The BC government is announcing the creation what appears to be yet another make work project to create needless government jobs (doubtless for NDP supporters). It’s called “The Condo and Strata Assignment Integrity Register.” Even the name is odd. It implies that there is a difference between condos and stratas. However, in common parlance, a condo is a strata and vice versa. Furthermore the BC Condominium Property Act (which used… Read More »Canada’s first pre-sale register to crack down on flipping
This article suggests 5 things that the government could do to help housing affordability. 1. Longer amortizations are a good idea. They help buyers get into the market. All mortgages have prepayment options so if the buyer’s fortunes improve he or she can shorten the amortization down the road. 2. Scrap the mortgage stress test. Historical mortgage default rates in Canada for the last 50 years are about .3% and… Read More »5 Ways the Government could Help with Housing Affordability in Vancouver BC
The short answer: YES! It has long been established that even where there is no contractual relationship, a real estate agent owes a duty to exercise care when providing information to those who may be reasonably expected to rely on it. For example, an MLS Listing contains information about the property type, its age, size, number of rooms, zoning, municipal taxes and many other things. It is reasonable to assume… Read More »Do Listing Agents Owe a Duty of Care to Prospective Buyers?
Those are the $64,000 questions which occupy the top of the charts these days. For the past 10 years foreign money has poured in to Canada, particularly Vancouver and the Lower Mainland destabilizing real estate prices and uncoupling them from local incomes. Both the BC and federal governments turned a blind eye to this phenomenon for the better part of the decade and in fact, encouraged it as “foreign investment.”… Read More »Why are Metro Vancouver housing prices falling? When will this trend end?
A recent case in the B.C. Supreme Court, JBP Developments Ltd. v. Li, 2018 B.C.S.C. 209 provides a lesson to all realtors to take greater care and attention when drafting offers to purchase. In this case, an oversight in complying with section 9 (TITLE) of the Standard Contract of Purchase and Sale allowed a Buyer was to walk away from a $6,500,000 contract of sale leaving the Seller without a… Read More »A $6,500,000 sale goes up in smoke due to poor drafting!
“Foreign capital accounted for only 2.92% of Metro Vancouver real estate sales over 11 months” was the recent headline in the Georgia Straight earlier this month. As the perennial classic book by Darrell Huff points out, there are many ways to deceive with statistics, including how they are presented. These foreign capital statistics are misleading, as they relate only to the period between January and November of 2018 – about 7 months… Read More »[Vancouver Real Estate]: How to lie with Statistics
Happy New Year! The big question is what is going happen this year in the housing market. Will prices continue to slide? Or will the market pick up? Will housing crash completely? Despite all the opinions, no one can reliably predict that market. We will just have to wait and see. Last December sales and the number of new listings continued to drop as Buyers continued to be inactive. Stay… Read More »Vancouver Real Estate: What Will Happen in 2019?
“Uncharted Waters” reads the front page of the Vancouver Sun last weekend, with the comment that “insiders” say that there are signs that is a full blown market correction looming! (…followed by the teaser, “But really, who knows?) This does not add much to what we already know. With 20/20 hindsight, it points out that the government-mandated mortgage stress test, combined with several interest rate hikes and the implementation of… Read More »Is the sky falling? Vancouver Real Estate Prices in 2019
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?