market is starting to take shape a little early this year. The spring market,
widely considered to be the most robust sales cycle of the year, generally
exhibits the beginning of a pulse in March, with April garnering the most sales
of the year.
The fixed term interest rates came down slightly in January, and then started rebounding up, which has created a certain sense of urgency amongst buyers. This, combined with a lack of quality listings hitting the market in January and leading into February, has created a little bit of a bounce. Looking forward to seeing how this progresses into March and April. All signs are pointing to a strong spring market, both in terms of sales activity and price appreciation.
Another top-of-mind topic in the “attached” or condo community is the new legislation surrounding the requirement to conduct ‘depreciation reports’ or ‘contingency reserve fund studies.’ This mandate, being introduced right now with a statutory requirement by December 2013, will require all stratas to develop a capital plan mapping out the major capital expenditures going forward for 10 - 20 years. This has a very positive effect in terms of building confidence amongst strata owners and potential buyers however, it will likely mean higher strata fees. Delighted to discuss in more detail about this or anything else on your mind.
If you or someone you know is contemplating entering the market as a buyer or seller, call today. The best outcome is determined not by luck, but by well executed planning. I'll be honoured to help.