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?
* 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)