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New Rules For Multiple Offers in BC
 

New Rule Changes Impacting British Columbia Real Estate for Multiple Offer Situations

Today, we'll discuss the recent rule changes that are set to improve transparency in multiple offer situations across British Columbia. These changes directly affect three major real estate boards: the Vancouver Board, the Chilliwack Board, and the Fraser Valley Board.

Let's explore what these changes mean for both sellers and buyers and how they aim to create a more transparent buying process.

Under the new rules, the seller and the listing realtor play crucial roles in ensuring transparency. Once multiple offers are submitted and one offer is accepted, the seller has 24 hours to sign a form. This form specifies the number of bids received and the brokerages involved in the multiple offer process. The listing agent also needs to sign the form.

Subsequently, this completed form will be shared with all brokers who participated in the multiple bidding process, including the successful bidder and the unsuccessful bidders.

Understanding the Benefits of Increased Transparency in Multiple Offer Situations in British Columbia

These rule changes bring significant benefits, particularly in high-pressure multiple offer situations where emotions can run high. By providing buyers with information on the number of bids and the brokerages involved, the new rules create a fairer and more level playing field.

Buyers gain insights into the process and have increased confidence in the transparency and fairness of the buying process.

We believe that transparency is key to building trust and confidence in real estate transactions. These new rule changes are a step forward in enhancing transparency for buyers involved in multiple offer scenarios.

If you have any questions or comments regarding these rule changes and their impact on your real estate venture, please don't hesitate to reach out. We're here to assist you and provide the guidance you need to navigate the evolving real estate landscape successfully. 

Please call us at 604-657-7936, or email us at Andrew@AndrewHasman.com



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A Video Tour of 311 - 6333 West Boulevard

 

                                                                                     

 



Luxurious Living at The McKinnon Building in Vancouver's Coveted Kerrisdale Neighborhood

Welcome to the latest offering from Andrew Hasman at Remax—the stunning two-bedroom and den condo listing at The McKinnon Building, located at 48th and West Boulevard. Built by Cressey, this remarkable residence epitomizes luxurious living with its impeccable design and top-notch features. Let's delve into the details and discover why this property is a must-see.

Boasting 1400 square feet of living space, this condo offers a spacious and comfortable environment for homeowners. Every aspect of the home exudes quality, showcasing Cressey's commitment to excellence. From the moment you step inside, you'll be greeted by an ambiance of elegance and sophistication.

The McKinnon Building is renowned for its attention to detail, ensuring that no aspect of luxury living is overlooked. High-end finishes, premium materials, and superior craftsmanship are evident throughout. You'll find yourself surrounded by exquisite features that elevate your living experience to unparalleled heights.

Explore the Exquisite Condo Listing at The McKinnon Building in Kerrisdale, Vancouver

We invite you to watch the captivating videos and browse through the captivating photos that showcase the beauty of this remarkable property. Let your imagination wander as you envision the possibilities of making this condo your new home.

Once you've explored the visuals and fallen in love with The McKinnon Building, it's time to take the next step. Reach out to your trusted realtor and schedule an appointment to visit this luxurious condo. 

At Andrew Hasman Remax, we take pride in presenting outstanding properties like The McKinnon Building. Our commitment to providing exceptional real estate experiences is unwavering. Contact us today, and we'll be delighted to assist you in making this dream home a reality.

For more information, please call us at 604-657-7936.

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Andrew and Jill's August 2023 Stats Pack East and West from the Vancouver Real Estate Board.

The Latest 2023 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

  • Activity Snapshot by Property

  • Type Detached Properties Report and Graph

  • Condo Report and Graph

  • Townhomes Report and Graph

  • Benchmark Price Graph

  • Average Price Per Square Foot

GET THE VANCOUVER EAST & WEST REPORT

If you are interested in a report like this is for other areas, please contact us to request it and I'll send it to you.

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Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer

Home prices continue to rise in Metro Vancouver’s housing market to kick off the summer

Continuing the trend that has emerged in the housing market this year, the benchmark price for all home types in Metro Vancouver increased in June as home buyer demand butted up against a limited inventory of homes for sale in the region.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,988 in June 2023, a 21.1 per cent increase from the 2,467 sales recorded in June 2022. This was 8.6 per cent below the 10-year seasonal average (3,269).

“The market continues to outperform expectations across all segments, but the apartment segment showed the most relative strength in June,” Andrew Lis, REBGV’s director of economics and data analytics said. “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.”

