News: Vancouver Real Estate Market

As home prices and interest rates continue to rise, whilst inventory remains extremely tight, Canada’s first-time buyers are feeling increasingly worried about missing out on their desired home because they don’t have enough of a down payment.

According to a recent survey released by Sagen™, conducted by Environics Research with a series of questions for Royal LePage, 67% of first-time buyers (those that purchased a home within the last two years) said that before buying, they worried they might miss...

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The Federal government’s new legislation banning foreign buyers from directly or indirectly purchasing property in Canada for a period of 2 years came into effect on January 1, 2023.

Who is a Foreign Buyer or Non-Canadian for the the purpose of this legislation?

The act defines a non-Canadian as:

  1. An individual who is neither a Canadian citizen nor a person registered as an Indian under the Indian Act nor a permanent resident;
  2. The Act restricts non-Canadians from avoiding the ban by...
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On January 1, 2023 the government introduced a cooling off period for buyers, a home buyer protection period, that allows home buyers three business days to back out of an accepted offer.

Key Points about the home buyer rescission period:

  • The period will be effective January 1, 2023.
  • Buyers will have three business days following the accepted offer date to back out of a residential purchase agreement.
  • The period is mandatory and can't be waived by the parties to the contract.
  • Buyers who back...
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So there is an opportunity in the market now for first time buyers, families and investors.
 
A new selection of undervalued properties have recently become available with values more than 10% BELOW MARKET. If this sounds too good to be true, it's not. Here's why.
 
In an effort to increase the supply of more "affordable" housing, the provincial government has just introduced new legislation that prohibits long term rental restriction bylaws in strata properties. They have...
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Highlights:

  • 75% of first-time homebuyers in Toronto and 69% in Vancouver reported feeling worried that they would not have a large enough down payment to purchase a home (68% and 58% in 2019, respectively)
  • In Montreal, 63% of survey respondents felt worried about the size of their down payment before purchasing their first home, in line with the national average of 62%
  • First-time homebuyers in all regions, with the exception of Alberta and the Prairies, reported higher rates of anxiety compared to...
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Royal LePage Survey: Nearly half of Canadians aged 25 to 35 own their home; one quarter of these homeowners have purchased a property since the onset of the COVID-19 pandemic

52% say remote work has increased likelihood of moving further from employer


Highlights:

  • 68% of non-homeowners aged 25 to 35 intend to purchase a home within five years
  • 72% of cohort feels confident in their short-term financial outlook
  • 40% of cohort saw their savings grow since mid-March
  • Royal LePage survey includes national,...
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Vancouver, BC – February 22, 2017. On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from $475,000, takes effect today.

 

BCREA appreciates this government’s attention to the needs of first-time homebuyers. To keep pace with the dynamic real estate market...

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