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Avoid These Common Mistakes Made by First-Time Home Buyers

For most of us, purchasing a house is a significant matter. Owning a home represents the ultimate personal success. After years of toiling, thinking smartly, and keeping financial objectives in check, it is the greatest reward. It means having an exclusive zone – an abode where one can chill out and grow, making numerous memories. However, as pleasurable as searching for a home can be, you must also be prepared for surprises from fluctuations in market prices to mortgages and paperwork.

Failing to Get Pre-Approved for a Mortgage

Being pre-approval does two significant things: it tells you exactly what you can afford and makes sellers take notice. Think of how horrible it would be if one fell in love with a house only to discover later that it was way above their budgeted amount. This could break one’s heart!

Your credit score is important because lenders consider it when lending you money. Ensure it is good since high scores attract better loan terms for you. If your score needs improvement, make efforts towards clearing liabilities and rectifying any errors in your credit report. Never agree to borrow from the first lender that comes your way. Instead, compare rates and terms of several lenders till you find what suits you best. Different lenders may have different rates and fees. Going around can help save some bucks eventually.

Ignoring Other Expenses

First-time buyers usually tend to focus on down payment and monthly mortgage payments alone without considering other related costs involved with homeownership such as Property transfer tax (which are 2% above $500,000 of the value of the property, up to $835,000 only) and 2% above the $835,000 for a resale property, however for a brand new unit- property transfer tax is zero for properties up to $1.1M, Home Insurance, and Ongoing maintenance. Such expenses can affect your overall budget significantly.

Failure to Do a Home Inspection

To save time or money, skipping a home inspection may be a good idea. However, it is never worth it as it might lead to even more expenditures than was initially anticipated. From structural problems that affect safety issues to outdated electrical work that requires a complete overhaul and plumbing-based nightmares, a thorough evaluation could disclose all kinds of hidden troubles occurring within the property. Also, an all-inclusive home examination can detect problems with the land, such as faulty drainage that leads to flooded basement foundations.

Letting Emotions Drive the Decision

When you find a property you love, it is tempting to let your heart rule over your head, but you should not let that be the case since you need to make an informed investment decision. Take a step back and consider the practical aspects of making an offer. Write down non-negotiables for your new house to focus on what matters most and avoid sacrificing essential elements to hang onto an emotional bond. Before making an offer, conduct thorough research about the local market to comprehend the value of homes in the specific area.

Not Thinking About Future Needs

First-time homebuyers tend to focus on their immediate needs without considering what the next 5-10 years may hold for them. Changes such as having children, changing careers, or deciding to alter one’s lifestyle can determine how well your house suits your life. Get a place now and for later. When finding your home, consider its location, size, layout, and whether there is room for expansion or alteration. While choosing your home, please consider its suitability even in the future.

Avoiding Common Home Buying Roadblocks with Jeevikka Shah

Refrain from going through these hurdles when buying homes by involving Jeevikka Shah since it has been established that it enjoys unrivaled market share throughout Canada and almost everywhere else in this country, too, compared with any other real estate organization operating here. She will walk beside you until completion, ensuring everything is turned on to own your home. Call Jeevikka Shah today!

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Is It a Good Time to Buy a House or Should I Wait (2024)

The thought of buying a house in today’s ever-changing real estate market is heavy on the minds of many. It’s not a one-size-fits-all answer. It depends on your financial condition, long-term objectives, and specific local market dynamics. However, this blog can give some valuable insight to help guide your decision based on recent results from the Fannie Mae survey.

Positive Signs for Homebuyers

According to the Fannie Mae Home Purchase Sentiment Index (HPSI) report, some positive trends attract potential buyers. Job security appears strong, with a record high of 82% of respondents expressing confidence in their positions for the following year.

Such stability is essential for those contemplating a significant financial commitment, such as purchasing a house. Furthermore, there has been considerable change in expectations regarding mortgage rates. The highest-ever number (36%) expects interest rates to decrease over the next year. This optimism can significantly improve affordability and encourage those reluctant to participate to do so finally.

