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Market Stats for January 2020
Metro Vancouver Stats
Greater Vancouver Stats
Fraser Valley Stats
Market Stats for December 2019
Metro Vancouver Stats
Greater Vancouver Stats
Fraser Valley Stats
Over half of Canada’s GDP Growth Came from Real Estate and Construction
Real estate in Canada continues to look up. Even though Toronto has fallen behind in the race, western provinces are sprinting ahead at a national level.
New data released in October by the Canadian Real Estate Association points out that residential home sales in western Canada registered success for seven months in a row. Metro Vancouver and Calgary registered sales growth of 5.9% to 2.1% respectively. On the other hand, Toronto lagged behind, Montreal remained the same spot and Ottawa expanded at a reasonable pace.
Borrowing costs were less as home buyers adapted to the strict new mortgage rules set in early 2018. New taxes on foreign buyers have impacted the market in both Vancouver and Toronto but real estate GDP in Canada is back to contributing heavily to economic growth, along with construction.
The housing sector had dipped over the past two years before 2019 but has picked-up to lead the country in economic growth, rising by 1.8% from 2018 when only 0.6% growth was registered. Construction and the demand of condominiums are on the rise in Vancouver with a large number of on-going projects pre-sold already.
Real estate experts say that part of the reason is the easy five-year mortgage rates that hover between 2.5 to 2.6%. Condo prices are more affordable in Metro Vancouver with a dip of 10% and home prices are stable now. Employment has gone up over the last year so more buyers are investing in a roof over their heads. Rental growth has meanwhile gone up by 4 to 4.5%. In 2020, the trend is expected to continue in western Canada across Metro Vancouver, Victoria, Abbotsford and Burnaby.
Though Vancouver, Calgary and other western cities have lower home prices than a year ago, the noose on central Canadian markets is tightening, constricting sales. Toronto’s prices are up 5.6%, while Montreal’s rose 7.5%. Prices in Ottawa are up 10.3%.
Statistics Canada reveals that gross domestic product (GDP) has been climbing since last May, up by 0.43% from April 2019, and 2.67% from last year. This is driven largely by the sharp growth in real estate and construction touching $1.97 trillion. This was far higher than what analysts expected with real estate, rental and leasing revenues hitting $250.69 billion in May. The GDP does not include the financing and construction aspects of real estate.
Residential real estate makes up $49.62 billion of the total GDP amount. A record number of constructions represented 27.06% of GDP growth, including 80% of new residential construction. Together, real estate and construction took up as much as 51% of the monthly growth in May, proving to be major drivers of the economy, untouched by slower sales.
Cherry Yeung Real Estate, Burnaby
Market trends keep changing and investment can be time-consuming and complex. Let Cherry Yeung and her team help you make real estate matters simpler, quicker and easier. Whether your focus is on property sales, property buying, home renting, long term investments, furnished accommodation, commercial space purchase or property management, we bend over backwards to meet your goals. Get in touch with Cherry Yeung for rewarding solutions.
How to Buy Your Dream Home During Competing Offers?
You may have heard of buyers house-hunting for a while and when they do find the perfect house for their needs, it may be beyond their budget or they may lose it to a higher bidder. How heartbreaking is that? How do you make sure it never happens to you?
Well, the truth is that you can’t be sure! In a seller’s market, it’s common to find not just one or two but as many as ten buyers eyeing the same house at once, if it’s a well-staged one in a coveted neighbourhood that doesn’t have many listings at the time. Multiple offers can be placed within minutes of each other. It’s easy to lose out to the highest bidder. Although you can’t change trends, there are a few ways to turn the situation around in your favour.
5 Steps to Sweeten the Deal
Firstly, don’t feel defeated before you’ve fought the war. Load up your arsenal and think smart with the help of a reliable buying agent. Here are a few tips to sweeten the deal.
- Large Down Payment: Any buyer can attempt to pull the carpet from under your feet with a hefty promise but not everyone is in a position to pay an instant down payment. Seasoned sellers are aware of that and prefer to sell to a committed buyer instead of one who makes promises but doesn’t see them through. Show them that you’re serious. Offer an earnest money deposit right then, instead of later during the closing, as part of your down payment. It might make a difference.
- Pre-Loan Approval Letter: It helps to win the trust of the seller so they consider your offer over others. Request your lender for a loan pre-approval letter to strengthen your case.
- Give them Time to Move: Many buyers insist on instant possession, which may not always be possible for the seller. If they are selling and looking to buy at the same time, the challenges multiply. Be considerate and give them some time to move out after closing the deal without expecting any benefits. Waive some contingencies to make it easier for them. Have a word with your agent for suggestions to make the offer more attractive.
