Real Estate Blog

Real estate scams (and how not to fall victim)

Fri, 29 May 2026 21:39:00 GMT

Real estate scams are one of the fastest-growing forms of fraud in Canada. Because they target many Canadians’ largest assets (their homes), real estate scams can also have a devastating impact on their victims’ lives, mental health and financial wellbeing.

The following are some of the most common types of real estate scams in Canada, along with some tips on how you can spot them – and what you can do to keep yourself from becoming a victim.

The most common types of real estate fraud in Canada

While there are many different types of scams targeting homebuyers and sellers, the most common forms of real estate fraud that tend to occur in Canada include:

· Title fraud—criminals impersonate or steal the identity of a legitimate homeowner to either take out a new mortgage in their name, or sell their property and keep the proceeds for themselves.

· Mortgage scams—buyers provide false or incorrect information on a mortgage application to secure financing or get a better rate.

· Foreclosure fraud—scammers offer to help homeowners who are going through financial difficulties with financing or other assistance, only to end up stealing the equity they’ve built or tricking them into signing over the title to their property.

· Rental scams—fraudsters pose as landlords to trick renters into handing over a deposit to a property they don’t own, and which they never intended to rent out.

· Reverse mortgage fraud—criminals convince a homeowner (typically seniors) to obtain financing through a reverse mortgage, and then get them to “invest” the money in bogus investments or other get-rich-quick schemes.

· Wire fraud—online fraudsters use sophisticated techniques to intercept sensitive emails and provide a fake link or wire transfer instructions to scam buyers, or trick them into transferring the closing funds or other payments to them instead of to the actual seller.

The biggest warning signs of a scam

Some scams can be harder to spot than others. But be extra careful if you encounter any of the following red flags:

· High-pressure sales tactics that try to force you to make a decision on the spot, close on a property quickly, or hand over your personal or financial information to someone you don’t know.

· Requests to keep real estate transactions confidential or to avoid talking about them to friends, family members, or even your financial advisor.

· Deals that seem too good to be true, like a listing price that’s 20% below the average or an interest rate that’s two points lower than any competing mortgage loans.

· Sellers, buyers, or agents who are unable or reluctant to meet in person, refuse to offer any references you can check, or fail to provide the proper identification.

How to protect yourself

To avoid falling victim to a real estate scam – and protect yourself, your family, and your financial future – always make sure you:

· Verify everything and everyone you deal with.

· Keep your personal and financial information secure and confidential, and never share it with anyone you don’t fully know and trust.

· Get title insurance to protect yourself against title fraud.

· Work with a licensed REALTOR®, broker, lender and other professionals when buying or selling a home, applying for a mortgage, or refinancing your existing mortgage loan.

· If you suspect you may be the victim of a scam, report it to the police and contact your financial institution, the major credit bureaus, and the Canadian Anti-Fraud Centre immediately. If you aren’t sure, talk to your financial advisor, a trusted friend or family member, or ask your REALTOR® for advice.

Find out more

To find out more about real estate scams, email us your questions or contact us to schedule a free consultation.

Top 5 tips for sellers in a buyer’s market

Thu, 21 May 2026 04:38:03 GMT

It’s no secret that most of British Columbia is currently in a buyer’s market when it comes to real estate. But while sluggish home sales may be skewing B.C. real estate towards favouring buyers at the moment, there are several time-tested tips and techniques that sellers can use in any market to sell their homes faster, easier, and at a higher price.

Tip #1: Set a realistic asking price

Especially in traditionally hot markets like the Lower Mainland, sellers can sometimes fall into the trap of trying to price their property to reflect past property values rather than the current market conditions.

But chasing after last year’s prices will only end up scaring off potential buyers, or having your property sit on the market for longer than you’d like or can afford. So when deciding on an asking price, work with your REALTOR® to set a value that’s based on comparable listings that are currently for sale in your neighbourhood, city or community.

Tip #2: Put your home’s best foot forward

Help your property stand out from the competition by taking care of any easy fixes and repairs, de-cluttering your home, investing in a few simple or inexpensive renovations or upgrades, and boosting your home’s curb appeal with a little landscaping or a fresh coat of paint.

Depending on your property, you may also want to hire a professional home stager, use AI tools to virtually stage your property, or ask your REALTOR® if they have any advice on how you can make your home more appealing to potential buyers.

Tip #3: Be flexible

You never know which buyer will be the one who ends up making an offer. So keep your property neat and tidy at all times, so you can be ready to accommodate any last-minute requests to view your home on short notice.

If you’re in a rush to sell, let your REALTOR® know that you’re willing to be flexible on things like the closing date, sale conditions, or what you’re willing to include with the purchase price.

Tip #4: Have a targeted marketing strategy

Don’t waste your time or energy on outdated advertising and marketing strategies that no longer work in today’s competitive marketplace. Instead, do everything you can to reach the right buyers, and set your home in the best possible light.

This could mean anything from having professional photos and videos taken of your property before you list it, to tailoring your listing and marketing efforts to attract the most attention, reach the widest possible audience, and speak directly to what buyers in your area want most in a home right now.

Tip #5: Hire a professional REALTOR®

Last but most definitely not least, hire an accredited, professional REALTOR® who has experience with your neighbourhood and property type – and who you feel you can trust.

Choosing a REALTOR® who understands the local market, knows how to showcase your property to the right buyers, and can help you negotiate the best possible price for your home may be the most important decision you’ll make as a seller, regardless of which way the markets are or aren’t heading.

Questions?

Curious about how you can make your property more attractive to buyers? Contact us to schedule your free in-person consultation.

Mortgage myths: Debunking the top 5 misconceptions about mortgages in Canada

Fri, 08 May 2026 21:36:57 GMT

According to the Financial Consumer Agency of Canada (FCAC), more than a third (35.5%) of all Canadians currently have a mortgage. But while mortgages may be one of the most widespread forms of lending in the country, many Canadians still have a surprising number of misconceptions about how mortgages work, what the options are – and how to pick the right mortgage for them.

With close to 60% of all Canadians who have an outstanding mortgage expected to need to renew their mortgages before the end of the year, we thought we’d take a few moments to dispel some of those misconceptions, and debunk some of the most commonly-held Mortgage Myths we encounter as REALTORS®.

Myth #1: You always need a down payment of 20% to buy a home

While many homebuyers prefer to have a down payment of 20% or more to keep their monthly costs low, it’s possible to buy a home in Canada with as little as 5% down for homes that are valued at less than $500,000, or 10% down for homes with a purchase price of between $500,000 to $1.5 million.

Just remember that if you decide to purchase a property with less than 20% down, you’ll need to get mortgage loan insurance, which could add another 2.8% to 4.0% to the purchase price of your home.

Myth #2: You need to have perfect credit or be debt-free to qualify for a mortgage

Having a perfect credit score or being completely debt-free can be an advantage when it comes to qualifying for a mortgage. But they certainly aren’t mandatory requirements.

As with any other kind of loan, lenders will take a close look at your entire financial picture when deciding whether or not to approve you for a mortgage. This can include everything from your income and job history to your assets, personal debts, and the kind of property you’re looking to buy.

Many lenders also offer mortgages that are specifically intended for buyers whose credit isn’t as spotless as they might like, provided they’re willing to pay a higher interest rate or come up with a larger down payment upfront.

Myth #3: Your own bank will always give you the best rate

Given that you likely have a long history of working with them, your bank or credit union may well offer you the best mortgage rate or terms. But just because you have your chequing account, credit cards or investments with a particular bank doesn’t necessarily mean they’ll offer you the best mortgage.

Before you make your final decision on any mortgage matters, take some time to shop around, and try to get at least a few different competing offers.

Myth #4: Fixed-rate mortgages are always safer than a variable rate

Fixed-rate mortgages do provide greater stability, predictability and peace of mind than variable-rate loans. They can also offer significant cost savings if mortgage rates suddenly go up. But the choice between variable- and fixed-rate mortgages isn’t quite that straightforward.

For one thing, variable-rate mortgages tend to offer lower interest rates than fixed-rate loans, which can reduce the total amount of interest you’ll have to pay over the lifetime of your mortgage. Fixed-rate mortgages also often charge larger penalties if you need to break or refinance your mortgage.

In addition, variable-rate mortgages can save you even more if interest rates happen to drop. So if you aren’t sure which option is right for you, talk to your bank or mortgage broker, or ask your REALTOR® for advice.

Myth #5: The lowest rate is always the best choice

Lastly, while it’s true that the interest rate should be a big factor in choosing a mortgage, there are many other factors that need to be considered before you decide which mortgage is the best one for you.

For example, in addition to the interest rate, you may want to think about things like the mortgage terms, the amortization period, whether you want to be able to port your loan from one institution to another, and whether or not you want the flexibility to make more – or fewer – payments depending on how your individual needs and circumstances change.

Questions?

Is AI changing the way British Columbians buy and sell their homes?

Wed, 29 Apr 2026 19:24:44 GMT

From chatbots and smart homes to Alexa, Siri and ChatGPT, artificial intelligence (AI) has transformed almost every aspect of our daily lives. But is AI also changing the way British Columbians buy and sell their homes?

While AI isn’t about to replace your human REALTOR® anytime soon, here are 10 ways that AI is already being used in B.C. to help Canadians sell their current homes, buy a new property – and make the whole real estate process faster and more efficient for everyone:

1. Virtual home staging—AI image and video generators let homeowners virtually stage their properties with just a few clicks of a mouse, including everything from changing the colour of the paint on the walls to adding new furniture, updating the décor or sprucing up the landscaping.

2. Personalized property searches—buyers and REALTORS® can both use AI search tools to instantly narrow down their options to only those listings that meet their exact needs and preferences.

3. Online property tours and showings—many listings today rely on 360-degree, AI-generated video tours to let potential buyers tour properties that are located across town, in a different city, or on the other side of the country.

4. Fast and accurate home valuations—REALTORS® can use AI-powered tools to survey thousands of comparable listings in the blink of an eye and come up with accurate, up-to-the-minute home valuations that are based on real-world results.

5. Accelerated sales analytics and insights—AI platforms bring together vast amounts of research and data to help REALTORS® analyze current market conditions, forecast the impacts of current events on housing prices, and even predict future trends at the national, regional and local levels.

6. Targeted marketing and advertising—REALTORS® can also use AI tools to analyze what buyers are looking for in a home, figure out which approaches will attract the most attention, and tailor their marketing and advertising to reach the broadest pool of potential buyers in the quickest and most efficient way possible.

7. Scouting for investment opportunities—AI services help investors analyze the latest market data to find properties that are undervalued, located in new or emerging neighbourhoods, or which are most likely to appeal to renters.

8. Smart security and access systems—smart home technologies make it easier to schedule viewings at the last minute by letting REALTORS® and their clients use passwords or facial recognition to access properties that are for sale.

9. 24/7 client support—AI chatbots let real estate agencies provide immediate, round-the-clock support and services for their clients on a 24/7 basis, 365 days a year.

10. Answers to common questions—AI platforms like ChatGPT can also answer many of the most common basic questions about real estate, from telling sellers how to boost their curb appeal to letting buyers know how much money they’ll need to put down to buy a particular property.

But while all of these tools can be useful, just remember that the advice you get from AI won’t always be accurate, up-to-date, or relevant to your local market. So be sure to confirm the answers to any really important questions with your REALTOR® before you act on them!

Find out more

Curious about how AI could affect your home sale or purchase? Email us your questions or contact us to schedule a free consultation.

5 questions you need to ask before buying a condo

Fri, 17 Apr 2026 21:05:00 GMT

Condominiums (also known as strata properties in B.C.) can be a great choice for many homeowners.

For one thing, condos are often less expensive than single-family homes. They tend to be located in popular or centrally-located neighbourhoods that are close to transit, shops, services, and plenty of recreation opportunities. Plus, they offer all the benefits of a turnkey lifestyle with less time spent worrying about upkeep, maintenance or repairs.

But buying a strata property also comes with a few unique considerations that require a little extra time and research beyond simply finding out how much the condo fees are. If you’re thinking about buying a condo in the Lower Mainland, here are five questions you should ask before you put in an offer.

Question #1: Can I see the status certificate?

The first step before buying a condo is to ask for – and carefully review – the status certificate.

A status certificate is a detailed snapshot of the legal, operational and financial health of both the unit you’re buying, and the strata corporation as a whole. This includes everything from an overview of the strata’s budget and financial records to information on whether the unit has any unpaid fines or any lawsuits have been filed against the strata.

While you’re at it, ask for a copy of the strata’s latest depreciation report as well, so you can find out if there’s enough money set aside in its Contingency Reserve Fund to cover any unexpected future expenses.

Question #2: Are there any special assessments filed or pending?

A special assessment is an extra fee that the strata corporation imposes on the unit owners to pay for large repairs that aren’t covered by the reserve fund.

Some common examples of special assessments include the cost of repairing or replacing an aging roof, carrying out major upgrades to the building common areas or amenities, or fixing the damage from a major flood or water leak.

Every unit owner is required to pay for their portion of any special assessments, which can run into the tens or even hundreds of thousands of dollars per unit. Finding out whether or not any special assessments have been assessed or filed can give you a heads-up about possible future costs you might not have included in your budget, while also giving you a better idea of the structural and financial condition of the building you’re buying into.

Question #3: What features and amenities are available to residents?

One of the great advantages of condo living is that you have access to all the common areas, special features and shared amenities your building has to offer. But the type and number of amenities can differ greatly from one condo property to another.

Some buildings may offer little more than a common lobby, mailroom and small outdoor space. Others resemble high-end hotels or resorts, with everything from immaculately landscaped grounds and a 24/7 concierge to a pool, sauna, gym or theatre room.

If there are any particular amenities that are important to you or your family, make sure the condo you’re looking at has them. Just remember that all those perks also have to be paid for. So if you’re not the kind of person who tends to use the pool or gym on a regular basis, choosing a building with fewer amenities could help keep your condo fees lower.

Question #4: What are the building rules and restrictions?

Bylaws are one of the biggest ways that condos differ from traditional homeownership.

Condo bylaws are detailed sets of rules and restrictions that designate exactly what the unit owners can – and can’t – do with or in their homes. On the plus side, bylaws can help keep your building looking its best, and make sure everyone can enjoy their home in peace and quiet.

But bylaws can also limit what changes you can make to your unit, and restrict everything from how much noise you can make to whether or not you can smoke in your home.

So before you start mentally moving in, get a copy of the current bylaws to find out what the strata rules and regulations are regarding things like parking policies, noise levels, rental or pet restrictions, smoking or vaping bylaws, and any other rules that could impact you.

Question #5: How is the building managed?

In B.C., condos are run by a strata board made up of volunteer unit owners who are elected to serve a fixed term. Most larger buildings also use property management companies to give advice to the board, and take care of daily tasks like building maintenance or collecting those pesky condo fees.

Before you buy, take some time to review the minutes from several recent board meetings to find out how the property is run and maintained, and whether there is any history of fights, disagreements or other conflicts between the unit owners.

If you’re not sure how to start, ask your REALTOR® for advice. If they have experience with the area and type of property you’re interested in, your REALTOR® will probably already have a pretty good idea about the condition and history of any condo you may be thinking about. Asking them to share their expertise can help make sure you make the right choice for you and your family.

Any more questions?

Spring maintenance tips for your home

Mon, 06 Apr 2026 21:23:38 GMT

Most of us who are lucky enough to live in the Lower Mainland tend to associate the arrival of spring with warm sunny days, long walks along the beach or seawall, and of course the return of our famous cherry blossoms.

But for homeowners, spring is also a great time to carry out a few quick and easy maintenance tasks to make sure your home made it through the winter in one piece, and get your property ready for the shift into warmer (and dryer!) weather.

Whether you’re a new or experienced homeowner, here are a few simple things you can do this spring to help keep your home safe and sound, and protect your investment all year round:

· Check and clean your gutters and downspouts to make sure they’re securely connected, working properly, and free of any damage or debris.

· Clear any snow, ice, mud or other debris from all outdoor intake, exhaust and forced-air vents.

· Get rid of any debris or clutter from your lawn and garden, and examine any large trees for broken, rotting or damaged limbs that could pose a safety hazard.

· Turn on the exterior hose bibb once the risk of frost has passed, and make sure the water hasn’t frozen or damaged the hose or valves.

· Test your sprinklers or irrigation system, and repair any sprinkler heads or connections that have been damaged or come loose.

· Inspect the exterior of your foundation for any cracks, openings or holes that could let water into your home.

· Check the driveway and any other concrete or asphalt areas around your property for cracks or other damage that could get worse if left untended.

· Use a ladder or drone to take a close look at your roof and make sure none of the shingles are lifted, damaged or missing.

· Inspect any fences, decks or patios for cracked or damaged boards, rails or panels.

· If you have central air conditioning, test your A/C now before the heat of summer is in full force, and have it professionally serviced or repaired if you detect any problems.

· Check inside your basement or attic for any damage, leaks, or other signs of structural or water issues.

· Inspect exterior windows and doors for damage and replace any worn caulking, seal any gaps in the weather stripping, and repair any holes in your screens.

· If you have a fireplace or wood-burning stove, make sure it’s in good working order, and consider having it professionally cleaned and serviced.

· Clean or replace the filters on your furnace, heat pump or air exchanger.

· Check and test all your smoke detectors and carbon monoxide alarms to make sure they’re working properly, and replace the batteries at least once every six months.

Top 10 affordable neighbourhoods in Greater Vancouver for first-time buyers

Wed, 25 Mar 2026 22:11:41 GMT

There’s no way around it. Even with the recent drop in home prices, many first-time buyers in the Lower Mainland are still finding it hard – or even impossible – to buy a home. But for those who are willing to look a little further afield, there are several up-and-coming communities where buyers can still find a bargain (or at least, a home they can actually afford!).

If you’re in the market for your first home in the Greater Vancouver area, here are 10 affordable neighbourhoods that should be on your shortlist for serious consideration:

1. Renfrew-Collingwood—an emerging East Vancouver neighbourhood that combines reliable transit options with a great mix of older properties and new condo projects, and offers terrific value for your money.

2. Hastings-Sunrise—a centrally-located community that’s especially great for young families, with green spaces like the popular New Brighton Park, a great mix of services, and a variety of spacious but affordable homes, townhomes and low-rise apartments.

3. New Westminster—one of the province’s fastest-growing communities, New West exudes classic historic charm, offers exceptional walkability and has a great “small town vibe.”

4. Burnaby—with a suburban feel but plenty of dining and recreation opportunities, Burnaby gives buyers direct access to the shops and stores of Metrotown as well as proximity to downtown Vancouver, the Burrard Inlet and the North Shore Mountains.

5. Richmond-Bridgeport—an excellent choice for investors, Richmond has a wide range of new housing developments available at a price that can often be hundreds of thousands of dollars lower than comparable properties in Vancouver, West Vancouver or Steveston.

