Shane Baseden

Sutton Group -West Coast Realty

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Cell 604.315.9686

Office 604.415.9800

Email: shanebaseden@shaw.ca

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The "FOMO" Market
   We have been in a "Seller's Market" for much of the past 20 years in the Vancouver area. This is nothing new. We are used to it. If you're a Buyer you hate it. If you're a Seller you love it.
   You decide to sell so you call your favourite Realtor and list it at a price that a few years ago would have seemed like an astronomical number. Other agents start calling, appointments are made, and your Realtor is scrambling to get all the interested parties through the door before any offers are looked at after the weekend. Looks like another bidding war is brewing. Multiple offers come in on Tuesday. This can be a very exciting time for the Seller's as they realize the equity in their home has likely far exceeded their previous expectations. It can also be stressful and overwhelming having ten offers in front of you and you can pick only one. The RIGHT one. (This is where your Realtor should shine). On the flip side there are ten Buyers sitting on the edge of their seat that know the obvious. Only one offer will be chosen. Is mine the RIGHT one?
   I've represented both sides of the transaction many times. Being on the buying side is definitely more challenging, to say the least. I've seen people get so frustrated they break down and cry. Not fun. It's my job to make sure they understand ahead of time how it all works and if they really want this house they need to give it all they have. No regrets whatever happens. It's also my job to keep them on track if they aren't successful with their offer. It's easy to want to give up, but you shouldn't. There is too much at stake. Looking back on past sales, some clients have felt they got caught up in the frenzy and overpaid for their home, but as a few years pass they are happy and relieved they bought when they did.
   Fear Of Missing Out (FOMO) is a real thing. It is one of the major factors that drive this market. For many, they feel that it's now or never when it comes to owning a home in our region. After all, the average price of a single family detached home rose an astonishing 17% compared to last year. Land is limited and demand is always there. Prices are usually trending upward which makes for a safe investment. FOMO on the banks insanely low interest rates right now. Go back in time to the 1980's and tell someone that in 2021 you would be able to get a mortgage for under 1.5% and they would laugh at you all the way back to your time machine.
   We are living in a crazy time. Who would have thought that during a worldwide pandemic we would be seeing rising prices and demand like this? If you are tired of looking at the same four walls and would like some more space to spread out in the safety of your own home, maybe now is the time to give in to that fear and take that leap. Seems like everybody else is.

Smile
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Although the BC Assessment isn't really a true way to determine your homes resale value, it is still interesting and fun to look at. Read this article from the New Westminster News Leader and have a look at some of New West's most expensive properties, as determined by the latest BC Assessment figures.

 

 

New Westminster's property values are on the rise.

The total value of the city's land rose by almost three-quarters of a billion dollars in a year according to the latest BC Assessment figures released Friday.

Properties in the city increased from $13.788 billion as of July 1, 2013 to $14.588 billion on July 1, 2014—a jump of 5.1 per cent.

Examples provided by BC Assessment suggested that, with rare exception, most types of residential property categories saw increases.

The example that showed the biggest jump in assessment was also the most expensive one. The authority said a 100-year-old home in the Queen's Park neighbourhood went from $1,008,000 to $1,076,000, an increase of 6.7 per cent.

A 1990s home in Queensborough was the second-highest jump in value at $684,000, up three per cent from 2014's assessment. A 1950s home in Glenbrooke rose 4.3 per cent from $607,000 to $633,000 while a 1930s Sapperton house went up 4.5 per cent from $537,000 to $561,000.

The strata examples given by the authority showed a 1992 three-bedroom condo jumped from $396,000 to $415,000, up 4.8 per cent, while a 20-year-old two-bedroom low rise went up just one per cent from $298,000 to $301,000.

A three-bedroom townhouse, however—a rarity in New West—dropped 4.8 per cent from $460,000 to $438,000.

The house with the highest assessed value continues to be 221 Queens Ave. at $1,767,000. In one year it rose in assessed value by $112,000, or 6.8 per cent. Despite the steep price tag for the Queen's Park area home, it doesn't come close to being in the North Fraser region's top 100 properties. That list stops at $2.683 million. (BC Assessment's list of top 500 residences in the province bottoms out at $8.35 million.)

Although the home remained at the top of the heap it has a new challenger that isn't far behind. Second place belongs to a recently built home at 122 Third Ave, assessed at $1,750,000.

The house that was second last year, 127 Queens Ave., is now fourth at $1,662,000, an increase of $75,000 in value. Jumping over it is 417 Fifth St. at $1,676,000, although it still retains its third-place ranking. It was assessed at $1,580,000 the previous year.

