Now is a good time to update the kitchen and skip the moving boxes. House prices are down and will stay down. Years of low interest rates and limited regulation have kept Canada’s real estate buoyant. This situation has changed in BC in the past two years, bringing an end to the boom years.
Regulatory Changes
Owning a home in Canada is extremely costly, unattainable for many who do not have access to large down payments. Income used to compensate for small down payments, but has not kept up with the rise in prices. Recent regulatory changes in Canada and British Columbia have sought to contain the real estate market. This is done by making it more costly for non-residents to own homes, and to make it more expensive for homes to sit vacant. As a consequence, this has put pressure on non-resident owners to sell or now rent their properties.
Real Estate Glut
The new glut of rental property and the increase in property taxes has pushed more homes onto the market. Unfortunately buyers still cannot buy due to lagging incomes. Consequently it will be some time before all this changes, which means, if you can, best to stay put and make the most of the home you are in. If you are lucky to own, update the kitchen or renovate the bathroom if they are looking tired. The price of a kitchen and bathroom renovation will still be a lot less than the potential loss of selling your home in the current market.
Quality Renovations for the Future
At Coordinated Kitchen and Bath, we believe that performing quality renovations continue to be the best way to get the most out of a home. Quality renovations ensure your home be great for you for many years to come. A well renovated home will also be ready to sell when the right market conditions return – now or many years in the future.