Multiple Offers on Condominiums and Townhouses the "New Norm"
Many condos jumped 25% or more year-over-year in 2017 and that strength is continuing in early 2018. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm," says Jill Oudil, Real Estate Board of Great Vancouver (REBGV) president. What does this mean for first-time home buyers or those who are trying to get into the market?
Know exactly how much you can afford or how high you can go; this includes being pre-approved for a mortgage so it shows the seller you are serious about the offer you are making. Research the market and know exactly what is within your budget.…
Declaration Due By February 2, 2018 March 5, 2018
Only 1 in 10 homeowners in the City of Vancouver submitted their declaration form so the city has decided to extend the deadline for one month. If you live in the City of Vancouver, have you submitted your Empty Homes Declaration Form yet? We've provided the link below for quick reference on how to submit the form. Even if your home is occupied or is your primary residence, you are still required to submit the declaration. Otherwise, the city will assume that your home is empty. Submit before the new deadline!
Why and How?
According to the Canada Mortgage and Housing Corporation, the vacancy rate in Vancouver remains below 1% (0.9%) as of a report that was released on November 28, 2017.…
Photo Sources: 1001Gardens
We really enjoy checking out the Home + Garden Show each year - we love interior design but we also love tending to our garden. We had quite the garden of produce last year; here's to hoping it will be another plentiful season this year!
Don't know what to check out when you go? We're excited to see the "Feature Gardens" and "Tiny Home Village" exhibits. The Feature Gardens exhibit is going to focus on gardens big and small, so regardless of whether you live in a home or in an apartment, you'll be able to gather some great ideas.
Dates, Times, Location
Wednesday, February 21 from 4pm to 9pm
Thursday, February 22 from 12pm to 9pm
Friday, February 23 from 12pm to 9pm
Saturday, February 24 from 10am to 9pm
Let's just dive right into it! 2017 was like sailing uncharted waters. 2015 and 2016 had some of the busiest activity we've seen in the Vancouver market since we've been in the real estate business but as soon as 2017 came around, it was clear that the tides had turned and things were not going to be as easy. The Greater Vancouver Real Estate Board (www.rebgv.org) - link to the article below - reported that there was a 9.9% decrease in activity compared to 2016 and a 15% decrease in activity compared to 2015. We've mentioned in a previous post that there were a few contributing factors to this decrease in 2017: (1) surprise interest rate early in the year; (2) continued drop in offshore money/investment; (3) bank tightening and…
It's so nice to be back on this side of the Winter Solstice where the days are getting longer again. Thankfully it has been a mild winter season so far and we haven't seen too much snow in the city. We'll be posting a blog entry later this week with a look back at 2017 and what we should expect of the Vancouver market in 2018. But while we're on the topic of Winter, we wanted to let all of you know a few tips and tricks of selling your home in the winter. We've been asked this question many a time: "When is the best time to sell my home?" Our short answer is always "Spring" but the answer is never that simple. It depends on the circumstances of the homeowner: what if you need to sell right away regardless of the season? If that's your situation, fret…
You'll love the privacy of the backyard and sun room in this well maintained home. 66' x 133' corner lot with 180 degree southern views from the solarium. Bright, spacious spaces with solid oak flooring throughout the main floor.
Full Baths: 2
Square Footage: 3,032
Year Built: 1950
Come check out this South Burnaby bungalow. We'd be more than happy to answer any questions you have about this property and can arrange for you to see it. You can view the complete listing on our website, complete with more pictures, here: http://http://www.vanrealty.ca/listing/r2230717-5410-portland-street-burnaby-bc-v5j-2r4/
Brad's Cell: (778) 869.8778
You can't get much closer to nature than this! Private setting in prime Burnaby location on large lot (93' x 130') with newly renovated house and 2 potential income suites. Here's a quick overview of the home below.
Quick Facts MLS® #R2223689 Price: $1,799,000 Bedrooms: 4 Bathrooms: 4 Full Baths: 4 Square Footage: 2,729 Acres: 0.28 Year Built: 1955 Amenities Clothes Washer/Dryer/Fridge/Stove/Dishwasher, Garage Door Opener Come discover this rare gem! We'd be more than happy to give you a personal walk-through so please reach out to us if you have any questions. You can view the complete listing on our website, complete with many more pictures,…
The government announced new mortgage rules, including a stress test for borrowers last week, effective January 1. The stress test is designed to simulate a borrower's financial situation by assuming they would have to pay back the loan at the posted average — not whatever deal they were able to negotiate. So under OSFI's new rules, borrowers would be stress tested at either the 5-year average posted rate, or 2% higher than their actual mortgage rate — whichever one is higher.
So what does this all mean? Regardless of whether you have 20% down, you will have to qualify for a mortgage under the new stress test. If you are thinking about buying, especially as a new homebuyer, please take these new lending rules into consideration. Unless you have an…
Our clients look forward to attending the Home Shows each year - we know we do! The focus of the Fall Home Show is Interior Design and Decor. If you're looking to renovate or redesign your home, get some inspiration for future projects, or just want to see what the new trends are, this is the place to be! It will take place at the Vancouver Convention Centre (West) from Thursday to Sunday, October 26-29. The show is also featuring quite a few HGTV stars that will be offering their expert advice.
We're giving away quite a few COMPLIMENTARY TICKETS on Facebook and Instagram this week so you and a friend can attend together! Give us a follow on either Facebook or Instagram (or both!) on the post, and tag someone you'd like to attend the Home Show with.…