As we all know, summertime in the Metro Vancouver Area can become a scorcher. The beaches and public swimming pools become overcrowded, and you’re left thinking “ I wish I had a house with my own pool “.

The weather is beginning to heat up, and so is the Vancouver real estate market. There are a few things you’ll want to consider when shopping for a new home with a swimming pool.

Your backyard oasis will act like a magnet and attract all your friends and family every weekend. You’ll want to set some boundaries so you and your family can enjoy some peace and quiet for yourselves.

What you should know before buying a house with a backyard pools in Vancouver

Now, down to business. When researching Vancouver real estate options with swimming pools, as part of your offer, you absolutely need to have your offer conditional to a separate pool inspection.

Don’t rely on a home inspector to do the inspection of the pool. You need to contact a pool company to give you a proper professional inspection of the swimming pool. They’ll make sure there’s no unwanted surprises when you take possession.

Additionally, you can reach out to the current property owner for a maintenance records. Home owners will often contract the pool maintenance out to a company, and most often they’ll keep a record of any issues, repairs and replacements. 

It's a great way to know how old the working parts are and if they’ll soon need to be replaced once you take possession of the new home.

This information can be critical to influencing your buying decision with the property, or moving onto your next desired home in the Metro Vancouver Area. 

What are the unplanned costs of buying a Vancouver home with a pool

Something else you’ll want to consider when buying a home with a pool is the additional maintenance costs to operate. On average, maintenance costs in Metro Vancouver can range around $300 per month. Unless you plan to maintain the pool yourself, chances are you’ll want to hire a pool maintenance company to keep your pool as clean and efficient as possible.

If your pool has a heater and you plan to run it between May and October like most Vancouver residents, you’re looking at an additional $500 to $600 per month in gas and electricity bills. The winter months can be expected to pay a much higher price.

Remember, owning your own home with a swimming pool is an incredible thing to have in the hot summers, but it will come with much added maintenance and costs.

If you have any questions about your home, or what's happening in your neighbourhood, or about this update, please call us at 604-657-7936. In the meantime, visit our site to view our current listings.

The April Metro Vancouver Real Estate numbers are in and it's showing a tremendous recovery in buyer confidence and pricing over the last eight weeks, likely due to the Bank of Canada hitting the pause button on interest rate increases in March.

Buyers are back and we are seeing multiple offers, especially in the lower end of the market.

We seem to have seen the bottom of the market in December / January. As difficult as it was buying during that time, it was probably a really good time to make that move. If you are one of those buyers, good for you!

With multiple offers, prices are creeping back up, again mostly at the lower end of the market, although we did see select homes in the upper also sell for above asking with multiple offers, one of our colleagues' most notably with 12 offers and selling for $500,000 over asking at west 65th and Granville.

The big story is that inventory is still fairly low. In east Vancouver, available homes for sale are down 30% from last year. Similarly, on the west side of Vancouver, there are 32% fewer homes on the market today compared to this time last year. Home sellers seem reluctant to sell with the economic uncertainty.

For Vancouver Homesellers, when the home is priced correctly, there is really good demand and therefore opportunity to be had. We have had many homeseller clients where the outcome was in their favour.

If you have any questions about your home, or what's happening in your neighbourhood, or about this update, please call us at 604-657-7936. In the meantime, visit our site to view our current listings: www.andrewhasman.com

Tremendous recovery showing for the Metro Vancouver Spring Real Estate Market

The April Metro Vancouver Real Estate numbers are in and it's showing a tremendous recovery in buyer confidence and pricing over the last eight weeks, likely due to the Bank of Canada hitting the pause button on interest rate increases in March.

Buyers are back and we are seeing multiple offers, especially in the lower end of the market. We seem to have seen the bottom of the market in December / January.

What Vancouver homebuyers can expect this spring

The Burnaby House Flip Synopsis:

Our client who owns a home in Burnaby that was a foreclosure and renovated it with a turn around time of 5 weeks, with permits.

• 940 square foot condo 
• two bedroom
• one bathroom
• complete renovation in just over one month. 

Renovations often make a property sell faster with more offers. We are happy to consult on your property. Please call us anytime: 604-657-7936

In the meantime, take a look at our current listing. 

This Hasman Market update was filmed at Le Marché St. George

This cute neighbourhood cafe and general store is in the heart of Riley Park - Little Mountain in east Vancouver at 4393 St George St, Vancouver, BC V5V 4A3. 

