The British Columbia Real Estate Association (BCREA) released its 2017 Third Quarter Housing Forecast Update on August 31, 2017
Although Multiple Listing Service residential sales in the province are forecast to decline 10% to 100,900 units this year, after reaching record 112,209 units in 2016, they will stay well above the ten-year average for MLS residential sales in the province which is 84,700 units. Strong economic fundamentals are underpinning consumer demand and are expected to keep home sales at elevated levels throughout 2018.
“British Columbia’s position as the best-performing economy in the country is bolstering consumer confidence and housing demand,” said Cameron Muir, BCREA Chief Economist. “Strong employment growth, a marked increase in migrants from other provinces and the aging of the millennial generation is supporting a heightened level of housing transactions. However, a limited supply of homes for sale is causing home prices to rise significantly in many regions, particularly in the Lower Mainland condominium market.”
The average MLS residential price in the province is forecast to increase 3.5% to $715,000 this year, and a further 4.1% to nearly $745,000 in 2018. However, the provincial average price is being skewed lower as a result of a change in the mix and share of homes selling. Fewer detached home sales relative to attached and apartment properties and a larger proportion of home sales occurring outside the Metro Vancouver region are operating to hold back the provincial average price. Home prices in 10 of the 11 real estate board areas are forecast to rise at a higher rate than the provincial average.
What if you could remodel your kitchen without the headache of a major renovation and, depending on your scope and selection, for a fraction of the cost? Rose DiFonzo, kitchen and bath installation expert at The Home Depot, suggests a simple way to make your dream a reality.
“One economical way to give your kitchen a visual overhaul involves cabinet refacing,” she explains. “Not many homeowners know that they have the option to veneer the exterior of their cabinets and just replace the cabinet doors and drawer fronts. If you are satisfied with the current kitchen layout and the interiors of your cabinets are in good condition, cabinet refacing might be the service for you.”
The process. After an in-home consultation, a team of insured and licensed installers remove all existing doors, drawer fronts and hinges from your kitchen. Surfaces are then prepared and applied to all visible cabinet exteriors in either laminate, vinyl or matching veneer. Once they apply and trim all coverings, they install new doors, drawers and hardware. To finish the look, you can add mouldings and accessories to make your new kitchen pop.
The possibilities. If you want a more customized look, cabinet refacing projects can be combined with other kitchen updates for a one-of-a-kind space. For example, you can transform a standard door base cabinet into a set of pot and pan drawers or increase storage space with additional cabinets.
The advantage. Get the look of a kitchen makeover with less mess and time. With installation of between two and five days, a wide variety of traditional and contemporary styles to choose from, and no surprise plumbing or electrical costs, cabinet refacing is the perfect solution to getting the kitchen you want for the budget you have. www.newscanada.com