Roman Krzaczek : Quadra Island Real Estate Agent : Blog posts labelled: campbell river real estate : page 2

August in Real Estate

Posted on September 14, 2021 by Roman Krzaczek

Posted in calgary real estate, campbell river real estate, cortes island real estate, quadra real estate, quadrarealty.ca, real estate statistics, roman krzaczek, roman krzaczek, roman krzaczek

August in Real Estate

Another month has gone by and it seems like not much has changed in terms of pricing or demand for real estate in BC or across the country for that matter. It seems like things have been slowing down a little bit but the demand is still strong and the supply end is lagging behind. I love Real Estate and it's also part of my job to be informed so I can serve my clients better. Every month when statistics are released I analyze and review what's going on in the market and share all my findings. The sources of this information come from the Real Estate Boards that release it to the media. It's all public knowledge and easily accessible by anybody. All i'm doing is compiling a brief summary of each area to give my clients a snapshot of what's going on in the market. I could expand and provide you with much more information on each sector but I think most people are just interested in how much their home is worth today and also if the market is strong or if the sky is falling. Some of my clients have experienced some market corrections back in the 1980's but I was fortunate enough to witness just a short lived bump in 2009. Do I think we are way overdue for a correction? Maybe. I just don't believe things can go on indefinetely and one day there will be a correction but for now I don't think we are seeing any signs of that. The most current development is the news headline coming out of China regarding the Chinese property giant #evergrande I will be paying closer attention to this developing story because it's related to global real estate. The company's share price has dropped over 80% from it's 52 week highs. Apparently the company is in financial troubles, and it has as much as 3 times debt as the Lehman Brothers did before the whole thing colllapsed. Will this company pull the global markets down? I personally believe that it may cause big ripples in the markets in the next couple of months.

Campbell River
Slight cooling due to historically low inventory.
Inventory remains extremely tight in the VIREB (Vancouver Island Real Estate Board) area, tracking at a 21-year historical low. Active listings of single-family homes and row/townhouses dropped by 51 per cent from July 2020. In the condo apartment category, inventory decreased by 60 per cent from one year ago. Based on the demand VIREB (Vancouver Island Real Estate Board) is seeing, there is no doubt that sales would be higher if there were sufficient inventory.

In Campbell River, the benchmark price of a single-family home hit $639,100.

The British Columbia Real Estate Association (BCREA) forecasts that market conditions may begin to even out somewhat by the end of the year. However, it would take approximately 2,500 new listings in the VIREB area to create an actual balanced market if activity continues at this pace. The Vancouver Island Real Estate Board (VIREB) in August saw sales of 450 single family detached properties compared to 531 in June.

Quadra Island
In the month of August we saw two listings “sold”, two were “pending” and three “new” listings. The lowest price was a 10acre empty lot that sold for just under $400,000. The highest Sold price was an Ocean front property in Drew Harbour that sold for $860,000

Cortes Island
August showed some activity on beautiful Cortes Island as well, with one sold listing, one pending and two new listings. The only sold listing was a 10acre lot with buildings that sold over $800,000.

Calgary

Market continues shift toward more balanced conditions after torrid start to the year.

“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® chief economist Ann-Marie Lurie.

Detached Homes prices remained relatively stable compared with July figures, but were more than 10 per cent higher than levels recorded last year. Price gains continue to vary significantly based on location. Prices have risen across all districts relative to last year, but prices trended down In the City Centre, North West, West and South districts compared to last month. Detached homes benchmark price was $538,700

The semi-detached homes benchmark price was $430,000. Despite strong price gains across all districts, prices still have not recovered from previous highs in the South, North East and City Centre districts

The row benchmark price in August pushed above $300,000, eight per cent higher than last year.

Apartment benchmark price $253,300 nearly 16 per cent lower than previous highs.

Vancouver

While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020

The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020

The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020

Are you thinking of selling your home? Call me for a free home evaluation.

