Category : Real estate Vancouver

How the COVID 19 Pandemic Is Affecting Home Inspections

Despite the fact that the COVID 19 pandemic that has virtually changed the way we live our lives, people are still buying and selling their properties. Any person buying a home would want to get a home inspection, in order be alerted to any issues that could become problems in the future.   In the past, it was not uncommon for buyers to show up during the inspection, so that they could learn about the property, as the inspectors would go through it. But now with social distancing and keeping safe being on the forefront of everyone’s minds, new home inspection protocols have been introduced by the British…

REBGV Market Update For May 2020 – Home Sales Down, But The Future Looks Optimistic.

Buyers and sellers are getting used to the new normal, and this is reflected in the May 2020 market report released by the Real Estate Board of Greater Vancouver (REBGV).  Although sales still lag, they are down 44%, they did rise sharply from April 2020 and prices are up slightly from May 2019.  According to Colette Gerber, REBGV Chair, "Home prices have been stable during the COVID-19 period. While we’re seeing a variety of long-term projections for the market, it’s critical to understand the facts and trends as they emerge."  She added that “Home sale and listing activity is down compared to typical, long-term levels and up…

Take Heed Of Your Property Tax Assessment – There Could Be Some Savings Here

On January 1, 2017 property assessments became available on the BC Assessment website. And as expected, the increases in property values are substantial: values were calculated as at July 2016 when local real estate prices were at their peak.  The main issue here is that your property value has risen and you are facing a higher than normal property tax rate hike.  It is important to note that a sharp increase in your property value does not necessarily indicate a proportional property tax hike; it’s relative to how much your property appreciated compared to others in the same municipality.  In view of this year’s higher assessments, the Provincial government just announced an increase in the Home Owner Grant threshold from…

REBGV Market Update For April 2020 – April Home Sales In Metro Vancouver Lowest Since 1982.

Last month life as we knew it, ground to a halt because of COVID-19, and so did Metro Vancouver’s real estate market. This was reflected in The April 2020 market report released by the Real Estate Board of Greater Vancouver (REBGV). "Predictably, the number of home sales and listings declined in April given the physical distancing measures in place. People are, however, adapting. They’re working with their realtors to get information, advice, and to explore their options so they’re best positioned in the market during and after this pandemic," said Colette Gerber, REBGV president-elect. She added, “We’re seeing more innovation…

The Impact The COVID -19 Pandemic May Have On How The Real Estate Industry Functions In The Future.

Don’t Let The COVID-19 Pandemic Prevent You From Selling Your Home – Here Are Some Useful Selling Tips.  The real estate industry in Canada has come to a screeching halt in many regions as the COVID -19 pandemic takes its toll on every aspect of our lives. With social distancing firmly in place, real estate companies have been forced re-think and re-engineer the way they successfully conduct business.  We are typically in the busiest time of year for home sales. The future is unknown. No one knows when we will recover from this unprecedented shock. While it may prove more difficult to buy and sell your home, it…

Here Are Some Great Ideas On Buying A Home, For First Time Home Buyers

Owning a home is a dream and a goal for most of us. But today’s first time homebuyers face numerous challenges in the form of higher prices and government regulation, which makes this dream more difficult and out of reach for some. So as a potential first time homebuyer, you have to change the way you think and act differently. Here’s how: Get a renter to help with the mortgage payment. If you are buying a home, then convert the basement into a suite that can be rented out. If you are buying an apartment, get a 2 bedroom one…

REGBV Report April 2019 – The Trend of Reduced Demand And Increased Supply Still Prevails In The Market.

The latest Real Estate Board of Greater Vancouver (REGBV) report on the April 2019 real estate market, shows that buyers are reluctant to get into the market and sellers are being forced to be creative. Product that is staying on the market for more than a month is seeing discounts that were unheard of 2 years ago. For a decade it has been a sellers market. This has changed. Residential property sales totalled 1,829 in April 2019, a 29.1% decrease from the 1,829 sales recorded in April 2018 and a 5.9% increase from the 1,727 homes sold in March 2019.…

REBGV Market Update May 2019 – Modest Bounce In May, But Sales Remain Below Historical Averages

The latest report released by the Real Estate Board of Greater Vancouver (REBGV) showed that sales in May 2019 crossed the 2,000 units sold for the first time this year. However, homebuyer demand remains below historical averages. “High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today” remarked Ashley Smith, REBGV president. Home Sales Residential home sales totaled 2,638 in May 2019, a 6.9% decrease from 2,833 sales recorded in May 2018 and a 44% increase from homes sold in April 2019.…

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