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Posted on
June 29, 2018
by
Hafez Panju
New real estate rules came into effect that change how REALTORS® and their clients can work together in different circumstances.
These rules state that real estate licensees across our province can now only represent one party in a transaction and must provide additional documentation about representation and compensation.
So, the next time you go to buy or sell a property, your Realtor is required by the government to go through some additional forms to explain how or whether you’re being represented and to clarify the compensation that you’ll pay. Of course, Realtors can still...
Posted on
June 22, 2018
by
Hafez Panju
Mortgage Rate Outlook
The Canadian mortgage market has seen substantial changes in the first six months of 2018, with mortgage credit both more expensive and more difficult to access. The B20 stress test for conventional borrowers has slowed overall mortgage credit growth while the five-year qualifying rate for Canadian mortgages has gone up 70 basis points in the past year. Rising mortgage rates have largely been influenced by tighter monetary policy from the Bank of Canada as strong economic growth has fueled rising inflation.
It has been quite some time since Canada was in a true rising...
Posted on
June 21, 2018
by
Hafez Panju
Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2018 compared to the active market experienced in the region last year.
There were 523 commercial real estate sales in the Lower Mainland in Q1 2018, a 10.8 per cent decrease over the 586 sales in Q1 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial real estate sales in the Lower Mainland was $3.031 billion in Q1 2018, a 38.5 per cent decrease from the $4.927 billion in Q1 2017.
“Our...
Posted on
June 19, 2018
by
Hafez Panju
Boy, this new Vancouver property tax increase — the charmingly named "school tax" — sure is causing a lot of commotion. It can be as little as a few hundred if your home is worth just over $3 million, but if you are lucky enough to own a $6-million house, you better find another $10,000 on top of your usual property tax, every year. Of course, you can defer the whole tax at a low interest rate and pay it when you sell, which is a pretty good deal, but some just don't want more debt on their head after working hard to be mortgage free. Poor things.
People suffering under this housing...
Posted on
June 15, 2018
by
Hafez Panju
Spacious and Open Layout
2 bed & Den Concrete Home
Priced at $698,000
Click here for more details....
Gorgeous Mountain & Water views! Welcome to this 2bed+den/2bath/1205sqft luxury concrete home, located in OneUniversity of UniverCity at SFU; Vancouver's premier lifestyle neighborhood. Features: East/West exposure from 2 large covered balconies, engineered floors, 9’ ceilings, open kitchen w/SS apps, quartz counters & breakfast bar. Enjoy a large master complete with his/her walk-through closet, 5pc ensuite w/soaker & separate shower. Benefit from the spacious 2nd w/plenty...
Posted on
June 15, 2018
by
Hafez Panju
The British Columbia Real Estate Association (BCREA) reports that a total of 8,837 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in May, a 28.7 per cent decrease from the same month last year. The average MLS® residential price in BC was $739,783, down 1.7 per cent from May 2017. Total sales dollar volume was $6.54 billion, a 30 per cent decline from May 2017.
“BC home sales continued to slow in May because of more stringent qualifications for conventional
borrowers,” said Cameron Muir, BCREA Chief Economist. “The changes...
Posted on
June 14, 2018
by
Hafez Panju
On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how REALTORS® work with consumers will come into effect. The Rules, mandated by the Office of the Superintendent of Real Estate (OSRE) and finalized on April 27, 2018, have been amended to ensure consumers have a thorough understanding of their relationship with their REALTOR®, particularly when it comes to conflicts of interest and remuneration.
“Since the new Rules were finalized six weeks ago, BCREA has been hard at work to update our Applied Practice Courses for new licensees, continuing...
Posted on
June 7, 2018
by
Hafez Panju
Grant Duarte’s parents were just 25 when they bought their first house, a three-bedroom redbrick with a double garage in Mississauga, Ont. It was 1992 and they paid $192,000.
Their subsequent climb up the property ladder, the same one followed by so many of their generation and previous ones, is both ordinary and extraordinary: they welcomed their first child, then two more. In 2000, they sold the Mississauga house for a profit and bought a bigger redbrick home a bit further west down the Queen Elizabeth Highway in Burlington.
“We outgrew one house and moved to another,” said Carolyn...
Posted on
June 4, 2018
by
Hafez Panju
Warren ‘Whitey’ Bernard remembers the war years in Metro Vancouver being tough for several reasons — his dad heading off to battle, a dire shortage of money and his mom struggling desperately to find a room to rent.
Bernard — the blond boy, now 82, reaching out to his soldier father in the historic photo of B.C. troops departing New Westminster in 1940 — remembers “living in a storefront, other people’s houses and being boarded out from time to time.”
Eventually, after the Second World War, Bernard said, his struggling, extremely hard-working...
Posted on
June 4, 2018
by
Hafez Panju
Home buyer demand continues to decline across the Metro Vancouver* housing market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,833 in May 2018, a 35.1 per cent decrease from the 4,364 sales recorded in May 2017, and a 9.8 per cent increase compared to April 2018 when 2,579 homes sold.
Last month’s sales were 19.3 per cent below the 10-year May sales average.
“With fewer homes selling today compared to recent years, the number of homes available for sale is rising,” Phil Moore, REBGV president said. “The...
Posted on
June 1, 2018
by
Hafez Panju
In line with financial market expectations, the Bank of Canada announced on May 30, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.
The economy continues to unfold largely as expected. Inflation is close to the 2% target, a little higher than the Bank had projected back in April. That said, the Bank attributes most of that to the bump in gas prices in recent weeks and said that, as usual, it will look past the transitory impact of gas price fluctuations.
The Bank noted that “housing resale activity has remained soft into the second quarter, as the housing market...
Posted on
June 1, 2018
by
Hafez Panju
The idea of shelling out $70,000 or more for rent in four years while their children were at university was something two Canadian fathers – thousands of miles apart
– recently decided was a pointless financial sinkhole.
So Tim Morrison, who runs a GM dealership in Burlington, Ont., and Marcel Laforce, a software engineer who lives in Cloverdale, B.C., both did what felt like the smarter financial move.
They bought condos for their away-from-home students near the universities they are studying at.
It’s a concept that some people have only heard of recently and more as a...
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.