It’s a privilege to own a home in today’s world.  Wouldn’t it be nice if your home maintained itself and would last forever? 

A roof over our heads is sometimes that last thing to worry about and may even be taken for granted.  If we own that roof or that of a rental, it’s the first line of defence for weather and keeping the water away from our shelter. Now, that sounds pretty important and is something we should keep maintained.

When home maintenance gets on the agenda, it’s the last thing you want to spend money on, if there is a toss up for a warm weather holiday or new shingles on your roof?

Here are a few basic aspects of your home that shouldn’t be a last priority when it comes to spending this winter, as suggested by Lighthouse Home Inspections:

1. Roofs older than 20 years should be inspected. Remove moss regularly and patch where necessary. Plan for replacement.

2. Roof Gutters (eavestroughs) should be cleaned after fall and in the spring to keep rain water flowing away from your home.

3. Exterior siding, roof fascia and window frames should be recaulked and touched up or painted every 5 years.

4. Blow out irrigation lines to prevent freezing and cracked irrigation pipes.

5. Clean dryer vents and bathroom fans. 

6. Replace washing machine hoses that are older than 5 years old with braided steel hoses.

7. Replace furnace and HRV filters. Have your furnace inspected.

   • Did you know furnaces have an easier time moving air with cheaper filters?

8. Replace your hot water tank every 5-7 years.

9. Check around your foundation, siding and soffits for cracks where rodents might want to get in.

10. Replace smoke detector batteries each year and replace the detectors after 10 years or at manufacturer's suggestion.

Up to date home maintenance gives you peace of mind and is a great selling feature.  Deferred maintenance, on the other hand, is something that most buyers walk away from and may cost you more in the future.  Don’t let the ‘Deferred Maintenance Grinch’ cut into your home holiday joy!

"Create a family estate with real estate.  Not exactly like Downton Abbey…  a family estate can be created from assets which individuals own that are pooled to create greater assets such as real estate that is shared by a family.  Real estate can be shared by co-owning amongst a group of individuals or family. Pool your family assets such as down payment and borrowing capacity for more buying power.

Combining family income and financial assets for the purchase of a larger property can be a benefit to all involved. You will have extra hands to look after the land…..more adults to look after young children, fruit and veggie garden and home maintenance.  Adult children will be there to look after their aging parents.

In some cultures a family may gift a home to the newly wedded. Commonly, in Canadian culture we live in individual housing units.  A three generation family may own or rent 4 individual homes.  Imagine if those assets were combined? Logistically your family has to have a common home ownership goal in the same location to do this.

Usually life events cause a change in home ownership.  A marriage, a death , a birth , or a divorce or retirement or changes in health.  Thinking ahead as a family and planning for these life events will provide the opportunity to make a family estate plan. Co-own a larger or more expensive property, such as an acreage with more than one dwelling.

I’ve seen several successful family situations where family members benefit from co-ownership.  We are fortunate to have options in the Cowichan Valley.  There are many acreages suitable for extended families.

It is important to involve lawyers at the outset before you buy, so that the rights and obligations of the family members are agreed upon. Make a medium and long term plan ,for example, for the upcoming period of 5-10 years. Be sure that all owners agree with the obligations of who pays for what and who is responsible for repair costs and bills.

If you want to “live the life you’ve always dreamed of” on Vancouver Island, contact me, Vida Glaser to view amazing acreages or properties suitable for your desired type of co-ownership."

1. Look your best.

2. Price it right.

3. Time the market.

4. Get expert advice.

If you are considering selling your home in the current market, consider that your home must look good and stand out from the rest.  There are many property choice out there. Buyers will more likely go for the home that looks the best.   If you are thinking of doing a bathroom or kitchen upgrade, now is the time to do it. Your yard should be tidy, tidy, tidy! First impressions like entryway sidewalks, doors and street views matter. Definitely declutter the interior.  Remove your personal items such as photos and minimize art work. It should be empty enough that a new owner could visualize it as their own.  

Price your home to sell. Pricing a home at a premium works best in a Seller’s market. When competition is high, as it is now, price your home to compete. It will save you the grief of future price reductions, many more days of being on the market and more days keeping it ‘show home ready’.

Decide when the best time is for you to present your home. When can it be the best home for sale in your neighbourhood?  If there are many homes for sale nearby that are similar, wait until they sell. If there are pricier homes in your neighbourhood and you can price yours at a lower price, your home will look more appealing!  If you are the only home on the market in your area, then there will be less competition.

Get expert advice. An experienced realtor who wants the best scenario for you and your home sale and will help you with all the above.  Don’t just list and hope for the best, when you can do better!!

Contact Vida Glaser for expert advice to best present your home to the open market. 

What does this mean for current and forecasted home sales on Vancouver Island?

The real estate market has changed on Vancouver Island  and currently favours buyers. With change there is opportunity!  Rising interest rates will cause some buyers to sit on the sidelines and wait.  While other well prepared buyers may find great opportunities with the current higher inventory of homes and motivated sellers. 

If you are thinking of buying a home, it is a good idea to be financially well prepared to be ready to take advantage of buying opportunities.  There may be one or more interest rate increases in the next year, so consult with your mortgage professional first. 

If you are thinking of selling your home and have time on your side, speak to your realtor about how to to prepare your home for sale and be ready for an early spring surge of sales and eager buyers.  At the slightest indication of interest rates stabilization, buyers, who are waiting on the side lines will come back to the market in early spring 2023. At that time there may be pent-up demand for homes that will favour sellers. If you are considering selling your home, call me or talk to your Realtor about the best timing that favours your situation.  

I would be happy to advise you on the best strategy for your purchase or sale. In the meantime, enjoy your home this holiday season.

HGTV shows talk about loving or leaving it.  These shows are entertaining, but not reality when it comes to today’s building budgets and housing prices in Canada.

 RBC Economics: 2022 Canada Real Estate Market Forecast:

“Plenty of unmet demand remains and will continue to fuel tremendous activity across the country. Still, we expect the Bank of Canada’s rate lift off to turn down the market’s heat in 2022 as deteriorating affordability sends buyers to the sidelines.”…..“Home prices will keep climbing, though at a slower pace.  Most of that increase in supply and cooling off the market will take place in the second half of this year. “

British Columbia's Real Estate Association, Feb. 2, 2022, Chief Economist:

“The BC housing market is entering 2022 with the lowest level of active listings on record and significant demand-side momentum. That means strong sales should persist through the first few months of the year and supply will remain severely limited. As a result, continued upward pressure on home prices is expected in all markets.”

These two sources agree that the first part of the year will experience the same type of buying frenzy as last year until increased interest rates may slow things down.

CPABC March 9, 2022 Vancouver Island Housing Starts: “The largest increase was for attached units, such as condos, townhomes, and apartments.”

Much of the increase in new construction and home inventory that we see on Vancouver Island, is condominiums, not single family homes.

My opinion; should I sell my home now or wait for market changes? If you are Seller and particularly a down-sizer, now is a good time to sell your single family home.  If you are planning on buying, moving to a larger home and can qualify for a new mortgage - buy now, as housing prices will continue to increase until at least 2023. Next year may have more favourable conditions to buy, but no one can really predict.  If you are waiting to buy when housing prices decrease, you may be waiting for years or forever.  There is no indication that prices will go down in the near future with low inventory on Vancouver Island, in general and also considering global migration.  More people will move to Canada and BC.  Hang onto real estate investments or buy into the real estate market.  

If you would like more information, please contact Vida Glaser, an experienced REALTOR living in the Cowichan Valley, helping people buy and sell homes in Victoria and on Vancouver Island.