PRICES CONTINUE RISING ACROSS METRO VANCOUVER AS HOME BUYER CONFIDENCE RETURNS

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it. “The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis (the REBGV Director of Economics) said. “The latest MLS HPI® data show home prices have increased about [5%] year-to-date, which already outpaces our forecast of [1-2%] by…

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Do I Need a Survey?

In British Columbia, the need for a survey depends on the specific circumstances of your property. In general, a survey may be necessary or useful for things like buying or selling a home, making changes to your property, or resolving boundary disputes.

If you are buying or selling a home in British Columbia, a survey is not typically required as part of the process. However, it is still a good idea to have a survey done, as it can help you understand the boundaries of your property and any potential issues with the property. You may also want to consider getting a survey if you are taking out a mortgage, as many lenders will require a survey as part of the loan process.

If you are planning to make major changes to your…

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Based on BCREA's housing forecast for the second quarter, the housing market in BC is not doing well and is currently at a low-activity state. There are fewer sales and listings than usual. This has caused home prices to adjust after the sharp rise in interest rates with home sales starting the year down 50% from last year and still about 25% lower than usual. This may also affect the new home construction market, but long-term population growth is expected to keep housing starts higher than normal.

When the housing market is slow, people usually spend less money on home-related things like furniture and appliances. However, in British Columbia, retail sales have remained steady, possibly because people have been spending less for the past two years.

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CityFest, an annual festival organised by local youth, is returning to North Vancouver. The festival will coincide with the province's Youth Week and will take place on May 6th from 12 p.m. to 4:30 p.m. at The Shipyards.

CityFest began in 2002 as a small party celebrating the opening of the Centennial Skate Park. The festival has since expanded to include performing and visual arts, interactive projects, food, and a large skate competition. It is now run annually by local youth volunteers during Youth Week, who plan, coordinate, and execute the event.

“Youth Week is a celebration intended to build strong connections between youth and their communities,” said Mayor Linda Buchanan. As City of North Vancouver's mayor, Buchanan is a proud partner of…

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Can the Seller Back Out of the Sale?

It is generally possible for a seller to back out of a real estate sale, but whether they are able to do so will depend on the specific circumstances of the sale and the terms of the contract that was signed.

If the seller wants to back out of the sale before the contract has been completed, they may be able to do so by negotiating a release with the buyer or by paying a penalty, such as a termination fee. The terms of the release or termination fee will depend on the terms of the contract and any applicable laws.

If the seller wants to back out of the sale after the contract has been completed, they may be in breach of contract and could face legal consequences, such as being required to pay damages to…

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What Happens if the Market Crashes?

If the real estate market were to crash, it could have significant implications for homeowners, homebuyers, and the economy as a whole. Here are a few potential impacts that could occur:

  1. Home values could decrease: If there is a sudden decrease in demand for homes, the value of homes could fall, resulting in a decrease in the equity that homeowners have built up in their homes.

  2. Home sales could slow: A market crash could lead to a decrease in the number of homes being bought and sold, which could have a ripple effect on related industries, such as real estate agents, homebuilders, and mortgage lenders.

  3. Unemployment could increase: A real estate market crash could lead to job losses in…

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What Does "Highest and Best" Mean?

home appraisal

"Highest and best" refers to the most valuable use or potential use of a piece of real estate. It is often used in the context of an appraisal or assessment of a property's value. In determining the highest and best use of a property, appraisers consider factors such as the property's location, zoning regulations, and the demand for similar properties in the area.

For example, if a property is located in a commercially zoned area with high foot traffic and there is a demand for retail space in the area, the highest and best use of the property might be to develop it into a retail space. On the other hand, if the property is located in a residential area and there is a shortage of single-family homes in the…

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How Much Do I Need to Put Down to Buy a House?

The amount you need to put down to buy a house in Canada will depend on a number of factors, including the price of the home, the type of mortgage you are using, and your credit score.

Here are a few general guidelines:

  1. Conventional mortgages: For a conventional mortgage, you may need to make a down payment of at least 5% of the purchase price of the home. However, if you have a credit score of 600 or higher, you may be able to put down as little as 3% with some lenders.

  2. High-ratio mortgages: If you are using a high-ratio mortgage (meaning you are putting down less than 20% of the purchase price), you will need to purchase mortgage default insurance. The minimum down payment for a…

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Can You Sell a House with a Mortgage?

Yes, it is possible to sell a house with a mortgage. When you sell a house with a mortgage, you are responsible for paying off the remaining balance on the mortgage before the sale can be completed.

Here is a general overview of the process for selling a house with a mortgage:

  1. Determine the sale price: The first step in selling a house with a mortgage is to determine the sale price. This will depend on the value of the home, as well as any upgrades or improvements you have made.

  2. Determine the remaining mortgage balance: To determine the remaining mortgage balance, you will need to contact your lender and request a payoff statement. This statement will show the total amount you owe on the…

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When buying a house, there are several important factors to consider in order to make a well-informed decision. Some of the most important things to look for when buying a house include:

  1. Location: The location of the property is an important factor to consider, as it can affect the value of the property and your ability to resell it in the future. Consider factors such as proximity to schools, public transportation, and local amenities, as well as the overall quality of the neighborhood.

  2. Condition of the property: Before making an offer on a property, it's important to carefully inspect the condition of the property to ensure that there are no major defects or issues that could affect the value of the…

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