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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!

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Vancouver Realtors, Andrew Hasman and Jeff Benna discuss the recent Bank of Canada rate increases and how it affects mortgage rates for Metro Vancouverites. 

And remember, always speak to your accountant and lawyer before making any decisions about your paticular mortgage rate situation. 

The benchmark rate was increased again by the Bank of Canada, this time by 50 basis points and we've seen a 400 base point rate increase since March 2022. That's 4.25%. 

Why? 

To cool the economy, produce aggrigate demand, and bring inflation back down to a 2% target level.

A typical 5 year fixed rate right now is 5.4 - 5.5% amortized over 25 years, conventional morgage of 25% down or more. Compare that to the early part of 2022, buyers were getting 2 - 2.5%. 

Your payment at the 2% rate was about $4,300/month and now that's just over $6,000. That's a whopping 40% increase. 


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. 

Please sign up to our newsletter to receive our weekly updates in your inbox. 

#Vancouver #RealEstateVancouver #VancouverRealEstate #Remax #gomyrealpage 

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Talking Vancouver Real Estate Strata Bylaws


Andrew Hasman and Jeff Benna recently came together to talk about Bill 44. This bill was very quick to pass and included some major changes in British Columbia. 

Strata corporations can now hold virtual meetings

Now, this isn’t a new concept as most of us have had virtual meetings for a few years now. 

Some may see this as a matter of convenience as the COVID-19 pandemic has changed many different ways of communicating with one another. People who do not live in the same city can connect with each other and partake in meetings over video. This option can be looked as a much easier, financially viable, efficient and accessible way of being included in these meetings. 

Another change that has occurred would be the age restriction rule.

Age restrictions have been lifted except for those aged 55+

Eliminating this restriction is seen as very beneficial as it creates a wider market for those looking to buy a home, particularly those under the age of 19. There is one last big change to be discussed.

Rental restrictions except for short term stay are no longer enforceable

To put it in simpler terms, this means that if you’re in a building that up until now has said that there are no rentals, you are now allowed to rent your suite out.

This change could bring 10’s of 1000’s of available renting space. There will be a lot more potential supply coming in. This could mean a lot more market value to come out of this for marketability when it comes time to resell. 

For some people, they do want some kind of rental restrictions, however Andrew believes that this is the minority of people. Many professionals aged 25 to 45, for example, still have the ability to work from home, or would want to take a year off or whatever the case may be, and don’t want their unit standing vacant. This is a flexible option for those wanting to rent out their space for a one year lease or longer, which for most people would be considered a good thing. 

Going forward, in the next few weeks we may see more people rent their spaces more rather than sell. It’s important to note that the rules do not apply for short term rentals such as Airbnbs, VRBO, etc. 

Currently in the real estate market, there is an increase in interest rate that has caused an obvious slowdown. This is not necessarily a bad thing as this is a more normal market condition, which gives buyers and sellers more time. 

If you’re thinking of buying or selling, please reach out to either Jeff 604-868-1651 or Andrew 604-657-7936.


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My Home is Not Selling. What do I do?

Has your home been on the market for an extended period of time?

We’ve seen many homeowners in this position, where they’ve listed their home for sale, and months have gone by without any movement.

Even if you’re not in a rush to sell your home, the process can drag on for weeks and months at a time. This could be understandably very frustrating for many people, as no one really wants to be on the market for that long.

When your house has been on the market for over 120 days, it’s gotten stale on the market.

The activity tends to drop off after that time, as realtors will look at the posting date and see that it’s been 4 or 5 months. Some will assume there is something wrong with the property. They’ll skip past the home and go into something that was listed more recently.

So, what do you do?

We suggest the first step as being to contact your realtor. Hopefully they are in touch with you on a regular basis. We would say at least once a week, just for a quick update, regardless of if there’s been any activity or not.

Sometimes in the real estate industry you may come across and find that some realtors’ enthusiasm declines after a few months. They could potentially be unreachable. That is why it is very important to choose an agent you can trust.

Once you have that trust in your agent, leave it to the professionals. Find out from your agent what is going on with the property, the market, what buyers are saying, any offer adjustments, and why your home has not been sold.

By getting the full picture, you will be able to decide what to do next. It could be time to re-list the property and move forward with your agent, or perhaps to find a different real estate agent for a second opinion.

In the last four weeks, we have seen about 60 homes that have sold on the West Side in Vancouver. This works out to about ten months supply, and means that we are slightly in a buyer’s market.

Our advice is to make sure that you home is pricedcorrectly, needs to present well, and get all the information you need from your agent. Ask them to lay it all out for you so that you have a good understanding of why in their opinion your home has not yet sold.

With these things in mind and under control, there is no reason as to why your home should not sell within a months’ time, regardless of if it is a slower market.

Do you have any other questions about the market or what’s happening in the real estate world? Reach out to us, we’re always available.

604-657-7936

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Do we sell the property with the tenant in place or wait til the tenant moves out?

If you have a Vancouver condo, townhome or house with rental tenants. Should we sell with the tenants in place or should we sell it when it's vacant?