They are really known for their relaxed neighbourhly vibe and have lots of great little treats, like locally produced honey, maple sugar, jams, and of course, great coffee!

The February numbers are in, and the glimmer amongst the declines of the last number of months include: 

A resurgence of activity in February, which is expected, and we're really experiencing a shortage of supply on the market. Home buyers have less choice of homes to purchase. Without product on the market, sales are naturally surpressed. 

What to expect in the Metro Vancouver Spring Real Estate Market

We expect a slow and steady rise into the spring home market with more invetory entering the market, it looks like interest rates have stablized for now and prices will likely stay flat. We are optimistic for more activity with multiple offers. due to the shortage of supply. 

If you'd like a consult on your particular situation, Jill and I are always here to help, simply call 604-657-7936. 

We have another video update with Remax Realtor's Andrew Hasman and Jeff Benne on the state of the Vancouver Real Estate market. What can you expect and how should you plan? Listen on for all the tips on how to sell your home and buy in this market. 

What can you expect in the Vancouver Real Estate Market?

There was a Vancouver Special on the east side of Vancouver that received eleven offers! And there were other properties with around a dozen offers, one Vancouver home that sold for $300,000 over the asking price.  

Are we back to the Vancouver Real Estate market that we're used to? 

Not yet. But there does seem to be less reluctance to really jump in the Vancouver Real Estate market and move. If there is a Vancouver home that a buyer needs and likes, they are ready to put in an offer.

People have life situations that don't stop, such as growing families and downsizing, and instead of waiting, they are looking at the mortgage rate of about 4% and keeping that in mind and adjusting their budgets accordingly. 

It's possible, maybe even likely that we'll look back at this time and this will be the bottom of the market. That makes it a great time to be out there making offers on properties and this is where the opportunities lie today. This is an amazing time to downsize or trade up on your home needs. 

What should I be considering if I want to put my Vancouver house for sale?

• Make sure you do your preparation.

• Have a pre-home inspection done. Identify all the things that you can get done to get top dollar for your home. 

• Resolve your deficency list. Deficiencies can result in a failed offer. People will sometimes walk away or try to get a $5,000 - $30,000 adjustment in price. Usually the cost to fix the issues are much less than the perceived discount a buyer will request. 

• Have your property scanned for an oil tank. A GPR scan of your lot will easily detect any buried oil tanks on your yard and will only cost $300 - $400. Your buyers won't be able to get insurance or financing if there is an oil tank on your property, so don't frustrate the purchase. 

• Tidy your yard. Increase curb appeal and make your yard look appealing. 

• Get your gutters cleaned.

• Have your furnace or heat pump serviced. 

• Think about access to your home. Think about how will people get into your home for the showings. Offer many showings and get the word out about Open Houses. The easier it is to get people into your home, the more showings you'll have and the better chance you have of getting a great offer. 

We're expecting March and April to pick up. How much? We can't say for sure. But now is the time to talk to us to get the particulars of your situation. Give us a call: 604-657-7936

You may have recently received a 2023 BC Assessment in the mail. This assessment is a document from the provincial government with an assessment notice of what the governmen believes is the value of your property as of July 2022. 

THE 2023 BC ASSESSMENT RESULTS

Upon looking at the assessments, we have learned that the average property increase of approximately 4% between July 2021 and July 2022. However please note that if your property value has gone up more than 4% there is a high chance that your property taxes will increase, so we recommend you be prepared for this. Alternatively, if your property value has gone down greater than 4% then your property taxes will likely decrease.

If you feel the evaluation does not align with market value, you can appeal this decision. Keep in mind that the appeal must be done by January 31st, 2023. The document will have instructions on the appeal process, should you wish to appeal.

Need help with the process? Give us a call. We'd be happy to come down to your neighbourhood and do an evaluation for you. We will take a look at your property in comparison to other properties in your neighbourhood and compare the property values.

REAL ESTATE TAX DUE DATES

We also received the 2023 advanced tax notice. This will be due February 2nd, 2022. What is the Advance Tax Notice? This is part of your property taxes that you will need to pay the province this year.

If you have a property that is currently sitting vacant, you will need to fill out the yellow form included in this package. This is also due February 2nd, 2022. 

If you are not living in your home, or are not renting it out, please keep in mind that this tax has increased to 5%. The rule of thumb for this is to note whether your property has been sitting vacant for the last 6 months. 

It is really important to make this declaration if you fall under this category. The reason for this tax is to urge property owners to either rent out their empty proprties or sell them. 

