All Blog Entries by Michael La Prairie

Found 343 blog entries published by Michael La Prairie.

Thinking of putting your house on the market? These expert tips from realtors can help you get the most for your property.

water machine

1. Choose the right renovations

Putting your house on the market? “Big-ticket items like a new roof, windows or a furnace add the most value,” says Barb Sukkau, president of the Canadian Real Estate Association Learn these five ways to winter-proof your house.

 

2. Keep it clean

If you think staged homes look impersonal, that’s the whole point—you want your buyer to imagine themselves living in your house. Be ruthlessly unsentimental about packing away knick-knacks and family photos—kill all clutter. Don’t miss this room-by-room guide to decluttering your home.

3. Fix little signs of wear and tear

Even

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houses in vancouver

The real estate market may have seen a slowdown in B.C.’s major cities, but the pressure on housing affordability has barely eased, according to RBC’s latest quarterly affordability report.

Taking the simple equation of average household income versus aggregate home price in each region, the bank found that Metro Vancouver was still the least-affordable housing market in the country, with Victoria coming in third, after Toronto.

In Metro Vancouver, a buyer on an average household income would need to spend 82 per cent of their income to buy an aggregate-priced home (all property types), assuming a 25 per cent down payment. From another angle, only 12 per cent of Metro Vancouverites on an average household income with no other equity (aside from

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Homeowners don't generally think about filling the shoes of a first-time home seller until they decide to buy a new home. Usually, the motivating factor is the need to move -- due to work-related issues or the needs of a growing family -- and that generally involves buying another house.

It's when the homeowners stop to consider the move that it may dawn on them, yes, because they need to sell, they are now a first-time home seller. Selling a home is very different from buying a home. Whereas buying a home generally involves emotions and feelings, selling a home typically centers on what listing agents like to call maximizing profit potential.

Price Your Home Accurately

Price your

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In the current slowing real estate market, it’s easy to read the headlines and imagine that sales are plummeting all over the region and it’s becoming a buyer’s market. But that’s not necessarily true of all areas – or all property types.

This infographic by our sister website REW.ca reveals where in Metro Vancouver has remained a strong market for real estate activity this spring – and some areas that have even remained a seller’s market.

The study of real estate activity from February to May 2019 looks at the sales-to-active-listings ratio (SAR) in each area, for all property types combined. A figure over 20 per cent indicates a seller’s market, while 12 to 20 per cent is a balanced market, and below 12 is a buyer’s market.

The study found

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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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