6. Coquitlam—one of the Lower Mainland’s best-kept secrets (at least for a little while longer!), Coquitlam gives homeowners a perfect mix of urban living with easy access to parks, extensive walking and cycling trails, and spectacular natural beauty.

7. Surrey—once seen as a little sleepy, Surrey has grown to become one of the region’s top choices for first-time buyers, offering everything from multiple SkyTrain stations to family-friendly parks, vibrant shopping, and a diverse mix of affordable housing options.

8. Langley—a highly sought-after community with easy access to the great outdoors, a slew of new condos and shopping options, and even a planned expansion of the SkyTrain for quick and easy access to the rest of the Lower Mainland.

9. Port Moody—one of the best bets on our list for first-time buyers, Port Moody features a unique combination of trendy boutiques and breweries, kilometres of waterfront parks and walkways, great prices on new and resale condos, and a welcoming, small-town feel – all with the West Coast Express and two SkyTrain stations on your doorstep.

10. Maple Ridge—while it may take residents a little longer to get to downtown Vancouver, Maple Ridge is a peaceful and quiet place to call home that offers buyers a strong sense of community and some of the best real estate bargains – and largest living spaces – to be found anywhere in the Lower Mainland.

Questions?

Curious to find out more about any of these areas? Contact us to schedule a free consultation.

Are you ready to buy a home?

Wed, 18 Mar 2026 21:11:30 GMT

Buying your first home can be an exciting experience. But if you’re like most Canadians, it’s also probably one of the biggest and most important decisions you’ll ever make. So how can you be sure if you’re ready to make the leap?

If you’re thinking about getting into the real estate market for the first time, here are five questions to ask yourself that can help you decide whether or not you’re really ready to buy your first home.

Question #1: Are you financially ready to be a homeowner?

Buying a home is a huge investment. So ask yourself: are you financially ready to not only purchase your first property, but to cover all of the expected and unexpected expenses that come along with owning a home? For example:

· Is your Debt-to-Income (DTI) ratio lower than 36%, or at least no higher than 43%?

· Is your credit score high enough to get approved (or pre-approved) for a mortgage?

· Have you saved enough money for a down payment of at least 5% to 20% of the purchase price of your new home?

· Do you have enough put aside to cover the closing costs, legal fees, title insurance cost, home inspection fees and all the other costs associated with buying a property?

· Can you afford all the ongoing costs associated with homeownership, including home insurance, property taxes, condo fees and your monthly mortgage payments?

· Will buying a property eat up all your savings, or do you have an emergency fund set aside in case of an unexpected job loss, big home repair or other setback?

Question #2: Are you prepared for the responsibilities of homeownership?

Owning a home can offer a great deal of financial freedom, personal satisfaction, and the flexibility to do what you want with your property. But being a homeowner also comes with a lot of duties, chores and responsibilities that the average renter never has to worry about. For instance:

· Are you disciplined enough to make sure you never miss a mortgage payment or property tax bill?

· Are you ready to monitor, maintain and keep your home in good condition in every season?

· Are you prepared to take care of all the repairs, fixes and maintenance issues that will inevitably come up, from late-night plumbing disasters to a roof that suddenly decides to start leaking in the middle of a thunderstorm?

Question #3: Are you ready to stay in one place for a while?

When it comes to buying vs renting, a good rule of thumb is that buying a home usually makes sense if you intend to live in it for at least 3-5 years. So take an honest and realistic look at your personal and professional circumstances, and ask yourself:

· How secure is your employment situation?

· Will you need to move soon for your current career, or to take a new job?

· What are the odds that you or a family member will experience a major life change in the not-too-distant future?

· How comfortable are you with the idea of settling down in one place for a while?

Question #4: Do you know what kind of property you want?

When you buy a home, you’re in it for the long (or at least medium) haul. So before you make any firm decisions, consider factors like:

· What kind of home, neighbourhood or type of property do you see yourself living in?

· Would you prefer a condo in the trendy downtown core, or a single-family home in the suburbs?

· How many bedrooms, bathrooms, and other features and amenities does your family need?

Question #5: Is now a good time to buy?

Lastly, homeownership isn’t a sprint as a financial investment. It’s a marathon. But there are still times when it may make more sense to take the plunge, and other circumstances when it might be a good idea to wait a little longer before setting your foot on the property ladder.

So before you begin looking for your dream home, make sure you:

· Do your research into the current state of the real estate market in Canada, across British Columbia and in your community.

· Take a look at a wide range of properties in your budget range.

· And be sure to talk to a REALTOR® who specializes in your local area for advice.

In addition to guiding you through the homebuying process, a good REALTOR® can also share their expert opinion on factors like whether real estate prices are climbing or falling, what buyers and sellers are currently looking for – and what the future might hold in store for interest rates.

Any other questions?

Curious to find out if you’re ready to become a homeowner? Contact us to schedule your free consultation!

Landlords and tenants: roles and responsibilities

Mon, 09 Mar 2026 17:37:43 GMT

Owning a rental property can be a great investment. But many first-time real estate investors aren’t aware of all of the different roles, duties and responsibilities they’re required to provide for their tenants – or that their tenants owe to them.

If you’re thinking about becoming a landlord, what can you and your tenants expect from each other – and what can you do if there’s a disagreement?

What landlords are responsible for

The rules governing landlords and tenants can vary from one province or municipality to another. But generally speaking, in British Columbia, landlords are responsible for:

· Making sure the property is safe, clean, habitable and up to code.

· Ensuring tenants have access to all vital and essential services, such as heat, water and electricity.

· Providing tenants with a written lease, tenancy agreement, move-in/move-out instructions, strata rules and any other necessary documentation.

· Respecting their tenants’ privacy and legal rights, including not interfering with a tenant’s reasonable and quiet enjoyment of their home.

· Taking care of major structural repairs and maintenance issues in a timely manner, including fixing or replacing any broken appliances that are provided with the unit.

· Providing at least 24 hours written notice before entering the property.

· Following the provincial guidelines established each year governing the timing, notice and amount of annual rent increases.

· Upholding all of the health, safety and housing standards and regulations set out in the B.C. Residential Tenancy Act.

What tenants are responsible for

Tenants, on the other hand, are responsible for:

· Paying their rent in full and on time.

· Paying any security, pet or other deposits within 30 days of signing their lease.

· Keeping the property clean, sanitary and in good condition.

· Respecting the rules outlined in their lease agreement or provided as a condition for occupying the property, such as following the strata bylaws for condominiums.

· Taking care of minor fixes like replacing burned-out fuses or changing a lightbulb, and reporting any larger maintenance issues or repairs that are needed as promptly as possible.

· Allowing the landlord to enter the premises to take care of emergency repairs or for a showing when provided with the appropriate advance written notice.

· Returning the property to its original condition when they move out, such as re-painting any walls that were changed to a different colour, steam cleaning the carpets and taking care of any other changes that were made to the unit.

· Getting written approval from the landlord before subletting or assigning the unit to anyone else.

· Fixing or paying to repair any damages to the property that were caused by themselves, their guests or their pets beyond normal “wear and tear.”

What happens when one party doesn’t live up to its obligations?

If either the landlord or tenant isn’t living up to their duties and obligations, there are several steps you can take to help rectify the problem.

In most cases, the best first course of action is to try to resolve any issues amicably by communicating directly with your tenant, or through your property manager if you have one.

If this doesn’t work, you can give your tenant a written warning for minor or first-time breeches of the rules, issue an eviction notice for more serious lapses like damage to the property or non-payment of rent, apply to the Residential Tenancies section of the B.C. Housing and Tenancy branch to have the dispute adjudicated, or contact your lawyer for advice.

Find out more

Do you have any questions about landlords and tenants that aren’t covered here? Download a copy of the B.C. Residential Tenancy Policy Guidelines or contact us to schedule a free chat, phone call or consultation.

Is homeownership becoming out of reach for younger buyers?

Wed, 25 Feb 2026 22:00:57 GMT

Buying a home is a huge investment at any stage of our lives. But given how much property values have risen in British Columbia over the last few decades, for younger buyers, the idea of owning a home of their own can sometimes seem like a pipedream that’s destined to remain permanently out of reach.

In a 2024 poll by Scotiabank, for example, more than half of all Gen Z and Millennials who were surveyed said they felt that buying a home had become essentially “unattainable.” But in spite of the challenges, 58% of Canadians aged 18 to 43 still said they were determined to buy a property within the next five years.

The truth is, while today’s real estate prices can be a big hurdle for younger buyers, there are many different tools and strategies available that can help. The following are a few tips to help Gen Z, Millennials and other first-time buyers buy their first home in B.C. – and get their foot on the first rung of the property ladder.

Tip #1: Take advantage of government incentives

First, take advantage of all of the government grants, rebates and incentives that are available to help younger and first-time buyers.

From the First-Time Home Buyers’ Tax Credit and the B.C. First-Time Home Buyers’ Program to savings tools like First Home Savings Accounts and the federal Home Buyers’ Plan, these programs can provide hundreds of thousands of dollars in funding or support to help buyers purchase their first property.

Tip #2: Ask a family member for help

For some younger buyers, purchasing a property might mean going to the “bank of mom and dad” for help.

According to a recent report by CIBC, approximately 30 percent of first-time homebuyers in Canada received financial assistance from their parents to help with a down payment. In Vancouver, the average amount of those gifts was close to $180,000.

If you’re self-employed, just starting out in your career, or work in the freelance gig economy, asking a family member to co-sign a mortgage could also make it a lot easier for you to obtain financing – and possibly even make the difference between getting a no or a yes from your lender.

Tip #3: Get flexible with financing

Thanks to recent changes in Canada’s mortgage rules, younger and first-time buyers can now also consider getting a 30-year mortgage on eligible properties.

Compared to a traditional 25-year mortgage, 30-year mortgages give you more time to pay back the loan, which can reduce your mortgage payments by several hundred dollars a month or more.

Plus, while older buyers might balk at the prospect of a 30-year amortization, one big advantage younger buyers have is that they’ll likely have more time to pay off their mortgage. There’s also a good chance you’ll be earning more in five or 10 years than you do now. So you may be able to pay off that 30-year loan sooner anyway, if your goals and circumstances allow.

Tip #4: Get creative about what owning a home means

Many younger buyers are also getting more creative these days about what the idea of homeownership can actually look like. For instance, instead of looking for a standalone home or focusing exclusively on the most popular neighbourhoods, you might consider buying a condo or choosing a community that’s a little less central for your first property.

Other options could include exploring rent-to-own models, co-ownership plans, or other non-traditional paths to homeownership to lower your upfront costs, pool your finances with friends or family members, and buy your first property sooner than might otherwise be possible.

Tip #5: Let your home help pay for itself

Finally, consider all the different ways you can use your home to generate some income you can put towards everything from mortgage payments and property taxes to the cost of a renovation.

Instead of purchasing a single-family home or townhouse, for example, buy a duplex or triplex and rent out the other unit(s). If you’re buying a house, consider adding a laneway home or turning the basement into a separate rental suite.

If your property is eligible, you could also turn to sites like Vrbo or Airbnb for occasional income, or as a regular way to help defray costs.

Questions?

Curious to find out how you can make your dream of homeownership a reality? Contact us today for a free consultation.

Buying a home: the different types of homeownership

Wed, 18 Feb 2026 22:36:07 GMT

Buying a home is one of the biggest decisions most of us will ever make. But when it comes to purchasing a residential property in B.C., there are several different homeownership models to choose from – each of which has its own distinct set of advantages and compromises.

Freehold homes: traditional homeownership

Freehold homes are the most common form of property ownership in British Columbia. They’re also what most Canadians automatically think of when they talk about buying a home.

When you purchase a freehold property, you own both the home you’re buying as well as the land it sits on. This lets you control, manage and make any changes you want to your home, so long as you follow local bylaws and other regulations in your city or municipality.

Because you’re buying both the property and the land, however, freehold homes are often more expensive than other forms of residential homeownership. Freehold owners are also responsible for taking care of – and paying for – all of the maintenance, repairs, property taxes and other expenses on their own.

Leasehold properties: buying the right to occupy your home

Leasehold properties are homes that are located on rented (or “leased”) land. With a leasehold property, rather than purchasing your home outright, you’re buying the legal right to occupy the property for a specific period of time – usually between 20 to 99 years.

Leasehold properties can either be pre-paid, where you (or a former owner) pay the entirety of the lease upfront, or you can pay a set amount towards the lease on a monthly or annual basis.

Since you don’t own the land, leasehold properties often cost a lot less than a similar freehold or strata property. This can make them an attractive option for buyers who want to purchase a larger home or one that’s in a higher-demand location than their budget would otherwise allow, such as a property that’s right on the seawall or which has sweeping ocean or mountain views.

But the renewal costs, deadlines and other terms associated with owning a leasehold property also pose a significant amount of financial risk and uncertainty that can negatively impact your resale value – especially if you’re getting close to the end of the lease term.

Strata properties: shared ownership

Strata units (also commonly called condominiums or simply “condos”) are a unique form of homeownership where the buyer fully owns their own unit, but shares ownership of – and the costs associated with – all the common areas, features and amenities with the other unit owners.

Because the strata is responsible for most of the upkeep, strata properties usually need a lot less time, effort and maintenance than other forms of homeownership. This can make them a good fit for people who are particularly busy, who travel a lot for work or pleasure, or who simply prefer a “lock it and go” lifestyle.

But owners of strata units also have to abide by both the bylaws set out by their strata corporation as well as all of the rules and regulations outlined in the B.C. Strata Property Act, which can put limits on what they can or can’t do with their property.

Plus, strata owners also have to pay condo fees to cover all that maintenance and upkeep, which can run into hundreds of dollars or more a month.

Co-ops: an affordable alternative

Co-operative housing (aka a “co-op”) is a model of homeownership where, rather than owning an individual property, buyers purchase a share in a co-operative corporation, which gives them the right to occupy “their” unit for as long as they live there.

In addition to sharing ownership of the co-op corporation, co-op members usually take it upon themselves to take care of many of the chores and other tasks associated with building management, maintenance and upkeep. This can help build a strong sense of community between the co-owners while also keeping the overall monthly costs low for everyone.

But it also means each member of the co-op has to spend a certain amount of time each month to attend to whichever of those chores they’ve agreed to take on. Getting a mortgage to buy a co-op unit can also be challenging, as traditional mortgage lenders may be reluctant to finance these types of purchases.

Co-ownership: buying a home with family and friends

Last but not least, co-ownership housing models refer to scenarios where two or more people buy a property together.

Two relatively common forms of co-ownership include a “joint tenancy,” where spouses purchase a property with an agreement that the surviving spouse will inherit the whole property if one of them passes away; and “tenancy in common,” where a group of buyers (often either investors or several family members or friends) purchase a property together, with each co-owner receiving a certain number of “shares” they can sell when they move.

Because they let buyers pool their resources, co-ownership is becoming especially popular in areas like the Lower Mainland, where the average price of a home is out of reach for many first-time buyers.

But while co-ownership can reduce both the size of your down payment and your monthly mortgage bills, the legal and financial ramifications can be very complex, especially if the relationships between the co-owners change or evolve over time. So before you enter into a co-ownership arrangement, be sure to do your research, seek out qualified legal help if needed, and talk to your REALTOR® for advice.

Find out more

Curious which type of homeownership is right for you? Contact us to set up a free phone call or consultation!

5 tips for downsizing your home

Thu, 05 Feb 2026 23:06:00 GMT

Downsizing can be a daunting prospect.

You’ve spent a lifetime trading up to larger and larger homes, and collecting all sorts of mementoes, keepsakes and personal possessions that you love along the way. Suddenly, you’re supposed to purge yourself of all those things you’ve come to cherish virtually overnight so you can move into a smaller space.

But downsizing doesn’t have to be painful. If you’re thinking about moving into a smaller home, here are five tips that can help you make sure your move goes as smoothly as possible – and help you get a fresh start on the next stage of your life.

Tip #1: Remember why you’re doing it

Maybe the kids have all finally moved out, and you suddenly realized you have more room (or rooms) than you need. Maybe taking care of a large house is starting to take up more of your time and energy than you’d like.

Or maybe you just want to reduce your monthly expenses and free up some of that equity you’ve been building all these years to help out the kids or grandkids, do some travelling, or give your weekly budget a little breathing room.

Whatever your reasons are for downsizing, take a few moments to remind yourself of them whenever all that packing and purging starts to feel overwhelming. Simply remembering why you decided to downsize in the first place can make all those other tasks feel much more manageable, and help you make better choices each step of the way.

Tip #2: Find your new place to call home

Next, decide exactly what you want or need from your next home. Do you want a standalone house, a condo, or will you be looking into a retirement home or long-term care? Would buying or renting better fit your current needs and lifestyle?

Are there any accessibility concerns you need to plan for now or in the future? And do you want to stay in the same community where you live now, or are you planning on moving someplace that’s warmer, closer to family, or which has easier access to parks, services or recreation opportunities?

This is a big decision. So don’t be shy about asking a trusted friend, family member (or your REALTOR®!) for advice.

Tip #3: Sell, donate or throw away anything you don’t need

Remember Marie Kondo’s advice a few years ago about getting rid of anything that doesn’t spark joy?

That might be taking things a bit too far for most of us. But there’s no question that downsizing will inevitably involve some serious decluttering, de-personalizing, and giving away (or throwing out) of a lot of the things you own.

Start slow by going through each room, closet or drawer in your home one by one, and get rid of anything that either doesn’t have deep personal meaning attached to it, or that you haven’t needed or used in years.

This could mean digitizing or creating albums of old family photos, selling some of your more valuable items, giving others away to a local charity, and throwing away any old clothes, tchotchkes or other clutter you no longer have a use for.

Decluttering can take time. So let yourself go at a pace that works for you. Just remember that the more stuff you get rid of now, the more comfortable you’ll be in your new home later.

Tip #4: Get your home ready to sell

Next, get your newly de-cluttered and de-personalized home ready to sell. You’ve put a lot of blood, sweat and money into your home. Now’s the time to do everything you can to get the best offer possible.

Depending on the age and condition of your home, this could be as simple as booking a cleaning service and planting a few flowers in the garden. Or it could mean adding a fresh coat of paint, taking care of some overdue renovations and repairs, or hiring a professional staging company to make sure your home is looking its best.

Tip #5: Hire a REALTOR® you can trust

Lastly, whatever else you decide, work with a REALTOR® who has experience with downsizing, who knows the local real estate market inside-out, and who you feel you can trust.

In addition to walking you through each step of the downsizing process, a licensed REALTOR® can help you sell your current home, find a new place that perfectly matches your needs and preferences – and answer any questions you have along the way.

10 reasons to hire a property manager

Wed, 28 Jan 2026 19:25:54 GMT

Whether you’re a first-time rental property owner or a seasoned investor, one of the biggest decisions you need to make is whether or not to hire a property manager.

If you’re the type of person who likes to be hands-on with everything from screening tenants and keeping the books to taking care of those inevitable late-night plumbing mishaps, then a property manager may not be for you.