If you have any questions about these taxes, please feel free to give us a call. We'd be happy to help.

Looking to sell your home? Looking to purchase a home? Contact us today and we can help you get started on your real estate journey!

Vancouver Realtors Andrew Hasman and Jeff Benna recap the biggest real estate news of 2022 and their predictions for 2023.

The Biggest Real Estate Changes for 2022

1. The first half of the year saw very low inventory with a high amount of buyers. The second half of the year saw less buyers, less urgency and less competition and softening prices.
2. 2022 saw a 14% increase in properies listed for sale and a 30% decline in sales.
3. House prices dropped between 1-7% depending of the area you are in.
4. The Foreign Buyer Ban has been put into place.
5. Anti-Flipping Rules have been imposed, but there is a possibility this has and will hit other industries such as contractors.Our Real Estate Predictions for 2023

1. Interest rates will continue to rise, and people will eventually get used to the rising rates.
2. Sellers will eventually realize that they need to sell their homes and cannot hold back due to the softening market and rising interst rates.

Thinking of buying and/or selling a home? Let us help you! Give us a call at 604-657-7936. We'd be happy to help you get started on your real estate journey!

As we enter 2023, it is important to note some changes that are happening to the real estate industry here in Vancouver. There is a lot happening in the real estate world that will impact consumers, sellers or buyers.

Changes in Rental Restrictions

The provincial government here in British Columbia has eliminated all rental restrictions on Strata properties. This will impact the condo and Strata market in 2023.

What does this mean? If you have a condo or property in Strata, you WILL be able to rent it out.

Three Day Rescision Period

As a consumer, anyone who buys residential property will have 3 days to decide if they will go ahead with purchasing the property or walk away. If you decide to walk away, please keep in mind you WILL need to pay a pentaly.

Foreign Buyer Ban

This ban is in effect for two years and will affect foreigners or non-residents looking to buy residential real estate. There are some exemptions for this ban, which we'd be happy to explain over the phone.

Speculation Tax or Empty Homes Tax

Rates on these taxes are going up 5%. If you rent your property out, you will not need to pay these taxes. However, if you choose to leave the property empty, you will need to pay the tax.

Thinking of selling? Keep the following tips in mind!

FIVE THINGS TO KEEP IN MIND BEFORE SELLING

1. Make sure your home is decluttered. Decluttered homes tend to sell quicker and for more.
2. Check all your lightbulbs and make sure they all work. Also ensure the lightbulbs are consistent throughout the property.
3. Clean out your gutters! Make sure there are no leaves in your gutters.
4. Get your furnace serviced and ensure all the filters are changed.
5. Run all your sink taps to check for any drips or leaks and get them fixed before listing your property.

Unsure about any of these changes? Interested in selling your home? Give us a call at 604-657-7936. We'd be happy to help you get started on your real estate journey!

How is the mortgage rate increases affecting refinancing?

There are a large number of mortgage holders who, if they had to requalify for the same mortgage that they are carryig, they would not even qualify.

How are the rates affecting purchasing power for Vancouver homebuyers? 

Short answer: The buying power of homebuyers has diminished by 30% The good news: Just because the rates have doubled does not mean homebuyer's purchasing power has been cut in half. 

Have Vancouver home prices dropped? 

Short answer: Yes.

There is great opportunity for buyer as prices drop and dealing with a dozen competing offers is no longer the norm. 

When the media release the Vancouver real estate market news, typically they are speaking about large areas like Metro Vancouver or British Columbia. We try to focus on what's happening in Greater Vancouver area.

Prices in the Valley, Chilliwack, Abbotsford, prices have dropped by 20%.

House prices have dropped in Seachelt BC by 17%. 

The price of house have changed less drastically on the westside of Vancouver or the Vancouver eastside. 

The key for Vancouver homeowners to keep in mind is to know the market in your area, or the area in which you're looking to purchase a home. 

Things to consider when purchasing in this Vancouver real estate market

When the market is down, it's a great opportunity to buy up to your next home because your differential is narrow. But keep in mind that in this market, it's increasingly important to sell your current home first. That prevents you from dealing with a contingent purchase. Typically you will also be the only offer going in and you have time to do due dilligence. 

It's possible that the home will go down again in 2023, but if you need a place to live and are planning on being there for five years or more,  then it doesn't really matter. While we don't have a crystal ball, home prices in Vancouver tend to increase over the longterm. Real estate is not a short term thing. 

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