Only 2 out of 10 first-time buyers in BC covered their downpayments by themselves in 2018! How does this differ from previous years? According to the BC Notaries Association, 83 percent of first-time buyers in the province received assistance with their downpayment in 2018, up from the 57 percent of buyers who got a helping…
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Vancouver is in 'full-blown correction mode,' RBC economist says, with more price depreciations expected. Stress tests for mortgages as well as increasing interest rates have had a compounding an affect on all real estate across Canada. These are national issues that have affected the market nation wide. Each market has been hit differently, leaving Vancouver…
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Do you know what Speculation Tax is? First of all speculation tax is another tax added to all other taxes already owed by home owners. The purpose of this tax is to encourage homeowners of empty homes to list their homes for sale, find renters or be subject to a penalty (tax!). This tax is…
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History of Oil Tanks Homes in the greater Vancouver area built before 1960 were originally heated with furnace oil. Rather than being stored above ground in environmentally friendly, safe containers, the majority of these tanks were located underground in backyards. As a result of natural gas becoming more popular, and oil less favorable these oil…
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Luxury Home Sales Plummeted in 2018! Don't think that the decline in sales in the Vancouver market is only affecting one section. Luxury home sales are taking a decline as well, actually even more so. Homes that sold for over $1 million fell 26% to 3,151 units sold in 2018 from 4,282 units sold in…
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Want To Appeal Your Property Assessment? It is that time of year, property assessments are arriving! It is important to know that your property tax bill is based on the assessed value of your property which is determined on a certain date, generally on an annual basis. If you want to appeal your property assessment, follow the steps…
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Metro Vancouver home sales in 2018 were the lowest annual total in the region since 2000. How low can sales go? Seriously, how low can real estate sales go? This really is the age old question, but don't worry, it hasn't been projected that anyone is going to sell there house for zero dollars…
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Common Real Estate Myths Let’s start the year off fresh and debunk 5 of the most common real estate myths. The real estate market in Vancouver is always changing, and although these changes can be exciting and beneficial, they can also create anxiety and stress. You may be asking yourself, "Did I purchase the right home?…
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Air BNB + Short-Term Rental Business in Vancouver. Here are the new regulations in Vancouver As of September 2018 all short term landlords in Vancouver must have a business license & even include this number is all their advertising and rental postings. This goes for all short-term rentals. Fines can get up to $1,000! This…
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It is easy to get in over your head unintentionally when it comes to renovating your home prior to selling. Taking the time to determine which renovations will be the most appreciated and affordable is vital to helping you spend in all the right places. Here are some fantastic selling tips! Many energy efficiency upgrades…
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