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Are You Ready to Buy Your Next Home in Vancouver?

If you are ready to buy your first house, condo or townhouse in Vancouver Yaletown, Kitsilano, Vancouver Downtown, Gastown, West Vancouver, Coal Harbour, Kerrisdale, False Creek or other parts of the Lower Mainland, then there are three vital tips that you will want to keep in mind as you prepare to enter into the Vancouver real estate marketplace. By following these tips, you will be in the best possible position to ensure that you really will be able to find and buy your dream home.

Get Pre-approved for a Home Mortgage

Perhaps the most important step that you should keep in mind when it comes to buying your first home is to get pre-approved for a home mortgage loan. By getting pre-approved for a home mortgage loan before you start looking, you will be in a far stronger position to enter into a real estate contract.

The typical home seller will be more eager to enter into a sales contract with a person who has been pre-approved for a home mortgage loan. One of the biggest obstacles to closing a real estate deal in Vancouver and the Lower Mainland is usually the inability of the buyer to obtain acceptable bank financing. By coming to the bargaining table with a pre-approved home mortgage, you will be able to demonstrate to a seller that you are serious about buying their home.

Develop a Specific Home Buying Plan

Another important step that you will want to take when it comes to buying your first home is to develop a specific home buying plan. If you do not have a plan, you will often be tempted off course in your search for that perfect property. A Vancouver REALTOR® will help you set up your plan.

Perhaps the most significant element of a plan is to set forth specifically what you are willing to pay for a house, condo or townhouse. The failure to establish such a budget oftentimes results in a person ending up spending far more on a home than he/she can actually afford.

Consult with a REALTOR®

Finally, your interests can be best served by engaging a professional Vancouver real estate agent to assist you in your search for your home. Our agents will provide you with the newest Vancouver MLS real estate listings, advise you on all facets of a property and the current market, guide you through the complex contract negotiations and always be there for your needs. By selecting a professional Vancouver real estate agent to assist you in your home search, you have the best chance for success in finding your ideal Vancouver house, condo or townhouse and ensuring your experience is both exciting and stress-free.
 
 

 

Latest Vancouver Real Estate News

New property listed in Downtown VE, Vancouver East
I have listed a new property at 207 138 HASTINGS ST E in Vancouver.
AFFORDABLE 1 bedroom / 1 bath at Sequel 138, just steps from Gastown, Tinseltown, Chinatown and the downtown core. Built in late 2015, building features a unique central courtyard and open breezeways, reclaimed wood harvest table, shared BBQ and resident urban garden plots. Home features include 9 ft ceilings, hidden Blomberg fridge, SS range, mounted microwave, Corian countertops, insuite washer/dryer combo & laminate flooring throughout. Low maintenance fees, balance of New Home Warranty, low property taxes & great potential rent return for INVESTORS. Don't miss this one!
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I have sold a property at 511 138 HASTINGS ST E in Vancouver
I have sold a property at 511 138 HASTINGS ST E in Vancouver.
AFFORDABLE 1 bedroom / 1 bath at Sequel 138, just steps from Gastown, Tinseltown, Chinatown and the downtown core. Built in late 2015, building features a unique central courtyard and open breezeways, reclaimed wood harvest table, shared BBQ and resident urban garden plots. Home features include 9 ft ceilings, hidden Blomberg fridge, SS range, mounted microwave, Corian countertops, insuite washer/dryer combo & laminate flooring throughout. Includes ONE secure parking stall. Low maintenance fees, balance of New Home Warranty, low property taxes & great potential rent return for INVESTORS. Don't miss this one!
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BCREA 2020 Quarter 3 Housing Forecast

