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Strata Market is Hot

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To Strata or Not to Strata

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Aug 2nd, 2020 at 7:43 am

We have strived to keep some quality strata homes listed on our website, though we do focus on waterfront and water view single family homes, but quality stratas sell very quickly. Part of the problem too, with the Covid-19 lockdown fears, many people who might consider a move are waiting to see the outcome and influences of this pandemic. Supply, or churn of home sales has slowed, but prices are also climbing fast. It is a difficult mindset to adjust to all the current market influences, as we are comfortable with yesterday's prices, tomorrow's home design and features, and today's bank balance and more influencial, the mortgage requirements.

Purchasers requiring a mortgage and mortgage insurance are discovering the financial institutions are demanding conditions unheard of before. Not so long ago 5% down mortgages seemed almost common and easy to quailify for, but now with the global financial uncertainty, there has been a major pullback. To compound the difficult purchasing process, people requiring conditional offers including financing, or selling their existing home, are trumped by cash offers with conditional inspections excluded.

Strata properties provide financial and physical relief for the interm. Some people want to invest in the real estate market, versus renting, with the eventual hope of affording a freehold property. Many retirees do enjoy the lack of yard work and building responsibility, so are also drawn to the strata market. Young families use strata homes as a stepping stone to freehold property ownership. However, exercise due dilligence when purchasing a strata home, as some properties are self managed, others are managed by companies and each strata will have its own set of rules, resources and decision-making processes. Strata have many benefits, but also can have many pitfalls. Read strata documents before committing to a purchase. A REALTOR can review these documents with you and help decipher if a property is suitable to your needs.

A REALTOR can suggest options, most home-purchasers might not be aware of.

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