New homes in a desirableVancouver neighbourhood offer homebuyers quality, style and location. Listraor’s Carrington features Tudor-style townhomes at Oak and 45th, an area that is close to transportation, shopping and downtown. “People feel lucky they’re able to live there,” says Listraor sales manager Carla Zivot. ›› p.6
scaling it down… Former municipal councillor Judy Higginbotham, who served on Surrey’s council for 25 years, talks about homes. She and husband Pat may eventually buy a recreation property – for a summer getaway or, perhaps – to downsize into a smaller home. ›› p.2, 10
July 30, 2009
Making the right move Finding a new home that fits your needs does not necessarily mean downsizing
Improved home affordability is stimulating the housing market across Canada, according to the latest housing report from RBC Economics. And in B.C. in the first quarter of the year alone, housing affordability showed the sharpest improvements since 1991, reports RBC. Aggressive economic policy and softening home prices are drawing buyers back into the market, resulting in home affordability recording some of the biggest quarterly improvements on record in the first quarter of June of 2009, the July report says. RBC senior economist Robert Hogue says that, with financial market turmoil subsiding and the flow of credit increasing, home resale activity has rallied impressively since the late winter. “What’s most impressive is how widespread this rebound has been, with all major cities in Canada experiencing a revival,” Hogue says. In the first quarter of this year, monthly payments on a typical detached bungalow in Canada has decreased by close to 17 per cent from a year earlier, thanks to significant cuts in mortgage rates and “the federal government taking an active role in supporting the mortgage securities market,” a release states. Affordability improved in all housing segments at the national level, RBC reports, marking the third consecutive quarterly decline in home ownership costs. “Housing markets generally appear to be on the mend in Canada but the road to full recovery still has obstacles,” Hogue says. “With property values stabilizing and the effect of the steep drop in mortgage rates likely behind us, further improvement in affordability will depend on greater gains in family income. Those gains will be dictated by the speed of the economic expected during the second half of this year.”
TRICIA LESLIE The children are all grown, and the huge house they grew up in is all but empty. Maintenance and upkeep on the home and yard is becoming overwhelming. Utility bills are through the roof, and repairs or renovations are sorely needed. There are several reasons why people might start thinking about downsizing – or, as some call it, rightsizing – to a smaller home, and many reasons make sense. Making the move into a new home makes even more sense, say some, since it means everything from the appliances to the exterior finishings is brand-new, and will not need repair for years. New homes also usually come with builder warranties to protect owners for years to come, as well. “I don’t really think people are willing to give up quality,” says Greater Vancouver Home Builders’ Association CEO Peter Simpson. Downsizing doesn’t necessarily mean moving into a condo or townhome, he notes, although that market presents plenty of options to home buyers. At Anderson Walk, an Epta Properties development of single-family homes in South Surrey, the first houses in the 51home project are in the 2,500-square foot range. Epta Properties vice-president and director Chris Tsakumis says the homes are drawing interest from downsizers as well as first-time buyers. “We’ve provided basically maintenancefree homes. I was surprised to see how many downsizers – from all over the Lower Mainland – who are interested,” Tsakumis says. “The South Surrey-White Rock lifestyle is attracting people from Vancouver, CONTINUED ON P.2
Mosaic Homes sales manager Saralyn Slarks enjoys the garden at Mosaic’s Links community in Port Coquitlam. The rowhomes offer a downsized lifestyle to homebuyers. Rob Newell photo
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