The ‘last mile problem’ in real estate: What it means and why it matters
The Squamish Chief
Have you ever heard of the “last mile problem”? I first came across this idea while listening to Mike DelPrete and it got me thinking about the concept. It might sound like something from a race, but it’s a challenge that exists in many industries, real estate included.
What is the “last mile problem”?
The “last mile problem” refers to the final step of delivering a service or product to a customer. For example, think about ordering something online. It’s easy for the company to get your package to the city, but getting it right to your front door is the tricky part. This last step is where things often go wrong, with delays, miscommunication or mistakes. Read more…
One-third of Richmond condos are investment properties: Stats Canada
One-third of all condos in Richmond are considered “investment properties” by Statistics Canada.
Of the 32,240 condos in Richmond, 10,980, or 34.1 per cent, are owned as investments, according to a report from Statistics Canada released on Thursday.
This is slightly lower, however, than the average in the Vancouver Metropolitan Area, where 34.2 per cent of condos were considered investment properties.
But only 12.7 per cent of single-detached homes, a total of 2,940, are considered investments, out of a total of 23,170 single-detached homes in Richmond.
Senior housing shortage looms as B.C.’s population ages
The Squamish Chief
Senior citizens, a growing demographic in B.C., may face an increasingly strained housing environment in the years ahead, despite having unique needs that require greater investment by public, private and non-profit housing and care providers.
As of 2020, 19 per cent of British Columbians were 65 or older, a group totalling nearly 986,000 people, according to BC Stats. By 2041, almost 25 per cent of B.C. residents are projected to be seniors—more than 1.6 million people in total.
Many elderly residents require assistance with housekeeping, laundry, meals, mobility, hygiene or the activities of daily living, but experts anticipate a shortage of housing that supports the special challenges of old age.
“When the baby-boomer cohort starts looking around at senior housing, there will be a dramatic change in the marketplace and what people will expect, ranging from long-term care to end-of-life care,” said Dan Levitt, Seniors Advocate of B.C. “We’re in for a ride here.” Read more…
Metro Van home sales dip as buyers remain cautious, says realtors’ association
The Squamish Chief
Metro Vancouver home sales declined by 3.8 per cent in September 2024 compared to September 2023, suggesting that recent interest rate reductions are having a limited effect on demand so far.
The Bank of Canada cut its key interest rate to 4.25 per cent on Sept. 4, its third consecutive quarter-point reduction from a high of five per cent. Many analysts believe the country is now in a monetary policy easing cycle, with further cuts expected as inflation is reined in and the central bank pivots to bolstering economic growth.
But these rate movements are not yet causing renewed strength in housing demand, said Greater Vancouver Realtors (GVR) in an Oct. 2 news release, pointing out that sales in the region fell from 1,926 in September 2023 to 1,852 last month. This was also 26 per cent below the 10-year seasonal average of 2,502. Read more…
First Nations developments have long horizons and require rock-solid partnerships, leaders say
The Squamish Chief
A recent panel of First Nations developers highlighted the significant horizon of their real estate projects and their goal to optimize relationships with business partners who share the same vision, values and priorities.
During a Thursday luncheon at Pan Pacific Vancouver Hotel hosted by the Urban Development Institute, three First Nations leaders said they are taking great care to build long-term alignments on their path toward economic reconciliation and economic sovereignty.
The leaders said their nations’ presence dates back thousands of years, so they are in no hurry and will patiently cultivate close partnerships and leverage them to support current and future generations of their communities. Read more…
One-third of Richmond condos are investment properties: Stats Canada
The Pique News Magazine
One-third of all condos in Richmond are considered “investment properties” by Statistics Canada.
Of the 32,240 condos in Richmond, 10,980, or 34.1 per cent, are owned as investments, according to a report from Statistics Canada released on Thursday.
This is slightly lower, however, than the average in the Vancouver Metropolitan Area, where 34.2 per cent of condos were considered investment properties.
But only 12.7 per cent of single-detached homes, a total of 2,940, are considered investments, out of a total of 23,170 single-detached homes in Richmond. Read more…
Can I Be Denied a Mortgage After Pre-Approval?
RE/MAX Blog
An important first step in the home-buying process is being pre-approved for a mortgage. This affords you the luxury of knowing your purchasing power and the calm that you have inched closer to completing the mortgage application. You can be pre-approved in as little as an hour. As long as you have all of the documentation necessary for this endeavour and you have shopped around for the best rates, it is not a tiring ordeal.
That said, if you are in the market for a new home and have already been pre-approved for a mortgage, you might think you’re in the clear. However, this is not always the case. There are several reasons a mortgage can be denied after pre-approval, and you must understand what causes it to happen to ensure your mortgage will be approved. Read more…
Is Now the Best Time to Sell?
Selling your home is not only a big decision financially, but also emotionally. Your home is no longer the bricks, drywall and hardwood floors you fell in love with when you bought it. You have tackled some of life’s many milestones and made memories in the house you now call “home.” Whether you have simply grown out of the house, are choosing to downsize, or are looking for a new location, there are many factors that may influence your decision to sell your house.
It is not a decision you can be cavalier about, so you will need to perform your due diligence, research the market, and speak with a real estate agent. Read more…
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