Buyers

There are currently 14 blog entries related to this category.


Image: Heritage School of Interior Design

It's not just Vancouver; Chinese buying drying up in Seattle too!

We knew there was going to be a sharp turn in the market coming into 2018 and now the numbers reflect it: the Real Estate Board of Greater Vancouver (REBGV) has just reported that July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000. Without a doubt, this has something to do with the Foreign Buyers Tax and the Additional Property Transfer Tax for Foreign Nationals. But what you probably didn't know is that our friends South of the border are experiencing the same cool down in their housing market.

Seattle has been one of the hottest markets in America and one of the greatest

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We wanted to let you know about a new real estate rule that came into effect last Friday, June 15 that will affect the way you work with a realtor. Limited Dual Agency will no longer be allowed. What is "limited dual agency"? And what impact will this have on you? Keep reading to find out. 

Limited Dual Agency

In the very recent past, real estate agents were able to represent both the buyer and the seller. Example: if a realtor's client was interested in buying a property that was listed by the same Realtor. The "limited dual agency" would require that the Realtor sign an agreement, where he/she is bound by contract to act impartially on behalf of both the buyer and the seller. Although this works in theory, clients are at the mercy of

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The top three stressors in life are: (1) Death of a loved one; (2) Divorce; and (3) Moving. Buying a home can be bundled into the likes of Moving and can be difficult without the help and support of professionals. Now throw in the mix of buying a home for the first time... feeling overwhelmed would be an understatement.

We stumbled across this First-Time Buyer's Workbook (published by Canada Guaranty) and wanted to share it with all of our blog readers. We're loving the simplicity of the guide but the best part? It's interactive and has worksheets that help you crunch the numbers. Starting on page eight (8), you'll find the following worksheets: 

  1. Calculate Personal Finances
  2. Calculate Your Down Payment
  3. Plan for the Upfront
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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? 

Knowledge

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.

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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

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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.

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We recently sent out a Market Update to our clients as we have become quite concerned about some of the stats and activity lately. We thought we'd also post this update for all our readers out there so you can also be informed, especially if you're thinking about buying or selling.  

SUPPLY > DEMAND 

Active listings in Burnaby have now exceeded 500 for the first time in over 2 years. Sales have plunged in the last 30-60 days after solid activity in March and April. There have only been 18 sales of detached homes in South Burnaby in the last 30 days and only 2 of those sales were over $2 million - highest was $2.8. By comparison in the 30 day period prior to that: 41 homes sold and 10 homes sold over $2 million.  

We feel…
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Are you a first time home buyer? Do you know someone who is a first time home buyer? Are you dating a first time home buyer, or perhaps married to one? Have you heard about the new B.C. Home Owner Mortgage and Equity Partnership (BC HOME Partnership) program that went into effect January 16, 2017? Are you tired of all these questions? Than this blog post is for you!

As you are likely already aware, the First Time Home Buyers program has been around for a while. Put simply, it helps reduce or eliminate the amount of property transfer tax when you buy your first home. It's a program that's available to Canadian citizens and permanent residents alike, and comes with a few prerequisites. At the bottom of this blog post is a link to the First Time Buyers

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burnaby

Want to learn more about the City of Burnaby? Numbers are a great way to get some quick and interesting facts about this vibrant and growing city.

So what do the numbers 5,900,000 \ 223,218 \ 86,839 \ 1892 \ 49 \ 39.1 \ 23 - 8 \ 16 and 5 mean to Burnaby? See if you can guess, and then check out the list below to discover some interesting facts about Burnaby, BC!

5,900,00

This is the price of the most expensive home currently on the market in Burnaby. The city is home to a number of beautiful and upscale residences. This spacious estate-style home is located adjacent to Deer Lake, offering 6 bedrooms and 6 bathrooms and showcasing the finest workmanship and highest-quality materials.

223,218

The population in Burnaby according the the

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The Condo Market for Burnaby has been very strong for the past 12 months with limited inventory and steady demand. 

Some Highlights

Average price per sq ft for South Burnaby is now $486

Median Prices for South Burnaby are up 10.1 %  year over year.

North Burnaby Apartmnent prices rose 7.8%    

We feel the greater increase in South Burnaby reflects a desire for Metrotown proximity by affluent Mainland Chinese Buyers and more condo supply along the Lougheed Corridor.

We've noticed much stronger demand and shorter On market time for Newer Concrete Buildings.   Wood low-rise buildings have been much slower and have faced more pricing challenges.   1 Bedroom Condo supply still far surpasses 2 or more bedroom units although we have seen a

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