"Most homes in the North Fraser region are relatively stable or showing modest increases in value compared to last year's assessment roll," said Niko Papoutsakis, the region's deputy assessor, in a press release. "Most single family home owners will see value changes from zero to 15 per cent. Most strata residential properties have changed in the range of minus-five to 10 per cent."

Honour House at 509 St. George St., has an assessed value of $2.5 million, which is $76,000 more than the previous year. But it isn't included in the residential listings. It houses first responders and veterans and their families while they're receiving medical treatment in the Lower Mainland.

Although the authority has mailed out individual notices, property owners can compare their assessment with others at www.bcassessment.ca. Those who feel their assessment doesn't reflect market value as of July 1, 2014 or see incorrect information on the notice should contact BC Assessment. The North Fraser office is at 420-2700 Production Way in Burnaby.

If they're not satisfied with the response they can submit an appeal to an independent review panel by Jan. 31.

New Westminster Top 20

1. 221 Queens Ave.    $1,767,000

2. 122 Third Ave.    $1,750,000

3. 417 Fifth St.    $1,676,000

4. 127 Queens Ave.    $1,662,000

5. 106 Fifth Ave.    $1,631,000

6. 303 Queens Ave.    $1,617,000

7. 216 St. Patrick St.    $1,600,000

8. 1502 Dublin St.    $1,570,000

9. 329 Second St.    $1,546,000

10. 443 Fifth St.    $1,543,000

11. 239 Second St. $1,542,000

T12. 221 Third Ave.    $1,523,000

T12. 219 Third Ave.    $1,523,000

T14. 212 Eighth Ave.    $1,513,000

T14. 213 Fourth Ave.    $1,513,000

16. 1310 Edinburgh St.    $1,510,000

17. 79 Glover Ave.    $1,503,000

18. 317 Fifth Ave.    $1,489,000

19. 323 Third St.    $1,488,000

20. 305 Fifth. Ave.    $1,479,000

 
- 221 Queens Avenue-Assessed value of  $1,767,000
 
 
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How do you feel about "Laneway Housing" and the possibility of these types of homes coming to New West? The added income potential, or just a place for my kids to live in while they attend University in this very expensive part of the world has its appeal, but at what cost?

 

The following is an article from www.newwestheritage.org. Please read...

 

 

 

A  laneway house is a smaller, detached home located in place of or atop a garage on a single-family lot that opens onto the back lane.

Proponents favour a ‘made for New Westminster’ laneway housing policy:

  •  It’s a mortgage-helper option for seniors who want to stay in their neighbourhoods but are unable to maintain a larger home. It allows them to remain close to family and remain independent.
  •  An affordable option for younger family members and students who otherwise can’t afford to live in the neighbourhood.
  • It’s contributes to the store of affordable rental housing available in the city, providing additional choice to families who want to live in the community in which they work.
  • If built to community-supported guidelines, laneway housing makes the city’s urban lanes more green, livable and safe.

Opponents view laneway housing as a threat to single-family neighbourhood quality of life:

  • Laneway housing places undue stress on single-family neighbourhoods, increasing the density and impacting travel corridors.
  •  It’s selective – under the current framework, laneway housing is restricted to family members so it doesn’t alleviate the issue of affordable housing for all low to mid-income families.
  • Depending on the site, there can be a privacy impact on privacy for surrounding neighbours.
  • Affordable is a relative term. With current laneway construction firms, the typical price to construct a 750-1,000sq. ft. laneway house starts at about $270K.

Earlier this year, City of New Westminster staff presented an Accessory Dwelling Unit work plan  to council determine the feasibility and interest in amending current zoning bylaws to allow for the construction of coach houses and laneway homes in residential areas.

Summary of report prepared by New Westminster staff for Council

“Detached accessory dwelling units add to the supply and variety of housing in single-family areas while maintaining their character and promoting more efficient use of the land…This housing option has been well-received in other cities, including the City of Vancouver and North Vancouver. This report outlines a work plan to develop a ‘made in New Westminster’ approach to examine the interest in, and feasibility of detached accessory housing units in single detached neighbourhoods.”

The study will include feedback from other municipalities who permit laneway housing and a community consultation process (with draft zoning bylaw requirements and guidelines as a basis of discussion for eligible neighbourhoods).  That would be followed by a zoning bylaw amendment process, implementation and monitoring.

The neighbourhoods of Queen’s Park and Queensborough are excluded from the study because the Queen’s Park area is undertaking a neighbourhood planning process with the city and Queensborough is located in a flood plain with few locations for laneway housing.

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