Residential Home Sales

July was a busy month for home sales throughout the lower mainland, which pushed home prices up across all home types throughout Metro Vancouver*, adding pressure on local inventory levels.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales across the region totalled 2,455 last month – 28.9% up from the 1,904 sales recorded in the same month last year. This figure sat at 15.6% below the 10-year seasonal average (2,909).

Read more...

https://stilhavn.com/metro-vancouver-housing-update-july-2023/

When it comes time to taking the leap and buying your first home, the search, the ideas and then planning are some of the most exciting times you’ll have with any purchase.

However, unlike shopping around for a new pair of shoes or vacation package, there are quite a number of important elements to consider when starting this process.

For that reason, we’ve compiled a list of important things to consider when buying your first home...

https://stilhavn.com/first-time-home-buyer-considerations/

It depends.

The land is owned by the city and stretches from the Burrard Street Bridge to the Cambie Street Bridge. The properties are all strata, (condos and townhouses) varying in size and quality. And more importantly, varying in lease status.

Reasons to Buy:

Some are waterfront properties with spectacular views of downtown and the mountains. Some are just steps to Granville Island or a quick ferry ride to downtown. Many of the buildings have been rainscreened with new siding, windows and balconies. As well, some of the leases are pre-paid for a specific period of time with an option to extend for a price (Eg.One property has a lease until to 2036 with an option to extend 20 years for a cost of $134,000). In False Creek, lease expirations run from 2036 to 2046.

If you are not worried about resale value because you are retired or not wanting to move again, this is a great option to buy something affordable in a great location where you can easliy walk to many amenities.

Reasons not to Buy:

If you are a first time buyer looking to upsize in the future, the increase in value over time may not be enough to make that move. 

Not all financial institutions will lend you money to purchase on leased land, and if the lease length is too short, you cannot get a mortgage at all so you have to buy with all cash. When the end of the lease approaches, the value of the property goes down due to lack of certainty around renewal and if it can be renewed, you will have to pay for the extension.

If it is important for you to own "land" then a residential lease may not be for you. Before considering this type of property, consulting your mortgage broker is really important - to see if you qualify for a mortgage for leased properties, can pay the monthly fees and potentially pay for an extension.

False Creek leased properties can be a great lifestyle choice if it makes financial sense. 

For more informatiion:

https://www2.gov.bc.ca/gov/content/housing-tenancy/real-estate-bc/buying-selling/long-term-residential-leases

You’ve closed on your dream home and are now in full preparation mode for the big move. From making sure you have all the necessary packing supplies to finding the best mode of transport to help get your belongings from a to b, moving house is no small feat. And it’s also not always a cheap one.

For this reason, we’ve compiled a helpful list of Top 5 ways that you can not only plan for but take care of your budget when it comes time to move.

Here they are...

https://stilhavn.com/top-5-tips-to-save-money-when-moving-house/

Residential Home Sales

With summer in full swing, it seems that the continued demand for residential property has continued throughout Metro Vancouver^ last month. Even with a somewhat limited inventory pool and home prices creeping up, residential home sales* throughout the region totalled 2,988 in June, up 21.1% from sales recorded in the same month one year ago (2,467). Although down 8.6% over the 10-year seasonal average (3,269).

Andrew Lis, Director of Economics and Data Analysis at the Real Estate Board of Greater Vancouver (REBGV) commented on the June market by sharing, “The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June. The benchmark price of apartment homes is almost cresting the peak reached in 2022, while sales of apartments are now above the region’s ten-year seasonal average. This uniquely positions the apartment segment relative to the attached and detached segments where sales remained below the ten-year seasonal averages.”

Read more...

https://stilhavn.com/metro-vancouver-housing-update-june-2023/

Buying and Selling real estate at the same can be done in several different ways:

List/Sell first - once you have a firm sale on your current home, you can start looking for a new one.

Pros: very little risk of owning 2 properties at the same time/you know what your budget is for the next purchase

Cons: You may not find exactly what you want and may feel pressure to buy whatever is available or rent until you do find something, or move to an area that was not top of mind.

You may not get the move in dates on the purchase that line up with the Buyers' dates of your home and may require "Bridge Financing" - cost of borrowing from the bank to cover 2 mortgages for a short time.

Buy first - you have not listed your home but have found something that is perfect and you have an accepted offer/firm sale.

Pros: You get the exact home you want. If you ask for a long closing (the time that you pay for the home and move in)it gives you time to list and sell your current home. You may also have gotten a great price. You are also potentially buying and selling in the same market.

Cons: Unless you want to own two homes, you HAVE to sell your current home. You don't know how much it will sell for and when it will sell. You may have bought in a market when prices were high, and if your first home takes long to sell, you may still be listed in a slower market.

Buy First with Subject to Sale of current home

This method works well in a slower market when the seller of the home you want to buy, is not getting much activity and is willing to accept an offer that includes waiting for you to sell your home.

Pros: You have an accepted offer on the place you want and you have 30 to 60 days to sell your home.

