Dream homes are often envisioned as being on a waterfront. However, with shoreline erosion, among other climate change effects, shoreline properties can come with major concerns. It’s not uncommon for homes to erode right into the water. Still, that doesn’t prevent some from buying their dream shoreline property. If a home on the water is something you are considering, read on.

Insurance — Do your research to find out what coverage is available for homes on a waterfront, including anything related to erosion and flooding, and check with the insurer about any special requirements.

Get professional advice — Get a structural engineering report and a geological survey of the property. Find out how close the property is projected to be to the water during the time you plan on living there, and beyond.

Be prepared to spend $$$$ to protect your piece of paradise — This may include moving your home back from the shoreline, breakers, retaining walls, or bringing in sand to slow erosion.

Ultimately, being aware of the risks a shoreline property may face with erosion and taking professional advice on how to manage those risks, will be the wisest way to make a shoreline property homebuying decision.

Do you ever dream of living in style at the top of a building in a penthouse? If it’s something you think you might want to make a reality at some point, read on for some pros and cons to weigh before buying a penthouse.

Pros

• Panoramic views with lots of light

• Often has added features lower floors don’t, such as more square footage and higher ceilings

• Can be a great investment, especially if you buy a pre-construction when prices tend to be lower

• Because there is less supply, there is less market volatility

• Demand sustains itself because they are unique

• Usually, priced higher than lower-floor units

• Can be quieter because there is no upper-floor noise (unless the building has rooftop amenities) and it is further from street noise

• Typically, is more private than the rest of the building

Cons

• More expensive to buy and maintain (the greater the square footage the higher the maintenance fees)

• Greater exposure to the elements (e.g., storm damage to the roof)

• You are liable for overflow of sinks, tubs, and washing machines, and need to account for having more floors below you to potentially damage. Check your insurance coverage to ensure it’s sufficient

• Depending on the height of the building, the elevator ride could be long with many stops along the way. If the elevators aren’t working, keep in mind that you will have to take the stairs

• Longer response time in case of emergencies

• If mechanical systems are on the roof, it could be noisy

Selling a fixer-upper property can be challenging, but the process can be made a lot smoother by making some smart decisions:

• Hire a REALTOR® with a proven track record of selling fixer-uppers. You need a REALTOR® who knows how to market your property to potential buyers. When interviewing agents, ask for past examples of fixer-upper sales.

• Decide if it’s worthwhile financially and timewise, to repair or renovate before selling.

• Determine if you will sell it “as-is.” Doing so will limit liability for issues, such as broken appliances, mould, pest issues, etc.

• Choose whether it makes the most sense to stage, not stage, or leave the property vacant.

• If it’s not going to be a complete gut job, have it professionally cleaned.

• Price it right. Check out what recent fixer-uppers in your area have sold for and determine the lowest price you will accept.

• Be sure to market to builders and contractors. Focus on the potential and selling points (e.g., layout, desirable location, original wood), be transparent about any issues to avoid liability, consider mentioning cost estimates for renovations, and try to time your selling with when the weather is more agreeable for renovations.

Selling a fixer-upper might take longer than your average property sale, but with some patience, optimism, and a solid strategy it can be done.

Divorcing and selling your marital home is an emotional time but having a real estate agent who is experienced working with divorcing couples can help. Consider the following:

• They are experienced in being an objective third party to help with decisions during an emotional time.

• They are knowledgeable in different divorce situations, such as one person buying out the other.

• They have mediation skills for disagreements about home selling decisions and property division, which can lower legal bills, leading to a quicker sale.

• They have knowledge of legal and tax implications related to divorce and selling the matrimonial home and can ensure all paperwork is handled correctly.

• They know how to market the home and will maintain confidentiality about the personal circumstances of their clients. For example, the home must look like the couple is together. If prospective buyers have any indication of a divorce sale, they may make a lowball offer thinking the sellers are desperate to sell quickly.

If you are looking for a REALTOR® who specializes in divorce real estate, ask for and check their references of divorced clients they have sold with in the past.