Affordability Remains a Hurdle

However, despite these optimistic indicators, affordability remains an obstacle for many aspirant homeowners. Although job security and mortgage rate expectations are improving, concerns persist about rising home prices. Most respondents anticipate either stable or increasing prices, yet the income growth rate needs to keep up with them, which reflects low sentiment toward buying, where only 17% believe that now is an excellent time to buy.

Making an Informed Decision Beyond National Trends

While the HPSI report gives us a national perspective, we need to go beyond these generalized predictions and focus more on our particular situation. Here are some essential steps:

●     Personal Financial Assessment: Thoroughly evaluate your income, savings, and debt-to-income ratio. Can you comfortably afford to pay off your mortgage? You may develop an achievable budget and establish how much you can borrow by using the services of a financial advisor.

●     Long-Term Plans: How long do you intend to stay in the house? Buying a home is not a strategic move if you know you will relocate after just a few years. This is more applicable in this situation.

●     Local Market Research: Delve into what’s happening in your desired area. Are prices anticipated to go up or down? What does the inventory look like? We can also understand how these would affect our purchase decisions by checking available sales data and talking to local realtors, such as Jeevikka Shah.

Jeevikka Shah is Your Trusted Guide in a Dynamic Market

The real estate market can be pretty complicated, especially for first-time buyers. That is where professional Realtor’s like Jeevikka Shah come into play. With an excellent knowledge of Vancouver Metro properties, Jeevikka would be a reliable source of advice. She could provide helpful inputs on specific neighborhoods, prevailing market conditions, and vital steps toward acquiring the correct asset at the right price. Irrespective of whether you are a beginner attempting to make sense of unexplored domains or an expert investor looking for well-informed guidance, Jeevikka Shah’s experience encourages you to make enlightened choices in ever-changing conditions within this sector.

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How Much Does It Cost to Build a House in Canada?

Building a custom house versus purchasing an existing one still convinces many Canadians. Some areas have better housing supply, while others still need more inventory than the historical norm in most urban centers, suburbs, and rural areas. This makes buying resale property competitive. On the other hand, constructing a new home has its appeal since you can create something that suits your personal needs and preferences perfectly. However, figuring out the construction process costs may require more work.

Benefits and Challenges of Constructing a Dream Home

Putting up an individual home gives you complete control over all aspects of your living space. From the arrangement of rooms to finishes, you decide how exactly your house should look and what functions it should perform. It’s so satisfying to see this project take shape.

Despite that fact, building also has its fair share of drawbacks. For example, there has been a notable surge in labour costs, raw materials, and overall construction during this time, resulting from supply chain disruption and shortages of workers. The price range for building a single-family house ranges between $185-$300 per square foot across Canada, with significant variations based on location.

Breakdown Of Major City Costs

Here is an analysis by square foot cost estimates for detached houses in some vital Canadian cities according to Altus Group’s 2024 Canadian Cost Guide (All figures represent single-family residential units with unfinished basements):

●     Vancouver, British Columbia: $185-$315

●     Calgary, Alberta: $150-$240

●     Edmonton, Alberta: $130-$240

●     Winnipeg, Manitoba: $145-$230

●     Toronto, Ontario: $205-$280

●     Ottawa, Ontario: $140-$225

●     Montreal, Quebec: $140-$205

●     Halifax, Nova Scotia: $105-$165

●     St.John's New Brunswick:$130-165

Financing and Timeline Considerations

Building a home requires specialized financing in the form of a Home Construction or Self-Build Mortgage. Since vacant land is viewed as an unsecured asset, these loans typically have higher interest rates and require a more significant down payment (25% to 30%) than traditional mortgages.

Assuming everything goes according to plans, construction takes ten to sixteen months. However, this timeline could be prolonged by unexpected delays due to weather conditions, lack of materials, or difficulty making decisions.