But if dealing with all the hassles, headaches and emergencies that come with being a landlord is just about the last way you want to spend your time, hiring a professional property manager could be a great way to let someone else take some of those stresses off your plate – and save you some time and money in the process.

If you’re still on the fence, here are our top 10 reasons to hire a property manager:

1. Marketing your property

Finding qualified tenants can be a stressful and time-consuming process. A property manager who has experience renting out properties like yours can set up a targeted advertising and marketing plan that will attract a broad range of tenants, field any applications or inquiries they receive, and show prospective tenants the property for you.

2. Setting the rent

Deciding how much rent to charge is a crucial decision for any landlord. If you set it too high, you’ll have trouble finding good tenants. But if you set a rent that’s too low, you could compromise your cashflow or even jeopardize your long-term financial stability.

An experienced property manager will be able to analyze the latest market data, compare your property to similar rentals in the area, and highlight any specific pluses or minuses about your property to help you select a rent that maximizes your revenue potential and minimizes your risk.

3. Screening potential tenants

When it comes to renting a property, nothing is more challenging – or makes landlords happier – than finding great tenants who will stick around for years, always pay their rent on time, and who will take care of your property like it’s their own.

Property managers are experts in finding and screening tenants. This includes everything from interviewing tenants to running background checks, viewing credit reports, verifying employment records, poring over financial statements, and personally contacting multiple references for every tenant who submits an application.

4. Managing your tenants for you

Once your tenants move in, a property manager can also take over virtually all of the ongoing administrative and management tasks for you. This includes everything from handling questions and requests from your tenants to collecting the rent, regularly inspecting the property, and complying with any strata bylaws.

In addition to acting as a buffer between you and your tenants, having a dedicated point of contact who’s always ready to respond promptly and professionally to any issues that arise will also help keep your tenants happy for as long as they call your property home.

5. Maintaining the property

A systematic program of preventative maintenance and repairs won’t just help to protect your investment. It will also keep your tenants happy and build your long-term equity. In addition to handling emergency or unexpected repairs, a good property manager will plan for and take care of all the ongoing maintenance to make sure any problems are dealt with at the least costly stage of the process: before they happen.

6. Managing trades and suppliers

Property managers also maintain close working relationships with extensive networks of professional contractors, plumbers, electricians, and other tradespeople and suppliers. This means they always know who to call when anything needs fixing. As an added bonus, because most property managers hire the same tradespeople to work on multiple properties, they can often save you money by negotiating the best rate for any job.

7. Keeping up with reporting and compliance

Keeping up with all the laws, bylaws and regulations that govern the rights and responsibilities of landlords and tenants in B.C. can be a full-time job in its own right. Licensed property managers know every word of the B.C. Residential Tenancy Act inside out, so they can make sure you follow all the guidelines, legal obligations and reporting requirements to the letter.

In most cases, they can also handle many of the accounting, bookkeeping, reporting and tax preparation duties for you, making tax season a relative breeze.

8. Capital planning and budgets

One of the biggest mistakes new and first-time landlords make is failing to properly plan for big repairs and upgrades, like replacing an aging roof or buying a new furnace or heat pump. A property manager will work with you on capital planning right from day one, to help you prepare and budget for all the long-term repairs and upgrades that may be needed to maintain the value of your property.

9. Maximizing your freedom and peace of mind

A well-known real estate investing maxim says that the biggest emergencies always seem to pop up right when you’re about to go away on important work trip, bucket-list vacation, or family gathering or celebration. When you hire a property manager, you’re hiring someone who will always be there to take care of your tenants and your property, even – or especially – when you can’t.

If you need to move but don’t want to sell your property (or if you don’t happen to live in the same city, province or country where your rental property is located), a property manager can also give you the freedom and peace of mind that comes from knowing you have someone local you can trust to take care of everything for you.

10. Saving you time

Perhaps most importantly, by taking care of all of these tasks (and more) for you, a professional property manager can free you to spend your time on whatever is most important to you, whether it’s focusing on your career or business, building your investment property portfolio – or simply spending more quality time with the people you love.

Find out more

Interested in finding out more about what a property manager can do for you? Contact us to schedule your free phone call or consultation today!

Selling your home: how to assess an offer

Thu, 15 Jan 2026 21:30:00 GMT

Most homeowners assume that, when it comes time to sell, the only thing that matters is how much a potential buyer is willing to pay. But while the financial aspect is certainly a big piece of the puzzle, there are several other equally important factors that should be taken into account when assessing an offer to buy your home.

Whether you’re evaluating one proposal or assessing multiple competing offers, some of the most important considerations to keep in mind include:

· Purchase price—does the offer match the sale prices of comparable properties in your neighbourhood? How close is it to your asking price or most recent appraisal? Is it a cash offer, or is it dependent on the buyer getting a mortgage? If there are multiple offers, which one offers the highest price for your property?

· Size of the deposit—how large a deposit is the buyer willing to pay? Are they offering to put down 5% of the purchase price as a deposit, 10%, or more? While the actual numbers can vary from one market to another, generally speaking, a larger deposit indicates a buyer who’s more likely to be serious about buying your home.

· Closing date—is the buyer looking for a quick closing or do they want a longer timeframe? Does the closing date match your needs and preferences? Or do you want either more time, or a faster sale?

· Expiry date—does the offer give you enough time to carefully evaluate it? Or does it feel like the buyer is trying to pressure you into making a quick decision?

· Mortgage pre-approval—has the buyer been pre-approved for a mortgage? Or will they need to qualify for and obtain financing before you can close on the sale?

· Inclusions or exclusions—does the offer list any appliances, fixtures, window coverings, patio furniture, or anything else the buyer wants included? Or does it specify anything you want excluded from the purchase?

· Conditions—does the offer come with any conditions, and if so, what are they? Most offers in Canada are conditional on things like carrying out an appraisal or home inspection, doing a title search, reviewing the strata documents, or the ability of the buyer to obtain financing or sell their current home. In most cases, offers with fewer (or no) conditions tend to be more attractive, because they’re less likely to encounter any problems down the road that could cost you time, money, or even derail the sale.

· Personal touches—last but not least, some buyers write a personal letter expressing what they like about the property or why they want to make your home, their home. For some sellers, personal touches like these may not have a lot of influence on their decision. But if the offers are otherwise very similar – or if you’ve lived in your house for many years and want to see it become a happy home for someone else’s family – sometimes a heartfelt note can end up being a deciding factor.

Questions?

Contact us today to schedule a free consultation, or speak to one of our agents to get the answers to any questions about selling (or buying) your home.

8 tips to get your home ready to sell

Mon, 05 Jan 2026 17:06:00 GMT

With today’s economic challenges, it’s more important than ever for home sellers to do everything they can to attract potential buyers, help their property stand out from the competition – and make sure they get the best offer possible.

If you’re looking to sell your home, here are 8 simple and inexpensive things you can do to help your property sell faster, with less stress and for more in any market.

Tip #1: De-clutter and de-personalize

First, make it easier for buyers to be able to see themselves living in your home by doing as much de-cluttering and de-personalizing as you can.

Reduce the amount of furniture to make rooms feel larger and make it easier for buyers to move around the space. Rent a small storage unit to pack up and store away all your family photos, mementoes and knick-knacks. If you have kids or pets, make sure their toys are put safely away.

Plus, be sure to neutralize any lingering pet or other odours by using an air purifier, doing a fresh load of laundry, or baking some cookies before any potential buyers arrive.

Tip #2: Keep everything neat and tidy

Do a thorough deep cleaning of the entire property and then keep it looking neat, clean and tidy by doing top-up cleanings before any showings or open houses. This includes everything from dusting the furniture and vacuuming or mopping the floors to wiping baseboards, re-caulking tubs or showers, cleaning the fridge and freezer, polishing stainless steel or chrome faucets and appliances, and power-washing your deck, sidewalk or driveway.

It can also be a great idea to organize your closets, bathroom cabinets, and kitchen shelves, cupboards and pantry. Something as simple as having perfectly-stacked dishes or a master closet where all the clothes are aligned and facing the same way can go a long way towards creating a warm and comfortable environment.

To create an even cozier and more homey space, consider investing in a fresh set of bathroom towels and linens.

Tip #3: Take care of any small fixes or repairs

Remember that broken lamp, cracked bathroom tile, creaky floorboard or leaky faucet you’ve been meaning to get to? Now’s the time to break out your toolbox (or call a handyman) and get them repaired!

Especially in a buyer’s market, the last thing you want is for a potential buyer to suddenly lose interest over something that could’ve been fixed with a few dollars or a quick trip to the hardware store.

Tip #4: Give the interior a facelift

If your home is older or you haven’t renovated in some time, a fresh coat of paint can make a world of difference – and might even knock a few years off the age of your property overnight.

Just remember, you’re trying to make your home appealing to the broadest range of buyers possible, not redecorating to reflect your personal taste or style. So forget the bright oranges and greens, and choose a nice neutral colour instead.

Tip #5: Boost your curb appeal

While most sellers focus the lion’s share of their time and effort on the inside of their home, the first impression most buyers will have of your property is what they can see from the outside. To make sure your home makes a great first impression, keep the lawn freshly mowed (or the driveway shovelled), trim any shrubs or bushes, polish the door hardware, and maybe add some potted plants or plant some colourful seasonal flowers in the garden.

For an added boost to your curb appeal, spruce up tired-looking windows by painting the trim, or even clean and paint the entire exterior of your home.

Tip #6: Upgrade your fixtures

Upgrading your kitchen and bathroom fixtures, cabinet hardware, and lighting switch plates is a quick and inexpensive way to make your home instantly look and feel more modern. With just a little more investment, you could also put in some shiny new shower heads, update your medicine cabinets or cupboards, replace older light fixtures, or upgrade your kitchen or bathroom sink to a newer model.

Tip #7: Let there be light

Every home is at its best when there’s plenty of light. So before you host a showing or schedule an open house, be sure to open all the blinds or curtains, turn on all the lamps, and replace any burned-out lightbulbs. If you have the time, give your windows a good cleaning too, to let in as much natural light as possible.

Tip #8: Get some professional help

Finally, if you really want your property to stand out from the crowd, consider getting some professional help.

Have your REALTOR® walk through your home and offer advice for any changes you can make. Get professional photos taken when your home is at its cleanest and most sparkling. And consider hiring a home staging company to take care of those crucial final details and crowning touches that will really set your property apart.

Top five tips for first-time homebuyers

Tue, 30 Dec 2025 22:53:22 GMT

Buying a home can be an intimidating prospect for anyone. But for first-time buyers in particular, the process of buying their first property can feel even more daunting and confusing.

If you’re in the market for your first home, here are our top five tips to help you navigate the homebuying process as painlessly as possible – and help make your dream of homeownership a reality.

Tip #1: Save up for your down payment

As a new homebuyer, you’ll need to save anywhere from 5% to 20% of the purchase price of your new home as a down payment. On a $1-million property, for example, the down payment would likely need to be anywhere from $50,000 to $200,000 (or more).

If your down payment is less than 20%, you’ll also have to buy mortgage loan default insurance from Canada Mortgage and Housing Corporation (CMHC) or another insurance provider. That could add another 2.8% to 4.0% to the price of your home.

In most cases, the larger your down payment, the more flexibility you’ll have in choosing a place that has everything you need – and the more money you’ll be able to save in mortgage interest and payments over the lifetime of your home.

Tip #2: Get pre-approved for a mortgage

To find out how much home you can afford (and what your monthly mortgage payments will be), consider getting pre-approved for a mortgage before beginning your housing search.

Most mortgage pre-approvals will be good for two months or longer, so you’ll have plenty of time to find the right property. Plus, as an added bonus, being pre-approved can save you a lot of time, hassles and headaches later on, when you’re ready to close on your new home.

Tip #3: Don’t forget the closing costs

Once you have your down payment ready and you’ve been pre-approved for a mortgage, remember to leave room in your budget for all the other costs that come with buying a home.

This includes your monthly mortgage payments, but it can also include everything from legal fees, title insurance costs and the property transfer tax to the cost of getting a home inspection, having your utilities connected, paying condo fees or making any renovations you want to make your new home your own.

Tip #4: Take advantage of government rebates and incentives

Both the federal and provincial governments offer several rebates, incentives and other programs that are designed to help make homeownership more affordable for first-time buyers. These range from the federal Home Buyers’ Plan (HBP), First-Time Home Buyers’ Tax Credit and First Home Savings Accounts (FHSA) to provincial initiatives like the B.C. First-Time Home Buyers’ Program.

Together, these incentives can save the average first-time buyer thousands or even tens of thousands of dollars on the purchase of a home – savings which can be applied to your down payment, put towards other investment or lifestyle goals, or used to pay down your mortgage that much sooner.

Tip #5: Hire a REALTOR®

Finally, be sure to hire a professional REALTOR® who knows the real estate market in the Lower Mainland inside-out, who has experience with the neighbourhoods and types of housing you’re looking at, and who you feel you can communicate with and trust.

In addition to helping you find the perfect property, a REALTOR® can also help you put in an offer when you find your new home, take care of all the due diligence and paperwork – and negotiate the best possible deal for your new home.

Questions?

To pre-sale or not to pre-sale: the pros and cons of buying a pre-sale property

Thu, 18 Dec 2025 22:48:00 GMT

When it comes to real estate, the term “pre-sale” refers to the practice of buying a unit in a condo, apartment building or other development that hasn’t yet been completed, is currently under construction, or which is still in the planning stages.

Pre-sales have been a steady and reliable part of the real estate market in B.C. for decades. But many buyers still don’t quite understand all the ins and outs – or the unique pros and cons – that come with buying a pre-sale property.

The pros of pre-sale

On the plus side, the advantages of purchasing a pre-sale property include:

· Getting a brand new unit no one else has ever lived in, which will likely need fewer repairs or renovations, and which can usually be rented out at a higher rate.

· A fixed purchase price with no risk of having to win a bidding war to get the property of your choice.

· Flexibility to choose exactly the unit you want and customize the finishings, flooring, cabinetry, appliances and floor plan to your personal budget and preferences.

· More time to save up for a down payment (which could also translate into smaller monthly mortgage payments).

· Higher property transfer tax exemption threshold compared to buying a resale unit.

· Lower upfront costs with the option to spread your deposit out over several months.

· Potential for the property to start appreciating in value during the construction period, before you’ve even made your first mortgage payment.

· Eligibility for a full 2-5-10 new home warranty guaranteed by BC Housing, to cover any defects or other issues at no extra cost.

The cons of pre-sale

While the benefits can be impressive, there can also be several disadvantages that come with buying a pre-sale property. This includes concerns like:

· Not being able to physically inspect the completed property before you buy.

· Having to wait longer until you can move in (or rent it out).

· Risk of unexpected construction delays that could push the completion date back even farther.

· Higher deposit rates than with most resale purchases.

· The possibility that the developer could make small changes to the features, design, square footage or construction timelines for the property.

· A risk that mortgage rates could be higher by the time the unit is built.

· Requirement to pay GST on top of the agreed-upon purchase price.

Which is right for you?

While pre-sale projects have both pluses and minuses, ultimately, the only question that really matters is deciding whether or not buying a pre-sale property is right for you. If you’re thinking about buying a pre-sale unit as either a home or an investment, contact us to walk you through all the pros and cons, and help you figure out which option works best for you.

10 tips for first-time rental property owners

Mon, 08 Dec 2025 17:43:00 GMT

Buying a rental property can be a great investment.

You build equity while your tenants help pay the mortgage. You open the door to an endless source of passive income once the property is fully paid off. And you can even deduct expenses like your mortgage interest, property tax, utilities and maintenance costs from your taxes.

But while investing in real estate may look great on paper, finding the right property isn’t always easy. If you’re thinking about purchasing your first rental property, here are 10 tips ton help you maximize the return on your investment – and increase your odds of long-term success.

Tip #1: Know your numbers

First, make sure you’re financially ready to become a real estate investor by creating a detailed budget and financial plan that covers all the costs associated with owning a rental property.

This includes regular expenses like the mortgage principal and interest payments, strata fees, property taxes and insurance. But it also means budgeting for less predictable costs too, like ongoing maintenance, unexpected repairs, and the possibility of having to forgo rent for a month or two when your tenants move out.

Tip #2: Do your research

Before you decide what neighborhood or property to invest in, do as much research as you can into your local housing market – and especially what renters in your area are looking for in a home.

What are the vacancy rates in the communities you’re interested in? What’s the average rent for a studio, one-bedroom, or two-bedroom apartment? How many bathrooms or bedrooms are tenants looking for? And have purchase prices been appreciating over the last few years, depreciating, or holding steady?

Tip #3: Learn the rules

The regulations governing landlords and tenants can vary considerably from one province, municipality or even community to another. These rules cover everything from leases and rent controls to how to collect security deposits, screen tenants or issue an eviction.

Before you put in an offer, make sure you know your rights and responsibilities as a landlord. If you aren’t sure where to begin, visit the B.C. Residential Tenancy Branch website, check out your local Consumer Affairs office or ask your REALTOR® for advice.

Tip #4: Get pre-approved

Before you start booking any showings, consider getting pre-approved for a mortgage. Mortgages for investment properties can be a little different from traditional residential mortgages. It’s important to know what those differences are before you get caught up in the excitement of the buying process.

Getting pre-approved will also tell you how much you need to save for the down payment, how large a loan you qualify for – and how much you’ll have to pay in monthly mortgage payments.

Tip #5: Keep it simple

If this is your first rental property, choose a place that will keep everything as smooth and simple as possible

Instead of buying a big multi-unit building or a detached house in the suburbs that needs multiple repairs, look for something like a condo or townhouse that’s relatively new, in good shape, and where the strata will take care of most of the maintenance and upkeep for you.

Tip #6: Location, location, location

As with everything in real estate, one of the best things you can do as an investor is choose a property in an area that’s close to transit and other amenities, and where rental properties are always in high demand.

Buying a home in a rural, remote or up-and-coming location might seem like a bargain at first, because it likely has a smaller price tag than newer or more centrally-located properties. But purchasing a property in a less in-demand location could also limit how much rent you can charge, and make it harder to find the kind of high-quality tenants you’ll want to keep for years to come.

Tip #7: Don’t make it personal

Remember: you’re buying this property as an investment, not to be your dream home. So keep your emotions out of it.

Instead of looking for a place that perfectly matches your family’s personal tastes and preferences, focus on things like which property will be the easiest to rent, which will make the most financial sense for your goals and budget, or which will offer the best overall return on your money.

Tip #8: Get insured

Once you buy your first property, protect your investment by getting the right insurance. Most rental properties need specialized rental property insurance rather than standard residential home insurance. So talk to your insurance broker to make sure you get the right coverage.

Tip #9: Set the right rent

One of the most important parts of being a new landlord is deciding how much rent to charge. Too high and you won’t be able to rent it. Too low and you’ll be leaving money on the table.

