit was issued in July, the building will be a 6 storey made up of ground floor commercial space and 5 storeys of rental units. 12 subsidized units have been designated for seniors; which is great news for the aging population that is living on limited funds.

Royal Inland Hospital also pulled a $33.6 million foundation permit for the new patient care tower in the past quarter which has driven the total values up. Construction has already begun on the foundation as seen by driving down Columbia Street.

Other sizeable projects beginning work around Kamloops is the roof repairs for Sagebrush Theatre (1 million), construction of Marshalls (1.5 million) as well as site servicing for the new apartment building on Robson Drive, located behind Sahali Ridge, the new multi-family units in Juniper on Qu’Appelle Boulevard and multi-family development on Ord Road.

In July alone the city issued 886 building permits valuing $178.6 million, compared to this same period last year when permits valued $158.2 million. While we are just over 50% through the 2019 calendar year, it’s easy to see why we will surpass the previous year’s totals – in 2019 the total permits issued were $285 million.

With the latest zoning amendments for legal suites, carriage & garden suites, I anticipate we will see a steady increase of permits issued as more owners jump on board ahead of 2020.

 

 

HIGHLIGHTING MY 2018 YEAR

2018 was a whirlwind from beginning to end and I am so excited to share this little infographic with all of you. After adding the past year of sales to my total career count, as of the end of December ’18, I have sold just over 400 properties in 11 years. What an astonishing number to look at and reflect on as we enter the 2019 real estate market. Kamloops is such an amazing place to call home and I am so incredibly grateful to have met so many amazing individuals, families and business owners. As I organize my work space and get prepared to enter the Spring Market I just want say THANK YOU to all the amazing clients I have had the opportunity to work with.

Cheers!

Indy

 

Work With a Local Expert

Whether you are buying or selling, your real estate needs are unique to you. As your local real estate expert I am here to be your guide.

Contact Indy

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