Real Estate Blog

vancouver protestors in front of a houseDemonstrators gather in front of the Chinese Consulate in Vancouver, on June 9, 2019, to protest against a controversial extradition law proposed by Hong Kong's pro-Beijing government. 

Real estate agents in Vancouver have noticed something unusual in the past few weeks. For the first time in recent memory, the number of Hong Kong Chinese attending open-house showings has exceeded that of mainland Chinese buyers, who have been a visible presence in the city’s real estate market over the past decade.

The people arriving at home showings in Vancouver offer a vivid example of the global dislocations under way as Hong Kong finds itself newly immersed in fear that its unique status under China’s one-country, two-systems framework is under threat.

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Real estate can be a tremendous investment opportunity. And for those who are in for the long run, rental properties really can’t be beat.  But when it comes to taking that crucial first step, most people aren’t sure where to start. 

If you’re in this boat — looking to get started with real estate but leery to dive in — don’t worry. That’s a good sign. Being careful with any investment is always a good idea, and real estate is no exception. The more prepared you are, the greater your chances of coming out on top.

If you are thinking about investing in real estate, here are 10 considerations to help you to get off to a great start.

1. Get Your Finances In Order

Before you take the plunge, take stock of your financial situation. Is there

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view of Vancouver city from the top

Canadian real estate markets are cooling down in almost every region. Canadian Real Estate Association (CREA) numbers show the price of a typical (a.k.a. benchmark) home fell in April 2019. Despite some large annual growth in a few markets, only 3 real estate markets are printing new highs.

Canadian Real Estate Prices Are Down Less Than A Point

The price of a typical home across Canada barely moved from last year. The national benchmark price fell to $621,700 in April, down 0.34% from last year. Prices are now down 1.49% from the all-time peak. The annual decline was due largely to weakness across Western Canada. Prices remained close to peak due to only three real estate markets. All three underperformed the national benchmark, but brought the

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The B.C. Real Estate Association (BCREA) reports residential home sales in the province in April were down 18.9 per cent from the same month last year.

And the average price fell 6.2 per cent, to $685,304.

BCREA Chief Economist Cameron Muir says home sales were essentially unchanged from March, and he says prospective home buyers continue to deal with the decline in their purchasing power caused by federal government changes to mortgage rules.

Year-to-date, the number of homes sold is down 24.5 per cent, compared to the same period in 2018.

Total active listings increased 33.6 per cent to 38,672 units, compared to the same month last year.

Earlier this month, the Real Estate Board of Greater Vancouver said regional sales dipped in April

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Canada’s most expensive real estate market continues its downward spiral. Real Estate Board of Greater Vancouver (REBGV) numbers show prices printed another month of declines April. Price declines were largely due to rising inventory, and the fewest sales for the month in almost two decades.

Greater Vancouver Real Estate Prices Are Still Falling

The price of a home in Greater Vancouver is getting more affordable every month. The REBGV benchmark price of a “typical” home fell to $1,008,400 in April, down 8.5% from last year. In the city proper, Vancouver West fell to $1,225,000, down 10.7% lower than last year. Vancouver East fell to $1,016,000, down 8.8% from last year. Prices may be falling, but this is still the most expensive market in the

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Policy-induced downturn has eroded home values and led to fewer housing starts, reports economist

 

construction-apartments-spring

The policy-driven chill in the resale market, which has triggered declining home values and slowing pre-sale purchases, may finally be translating into curtailed new home construction.

The latest Teranet-National Bank House Price Index for March showed further price erosion in both Vancouver and Victoria, as well as declines in Kelowna and Abbotsford-Mission.

Housing starts slumped for a second straight month in March as fewer apartment units broke ground in the census metropolitan areas (CMAs) of Vancouver and Victoria. Total urban-area B.C. starts declined 10 per cent from February to a seasonally adjusted annualized rate (SAAR) of 32,493

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House front in Vancouver

Would you want to know if somebody was murdered in your potential new home? Died of natural causes? Died from suicide?

We recently published a story online about court case involving a Vancouver woman who was sued for not telling a home buyer someone had been murdered on her property. She won her appeal and didn’t have to pay damages.

Even though the story was not local to Vancouver Island, on the Citizen’s Facebook page people found it interesting enough to share their opinions, which were varied — and largely dependent on how the death occurred.

While some, like Sandra Vanderleek argued, “It has zero to do with the house,” others said they would want to know if there’d been a death in the house they were looking to purchase.

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After something of a winter cool-down, the busy spring season for Canadian real estate is almost here.

Open houses and for sale signs will be popping up, giving buyers more options to get into the market. It’s a good time for sellers too because they typically are able to charge more. But could this time be different?

Canada’s real estate market is coming off one the slowest Februarys in decades. According to a new national survey from Zoocasa, 58 per cent of Canadians surveyed say they think spring is the best time to sell a home. Less than half (42 per cent) say it’s the best time to be in the market as a buyer.

Among survey respondents, 11 per cent said they want to buy a home this spring. On the flip side only eight per cent plan to sell.

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Selling sign in Vancouver

A local realtor and real estate blogger has crunched the numbers and he says Greater Vancouver home sales just had their worst month of March since 1986.

According to Steve Saretsky, unreleased numbers from the Canadian Real Estate Association show just a little over 1,700 transactions last month.

Steve Saretsky said the slowdown is a result of a gap between what sellers and buyers are expecting from the market.

 “Primarily because buyers have a certain price they want to pay, particularly given the outlook of housing market, and sellers are still trying to adjust to reality, which ultimately the market isn’t willing to pay for what they are asking,” Saretsky said.

 

Saretsky said prices are in fact taking a dip, however the slide

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Residential transactions plunge to just over half the 10-year average for the month, as prices slide across all property types

flowers blooming in Vancouver

Falling home sales in Metro Vancouver are “largely policy induced” and policymakers are “using policy to delay housing demand and feeding disruptive cycles,” according to the new president of the Real Estate Board of Greater Vancouver (REBGV).

Issuing its monthly market statistics April 2, the REBGV reported that there were just 1,727 home sales in March 2019, which is 31.4 per cent year over year decline, and 46.3 per cent below the 10-year average for the month.

It’s also the lowest number of March home sales since 1986. 

However, the sales total is higher than one monthly previously, up 16.4 per cent from the

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