Ways to Save Money on Your Dream Home

The cost of constructing a new house can be managed through several ways:

●     Land and Location: Buying farther away from major cities often means lower acquisition costs. Consider grading and tree removal costs, which are determined by the slope of the land, as well as the number of trees that need clearing.

●     Bidding and Design: Get quotes from multiple professional and reputable contractors before deciding. This is less expensive than dream houses, which architects design with blueprints from previous projects.

●     Estimating Costs Better: Your budget must meet your needs and financial ability. What matters most to an individual should be prioritized apart from going for other areas that would save on but still serve their purposes, such as replacing wood wall panelling with drywall during interior finishing.

●     Hands-On Approach: A good example is hiring someone else to paint or install light fittings, significantly reducing labour charges.

Seeking Expert Guidance from Jeevikka Shah

The complexities of the real estate market, whether through construction or buying, make it necessary to seek professional advice from qualified personnel. Jeevikka Shah has experience as a realtor and substantial knowledge about the Metro Vancouver area. This way, she can assist you throughout the process. These include information on specific locations, current market trends, and pivotal actions needed to secure a suitable property. A new build or resale home that will ultimately lead to an informed decision and proper financial planning fitting your long-term vision.

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What to Consider When Buying a Home in the Summer

When people think of summer in Canada, they think about barbecues, beach days and that perfect escape. But for some Canadians, summer is also a time for another exciting pursuit: looking for a new place to live! Although the real estate market can be cutthroat all 12 months of the year, summer brings other unique benefits and considerations that can affect prospective purchasers. Therefore, does home buying during the summer sunny shine provide solutions to your dream house? Let us now consider both the pros and cons so you can make an informed decision.

Benefits of Buying in the Summer

Sun’s Out, Houses Out: Summer usually comes with many listings being put up on sale. It encourages sellers in warmer climates to open their properties more often because of longer daylight hours. There is a more excellent choice that gives you better odds of finding a home which has everything you need.

Longer Days: For house buyers, longer days are like blessings! With sufficient natural light, one can thoroughly inspect the property's exterior, including its rooftop condition and how well it was maintained green or clean. You could also have a clear sense of sunlight flow within this residence and a feel of what surrounds this area just before dark.

Favourable Weather Conditions: Compared to other seasons, summertime enables thorough inspections due to dry weather. Problems such as moisture issues or foundation cracks might not be visible during winter (snow) or wet spring conditions/season (rain). On such issues as platforms’ exterior look, they will quickly identify future potential failings through this verification.

Move-in Ready for Fall: Closing on a house in the summer often translates to a fall move-in. This is ideal for families with school-aged children because it does not disrupt their learning process during the school year. Moreover, moving and settling into your new home has become more accessible due to mild fall weather.

What Should You Look For When Buying a Home in the Summer?

Hidden Issues Beneath the Sunshine: Beneath the sunshine during summer weather, potential problems still exist. Don’t be fooled by green gardens or fresh coats of paint, as these can cover underlying problems. A home inspection must identify issues hidden under floors or walls, such as foundation, plumbing, and electrical systems.

Intense Competition: An increase in listings draws many buyers, creating a more competitive market. Be ready to respond rapidly or make rival offers that will enable you to retain it as your dream dwelling.

Price Dynamics: Some sellers may feel compelled to sell quickly as summer advances, but others may choose to put their properties on the market at high prices to cash in on increased demand. Research and decide how much you can afford without overpaying for a house.

Making Your Summer Home Dreams a Reality

To make your summer home purchase seamless, consider working with local real estate specialist Jeevikka Shah. With immense knowledge of the Greater Vancouver area’s business climate, Jeevikka will provide you with personalized service throughout your experience. Her expertise ensures she can help you secure your dream home within your budget, even amidst tough competition over property acquisition during the summer months. Take the first step towards your summer sanctuary – reach out to Jeevikka Shah today!

