News & Announcements

When will our weather stabilized? In March, I have seen heavy wind chill and days ago it was warm and sunny! With all these weather changes, I never know what I need to wear to prepare for the day. I have yet to put my heavy coat away for the season!

So let’s get into it –  So what’s happening so far? On the horizon – there has been some heavy changes on qualifying for homes for Buyers. The government has implemented a number changes which reduces many buyers to qualify. Most large conventional banks would have it very restricted requirements which means you would ideally consider using a mortgage broker that help you find alternative lending. Also the foreign buyer ban had just changed with the following: no longer applies to work permit holders. Now, those who hold a work permit or are authorized to work in Canada are allowed to purchase residential property. So what does that mean for you? There is a possibility of more potential buyers coming on the way. What about the supply and demand? At the moment, there has been some uptick on demand in the following price point – the entry level homes for first time home buyers and the two bedroom homes for condo and apartment which have seen multiple offers situations. This is flag that as price is being pushed higher in this area of homes it would signal other larger homes would be next for buyers to consider and initiate a demand. So we’ll see if it will trickle into that area of homes in Apr / May

– Sam

One of the longest winters I have seen in a while which includes snow! Usually as we enter the last week of February to March our weather tends to be pretty mild and wet. However, I didn’t think wind chills and snow be knocking on our door again! I’m sure that may many kids happy in playing the snow but for most of us, we dread the idea of driving out in that weather. I cannot stress the belief that we are definitely not the best drivers! However, I am hoping with the longer days and the warmer temperatures will provide positive energy to everyone. 

So let’s get into the market . As mentioned, there may be another speculation of a interest hike looming in the horizon, however nothing is official yet. But from talking to some mortgage specialists, that the hike will be small and would appears to be last one that the government will implement it. So what does that mean for the real estate world? It means that many new and current buyers will want to take advantage of the lower interest and try to capitalize in buying now than later. As a result, we’re looking at more demand and less supply. There is already a surge of multiple offers in more entry level condos and the 2 bedroom condos in the Tricity areas as these areas stretches more for the dollar value. However, if this keeps up the price gap between different areas may not be that large and buyers could possibly start jumping into larger size homes. At the moment, there are two possible scenarios that may occur – that the market will steadily increase as both buyers and seller are cautiously looking to buy/sell since interest just stabilized or it will lull for some time after the possible interest hike as it may impact the consumer confidence. What are your thoughts on this? 

– Sam

Valentine’s Day is upon us and a month have already passed since we kicked off 2023. Have you managed to fulfill your new years resolution or is that concept is completely irrelevant in this day and age? I have gotten a boost of motivation to focus on doing something more interesting by being invited to a podcast to talk about my journey as a realtor.  It was nerve wrecking and fun at the same time.  

As for the market – after that final interest hike back in January, and Lunar New year have passed there has been a surge of activity where buyers are entering into the market and ready to start looking again. The 3 day recession period that took affect won’t be in much use at the moment since the market has become a lull due to the interest hike. However, this implementation is a good way to think ahead when the time comes when it is needed during a heated market. Although the interest rates have gone down slightly, but it’s still ways away from being the 0% rates we had seen and experience a couple years ago. So the chances of the market being relatively hot will be slim as the economy as a whole is at a lull due to the high inflation costs. 

– Sam

Happy New Year!!! 2023 has arrived! I swear, as I get older I feel like time flies by way too quickly. The common phrases of “where has the time went?” “Time flies” “It seems like yesterday that we were just all here” etc. They are all so true. I can’t say the same for others, but I get that sense for myself. Due to weather conditions and being sick my Christmas this year was a little quiet but I don’t mind it one bit!

So what changes have happened that would impact the real estate market? Well, it’s been announced there is a ban for all foreign buyers to purchase real estate for 2 years. Honestly, this implementation doesn’t impact the market much as this seems more like a political move made by our government to show that they’re making changes to curb housing markets as there has been no indication of large amount of homes being bought by foreign buyers since 2017. The second change is a game change for buyers. The three day recession period is now a mandatory rule for all home purchases.

Buyers will have three business days to back out of a residential purchase after signing the contract. This applies to all contracts, regardless of subjects. We’re asking the government for clarity on what constitutes a “rescission” (cancellation). The period is mandatory and can’t be waived. Buyers who back out of a contract within this three-day period will have to pay a rescission fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500. The rescission fee is paid to the seller. 

– Sam

Christmas has arrived! Have you gotten all your gift shopping done already, and all your events planned out? Over the years for me, the idea of gift shopping has been less exciting, to the point where I don’t even want to purchase anything since the gifts may be of something they don’t like. After the two years of Covid, I have been very slow in planning and getting into the spirit of Christmas. I’m still contemplating if I want to make gifts or just don’t bother all together. SORRY for sounding like a Debbie Downer. I enjoy the aesthetics of the season, but to me I rather just use this season to spend time with family and friends that means the most to me, and just not spend any money if possible. Since many people are tight on their finances, if I can save here and there, then it would be the ideal Christmas for me. Nay or yay?

In my last newsletter about the market, my insights are relativity the same.  The government has just announced this month’s interest rise and we’re still waiting on the one in late January. As a result, there is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. There has been some activity of investors taking a chance to purchase with aims of purchasing pre-sale as a way to park their money.  As for rates, The government may stop increasing the rates after January or may continue till Spring. Once rates have stabilized, a possibility of demand may arise as new buyers have the confidence to start looking again. If that is the case, it may be best to look now even if inventory is low.  