To decide how much rent you can realistically ask for, check out the vacancy rates in your area, identify any special features that might make your property unique or attractive, and compare your property to the current rents for other comparable properties nearby.

Tip #10: Screen your tenants

When you’re ready to list your property, take the time to thoroughly screen all prospective tenants. This means getting at least three references and checking them meticulously, running a full credit check, and confirming their employment record and evidence of income.

If you get a bad feeling for any reason, trust your gut, and do some more digging until you’re sure you’ve found someone who will be reliable, willing to take care of your property, and able to pay their rent on time each month.

Bonus tip: Consider hiring a professional property manager

Finally, unless you’re the kind of person who doesn’t mind getting 3:00 a.m. calls in the middle of winter to fix the toilet, you may want to give some serious consideration to hiring a professional property manager to manage your property for you.

In addition to handling all the day-to-day headaches that come with being a landlord, a property manager can help find the best tenants for your property, take care of any repairs, keep you up to date on the latest government rules and regulations – and save you time and money for as long as own your property.

Get your home ready for winter

Wed, 26 Nov 2025 17:45:00 GMT

Most of us who are lucky enough to call the Lower Mainland home know that our beautiful little corner of the country enjoys some of the mildest winters in Canada.

But just because we don’t usually have to worry too much about endless blizzards, non-stop freezing rain or months of sub-zero temperatures doesn’t mean our homes couldn’t still benefit from a little seasonal TLC to help them get through the winter in one piece.

Luckily, there are a few quick and easy things you can do before the winter season sets in to make sure your home is fully winterized, and ready to handle anything Mother Nature throws its way.

Step #1: Keep out the cold

First, keep out the drafts and keep your home nice and cozy by installing weather-stripping or caulking around outside-facing doors and windows, putting some window film on any windows that tend to let the cold in, and adding a door sweep or door stopper to your exterior doors. You can also check your attic, basement and other areas for leaks, and add a little extra insulation if necessary.

Step #2: Check your HVAC

Next, keep your home heating and ventilation system in great shape by replacing the HVAC filters, making sure your heating vents are clear and unobstructed, and checking the thermostat to make sure it’s working properly. If you don’t already have one, consider upgrading to a programmable thermostat to help keep your monthly heating costs down.

If you haven’t had your furnace professionally inspected in a while, it could also be a good idea to schedule an inspection before the worst of the weather sets in. If you have a chimney or fireplace, have them cleaned and inspected on a regular basis too.

Step #3: Clean the roof and gutters

Vancouver may not get a lot of snow, but one thing we do have more than our fair share of in the winter is rain. To prevent all that water from finding its way inside your home, clear the leaves and other debris from your roof and gutters (or hire a professional to do it for you), make sure your downspouts are pointed away from the foundation, and consider installing a gutter guard to stop clogs from building up.

While you or your professional are up there, it can also be a good idea to have your roof inspected for loose shingles, leaks, or any other damage you might otherwise not even be aware you have until it’s too late.

Step #4: Prep your outdoor spaces

Get the outside of your home ready for winter by turning off outdoor faucets, draining and storing away any hoses or sprinklers, turning off the water supply to the outdoor taps, and insulating any exposed pipes. Then inspect any trees that could potentially fall during a storm and damage your home, and prune or trim them if needed.

If you have a patio, terrace or balcony, bring your patio umbrella indoors and either store things like outdoor flowerpots or patio furniture in your garage, basement or a shed, or cover them with insulated covers. For gas BBQs, close the valve to your propane tank completely, and be sure to store it outdoors a safe distance away from your home.

Step #5: Update your emergency kit

Lastly, make sure your family is ready in the event of a blackout, winter storm, or other emergency by going over your plans of what to do if a natural disaster strikes, and either buying a good emergency kit or updating your existing one if you haven’t replaced or refreshed all those supplies in some time.

In addition to blankets, flashlights and extra batteries, a good emergency kit should include a first-aid kit, some cash in smaller bills, warm clothing, bottled water, and enough non-perishable food to last you and your family for at least several days at a stretch.

And while you have emergency preparedness on the mind, take advantage of the reminder to test or replace the batteries in your smoke and carbon monoxide detectors to help keep both your home and your family safe and secure all year round!

Canadian home sales are on the rise again

Mon, 17 Nov 2025 17:41:00 GMT

Canadian home sellers received an early Christmas present this month when the Canadian Real Estate Association (CREA) reported that – after a long and very slow summer – it looks like home sales in Canada may finally be on the rise again.

Residential sales increased nearly one per cent month-over-month

According to CREA’s latest Housing Report, a total of 485,076 homes were sold across Canada in October 2025 through the MLS® online listing service. This represents a 0.9% increase over September. It also marks the sixth month-over-month increase in home sales over the past seven months.

Nationally, at the end of October, 189,000 properties were listed for sale on all Canadian MLS® Systems – up around 7.2% compared to the year before.

Adding to the good news, CREA Senior Economist Shaun Cathcart hinted that this slow but steady growth in sales will likely continue to climb in the months ahead, stating that “with interest rates now almost in stimulative territory, housing markets are expected to continue to become more active heading into 2026.”

What does it mean for local markets?

Locally, B.C. markets are still struggling to rebound from the sales slump earlier this year. But even in the Lower Mainland, there’s good reason for optimism.

For one thing, some parts of Greater Vancouver and the surrounding regions have already started making a comeback. In the Fraser Valley, for example, home sales in October were up 17% month-over-month compared to September.

That same month, the British Columbia Real Estate Association (BCREA) reported that residential home sales rose 4.4% in the province compared to September 2024. In its Housing Forecast for the Fourth Quarter of 2025, BCREA also predicted that both home sales and prices should return to more balanced levels in the New Year.

As BCREA Chief Economist Brendon Ogmundson noted, while the performances of both the economy and the housing market in British Columbia have been relatively disappointing this year, “we expect a strong hand-off to 2026 as activity closes out 2025 on an upswing.”

BCREA also listed several of the reasons behind its prediction, including signs of loosening monetary policy out of Ottawa, a gradually receding focus on U.S. tariffs and the prospects of a trade war, fewer worries about inflation and continued rate cuts from the Bank of Canada, including a possible further rate cut to as low as 2% by early 2026.

What does it mean for you?

Of course, no one has a crystal ball, so only time will tell if this is just a temporary upward blip or the beginning of a lasting recovery.

But if you’ve been thinking about buying, selling or listing your home and want to find out what the latest numbers mean for you, give us a call or drop us an email to schedule a free consultation and we’ll do our best to answer any questions you might have!

Renting vs. owning: which is right for you?

Wed, 05 Nov 2025 14:35:00 GMT

We may be biased, but as REALTORS®, we’re firm believers that owning a home is one of the best and most reliable ways to build equity, ensure security and stability in both good times and bad, and look after your family, your finances, and your future.

But even we agree that homeownership isn’t for everyone (or at least, not at every stage of their lives). So how do you know whether buying or renting is the right choice for you?

The benefits of renting

On the pro side, renting can provide greater flexibility, make it easier to move if or when you have to, and has the potential to be less expensive on a monthly basis than owning a comparable home. Among other benefits, renting a home can offer:

· Lower upfront costs without the need to save up for a large down payment

· Potential to save or invest more money if your rent works out to be less than your monthly mortgage and other bills would be if you had purchased the property instead

· Greater simplicity and mobility if your career involves having to move every year or two, or if you anticipate having to make a big move or other major life change soon

· More predictable monthly budgeting with fixed monthly housing costs for the duration of your lease

· Less responsibility and more free time thanks to fewer household maintenance tasks and repairs

The benefits of owning

On the other hand, while the upfront costs and effort may be a little more, buying a home also offers a significant number of advantages for many Canadians. Among other benefits, owning your own home lets you:

· Build equity with each and every mortgage payment you make to help fund your future plans, your dreams, or your retirement

· Take advantage of federal or provincial government programs that can help defray the cost of buying or owning a property

· Make any changes you want to customize your home to suite your specific needs and preferences, improve the property and your resale value, or simply make your home your own

· Give your family a safe, stable and secure place to live without always having to worry about whether your landlord is going to raise your rent next year or decide not to renew your lease

· Potentially enjoy some healthy tax deductions for housing-related expenses like mortgage interest or property tax

· Look forward to the peace of mind, financial freedom and lifestyle flexibility that comes from knowing that, once your home is paid off, you’ll never have to make another mortgage payment or write another rent cheque again

Which is right for you?

If you’re not sure if buying or renting is right for you, ask yourself a few questions like:

· How long do you want or plan to stay in your home?

· How much is your monthly housing budget?

· Do you have enough saved up for a down payment?

· How important is it for you to be able to personalize the place you live?

· Do you prioritize flexibility or security?

· Are you emotionally and financially ready for the responsibilities of homeownership?

If you still can’t decide, try asking your financial advisor or a trusted friend or family member for advice, check out an online rent vs. buy calculator to help you run the numbers – or contact us to set up a free chat or phone call to help you run through the pros and cons, consider your options, and talk about your unique circumstances, plans, and long-term goals.

The pros and cons of 30-year mortgages

Tue, 28 Oct 2025 18:05:00 GMT

In an effort to make housing more affordable and accessible for younger Canadians, the federal government recently eased the mortgage rules in Canada to allow eligible first-time homebuyers or buyers who are purchasing a newly-built home or condo to take out a mortgage with a 30-year amortization.

For homebuyers, there are both pros and cons to choosing a mortgage with a longer amortization period. So if you’re in the market for a new home, how can you decide if a 30-year mortgage is right for you?

25-year vs. 30-year mortgages: what’s the difference?

The amortization period of a mortgage refers to the total amount of time that a homebuyer has to pay off their mortgage loan principal and interest in full.

A 30-year amortization gives you more time to pay off your mortgage than a traditional 25- or 20-year mortgage. In most cases, because you have longer to pay, this means your monthly payments will likely be a bit lower than if you opted for a mortgage with a shorter amortization.

The trade-off, however, is that because you’re taking longer to repay the loan, you’ll generally also end up paying more in interest over the lifetime of your mortgage.

Who’s eligible?

To be eligible for a 30-year mortgage under the new rules, either the property being purchased must be a newly-constructed home, or at least one of the buyers must have either:

· Never bought a home before;

· Not occupied a home as their principal place of residence in the last four years that they or their spouse owned; or

· Recently experienced a divorce or the breakdown of a common-law partnership.

Of particular interest to Vancouverites, the new rules also only apply to properties with a purchase price of $1.5 million or less.

The benefits of a longer amortization

For the vast majority of buyers, the main advantage of a 30-year amortization is the lower monthly mortgage payments you’ll have to make to your lender.

In addition to lowering your monthly bills, making smaller mortgage payments could allow you to free up more money each month to spend on things like paying off higher-interest debts, investing for your retirement, or simply enjoying a little more breathing room in your weekly household budget.

Another plus is that, because your monthly payments are smaller, you may also be able to qualify for a larger mortgage or buy a property that’s more expensive. This increase in purchasing power could especially be of interest to buyers in Canada’s most expensive markets, like Toronto and the Lower Mainland.

The disadvantages

The main disadvantage of taking longer to pay back your mortgage is, of course, that you’ll be making those lower monthly payments for five, 10 or more years longer than you would with a shorter amortization period.

Because most mortgages are structured to pay off more in interest than on the principal in the initial years, a longer loan period also means you’ll have built less equity if you decide to sell or refinance. In addition, because you’re taking longer to pay off your loan, a 30-year amortization could end up costing you thousands of dollars more in interest before your mortgage is fully paid-off, and the home is all yours.

According to an estimate by RBC, based on current interest rates, for every $150,000 you borrow, you could save around $75 a month (or $900 a year) by opting for a 30-year rather than a 25-year amortization. But by the time you pay your mortgage off, you’ll have paid close to an additional $20,000 in interest.

Which is right for you?

The bottom line is, while a 30-year mortgage could make sense for some buyers, it’s important to make sure you’re fully aware of all the personal and financial implications before you make any firm decisions.

If you’re not sure whether or not a 30-year mortgage is a good fit for you – or you just want some expert advice on your particular homebuying goals and circumstances – contact us to schedule your free consultation today.

Dealing with multiple offers

Wed, 15 Oct 2025 22:03:00 GMT

For most home sellers, being on the receiving end of a bidding war can sound like a dream scenario. But as with almost every other aspect of buying or selling a home, having to choose between multiple competing offers can also be a stressful and high-stakes experience that requires forethought, lots of advance planning, and careful consideration.

For example, should you always just take the highest offer? Or are there any other factors that should influence your decision? And how do you compare offers that have different closing dates, varying financing requirements, or that come with different conditions?

To help you make the best decision, here are a few things to keep in mind if you find yourself in the enviable position of receiving more than one offer at the same time when selling your home or investment property.

1. Do your research

First and foremost, do as much research as you can on your local real estate market before you list your property. If you know what similar competing properties in your area have been selling for, it will give you a much better idea of the price you should be asking, and which (if any) of the offers you receive are fair value.

If you’re not sure how (or don’t have the time) to exhaustively research the latest market trends yourself, working with an experienced REALTOR® can be a great way to get some objective advice while also saving yourself a lot of headaches, hassles, and wasted time.

2. Assess and rank the offers

Next, as soon as you start receiving any offers, make a detailed list where you rank each offer in order from most to least promising. The dollar amount of each offer will likely play a starring role here. But the highest bid won’t always automatically be the best choice.

Other factors like how strong the buyer’s financing is, the size of their cash deposit, whether or not they’ve been pre-approved for a mortgage, and how many conditions they’ve attached to their offer for things like home inspections or obtaining financing can all make a slightly lower offer suddenly seem more attractive than a higher but less serious one.

In addition, depending on how quickly you want or need to move, having a more flexible closing date could also be a key factor in choosing which offer makes the most sense for you. So before you make your choice, sit down with your family, your REALTOR®, and anyone else who will be affected by your decision, and identify exactly what your needs and priorities are, and which considerations are most important to you.

3. Don’t be afraid to negotiate

Finally, if you receive multiple offers, don’t be shy about using that fact to your advantage.

Once you’ve identified your top two or three offers, talk to your REALTOR® about the possibility of letting the would-be buyers know they’ve got competition. Then set a deadline to hear their responses, and see if any of them are willing to come back with a counter-offer that sweetens the deal.

This could mean raising the price they’re willing to pay, removing some of their conditions, changing their preferred closing date – or even a combination of all three.

Just be aware that this is a potentially risky tactic, as it could lead to one or all of the buyers getting cold feet at the prospect of a bidding war and deciding to back out. So if you’re tempted to go this route, be sure to discuss the pros and cons (as well as any potential financial, ethical or legal implications) with your real estate professional first.

Alternatively, you could also simply choose the best offer and make your own counter-offer. This removes some of the stress and risk of starting a bidding war, while still helping to make sure you get the best possible price for your property.

4. Ask an expert for advice

Of course, if you have any questions about how to handle multiple offers – or any other aspect of the homebuying or selling process – it’s always a good idea to start by asking your REALTOR® for advice. If you don’t have a REALTOR®, call or email us for a free chat, and we’ll do our best to answer all the questions you have – and probably a few you haven’t thought of!

Mortgage insurance 101: What it is, how it works – and when you need it

Fri, 03 Oct 2025 18:01:00 GMT

Mortgage loan insurance is one of those things most of us never think about until we have to. But according to Canada Mortgage and Housing Corporation (CMHC) – Canada’s national housing agency and the largest provider of mortgage loan insurance in the country – every year, thousands of Canadians apply for mortgage insurance to help them make their dreams of homeownership a reality.

But what exactly is mortgage loan insurance, how does it work – and when (or why) do you need it?

What is mortgage loan insurance?

Mortgage loan insurance (also often called “mortgage default insurance,” or simply “mortgage insurance”) is a type of insurance that’s taken out by homebuyers who want to purchase a property in Canada, but whose down payment is less than 20% of the purchase price of the home.

The purpose of mortgage insurance is to protect the lender against the risk of default if you stop making payments. In Canada, in addition to CMHC, mortgage loan insurance is also offered by two private insurers: Sagen (previously known as Genworth Canada) and Canada Guaranty.

How does it work?

The reason mortgage insurance exists is to help more new, first-time and other buyers purchase a home without first having to save up a full down payment of 20% or more.

Even though it’s paid for by the homebuyer, mortgage insurance actually protects the lender by covering any shortfall if they have to foreclose on a property, and the amount they sell it for is less than the total outstanding portion of the loan.

By reducing the risk, mortgage insurance lets banks and other lenders offer mortgages at a lower rate than they’d normally be able to, and provide mortgages to people without a 20% down payment who otherwise wouldn’t be able to buy a home of their own.

When do you need it?

Mortgage loan insurance is mandatory for everyone who buys a house, condo, apartment or any other residential property with less than 20% of the purchase price down.

If your lender determines you need mortgage loan insurance before they can approve you for a mortgage, they’ll usually work with you to match you with an insurance provider and help you get started with the application.

According to federal law, mortgage loan insurance is currently only available on properties valued at less than $1.5 million. For properties above the $1.5-million mark, buyers must provide the minimum down payment of at least 20% from their own resources, and therefore don’t need to insure their mortgages against default.

How much does it cost?

The cost of mortgage loan insurance depends on two factors: the purchase price of the property, and the size of your down payment.

Generally speaking, the larger your down payment is, the lower your mortgage insurance premiums will be. For the vast majority of Canadians, however, the cost of insuring a mortgage against default usually works out to between 2.8% to 4.0% of the total value of the mortgage.

For a $1-million mortgage, for example, the cost of mortgage insurance would work out to between $28,000 to $40,000. While some buyers pay the insurance in a lump sum upfront, most choose to add it to their regular monthly mortgage payments, and pay it off little by little over the lifetime of their mortgage.

Want to find out if you need mortgage loan insurance?

If you’re a first-time, new or experienced homebuyer and want to find out whether or not you need mortgage loan insurance, contact us to set up a free phone call or in-person consultation to go over your finances, your goals – and to let us know exactly what you’re looking for in a home.

Getting the biggest bang for your buck: Which home renovations offer the best overall return on investment?

Mon, 22 Sep 2025 21:22:00 GMT

There are many factors that come into play when deciding whether or not to undertake the daunting task of a home renovation.

First, there’s whether the reno will actually make your home more comfortable, or life easier, for your family. There’s also the question of how long you plan to stay in your current home, so you can figure out how many years you’ll be able to enjoy your upgraded living space and decide whether or not it’s worth the hassle.

On the practical side, there’s the difference between renovations you want, and renovations your home needs. While they may not be as much fun as getting a sleek new kitchen or putting a pool in the backyard, doing essential repairs like fixing a damaged roof or leaky foundation could help you avoid even bigger problems down the road.

Last but most definitely not least, there’s the cost. Not just how much the renovation itself will cost, but how much of that investment you’ll be able to recoup in the form of increased resale value when it’s time to sell.

