A market update was recently presented to the REALTORS® of Metro Vancouver by Keith Stewart, REBGV economist, covering the effects of COVID-19 pandemic on Metro Vancouver and elsewhere. Here are the highlights. Jobs are recovering, but there’s room to improve A key economic indicator is unemployment. When unemployment levels spiked after the 2009 financial crisis,…
You’re casually talking about the housing market with a REALTOR® you’re interested in working with, when the conversation shifts to your personal financial situation. The Realtor stops the conversation and politely asks you to sign a form called “Disclosure of Representation in Trading Services” (DORTS) before they can continue. This may seem a little sudden,…
BC’s wildfire season is devastating communities across our province this year with nearly 270 fires burning right now. During this crisis, it’s important to understand what you should expect from your insurance. What to expect Trying to obtain fire insurance can be difficult in areas under the threat of wildfires. While insurance underwriters follow their…
Months of Inventory is one measure to determine how West Vancouver‘s real estate market is doing! MOI or Months of Inventory is a measure of how fast all the actively listed property types on the market last. You simply divide, at the end of a month, the number of active listings by the number of…
Name of the game was moderation this past July. Metro Vancouver’s housing market saw more moderate sales, listings and pricing trend. REALTOR®s registered 3,326 sales in July this year. That’s a +6 increase over last year and +13% over the 10 year average for the month. On the supply side the Sellers listed 4,377 homes…
In West Vancouver, there were 54 sales in the month of July. The sales to new listings ratio was 46% which represents a balanced market. For July 2021, the sales to total active listings percentage was 12%, a decrease from 13% in July 2020. Sales for July 2021 were the same as for July 2020.…
If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you’re paying for the property. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. Mortgage insurance The federal government requires high-ratio mortgages with less than 20% down…
Did you know that in British Columbia, more residents live in a strata unit than a detached home, and this number will continue to grow! A strata unit can be a townhome, condo, or du/tri/multi-plex. Definitions of common strata terms is found here. Living in a strata is a form of communal living. Although residents…
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. West Vancouver sales-to-active listings ratio (SAR) for the past seven months has been: Detached Homes Jan 8% Feb…
As home owners age and live longer, their income sources may no longer be enough to cover expenses, especially for those on fixed incomes. Many home owners in this phase of life look to the market value their homes have built since they purchased it, also known as equity, to help cover these expenses. But…