Things to consider when you want to sell your investment home in Vancouver:

  • Is this the tenancy fixed term?
  • Is the tenancy month to month?

If your rental investment property is a month-to-month tenancy

You cannot get vacancy unless the tenant gives notice that they will move out.

Unless you plan to move a relative into the property and give your current tenants two months notice.

Or lastely, where you will make substantial renovations to the property that require permits.

Why fixed terms may work best when you are selling your tenanted investment property in Vancouver

You can tell inform the tenants that you will not be renewing the lease when the term is complete.

What makes a property the most sellable is:

  • when the property is accessible, and that means vacant. 
  • How the property "shows" will also affect the ease of sale. That means, what will it look like to potential buyers. If your tenants have their own furniture and you are not able to stage the property, it may not show well. The home may be cluttered, dirty or the garden and patio spaces may not be kept tidy. 

Alternatively, If the tenants are cooperative and the property shows well, it may be easy to get the investment on the market right away. If not, it may be best to wait until the propety is vacant.

To review your particular situation, please give us a call: 604-657-7936 

Let us know in the comments below if you have a real estate question.

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Vancouver's 2023 Rent Increase

Residential tenancy. What is it? 

Well, last week the province of British Columbia announced an allowable rent increase of 2% for 2023. 

This means that for all landlords wanting to increase the rent for their tenants can do so, with a notice to those tenants by the end of this month (September) to be ready for January 1st. 

The pricing used to be tied to the consumer price index, however it is now a whopping 2%. 

In previous years, it was a 0% increase due to the COVID-19 pandemic, which was slowly then raised to about 1.5%. With the current inflation rate being at around 9%, many landlords are struggling with their pricing, which is why there is the 2% increase. 

As prices are going back up, we’ll keep you updated with the latest in the Vancouver real estate market news. 

We’ve also included the full list of rules here, as provided by the British Columbian government. 

What other questions do you have about the current state of the market? Let us know: 604-657-7936

#Vancouver #RealEstateVancouver #VancouverRealEstate #Remax #gomyrealpage

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Here's our September Market Update for the Vancouver Real Estate Market
 
 
Last week, the Bank of Canada increased its target for interest rates by another 75 basis points. This brings the total to a 300 basis point jump since March.

This would mean that for anyone sitting on a variable rate mortgage, there will be a substantial increase in the monthly mortgage payment that is going to be endured by Canadians.

This increased rate is taking about 20 percent of the buying power away from anyone needing to qualify for a mortgage.

This has been the biggest increase since the 1980’s and undoubtedly has a detrimental impact on the real estate market. As we’ve seen with sales volumes and well below the 10-year averages.

As we head into the fall season from a quiet summer, we’ll keep monitoring what’s going to happen.

For buyers, many have been waiting around to see what happens with respect to the rates. We expect them to go a little higher as the Bank of Canada may raise its rates yet again.

Runaway inflation at the moment is sitting at around 8%. So, due to the current economic situation, many buyers are holding back and waiting to see what happens.

For sellers, we’re not yet seeing an increase in inventory as they are actually down from a year ago.

Home sellers are following the buyers' footsteps, by waiting to see what happens before listing their house, as the market is still slow.

We’re seeing a price drop for homes of about 5-15 percent, depending on the type of property you own, the location, etc.

So, if you’re looking to buy a home, this is a great time to do so.

You could post an offer and have a chance to negotiate a good deal, as there aren’t too many people looking to buy at the moment.

While for sellers, it’s crucial for your home to be looking at its absolute best regardless of if your home is older. Maintenance should be one of the top priorities. Have your exterior looking great, garden maintained, interior lights working, and overall a full tuneup.

View our checklist of some of our recommendations for getting your home ready.

If you have any questions about anything real estate, please give us a call. We’re always available to answer your questions.
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Get Your Vancouver Home Ready for the Fall & Winter Season

Summer is slowly coming to an end, which means that the fall and winter months are approaching. As you start getting your home ready for the upcoming seasons, there are a few things we recommend you do to prepare your home beforehand.

We recommend you check and keep up with the maintenance of your furnace and/or boiler annually. If you’ve run your furnace and some areas in your home appear to be cooler than others, you don’t necessarily need to upgrade your furnace just yet. Adjust the furnace or get your ducts cleaned and opt for a quality air filter to keep dust and any other debris out of the ducts. This goes the same with ensuring all heat registers and/or zones are working in your home.

You’ll thank yourself for inspecting your roof and chimneys now before the rainy season. Factors such as severe weather can speed up the deterioration process of your roof. Look for signs of worn or lost shingles, as well as mold, and that everything on your roof is installed properly.

Do a quick visual chimney sweep

Check to make sure there are no bird or squirrel nests inside your chimney, as well as is also any crumbling bricks. If you cannot see all areas of your roof and it’s older than 15 years, a roof inspection is a good idea. Not comfortable climbing onto your roof? Please reach out to us for a referral to a professional who will inspect it.

