No More Rental Restrictions In BC!

The BC government has just amended the strata properties act and removed most rental restrictions in BC. This will definitely have an impact on the real estate market. In this month's update, I sit down, once again, with Alex Mcfadyen of Thrive Mortgage Company to discuss things.

The 2 most important things my private clients want to know about the real estate market here in Vancouver are,

1. Has the value of my home gone up or down? and
2. If I wanted to sell my home now how long would it take?

If you purchased a home here in Metro Vancouver in October 2020 your home’s value has increased by just over 11%. This means with our $1.149 million dollar average sales price, you’re now sitting on $126,400 of extra equity. Congratulations!

In fact, home prices are still up about 1% over last year.

And if you were to sell your home today and leave Vancouver, using my video marketing process, it would take anywhere from 2-3 weeks depending on the area you live in.

Just think about that for a second. It’s only taking 2-3 weeks for homes to sell right now, in this market. You wouldn’t guess that from all the doom and gloom media coverage.

Now, if you want to know something specific about your home, your neighbourhood, your street, or even your neighbour’s home, just message me below and I’ll get you all the details.

Here are the Real Estate Board of Vancouver’s stats.

The (REBGV) reports that residential home sales in the region saw a 45.5 percent decrease from the sales recorded in October 2021, and a 12.8 percent increase from the homes sold in September 2022. So, we actually had more homes sold last month than in the month of September.

Last month’s sales were 33.3 percent below the 10-year October sales average.

Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options.

Sales remain near historic lows, and the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022. But home prices have not come down as much as people think.

Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from.

Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from.

This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence.

With the possibility of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible. And my guys at Thrive mortgage company are the perfect people to talk to.

Going me today is Alex McFadyen of Thrive Mortgage Company to talk about some recent developments that could have an impact on our relationship estate market.

Alex the first thing I want to dive into is David Eby’s recent announcement that his government will be getting rid of most rental restrictions in BC.

How do you think this will impact our market?

You also recently sent out an email about how Borrowers Can 3X Their Equity In The Next 5 Years By Buying Now.

Run us through that.