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Where Is the Most Affordable Place to Buy a House in Langley, BC

In Langley, BC, with its charming neighbourhoods, closeness to nature, and accessibility to Vancouver, it is possible to live a fantastic life. However, real estate prices can be challenging, like in many other desired areas. However, house hunters! Various communities in Langley Township offer a blend of comfort and affordability. Let’s discuss some good alternatives to help one get the correct address in Langley.

What About Detached Homes In Langley?

In some areas within the boundaries of Langley, it may seem impossible to own units of independent houses, but that is not true. They are available at reasonable prices. Located at the eastern end of the Township, Aldergrove, Langley has a homespun feel and various housing preferences. It could include older separate houses with extensive gardens, which are just suitable for either families or hobbyists. Lastly, Aldergrove is also slowly being developed through new subdivisions that provide more affordable options for separate structures.

Beyond Affordability: What to Consider

When looking at a locality, one should not only focus on affordability alone but check more on other issues as highlighted:

Commute: How far are you willing to travel for work or school? While Langley has convenient access to major highways like the Trans-Canada Highway, it can also experience traffic congestion, especially during peak hours. It is, therefore, essential to know different areas and their distance so that you will have decided accordingly in case of regular visits to Vancouver,

Amenities: Are you into the urban buzz, or would you prefer tranquil suburbia? Langley is home to several neighbourhoods, each having its own character and amenities. For example, Willoughby Heights, Langley, enjoys a vibrant town center with commercial outlets and restaurants, among other entertainment facilities. At the same time, Aldergrove strikes as more serene regarding parks and outdoor activities.

Schools: If you have children or plan to start a family, research the quality of schools within your chosen area. Essentially, it has a perfect public education system with many top-ranked schools, including Walnut Grove Secondary in Langley.

Living Your Dream Life in Langley

The market in Langley Township offers a wide selection of housing options suited for varying budgets and lifestyles. By determining what matters most and exploring communities such as Willoughby Heights, Walnut Grove, Langley Aldergrove, Langley, etc., you will find your perfect home address at Langley.

Choose A Expert In Local Real Estate

For secure acquisition of your dream house in the Langley market, it is prudent to partner with local real estate professionals like Jeevikka Shah. Well-versed in varied regions of Greater Vancouver and property patterns, Jeevikka Shah provides tailor-made assistance and up-to-date information on the market. Her knowledge can help you in securing the most favorable terms when buying your ideal home or when selling your assets at a higher cost. Don't miss out on your dream home, contact Jeevikka Shah today. 778-877-7377

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What Credit Score Is Needed to Buy A House?

One of the most significant aspects to consider when getting a suitable mortgage is our credit score. What does it take to purchase a home with the least acceptable credit score?

What Credit Score Do I Need To Buy a House?

Your credit score ranges from 300 to 900. Every lender will have different requirements regarding the minimum credit score required to be eligible for a mortgage and what establishes a "good" score.

However, as a rough rule of thumb, traditional lenders, which include the Big Six Banks, usually ask for at least 680 credit scores as minimum requirements. With less than a 20% down payment, CMHC-insured mortgages need a minimum of 600 credits.

The higher your credit score, the more likely that you are both eligible for the loan and that interest rates will be lower.

Can I Get a Mortgage With A Bad Credit Score?

While having a good—or even excellent—credit score increases your likelihood of getting approved for a home loan, it is still possible to secure mortgage financing with poor scores in these cases. Here are some strategies on how you can qualify if you don’t have perfect credit:

Increase your down payment. The more cash you have up front, the less important your personal credit rating becomes to lenders.

Lower your debt-to-income (DTI) ratio. Your DTI is how much debt you have relative to your income. If you have too much DTI, then this means it’s much harder for you to make all mortgage payments should an emergency come up suddenly. Then again, if your DTI could be lower, then making regular monthly repayments won’t cause any difficulties under any circumstances.