Only you can decide which renovations or improvements will bring your family the most happiness, convenience or joy. But when it comes to the math, the Appraisal Institute of Canada (AIC) has identified the top 5 home renovations that are most likely to give homeowners the biggest bang for their renovation buck, provide the most enduring long-term value – and offer the best Return on Investment (ROI).

1. Kitchens

Kitchen renovations are a perennial favourite for virtually any property and every real estate market in the country. In addition to improving your family’s quality of life on a daily basis, kitchen renovations can also provide a big boost to the value of your home, with a typical ROI of anywhere from 75% to 100% of their cost.

To maximize your return, use the highest-quality materials as your budget allows, and focus mainly on classic improvements like adding stainless steel appliances, high-end backsplashes, upgraded granite, quartz or marble countertops, and new fixtures and lighting.

2. Bathrooms

Coming in a close second, bathroom renovations generally offer a similar ROI of 75% to 100% of the cost of having them installed. This includes improvements like updating your faucets and showerheads, upgrading your tiles, or even replacing an old, damaged or outdated tub or shower with a new state-of-the-art model.

Other high-return bathroom renovations include high-impact upgrades like installing a walk-in or frameless glass shower, adding heated floors, putting in a double sink, or upgrading to more eco-friendly fixtures.

3. Painting

Giving the exterior or interior of your house a fresh coat of paint is an easy, inexpensive and quick way to give your home a whole new lease on life, and give your resale value a significant bump.

On average, painting offers an ROI of around 60% or more, especially if you choose neutral colours that match the look of your neighbourhood and aren’t likely to go out of style anytime soon. If you’re painting the exterior of your home, you could also think about some other easy upgrades to further boost your curb appeal, like doing a little landscaping or planting some flower beds.

4. Updating flooring and decor

While many homeowners tend to overlook this one, something as simple as updating your interior and exterior lighting, upgrading your plumbing fixtures, or changing your cabinets and countertops can give even the most dated property a whole new look – and offer a potential return on investment of anywhere from 50% to 60%.

Another great way to instantly increase the value and enjoyment of your home is to upgrade the flooring. In addition to giving prospective buyers a great first impression when they walk in the door, replacing old, tired or outdated carpets, laminate flooring or tiles with beautiful new hardwood floors can also offer a solid ROI of around 50% to 75% of the cost of the renovation.

5. Decluttering

Finally, if your home is starting to look a little too “lived in,” think about hiring a professional organizer to help you get rid of things you no longer need or use, simplify your living environment, and just generally declutter your space!

Decluttering and organizing your home will not only make life simpler and easier for your family. It’s also a great way to showcase your home’s unique features, make your property feel larger, and allow potential buyers to see themselves living in your space more easily – all for a relatively minor investment of time, inconvenience and money.

Questions?

Have you been thinking about finally getting around to that home improvement project you’ve been putting off for longer than you’d care to remember, and could use a little unbiased advice? Contact us to set up a free coffee chat, phone call or online consultation, and we’ll do our best to point you in the direction that makes the most sense for you, your family – and your wallet!

Is now the time first-time buyers have been waiting for?

Mon, 15 Sep 2025 19:19:00 GMT

For most of the last 12 months, anyone who’s been following the local real estate news (or pretty much any news in general) has probably felt more like they were riding a rollercoaster than going on a gentle Sunday drive. So it’s not surprising that many would-be homebuyers decided to just sit on the sidelines for a while, until things start to look a little more settled.

For first-time homebuyers in particular, however, the time they’ve been waiting for so patiently may have finally come. Because between lower housing prices, falling interest rates and a host of government rebates, now may be the best opportunity first-time buyers in Vancouver have had in years to take the plunge and buy a home of their own.

Housing prices in Vancouver drop 8.7% from all-time peak

First, according to a news report that aired on CBC’s The National a few weeks ago, the average price of a home in Vancouver has dropped nearly 8.7% from its peak in 2022, falling from an all-time high of $1,259,900 in April 2022 to $1,150,400 in August 2025.

That’s a drop of more than $100,000, which represents some pretty significant savings for would-be buyers on both their monthly mortgage payments as well as how much they need to save for that all-important down payment.

Bank of Canada announces another rate cut

In addition, the Bank of Canada just reduced its benchmark rate another quarter point, from 2.75% to 2.5%.

Compared to the long-term average, mortgage rates in Canada are now sitting at close to record lows. And while a 0.25% cut may not sound like a lot, over the lifetime of a mortgage, it could save homebuyers in the Lower Mainland thousands or even tens of thousands of dollars.

Incentives for first-time homebuyers

Lastly, over the last few years, both the federal and provincial governments have introduced or extended several key homebuyer grants and rebates aimed at helping first-time homebuyers afford to buy their first property.

From the federal First-Time Home Buyers’ Tax Credit and the new First Home Savings Account savings tool, to the GST/HST new housing rebate and the B.C. First-Time Home Buyers’ Program, these programs were designed to help first-time buyers save up for down payment, while also saving them thousands of dollars on the purchase price of a new home.

Want to find out more?

While any one of these developments on its own would already be good news for buyers, together, they add up to what may well be a once-in-a-lifetime opportunity for first-time buyers across metro Vancouver.

Curious to find out if now might be the time you’ve been waiting for to realize your dream of homeownership? Contact us today to schedule your free consultation!

Going green: The benefits (and costs) of buying a green home

Fri, 05 Sep 2025 21:17:00 GMT

Whether it’s turning off the lights when we leave a room, putting our recyclables in the blue bin or buying an electric vehicle, we all know that when it comes to our environmental footprint, it’s good to be green.

But for Canadians who want to buy an environmentally-friendly home, it isn’t always easy to know where to look, what to look for – or what the potential costs and benefits might be. So here are a few things to keep in mind to help you “go green” when you buy your next home.

The growing demand for green housing

Between an increased focus on sustainability in nearly every facet of our daily lives and a growing awareness about the real-world impacts of climate change, it’s no surprise that the demand for greener housing is likewise growing at a rapid pace across the country.

In a recent survey by Abacus Data, 59% of Canadians who are planning on buying a home in the next few years said that it was either important or very important to them to purchase an energy-efficient home. In British Columbia, that number was even higher, with 61% of respondents indicating that they intended to buy a green home.

What is a “green home”?

According to the Business Development Bank of Canada, a home is considered to be “green” if it is sustainable, resource- and energy-efficient, uses building materials that are low- or non-toxic, incorporates building and design approaches that reduce carbon and other greenhouse gas emissions, and provides a healthy indoor environment for the people who live there.

Some typical features of green homes include things like:

· High-quality insulation and air sealing

· Non-toxic materials and finishes

· High-performance doors and triple-paned windows

· High-efficiency heat pumps

· Energy-saving appliances

· Water-saving faucets and showerheads

· On-site renewable energy systems like rooftop solar panels or wind turbines

The costs of going green

When it comes to cost, the main concern for prospective homebuyers is that green homes often come with a higher price tag than traditional homes. According to some estimates, building a fully sustainable standalone house in Canada can cost between 5% to 20% more than a standard home. This higher purchase price reflects the significant investment the previous homeowners or builder made to design, build or renovate the home.

Luckily, in many cases, the ongoing savings in things like lower monthly utility bills over the lifetime of the home can often more than pay for the higher upfront cost. In addition, if you’re renovating rather than buying, there are several federal and provincial government programs available to help cover some of the costs of going green.

The Canada Greener Homes Affordability Program (CGHAP), for example, provides funding to eligible homeowners and tenants to help cover the cost of energy-efficient upgrades like adding insulation or installing a heat pump. In B.C., the CleanBC Better Homes initiative helps homeowners find rebates to save energy and lower their greenhouse gas emissions.

The benefits of buying a green home

On the plus side, the main reason why green features have become so popular is that they offer homeowners and buyers alike a wide range of significant benefits and advantages – for them, their family, and for the planet.

The most obvious benefit, of course, is a smaller environmental footprint! Green features, products and technologies can go a long way towards lowering your greenhouse gas emissions, reducing waste and harmful emissions, and helping to protect and preserve the world we all call home for future generations.

The second big benefit is the money you’ll save when it comes to things like your home heating, cooling and electricity bills. According to some estimates, green upgrades like switching to high-performing doors and windows, adding better insulation, or installing home energy-producing systems like solar panels or a wind turbine could save the average Canadian homeowner hundreds or even thousands of dollars a year for as long as they own their home.

Other benefits of buying or owning a green home include:

· Greater durability

· Healthier indoor air quality

· Reduced maintenance costs

· More comfortable living environment

· Higher resale value

· Competitive advantage when marketing or selling your property

How can you find a green home?

If you’re interested in buying a green home, one of the easiest ways to begin is by looking for a property that’s been certified by one of Canada’s environmental certification programs.

This includes internationally-recognized programs like the Leadership in Energy and Environmental Design (LEED®) sustainability certification program administered by the Canada Green Building Council (CAGBC), the R-2000 and ENERGY STAR® certification initiatives from Natural Resources Canada (NRCan), the Net Zero Home Labelling Program from the Canadian Home Builders Association (CHBA), or the BOMA Bestbuilding certification program from the Building Owners and Managers Association of Canada (BOMA Canada).

The City of Vancouver has also put together a short but informative Green Home Buyers Guide that offers an overview of things to consider when buying a green home, and helps answer some of the most common questions about buying a green property.

Or of course, you can also always just ask your REALTOR® for help! An experienced REALTOR® will explain all the pros and cons of “going green,” and help narrow your search to only those properties that meet your exact needs and requirements – including finding homes that are as energy-efficient, sustainable and environmentally-friendly as possible.

Interested?

Are you thinking about buying a home and are wondering if going green is right for you? Contact us for a free no-pressure consultation today!

Will 2026 be a good year to sell a home?

Tue, 26 Aug 2025 22:38:00 GMT

There may be more good news on the horizon for patient Vancouver homeowners, as recent reports from two of Canada’s leading real estate associations suggest that 2026 is shaping up to be a very good year to buy or sell a home.

BC Real Estate Association predicts a return to momentum

First, on August 21st, the British Columbia Real Estate Association (BCREA) released its Third Quarter Housing Forecast Update for 2025. While the report indicated that residential sales will likely fall about 2.2% this year, it also predicted that home sales will rise by close to 10.7% in 2026 to a total of 80,600 residential units sold.

If it happens, this increase would represent a long-overdue return to more normal conditions after what has turned out to be an unexpectedly turbulent year for the Lower Mainland’s real estate market.

As BCREA’s Chief Economist, Brendon Ogmundson, noted: trade uncertainty with the United States “upended hopes for a more normal market through the first half of 2025. [But many markets in the Lower Mainland] are now returning to long-run average sales activity, and should head into 2026 with some momentum.”

Latest national numbers suggest long-awaited recovery has finally arrived

Nationally, the Canadian Real Estate Association (CREA) is seeing even more reason for optimism. In its July 2025 Monthly Housing Market Report, CREA reported that residential home sales through Canada’s Multiple Listing Service® (MLS®) climbed nearly 3.8% last month compared to June.

CREA also noted that home sales in Canada have risen around 11.2% since March of this year, and are up 6.6% compared to the same period in 2024. The Association’s Senior Economist, Shaun Cathcart, called these numbers a compelling sign the recovery in home sales that B.C. buyers and sellers have been waiting for may already be here.

“With sales posting a fourth consecutive increase in July, and almost 4% at that, the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived,” Cathcart said in a statement released with the report.

“Looking ahead a little bit, it will be interesting to see how buyers react to the burst of new supply that typically shows up in the first half of September.”

Ready to jump back into the market?

While the exact impact of all these predictions and shifts in momentum won’t be known for a few more months, one thing that seems certain is that next year could be a very interesting time for buyers, sellers, and homeowners across the province.

If you’re thinking of buying or selling a home and want to know if you should hold off, or if the time to jump back into the market has come, reach out! Contact us today to set up a free consultation, or just give us a call and we’ll do our best to answer any questions you may have.

Have Vancouver’s home sales finally turned the corner?

Thu, 07 Aug 2025 21:00:00 GMT

It’s no secret that 2025 hasn’t exactly been a banner year so far for real estate in the Lower Mainland. But according to the latest numbers from the Greater Vancouver REALTORS® (GVR), it’s starting to look like home sales in Vancouver may finally be turning a corner.

Latest sales figures show early signs of a recovery

In its latest Monthly MLS® Housing Market Report, GVR noted that there were a total of 2,286 residential sales in the region last month. That’s 13.9% below the 10-year seasonal average, and down slightly from the 2,333 sales that were recorded in July 2024.

But while sales last month were still down compared to the previous year, the good news is, the amount they’re down by is significantly less than for any other month this summer.

For example, year-over-year sales in June were down about 10% compared to 2024. In May, that figure was closer to 20%. But for July, the decline represented a difference of only about 2% compared to 2024—a sure sign that the real estate market in Vancouver might be on the verge of a long-awaited recovery.

What do the other numbers say?

Some of the GVR’s other monthly numbers are also seemingly beginning to point in an increasingly positive direction.

In terms of new listings, for instance, in July 2025, some 5,642 detached, attached and apartment properties in Metro Vancouver were newly listed for sale on the MLS® system. That’s 12.4% above the 10-year seasonal average, and an increase of around 0.8% compared to July 2024.

The total number of properties currently listed for sale on MLS® in Metro Vancouver at the end of July was 17,168—a 19.8% increase over July of last year, and 40.2% above the 10-year seasonal average.

More good news from the Bank of Canada

In a press release issued along with the July report, Andrew Lis, the GVR’s director of economics and data analytics, expressed optimism that these new numbers could indicate the negative effects of Canada’s trade war with the United States may now be on the wane.

He also pointed out that the Bank of Canada’s decision last month to hold interest rates steady at 2.75% could mean more good news is on the way, stating that “this decision could help bolster sales activity by providing more certainty surrounding borrowing costs at a time where economic uncertainty lingers due to ongoing trade negotiations with the US.”

If the upswing in sales continues, it could also start putting upward pressure on home prices in the Lower Mainland again, too. As Lis noted: “Although sales activity is now recovering, this healthy level of inventory is sufficient to keep home prices trending sideways over the short term as supply and demand remain relatively balanced.”

“However, if the recovery in sales activity accelerates, these favorable conditions for home buyers may begin slowly slipping away, as inventory levels decline, and home sellers gain more bargaining power.”

What happens next?

As for whether the upward trend will continue on unabated, or if Vancouver buyers and sellers will need to weather a few more rocky patches before the recovery fully takes hold, only time will tell.

But if you’re a homeowner who’s considering listing your property—or a buyer who’s trying to decide when to pull the trigger—it may be time to start thinking about getting off the sidelines, and start making some serious decisions.

Want to chat?

Do you have any questions about what the latest Vancouver real estate market numbers might mean for you? Contact us today to set up a call or schedule your free consultation!

Will lower development fees lead in B.C. to a surge in new homes?

Thu, 31 Jul 2025 17:59:00 GMT

Thanks to a perfect storm of political and economic forces, B.C.’s real estate market has been going through a bit of a slump lately.

But earlier this month, the provincial government gave the homebuilding industry a much-need shot in the arm when it introduced a new initiative designed to lower upfront costs for B.C. builders, provide more flexible capital for developers—and help get more new homes built sooner for prospective buyers.

What’s the big idea?

Announced by B.C. Housing Minister Ravi Kahlon on July 2, 2025, the new program allows developers in British Columbia to defer 75% of their municipal development fees for up to four years or until their buildings are occupied.

Starting in January 2026, B.C. homebuilders will also be able use “on-demand surety bonds” as financial guarantees to access credit more freely, resulting in greater financial liquidity and potentially lowering the carrying costs for new building projects.

The goal of the initiative is to help developers use their resources to get shovels in the ground on more new projects now, rather than having to tie up all their available capital in just one or two projects until they can recoup their investment. The hope is that these changes will also help boost the number of new housing units being built in B.C. by giving developers more time and flexibility to pay development fees on their projects to local municipalities.

Will it work?

Given the market slowdown that’s been happening in nearly every corner of the province this summer, the jury’s still out on how large an impact these changes will have, and whether they will be enough to help turn the housing market’s downward momentum around.

But in a telling show of solidarity, even the municipalities that will now have to wait a little longer to collect their fees have thrown their support behind the initiative.

At the press conference to announce the policy change, for example, Minister Kahlon was joined by Surrey Mayor Brenda Locke and Delta Mayor George Harvie, both of whom enthusiastically endorsed the initiative.

In an interview with The Province newspaper, Langley Township Mayor Eric Woodward also lauded the new policy, saying it was something that municipalities like his have been pushing to make happen for some time.

What’s next?

Given all of the different factors at play (and how quickly the winds can change in B.C. when it comes to real estate), we may not know the full significance of this initiative for months or even years to come.

But the consensus among both builders and industry watchers seems to be that anything that can help increase certainty, lower upfront costs and encourage more construction is bound to be a good thing for the homebuilding industry, the B.C. real estate market—and would-be homebuyers across the province.

Questions?

Curious to find out more? Contact us to schedule your free consultation today!

Getting a mortgage when you’re self-employed

Wed, 16 Jul 2025 20:05:00 GMT

For those British Columbians who have an entrepreneurial mindset, being self-employed can be a great way to make living.

You have the freedom to set your own hours and decide the kind of work you want to do. There are several tax advantages compared to people who work full- or part-time. And you have the potential to earn a higher income than many traditional salaried positions might offer.

But one area where freelancers, business owners and other self-employed individuals have traditionally been at a disadvantage is when it comes time to buy a home.

Because self-employed workers usually have less stable or predictable incomes than employees, banks and other lenders can sometimes be reluctant to approve them for a mortgage. As a result, it can often be harder for self-employed people to get qualified for a mortgage, or to get the best mortgage rate when they do.

Luckily for the estimated 2.7 million Canadians who are self-employed, getting a mortgage doesn’t have to be an uphill challenge. By doing a little advance preparation and some strategic planning, self-employed people can still qualify for the mortgage financing they need to get their foot on the property ladder, without being hit by a higher interest rate.

Proving your income

For the vast majority of self-employed homebuyers, the first and most important step in getting approved for a mortgage is proving your income.

For traditional employees, providing proof of income is usually as simple as handing over copies of your pay stubs or an employment verification letter. For self-employed people, however, establishing proof of income can be a little more complicated.

To be considered for a mortgage, most banks will require self-employed individuals to provide at least two years’ worth of documented income. So before you even think about applying, gather together as much financial information as you can from the past 24 months for both you and your business, including:

· Copies of your personal tax T1 statements, personal tax returns and Notices of Assessment (NOAs) for the last two years;

· Copies of your last two corporate income tax and GST/HST returns with payment confirmations from the CRA;

· Monthly bank and credit card statements for your personal and corporate accounts;

· Profit-and-loss statements, balance sheets, revenue records and any other official financial statements for yourself or your business;

· Your personal and business credit scores;

· Credit references or letters from your financial institution(s) and the latest audited financial statements from your accountant;

· Proof that your down payment hasn’t been gifted to you, and that you have sufficient cash reserves to cover any unexpected or emergency expenses;

· Proof that you are the legitimate owner of your business, such as your GST/HST licence, most recent business licence or your Articles of Incorporation; and

· Any contracts with long-term clients showing your expected business revenues for the next few years.