There were 5,348 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2023. This represents a 1.3 per cent increase compared to the 5,278 homes listed in June 2022. This was 3.1 per cent below the 10-year seasonal average (5,518).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,990, a 7.9 per cent decrease compared to June 2022 (10,842) This was 17.4 per cent below the 10-year seasonal average (12,091).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2023 is 31.4 per cent. By property type, the ratio is 20.9 per cent for detached homes, 38.5 per cent for townhomes, and 39.4 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Despite elevated borrowing costs, there continues to be too little resale inventory available relative to the pool of buyers in Metro Vancouver. This is the fundamental reason we continue to see prices increase month over month across all segments,” Lis said. “With the benchmark price for apartments now standing at $767,000, we repeat our call to the provincial government to adjust the $525,000 threshold exempting first-time home buyers from the Property Transfer Tax to better reflect the price of entry-level homes in our region. This is a simple policy adjustment that could help more first-time buyers afford a home right now.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,203,000. This represents a 2.4 per cent decrease over June 2022 and a 1.3 per cent increase compared to May 2023.

Sales of detached homes in June 2023 reached 848, a 28.3 per cent increase from the 661 detached sales recorded in June 2022. The benchmark price for a detached home is $1,991,300. This represents a 3.2 per cent decrease from June 2022 and a 1.9 per cent increase compared to May 2023.

Sales of apartment homes reached 1,573 in June 2023, an 18.6 per cent increase compared to the 1,326 sales in June 2022. The benchmark price of an apartment home is $767,000. This represents a 0.5 per cent increase from June 2022 and a 0.8 per cent increase compared to May 2023.

Attached home sales in June 2023 totalled 547, a 17.6 per cent increase compared to the 465 sales in June 2022. The benchmark price of an attached home is $1,098,900. This represents a one per cent decrease from June 2022 and a 1.5 per cent increase compared to May 2023.

GET THE FULL REPORT

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 If you're a Vancouverite dreaming of owning a vacation home in a sunny destination outside the city, you're not alone. Many Canadians find the allure of a winter retreat in places like Arizona or Palm Springs hard to resist, especially during the cold, rainy, or snowy months. However, before embarking on this exciting journey, it's essential to consider a few key factors.

First and foremost, it's crucial to understand the tax implications of buying a vacation home in a foreign country, particularly the United States. To ensure you make an informed decision, consult with your accountant or financial advisor who can guide you through this process. Avoiding potential tax headaches down the road is paramount.

Additionally, financing can pose challenges when purchasing a vacation home in the United States. Engaging in a conversation with a mortgage broker in your home country or the intended location is wise. This step allows you to explore financing options and gain a clear understanding of the current lending landscape. While interest rates have risen significantly in recent years, it's essential to be well-prepared for the costs associated with borrowing.

Choosing between personal residency and rental income potential

Determining the purpose of your property investment is crucial. Will the vacation home be exclusively for personal use, or do you plan to generate additional income by renting it out through platforms like Airbnb or VRBO? Before making a decision, it's vital to familiarize yourself with local regulations, particularly those concerning short-term rentals.

Different cities across Canada and the United States have varying minimum rental periods and additional taxes applicable to short-term renters. Researching local policies and tax implications beforehand will help you make an informed choice. Understanding the regulations ensures you comply with the law and avoid any unforeseen complications.

Efficient property management planning

If you decide to rent out your vacation home, managing the property effectively becomes paramount. Research local rental rates and connect with other vacation rental owners to gain insights into the market. Additionally, consider who will oversee the property when you're not there, especially if you plan on spending limited time in your vacation home.

As experienced homeowners and vacation rental property investors ourselves, we understand the intricacies involved. Our team possesses a wealth of knowledge in this area and the local real estate market, making us well-equipped to answer any questions you may have.

In conclusion, buying a vacation home requires careful consideration of several crucial factors. From tax implications and financing to rental regulations and property management, it's essential to approach this venture with thorough research and expert guidance. If you need assistance or have any questions, don't hesitate to reach out. We're here to provide the support you need to make your dream of owning a vacation home a reality.



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Have you purchased a pre-sale condo or townhouse in the past two years?


If you entered into a contract with a developer to purchase a pre-sale property within the past two years, chances are you will be completing that purchase within the next 6 to 12 months. You're probably feeling a mix of excitement and anxiety. Why anxious, you may ask? Well, moving is always stressful, and the idea of writing a large check can be anxiety-provoking. Moreover, if you bought the property with the intention of using bank financing, you might be in for a rude awakening when it comes time to secure your mortgage.

