VANCOUVER, BC – April 2, 2019 – Metro Vancouver* home sales dipped to the lowest levels seen in March in more than three decades.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.
Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.
"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV...
You've probably heard the expression, "The early-bird gets the worm." It refers, of course, to those who get in early and reap the rewards. For example, if you arrive early to a retail store for a big blowout sale, you're likely to get the deals before the inventory runs out. The stragglers who come later miss out.
Well, this same wisdom can be applied to selling your home. Starting the process early — even if that means simply doing some initial planning — gives you the edge in several ways.
First of all, you get extra time for preparation. That means you can get your home cleaned, uncluttered and staged without feeling rushed. You also get more time to find out how much your property will likely sell for on today's market. That's...
Imagine you’ve dreamed of living in a particular neighbourhood, perhaps for years, and then, when you're finally ready to make a move, finding out that the area is competitive and buying there is definitely a challenge.
A disappointment? Not necessarily.
There is a lot you can do to buy into a popular neighbourhood, even in competitive offer situations.
Your first step is to start targeting that area now. Find out about property types, prices and trends. In particular, you’ll need to know what price range you should be thinking about, and making sure that it’s going to fit your budget. To do that, you might need to get a determination of the Fair Market Value of your current home.
Next, begin making preparations so you can get...
You’ve been saving for awhile, weighing your options, looking around casually. Now you’ve finally decided to do it—you’re ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?
It is essential you do your homework before you begin. Learn from the experiences of others, do some research. Of course, with so many details involved, slip-ups are inevitable. But be careful: learning from your mistakes may prove costly. Use the following list of pitfalls as a guide to help you avoid the most common mistakes.
- Searching for houses without getting pre-approved by a lender:
Do not mistake pre-approval...
Hi Greg & Colin!
Just had some changes - here are the updated rates!
- First Time Homebuyers with 20% down payment OR people wanting to transfer their existing mortgage to CIBC can receive up to $2500 cash in their pocket
- First Time Homebuyers with less than 20% down payment (High Ratio Mortgage) are eligible for special rates: 3.19% - 5 yr Fixed closed Mortgage: 3.59% on a 7 yr Fixed Closed Mortgage; 3.25% on a 5 yr Variable Flex Mortgage
- For Home Power Plan Mortgages (combination Mortgage and Secured Line of Credit), Line of...
Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.
These expenses vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move. Use the following list to determine...
Ideally you should have a week or two available before you list your property in order to stage your home and make it look its best for buyers. But, what if you listed quickly and within hours of the For Sale sign going up a buyer wants to view your property?
In that scenario, you need to do some quick "staging" to get your home ready. Let's assume your property is already clean and tidy. Here are some other things you can do.
·Open the curtains, even at night. This will make each room seem brighter, more appealing and more spacious.
·Pull out some boxes or storage bins. Put away personal knick-knacks (like that bowling trophy) and other personal items to reduce clutter on shelves and countertops.
Imagine going to a restaurant with your family for dinner. You're planning on ordering a nice pasta and salad. Your heart is set on it. But, after you go to the trouble of driving there and getting a table, you discover that pasta is not on the menu.
Of course, it’s only a meal. You can go somewhere else next time. But, what if the same scenario played out once you had moved into a new neighbourhood? Imagine you were counting on public transit being in easy walking distance, but discovered the nearest stop is four blocks away. Argh!
That's why it's important to ensure a neighbourhood has the characteristics you want — before you make an offer on a home you like.
The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.
Last month’s sales were 42.5 per cent below the 10-year February sales average.
“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means...
Residential property sales in Metro Vancouver
Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.
Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.
"REALTORS® are seeing more traffic at open houses...