Roman Krzaczek REALTOR ®

Home number: 250-285-2141

Quadrarealty.ca

#quadrarealty #realestatestats #romankrzaczek #campbellriver #cortesisland #quadraisland

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10 Things to be done to your homes before fall starts

Posted on August 28, 2021 by Roman Krzaczek

Posted in campbell river real estate, drew harbour, quadra island real estate, quadra island realtor, rebecca spit, roman krzaczek, summer real estate

10 Things to be done to your homes before fall starts

I can’t believe the summer is nearing the end. Although I always enjoy the hot summer days a bit of rain would be welcome even by sun worshipers like myself. In a couple of months, I will surely regret these words but in the mean time I like to make sure my home is ready for the rainy season. I would like to share with you some tips on what is important before the rains come to avoid unpleasant surprises. Perhaps they will help you slowly start mentally preparing for the change of season.

Gutters
We are all used to them working properly and draining lots of water. Over the years however most people forget about checking them for damage or just a simple cleanup. When gutters are clogged, water can seep through into the house and cause major damage. A simple cleanup and a visual inspection can save you a lot of grief and possibly a lot of money.

Roof
Inspection of the roof is much easier to be done in the summer months before the rains start. If there’s any repairs needed to be done now is probably the best time.

Windows and doors
Check the exterior of your windows and doors. They may need re-calking.

Insulation
Take a look in your attic if there’s any holes made by critters. Sometimes squirrels or birds get inside your attic and build nests out of your existing insulation. Inspect and seal any possible points of entrance.

Chimney and wood stove.
Now would be a good time to inspect your wood stove, clean it out and do any repairs if necessary.

Fix any cracks in your driveway.
If you have a concrete driveway and it has cracks in it, this is the best time to take care of that. When winter comes it will be very difficult to get the right conditions to fix it.

Get your composter ready.
This is a big one for the gardeners like myself. There will be a lot of “greens” and soon enough “browns”. I like to make sure I have enough space for all that goodness.

Test winter equipment
Luckily we didn’t have much snow last year but it’s always a good idea to check your snow blower if it needs any repairs or maintenance.

Change your furnace filters
Another thing in your house that might be costing you more money than it should be. If your filters are clogged, it's harder to keep your home at the temperature you want it to be which will increase your heating bills. Clean these filters monthly, not just before the fall, for optimal performance.

Last but not least Change your batteries. Carbon Monoxide and smoke detectors are very important devices that should work properly.

This might look like a long list but there is still a lot of time. If you are a procrastinator or are busy with other more important projects this could be a good to-do check list before September ends.

If you have any suggestions or feedback…or have any topics you would like me to cover, please let me know. I would love to hear from you.

Roman Krzaczek Realtor
Quadrarealty.ca
250-285-2141

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Renovictions

Posted on July 19, 2021 by Roman Krzaczek

Posted in campbell river real estate, cortes island, quadra island, real estate, residential tenancy act

Renovictions

As a Realtor sometimes I get to participate in some very complex problems and issues arising from tenancies. I have some experience from being a landlord myself and have helped my clients in guiding them to get proper resources in dealing with tenancies. I am not a licenced property manager so I’m not an expert in this field that’s why I strongly recommend and warn you to do your own research before you commit to being a landlord. Whether you are a tenant or landlord it’s very important to know the rules of the game. My assumption is that majority of landlords are honest, decent and responsible people. I also assume the same great qualities apply to the tenants. Of course there are small groups of people that play outside of the norm and don’t play by the rules and that’s why it’s important to familiarize yourself with the rules of the game if you intend to participate.

I understand that the tenancy act appears at first to be very complex but when you look deeper it’s actually very easy to understand and there are simple rules to follow based on the principle of “just do the right thing”

Here’s a brief summary of new rules that came into effect on July 1, 2021.

How can a landlord increase rent? Currently due to factors such as current health crisis the government has put a freeze on rent increases until December 31, 2021. So legally you can’t increase rent this year. The maximum allowable rent increase for next year will be publicly announced at the end of the summer.

What if you evicted your tenant so you can do some renovations and then rent it out to a new tenant at a higher market rent? This is referred commonly as a “Renoviction”. This is a very hot topic and I feel that it needs to be analyzed in depth to make sure you understand it clearly.

As of July 1, 2021 under new legislation if a landlord wants to end a tenancy for extensive renovations the landlord will have to apply for “order of possession” from the Residential Tenancy Branch. There will be a process of dispute resolution where an arbitrator will decide if ending the tenancy is the only way to complete this work.

