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As our supply of available homes slowly increases, multiple offers become less the ‘norm’ and buyers feel they may just have a chance, there is a perception that the hot market unexpectedly created by the pandemic is over. But, in their housing section this week, the Globe and Mail posited the theory that there will be a post pandemic “blitz”. While the Globe is a Toronto centric newspaper, the Toronto and Vancouver markets are mostly in lock step. This theory, as yet unspoken here, does make total sense. What about the homeowners who also became dissatisfied with their homes, space, gardens (or lack of same), location etc but stuck it out until the pandemic was over, or nearly over, in Canada? These were the owners reluctant to take the risks associated with Covid in order to sell their home….so will they do it as we all become vaccinated and our local world opens up to become a more familiar place? Well – banks tell us that Canadians have unprecedented savings after staying home for 18months and businesses are reporting that many employees want to continue working from home. Time will tell the tale, but if a “blitz” is in any way likely, potential sellers should move ahead sooner rather than later. In the event of a suddenly increasing inventory over the summer months, a balance will occur – good for buyers, but would mean prices gradually dropping for sellers. In any event, what we do know now is that inventory is slowly increasing. Who says “home is where the heart is”? Apparently some hearts have moved elsewhere – home to follow!

Along with the advent of summer came a not so subtle change in the market as inventory increased, outstripping the demand in the western most regions of our local market place.

The June Vancouver Real Estate Board report stated: “ Steady home sale and listing activity in May showed a shift back from the record breaking activity seen in earlier spring months.” With less market intensity, the pressure is on realistic pricing – the price must be “right” for current market conditions. This is the moment to get ahead of the curve – sellers need to be proactive rather than reactive. Our market can change so quickly that it can leave the less aware and nimble sellers behind.

After all the ineffectual chatter about the real estate markets from Governments at all levels, we finally hear the voice of reason reported this week by the Globe and Mail:- “The Bank of Canada says the housing market has gone bonkers, and it can’t do anything about it.” And of course few entities understand the ebb and flow of free markets better – they rise and fall.

CMHC still trying to forecast and get it right – this time predicting falling prices over the course of this year. That will very much depend on what Canadians decide to do with their substantial savings post Covid and how quickly the federal government processes the 5,700 plus applications for immigration from Hong Kong. In the wake of Beijing’s crackdown on the former British colony, the Canadian government offered a program to help Hong Kongers immigrate to this country and received 5700 applications in the first 3 months – roughly triple the number that usually apply in a year!
That is the macro picture – the micro picture will depend on how many lower mainlanders were waiting for life to return to the one they knew and loved before making a desired move. There are definitely home owners who were uncomfortable selling their home in pandemic times and who will provide a new supply of available housing. Still early days….watch this space.

Yes that is the question as our Boomers retire and get older.  It is the ongoing debate in families as middle age children weigh in on the subject, sometimes without understanding a dilemma faced by their parents.  One such dilemma is where the home owners have all their money tied up in their home, desperately want to stay in their home, but feel that they cannot afford to stay and still enjoy their retirement to the full.  Reasons can be anything from familiarity & neighbourhood, thru being keen gardeners, hobbyists, collectors or garage tinkerers. After family discussions, the owners are persuaded to call their realtor to set a sale in motion.  This is where we come in and, on discovering how devastating it is for these people to consider leaving their home, we ask: “Are you aware of reverse mortgages?”  This is where our professional mortgage broker enters the scene and waves her magic wand.  The following explanation from expert broker, Daniela Serena, clearly outlines how reluctant sellers can enjoy the best of both worlds – enjoying a rich retirement while staying in their family home.

Record highs were reported by Greater Vancouver Real Estate Board for last month’s real estate sales – actually the highest April on record.
There was also a surprising number of new listings, but not enough to create real balance – 11.2% below the 10 year April average. Across the categories of housing, the greatest sales activity took place in townhomes, with condos not far behind in some locations.

Board economist, Keith Stewart attributed the continuing sales activity to:- “Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic.”

When I was a child the sky was a song” – Jan Zwicki

Sunday is the day we celebrate our mothers, expressing our heartfelt gratitude to them and our mother figures including:- step-mothers, mothers-in-law, foster parents and family friends. The women who took time and effort to help us through life’s challenges and cheer on our successes. We now look back fondly on that unwanted advice, realising that she was right & experience counted for something!
“Home is where the heart is” and for most of us our mothers are synonymous with home”. Nowadays many daughters have longer staying home/ returning home with mothers as they complete further expensive education and the cost of rent is too high to live away from home. This part of 2021 growing up has been aptly titled “twilight adolescence”!
I don’t believe that any of us sons and daughters ever appreciate what an adjustment comes with parenthood, how much love our parents had for us and what a huge multitasking job it is to be a mother….until we too become one!
So mothers….as you enjoy being woken up by the 8 year old with the boiled egg, or the family brunch, or putting the carnations in a vase…remember the love that comes with them and…that you earned that love and trust.
For the mothers too far away to visit in person, can’t even bump elbows, enjoy the screen calls, the love and laughs still shared. A mother’s love knows no boundaries and can travel far. And, as we are so often told these days – “this will not last for ever”, even as the months go by.
Have a wonderful Sunday however you are celebrating.

