PORT MOODY REAL ESTATE MARKET REPORT FOR DECEMBER 2019

Port Coquitlam Homes For Sale
In this Port Moody Real Estate Market Report, we explore all the current real estate trends for this area. Below, you will find everything you need to know about the real estate market in Port Moody. This includes a look at the median house prices, any new listings in the last month, and all the current listings available to view. We’ve split our stats into different categories for different property types, making it easier for you to find the information that’s important to you.

Port Moody Detached Housing Market Trends

Port Moody Condo Market Trends

Port Moody Townhouse Market Trends

A GROUNDBREAKING PLAN TO FINANCE A NEW VANCOUVER REAL ESTATE DEVELOPMENT HAS BEEN REVEALED

Metro Vancouver has suffered from a lack of real estate innovation and investment over the last few years and decades. As such, the time has come for a new development to introduce more rental properties in the Metro Vancouver area. This should help deliver new social housing to people in the area, making real estate more affordable.

The problem is that private firms struggle to release developments that can both generate profits while offering a positive social housing solution. As such, an economist of the Canadian Center For Policy Alternatives believes that the government must intervene and help build the affordable housing the people of Vancouver desperately need.

Currently, there’s a severe lack of affordable social housing in this area of Canada. What’s more, the population continues to increase. The current rate sits at an increase of 1.4% per year. When taken all the way through to 2041, this means there need to be at least 112,626 new rental units built in that time. Rough calculations estimate this works out as about 5,000 units per year.

Marc Lee, the economist previously mentioned, has called for a massive government plan to meet these demands. He has released a 10-page analytical document that looks into the idea of affordable housing development in Metro Vancouver over the next 20 or so years. His current calculations suggest that it would cost $1.25 billion to finance the construction of 5,000 new units per year until 2041. However, he also argues that 10,000 units are a more realistic goal as there has been a significant lack of development since the turn of the century. This would amount to an overall cost of $2.5 billion.

Critics will argue where this amount of money could possibly come from. This is where the government should step in. They can work with other companies in the public sector to source out the land needed to build these homes. Then, they could supply a gigantic loan to cover the majority of the costs. Lee argues that the rental income yielded by these new developments would easily make up all the construction costs over time.

As of right now, this is all just a theory and an idea. However, people in Metro Vancouver will hope that it comes to pass. The city is in dire need of more affordable housing, and the government can play an integral role in making this dream a reality.

9 Reasons You Need An Agent to Help You Buy Or Sell A Home

9 Reasons You Need An Agent to Help You Buy Or Sell A Home

9 Reasons You Need An Agent to Help You Buy Or Sell A Home

Whether you’re selling your first or fourth home, buying an existing property or building a new home, there’s one thing you need: a reputable agent. While some may say you can buy or sell your home on your own, if you’re not familiar with the process, it may lead to more frustration and aggravation than it’s worth. Why go it alone when you can have an experienced professional by your side to help you every step of the way?

  1. An agent will represent you. When you buy a home, you may be tempted to work with the seller’s agent, but that agent is loyal to their client – the seller or builder. A buyer’s agent will keep your best interests in mind. They will explain the process, negotiate with the seller or builder and help you purchase the home of your dreams. Likewise, if you’re selling, make sure you’re working with trustworthy agents who can expert represent you with a buyer’s agent.
  1. An agent will guide you through the process. Since agents deal with the buying and selling process every day, they understand its nuances. They can explain often complicated contractual language; handle requests from the other side and spot potential issues before they become problems.
  1. An agent knows what to look for. They will see things you may not know to look for, such as wear and tear, structural issues or the condition of the roof or wiring. If you’re buying a home, they will help you assess the state of a home you’re viewing. If you’re selling a home, they’ll help you decide what updates to make before you list it.
  1. An agent is objective. If you’re selling your home, the agent can offer advice about how to position your home in the local market to attract the right buyers. If you’re buying a home, they can offer objective insight into the homes you are viewing and help you find the one that is right for you.
  1. An agent is an expert of your local area. If you’re moving to a new area, an agent can give you the scoop on the best schools and neighbourhoods, as well as warn you about areas that are prone to flooding, located near busy roads or are future hot spots for construction plans. Similarly, they understand the local market and can give you tips to help your home stand out and sell quickly.
  1. An agent offers advice based on experience. Agents rely on their experience to give you tips in regards to inspections, price reductions and other issues that may arise during the course of the transaction.
  1. An agent works on your behalf. Whether it’s negotiating the sale, handling challenges or objections that may arise, or acting a liaison, an agent uses their expertise and skill to communicate your best interests with the other party.
  1. An agent will continue to serve after the closing. Sometimes issues arise in the first year following a home purchase. An agent will help you resolve these issues and connect you with reputable trade’s people in their networks.
  1. Going it alone may end up costing you. Sellers often make a big mistake when trying to sell their own home by pricing it too high. A home that is not priced right will sit on the market for weeks. Enlisting the aid of an agent will help you price your home to sell so that it piques the attention of the right buyers.