- Best Offer: In a seller’s market with competitive bidders, it’s wise to avoid negotiating if you really like the house. Instead, make the highest offer possible, perhaps over the listing price if you can to clinch the deal. An experienced buying agent will know the comparative market analysis to determine the price range so you don’t pay over the market value, even if you pay a little extra. Find out how many competitive offers you are bidding against. If there is just one buyer instead of 10, you are in a better position to win the home of your dreams with a slightly better offer. Sell your home before you buy if you have a home to sell so it’s easier to make a better offer.
- Good Attitude: If you are a first-time homebuyer, don’t request for personal items from the seller or expect them to pay your closing costs. Kindness and niceness go a long way. Encourage your agent to be friendly with the seller’s agent as well. A good attitude wins no matter what the situation. Avoid a bidding war. If you still lose the deal, accept it graciously, and trust your agent to find you another home. You never know, that may turn out even better for your needs.
Are you looking to buy, sell or rent a home or commercial space in the Greater Vancouver Area? Real estate matters can be complex and time consuming but specialists can make the process more rewarding. Contact Cherry Yeung and her experienced team for the best solutions for you. We work night and day to meet your goals within your budget.
Selling Your Home Conditional on the Sale of a Buyer’s Property
A sale of property condition is common in a buyer’s market and can be applied when there are more buyers than sellers in the market. This gives buyers more control, which allows them to set conditions that may otherwise not be considered.
If this sounds confusing, it’s because selling your home conditional on the sale of the buyer’s property is a complicated process. If this is something you’re considering, it’s very important to understand the details surrounding this arrangement so that you’re not in for any unexpected surprises.
This term applies to someone who is thinking about buying a property before they sell their current home. If the real estate market happens to be favorable towards the buyer, this can be a possibility with a sale of property condition. This means a buyer can make an offer on your home which is conditional on them selling their current home during a specified period of time. If they are unable to sell their home during the time period that was agreed upon, the deal is no longer valid and the buyer will receive their deposit back. If the buyer does sell their home during the set time period, the condition will be waived and the home will then be considered legally sold and binding.
There are benefits as well as risks associated with this arrangement. It’s a great option for a buyer because it allows them to secure the house they want without having to deal with two mortgages or being unable to close if they cannot sell their current property. They may have to pay a little more in order to get that condition, but it will provide them with security and peace of mind. If you’re the seller, this can be a good way of finding a potential buyer if the market doesn’t happen to be in your favor and there are no other candidates to sell to.
Sellers aren’t always willing to accept the sale of property conditions and it’s not something you see very often in major cities. In most cases, sellers prefer to continue looking for a buyer unless the property has been on the market for a very long time and there is little hope of finding another buyer. If you are a buyer, you should keep in mind that sellers do not always welcome this condition which can harm your negotiation and if they do, it will come at a premium price that the seller will demand.
When it comes to buying or selling your property, you want to make sure you’re working with the best team on your side. Cherry Yeung Real Estate in Burnaby will pair you with an experienced real estate agent who can help you buy a condo in Vancouver or a property in the surrounding areas. If you want a realtor you can trust, give them a call today!
Common Mistakes Young Homebuyers Make
Buying your first home is one of the most exciting things you will ever do. Once you’re at that stage in life where you have enough savings and are ready to make this big investment, there are a few things you should know. When you’re young and don’t have the experience, it’s easy to make mistakes. So, if you’re at a point in your life where buying a home is a possibility here are some of the mistakes you should avoid:
Never underestimate yourself because buying a home can be more of a reality than you think. Many young professionals feel as though buying a home is something they can do later on when it can actually be a possibility now. If you have a stable job and some savings, it may be worth looking into because you may be renting when you could own home instead.
Make sure you’re aware of all of the costs associated with owning a home and are comfortable with that number. There are a number of expenses in addition to the monthly mortgage costs, so factor everything into your total to see if owning a home is a realistic option. The last thing you want is to get into a situation you can’t afford to keep in mind that there are other costs like home insurance, utility bills, and property tax, just to name a few.
Take your time when you’re looking at houses and don’t jump at the first one you see. While the process is exciting, it’s important not to rush so that you make the right choice. Buying a home is a very big deal and you should take as much time as you need before making your final decision. If you really love a house, go back and look at it a few times to make sure it’s not lacking any of your needs.
Shop around for different mortgages and do a comparison. Don’t just settle for the first option you are offered because you might find something better with lower closing costs and interest rates. Obtain a least a few quotes before settling on one.
Forgetting to complete an inspection. Always have a proper inspection done because this is how you can find issues you would otherwise not have seen. You don’t want to deal with the previous homeowner’s problems which can cost you thousands in fees so do an inspection to make sure everything looks good before making the deal.
Cherry Yeung Real Estate will make sure your home buying experience is a positive one. If you’re looking for a reputable real estate agent in the Burnaby area or are looking to buy a condo in Vancouver, Cherry Yeung Real Estate will make sure you’re in good hands. Call them today to deal with a professional realtor who will help you buy the home of your dreams!