‘Tis the season to order your firewood

Stack and cover the wood neatly in an outside location away from the soil. Keep the firewood in your yard on top of plastic sheeting, and remember to dispose of any old and rotten firewood.

Easy to forget, but make sure to check your gutters! They could potentially be clogged with last year’s leaves & debris. One way to check the integrity of your gutters is to go outside when it's raining and check your downspouts. Using a garden hose to spray water on your roof to see if your gutters are leaking is also another great way to check.

Inspect the exterior of the home for gaps around windows, door frames, and joints. Search your home for any other gaps and ensure that there are no caulking gaps as they may happen. Be up to date with the condition of the caulking around your home.

Windows should be latching correctly to avoid unwanted drafts and loss of heat. Check weather stripping around exterior doors, as well as the exterior lighting.

Shut down your pool and sprinkler system properly, as well as drain the outside faucets. The fall season is a great time to get any pool work done, especially if there’s a problem. Your outside water faucet is completely unprotected from the elements. It will freeze over the winter and there is a greater chance of basement flooding or other nasty leaks.

You can do a basic drain of the line, by shutting off the water valve to your outside spigot, going outside then opening the exterior spigot valve. From here, let the water drain out of the line. If the water in there freezes, there is plenty of room to expand without breaking any pipes or seals. Leave the water shut off to the faucet until you need to use the hose.

Since most of us stay mostly indoors during the colder months, make sure you change the batteries in your smoke detectors. Clean and inspect both your fireplace and dryer vents, as well.

Scan the trees on your property for broken limbs or limbs hanging over your house. These limbs might need to be pruned back. If they need to be pruned, learning proper tree pruning techniques will help your trees flourish and keep them staying and looking fresh.

Don’t wait for winter to restock on cold-weather essentials

This includes items such as snowblowers and shovels. Keep your driveways clear with salt and ice melt. The earlier you get these items the better, as most people wait for the first snowstorm to buy these items.

Lastly, we recommend you get your lawn fertilized and ready for spring growth. This can look like mowing early or often, trimming trees and bushes, and assessing the soil, to name a few. Fertilization will help give a big boost of nutrients to stimulate recovery and prepare it for the upcoming seasons.

Contact us if you need a referral for one of our preferred service providers. 

Sign up for more tips like this and receive our free gift of a downloadable checklist:

 

Let us know: what else would you recommend to get your home ready for the colder seasons?


 
 
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704-1225 Barclay Street: Before & After

We are at 704-1225 Barclay Street in downtown Vancouver. 

Today we are taking you through the “before and after” of this 673 square ft. 1-bedroom, 1-bathroom suite.

In this suite, there is a great storage space and it comes with one parking. 

Take a look! 

If you’re interested in learning more about how to make your suite brand new, give us a call.

andrewhasman.com 

604-657-7936

#Vancouver #RealEstateVancouver #VancouverRealEstate #Remax #gomyrealpage

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Getting to know Vancouver: Pacific Spirit Regional Park


Today's a hot day, so we’re at Pacific Spirit Regional Park!

This Vancouver trail is located in the University Endowment Lands, on Point Grey to the west of the city of Vancouver. It surrounds the endowment lands of the University of British Columbia on the shores of Georgia Strait in the Pacific Ocean.

This park is a great place to visit if you’re in Vancouver at any time of year. There are plenty of trails at this park so you could really explore the beautiful old wood trees.

Whether you’re biking, hiking, or walking your dog, this is a stunning spot for nature lovers.

Rain or shine, this park is a great escape in the great outdoors of Vancouver.

What’s your favourite park in or around Vancouver?


604-657-7936

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Getting to know Vancouver: Olympic Village




We’re continuing our “Getting to Know Vancouver” series with a mini-episode about Olympic Village.

Today, we’re located on the south shore of False Creek. In this location, there are many restaurants, retail, and shops.As Jill mentions in the video, many Vancouver neighborhoods all offer great walkability to convenience.

There are many great activities in this area; you can paddle board, walk the stunning view-filled sea wall, grab a bite or down a happy hour drink at a neighbouring restaurant patio, visit and explore Science World, and more.

What’s your favourite activity at Olympic Village?

If you have any questions on this neighborhood or any other neighborhood in Vancouver, give us a call: 604-263-2823

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Getting to know Vancouver: Jericho Beach



Whether you’re a local Vancouverite, thinking of moving to Vancouver, or you’re simply coming for a holiday, get to know Vancity like a pro! 

This series that we’re calling “Getting to Know Vancouver” is just that. Getting to know the beautiful, busy city of Vancouver.

In this episode, we’re in the Point Grey area, at Jericho Beach. This area is surrounded by great schools, such as the University of British Columbia (UBC). 

The beach itself is stunning and looks like it goes on forever. You can even see downtown Vancouver in the background!

Enjoy a rare and sunny day at the beach with a book and take advantage of that weather.

For the adventure junkies, there are many activities to do on the beach, like sailing, kayaking, and paddle boarding.

What’s your favourite beach in Vancouver?

#Vancouver #RealEstateVancouver #VancouverRealEstate #Remax #gomyrealpage #JerichoBeach

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