Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move.

1. People Are Moving to Cities with Lower Housing Costs

One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at Realtor.com, summarizes why:

“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”

The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.

2. People Want to Live Where They Vacation

And, if you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. According to the same report from Gravy Analytics:

“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”

Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.

3. People Who Work Remotely Are Taking Advantage of that Flexibility

Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement patterns:

“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”

If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.

In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.

Bottom Line

Lots of people are still moving today. If you want help navigating today’s inventory or affordability challenges, and expert advice to help you find your ideal home, connect with a trusted real estate agent.

The Government of B.C. is paving the way for more access to electric vehicle (“EV”) charging stations on strata properties.

Recently passed legislation allows strata corporations and owners to more easily install EV charging infrastructure. Effective May 11, 2023, strata corporations no longer need a ¾ vote to approve EV charging decisions – only a majority vote is required.

The government has indicated that lower voting thresholds will make it easier for EV infrastructure to be approved and installed as an expense funded by a strata corporation’s contingency reserve fund. To use the majority vote threshold, the expense must be:

• Related to installing EV charging infrastructure or managing the electricity it uses; or

• Necessary to obtain a report on the installation or operation of EV charging infrastructure or the electricity management—this could include an EV ready report or an electrical planning report.

The voting threshold has also been lowered to majority votes in the following situation:

• If the strata corporation needs to acquire or dispose of personal property in order to install, operate, maintain, or repair the EV charging infrastructure, or to manage the electricity used by EV charging. An example of personal property would be an EV charging station owned by the strata corporation.

Upcoming Changes to Come into Effect

Additional changes under this legislation will be effective later in the year. These include the following:

• Strata corporations must get an electrical planning report from a qualified person by a certain date.
• Strata councils can grant short-term exclusive use of parking stalls for longer than one year for a “prescribed class of parking stalls”. (This prescribed class will likely include parking stalls used for EV charging).
• Regulation that specifies the conditions and criteria a strata council may consider when reviewing an owner’s request for EV charging infrastructure.

Read the Government of B.C.’s news release for more details on the changes to the Strata Property Act. You can also subscribe to receive occasional email updates to strata legislation and the Province’s strata housing website.

Source: www.bcfsa.ca

As a homeowner in British Columbia, one of your primary concerns might be the security of your valuable property. You may have heard unsettling stories about homes being sold without the owner's knowledge, leading to anxiety and apprehension. At Botto Real Estate, we understand the significance of your concerns, which is why we have implemented robust and trustworthy methods to confirm the identities of our clients. Our commitment to providing you with peace of mind has driven us to employ a combination of manual and cutting-edge technological processes, including artificial intelligence (AI), to ensure that all parties involved in a real estate transaction are exactly who they claim to be. In this blog, we will delve into the measures we take to secure your property and why you can trust us as your Real Estate Professionals.

The Significance of Property Security

For many, a home is not only a place to live but also a significant financial asset. The thought of someone tampering with or selling your property without  your knowledge can be distressing for any homeowner. The real estate industry, like any other, faces its share of fraudulent activities and identity thefts. At Royal LePage Sussex we recognize the gravity of these concerns and have made it our mission to protect your interests and assets with utmost dedication.

Our Trustworthy Identity Verification Methods

1. Manual Identity Verification

We believe in the importance of personalized service and human touch. Our team of experienced Real Estate Professionals conducts thorough manual identity verification to ensure that every client's identity is meticulously validated. By relying on checking up to date photo ID and face-to-face meetings, we build a solid foundation of trust with our clients.

2. Utilizing AI Technology

Embracing technological advancements is vital in today's fast-paced world. To enhance the efficiency and accuracy of our identity verification process, we use an innovative app that employs artificial intelligence (AI). This powerful tool helps us confirm the identity of individuals swiftly and could detect any potential fraudulent activity.

How AI Enhances Identity Verification

Our AI-powered app utilizes a combination of advanced facial recognition and document verification to authenticate the identities of our clients. Here's how it works:

a. Facial Recognition: The app captures and analyzes facial features to match them against official identification documents and photographs. This helps us confirm that the person presenting themselves as the homeowner or buyer is indeed the individual they claim to be.

b. Document Verification: By scanning official identification documents, such as passports or driver's licenses, the app ensures that the information provided matches the documents' data. This step adds an extra layer of security to the process, reducing the risk of identity fraud.

The Peace of Mind You Deserve

Your trust and security are our top priorities. We understand that your home is not just a dwelling but a place filled with cherished memories and a significant investment. Rest assured that use of thorough and advanced identity verification methods, along with our dedication to your well-being, provide you with the peace of mind you deserve.  Contact us today to experience the utmost care and security in your real estate journey.