Are You a Pre-Sale Property Buyer? Prepare for Rising Mortgage Rates


Two years ago, 5-year fixed-rate mortgages were around 2%, with rates hitting rock bottom. However, when it's time to complete your purchase in the next 6-12 months, rates could likely be in the range of 5-5.5%.


Let's consider an example using these numbers: a purchase price of $1.5 million with a $500k down payment and a $1 million mortgage.


In June 2021, that $1 million mortgage would have cost you $4,234 per month, based on a fixed 5-year rate of 2% and a 25-year amortization period.


However, with the current rate of 4.9%, that same mortgage would now cost $5,759 per month. This represents an increase of $1,525 per month or 36%. Keep in mind that this increase is paid in after-tax dollars, so if you are in a 45% tax bracket, you would need to earn $2,772 more per month to cover the increased mortgage payment of $1,525.

Managing Higher Mortgage Costs: Seek Financial Guidance for Pre-Sale Purchases


The saving grace in the face of higher mortgage rates is the stress test that was applied to all those seeking pre-qualification. Many of these buyers have undergone stress tests at rates close to the current levels, which is great because it means they can manage the increased payments.


Unfortunately, if one finds themselves unable to afford the high cost of borrowing, they may be forced to either sell the pre-sale property before completion or assess their overall financial situation to find ways to make the purchase more financially comfortable.


If you find yourself in this uncomfortable situation, now may be a good time to speak with your banker or financial advisor to explore potential solutions.


We are also available to provide suggestions on how best to move forward. Feel free to call or message us anytime.


Andrew & Jill Hasman

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PRICE REDUCED: C301-4831 53rd St. Ladner, BC

This is a two bedroom condo in a great location in Ladner, BC. The new price is $735,000 and is FULLY RENOVATED! 


Some other great features: 

  • South facing, nice bright and sunny space!

  • Big sunny balcony 

  • 1 parking stall 

  • Really well maintained building

Follow us on our Youtube Channel to get the latest when things happen

Our Youtube Channel

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Andrew and Jill's June 2023 Stats Pack East and West from the Vancouver Real Estate Board.

The Latest 2023 Market Stats by area are out and available for download. You get the following graphs and charts for both Vancouver East and Vancouver West.

  • Activity Snapshot by Property

  • Type Detached Properties Report and Graph

  • Condo Report and Graph

  • Townhomes Report and Graph

  • Benchmark Price Graph

  • Average Price Per Square Foot

If you are interested in a report like this is for other areas, please contact us to request it and I'll send it to you.

GET THE FULL REPORT

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Another Bank of Canada Rate Hike

 

Did you hear the news? While everyone was waking up this morning and getting ready for their day, The Bank of Canada hiked their trend setting interest rate by another 25 basis points to 4.45%. 

What does this mean for the Canadian housing market? Considering the spring of 2023 has shown us there’s lots of buyers but not a lot of sellers, we suspect this rate hike will cause a slight reduction in market activity with the seasonal effect of summer approaching. 

Even without the Bank of Canada’s rate hike, the market will most likely slow down as we begin to enter summer. With all these rate hikes over the last year or more, the big question is, how  are these rate increases going to affect the future real estate market?

Long term effects of the Bank of Canada’s interest rate hike on mortgages

When interest rates rise, there’s a delayed effect where mortgages taken out during the Covid pandemic era, up to 3 to 5 years previously, we’re achieved with very low interest rates.

Take this for example: Prior to the pandemic, you could acquire a 5-year mortgage with an interest rate of 2%. Fast forward to the present day and that same mortgage will yield an almost 5% rate.

Many of these mortgages will reset in the next 6 months to 2 to 3 years. As a result, mortgage holders will be faced with dramatically increased mortgage payments. To the average Canadian home owner, there’s no question that this will come as a complete shock.  

Bank of Canada’s interest rate increase and the impact on the average homeowner

The ripple effect from all these rate hikes over the last year plus will most likely have a significant impact on the Canadian economy and potentially the real estate market. 

These rising prices will not be sustainable going forward. We don’t expect these increases to continue within the next 0 to 36 months and should see prices level back out. Why? The average Canadian will experience such a payment shock which will affect the total available disposable income and allowable spend towards real estate.

This is all speculation, but as these dark clouds loom over the Canadian economy over the next 1 to 3 years, as homeowners, we need to be informed and be aware of the impact potential. 

