First Time Home Buyers Advice for Vancouver

Are Foreclosures Necessarily Good Value in Vancouver?

by Jon Lumer Everyone in Vancouver is looking for a deal. Rental rates are jumping to catch up with the sharp increase in property values and many tenants (as always) are looking at home ownership as a way to avoid paying rent to their landlord and start paying it to themselves, or at least their lender. Meanwhile, investors made dizzy by the capital appreciation they've witnessed in Vancouver over the last three years are desperate for a piece of the action or hope to expand their current holdings. Many of these potential buyers, be they first-time home owners or investors,… Find out more

November 2016 Real Estate Board of Greater Vancouver Statistics Package with Graphs & Charts

November 2016 REBGV Stats Mike Stewart Vancouver Realtor from Mike Stewart   Home sales and listings just below 10-year average Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market. Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to November 2015 when 3,524 homes sold. Last month’s sales were 7.6 per cent below the 10-year sales average for the month. “While 2016 has been anything but a normal year for… Find out more

Leaky Condos, Rainscreening, and Buying an Older Condo in Vancouver

There are very few expensive risks in the real estate market here in Vancouver. Buying into a building with a bad envelope or leaky condo is one of those few extremely expensive risks here in Vancouver. Why there are Leaky Condos in Vancouver Here in Canada the federal government changed the building codes in the early 1980s to increase the Energy Efficiency of buildings in response to the energy crisises of the 1970s and 1980s. Basically the federal government mandated that between 1981 and 1999 buildings should have airtight or sealed walls. Traditional building technology in Canada allows for breathable… Find out more

BC Property Transfer Tax (PTT) First Time Buyers Exemption Limit Raised to $475K from $425K

Government reduces tax burden on first-time buyers First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible. The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000. The partial exemption continues and will apply to homes valued between $475,000 and $500,000. With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to… Find out more

How to Buy a First Home 15 – Subject to Inspection & The Contract of Purchase and Sale

First Time Home Buyer Safety - Subject to Inspection in the Contract of Purchase and Sale! In Episode 14, we talked about Subject to Financing and how this is a powerful way to protect a first time home buyer when it comes to financing. Today we are going to talk about the Subject to Inspection clause in the Contract of Purchase and Sale and how this can protect a new home buyer in Vancouver. What is an Inspection When Buying a Home in Vancouver? An Inspection or Home Inspection as they are commonly referred to in Vancouver is when the… Find out more