Our Spring market has picked up, despite lower listings and sales volume. The lack of change to interest rates has likely contributed to the increase in buyer confidence, that couple with low inventory has led to more multiple offer situations.

It's also important to note that each local market can vary significantly, and it's crucial to understand the specific trends and developments in your area to make informed decisions when the time is right for you. While media reports can provide some insight into broader market trends, they may not accurately reflect the conditions in your specific neighbourhood or price point.

The next rate announcement on June 7th is expected to have no change, which could further impact the behaviour of buyers…

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When explaining multiple offers one widely important aspect that gets overlooked is going over what you as the buyer or seller can expect on the offer day. A lot will happen in a short period of time. Understanding what you can expect, what is in your control and what is not in your control is of the utmost importance. We will also share tips and strategies that you can use to ensure you're putting yourself in the best position possible.

Each chapter is separated on the video navigation bar above in case you aren't interested in the video in its entirety. 

00:00 Intro

1:29 Who we are

2:08 Agenda

2:45 Strategies for buyers

6:34 Strategies for sellers

11:55 What to expect for buyers

22:10 What to expect for sellers

28:06…

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As expected the spring market has already seen and uptick in Greater Vancouver Real Estate. Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. In fact, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two percent across all product types. The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favourable marke conditions.

The MLS® Home Price Index composite benchmark price for all residential…

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The Greater Vancouver real estate market in February 2023 experienced a expected uptick, with sales and listing inventory both increasing compared to the previous month. However, sales are still significantly lower compared to the same period last year, which are attributed to various factors such as economic uncertainty and higher interest rates.

Sales were up 77% compared to January 2023 but down 47% compared to February of 2022. Listing inventory increased 5% compared to January 2023 and increased 16% compared to February 2022.

The fact that demand is currently outpacing new listings is leading to multiple offer situations but not like we experienced in recent history. We caution against assuming that the asking price is indicative of the actual…

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What’s an assignment? A transaction where a buyer “assigns” or transfers their rights and obligations of the Agreement of Purchase and Sale previously agreed upon, to another buyer before the original transaction closes/ completes.

Why would someone want to assign their contract? You’re purchasing the property with someone who is not available to sign the purchase agreement. You may want to reserve the right to assign the contract in whole or in part to them, you may want to have the property registered in a corporation for tax purposes or for profit.

We usually see buyers wanting to assign their contracts for a new development or presale property. That said, we also see them in resale transactions. 

In either case, the Vendor has to agree to…

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Darcy Doyle of The Mortgage Professionals and Glenn Feldstein of Engel & Völkers Vancouver and Glenn and Brittany Real Estate went live on Instagram.

(We have a quick technical glitch at the beginning so please hang tight for a second while you’re watching)

Darcy and I have a chat about what is happening in the mortgage world in Canada. Everyone’s situation is different so it’s very important to reach out and gain specific knowledge about your situation.

Darcy offers some great insight on the current state of things and shines some light on what could be coming in the near future.

Please feel free to connect with us if you think you’d benefit from a chat as it pertains to you!

 

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Due to seasonality, market activity is generally quieter in January. The same pattern occurred this past month as inventory remained low and home sales dipped well below monthly historical averages. This was no surprise given the rapid pace of interest rate hikes over the past six months. Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance.

Let's talk prices! Will they increase or decrease?  Over the past six months as interest rates increased we started to see prices decline. In addition to declining prices we also witnessed a dramatic dip in inventory. What does this mean? Due to the lack of inventory on the…

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Navigating the real estate market can be daunting, but understanding the differences between neighbourhoods, property types, and price points is key!

No matter if you're just browsing or actively considering buying or selling take some time to fully understand what is happening in your market to ensure you make informed decisions when it comes time to buy or sell property.

Would you like specific market insights tailored to the neighbourhood and property type you're interested in? Just reach out. We are here to help. Hope to speak soon!

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BC assessments are out: most homeowners in BC saw their properties rise in value by 5%-15% from last year's assessed value. However, 2023 assessments released this week come with a cautionary note from B.C.'s property assessment agency: the figures are based on sales data from July 1st 2022 and do not reflect the current market in a climate of rising interest rates and slowing home sales.

Important to note:

*The assessed value of your home is not necessarily the same as market value. This is a tool used by the province of BC to assess your property taxes, not an accurate estimate of your current home value.

*An increase in assessment value does not, however, necessarily result in an increase in property taxes. Taxes are typically only affected…

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