In this video, we'll shed some light on the current interet rates and how they're impacting the real estate scene. Plus, we'll address the million-dollar question: Is now the right time to buy or sell real estate in Vancouver? We'll also discuss the subject of timing the market. Join us as we break it all down. 

Rather than delving into specific statistics, our focus revolves around the prevalent topics dominating recent conversations. 

It's important to understand that each property type, neighbourhood and price point can perform differently. The best decisions are made after receiving and following market data for your specific market. We can assist with this, just reach out! Connect here.

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B.C. is facing a housing crisis, with a shortage of all forms of attainable housing, including long-term rentals.

The rise of short-term rental of entire homes is taking away much needed homes for British Columbians. More than 16,000 entire homes are being used as short-term rentals for the majority of the year in B.C. This is making it more challenging to find affordable long-term rentals.

Many local governments have taken action to regulate short-term rentals, but enforcement of bylaws is a challenge, and they have asked the Province for more tools and resources.

The purpose of the new rules is to:

-Give local governments stronger tools to enforce short-term rental bylaws
-Return short-term rental units to the long-term rental market
-Establish a new…

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October numbers are in and it appears the market could be shifting to a balanced state, generally speaking. To be sure we'll have to see how the rest of the year plays out. It as been quite some time since anyone has considered our market to be balanced.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might…

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If you're financially ready to buy real estate and your life circumstances are telling you now is the time but you're frozen because interest rates are high and there is uncertainty in the market then this video is for you.

I compare interest rates with home prices over the last 10 years. I'm doing this to illustrate that when rates go down, prices go up. Low rates bring a competitive market, that only sellers love, and higher prices. The attached graph compares interest rates with the Housing Price Index (HPI) over the past decade, specifically from January 1, 2014, to the present. To provide an accurate representation of what purchasers would obtain, I used the 5-year fixed rate rather than posted rates. The HPI is a superior metric to average…

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As we navigate through 2023, one clear trend in the Vancouver real estate market is the ongoing discrepancy between the number of homes listed on the MLS (Multiple Listing Service) and the volume of actual sales. These figures continue to remain below the 10-year average. While various factors are at play, it is evident that much of the current market focus revolves around interest rates.

It's important to note that a significant portion of individuals engaging in real estate transactions are doing so out of necessity rather than mere preference. Life circumstances are often the driving force behind these decisions, compelling people to relocate.

One key factor influencing certain buyers' decisions is the expiration of their rate hold. Those who…

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It's a good time to buy... Now, that may sound absurd to some of you but, hear me out. One of the questions that we get asked the most, is now a good time to buy? The answer is going to vary depending on the person and their circumstances but let's consider the highly competitive market that we came from.

Buyers had to spend a lot of time and money before even making an offer. Spending time doing their due diligence on the property they want to buy and spending money on home inspections without their offer being accepted. And if their offer wasn't accepted then you had to repeat that process again.

Interest rates were low, demand was high. Prices were going up really quick. Some buyers were afraid of getting priced out so they had to…

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Vancouver real estate market update for August, 2023. What's happening in the Vancouver real estate market? What's going on with listings, sales, interest rates.  

Sales were up 24% compared to this time last year. Keeping in mind this time last year, interest rates were on the rise. So a lot of people put their plans on hold and that 24% increase is still 13% below the 10-year average. 

Same for listings, still 13% approximately below the 10-year average. So we're just not seeing the volume that we're used to, not as many transactions, but with those sales, at least what that's telling us is that people are getting on with their lives despite the current rates. 

Speaking of rates, we got some good news yesterday. No change there. That's not…

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July saw home prices across all home types in Metro Vancouver rise again. Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments.

"While sales remain about 15% below the ten-year average, they are also up about 30% year-over-year, which is not insignificant. Looking under the hood of these figures, it’s easy to see why sales are posting such a large year-over-year percentage increase. Last July marked the point when the Bank of Canada announced their ‘super-sized’ increase to the policy rate of one full percent, catching buyers and sellers off guard, and…

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Bridge financing can be very useful. A bridge loan is a short term loan that allows you to bridge the gap between the sale of your current home and your new one. In an ideal scenario you'll want to close on your current home and then close on your new home the following day.

When you want the bridge loan is when you have to close on your new home before your buyer closes on your current home. Essentially it is a way to carry a mortgage on both properties.

I'm finding a lot of people do not realize that they MUST have a firm deal on their current home to get the loan. A firm deal means there are no conditions/ contingencies on the deal and the deposit has been paid by the buyer.

For anyone that is selling and buying it is good practice when…

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June was a notably active month, marked by a flurry of activities. However, it is worth noting that our listing and sales volume still falls below the 10-year average. Over the past 12+ months, the dominant topic of discussion has revolved around interest rates, which are poised to witness another 0.25% increase on July 12th.

Despite the fluctuating interest rates, prospective buyers are displaying a strong willingness to proceed with their purchases. The demand for properties continues to surpass the available inventory, resulting in persistent multiple offer situations. This trend is likely to persist until we observe a significant increase in the supply of properties, which, unfortunately, does not appear imminent.

It is important to…

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