The most important factor is to prove that the renovation you’re trying to do will require the tenant to move out. Simple replacing of kitchen cabinets, installation of flooring, or painting is considered cosmetic repairs and do not constitute as “extensive” repairs.

“Section 49.2 of the Residential Tenancy Act establishes four basic requirements to end a tenancy for renovations or repairs:

the landlord has all the necessary permits and approvals required by law and intends in good faith to renovate or repair the rental unit(s)
the renovations or repairs require the unit(s) to be vacant
the renovations or repairs are necessary to prolong or sustain the use of the rental unit(s) or the building where the rental unit(s) are located
the only reasonable way to achieve the necessary vacancy is to end the tenancy agreement

If the above requirements are met, a landlord can apply to the RTB (Residential Tenancy Branch) for an order of possession to end a tenancy. There will be a hearing where the landlord and tenant can provide their evidence and the arbitrator will make a decision.

After July 1, 2021 the only reason a landlord can serve a Four Month Notice to End Tenancy is:

convert the residential property to strata lots under the Strata Property Act;
demolish the rental unit;
convert the residential property into a not for profit housing cooperative under the Cooperative Association Act;
convert the rental unit for use by a caretaker, manager or superintendent of the residential property; or
convert the rental unit to a non-residential use.”

The violation of laws by the tenant under normal circumstances could result in termination of lease and/or losing your damage deposit. In my next article I would like to address this in more detail.
The landlord has more to lose however because if the landlord is found in violation of rules can face a penalty of up to 12 months of rent to be payable to the tenant. That can be a big hit to some people, and sometimes it’s the only way of getting rid of an undesirable tenant.

There is no way around rules and some of the most common scenarios won’t be acceptable, like:

A landlord ends a tenancy to occupy the rental unit and then changes their mind.
A landlord ends a tenancy to renovate the rental unit but did not adequately budget for the renovations and cannot complete them because they run out of funds.

If you need further information I highly recommend going to the government website (link provided below). It contains all the information that you need. https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies

We are in a housing crisis and avoiding the subject won’t solve the problem. Shelter is the basic human need as shown in the Maslow’s Hierarchy of needs, and I feel it’s very important to treat it as such.
I strongly believe that education and free information is a step in the right direction. The Residential Tenancy Branch offers a lot of help to both tenants and landlords before problems arise, I highly suggest you contact them directly. They are very helpful and professional.

Being a landlord is hard because you bought an investment that cost you a lot of money and in some circumstances the financing for your home was subject to you having a rented unit to supplement your mortgage payments. You are financially, emotionally and physically attached to your property. This may be just an investment but you want to rent it out to someone that will take care of it as much as you would. This is a trap that will get every landlord in trouble. Tenants don’t have these bonds as you do and having the expectation of tenants to care as much about your property as you do, is simply just not realistic. Spare yourself some nerves, tears and disappointments. Just don’t expect your tenant to be like you. Most tenants are very decent people and they will treat your property as what it is, YOUR property.
Not every tenant is a low-life with a low paying job, or a young person that is starting out in life. Today a lot more people are choosing to be tenants. Being a home owner when you look just at the numbers have been wonderful and a guaranteed “win” especially if you base your opinion on the last 40 years or longer. The question remains if this trend will continue and what is the true cost of owning a home today. Don’t get me wrong, I strongly believe that owning is better than renting BUT not always, and not in every market. I believe in analyzing your budget, having long term goals and planning your future carefully. The constant balance between supply and demand of housing is what dictates the prices and also vacancy rates of rental units. We have been very fortunate that the constant influx of new immigrants and high demand for housing has been very favorable to home owners. As long as this continues things will be just peachy.

If you have any questions or suggestions, please don’t hesitate to contact me directly at home at

250-285-2141 I’m here to serve you better.

Roman Krzaczek REALTOR ®
Quadrarealty.ca

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Roman Krzaczek

Quadra Island Real Estate Agent

August in Real Estate

10 Things to be done to your homes before fall starts

Renovictions

Roman Krzaczek

Quadra Island Real Estate Agent

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