Things to Buy After Purchasing a Home
With the purchase of a new home comes other expenses that should be considered when buying a house. Especially for first-time homebuyers, you’ll need to create a budget for post-buying purchases. What else would you need to buy before moving into your new house? Well, that’s what we’re here to find out.
A New Lock
Before you even move into your new home, you should have the locks changed on all the doors. You never know who, other than the previous homeowners, may have had a spare key to the house. For your own safety, have a new lock installed and a fresh set of keys made from your local locksmith.
Outdoor Furniture
If you have a decently sized backyard, you’ll want to make use of the space by filling it with lawn chairs, a grill and patio furniture. While this doesn’t have to be done immediately, these items make a great outdoor starter kit.
Tools and Repair Items
Every house needs a proper set of tools to handle any problems that may arise. Your basic tool kit should have a hammer, an assortment of screwdrivers, a hacksaw, pliers, wrenches, a power drill with various drill bits, staple gun and measuring tape.
Window Treatments
Whether you choose curtains, blinds, shutters or shades, you’ll need to buy and install window coverings to keep nosy neighbours out of your hair. As window treatments can get expensive, determine how much you want to spend.
Snow Removal Equipment
Depending on the climate you’ve moved to, you might need to buy some snow removal equipment. You can purchase a basic snow shovel to clean off your driveway, front steps and the sidewalk, or you can look for an affordable snowblower is that’s easier for you.
New Appliances?
Have you just purchased an older home with outdated appliances? Then it’s probably a good idea to replace those with more modern and energy efficient tools. Replacing your refrigerator, washer and dryer, and oven or cooktop should be at the top of your list.
Towels and Linens
If you’re moving from a rental property, you now have the freedom to paint and redecorate however you want. That also means buying new linens and towels to match your colour scheme. New surroundings can easily draw attention to older, worn out items, so now is probably the best time to freshen up your collection.
When you hire Burnaby real estate agent Cherry Yeung, you’ll be working with someone who has in-depth knowledge about buying condos and houses in Vancouver, British Columbia. With years of experience dealing with the Vancouver housing market, Cherry Yeung’s incredible track record speaks for itself. To start your house hunting journey today, call or visit Cherry Yeung’s website at https://cherryyeung.com/.
How to Make an Offer on a House
Have you found the perfect home for you and your family and want to move forward in the buying process? Then you’ll need to have a talk with your real estate agent about making an offer as soon as possible. Here’s what you can expect when you decide to make an offer on your dream house.
Get a Comparative Market Analysis
The house’s selling price is most likely based on a comparative market analysis. This is an estimate of what the current house is worth solely based on the last three property sales. If updates have been made to the home, that may increase the value from the previous sales. To be safe, you’re realtor is able to obtain a copy of this analysis to make sure everything is aligned properly.
Consider Time on the Market
Based on the location you’re interested in purchasing a home in, the amount of time a house has been on the market can indicate the areas housing market. This is crucial if you know this isn’t your forever home and are likely to sell it in a few years time. Homes in a buyer’s market will sit unsold for much longer than homes in a seller’s market. This will also determine how easy or difficult it will be to purchase a home.
Determine the Seller’s Motives
A seller’s motivation for selling their home is something you need to consider, as their level of desperation to get rid of their home could mean a lower purchase price for you. On the other hand, if the seller is fine staying in their home until the right offer comes in, you’re less likely to get a deal on the home, or even be considered.
Are There Other Offers?
Depending on where you are, multiple offers might not be disclosed to the buyer until after the offer has been accepted. However, if the seller wants to incite a bidding war between buyers, then the seller’s agent will divulge any other offers on the property. Think there’s already an offer? If you love the house, then submit yours and cross your fingers.
The Seller’s Response
After you’ve submitted an official offer on the house, understanding what may or may not be refunded to you if the offer goes through, having a pre-approved letter present or increasing your down payment, the seller can respond in one of three ways. They’ll either accept your offer, meaning that you’ve just bought yourself a home, they’ll come back with a counter-offer requesting more money or different closing terms, or they’ll reject your offer completely. Once your offer has been sent off, it’s all in the hands of the seller.
If you’re looking to buy a home or condo in the Vancouver area, then it’s in your best interest to give Cherry Yeung a call, your Burnaby real estate agent. With years of experience selling homes across Vancouver, Yeung has in-depth knowledge about the housing market and an incredible track record with her clients. Be sure to Cherry Yeung, one of the top realtors in Burnaby, and get started on your house hunting journey.
Thank you RBC
Thank you RBC inviting me for the realtor booth event. It’s my pleasure to be there today! It’s buyer market now. And it is a good time if you looking for upgrading to bigger place or newer place. First of all, you may want to chat with a mortgage specialist, message me if you need any mortgage referral. You may able to borrow more than you think and they can help you with it.