Change your expectations. You may not be able to borrow as much money as you want due to bad credit ratings. In order to get approved for the loan, buying something cheaper than you initially wanted or desired may be necessary.

Look at alternative lenders around town. When considering a mortgage, you might initially think of the Big Six banks, but these traditional lenders usually have high qualifying standards. In this case, alternative lenders include your local credit unions, mortgage or loan companies, and private lenders.

Consider a co-signer. If you can’t get a mortgage on your own, adding someone else’s name as a co-signer may help since they will vouch for you by demonstrating that they believe in your ability to pay off all monthly mortgage installments. However, being a co-signer is a big responsibility, so make sure you understand the terms before you decide to go through with it.

Add a guarantor. Like having a co-signer, there is someone who will guarantee that you can repay the mortgage loan. However, they take a different level of responsibility. 

Where To Check Your Score

There are two leading consumer agencies in Canada where we can check our credit scores: Equifax and TransUnion. One free credit report per year is available on request. Additionally, many banks offer free credit scores as well.

How Your Credit Score Affects Your Mortgage Rate

When assessing your eligibility for the mortgage programs, lenders do not only tell you which loan is best. Additionally, when choosing a mortgage program that suits you, banks assess borrowers by their credit scores. To know whether they will be able to default or not. A higher score indicates a lesser risk of missing payments and foreclosures. Hence, it becomes easier to get approved for lower interest rates.

In most cases, excellent or outstanding ratings range from 670-850+. Thus, home buyers are likely to receive some of the most favorable mortgage rates.

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Best Time to Buy A House in Canada in 2024

You must be wondering whether 2024 could be a time to acquire a property in the Canadian housing market.

You're not alone. According to Wahi's recent 2024 Homebuyer Intentions Survey, almost a quarter (24%) of Canadians aged between eighteen and thirty-four are likely or might buy homes by 2024. Additionally, twenty-two percent of those between the ages of thirty-five and fifty-four are considering it this year.

Consider these factors when making one of life's major purchasing decisions.

Is 2024 a Good Time to Buy a House?

Currently, borrowing costs are high, but housing prices have reduced from all-time highs experienced during the pandemic. Additionally, prices will inevitably remain relatively low for most of the first half of this year, thus attracting buyers. Nonetheless, affordability continues to be a significant concern nationwide, particularly in Ontario and B, C, where RBC's Hogue points out that "crushing home ownership costs have significantly depressed home resales." So, should you buy a house now?

Maybe yes, maybe no.

Considering long-term trends suggest that housing values will continue rising, first-time buyers can feel an added urgency before it becomes "too late." Let's examine two scenarios to see how interest rates and purchase prices affect your monthly budget. In both cases, I'm assuming a minimum down payment.

Understanding Mortgage Dynamics

But what if the price goes up? With a 4.75% annual interest rate, your monthly mortgage payment is going to be huge. Moreover, you might need more money to afford this higher monthly bill. However, trying to time the housing or stock markets is impossible, and these forecasts are not written in stone. It would be best to start by putting your financial house in order when considering a house.

Insights from Real Estate Expert Jeevikka Shah

This is a significant financial decision. The earlier you buy a house, the earlier the possibility of building equity. However, owning comes with many financial responsibilities that can drain savings if not appropriately handled.

When buying a house, consider the mid-2024 period, especially if you want to wait for lower mortgage charges and live in a market with less sensitivity to price swings. Therefore, it is crucial that before buying your home, a real estate expert like Jeevikka Shah, who knows both the process of buying houses and the real estate market, gets involved to make an informed decision based on your financial status and your satisfaction.

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What Is the Average Price of House in Metro Vancouver, BC Canada?

