The market has slowed down so you have some breathing space to shop for a home without a half a dozen people waiting behind you to offer over the asking price with no due diligence conditions. However, the government has recently imposed “stress tests” for mortgage approval thereby making it more difficult to qualify for a mortgage. In addition, some “experts” are predicting that prices will soften in the foreseeable… Read More »Real Estate Advice: A dozen things NOT TO DO before you buy a home!
Is Canada’s real estate market at extreme risk or out of danger? Doug Porter, the chief economist at BMO opines in the above article that the worst is behind us and the “soft landing” that was hoped for has in fact materialized. Forecasting and analytics company, Oxford Economics Group on the other hand still ranks Canada as the third riskiest real estate market in the world (“Our set of cross-country… Read More »Ask a Vancouver real estate lawyer: is Canada’s real estate market ACTUALLY about to crash?
* this is a brief commentary on the recent Georgia Straight article “Josh Gordon: Vancouverites don’t need “re-education” about foreign ownership and housing affordability”: Sometimes what is painfully obvious to the general populace is lost on the politicians, mainstream media, academics and others who may have also succumbed to the intellectually bankrupt concept of political correctness which ignores facts, rational arguments and eschews debate. For 15 years foreign money has… Read More »Foreign Money, BC Real Estate Prices and Line Dancing
Kenneth Pazder was recently interviewed by Canadian Lawyer Mag on the topic of condo buyers’ protection. Here is the full article: A series of condo cancellations and failures across the country have pre-construction investors crying foul. And while there are some protections in the ever-evolving condominium legislation, the rules vary from province to province and they don’t always apply to the principle investment and any lost interest or opportunities.… Read More »Protecting condo buyers
What is a “land assembly”? A land assembly is simply the joining of adjacent lands to make a larger parcel. This is normally done so that the larger parcel can accommodate the building of more living units (be they houses, townhouses, low rise or high rise condominiums). Selling as part of a land assembly usually means that the vendor will get a much higher price than he or she would… Read More »A Guide to Land Assembly in BC (2019)
This August, sales in the Lower Mainland are continuing to drop to their lowest level this year. As Buyers are being less active in today’s market, we are finally seeing the impact of this inactivity on prices as prices for all housing types in the Lower Mainland begin to edge down. Condition free offers are becoming a thing of the past, as Buyers have less competition and are afforded more… Read More »Vancouver Real Estate : Prices Begin to Lower (August 2018)
As housing prices continue to rise, once again pre-sale strata units have become all the rage. In our previous blog, we alerted our readers to some of the risks that are associated with purchasing a property that has not been built, but what about the risks in assigning interests in those pre-sale condos? An assignment occurs when the purchaser transfers their rights in the purchase contract to someone else before… Read More »FLIPPING YOUR PRE-SALE CONTRACT: What You Need to Know
This July, sales in Greater Vancouver reached their lowest point for the month since the year 2000! Even though inventory levels are continuing to grow, demand continues to be impacted by the skyrocketing prices and interest rates. In this slow market, Buyers are afforded more opportunity to explore their options in a more relaxed environment. However, it’s clear that Buyers are not taking action and instead have opted for a… Read More »Vancouver Real Estate: Will Prices Ever Go Lower? (July 2018)
‘In court reports… they’d found some of the [pre-sale] units were pre-sold more than once – and as many as four times in some cases.’ How risky is buying a pre-sale condo? ‘Future homebuyers considering a pre-sale property might be surprised to find out what’s in the fine print. They’re drawn in by glitzy showrooms that allow them to choose their unit and finishes, and many sign contracts without really… Read More »Police investigating pre-sale development; condo buyers out hundreds of thousands
In cities like Vancouver where the mantra is eco-density (which is actually an oxymoron as there is nothing ecologically friendly or sustainable about increasing density), every property developer and his dog is seeking out older three or four story strata complexes for redevelopment. A strata council may believe the best decision is to dissolve the strata corporation especially if: the strata complex is on its last legs; the future cost… Read More »Help! My Strata Wants to Sell My Building From Under Me