Increasing your chances of getting approved

If you have the time, there are also a few other steps you can take to boost your chances of getting approved and getting a better interest rate.

For example, if you are incorporated, you could choose to pay yourself a higher salary in order to qualify for a larger mortgage or a lower rate. It can also be helpful to try to come up with a larger down payment than the traditional 20% of the purchase price in order to reduce the potential risks for prospective lenders.

Some other ways to improve your odds of being approved include:

· Working with a financial advisor or your accountant to improve your credit score;

· Paying off your debts to reduce your debt-to-income ratio;

· Making sure your personal and business bills are always paid in full and on time;

· Working with a REALTOR® to be sure you’re only looking at properties that fit within your needs and budget; and

· Working with a mortgage broker to look at possible alternative types of mortgages, like private financing or a stated-income mortgage for self-employed individuals.

Questions?

Still feeling intimidated or a little overwhelmed? If you’re self-employed or a business owner and you’re interested in learning more about buying a home in B.C. or getting approved for a mortgage, contact us to find out more about what options may be available to you.

The hidden costs of homeownership

Wed, 02 Jul 2025 17:56:00 GMT

When it comes to calculating the costs of homeownership, for many people, it all begins and ends with that pesky monthly mortgage payment. But there are a whole range of other expenses that come along with buying or owning a home, including some that can be easily predicted and prepared for—and some that can come as (very) unwelcome surprises.

Whether you’re a real estate veteran, a new homeowner, or a first-time buyer who’s in the market for your first property, here are a few of the “hidden” and “not-so-hidden” costs of buying and owning a home that you should be prepared to factor into your budget.

Costs of buying a home

First, when buying a home, first-time buyers in particular may not be fully aware of all the extra expenses they’ll need to cover above and beyond the sales price. For example, depending on where you live and the kind of property you’re purchasing, in addition to the down payment, some of the other costs you may need to prepare for include:

· Home inspection fees to assess the condition of your new home and uncover any potential problems;

· Appraisal fees to verify the value of the property and obtain mortgage financing;

· Land survey fees to make sure both you and the bank know the exact borders and boundaries of your new property;

· Title insurance to protect your investment against any potential issues with obtaining the title for the property;

· Legal fees to cover the services of your lawyer along with any expenses they incur while working on your behalf;

· Land transfer taxes on the purchase of any property in Canada;

· GST / HST on the total purchase price of the property;

· New home warranty costs if you’re buying a newly-built house;

· Mortgage insurance costs from CMHC or other providers if your down payment is less than 20% of the cost of the home; and

· Moving and utility hook-up costs to get you and your family settled and comfortable in your new home.

Costs of homeownership

Unfortunately, the routine and hidden expenses don’t stop once you own your home, either. In addition to your mortgage payments, homeowners in B.C. should set aside enough money on a monthly or annual basis to cover costs like:

· Property taxes paid every month or year to your local municipality;

· Condo fees if your home is part of a condo or strata;

· Home insurance to protect you and your belongings from being on the hook for unexpected damages;

· Monthly utility bills to cover the heating, cooling, electricity, internet, and other expenses;

· Regular maintenance fees to pay for everything from plumbing leaks to new appliances or electrical repairs; and

· Major replacements and repairs like having to replace the roof, resurface the driveway, or get a new boiler.

Learn more

Are you a new homeowner or thinking about getting into the real estate market in the Lower Mainland? Contact us today to schedule a free consultation before you put your budget together or make any final decisions!

Is cryptocurrency changing the way Canadians buy and sell their homes?

Mon, 23 Jun 2025 21:19:00 GMT

According to a recent article by the Canadian Real Estate Association (CREA), a growing number of Canadians are beginning to wonder about the intersection of cryptocurrencies and real estate—or more specifically, whether or not we’ll be seeing homes in Canada bought and paid for with cryptocurrency anytime soon.

The jury may still be out on whether using cryptocurrency to purchase real estate is a good or bad idea. But regardless of which side of the debate you’re on, as cryptocurrencies become even more popular and widespread than they already are, it’s a question that buyers and sellers may have to start deciding for themselves very soon.

What are cryptocurrencies?

Simply put, a cryptocurrency is any kind of currency that exists exclusively in a digital or virtual format. Instead of being issued by a central bank or national government, cryptocurrencies are recorded and issued through a decentralized peer-to-peer system, and secured using electronic encryption

The first and still best-known cryptocurrency, Bitcoin, was originally issued just 15 years ago, in 2009. Today, there are dozens of different cryptocurrencies available to Canadian investors, and the cryptocurrency market is now valued at a total of more than $3 trillion.

What are the benefits for buyers and sellers?

While cryptocurrencies aren’t considered official “legal tender” by the Canadian government, there’s technically no law against using cryptocurrency to buy real estate in Canada. But as with most new technologies, using a cryptocurrency to purchase a home can pose both some unique risks and some compelling benefits for buyers and sellers.

For sellers, selling your home for cryptocurrency can be an interesting marketing tool and a novel way to gain attention for your listing. It can also open your property up to people who might not otherwise have made an offer.

For buyers, cryptocurrencies can speed up the process of buying or selling a home, as they can be transferred instantly rather than taking hours or even days to process. Plus, for those with extensive investments in cryptocurrency, converting some of those more speculative assets to something as traditionally stable as real estate can be a wise financial move.

What are the risks?

But there are some significant risks as well. For example, using cryptocurrency to buy a residential property could potentially result in capital gains taxes, pose legal problems with setting up a trust to complete the purchase, or possibly even trigger an anti-money laundering investigation by the Financial Consumer Agency of Canada.

In addition, because the value of any given cryptocurrency can swing wildly from one day to the next, you could agree to sell or buy a home for a fixed amount of cryptocurrency, only to end up having that amount be worth substantially less (or more) than you expected by the time the closing date rolls around.

Of course, you could always mitigate that risk by simply converting the cryptocurrency to the agreed-upon number of Canadian dollars when the property is sold. But if you want to pay directly with cryptocurrency and can’t afford to buy the property outright, many banks and other lenders in Canada still tend to shy away from accepting them. It can therefore be much harder to get a mortgage if you use or accept cryptocurrency as the down payment.

What does the future hold for cryptocurrency and real estate in Canada?

The bottom line is, it’s still too early to tell when (or if) cryptocurrencies could become an accepted part of the real estate market in Canada. But if that day isn’t here yet, it’s almost certainly coming, and probably sooner rather than later.

So if you’re curious about the role that cryptocurrencies could soon play for either homebuyers or sellers, talk to your lawyer or financial advisor, ask your REALTOR® for advice, or contact us for the answers to any questions you may have.

Could the proposed GST rebate on new homes save you $50,000?

Thu, 12 Jun 2025 21:06:00 GMT

First-time homebuyers may be in for an early treat this year, because earlier this month, the federal government tabled a proposal for a new rebate on the GST for newly-built homes that could save eligible buyers up to $50,000 on the price of a new home.

What’s being proposed?

Called the First-Time Homebuyers GST Rebate (or FTHB GST Rebate), the goal of the program is to help more first-time homebuyers be able to afford to enter the housing market by effectively eliminating the federal GST on newly-built homes priced below $1 million, and reducing the GST for properties that are priced between $1 million to $1.5 million.

The proposal hasn’t yet been passed by Parliament or received the “royal assent” it needs to become law. But if it is passed (which seems likely), first-time homebuyers could qualify for a net savings of up to 5 per cent off the cost of a newly constructed apartment, condo, townhouse, or single-family home. For a million-dollar home, that would translate into a savings of around $50,000.

How will it work?

The program is similar to the existing GST/HST new housing rebate, but with two major differences. First, the GST/HST new housing rebate is available for any buyers of a new property, whereas the FTHB GST Rebate is exclusively for first-time buyers.

Second, while the GST/HST new housing rebate only applies to homes with a maximum market value of $450,000, the FTHB GST Rebate will be available in full on properties priced at up to $1 million, and in part on homes priced even higher, at up to $1.5 million. This is especially good news for first-time buyers in Greater Vancouver, where the average price of a home is currently sitting at just over $1.2 million.

As with the GST/HST new housing rebate, buyers who take advantage of the FTHB GST Rebate will be able to either claim the rebate directly, or apply to obtain it through their builder. The program is expected to last for at least the next five years, though it could be extended by the federal government after the initial trial period is up.

Who’s eligible to apply?

The rebate would apply to first-time homebuyers anywhere in Canada who either buy a new home from a builder, buy shares in a co-operative housing program, or who build (or hire someone to build) a new home on land they already own or lease.

For the purposes of the program, “first-time homebuyers” are defined as Canadian citizens or permanent residents who are at least 18 years of age and who have either never owned a residential property before, or who haven’t lived in a residential property inside or outside of Canada that they or their spouse or common-law partner owned in the last five calendar years.

According to some estimates, by those parameters, the rebate could end up saving more than 70,000 first-time buyer households an estimated $3.9 billion over the next five years.

What happens next?

The rebate proposal is expected to pass sometime later this summer. But regardless of when it’s made official, the rebate will be effective for any sales agreements dating back to May 27, 2025 or later.

So if you recently entered into a sales agreement with a builder for a new home, or are just thinking about buying your first property, start the planning process now by doing your research, reaching out to your REALTOR®—or by contacting us to find out if you may be eligible to apply!

10 tips for choosing a REALTOR®

Wed, 04 Jun 2025 20:50:00 GMT

For most of us, buying or selling a home is probably the biggest financial decision we’ll ever make. Whether you’re purchasing a property or looking to sell your current home, one of the first and most important decisions you’ll likely make is choosing the right REALTOR® to help you do it.

In addition to walking you through every step of the buying or selling process, your REALTOR® is the person you’ll be counting on to keep you up to date on local market conditions, offer expert tips and advice on everything from choosing a mortgage to setting an asking price or making an offer, and help you negotiate the best possible deal.

So to make sure your next home sale or purchase goes as smoothly as possible, here are our top 10 tips to help you find and choose the right REALTOR® for you.

1. Get a referral

To choose a REALTOR®, start by asking for recommendations or getting a few referrals from family members, friends or coworkers whose opinions you value and trust.

2. Do your research

Next, put together a list of all the recommendations and visit their websites to assess their experience, get a sense of how they communicate, and check out some of their other listings.

3. Read the reviews

Read customer testimonials, visit each REALTOR’s® social media feeds, and check out their online reviews to get a better idea of their reputation in the local market, their relevant experience, and to see what past clients had to say about them.

4. Check their credentials

Check with the BC Financial Services Authority’s Find a Real Estate Professional online search to make sure each REALTOR® you’re considering is a licensed real estate agent. Being a licensed agent means they’ve completed all the required training and education and passed the necessary exams to become a certified REALTOR®. It also means they currently hold an active license to provide real estate services in the province of B.C. and are committed to following the REALTOR® Code of Ethics in all their dealings.

5. Schedule interviews

Interview multiple different agents in person to find out how they work, assess their experience, and see whether or not you click. Meeting in person with a few different REALTORS® also gives you a good chance to get to know their personalities, their priorities, their communication style, and how well they share your goals and understand your needs.

6. Ask (a lot of) questions

Be sure to ask as many questions as you can. Don’t be shy—this is a chance for both of you to get to know each other. So feel free to ask things like how long they’ve been in business, what their commission structure is like, or what kind of experience they have with homes or neighbourhoods that are similar to the one you’re selling or looking to buy.

7. Assess their experience and expertise

Using the information you’ve gathered, list and assess each REALTOR’s® experience, skills, and areas of expertise. For example, you may want to focus on REALTORS® who are familiar with the area where your home is located (or where you want to move to) and who have experience working with homes, neighbourhoods, or budgets like yours.

8. Pay attention to how they communicate

At the same time as you get the answers to your questions, you’ll also be able to evaluate how each REALTOR® communicates. Are they available and responsive to your questions? Do they get back to you quickly? Are the two of you compatible? Are you able to understand each other easily and talk openly and honestly?

9. Check out their marketing skills

It can also be a good idea to check out each REALTOR’s® online presence to see how they’ve marketed other homes in the past. A strong online presence could speak well of both their professionalism and their marketing abilities—two skills that come in particularly handy when buying or selling a home. You can also view their current listings to see how they describe the properties and whether or not they use professional-looking photos and videos.

10. Review the paperwork

Once you’ve decided which REALTOR® is the best fit, go over all the paperwork with them, and be sure to review the fine print. This includes reviewing the listing or buyer’s agreement to confirm how long it’s for, what the commission structure is like, and the termination or cancellation clauses. If you’re a seller, discuss how they plan to market your property to buyers.

Bonus tip: focus on what’s most important to you

Last but not least, if you have any particular needs that are important to you—for example, if you want a REALTOR® who can recommend a great mortgage broker, knows a lot about fixer-uppers, has experience dealing with military relocations, is active in the local community, or who is fluent in your mother tongue—be sure to ask about those areas before you sign on the dotted line.

Getting the answers to all your questions and concerns upfront will ensure you and your REALTOR® have a good working relationship, and help make sure your real estate journey is as smooth and successful as possible.

Find out more

Interested in finding out more about what a REALTOR® can do for you? Contact us today!

Is Vancouver’s slowing condo market an opportunity for buyers?

Wed, 28 May 2025 19:22:32 GMT

Unless you’ve been living on a desert island for the past few months, you’ve probably heard that Vancouver’s usually red-hot condo market is experiencing its biggest slowdown in more than a decade. While this is clearly not great news for sellers, for buyers in the Lower Mainland, it could represent a once in a generation opportunity.

What’s happening?

According to a recent report by the Greater Vancouver REALTORS® (GVR), condo sales in Metro Vancouver dropped by nearly 20% in April 2025 compared to the same period last year. That’s almost double the average month-over-month decline for sales of all types of residential properties, including single family homes, townhouses, and non-strata apartments.

The GVR also noted that there are more than 2,000 new condo units currently sitting empty and unsold across the city. In terms of the broader housing market, there are around 16,000 listings currently for sale in Metro Vancouver on the MLS listing service. That’s a 30% increase in the number of properties listed for sale compared to April 2024, and about 47.6% above the 10-year seasonal average.

The culprits? Not surprisingly, most experts point to three main reasons for the downturn: the ongoing effects of the COVID-19 pandemic on local and national housing markets, the higher mortgage interest rates we’ve been seeing over the past few years, and ongoing uncertainty over the trade tariffs being imposed on Canadian goods and services by the United States.

What does it mean?

The impact of this sudden downturn in sales is already being felt across much of the region. For developers, the excess supply of condos for sale has led some to hit the pause button on new projects. Others who were in the early stages of development have had to outright cancel their pre-sales and return the deposits they’d already collected to their prospective buyers.

For sellers, the downturn means the days of bidding wars are over (at least for now). Those who need to sell might have to wait longer or accept a lower offer than they would’ve been prepared to consider just a few months ago. For others, it could mean getting used to a longer sales process, or possibly taking their property off the market for a while until conditions improve.

For buyers, however, the headlines could point to a very different outcome. For one thing, higher inventories and fewer sales means there’s very little competition out there for buyers right now. As a result, Vancouver buyers are suddenly in the driver’s seat for the first time in recent memory.

For example, dropping sales mean buyers have more options to choose from, greater flexibility over things like closing dates and pre-purchase conditions, and considerably more bargaining power than they’ve had in years. Perhaps more importantly, the high inventory of unsold listings has also led to a drop in prices, with the average price of a condo in Vancouver falling almost 2% in April alone.

Of course, the economic headwinds can change on a dime, and the downturn won’t last forever. But for those who have the means to make the jump and who are willing to act quickly, the current buyer’s market—combined with recent cuts in the Bank of Canada’s benchmark interest rate—means there are some pretty great deals available in Vancouver right now for both investors and condo buyers who are ready and able to take advantage of them.

Ready to chat?

Want to find out how the downturn in Metro Vancouver’s condo market might affect you? Contact us today for a free consultation!

Grants and rebates for first-time homebuyers

Tue, 20 May 2025 17:22:00 GMT

For the vast majority of Canadians, their home is the biggest and most important investment they’ll ever make. But for first-time homebuyers in a highly competitive housing market like Metro Vancouver, simply saving up enough money for the down payment on their first property can sometimes feel like an insurmountable obstacle.

Luckily, there are a number of federal and provincial government programs, tax credits, rebates and other initiatives available to help first-time buyers be able to afford their down payment, buy their first homes and start climbing the property ladder.

Here are five of our personal favorites, along with a brief overview of how they work, who’s eligible to apply—and how much money you could be entitled to receive.

Five programs to help first-time buyers

1. First-Time Home Buyers’ Tax Credit (HBTC): the First-Time Home Buyers’ Tax Credit is a non-refundable credit that first-time homebuyers can claim in the year they purchase their first home. Under the program, buyers can qualify for a rebate of up to $1,500 when they file their income taxes.

2. Home Buyers’ Plan (HBP): the federal Home Buyers’ Plan allows first-time buyers to withdraw up to $60,000 from their Registered Retirement Savings Plans (RRSPs) to put towards the down payment on a home. The maximum amount is calculated per person, so for married or common-law couples, that could translate into a total of $120,000. Best of all, you have 15 years to pay the money back into your registered plan!

3. First Home Savings Account (FHSA): the First Home Savings Account is a relatively new program that lets anyone who hasn’t lived in a home they own for the past four years save up to $8,000 a year tax-free to either buy or build a home.

Combining the best features of both an RRSP and a Tax-Free Savings Account (TFSA), the FHSA lets you claim a deduction on your taxes in the year you make the contribution, while also allowing the investments inside the FHSA to grow tax-free until you need to use them. First-time buyers can contribute up to $40,000 per person to their FHSA over five years, or up to $80,000 per couple.

4. GST/HST New Housing Rebate: for newly-built homes with a market value of $450,000 or less, the GST/HST new housing rebate lets buyers apply for a rebate of up to 36% of the GST/HST charged on the home, up to a maximum rebate of $6,300.

5. B.C. First-Time Home Buyers’ Program: last but not least, first-time homebuyers who live in British Columbia can also qualify for the B.C. First-Time Home Buyers’ Program. Depending on their eligibility, buyers who qualify for the program can apply to receive a partial or even full refund of their property transfer tax—potentially saving them thousands of dollars on the purchase of their first home.

Want to learn more?

Interested in finding out more about any of these programs, or seeing if you might be eligible for any support? Contact us for the answers to any questions you have!

How to host the perfect open house

Tue, 06 May 2025 17:19:00 GMT

Love them or hate them, open houses are a mainstay of the real estate process. They’re also one of the best ways we have to show off your property to as many potential buyers as you can. But when you’re hosting that many possible buyers at a time, it’s essential to make sure your home puts its best foot forward.

