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March 4, 2010
Low inventory sets stage for a heated spring market TRICIA LESLIE
and social networking sites, there is a lot of knowledge and information that can easily be researched by today’s homebuyers. Still, Metro Vancouver builders are constantly taking the feedback they receive from their homebuyers, and making it reality in today’s new homes. At Morningstar Homes, president Dale Barron notes that one room usually stands out from all the others. “For us this year, it’s all about the kitchen,” he says.
Lack of inventory in the housing market will be the greatest challenge across the country this spring, according to the Re/ Max Market Trends Report 2010. Canadian buyers have been busy, and with a harmonized sales tax on its way in B.C. and Ontario, tighter lending criteria, and interest rates expected to only go higher, homebuyers will likely get busier leading into this summer. The recently released report, which looked at real estate trends in 16 housing “There is markets across Canada, a growing found that unusually strong activity in January sense, on – traditionally one of the both sides quietest months of the year – has led to a sharp of the decline in active listings fence, that in 81 per cent of the the time to markets surveyed. As a result, 87.5 per act is now.” cent of markets posted an increase in sales in January, while average price appreciated in 81 of markets surveyed. “Affordability is the catalyst for the vast majority of purchasers in today’s housing market,” says Re/Max of Western Canada regional executive vice-president Elton Ash. “While home ownership is still within reach in many major centres, levels are slipping. There is a growing sense, on both sides of the fence, that the time to act is now.” Markets experiencing the tightest inventory levels include Toronto (-41 per cent);
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Morningstar Homes president Dale Barron, in a new Pepin Brook showhome in Abbotsford, says kitchens are changing in their size and function in today’s new homes. Tricia Leslie photo
Homes: how they’re changing Trends to look for in 2010 and beyond: what locals say TRICIA LESLIE Purchasing a brand-new home is a big step for most people. Whether it’s a large single-family house on a spacious lot or a low-maintenance townhome, condo or rowhome, buyers have plenty of choice in today’s market. Making the actual decision can be tough; much of the time, it comes down to the
homebuyers’ personal taste and why they are looking for a new home. Some may be looking for a larger home to suit the needs of an expanding family, while others may want to downsize from the family home after the kids have moved out. Professional couples may be looking for less home maintenance; a small family may need more room for an aging relative. Local builders are constantly creating new homes based on what homebuyers want. Most will tell you that today’s consumer is much more savvy than 20 years ago – with the advent of the Internet