It’s well-documented that staged properties tend to sell faster and for more and can either be done traditionally or virtually. So, what are some reasons you might use virtual staging? Virtual staging makes sense for properties that are vacant, pre-construction, have tenants, or have dated furniture. It’s also more cost-friendly than traditional staging.

If you decide on virtual staging, it’s important to get it right to ensure you maintain credibility with potential buyers.

Here are some must-know virtual staging dos and don’ts:

DO:

·         Have any repairs or updates done before the photos are taken

·         Use professional virtual staging services

·         Label each photo as “virtually staged”

·         Sync décor choices with the style of the property

 DON’T:

·         Conceal or misrepresent issues or defects

·         Add anything other than furnishings and accessories (e.g., don’t change the wall colour, countertops, or floors)

·         Discard original photos of the room

Done right, your potential buyers will be inspired by the before and afters using virtual staging. Ultimately, you want them to see themselves living there, rather than feeling like the staging is a scam.

With housing costs at unaffordable levels for many, some people are turning to alternative homes. Here’s a breakdown of some of the other options out there:

Tiny living – If you can compromise on space, there are tiny homes (approx. 120 to 500 sq. ft.),some of which can be hauled around, micro apartments (approx. 200 to 400 sq. ft.) in buildings with varying amenities, and shipping container homes, which can be tiny (approx. 160 sq. ft.), or the size of an average-sized home constructed of multiple containers. 

Vehicle conversions – For a 2-for-1 home and transportation deal, consider an RV or a converted school bus.

Houseboats – This option may be for you if you are a water lover. While the price is much lower than a condo and can even offer more space, consider the maintenance costs and how you feel about seasonal weather like wind, rain, and snow while on a boat.

Eco homes – In our ever-increasing eco-conscious world, there are different kinds of eco homes, such as passive Homes, designed to minimize energy consumption, and off-grid homes that are self-reliant for electricity and water.

Laneway homes – Typically found in urban centres and accessed from a back lane, these homes could be new builds or converted garages. Note, that not all jurisdictions allow laneway homes.

While alternative homes can offer an appealing price tag, consider that you may have to compromise on space, location, and quality of the build itself. In some cases, you may not qualify, or it may be more difficult to obtain a mortgage or insurance.

With the warmer weather here, now is the ideal time to replace your windows, so here are five great reasons why you should:

1. Boost the “Wow” Factor - Brand-new windows have a huge impact on the overall look of a home, inside and out— an important element when you sell a home. 

2. Save on Energy Costs - Modern windows are packed with technologies that lower heating and cooling bills. From Low-E Argon, to special spacer bars, to high-insulating construction, these technologies can provide savings and comfort you'll notice (bye-bye drafts), especially if you're replacing very old windows.

3. Cut the Noise – New windows will reduce noise pollution, allowing a more peaceful and restful living environment. Studies have shown noise pollution to be linked with poor health (i.e., stress-related illness, high blood pressure, speech interference, hearing loss, sleep disruption, and lost productivity).

4. Dust Defenders – If you replace your windows with ones that have the between-the-glass blinds you won’t have to worry about your window coverings becoming dust collectors.

5. A More Secure Home – New windows have enhanced security features, such as advanced locking mechanisms and security sensors. 

Will new windows boost the resale value of your home? They might, at least a little. But there's one thing for certain: upgraded windows definitely make your home look more appealing to buyers.

There are many good reasons to put your property on the market. Some examples include a relocation, the kids leaving the nest, the need to downsize or upsize, and the list goes on.

Beyond the obvious reasons, there may be more subtle signs that the time to sell is near, such as: 

1. Your Property Is No Longer a Good “Fit”

Your home may have been perfect for you when you bought it. But things change. Families grow. Needs evolve. For any number of reasons, your property may no longer be a good fit for you. If that's the case, it makes sense to at least see what's available on the market. Who knows? Your next "perfect" home may be for sale right now — and within your price range!

2. The Neighbourhood Is Changing

You may have been in love with the neighbourhood when you first moved in. But, over time, the characteristics of any area can change. Those changes don’t necessarily mean the neighbourhood is getting worse. It may be changing in a positive way - perhaps becoming more urban. But “more urban” may not be what you want. So, look at the direction your neighbourhood is heading. Ask yourself, "Do I still want to be living here in 2 years?"

