Vike Real Estate Blog

Thursday, December 1, 2022   /   by Melissa Vike

Home for the Holidays: How To Stretch Your Budget in a Season of Inflation

 
You don't have to break the bank to celebrate the holidays in style—even in this season of inflation. Prices may be higher on everything from food to gifts to decorations, but there are still plenty of opportunities to eke out extra savings. 
 
For example, you can trim your energy bills by up to 20% just by sealing air leaks in your home.1 Other small fixes—such as swapping old light bulbs for LEDs and plugging electronics into a powerstrip—can boost your yearly savings enough to pay off some of your holiday budget.
 
And thanks to a pandemic-era boom in online shopping, it is easier than ever to find deals on new and pre-owned furniture, thrifted gifts, DIY decor, and more. Even secondhand stalwarts like Goodwill have joined the digital fray, making it a cinch to score gently-used treasures at extra-low prices.2
 
You won't be the only one bargain-hunting your way to a more financially-stable New Year. Multiple surveys have f; ...

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Monday, August 1, 2022   /   by Melissa Vike

10 Pro Tips for a Smooth Home Move

 
The process of buying a new home can be both exhilarating and exhausting. But the journey doesn’t stop when you close on your property. On the contrary, you still have quite a bit to do before you can begin the process of settling into your new place. 
 
Fortunately, you don’t have to do everything in a day. You don’t have to do it all alone, either. When you work with us to sell or purchase a home, you’ll have an ally by your side long after your transaction has closed. We’ll continue to be a resource, offering advice and referrals whenever you need them on packing, hiring movers and contractors, and acclimating to your new home and neighbourhood. 
 
When it comes to a life event as stressful as moving, it pays to have a professional by your side. Here are some of our favourite pro tips to share with clients as they prepare for an upcoming move. 
 
1. Watch out for moving scams.
 
Maybe you receive a / ...

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Friday, July 1, 2022   /   by Melissa Vike

7 Costly Mistakes Home Sellers Make (And How to Avoid Them)

No matter what’s going on in the housing market, the process of selling a home can be challenging. Some sellers have a hard time saying goodbye to a treasured family residence. Others want to skip ahead to the fun of decorating and settling in a new place. Almost all sellers want to make the most money possible. 
 
Whatever your circumstances, the road to the closing table can be riddled with obstacles — from issues with showings and negotiations to inspection surprises. But many of these complications are avoidable when you have a skilled and knowledgeable real estate agent by your side.
 
For example, here are seven common mistakes that many home sellers make. These can cause anxiety, cost you time, and shrink your financial proceeds. Fortunately, we can help you avert these missteps and set you up for a successful and low-stress selling experience instead.
 
 
MISTAKE # 1: Setting An Unrealistic Price
 
Many sellers believe that p; ...

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Wednesday, June 1, 2022   /   by Melissa Vike

Sharply Higher Mortgage Rates Will Slow Housing Activity in BC Through 2023

BCREA 2022 Second Quarter Housing Forecast





 






MLS® residential sales in the province are forecast to decline 22% from a record high 2021 to 97,240 units this year. In 2023, MLS®residential sales are forecast to fall an additional 12.4% to 85,150 units.   





 











 






“After a strong first quarter, BC markets are now adjusting to a much different interest rate environment,” said BCREA Chief Economist Brendon Ogmundson. “With mortgage rates surpassing 4 per cent for the first time in over a decade, the housing market over the next two years may have very little resemblance to the housing market of the past year.” 

On the supply side, we have begun to see active listings move from record lows and re-sale inventories trend back toward balance. However, because inventories reached such low levels over the past year, the journey back to balance may tak ...

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Wednesday, June 1, 2022   /   by Melissa Vike

Higher Rates and Short Supply: The State of Real Estate in 2022

Canada's housing market hit a boiling point last year as homebuyers clambered for real estate in regions with significantly more demand than supply. But now that homeowners and buyers alike are feeling the pinch of rising interest rates and record inflation, the market appears to finally be simmering down.
 
That, in turn, could create a welcome opening for shoppers to be more selective with their searches. However, buyers hoping for a major downturn in prices may be left disappointed. Although home values in some segments are beginning to sag under the weight of higher borrowing costs, a persistent housing shortage is expected to keep prices high.
 
Read on for a closer look at some of the top factors impacting Canada's real estate market and how they could affect you. 
 
 
RISING MORTGAGE RATES ARE COOLING AN OVERHEATED MARKET
 
Over the past couple of years, homebuyers have faced record-high price appreciation and intense competition—int ...

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