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Real Estate Terms Canada

Real Estate Terms Canada – Jargon Explained

Real Estate Terms Canada - Jargon Explained Jargon in the real estate industry in Canada is filled with specific language and terms that can often be very confusing to those not familiar with this field. This is especially true in Canada with Realtor jargon, where certain terms and practices may differ from those in other countries. Furthermore, government regulatory bodies for real estate have a distinct fondness for very obscure language regarding quite common things in the field The following is a comprehensive list of real estate terms commonly used in Canada and their definitions to help you better navigate…

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Privacy And Consent Document For Real Estate In BC Collection, Use & Disclosure Of Personal Information

Privacy and Consent Document for Real Estate in BC – Collection, Use & Disclosure of Personal Information

Updated March 27, 2023 The Privacy and Consent Document for real estate in BC was introduced as part of the June 2018 changes to the the Real Estate Services Act. This document replaces sections of the Working with a Realtor used previously by the BC real estate industry. We take Your Privacy and Consent Seriously  I take my own privacy and that of my family very seriously as I do with the privacy of my clients. When we represent Buyers or Sellers we are required to have all of our Privacy and Consent Documents. Any information we ask for is…

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Condo Strata Fees

Condos in Vancouver | High Strata Fees Bad? Low Strata Fees Good? Not Always…

Are High Strata Fees Bad? Are Low Strata Fees Good? When buyers are looking at condos to purchase in Vancouver, many focus on the maintenance/strata fee and generally feel that a low strata fee is a good thing and a high strata fee is a bad thing. In many cases, this is not the correct conclusion. Why? Good Car, Bad Car Cars and condos are a lot alike, especially when it comes to the relationship between maintenance and repairs and how this impacts their future value. Consider the example of two high-end good quality automobiles that were exactly the same…

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Pre-Listing Home Inspections for Sellers in Vancouver with Dave Brighton

 Inspect Your Own House in Vancouver Before Selling it? Yes! Sometimes Sellers in Vancouver will get their own inspection on their home by a qualified Home Inspector before listing it for sale to get a very clear idea of the mechanical condition of their property. But why? Why Get a Pre-Listing inspection on a Home in Vancouver? I recently had the pleasure of talking to Dave Brighton, Home Inspector with Brighton Home Inspections on pre-listing inspections in Vancouver. Inspections done on behalf of a Seller are done for several reasons: Increased Certainty in Negotiations - Many Buyers in Vancouver…

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Chinese New Year

Chinese New Year and Vancouver Real Estate – Gung Hay Fat Choy!

 Chinese New Year and Vancouver Real Estate I had the pleasure of interviewing Jonathan Fung, a Mortgage Specialist with Vancity who was kind enough to discuss Chinese New Year with me and its impact on Vancouver's real estate market. Chinese New Year or Lunar New Year is the most important Holiday of the year for Chinese people as well as for many Chinese-Canadians here in Vancouver. It’s a time to celebrate with family and friends and reflect on the previous year, and there is a heavy emphasis on making the upcoming year a good/prosperous year in terms of wealth.…

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What is FINTRAC?

 FINTRAC - What is it? FINTRAC stands for Financial Transactions and Reports Analysis Centre and is the agency that Canada's federal government uses to monitor financial transactions in Canada. FINTRAC is charged with ensuring individuals and businesses operating in Canada's financial sector (including real estate) comply with federal regulations to prevent money laundering, terrorist financing, and other illegal activities. Canadian Realtors are required identify of all of their clients and others they transact with by asking for identification documents and submit this information to FINTRAC writing. In recent years, FINTRAC has been closely monitoring the Vancouver real estate market,…

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How a Realtor Calculates List Price | Comparative Market Analysis for Sellers!

 What is a comparative market analysis? A comparative market analysis (sometimes referred to as a market evaluation) is the process Realtors use to calculate the market value of properties with to help an owner sell or a buyer to understand the actual value of a a property they are interested in buying. How I do a comparative market analysis 1 ) Visit the property in question The first thing I do when requested to do a Comparative Market Analysis is to physically visit the property. Visiting the property is key! In my view, it is impossible to get an…

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Bidding Wars for Sellers – How to get Multiple Offers on Your Vancouver Property and Sell for More than List Price

 Multiple Offers For Sellers Rising prices in the Vancouver Real Estate Market have made Multiple Offer Situations very common. In multiple offer situations, competition or the risk of losing out on desirable property disciplines and motivates Buyers to act decisively.  Sellers are able to get market price for their properties very quickly in a relatively hassle-free manner and the chance of getting an offer above the asking price is much higher. HOW TO GET A BIDDING WAR ON YOUR PROPERTY Choose a Realtor who knows the market! Hire a Pro who has their finger on the pulse of the…

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Disclosure of Remuneration

What are Low Ball Offers? How Sellers Can Avoid them and what to do if you get one

 Updated March 3, 2023 If you're selling a property in Vancouver right now there is a very good chance you have received or will receive a low ball offer. This video explains how to avoid a low ball offer and what to do if you receive one. What is a low ball offer? Real Estate prices in Vancouver are falling at present. Buyers are worried they will buy a property that will be worth less tomorrow than what they paid for it today. Lowball offers are common because it allows Buyers to get the best possible value and potentially…

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