EVERYONE should buy a home as soon as they are able to. Long term, the property value goes up, the mortgage gets paid off and the gain is tax free. For most people, the paid off value of their home is most if not all of their retirement security (and ultimately their estate, to leave to the kids). For the vast majority of people, their after-tax income is used up… Read More »Quick Tips: Should I buy or rent my home?
Buying real estate
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
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!
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?
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?
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
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)
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)