Recent real estate market news highlights the Canadian immigration plan, which reaffirms its commitment to admit 485,000 new permanent residents in 2024 and 500,000 new permanent residents in 2025. For further details, you can refer to the official source here: Immigration Plan Details.
Another noteworthy development in the real estate market pertains to British Columbia’s introduction of new housing laws focusing on the incorporation of smaller housing units. For additional information, you can visit the official announcement here: BC Small Housing Unit Law.
The real estate market is moving slowly due to uncertainty about high-interest rates. But, there are interesting developments to note. We have details above on the immigration plan, and new housing laws in BC focus on adding smaller housing units. Real estate remains a valuable investment option alongside stocks and bonds.
Now, let’s talk about how to make the most of this situation. With limited land and high demand, one idea is to consider pre-sales with later completion dates. But, how can you choose the right development project? Here are some tips we use when helping clients with pre-sale projects:
- Check the Developer: Research the developer’s past projects and see if they had any issues or legal problems.
- Price vs. Quality: Consider whether paying a bit more for better quality is worth it, or if cheaper is the way to go.
- Location Matters: Location is crucial for both resale and pre-sale projects, but you may need to balance it with space.
- See It in Person: Don’t rely solely on floor plans; visit the show home to evaluate the finishing and craftsmanship.
- Examine the Contract Diligently: Carefully review key contract provisions, including but not limited to restrictions on property transfers, the buyer’s right to terminate the agreement, and the developer’s ability to potentially cancel the project, among other pertinent clauses.
These are a few things we do for clients interested in pre-sales. Remember, whether you’re living in it or renting it out, property is an investment. We’re here to help you make the most of the current situation, making an informed decision.