How To Achieve Financial Freedom

how to achieve financial freedom

While it may take the patience and discipline, financial freedom is within your reach. Whether you’re trying to pay off large debts or boost your savings for a rainy day, large purchase or retirement – make 2019 the year you achieve financial freedom.

Save More Of What You Do

save more of what you do

Only 31% of Canadians have a fixed savings plan, 32% have a rough plan and are dependent on cash flow, and another 32% simply save what they can.(1) An unexpected bill, an emergency or a job loss could put many Canadians in a situation where they can’t make ends meet. It doesn’t have to be that way – even if money is tight, there are still ways to save more of what you earn.

  1. Know where your money is going. This will help you figure out where you can adjust your current spending
  2. List your fixed expenses, such as your utilities, groceries, and debt payments.
  3. List the expenses you have a few times a year, such as taxes, car maintenance, and vacations.
  4. List what you spent in the last month on “extras”, including shopping, going out to eat, morning coffee etc.
  5. Total your expenses and compare them to your net income. If you’re spending more than you earn, make cuts to your “extras” first and then look for ways to adjust spending on your fixed expenses.
  6. Set a Budget. More than 46% of Canadians have a budget, and 93% of them say they stick to it most of the time (2). A budget helps people plan for their finances and mitigate the impact of any surprise bills or expenses.
  7. Look for ways to save. Some bills, like your utilities, vary each month, which makes it easier to save money by being more efficient with your use. For bills with a more fixed cost, such as cell phone, cable or internet, shop around for reduced service rates to help you save more money each month Use your newfound savings to grow an emergency fund.
  8. Set up automatic savings if you haven’t already done so. That way, you don’t have to think about transferring money over each month.
Decorating Tips 101

Pay Off Debt

Nearly half of Canadians carry credit card debt and one-third doesn’t pay off their credit card every month. (3) Furthermore, 52% rely on their credit card to make most of their purchases and only 26% pay their credit card balances each month, before beginning to accrue debt again. (3) Additionally, one-quarter of Canadians of all ages see their credit cards as another source of spending money, including 33% of millennials (3). While some debts, like mortgages or student loans, are considered “good” debts because they are investments, credit card debt is seen as a problem for many consumers. The high interest rates of credit cards may cause consumers to become buried in debt; however it is possible to pay down and eliminate credit card debt over time.

Eliminate Credit Card Debt

Credit card debt is easy to accumulate but often hard to pay off. If you carry outstanding balances on two or more credit cards, the rollover formula can help you take charge of your debt and pay it all off. Here’s how it works:

  • Make a larger payment on the card the highest interest rate and pay the minimum on the rest.
  • Once this card is paid off, apply the amount of its payment to the minimum amount you were paying on the card with the second highest interest rate.
  • When the second card is paid off, add that amount to the payment of the third card etc. until you have paid off all of your credit cards.
Eliminate Credit Card Debt

5 Smart Ways Improve Your Credit

When you go to apply for your dream job, buy a house or car, it helps to have a great credit. Here are a few tips to keep your credit in good shape.

  1. Keep your balances low. If they’re high, pay them down.
  2. Pay off small card balances, and then use one or two cards for everything.
  3. Don’t get rid of old debt and good accounts. They help show a solid repayment history.
  4. Pay your bills on time. A large number of late bills can impact your credit score.
  5. Review your credit report, and communicate any problems you see to the two major credit bureaus, TransUnion Canada and Equifax Canada.