Open houses 101: Tips and tricks

Everyone knows about preparing some refreshments or popping some chocolate chip cookies in the oven to create a welcoming ambience. But in today’s increasingly competitive market, there are a number of other things sellers can do to present their homes in the best possible light and help their properties stand out from the crowd. This includes:

· Clean and declutter—give your property a thorough top-to-bottom cleaning and decluttering to make sure everything is spotless and organized, and to help potential buyers be able to see themselves living happily in your home.

· Take care of repairs and easy fixes—remember that loose doorknob in the kitchen, chipped paint on the patio or the missing lightbulb in the master bath? Now’s the time to fix them (or hire someone to do it). It can also be a great idea to do a little inexpensive upgrading before your first showing, like updating the light fixtures or adding a fresh coat of paint in a nice neutral colour.

· Maximize your curb appeal—don’t forget that buyers will see the outside of your home before they even set foot inside. If you want to make a great first impression, plan on spending a little extra prep time in advance doing some weeding and mowing or planting a few seasonal flowers in the garden.

· Prepare a list of possible questions—work with your REALTOR® to brainstorm any questions you think a buyer might have, and prepare detailed answers in advance.

· Make your home inviting—give the place a quick last-minute cleaning, turn on all the lights and open the blinds and windows, and add a few splashes of colour with a bowl of fruit, a few accent pillows or some fresh flowers. If you want people to look around longer, a little soft music in the background can encourage them to linger.

· Keep Fifi or Fido busy somewhere else—if you have pets, make sure they’re somewhere else during the open house so buyers won’t be distracted by how cute they are (or by any unwanted allergic reactions).

· Have plenty of hand-outs on hand—an ample supply of brochures or fact sheets with information and professional-quality photos of your home will let buyers spend their time looking around rather than trying to write down how large your home is, how many bedrooms and bathrooms it has, or any of the other great features you want to highlight.

· Ask for feedback—have a guest book ready for visitors to sign, and don’t be afraid to ask your REALTOR® to request feedback. Honest opinions (both good and bad) can teach you a lot about what buyers may or may not be looking for, and help guide where you might want to focus your time and energy for your next open house!

· Consider going online—if you can’t host an in-person open house, ask your agent about holding a virtual one using Zoom or another conferencing platform.

· Know when to call in the professionals—lastly, if you have the budget, you may want to seriously consider hiring a professional staging company to de-personalize your space, and create a warm and welcoming environment that every prospective buyer will want to call home.

Questions?

If you’d like a few more tips or have any questions about open houses or any other part of the real estate process—don’t hesitate to ask! Contact us today to schedule a free consultation.

5 tips for sellers

Tue, 29 Apr 2025 00:18:00 GMT

Every day, thousands of Canadians across the country list their homes for sale.

Selling a home or investment property is always an exciting and stressful decision. But between political and economic uncertainty here at home, the reality of shifting international relations, and our own always-evolving local housing market, more and more sellers in Metro Vancouver are wondering about whether or not now is a good time to sell.

But no matter what the short- or long-term economic picture may tell us, there have always been a few key fundamental rules of thumb that sellers can follow to help them sell their home quicker, with less stress – and for the highest price possible.

Tip #1: Decide on the asking price

For most Canadians, the biggest question when it comes to selling their home is what price to ask for. Answering that question can be a lot more complicated than you might think.

The right asking price will depend on a whole range of different factors, from how the overall markets are doing and what comparable properties in your city or town are currently selling for, to whether or not your home has any unique features that buyers might find particularly interesting, what the local market conditions are like in your neighbourhood, and what kind of pricing strategy you want to follow.

Because there are so many factors involved, most sellers find that working with a REALTOR® can save them a lot of time and stress, and make sure they have access to the most up-to-date information and advice before they make any final decisions.

Tip #2: Get your home ready to sell

To get the best price and sell your property as quickly as possible, do everything you can to enhance your home’s curb appeal and make it sparkle inside and out.

That doesn’t have to mean investing thousands of dollars or hundreds of hours of your time. It can be as simple as doing a little decluttering, replacing some broken lightbulbs, planting a few flowers, or maybe giving your home a fresh coat of paint.

If the market in your area is especially tight right now, you could also ask your REALTOR® to recommend a good home stager who can help you make sure your home stands out from the competition.

Tip #3: Familiarize yourself with the selling process

For many people, the whole process of selling a home can be a little mystifying, or even a little scary. This is especially true if this is your first time selling a home. So it can often be a good idea to get to know what will likely be involved in selling your home, so you can avoid any unpleasant surprises later on.

For example, do a little research into some of the things a bank or potential buyer might want to know about your home before they make an offer, like how appraisals work to estimate the value of the home, what a home inspector will look for when assessing your home’s condition, what a title search is and why the buyer will need to see one, or what your strata documents will reveal if your property is a condominium.

Tip #4: Be ready to answer a few questions

Most buyers will want to ask a few questions about the property you’re selling. Anticipating and preparing the answers to those questions ahead of time can give you a little extra peace of mind, and help make sure a good offer doesn’t slip through your fingers.

For example, ask yourself (and make sure you can answer) questions like how old the home is, what are some of its most unique features, if there are any known issues with the property, what upgrades or renovations have you done (and how recently), what will be included in the sale, what the local neighbourhood is like, and how close you are to schools, parks, transit options and other amenities.

Tip #5: Hire a REALTOR®!

Finally, find and choose a REALTOR® who knows your market, has experience with the kind of property you’re selling, and who you trust and feel like you can connect with.

In addition to listing and marketing your home, your REALTOR® will help handle everything from hosting open houses, arranging showings and taking care of all the paperwork, to navigating multiple offers, negotiating the best price, and referring you to their network of mortgage brokers, lawyers, and all the other professionals you’ll need to have on your team.

Thinking of selling?

Have any questions about selling your home or investment property in today’s market? Contact us today to book your free consultation!

5 tips for homebuyers

Tue, 22 Apr 2025 00:16:00 GMT

The one thing you can always say with absolute certainty about Vancouver’s housing market, is that it’s never boring. These past few months have certainly been no exception.

Between the federal election, ongoing speculation about interest rates, our constantly-changing market conditions, and what can sometimes feel like daily threats of new tariffs or all-out trade wars coming from south of the border, the future trajectory of the Lower Mainland’s real estate markets has become almost impossible to predict.

Thankfully, while we may not always know what to make of the latest headlines on the six o’clock news, there are several proven things homebuyers can do in both good times and bad to help them navigate the real estate landscape successfully, and find the right house at the right price – no matter where the markets may (or may not) be headed.

Tip #1: Know your budget

First, make sure you figure out exactly how much you can afford to spend on your new home before you start looking. This will not only save you a lot of time and headaches further down the road, but it also lets you narrow your search down to exactly – and only – those homes that fit your budget.

In addition to calculating things like your income and assets, your outstanding debts, and how much you can put down as a down payment, you should also consider getting pre-approved for a mortgage before you begin your search. This will give you a clear and precise idea of the price range you should be looking in, and how much your monthly mortgage payments will be.

If math isn’t your thing, there are many free budget and mortgage calculators available online that can do the number-crunching for you. Just be sure to use one that’s on the website of a company you know or trust, like your bank or credit union.

Tip #2: Make a list of “needs” and “wants”

Next, make a detailed list of everything you’re looking for in a home, including both the “must haves” and the “would be nice-es.”

This includes concrete factors like the location, square footage, number of bedrooms and bathrooms, whether you prefer a fixer-upper or move-in ready, and if you’re looking for a single-family home, a townhouse or a condo, to more personal preferences like whether it has a northern or southern exposure, if it’s a new build or resale, how close it is to transit or good schools, whether or not there’s a rental suite to help with the mortgage, how much outdoor space there is, or anything else that’s important to you and your family.

Tip #3: Get to know the market

Once your list is ready, find out as much as you can about your local real estate market. Visit the websites of a few different financial institutions or talk to a mortgage broker to see what the current mortgage interest rates are, and which direction they’re heading.

If you’re interested in new builds, check out local builders to see what their reputations and reviews are like, or talk to friends and family members to get a few recommendations. And of course, start visiting REALTOR.ca on a regular basis to size up comparable properties in the communities and price range you’re looking in.

Tip #4: Get your paperwork together

To save time later, start gathering all the things you’ll need in order to apply or get pre-approved for a mortgage. This includes bank and financial statements, pay stubs or other proof of employment, income statements, and details about the amount and sources of your down payment.

It can also be a good idea to find out what your credit score is, and see if there’s anything you can do to improve it. Plus, be sure to find out if you qualify for any of the government programs that are available to support first-time or other homebuyers, like the federal Home Buyers’ Plan, the Home Buyers’ Tax Credit or the GST/HST new housing rebate.

Tip #5: Work with a REALTOR®

Lastly, whether this will be your first home or your fifteenth property, it’s always a good idea to work with a REALTOR® who knows the area where you want to buy, has experience with the types of properties you’re looking for, and who you feel a genuine rapport with.

An experienced REALTOR® can help you find a property that meets your needs and preferences, put in an offer, negotiate the best price, and make sure all the paperwork is taken care of.

But apart from what they bring to the table professionally, the relationship between you and your REALTOR® is one of the most important factors in the success of your house hunt. Choosing a REALTOR® you trust and can connect with will help the entire homebuying process go much more smoothly, and help make sure you can move into the home of your dreams that much sooner.

Are you in the market for a new home?

If you’re thinking about buying a new home in the Lower Mainland, contact us for the answers to your questions or to book your free consultation today!

REALTOR.ca now includes pending and sold listings

Tue, 15 Apr 2025 00:01:00 GMT

As of April 10, 2025, the REALTOR.ca property listing website has now started including both closed and pending sales in the Metro Vancouver area as part of its regular platform. This long-overdue change will give both buyers and sellers greater transparency into market activity in the Lower Mainland, and help them make better and more informed decisions at every step of the real estate process.

What’s new

Until now, the sale prices of homes that were listed on REALTOR.ca were only displayed in the “sales history” of the site. They also weren’t made publicly available for an entire year after the sale of a property.

Now, sold listings will be displayed on REALTOR.ca immediately after a sale closes, with the sale prices available just 30 days after the closing date. Plus, properties that have an offer pending will also display a new special “Price Pending” status until either the property is sold, or the offer is rejected or withdrawn.

Graphic courtesy of the Greater Vancouver REALTORS® association.

Why it matters

Vancouver is just the third—and by far the largest—region in the country to make this change a permanent move. Among other benefits, the update offers lets Vancouver buyers and sellers:

search for sold listings on REALTOR.ca and track the latest market trends and activities in real time

make more informed and up-to-date decisions about pricing when listing their property or putting in an offer

gain greater insights and visibility into the local real estate market

The change also reflects an ongoing shift towards greater transparency among both REALTORS® in B.C. and their clients. According to the Greater Vancouver REALTORS® (GVR), for example, up to 72% of homebuyers in B.C. say that transparency is a key part of their decision-making when it comes to buying a home.

This update helps meet that expectation by providing all buyers and sellers with equal and open access to the most accurate and timely information available on where the markets stand today—and where they might be headed tomorrow.

Questions?

Are you in the market to buy or sell, and want to find out more about how these changes might affect you? Contact us to schedule your free consultation, and we’ll do our best to answer whatever questions you may have!

Are we in a buyer’s market?

Mon, 31 Mar 2025 23:54:00 GMT

Traditionally, Vancouver has long been considered a seller’s market when it comes to real estate. But according to recent reports from two of the region’s biggest real estate associations, the days of bidding wars and multiple offers-over-asking could soon be a thing of past, as all indicators seem to suggest that the Lower Mainland may be on the cusp of becoming a buyer’s market.

What is a “buyer’s market”?

A buyer’s market occurs when there is a surplus of homes for sale. This is usually caused by having more homes listed for sale than there are buyers who are ready to buy them.

Buyer’s and seller’s markets are generally determined by taking a look at the sales-to-active listings ratio. Generally, a ratio below 12% indicates a buyer’s market, while a ratio over 20% indicates a seller’s market. Anything between 12-20% is a “balanced” market, where the number of sellers and buyers are about the same.

Among other characteristics, buyer’s markets tend to put a downward pressure on home prices. As the name implies, they also usually give buyers an advantage when it comes to things like the number of choices they have available, how long they can take when making a decision, and how much leverage they have at the negotiation table.

Are we in one?

According to the Greater Vancouver REALTORS® (GVR) latest monthly report, Metro Vancouver recorded a total of 1,827 residential sales through the Multiple Listing Service® (MLS®) in February 2025. That’s 28.9% below the 10-year seasonal average of 2,571 sales, and a decrease of 11.7% compared to February 2024.

In terms of sales-to-active listings, the ratio for February 2025 was 14.8%, which places us solidly in balanced market territory. But if we look only at detached homes, the ratio sinks to 10.7% – well below the traditional sweet spot for a buyer’s market. And when you factor in the possible impact of more Bank of Canada interest rate cuts in the near future, it could very well mean good news is on the horizon for buyers across all segments of the market.

As Andrew Lis, the GVR’s director of economics and data analytics, puts it: “After the rush of new listings in January, home sales and new listings in February were closer to historical averages, which has positioned the overall market in balanced conditions.”

“[But] with a potential Bank of Canada rate cut on the table for mid-March, homebuyers may find slightly improved borrowing conditions, while enjoying the largest selection of homes on the market since pre-pandemic times. With the active spring season just around the corner, it will be interesting to see whether buyers take advantage of some of the most favorable market conditions seen in years.”

What about farther afield?

Conditions are similarly promising for buyers outside of Vancouver as well. According to the Fraser Valley Real Estate Board, for example, home sales in the Valley in February were up 13% from January. As of last month, there were 8,070 active listings in the Fraser Valley, which is 5% above the 10-year seasonal average.

Perhaps most tellingly, the sales-to-active-listings ratio in the Fraser Valley was 11% in February 2025. That’s comfortably below the usual 12% cut-off for buyer’s market conditions.

As Baldev Gill, CEO of the Fraser Valley Real Estate Board, explains: “the combination of inventory accumulation and softening prices is providing buyers with increased leverage, especially in the single-family detached category.”

“Should this pattern persist, we could see a further shift toward a buyer’s market, particularly given the ongoing economic uncertainties and impending tariffs. With ample selection, buyers have flexibility and time on their side to explore their options before making a decision.”

What does it mean for you?

All of which is to say that, if you’ve been thinking about entering (or getting back into) the market, now could be one of the best times in recent memory to buy a home, make a few additions to your portfolio of investment properties – or maybe even put in an offer on that dream home you’ve had your eye on.

Interested in a conversation? Give us a call, or contact us today to book your free consultation!

The benefits of getting pre-approved

Tue, 25 Mar 2025 23:42:00 GMT

It’s the age-old question: to get pre-approved, or not to get pre-approved. But whether you’re a first-time buyer or a seasoned homeowner, if you’re in the market for a new home, there are some clear and compelling reasons why you may want to consider getting pre-approved for a mortgage before you start you search.

What does getting pre-approved for a mortgage mean?

Getting pre-approved for a mortgage means a lender (like a bank, credit union or trust company) literally pre-approves you for a mortgage of a set maximum amount, for a specific term and at a guaranteed rate of interest.

The pre-approval is usually good to guarantee your mortgage for a fixed amount of time – generally somewhere between 60 to 130 days, depending on the lender. Most mortgage lenders offer preapproval, or you can usually also work with a mortgage broker.

Pre-approved vs. pre-qualified

The terms “pre-approved” and “pre-qualified” are sometimes used interchangeably. But there are some fairly important distinctions between them.

When you’re pre-approved, your lender locks in the amount, rate and terms of the mortgage for a set period of time. Getting pre-qualified, on the other hand, just means that a lender gives you an estimate of how much mortgage loan you probably qualify for, based on your current financial situation.

While the pre-qualification process is a little simpler and more casual than getting pre-approved, there are no guarantees on the amount, rate or terms of the mortgage. So while getting pre-qualified may give you a general idea of how much home you can afford, everything else to do with the mortgage can change at any time between now and when you apply for the loan.

What’s involved

Getting pre-approved requires many of the same steps as it takes to get qualified for a mortgage after visiting a property you want to buy. This can vary from one buyer to another and between lenders, but in general, you’ll need to supply your lender or broker with your:

identification;

proof of employment;

list of all your current debts and assets; and

proof you can pay the down payment and closing costs.

The amount that you’re pre-approved for is the maximum amount of the mortgage the lender will qualify you for. The final mortgage total may be less, depending on the value of the property you want to buy, and how much you’re able to put down as a down payment.

The benefits of getting pre-approved

While it can seem like a lot of work to take on upfront, it doesn’t take any more time or effort than applying for a mortgage after putting in an offer on a property you want to buy. But getting pre-approved offers several key advantages, including letting you:

save time when house-hunting by only looking at properties you know you can afford;

get a better idea in advance of how much your monthly mortgage payments will be;

strengthen your negotiating position at to the bargaining table by showing you’re a serious buyer;

streamline the closing and financing processes; and

lock in a mortgage at the best current rates in case interest rates go up while you’re looking for your new home.

Find out more

If you have any questions about getting pre-approved, pre-qualified, or what the best choice might be for your family, talk to your lender or mortgage broker, or contact us for the answers to any questions you may have about any stage of the home buying (or selling!) process.

Choosing the right neighbourhood

Tue, 18 Mar 2025 23:25:00 GMT

You’ve made the decision. You’ve saved up the down payment. You’re pre-qualified for a mortgage. You’ve got your REALTOR’s® number on speed dial, and your wish list is taped securely to the fridge. You’re ready to buy a home.

But whether it’s your first place, your next home or your newest investment property, how do choose which neighbourhood to buy in, to strike the right balance between what you want from a property – and how much you want to spend?

Figure out what you want (what you really, really want)

For most people, a good first step (right after asking your REALTOR® for advice, of course!) is to figure out exactly what you want from a property, and what’s really important to you and your family.

For example, if you love the excitement of urban living and tend to spend your weekends out on the town rather than staying at home, then a cozy condo in the heart of downtown might be a perfect fit for you.

If you have a large family or crave peace and quiet, on the other hand, you might be better off looking for a single-family home in a rural community, natural area or small town.

But if your daily “To Do” list looks like your own private Mission Impossible of dropping your kids off at 20 different after-school activities, then you should probably look at neighbourhoods that are close to good schools, or which offer easy access to public transit so the kids can take themselves to hockey practice for a change!

Homeowners vs. investors

Of course, if you’re an investor, you’ll likely want very different things from a property. Rather than thinking about your own personal preferences or the needs of your growing family, you’ll likely be looking for neighbourhoods that will be easy to rent out and take care of, attract the kinds of tenants you want, or offer the best return on your investment.

In Vancouver, that might mean looking for places that are already on existing transit routes, or which will be when the SkyTrain expansion is finally complete. It could mean identifying regions like the Fraser Valley or Chilliwack that are less expensive now, but which are poised to increase in value over the next few years.

