Happy New Year from all of us to all of you – may 2025 be healthy, happy and kind to you!
As we put away our Christmas decorations and lights and make our New Year resolutions, may we accentuate the positive as the old song says. With so many negatives around, let us be the encouragers of our friends and colleagues.
As a team, we feel grateful for the continuing support of our clients and friends and look forward to another inspiring year working together to fulfil your goals and dreams.
In reviewing the December sales statistics, two things stand out. Firstly, that sellers did not want to have potential buyers viewing their homes at Christmastime, leading to a plummeting of inventory in all categories and locations in December. Secondly, sales were slow except in Maple Ridge and Pitt Meadows condo and townhome markets – and a stand out in Pitt Meadows detached market with a sales ratio of 4.1 in 10 homes selling in December. Affordability and availability become issues in the markets further west.
We can anticipate some uptick in listings now that the festive season is over and the delayed buyers return to shop, encouraged by lower interest rates. This year financial institutions are anticipating the largest ever number of Canadian mortgages coming due. There will be lengthened due dates while some owners will be unwilling or unable to pay the new mortgage rates. The outcome affecting the market will depend on how banks and credit unions handle this unprecedented situation.
All pundits are forecasting a positive year for real estate sales despite looming elections. We do not have a working crystal ball but lengthy experience tells us that investment in real estate always bounces back. What our experience does not cover are the results of government interference in municipal new builds. BC Housing Minister, Rav Kahlon, stated that he was “encouraged” by Port Moody’s net completion of 172 new housing units, falling short of the minimum 231 expected by the provincial government.
Reality is that while some planned projects have secured amendments to zoning and Official Community Plan bylaws, their developers have not yet applied for a building permit. Port Moody’s manager of policy and planning stated that “Some of these projects have been in limbo for more than 5 years.” It is an extremely bad timing for developers financially and puts the City of Port Moody between a rock and a hard place.
This will be an interesting year to watch. Right now many newly-finished condo buildings are offering better prices to qualified buyers and there appears to be a somewhat increased interest in detached homes.
As always, we are keeping track as we go and will be happy to discuss your hopes and goals for this year. Any situation requires careful planning and however near or far your moving plans, we are here to help you. Getting a handle on what is happening in your immediate neighbourhood is key to your plans and we can provide that to you in detail.
We all live and work locally, truly love what we do and remain your,
Generations Real Estate Partners:
Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris & Ambassador Sheila Francis