The Blog

Welcome to the October Metro Vancouver real estate market update. Vancouver real estate sales continue to be slow but show signs of stabilizing or at least pausing. Sales in October were 14.5% below the 10-year average, compared to 20% below in September — so, relatively speaking, things are looking a little better. That said, while the number of sales did increase over September, the total number of listings dropped — likely due to listings expiring and not being renewed. As a result, the sales-to-active listings ratio appeared stronger than the month before, but the continued decline in prices tells us the market hasn’t truly improved. All housing types saw price drops month over month, with apartments hit the hardest. Apartment sales were 23.1% lower this October than last year, compared to less than 5% lower for

Welcome to the September Metro Vancouver real estate market update.The Bank of Canada cut the overnight rate by 0.25% on September 17, but so far, the data for the month hasn’t shown a noticeable impact. We may need to wait until the October numbers to see any effect.As it stands, the Vancouver real estate market continued to cool through September. Sales were 20.1% below the 10-year average, while new listings were 20.1% above it. This combination kept total inventory 36% higher than the 10-year average. As you can see in the table below, prices across all housing categories declined month-over-month. This trend aligns closely with the sales-to-listings ratio (SLR) — the lower the ratio, the weaker the demand. September marked the third consecutive month of SLR declines across all three housing types. Looking ahead, most analysts expect one or two

There are many mistakes a first-time builder or developer can make that can quickly drive up the budget. You can read as much as possible and consult with professionals, but mistakes can still happen. That’s why construction budgets always include contingencies — because you never know what might come up.The Vancouver Sun recently reported on several multiplex projects around the city that were halted at various stages of completion. [Click here to read the article.] I’ve seen this problem firsthand. A builder and architect prepare the plans, the city reviews and approves them, and construction begins. Then, sometimes weeks or months later, BC Hydro or BC Tel shows up on their timeline and declares that the building is too close to their overhead lines. Depending on how far

When it comes to debt consolidation, seniors have an extra option: the reverse mortgage. While interest rates on reverse mortgages are higher than those of traditional bank mortgages, they are still lower than private mortgage rates. If you know a senior who cannot consolidate debt through their bank, encourage them to consider a reverse mortgage before turning to a private lender. Not only are the rates better, but the fees are also significantly lower. Example CaseLet’s look at a 75-year-old widow living in an older home worth about $2 million. Suppose she needs $200,000 to pay off debt and renovate her home to make it more senior-friendly. Another key advantage of a reverse mortgage is flexibility. Once approved, the borrower can qualify for the maximum

As we see economic conditions worsen, such as increased credit card arrears and mortgage payment arrears, we should check our own finances to see if we need to take pre-emptive action. While it may feel less painful to stick our heads in the sand and avoid taking a hard look at reality, when reality forces you to face it, it will be too late. The first step is to make sure your income covers all your expenses. Ideally, you should also be saving a little each month—but then again, ideally I’d be eating a well-balanced diet and working out a couple of hours a day. So, do the best you can. Trouble arises when you’re covering some of your monthly expenses with credit cards. This

Welcome to the August Metro Vancouver real estate market update. Sales volumes remain low, but they are showing signs of improvement, likely because sellers are becoming more willing to lower their prices. Some observers point to the 10%+ increase in sales year over year for detached homes and townhomes as evidence of a possible turnaround. While this is true, it’s important to note that sales are still 19.2% below the 10-year average, compared with only 13.9% below in July. Adding to the mixed picture, there were 2,286 sales in July, compared to just 1,904 in August. What is certain is that prices fell last month. As shown in the table below, all housing segments declined by more than 1% month over month, with townhomes dropping

I’ve said many times before that talking about the Canadian real estate market as a whole doesn’t offer much useful insight—and this graph illustrates exactly why. The blue line represents the seasonally adjusted CREA (Canadian Real Estate Association) composite benchmark for a typical home in Canada. According to this measure, prices peaked around 2022 and have since corrected. However, if you live anywhere outside of BC and Ontario, your local real estate prices are actually near record highs. That means the so-called “average Canadian home price” trend is largely meaningless for anyone living beyond those two provinces. This is why when you are looking for actionable information, you must dive into the local market data.

I was reading an article on leasehold properties the other day and thought it had a pretty skewed perspective—until I realized it was a sponsored piece made to look like journalism. Argh! I can’t stand all the deception in the media these days. So, to counter the misinformation being circulated, here’s my take on leasehold properties. In short: if you have the option, buying a freehold property is almost always the smarter choice. But leasehold can make sense in select situations. For example, I once met a gentleman who had gone through a divorce and needed a stable home to raise his child. He wanted an environment where monthly payments were fixed and there was no risk of eviction until his child finished school. The

Late last month, a group of major BC developers — including Amacon, Beedie, Bonnis Properties, Cressey Development Group, Intracorp, Mosaic Homes, Polygon, Strand Development, Wesbild, and Westbank — signed an open letter to Prime Minister Mark Carney, federal Minister of Housing Gregor Robertson, BC Premier David Eby, BC Minister of Housing Christine Boyle, and former Housing Minister Ravi Kahlon (now Minister of Jobs and Economic Growth). The gist of their letter: the construction business is struggling, and bringing foreign investors back into the market would help deliver more housing supply two to three years from now. “In the absence of foreign investors, fewer projects will meet presale financing thresholds, suppressing supply delivery, which serves no one in a housing crisis as projects will not start.”  “While