Nestled between the beautiful mountains and the peaceful coastline, British Columbia (BC) is a place that's both naturally stunning and culturally diverse. Many people want to put down roots in this heavenly province. But one thing holds them in their tracks — the price of a house. In this blog post, we will dig into real estate in Metro Vancouver. And we'll unveil all the trends and prices behind purchasing a home or property here.

The Real Estate Landscape of BC

From Condos to townhomes to single detached homes — British Columbia offers everyone a mix of housing options. The average house price in Metro Vancouver can be affected by size, location, and market demand.

Urban Centers: Vancouver, on the west coast, is known for its vibrant city life. Because it has a great economy and a rich culture, great weather adds to the comforts of a good and balanced family life. It comes with a high average home price compared to other regions in BC.

Suburban Charm: Metro Vancouver suburban areas offer a perfect blend of peace and convenience. Cities like Coquitlam, Burquitlam, Edmonds, Metrotown and Brentwood in Burnaby, Port Moody, North and West Vancouver, Richmond are ideal for individuals who want amenities from both sides of living — urban life and the serenity of suburban charm.

Rural Retreats: As you embark on your adventures across BC's countryside lands, you'll notice that average home prices will decrease. Communities like Langley, Ladner, Delta, Surrey, Aldergrove, Maple Ridge, Pitt Meadows allow residents to live slower while having incredible natural access.

Trends & Influences

Before purchasing any home or property here, understanding how the market works here in and around Metro Vancouver is important. Over the past few years, population growth has significantly affected how much property costs.

Population Growth: The more people you have competing for limited living space — the higher average prices will go. It's basic economics, which is exactly what’s going on in BC. If you want an explanation, here it is. The more people get pushed out of urban centers — the more they'll move to suburban or rural areas.

Economic Dynamics: A stable economy is a good sign for anyone looking to buy a home. Booming industries in technology and natural resources make for a job market that's always in demand. And when demand goes up, expect prices to go with it.

Government Policies: Tax regulations and housing affordability measures can also shape prices. If the government tries to promote affordable living — you might just see costs plummet.

Jeevikka Shah's Commitment to Your Real Estate Success!

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How to Buy a Home as a Newcomer in Canada

One of your dreams as a newbie may be to own a home. It's critical to understand the procedure before that desire comes true. Here's what you need to know to start purchasing your first house.

Can Newcomers Buy a Home in Canada?

Naturally, of course! However, most of us do not save enough cash for a property’s full cost. In Canada, based on the average cost of a house that includes townhouses, condominiums and semi-detached houses. Houses are too expensive in cities such as Toronto and Vancouver, often costing just under one million dollars and over.

As such, the buyers usually pay an advance deposit, a ‘down payment,’ and then borrow the remaining amount in installments through mortgage loans. They subsequently pay back the loan with interest over a long period.

The banks and other lenders use specific guidelines to determine which purchasers qualify for a mortgage and the amount they may borrow. The determining factors are down payment amount, debts or car loans if any and a consistent salary. Tax records of minimum 1 year to 2 years is sufficient.

Conventional Mortgage: Good for those who have worked in Canada and who meet the bank's requirements for a mortgage, such as having a full-time job without probation, working here for at least three months, having a strong credit history in Canada, and having a down payment of at least 20% of the purchase price of the property.

High-Ratio Mortgage: Excellent for those with a clean credit history, a minimum of two years' job experience in Canada, and savings ranging from minimum 5% to more, of the purchase price for a down payment. However, you'll also need to pay 2.8% to 4.0% of your home loan for mortgage default insurance. If you cannot repay the loan, mortgage default insurance safeguards the lender.

Newcomer Mortgage: Ideal for people without the Canadian employment or credit history required for other mortgages. For instance, three months of job experience in Canada could qualify you. Furthermore, you can put down a bigger amount if you have no credit history in Canada. 35% of the cost of the house.