If you’re thinking of selling your home, now might be the best time to register on the market. The future however is quite uncertain if you’re considering either buying or selling real estate in Canada, and those who face a mortgage reset in the next 0 to 36 months.

If you have any questions on the Bank of Canada’s new rate hikes and the potential future impact it holds, please call us at 604-657-7936 or visit us at www.andrewhasman.com.


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Pride Of Ownership Goes a Long Way


Metro Vancouver comprises multiple beautiful neighborhoods, a sprawling array of gorgeous homes, and breathtaking landscapes.

Whether you have a property that’s secluded in the mountains with a view of the city,  bordering the shores of the Pacific Ocean front, or nestled in one of Vancouver’s many suburbs, we’ve got some informative pro-tips on easily making your home more attractive for prospective buyers.

Easy home improvement tips for Vancouver property owners

Selling your home can be quite invigorating as you begin to embark on a new adventure elsewhere in the city. Adding these improvements to your Metro Vancouver home will help empower you with great pride of ownership. Simply put, these changes could make the difference between a buyer choosing your home over another seller's property.

Freshly installed flowers at your doorstep will add a tranquil splash of colour and aroma, along with a charming welcome mat to greet visitors. If you have a walkway access area that's riddled with weeds, mudd, or scarcity of lush green grass, consider installing paving stones or even grass seed /  ground cover to show that you’re taking care of the property.


Boost Your Home's Selling Potential with Quick DIY Upgrades

Having a maintained backyard is something buyers will look forward to. Make sure to have the lawn cut prior to anyone viewing your property, ensuring any patches have been covered with grass seed, and removing any weeds or “eyesores” from the garden beds. Keeping your hedges trimmed and maintained is another great way to improve your outdoor aesthetics.

When it comes to structural elements such as wooden decks or patio coverage, inspect the area to ensure there’s no damage or rot. You may need to replace these affected areas as it’ll ensure your pride of ownership and prove that you’ve been taking care of your home for the next family to enjoy.

Why should I improve my Metro Vancouver home if I’m putting it on the market for sale?

Having a well kept home and property is much more attractive to potential buyers. It shows that you’ve put effort into maintaining your investment and keeping your home as welcoming as possible to others.

Many buyers will want a “turn key” property where they can feel instantly  at home without any additional improvement costs.

These easy DIY tips will help maximize the outcome you have when selling your home, prior to listing your property on the market. Just remember that not everyone is handy and that these simple improvements could make or break a sale.

If you have any questions on how to improve your home before listing it on the market, please call us at 604-657-7936 or visit us at www.andrewhasman.com.

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Vancouver, BC. is truly one of the most beautiful cities in the world. Surrounded by lush temperate rainforests, majestic mountain ranges, and the pristine coastline of the Pacific Ocean, it’s no wonder Vancouver was listed as the 5th most liveable city in the world. It’s also Canada’s most expensive city to live in.

In 2022, Newly elected city of Vancouver officials proposed a large number of new RS zoning regulations. There are approximately 40,000 to 50,000 single family homes that fall within this zone. The newly proposed zoning changes are aimed to address affordability and the housing crisis affecting Vancouver families and residents.

What does this mean for single family homes in RS zones?

If you own a single family home within an RS zone, you can currently go from having a single family home to a duplex. With the intended changes, the city of Vancouver is proposing property owners build triplexes and fourplexes. If your lot size is 50 feet wide or greater, you’ll have the potential to build up to 6 units. Property owners may be entitled to build even more units if there’s added rental housing or below market value rental homes. 

There are numerous incentives available for homeowners that could potentially affect RS zoned homes. Properties that measure 50 x 130 square feet or consist of 6000 square foot lots have the potential to construct up to 6 units, allowing for a maximum floor space ratio of 1, which translates to a dwelling size of 6000 square feet.

The City of Vancouver’s implementation plan

These changes are coming, and it’s just a matter of time until the City of Vancouver starts implementing the pilot project. The pilot project will begin by accepting up to 100 applicants to rezone their property.

If you own a home in Vancouver located within the RS zoning and you want more information, please call us at 604-657-7936 or visit us at www.andrewhasman.com. Plan ahead, and stay informed on how you could potentially transform your Vancouver home.

Please feel free to download the following PDFs

Multiplex Proposal

RS Simplification Proposal

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Ideal home for young family. 5 bedrooms which includes a 2 bedroom suite. Situated between Main & Fraser & steps to Prince Edward Park. Offered for sale at $ 2,298,000. 
 
Viewings to commence June 1st by Appointment. 

Have a question about this property? fill our our form!



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