There is a forecasted 6.5% increase in the Multiple Listing Service® (MLS®) residential sales in the province bringing it to 82,830 units this year from 77,351 residential sales last year. There is a forecasted 17.6% increase to 96,860 units in 2021.
“The outlook for the BC housing market is much brighter following a surprisingly strong recovery,” said Brendon Ogmundson, BCREA Chief Economist. “We expect home sales will sustain this momentum into 2021, aided by record-low mortgage rates and a recovering economy.”
Many housing markets are beginning to see sharply rising average prices despite the weak provincial economy. Residential sales have fully recovered and are seeing above pre-COVID-19 levels. There is a forecasted 7.7% increase to the provincial MLS...
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July 2020 Metro Vancouver Housing

There was a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®) last month which is a 26.6% increase from July 2019. There was a 12.9% increase in the average MLS® residential price in BC from $682,702 in July 2019 to $770,810. Total sales dollar volume in July was $7.8 Billion, a 43% increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA Chief Economist Brendon Ogmundson. "Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."

Active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes...

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June 2020 Metro Vancouver Housing

Source: Real Estate Board of Greater Vancouver

Contact us at info@wesellvancouver.ca or 604-716-6155 for any of your real estate needs.

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New property listed in Downtown VE, Vancouver East
I have listed a new property at 207 138 HASTINGS ST E in Vancouver.
AFFORDABLE 1 bedroom / 1 bath at Sequel 138, just steps from Gastown, Tinseltown, Chinatown and the downtown core. Built in late 2015, building features a unique central courtyard and open breezeways, reclaimed wood harvest table, shared BBQ and resident urban garden plots. Home features include 9 ft ceilings, hidden Blomberg fridge, SS range, mounted microwave, Corian countertops, insuite washer/dryer combo & laminate flooring throughout. Low maintenance fees, balance of New Home Warranty, low property taxes & great potential rent return for INVESTORS. Don't miss this one!
More...
New property listed in Downtown VE, Vancouver East
I have listed a new property at 511 138 HASTINGS ST E in Vancouver.
AFFORDABLE 1 bedroom / 1 bath at Sequel 138, just steps from Gastown, Tinseltown, Chinatown and the downtown core. Built in late 2015, building features a unique central courtyard and open breezeways, reclaimed wood harvest table, shared BBQ and resident urban garden plots. Home features include 9 ft ceilings, hidden Blomberg fridge, SS range, mounted microwave, Corian countertops, insuite washer/dryer combo & laminate flooring throughout. Includes ONE secure parking stall. Low maintenance fees, balance of New Home Warranty, low property taxes & great potential rent return for INVESTORS. Don't miss this one!
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May 2020 Metro Vancouver Housing

As per the British Columbia Real Estate Association (BCREA), there was a total of 4,518 residential unit sales recorded by MLS® in May 2020, a 45.2% decrease from May 2019. The average MLS® residential price in BC was $728,898, a 3.2% increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5% decrease over 2019.
"There were encouraging signs of recovery in May," said BCREA Chief Economist Brendon Ogmundson. "While activity is still far below normal, both sales and listings are up significantly from April's lows."

New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24% year-over-year and are more than 10,000 listings...

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Commercial Activity Report - 2020 Q1

The BCREA Commercial Leading Indicator (CLI) has seen a decline in the first quarter of 2020 from 134.2 to 123.2, which can be attributed to the COVID-19 pandemic. Compared to the same time last year, the index was down by 4.8%.

The pandemic-induced shutdown of the economy in the last two weeks of the first quarter of 2020 had a notable impact on the CLI, turning all components negative. On the economic activity component, manufacturing sales led the decline. On the employment component, a fall in key commercial real estate sector jobs was the primary driver. Meanwhile, the financial component had the largest negative impact on the CLI, as REIT prices tumbled and risk spreads widened in March. The underlying trend in the CLI was relatively flat in the previous six quarters, but has taken a sudden...

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April 2020 Metro Vancouver Housing


For April 2020, there was a 50.8% decline in residential unit sales recorded by MLS® compared to April 2019 (3,284 units). The average MLS® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. 

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While the supply of homes available for sale generally rises through the spring, this year was a bit different. Supply was down close to 10% on a seasonally adjusted basis and down 23.7% year-over-year. Prices remained firm despite the large decline in sales.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.