Cons: The accepted offer usually includes a clause that says if the Seller receives a second (backup) offer you have 48 to 72 hours to remove your subject to sale. If you haven't sold your current home you may not want to remove that subject and as a result you lose your offer to the other Buyer. If you do remove the Subject to Sale and you haven't sold your home, then you are at "Buy First" with the above risks.

NOW this sounds a bit Doom and Gloom but miraculously it works out most of the time. Yes, there is a bit of stress in buying and selling real estate in all its forms. Our job is to decrease that stress by providing you with all the information to make choices that work best for you.

To answer any questions you have, just call/text me at 604-805-6820 or at bridget@bridgetross.ca

My husband and I are selling our home, a lovely water view condo in West Vancouver. As a realtor, I could represent myself and my husband but I would be taking a risk. If something were to go wrong (nothing ever goes wrong!), then my professional insurance called Errors & Omissions, would not be available to me. So I hired some colleagues who graciously took on the task of showing and negotiating on our behalf.

So...the realtor hires a realtor, and I am GLAD because it is stressful, and personal, and tiring.

My job as the seller (you all will relate to this!) is to get my home picture perfect. It is what I ask of my sellers too, because first impressions really are important.

I have done the deep decluttering, which I quite enjoy, but there is all the stuff you use every day but it is ugly stuff (garbage cans, toilet bowl cleaners, boxes of kleenx, dirty laundry). So you have to hide it all for photos, then hide it again for every showing. You have to hide the ugly, torn dish towels and bring out the lovely linen ones, draped over the stove handle. Don't forget to remove it after showings or your son will use it to wipe up the spilled tomato sauce on the counter. 

I plumped the pillows, arranged the flowers, checked all the light bulbs, made the beds pefectly... 

I had the professional cleaners come before the first showing, such a treat having a deep clean, done by someone else. They did a great job. Shout out to the https://kleanteam.ca/.

And now we wait, for someone to appreciate all our hard work, fall in love with the view, and write a fantastic offer giving us everything we want. Lots of money, the perfect dates and no conditions. Ha!

Yes, realtors are people and Buyers and Sellers, and despite our experience and knowledge, we feel the anxiety and disappointment, and hopefully the joy and relief when it goes as smoothly as possible. 

To ensure that my expectations and emotions are managed, and that my husband and I get an offer that works for us - we hired a couple of realtors.

Summer is bringing the (housing) heat across the Metro Vancouver property market with competition heating up amongst many buyers.

While the year started off slower than usual, the increase in buyer demand sees further price increases for the sixth consecutive month.

 Read more...

https://stilhavn.com/metro-vancouver-housing-update-may-2023/

Aesthetically Pleasing

You’ve heard the term curb appeal, and during the sunnier months this is your chance to really show off your home in quite literally, the best light!

During spring your gardens would have bloomed with new growth and colour while your grass would have turned from dry to luscious green. You may have had time to give your home’s interior (and/or exterior) a spruce up with renovations to the front entranceway (think first impressions!), a new paint colour for the kitchen (neutrals are a great way for potential buyers to envision themselves and their belongings there while also making your spaces seem larger), while also undergoing a de-clutter to also keep your spaces looking clean and spacious.

Read on...

https://stilhavn.com/why-summer-is-a-great-time-to-sell-your-home/

Residential Housing Market at a Glance

Residential home sales across Metro Vancouver started showing a comeback last month, with levels rising near to those seen last spring.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741* last month, and although rising, were still down (16.5%) from the 3,281 sales recorded back in April of last year. When looking at the 10-year seasonal average, April 2023 sales were down 15.6%.

Read more...

https://stilhavn.com/metro-vancouver-housing-update-april-2023/

BC Financial Services Authority is the Crown Agency that regulates British Columbia’s financial services sector, including credit unions, trust companies, insurance companies, pension plans, mortgage brokers, real estate service providers, and the Credit Union Deposit Insurance Corporation.

For Real Estate, they provide guidelines for many of the processes in the sale and purchase of real estate such as multiple offer situations.

"If more than one written offer on a specific property is made before the seller has accepted an offer, all written offers must be presented to the seller. The only exception would be if the listing real estate professional has specific written instructions from the seller on the listing not to present particular types of offers. Unless otherwise instructed by the seller, the listing real estate professional should ensure that any other representative involved knows there will be competitive offers.

Read more...

https://www.bcfsa.ca/industry-resources/real-estate-professional-resources/knowledge-base/practice-resources/offers

A deposit, in the form of a bank draft or a direct wire, is the initial cash required to secure a purchase of real estate once you have removed your subjects (Eg. Subject to financing, a Home Inspection, approving documents) or immediately upon acceptance of your offer. A deposit is generally 5% of the purchase price ($50,000 for a million dollar property).

Those funds are held in a trust account of your realtor's brokerage and go towards the amount owing for the purchase. It is part of the down payment

A down payment is the TOTAL amount of funds that the buyer puts forward themselves to go towards purchasing a property. The rest of the funds come from the mortgage, the amount you borrow from a lender/bank. So if you buy a property for $1,000,000, the deposit, the rest of the down payment (cash you have saved) and the mortgage (money borrowed from the bank) all add up to the purchase price.