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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