Vancouver Real Estate: Single-Family Homes On Verge Of Price Correction, Realty Board Warns

The city is seeing a surge in supply [Source: HuffPost – June 4, 2018] VANCOUVER — Home sales across Metro Vancouver tumbled last month, when compared with May 2017, and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes. The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May’s sales were up nearly 10 [...]

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Five reasons to stage your home before buyers visit

[Source: Myedmondsnews -May 23, 2018] Sellers seem to have mixed reactions when they hear the word “staging.” Some go all-in, while others are somewhat resistant to the idea. The more reluctant homeowners ask questions like: Why would anyone bother staging a home before selling it? It sounds like a lot of extra work for me. What do I get out of it? There’s a simple answer to these questions. By staging your home effectively, you have a better chance of selling [...]

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The pros and cons of reverse mortgages

[Source: CTV -May 28, 2018] With the high value of real estate, many people have a lot of equity in their properties, making them house rich and cash poor. That may have some retirees considering a reverse mortgage to help make ends meet. But experts say you should make sure you understand the pros and cons of this type of loan before making a decision. If you’re over 55 years old you may qualify for a reverse mortgage if you have [...]

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These are the trends to look for in Vancouver’s housing market this summer

[Source: BuzzBuzzNews – May 23, 2018] As the weather warms up, industry experts agree that home sales and prices will continue cooling in Metro Vancouver as the market adjusts to stricter mortgage regulations and new BC housing policies. “It’s a lot for the market to adjust to and it could take a little bit longer for the market to adjust to those measures,” RBC Senior Economist Robert Hogue tells BuzzBuzzNews. Since February, year-over-year home sales have been declining in Metro Vancouver. In [...]

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Why Variable Rate drops are creating a surge in activity

Why Variable Rate drops are creating a surge in activity This Spring we’re seeing lenders getting aggressive with their pricing for variable rate mortgages: a sign that lenders are fighting for market share, making it a great time to be shopping for a mortgage! First a reminder of the difference between fixed vs variable.  Fixed rates are often well suited to first-time buyers or those who haven’t owned a home for long because they want to know with absolute certainty what [...]

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Vancouver’s real estate market is reeling, Or is it balancing

[Source: Real Estate Professional – May 30, 2018] “As far as the overall market period for the whole Lower Mainland here, things have quieted down dramatically,” said REMAX sales agent Ron Antalek. “Burnaby is down 48% on the 10-year average, so it’s a very different market than it was in the fall.” New mortgage lending rules in tandem with provincial government regulation have created a whole new landscape, according to Antalek. “Unfortunately, we see a combination of the new lending rules implemented [...]

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Bank of Canada maintains overnight rate target at 1¼ per cent

[Source: Bank of Canada – May 30, 2018] The Bank of Canada today maintained its target for the overnight rate at 1¼ per cent. The Bank Rate is correspondingly 1½ per cent and the deposit rate is 1 per cent. Global economic activity remains broadly on track with the Bank’s April Monetary Policy Report (MPR) forecast. Recent data point to some upside to the outlook for the US economy. At the same time, ongoing uncertainty about trade policies is dampening global [...]

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NDP failed to think through its “speculation tax”

[Source: Western Investor – April 18, 2018] It is becoming blatantly obvious that members of the current B.C. government have scant experience in business or real estate, says Western Investor editor Frank O’Brien   The B.C. provincial NDP government should immediately change the speculation tax it rolled out in its February budget with spectacularly ugly results. The tax makes every other Canadian a foreign buyer and even taxes British Columbians who have managed to secure a seasonal recreational property, such as a ski [...]

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Vancouver single-family home sales see weakest April in decades

[Source: CBC News – May 02, 2018] Just over 170 detached homes were sold in the city last month. Vancouver saw its weakest April for single-family home sales in nearly 30 years last month, data shows. The numbers are in line with the downward trend in detached home sales the city has seen all year — which experts say doesn’t bode well for the rest of the calendar year, given the fact that the spring months are usually the busiest time for sellers. On Wednesday, The [...]

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What is the Qualifying Rate?

[Source: Invis, May 3, 2018] You’re probably aware that there have been many mortgage rule changes over the last several years, and you’re almost certainly affected whether you’re an existing homeowner or first-time buyer. These rules are designed to ensure a stable long-term housing market, and to make sure Canadians can handle their debt should rates begin to rise. As a result of the rule changes, lenders must ensure that you can handle payments at a certain qualifying rate. That rate [...]

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