We remain your trusted, family real estate resource – especially in a hot, somewhat chaotic market. As always – sun or rain, we have you covered.
Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.

“And in the end, it’s not the years in your life that count. It’s the life in your years.” Abraham Lincoln.

Just as SkyTrain was a game changer in our local development, Covid-19 and shopping on line are game changers in their own right. Noticed all the “temporarily closed” notices on small businesses around the TriCities? – most because of a Covid outbreak (compulsory closure happens when 3 staff members test positive for Covid ) – some of these may struggle to reopen. Then there are the many permanent closures scattered around our municipalities, especially evident on a walk around Coquitlam Centre Mall. As the large anchor department stores became unsustainable pre pandemic times, there were more Mall walkers than shoppers! At the cost of renting Mall retail space, smaller stores were struggling to hang on, but Covid and the massive increase in on line shopping finally killed them.

So… the huge sprawling shopping mall with acres of blacktop for parking is now an anachronism due for transformation. A massive amount of redevelopment is at the beginning stages on the largest land parcel in Coquitlam’s city centre – the mall. Some tenants will stay as retailers in a new shopping area on the site, with a boutique development surrounding. Developing close to transit hubs allows for generational change and more affordable housing for young people now looking to suburban living with handy transit options. Many of our children would welcome the option of staying close to home, family and friends.
While Port Moody is launching another long haul project to fashion a new official community plan, Coquitlam has already revised their official community plan and has a wide range of development projects either in the works or under construction. They are looking to pilot the construction of TriCities first 6 storey wood frame, are building family friendly townhomes then higher density closer to SkyTrain. In Mayor Richard Stewart’s words, legal suites and carriage homes make for “gentler densification” in single family neighbourhoods. Coquitlam and Langley are vying for the largest number of construction projects per capita underway or coming soon.
No rental buildings have been built for 50 years, but brand new ones are springing up in Coquitlam in an effort to catch up with demand.

From our “boots on the ground” real estate experience over the past year, part of it was old school in that our buyers were all local – no foreign/ off shore buyers creating the hot market. The main factor, aside from the pandemic trend of a desire for different space, has been and is, interest rates. Right now a mortgage rate for a 4yr. fixed term is 2.09% and a variable rate is 1.45%. Potential buyers have figured out that, at time of purchase, an increase in mortgage rates will negatively impact them more than a drop in sale prices.
Yes there is lots going on here. If you have questions related to your own situation, please be in touch. No question is a stupid one – real estate can be a complex issue and we know that you don’t buy or sell every day! Our job is to answer the questions and work with you on solutions tailored to your particular situation – there is no “one size fits all” approach. Happy to meet and discuss, either virtually, or safely masked and distanced in person.
Enjoy the summer weather and watch out for the cranes and construction zones! We remain your trusted real estate resource,

Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Ray Harris, Shane Goutsis and Sheila Francis.

The Devil is in the Details – always a good thought to keep top of mind when working with contracts and the minutiae of buying and selling. However something new pops up with boring regularity – usually caused by someone out there trying to beat the system. The latest were 2 instances of attempted title fraud and in one case, the fraudster actually successfully managed to have the title transferred into his/her own name!

Along with money laundering, all of this has caused the birth of LOTR – the Land Owner Transparency Registry, which will become searchable on April 30. The first of its kind in Canada, it is a registry of information on individuals and entities who have an indirect interest in land through corporations, trusts and partnerships. The public as well as realtors will be able to search by the name of a buyer or seller, or by the PID number – the parcel identifier in the land registry. This is a giant step forward in transparency and prevention of money laundering and other fraud.

Hope you all got out into Wednesday & Thursday’s sunshine because we have been promised the liquid variety over the holiday weekend! April showers are right on the mark! However all the daffodils, tulips and hyacinths remind us that it really is Spring along with the longer days.
The additional restrictions on our lives put a damper on things, but we hope that they prove worthwhile and we can beat the bug and return to full lives of our own choosing. In the meantime we celebrate with our family and friends using both the old technology (telephone) and the modern, on Zoom etc.

Imagine what it was like for the generation growing up after the second world war – polio, scarlet fever, whooping cough, tuberculosis, measles and mumps – all one after the other and even together. All this without today’s advanced science and technology and all communication via radio. The vaccines that banished these diseases are a great advertisement for the efficacy of mass inoculation. Looking at it through this lens, I believe that we can hang in for the greater good and look forward to the light shining at the end of the tunnel.