Your Trusted Partner for a Fulfilling Real Estate Experience

Leading Vancouver real estate agent Jeevikka Shah, focuses on assisting immigrants with property purchases. With extensive familiarity with the communities of Greater Vancouver, she offers individualized services catered to the special requirements of immigrants helping them with timed Pre- sales. Her services guarantee well-informed choices and smooth transitions into homeownership.

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Top 6 Real Estate Investment Assets In 2024

Investing in residential rental properties remains one path that has been tried and tested. The demand for rental housing is constant, whether single-family homes or multi-unit apartments. In 2024, the popularity of suburban and rural areas has increased due to remote work, thus making them good places for residential investments. Find an area with good amenities and a solid job market to ensure tenants always exist.

1. Residential Rental Properties

One of the ways that have proven their worth is investing in residential rental properties. The demand for rental housing is also stable, either in single-family homes or multi-unit apartments. With the popularity of suburban and rural areas increasing in 2024 as more people begin working remotely, these have become ideal locations for residential investments. Select a region with excellent amenities and job opportunities to attract tenants at all times.

2. Commercial Real Estate

Diversifying your portfolio through commercial real estate opportunities can include hotels as well as industrial units.  It is essential to consider localities with growing business environments , proximity to the airport as well as the downtown core, because this will sustain your long-term commercial investments.

3. Short-Term Rentals

The vacation rental market is booming with travelers looking for unique & personalized experiences. For instance, short-term rentals like vacation homes or Airbnb units may be profitable if rented for 90 days or more. Select locations that attract tourists worldwide, have strong local economies and check out the regulatory framework guiding short-term rentals here.

4. Real Estate Crowdfunding

Crowdfunding has changed how people invest in property by allowing them to raise money online through property crowdfunding platforms, enabling investors to participate in larger projects. Due to the crowdfunding process, diverse investment allows investors into many properties while reducing individual investors' entry points into any project. So, choose reliable crowdfunding platforms and examine their projects before depositing your money.

5. Senior Housing

Senior housing is indeed a lucrative area due to the aging population. Assisted living facilities, independent living communities or nursing homes are the best examples of investments in such properties. Go for areas with a rising number of old persons and scarce senior care options. Catering to an aging population's needs can lead to financial gains and improve the locality.

6. Green and Sustainable Developments

Investing in green and sustainable developments is a forward-thinking approach as sustainability becomes a key focus in real estate. Energy-efficient buildings, eco-friendly designs, and renewable energy sources cater to environmental concerns while simultaneously appealing to an increasing number of environmentally friendly tenants and buyers. Therefore, get ahead in finding properties with green certifications committed to sustainable practices.

Dynamics of Canada's Commercial Real Estate in 2024

A wide variety of investment opportunities are available on the property market from 2024 onwards. Among those navigating Vancouver’s market, Jeevikka Shah is one of the leading real estate experts today. She knows all the neighborhoods as well as trends about properties in this city, so you get customized service & advice that will make any purchase worthwhile whether you’re buying your dream home, getting an unbeatable deal, or selling for top dollar. Trust Jeevikka Shah, while moving through Vancouver’s real estate path into wealth.

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How Canada's Commercial Real Estate Markets Will Play Out In 2024

Welcome to 2024: Canada's commercial real estate is ready for a rollercoaster. Of course, it may be difficult to predict precisely where the path will lead because of the dynamic nature of global economics and the effects of local factors, but let's look at some possible scenarios that may shape things in the coming year.

1. Hybrid Workspaces on the Rise

A significant force transforming commercial real estate is an ongoing transition towards hybrid work models. The pandemic has indeed changed how we work such that businesses are rethinking their office space requirements. Expect a boom in flexible and adaptable workspaces that support the evolving needs of companies by enhancing collaboration and enabling remote working arrangements.

2. Tech-Driven Transformations

Commercial real estate will not be overseen in the technology age. Intelligent buildings are going to change how properties are managed. Tech innovations such as energy-efficient systems and advanced security measures will improve commercial spaces' functionality and attract tenants looking for contemporary and sustainable alternatives.