Or it might mean focusing on the higher end of the rental market by looking at neighbourhoods that offer the great ocean and mountain views, trendy cafés and restaurants, or proximity to parks and green spaces that Vancouver is justly famous for.

If you’re a first-time investor, consider talking with one of our REALTORS® who has expertise in both property investing and Vancouver’s notoriously competitive rental market. And if you know in advance that you’ll want someone else to handle all the repairs, rent collection and tenant qualification tasks that come with investing in real estate, reach out to our property management team for a quick call!

Vancouver’s top neighbourhoods

All that said, every city, town or region has certain neighbourhoods that are always more in demand than others.

In the Lower Mainland, our heated real estate market means that the latest “hot spots” are often changing. But there are a few neighbourhoods that tend to be perennial favourites for both homeowners and investors year after year – all of which offer great opportunities to build your equity that much faster.

Perennial favourites:

Point Grey: big, detached homes, leafy green streets, and it’s close to both UBC and the Spanish Banks beaches to boot!

Kitsilano: with its beaches, trendy hang-outs and laid-back vibe, Kits always ranks at the top of any list of Vancouver’s coolest and most livable neighbourhoods.

Dunbar: a fashionable neighbourhood with a strong old-fashioned community feel.

Kerrisdale: a mix of character-filled older homes and nicely finished new developments, known for its walkability and funky local shops and restaurants.

Shaughnessy: one of Vancouver’s most old-school prestigious neighbourhoods, filled with grand homes on pretty, tree-lined streets.

Downtown: a huge range of housing options, endless amenities, and direct access to pretty much everything.

Coal Harbour: known for its upscale luxury condo towers, breathtaking views and super-convenient location perched on the edge of downtown.

Up-and-comers:

Main Street: a great mix of local shops and restaurants with an authentically cool atmosphere.

Mount Pleasant/South Main: a hip, vibrant area full of cool cafés, shops, bars and restaurants.

Hastings-Sunrise: great walkability scores and plenty of parks and other amenities.

Commercial Drive: an east-side classic with a strong focus on local culture and an old-school bohemian personality.

Renfrew-Collingwood: a family-friendly community with good schools and abundant parks.

Strathcona: Vancouver’s oldest residential neighbourhood, offering diverse cultures, activities and cool cafés.

Grandview: known for its eclectic artistic vibe and diverse mix of people, housing options and developments.

Family-friendly:

South Cambie: a great family-friendly neighbourhood that’s still close to downtown, the Fraser River and YVR airport.

Killarney: family-friendly but more affordable than some of the region’s other southside gems.

Fairview: the perfect balance between a quiet suburban feel and direct access to everything the downtown core and False Creek have to offer.

Victoria-Fraserview: a great central location with a genuine family-friendly vibe.

Great for investors:

Yaletown: urban living at its finest in converted warehouses and uber-cool condos.

North Vancouver: the perfect blend of great views, easy access to nature and proximity to the rest of Metro Vancouver.

Richmond: a diverse and growing city that offers suburban charm with urban style.

Burnaby: a central location with great quality of life, plenty of parks and nature, and a wide range of housing and transit options.

Coquitlam: a rapidly-growing neighbourhood with a strong focus on livability, green spaces and lots of recreation facilities.

Surrey: one of the fastest-growing cities in the country, offering a mix of urban and suburban that appeals to landlords and tenants of all types.

Don’t see your favourite Vancouver ‘hood in our list? Contact us for a free consultation, and we’ll help you find out which Vancouver neighbourhood is right for you!

Strata 101: What to consider when buying a strata property

Thu, 06 Mar 2025 00:14:00 GMT

From the Olympic Village and Coal Harbour to the sky-high condo towers of Burnaby’s Metrotown district, strata properties are as ubiquitous a part of the Vancouver landscape as bike lanes, over-priced coffee shops and Lululemon.

But if you’re thinking about buying a strata property as either an investment or your primary residence, there are several special considerations you need to keep in mind before, during – and after – you sign on the dotted line.

What is a strata property?

Unlike “freehold properties” (where an individual owner owns the entire land and property outright), a strata property is any form of housing where the individual units are owned separately, but the common areas and assets are owned collectively by the strata corporation (which is generally made up of all the individual unit owners).

When most people think of strata living, they tend to picture high-rise condominiums. But strata properties can be any development where the ownership of – and responsibility for – the common elements is jointly owned and managed by all the individual unit owners. This can include mid- and low-rise buildings, townhouses, and even single-family detached homes.

Strata buildings are particularly popular in the Lower Mainland, where space is at a premium and the cost of housing seems to keep going up year after year. In B.C. alone, an estimated 1.5 million people call a strata unit home.

The pros and cons of strata ownership

Strata properties can offer both homeowners and investors a wide range of benefits, including:

Lower costs per-square-foot than comparable freehold properties.

Fewer worries about (and time spent doing) repairs and maintenance.

Greater security and peace of mind.

Convenient locations that are often close to transit, services and urban areas.

Access to shared amenities like gardens, pools, gyms or meeting rooms.

A sense of community with your fellow co-owners.

On the con side, strata owners are usually required to pay monthly strata fees to cover the maintenance and repairs of the common areas, keep their buildings running properly, and contribute to their overall management and operation. These can run anywhere from a few hundred dollars to $1,000 a month or more.

In addition, to ensure harmony between the owners, stratas also generally have rules or bylaws in place that limit what changes you can make to your unit, as well as things like whether or not you can smoke in your unit, how many pets you can own, how much noise you can make, where you can park, and whether you can use your unit for short- or long-term rentals.

As a strata owner, you’ll be responsible for making sure you, your family, and your visitors or tenants follow all these rules to a T. So the more you can find out about the rules (and whether or not you can live with them) before you buy, the happier you’ll be with your new home.

Is strata living for you?

The biggest decision you need to make before buying a strata property, is the question of whether or not strata living is for you.

If you hate spending your weekends mowing the lawn and love the freedom of being able to jet off to Paris or Cancun for two weeks at a moment’s notice, then a strata property might be exactly what you’re looking for.

But if you hate having to follow someone else’s rules, pay those pesky monthly fees, or compromise on what you can or can’t do with your home, then you may be better off sticking to a traditional freehold home.

What to look at before you buy

Once you’ve decided to buy a strata property, in addition to all the usual things you need to take care of or confirm when purchasing a home, there are a few unique considerations you need to think about before you make an offer.

First, talk to your REALTOR® to get a feel for how the strata is run, and what your future neighbours are like.

Figure out exactly how much your monthly strata fees will be, what they’ll cover, and whether there are any one-time special assessment costs coming up soon to cover any major upgrades or repairs.

Find out if there are rules limiting things like the number of rentals that are allowed or any resale restrictions that could affect your investment, or impact your use and enjoyment of your new home.

Make sure the common areas have the features and amenities that are important to you, like a fitness centre that’s large enough to work out in, a 24/7 concierge, or EV chargers in the garage.

Most importantly, be sure to review all the latest strata bylaws, declarations, rules, financial statements, governing documents, council minutes, insurance policies, depreciation reports and other strata documents before you make any final decisions.

These documents not only tell you about the strata’s rules and regulations. They’ll also give you a clear picture of how the strata is being run, what kind of physical and financial shape it’s in, and whether or not it will be a good investment for you, your family, and your bank account.

Still not sure?

If you’ve never owned a strata property before, strata ownership can feel a little daunting. So if you have any questions or concerns – or just want to have a chat to figure out if strata living is right for you – contact us to schedule your free call or coffee today!

Outlook for 2025: A rebound year for real estate?

Mon, 24 Feb 2025 17:33:00 GMT

Canada Mortgage and Housing Corporation (CMHC) recently released its latest Housing Market Outlook for 2025. While the possibility of a trade war with the United States remains the big question mark looming on the horizon for Canada’s real estate market (as it is for nearly every sector of the economy), Canada’s national housing agency is still predicting a significant rebound this year in both real estate sales and average home prices.

What they said

In an overview to its Outlook report, CMHC writes that it expects “housing sales and prices to rebound as lower mortgage rates and changes to mortgage rules unlock pent-up demand in the short term. In the longer term, stronger economic fundamentals will support this rebound.”

According to CMHC, the main factor driving this potential rebound is the six straight drops in interest rates we’ve seen in Canada over the past few months. In addition to reducing monthly mortgage payments for existing homeowners with variable-rate mortgages, lower interest rates are also making it easier for both new homebuyers and investors to get into the market.

Another element at play are the changes to Canada’s mortgage rules that were introduced by the federal government last year. Among other updates and changes, this included an expansion of 30-year mortgage amortizations to include first-time homebuyers and anyone purchasing a newly-constructed house or condo, as well as an increase in the price cap for insured mortgages from $1-million to $1.5-million, so more people with down payments of less than 20 per cent would be able to qualify for a mortgage.

As part of their forecast, CMHC is also predicting that these favourable borrower conditions could be felt over both the short and long terms, with the benefits for homebuyers and homeowners lasting for months or even years to come.

What could get in the way

The main stumbling block that could cast a shadow over all the good news, of course, is the uncertainty regarding our neighbour to the south.

The threat of tariffs of 25% or more on many Canadian goods has already shaken Canada’s markets, including real estate. Not knowing what the U.S. President plans to do next, or when he might implement it, makes it harder than usual to make any predictions this year with anything even remotely resembling a high degree of assurance.

In addition, while CMHC notes that lower interest rates are encouraging everyone from millennial first-time buyers to repeat homebuyers to return to the market, the recovery in sales and prices could nonetheless still be somewhat “uneven, with the condominium apartment market lagging, especially in regions that depend on investor activity.”

Why it’s still good news

That said, even if things continue to grow testier between Canada and the U.S., CMHC notes that lower interest rates should still help most homeowners and buyers weather the storm. And if new tariffs lead to higher inflation, there’s a good chance that the Bank of Canada could lower its key rate to help prop up the economy – which would, ironically, potentially be more good news for anyone who either has a mortgage or plans to get one.

The ins and outs of building a secondary or garden suite (and how you can get up to $120,000 in government funds to do it!)

Mon, 17 Feb 2025 17:31:00 GMT

In a heated real estate market like Vancouver, the idea of adding a secondary or accessory suite to your property to help offset your monthly mortgage payments is hardly new. But did you know that eligible B.C. homeowners can also qualify for up to $120,000 in government funding to help them do it?

What is a secondary suite?

While the terms are sometimes used interchangeably, there are basically two kinds of supplemental or secondary housing units that you can add to your home in Canada.

A “secondary suite” is an independent living unit that has its own separate kitchen, sleeping area and washroom, but which is completely contained inside of another home (called the “primary residence”). Both the primary and secondary units are considered to be a single real estate entity, which can’t be legally separated, stratified or sold separate from one another.

An “accessory dwelling unit” (also known as an ADU), on the other hand, is a self-contained dwelling that’s separate from, but located on the same legal lot as, a primary residence. Some common examples of ADUs include garden suites, garage suites, carriage houses and laneway homes.

The benefits of adding a secondary suite to your property

In addition to potentially being a source of steady rental revenues, adding a secondary or accessory suite to your property can help you:

provide safe and affordable housing options for adult children, aging parents or other relatives right on your own property
increase the equity and marketability of your home
share housing costs with friends or family members to pay down your mortgage sooner
provide more long-term housing and improve housing affordability in your community

Where are secondary suites allowed?

In B.C., homeowners are generally allowed to add secondary suites to most single detached homes, as well as some side-by-side attached homes. The limitations on accessory dwelling units, however, are a little more complicated.

While some communities allow homeowners to build an ADU to increase the supply of local affordable housing, other regions and communities don’t. Some municipalities also only allow ADUs in cases where the primary residence is a detached house, and there are no other secondary suites or ADUs already on the property.

As a good rule of thumb, it’s usually a good idea to check with your local municipal planning department to find out the rules for your community before you invest too much of your time or energy.

What are the rules for secondary suites in Vancouver?

The rules governing the construction and management of secondary and accessory suites can be complex. They can also vary from one province, region or municipality to another.

For residents of British Columbia, detailed overviews of all the relevant rules and regulations can be found online in the provincial government’s Home Suite Home guide to secondary units, and the City of Vancouver’s Secondary Suite website and How to Guide to Secondary Suites.

But in general, if you live in Greater Vancouver and you want to add a secondary or accessory suite to your property, be prepared to ask yourself a few questions first, including:

Have you met with a local government planner to find out the permitting requirements?
Is your home large enough to accommodate a complete secondary suite?
Does your property meet the zoning requirements for a secondary suite or ADU?
Do you have enough parking for the extra people who will be living there?
Does your home meet the Building Code requirements for an ADU, including minimum requirements for ceiling heights, emergency exits and ventilation?
Have you obtained a building permit before starting any construction?
If you’ll be renting the unit out, do you know and understand your rights and responsibilities as a landlord?

What about that $120,000?

To increase the affordability and supply of housing in B.C., both the federal and provincial governments now offer several programs that provide funding to help homeowners add secondary or accessory units to their properties.

Federally, the Canada Secondary Suite Loan Program will give qualified homeowners up to $80,000 in low-interest loans to add a secondary suite to their home. The program, which is expected to begin early this year, will provide loans for up to 15 years at a 2 per cent rate of interest. It also comes with changes to the federal mortgage insurance rules, to make it easier for homeowners to access the equity in their homes when building a secondary suite.

Provincially, BC Housing offers eligible homeowners loans for up to $40,000, or 50 per cent of the construction costs, to build a secondary suite through its Secondary Suite Incentive Program (SSIP) – a three-year pilot program that was launched in April 2024.

Best of all, the provincial loan is also forgivable – which means that if you follow certain terms and conditions set out in the program (like making sure the property remains your Principal Residence, and agreeing to rent the secondary suite out at below-market rates to someone who isn’t part of your immediate family), you won’t need to pay it back!

Together, these programs can give qualified homeowners in B.C. up to $120,000 to help with the cost of planning, designing and constructing a secondary suite on their property – a pretty attractive incentive for something that’s already a win-win-win for many homeowners, their families, and the Greater Vancouver community.

Vancouver’s real estate market heats up (in January)

Mon, 10 Feb 2025 17:28:00 GMT

After a fairly lacklustre couple of years, the combination of lower interest rates and an influx of renewed enthusiasm from sellers is starting to have a big impact on the Lower Mainland real estate market, with the number of home sales in Greater Vancouver reaching a high of 1,552 sales in January 2025 alone – an increase of 8.8 per cent over the same time last year.

By the numbers

According to the Greater Vancouver REALTORS® (GVR) association, the number of housing options available to buyers has also increased significantly over the past 12 months compared to the last few years.

In January of this year, for example, there were 11,494 homes for sale in the Greater Vancouver region. That’s one-third higher than the 10-year seasonal average, and up by around 33.1 per cent over January 2024.

In addition, while sales of detached homes were only up by around 0.3 per cent compared to 2024, apartment sales in January saw an increase of closer to 13.4 per cent compared to last year, with a similar increase of 12.6 per cent in the sale of attached homes.

What does it mean?

Perhaps most tellingly, January 2025 also saw 5,566 new detached, attached and apartment properties listed for sale on the Multiple Listing Service® (MLS®) REALTOR.ca website in Metro Vancouver.

This represents an increase of about 46.9 per cent compared to January 2024. But it also potentially means that the Lower Mainland is finally seeing a shift towards a more balanced real estate market again, with the focus moving back to sellers in particular.

As Andrew Lis, the GVR director of economics and data analytics, said in a press release issued by the association in early February: “In the three months preceding January, we’ve watched buyer demand gain momentum, but it appears that momentum is now shifting toward sellers to start the new year.”

“Even with this increase in new listing activity, sales continue to outpace last years’ figures, signaling some buyer appetite remains after the upswing that finished off 2024.”

What’s next?

In terms of prices, the return to a more balanced market and the increase in seller momentum should work together to help limit any wild price fluctuations for at least the next little while.

Going forward, however, the GVR’s forecast for 2025 is calling for “moderate price growth by the end of the year” for much of Greater Vancouver and the Lower Mainland. So if you’ve been thinking about getting back into the market this year, it might be wise to consider making your move sooner rather than later.

Interested in finding out more about what all this means for you? Contact us for your free consultation today!

How much is your home (really) worth?

Mon, 03 Feb 2025 17:00:00 GMT

There’s always a lot of interest each year when the B.C. Assessment Authority updates its database of assessed values for homes in the province. With good reason, too.

Among other things, assessed values are what the Provincial Government uses to determine how much you’ll have to pay in property taxes. They can also give you a good overview of which direction home prices are heading in across B.C., in your municipality or in your neighbourhood.

But there’s a big difference between the assessed value of a property, and its true market value. If you’re thinking about buying or selling a home in the next 12 months, it’s important to understand what those differences are if you want to avoid any potentially unpleasant surprises later on.

Assessed value vs. market value

The assessed value of a home is basically an estimate of how much a home is worth right now.

Because assessors can’t carry out a detailed assessment of every individual property in the province (like, say, your REALTOR® can!), they have to base their estimates on a few generic factors. This includes things like where the property is located, the size and age of the home, the sale price of similar homes in the same area, and a few other measurable characteristics like whether there’s a garage or whether or not the home has a nice view.

As a result, the assessed value of a property is a rough estimate at best, which is usually based on comparing the home to other similar properties rather than on the unique characteristics of the property itself. In addition, because the main purpose of an assessed value is to help the province with its property tax calculations, assessed values are fixed for the entire year, regardless of what’s actually happening in the marketplace.

The market value of a home, on the other hand, is what that home is actually worth to the buyer or seller in real-world dollars, on the exact day that it’s bought or sold. Rather than being a fixed amount based on an annual snapshot of similar prices, the market value is shaped on a daily basis by the forces of supply and demand. It’s also influenced by just how much effort you’re willing to put in to get the best possible price.

Because it’s unique to a single property, the market value of a home takes into account more individual factors than a generalized assessed value ever could. Often, these are the exact characteristics that can make two seemingly similar homes on the same street sell for prices that are hundreds of thousands of dollars apart.

An assessed value, for example, would never consider things like the curb appeal or landscaping of a home, how close it is to schools or transit, the interior design and layout, any upgrades that have been made to the interior of the home, or what the current inventory is like in the community where the home is located.

Assessments also don’t consider the unique features or emotional “feel” of a home that can make buyers fall in love with a property and be willing to pay a premium for it – in spite of the fact that those features can have a huge impact on not only the list price of a property, but how long it’s on the market and whether or not it inspires a bidding war.

Which one should you focus on?

The question of which of these two numbers is more important to you depends entirely on why you need to know, and what your plans are for the property in the near future.

If you just want to see if your property taxes are going to go up or down this year, you can enter the address in the B.C. Assessment database to find the assessed value for 2025. But if you want to find out how much your home is really worth today in Vancouver’s ever-changing real estate market, talk to your REALTOR® or contact us for a free individualized market evaluation.