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.


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.


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!


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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