3. Urban Revival vs Suburban Surge

The battle between urban areas and suburbs persists. Some enterprises and professionals prefer urban areas due to their liveliness, while others favor suburbs because they offer peace and space. Different regions will likely produce different results. Some urban centers might see a comeback, whereas suburban areas might experience high demand.

4. Sustainable Building Practices

Sustainability is not just a buzzword but essential in real estate today. Green buildings, energy efficiency, and eco-friendly designs are more than trends – they have become necessities. Both investors and tenants are increasingly choosing environmentally friendly options, thus forcing developers to include sustainable measures in their projects.

5. Retail Reimagined

The retail industry has changed due to e-commerce growth which is taking place now. Traditional retail spaces have started thinking about what else they can be when online sales get momentum. A migration toward experiential retail will occur where physical stores become immersive spaces that create unique atmospheres that combine offline and online.

6. Supply Chain Challenges

The global supply chain underwent disruptions, and their implications are felt in the commercial real estate industry. Hence, there will be a need for strategically placed facilities to facilitate seamless operations within the supply chain, ranging from logistics and warehousing to distribution centers. Investors who target such assets could find themselves in a good position.

7. Economic Factors at Play

Economic conditions have always been a vital factor in determining property market patterns. Investment decisions are based on interest rates, inflation, and government policies. Therefore, it is crucial to watch over these economic indicators as investors and businesses strategize for the 2024 commercial real estate market.

Trends and Challenges in Canadian Commercial Real Estate

In the Metro  Vancouver 2024 real estate market, Jeevikka Shah is a leading professional in industrial knowledge. As an expert puzzle solver, Jeevikka knows the moving nature of the commercial real estate puzzle, without a doubt. It requires a lot of flexibility and also forward thinking. Buying or selling, her drive to obtain the best deals aligns with Vancouver’s emerging property industry, allowing clients to benefit from choice at this exciting market stage.

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The Ultimate Guide to Navigating the Vancouver Real Estate Market as a First Time Home Buyer

Introduction: What Does it Take to Become a Homeowner in Vancouver?

Vancouver is one of the most desirable places to live in Canada. But buying property in Vancouver can be a daunting task, especially for first-time home buyers. The real estate market in Vancouver is highly competitive and the cost of housing is high. In this article, we'll discuss what it takes to become a homeowner in Vancouver, including navigating the real estate market and understanding the various costs associated with owning a home. We'll also provide tips on how to make your dream of homeownership a reality.

How to Get Pre-Approved for a Mortgage and Find the Right Lender for Your Needs

Getting pre-approved for a mortgage is an important step in the home buying process. It helps you understand your eligibility as per the bank stress test and based on your downpayment it gives you a better idea of what kind of loan you can afford. A first time buyer in Canada has the privilidge to pay just 5% on the first $500,000 which comes to $25,000 + 10% of the top amount ( Let's say condo costs $900,000) then 10% of $400,000 is $40,000. So total mandatory down payment to the bank is $65,000. When you buy a second home, you need to put down 20% of purchase price.

Pre-approval helps you shop in the right direction and saves your time and your Realtor's time too. With the right lender, you'll have access to competitive rates, flexible terms( Variable interest or fixed interest) and personalized service. Jeevikka, has a team of mortgage helpers who work efficiently and ensure you get the best interest rate and service. 

What are the Typical Closing Costs & Fees Associated With Buying a Home in Vancouver?

Buying a home in Vancouver is an overwhelming process but the Realtor you choose can make it seem effortless. Knowing what closing costs and fees you should expect to pay when purchasing a home is important for budgeting and planning purposes. There are a variety of closing costs associated with buying a home in Vancouver, property transfer taxes, lawyer fees, truck moving fees, strata move in fee and sundry expenses. Fortunately, with an experienced real estate agent like Jeevikka Shah, you can get help step by step right until you move into your new home. Contact her today! 

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.