All Forum Posts by: Conor Kelly

Reopening of borders may fuel a fresh round of Canadian real estate madness.

“Just when you thought you could catch a break from pandemic-fuelled housing madness, experts are predicting the reopening of the U.S.-Canada border, and Canada’s commitment to boost immigration, could fuel even higher levels of demand. All those new arrivals, students and family members rejoining loved ones will need places to live. And Canada’s housing supply is tight”

We expect low supply and outrageous demand to continue in the short term.

http://moneywise.ca/news/coronavirus/reopening-of-borders-may-fuel-a-fresh-round-of-canadian-real-estate-madness?utm_source=pm_mwp&utm_medium=E&utm_campaign=18568&utm_content=18568

New massive ski resort proposed next to Trans-Canada Highway in Chilliwack.

There is a new proposal to build a massive ski resort in the mountains that frame Chilliwack to the southeast

Bridal Veil Mountain Resort (BVMR) in the Fraser Valley would have about 11,500 acres of mountain recreation terrain, covering a footprint that spans Mt. Mercer, Mt. Thurston, and Mt. Archibald, and supported by a large Valley Base Village and two alpine base villages.

This could be a great short term rental play.

https://dailyhive.com/vancouver/bridal-veil-mountain-resort-chilliwack-fraser-valley

“Vancouver developer buys 12.4 acres in Chilliwack after snapping up land in Squamish and selling out an industrial strata project in Langley”.

Credit: Western Investor

https://www.google.com/url?rct=j&sa=t&url=https://www.westerninvestor.com/british-columbia/denciti-bulk-up-with-dual-site-industrial-buy-4321082&ct=ga&cd=CAEYACoUMTU3NTQ2MTk1Mjc3MTEwMTUzNzIyGmM4ZTJkMDk1OGMxOTViNTQ6Y29tOmVuOlVT&usg=AFQjCNFuTgiJXTqjaRxqXrCw70ykXImLyA

Bank of Canada plans to raise interest rate before moving to reduce bond holdings

“Bank of Canada governor Tiff Macklem says the central bank plans to increase interest rates before it reduces the size of its government bond holdings, although its timing on the rate hike will depend on the economic recovery”

Credit: Salmaan Farooqui

https://www.google.com/url?rct=j&sa=t&url=https://www.thestar.com/business/2021/09/09/bank-of-canada-plans-to-raise-interest-rate-before-moving-to-reduce-bond-holdings.html&ct=ga&cd=CAEYACoTMjAyNzUxNDIxODg3NzcwMDc5MTIaMTQwZWQ0Nzg1YzFlMmU3Mzpjb206ZW46VVM&usg=AFQjCNFVdd9Dw4KeK3ledrwPOnhu7sabFw

@Sneha Maun Absolutely, I will private message you all his information. That is a great question Sneha and a legit concern. However, I won’t be able to answer that one for ya.

I will shoot you my mortgage brokers information. Even if you guys aren’t looking to make a move anytime soon he is more than happy to answer these questions. He’s very experienced and very crafty at helping people get into the market. I’ll shoot his info over right now.

@Maksu Ize Absolutely! 👊

@Sneha Maun You don’t have to start making payments on anything until you the project is completed as far as I’m aware.

You may want to consult a mortgage broker (I have a guy if you’d like). If you’re talking about interest rates, I believe some lenders will let you lock in a mortgage at today’s rates if that’s what you were asking.

@Sneha Maun Hi Sneha. Pre sale townhome might be a good option for you. The reason being is, say you put down a 10% deposit for a pre sale townhome. Now you own a brand new townhome (when it gets completed) but you won’t have to start making any mortgage payments until it gets completed. Which could be 1.5-2 years. In those two years, keep saving money and put yourself in a better financial situation for when you eventually have to move in and start paying a mortgage. This way you may be able to buy a 2nd rental by the time you have to move in.

Other than that, Chilliwack or Abbotsford is probably your best bet. I grew up in Surrey and moved to Abbotsford as well.

2021 on pace to be the hottest ever real estate year in Chilliwack area

"B.C. Real Estate Association forecasts a 32% increase in sales over last year with a cooling in 2022."

What do I think we will see next year? I'm guessing we will see the condo market continue to run hot with a cooling in the detached and possibly the townhome market. This would be due to affordability and detached/townhome growth has significantly outpaced condos in 2021. Therefore, we could see the condo market playing catchup.

Credit: Paul Henderson

https://www.agassizharrisonobs...

Building Mission’s waterfront ‘financially viable’ for developers, planners say

Phase 1 of creating masterplan for 296-acre area complete, moving to phase 2…

Getting into one of these projects right on the water would make for a great long term hold in my opinion. I suspect these projects will be quite affordable in comparison to other waterfront property in the lower mainland and Fraser Valley.

Credit: Patrick Penner

https://www.abbynews.com/news/building-in-missions-waterfront-financially-viable-for-developers-planners-say/