My summer began with a visit to see my family in B.C. The highlight was go cart racing with my nephews; we had a blast. When I returned home, I enrolled in a karate class and now spend two evenings a week learning the discipline. It’s quite the work out but I love it and, hopefully soon, my leg, arm and stomach muscles will become strong enough to ease the pain. Lol. My greatest success storey this summer was that I finally removed the plastic cone that my dog has been wearing for the past 2 years to keep him from licking the hot spots on his front elbows. I tried everything and nothing worked until I began, two months ago, feeding him raw food. Finally, success!
As for the real estate market, this summer has been very active, despite the lack of good saleable properties. Bidding wars continue to occur, but they are now more the exception than the norm. Rates have started to incline which will eventually lead to a slower pace and aid to shift us into a buyer’s market. While some have suggested that the condo-building boom of the late 1990’s would lead to an oversupply, first time buyers and others looking for affordable housing options continue to snap up these offerings once they hit the resale market. Condominium apartments now make up over 20% of the homes sold through MLS and the proportion of first time home buyers choosing a condominium across Canada is forecast to double in the next three years. First time buyers typically represent 40-50% of the transactions in a given year, but for the past 3 years, that number has risen to close to 70%. While new buyers have played a large role in fuelling Canada’s hot housing market, they will also be key to the expected cooling down of that market.
This fall I will be co-leading a landlord/investors group, ideal for those who currently own an income property or for those who would like to learn about how to create passive income and build wealth through this source. Our first meeting will be held on the evening of September 26th. If you are interested to know more, please contact me for the details.
Have a great fall season.
Michelle Read
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