Things got busy over the Christmas break for Steveston realtor Chris Dinnell and he thinks this is a sign of the market heating up.
The period between Christmas and New Year’s is usually very quiet, but this year buyers were coming out of the woodwork.
And when buyers start coming out, that’s when one knows the market is heating up, Dinnell told the Richmond News.
This could be in anticipation of interest rates possibly going down this year, but until then Dinnell thinks it’s the right opportunity to jump into the market.
“If they do bring (interest rates) down, it will really open the floodgates,” Dinnell said.
Despite higher interest rates, the selling price of all types of homes in Richmond rose in 2023, Dinnell explained.
In 2023, the price of detached homes in Richmond rose by 6.5 per cent overall, apartments rose by 8.9 per cent and townhomes, by 5.2 per cent. Overall, this meant all types of housing went up six per cent last year.
Dinnell anticipates the next two months are going to be a great time to buy, similar to the period just as the pandemic was hitting in 2020 when the “smartest” people bought homes.
Make a plan to invest: Richmond realtor
Dinnell encourages people to think beyond traditional home buying.
While 50 per cent of British Columbians are mortgage-free, and some young people can count on the “bank of mom and dad” to get into the housing market, this isn’t an option for everyone.
Dinnell encourages young people to create a plan on how to start investing. Even if it’s a five- to 10-year plan, it’s important to lay out some goals.
Fifteen years ago, Dinnell said he was in the same spot, thinking he could never buy anything.
“It wasn’t until I changed my mindset and created some goals that I was able to get into the market,” Dinnell said.
It might be a starter condo, or a condo that one rents out, he explained, not necessarily the traditional American dream house – a single-family home with a yard.
In fact, Dinnell offers a “First Time Home Buyers” seminar – along with mortgage broker Kelly Hudson and Angela Dinnell – on how to start investing in real estate.
Dinnell is seeing a mindshift in younger buyers – not everyone is looking for that yard and a dining room table.
“The way we’re living is changing and we need to adapt,” Dinnell said.
The next announcement from the Bank of Canada about interest rates is on Jan. 24, followed by an announcement on March 6.
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