– Sam

How well prepared are you for this Fall/Winter? I felt that we completely skipped Fall and went straight into Winter! The extreme weather conditions have left me unprepared for the flurry of snow instead of the expected heavy rain that usually is associated November. I had purposely bought a rain jacket to prepare myself for the heavy downpour. I haven’t even gotten a chance to break it in and now I’m in my heavy winter puffer jacket!! The drastic temperature have also impacted the health sector as well. We have seen a uptick of emergency admittance due to the storage of many over counter drugs for ie. Children Tylenol and cold medication. With no access to those medication, many families with young children with high fevers have to head to the hospital in hope to be given some. The strain of flus / colds is more prominent for this season, so make sure to implement the proper social distancing and hygienic etiquettes. 

The trend of the real estate market is still on track of being stable with not much activities being made as many buyers are holding out to see when the rates will stop raising. We still have two more rate announcements to be expected. How will this impact the market in the next few months? There is a potential that there would be large influx of sellers needing to sell in early Spring as they may not be able to keep up with their mortgage payments / possibility of a large amount of foreclosures which some buyers may want to wait to take advantage of this opportunity to purchase a home at a better price. Prices will remain on a steady decline which would be closer to the price of early February /March of 2022 with a slight chance of further reduction in price.

– Sam

How’s your Summer so far? We’re already half way thru it! The summer has been gone by so quickly with family visits and getting use to a new routine of where I’m trying to juggle between how to take care of toddler and working on my business within the time frame that I have since the hubs is back to work full time!  Anxiety and worry of trying to do fulfilling these roles leaves me a little dejected because I don’t feel like I’m doing a good enough job. Yet, I know this is just all in my head and I’m not compromising my 100% on what I’m committed to do for my family and my clients! A word of encouragement and pep talk from the people you surround with is what you need to get that confidence and support back. I know I need it from time to time. I hope that sharing this little insight can enlighten you while you read this!

As mentioned in my last newsletter – July. As we continue on expecting interest rates to go up again later in September, many buyers are pulling the trigger to buy now since want to capture the purchase power they have remaining before another rate hike hits. As a result, there is a small flurry of activity of buyers looking to buy now. Since the buying power have gotten smaller due to the previous rate increase. So what now? Most buyers would have two choices – either they start to buy now or wait a bit longer to see how the market would do after the rates have been stabilized. This stability may not arrive till mid spring of next year. As for pricing – it will remain relatively the same with a possible small drop.

– Sam

Fall is now fully in effect! The changing colours of the leaves is a great indicator to welcome the new Season. Missed out on sending out the September newsletter as there was some personal family matters that required my attention. As a result, I’ll include both August and September stats package to this newsletter. I’m sure many of you as well as myself that September and this first week of October have been surprisingly warm with clear skies. The crisp air that usually comes with Fall have yet to arrive so I’m trying to enjoy the warmer weathers before it quickly disappears. 

So what’s the latest for the real estate market? Answer – we’re experience a bit of a lull. The lack of inventory and demand has made the market reach a standstill. Homes that are available have been on the market for some time. Worldwide economic growth has come to a halt as we’re all being impacted by the soaring inflation. Many lenders and banks have tightening the rein to hold back on borrowing and increasing the interest rates. As Canada continues to curb the inflation, we are waiting for our next interest hike announcement later this month, and a possible hike by December. With the increase in interest rates, this would most likely to continue a downward pressure on demand and stay flat or slightly drop. However, there is a possibility that we may see some sort strategy change from the government since the Bank of England – one of the largest banks in the world have decided to pivot from the strategy of increasing rates. Would other banks follow suit? We’ll have to see….

– Sam

How’s your Summer so far? We’re already half way thru it! The summer has been gone by so quickly with family visits and getting use to a new routine of where I’m trying to juggle between how to take care of toddler and working on my business within the time frame that I have since the hubs is back to work full time!  Anxiety and worry of trying to do fulfilling these roles leaves me a little dejected because I don’t feel like I’m doing a good enough job. Yet, I know this is just all in my head and I’m not compromising my 100% on what I’m committed to do for my family and my clients! A word of encouragement and pep talk from the people you surround with is what you need to get that confidence and support back. I know I need it from time to time. I hope that sharing this little insight can enlighten you while you read this!

As mentioned in my last newsletter – July. As we continue on expecting interest rates to go up again later in September, many buyers are pulling the trigger to buy now since want to capture the purchase power they have remaining before another rate hike hits. As a result, there is a small flurry of activity of buyers looking to buy now. Since the buying power have gotten smaller due to the previous rate increase. So what now? Most buyers would have two choices – either they start to buy now or wait a bit longer to see how the market would do after the rates have been stabilized. This stability may not arrive till mid spring of next year. As for pricing – it will remain relatively the same with a possible small drop.

– Sam

Summer is HERE! Classes are out, so let’s enjoy every ounce of the sunshine as possible this year. The weather has been very mild for the Summer in comparison to last years major heat wave. Most of us were left hiding in our home to avoid the heat; whereas it was a stark contrast to this year where many are scrambling to fly out of Vancouver to take advantage of the travelling abroad! 

So, what has changed in June? Supply and demand have been the same as before, with lower demand and less inventory that has accumulated over time resulted in few selection to choose from. There as some multiple offers here and there but isn’t as grossly over asking compared to early in the year. Rates will continue to rise to curb inflation which will get some possible influx of temporary increase in demand to capitalize the lower rate before rates go up again. Since rates are going up, this has dampened the number of transactions being made and since it’s Summer, many buyers and sellers are focusing on travelling and less on looking for homes.  As for prices, it would relatively have levelled with a slight decreased in certain type of homes and location. Overall, the prices that we saw in March/April is the new benchmark on how much the homes would be selling as we move forward. 

– Sam