3. You're Ready for Your Dream Home

Remember when you purchased your current property? Did it have every feature you wanted? Was it really your dream home? Or did you have to compromise on a few things, such as the size of the kitchen? If you had to make some tough choices back then, it might be time for you to finally get the home of your dreams.

Of course, there are many other reasons it may be time to make a move. If you think now might be that time, call me today.

VANCOUVER, BC – February 2, 2024 – While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the jump in home sales.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

“It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions,” Andrew Lis, REBGV’s director of economics and data analytics said. “If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand.”

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said. “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, an 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

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1. Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2. REBGV is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two per cent of total MLS® activity per month, are being included for completeness in our reporting.

3. In calculating the MLS® HPI, Altus Group uses a narrower definition of “attached” properties than is used by REBGV in our “attached” statistics, preferring to use “townhouse” as their benchmark property.

The Real Estate Board of Greater Vancouver is an association representing more than 15,000 REALTORS® and their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.

For more information please contact:

Craig Munn

V.P., Communication and Events

Real Estate Board of Greater Vancouver

604.730.3146

cmunn@rebgv.org

When you’re selling your home, you want to make it as attractive as possible to buyers. One compelling strategy that has been gaining traction is the application of Feng Shui principles to home staging.

How?

Embracing Feng Shui staging techniques starts with decluttering. Clutter restricts the free flow of 'chi' or positive energy. Hence, a clean, clutter-free space is crucial. It promotes an open, spacious feel, which in turn evokes a sense of tranquillity and comfort.

Natural lighting, a key element in Feng Shui, is another crucial consideration. Bright spaces are synonymous with positivity and openness. Ensuring ample natural light penetrates every corner of the home helps draw positive energy in and makes the space look larger and more inviting.

In Feng Shui, colours hold significant meaning. For instance, earth tones such as beige and soft yellow can create a welcoming environment, while blues and greens, symbolizing water and wood elements respectively, encourage tranquillity. Incorporating these colour schemes can create a balanced and calming atmosphere, which is sure to appeal to potential buyers.

The positioning of furniture also plays a role in Feng Shui. Furniture should be arranged to promote a smooth flow of energy and should not obstruct pathways. In smaller spaces in particular, strategic furniture placement can make the area appear more substantial and organized.

You don’t have to go full-on Feng Shui to make your home look great to buyers. But, implementing a few of these ideas can pay off if buyers get a more positive and serene feeling when viewing your home.

When you’re shopping for a new home, you’ll likely have a list of "must-haves" that are essential to your ideal living space. However, there are circumstances in which it may be worth compromising on your list of non-negotiables.

Location

While having four bedrooms or a large backyard may be high on your priority list, a desirable location with easy access to schools, work, and amenities could outweigh those specific features. Keep an open mind and consider adjusting your must-haves if it means securing a home in an ideal neighbourhood.

Budget

Sometimes, your dream home may exceed your price range. In such cases, it can be beneficial to explore properties that may lack a few desired features but offer the potential for customization or renovation in the future. This way, you can gradually transform the house into your dream home while staying within your financial means.

Feeling

What if you walk into a home and it just feels right, even though it’s lacking a feature on your must-have list? It might be worth going with that feeling. Keep in mind that what a property is lacking today may be remedied over time with improvements and renovations.

Are you thinking about finding your next home? It can be tricky balancing what you want with what you can practically afford. Here are some tips that can make buying your dream home more doable:

1. Save for a larger down payment. A larger down payment can lower your monthly mortgage costs and possibly help you get a better interest rate.

2. Look at neighbourhoods that are less “in demand.” Some areas have the reputation of being desirable or exclusive and – as a result – expensive. But, there may be neighbourhoods that are not as in-demand and yet ideal (and more affordable) for you. Explore that possibility.

3. Consider a fixer-upper. A home that needs some work may be more affordable, and you can save money by doing some of the renovations yourself.

4. Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing. 

5. Research mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.

Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.