Seeing average sale prices of Vancouver real estate grow exponentially is nothing new. Whether it was increasing demand or the influence of foreign investors, prices have been climbing for a long time. But the pandemic brought on growth as this market had never experienced before.Just one year ago, it seemed like every month ended with home sales and pricing records. With prices reaching all-time highs, bidding wars were fierce and housing supply wasn’t keeping pace with demand. Many were wondering whether a correction was on the horizon. Now, we may be witnessing that correction.The State of the Vancouver Housing MarketA lot has changed since 2021. High inflation, rising interest rates and economic uncertainty are the new norms and are impacting the housing market. A recent survey by RE/MAX Canada found that 44 per cent of Canadians planned to temporarily shelve their home-buying plans this fall, due to rising interest rates. Meanwhile, recession worries had 41 per cent of Canadians waiting to purchase/sell their home. Have these trends made their way into the Vancouver housing market?Like many major markets across Canada, Vancouver has seen prices climb while the number of sales falls. Between January 1 and August 31, 2021, the average residential sale price was $1,228,124. During the same time frame in 2022, the price shot up 15.69 per cent to $1,420,839. But it looks like the winds of change may be blowing westward.Fewer Buyers Surface in Vancouver MarketSeptember saw the same overall sales trends continue, according to the Real Estate Board of Greater Vancouver (REBGV). Residential home sales totalled 1,687, a 46.4-per-cent decrease year-over-year. Those sales figures also represent numbers well below historical averages, with September sales sitting 35.7 per cent below the 10-year average for the month.Andrew Lis, REBGV director of economics and data analytics, sees rising inflation as a primary driver of decreased sales. “With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period. This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”Average prices also experienced a decline – a new development in the market. Prices are still up on a year-over-year basis, but we are now seeing a downward trend from earlier in 2022. September’s MLS Home Price Index composite benchmark price in Metro Vancouver is $1,155,300, representing an 8.5-per-cent decline over the past six months and down 2.1 per cent month-over-month.“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”Rising Interest Rates and Vancouver Real EstateThe Bank of Canada’s (BoC) quest to lower inflation has had ripple effects on the real estate market. By raising interest rates – 50 basis points during its October policy meeting – the BoC has made it more challenging for homebuyers to enter the market, as we have seen in Vancouver with more sellers than buyers.“Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear,” according to RBC assistant chief economist Robert Hogue. “In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”With more tightening expected for the remainder of 2022, economists and market observers think there could be more easing in prices and sales activity heading into 2023.What About Foreign Buyers?For years, many policymakers and housing experts had recommended measures to rein in foreign buyers using the Vancouver real estate market as an investment, artificially lifting valuations and pricing first-time homebuyers out of the market. This led to a 20-per-cent provincial foreign buyer’s tax. British Columbia Premier John Horgan also introduced the municipal empty home tax and the speculation tax, effectively deterring foreign buyers. In addition to the coronavirus pandemic, and the subsequent travel restrictions, property purchases from foreign homebuyers have significantly cooled off.In 2019, there were more than 30 foreign-involved sales in five of the 12 months in 2019, resulting in the 20-per-cent levy. From March 2020, there were six months when there was only a handful of transactions by foreign buyers.So, will most foreigners ditch Canada’s west coast as part of their real estate investment plans? Andy Yan, director of the City Program at Simon Fraser University, told Business in Vancouver (BIV) that a lot has changed across the globe during the COVID-19 public health crisis.“Of course, the rest of the world has changed. Let’s face it, one of the main sources of growth had been coming in from China, and the Chinese rules – from the people I’ve talked to – have certainly tightened up. That brings a complication that we may not see the [previous high levels of] demand come back in”Is the Vancouver Housing Market in for a Collapse?Does raising interest rates, a decline in buyers, and lower sales prices add up to a collapse? The experts don’t think so. “While we have seen some easing in prices, the sky is nowhere near falling,” explains Elton Ash, Executive Vice President, RE/MAX Canada. “In fact, there is relative stability in terms of market conditions, so buyers shouldn’t expect big bargains. Sales-to-active listings remain squarely in balanced territory overall and even tight in some areas. In Vancouver, for example, supply was lower this June [2022] than last in 50 per cent of markets, and sales are down accordingly. This trend will likely keep prices fairly stable moving forward.”.fusion-body .fusion-builder-column-4{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-4 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-4{width:100% !important;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-4{width:100% !important;}.fusion-builder-column-4 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-5{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post Will the Vancouver Real Estate Market Crash Soon? appeared first on RE/MAX Canada.

Do you ever wonder why your favourite movie stars always look so good? Or why your local coffee shop is always spotless and decorated for the season? The reason is simple; they have a team of professionals who meticulously arrange every detail.Before you start wondering how this relates to your home-buying journey, think about all the professionals you have standing behind you as you search for your dream home. Besides your real estate agent, you have a whole team helping guide you home, including a real estate lawyer.What Does a Real Estate Lawyer Do for the Buyer?Buying a home is likely the most significant transaction you will make in your lifetime. This life-altering decision requires the support of professionals to make sure that every step of the process is followed, ensuring that every “i” is dotted and every “t” crossed.The person that takes care of the dotting and crossing on every legal document is your real estate lawyer. If you’re new to the home buying experience, you probably know that you need a lawyer but may not be sure what role they play.A real estate lawyer is necessary both for the buyer and seller. We’ll start with their role on the buyer’s side. They ensure the transfer of ownership, outlining the terms of your purchase agreement and a clear title to the property. That is their role at the most basic; it goes far beyond, including the following:Review the Agreement of Purchase and all other legal documentsEnsure there are no claims listed against the propertyArrange for Title InsuranceEnsure you have a valid title upon closingEnsure property taxes are up to dateCalculate the land transfer tax due on closingDraw up the mortgage documentsClose the transaction and ensure all legal and financial conditions are metExchange legal documents and keys with the seller’s lawyerWhat Does a Real Estate Lawyer Do for the Seller?The real estate lawyer’s role on the seller’s side is also related to ensuring the transaction goes smoothly and all legal aspects are covered. They are focused on the mortgage payout and a smooth transfer of the property’s title. Just like on the buyer’s side, a real estate lawyer performs several key tasks, including:Review the Agreement of Sale and other legal documents before you signAssist you with the negotiation of the terms and conditionsPrepare the deed to your houseDeal and remedy title issues as they occurClose the transactionEnsure all legal and financial conditions have been metExchange legal documents and keys with the Buyer’s lawyerWhen Do You Need a Real Estate Lawyer?Whether you are buying or selling a home, you will need a real estate lawyer to register the transfer of property with your province’s land registry office. You are required to have a lawyer because lawyers can access Provincial Electronic Land Registration Systems. Every province has different regulations, but a legal professional is necessary to register a property and purchase a home to ensure that it is legal.Can a Real Estate Lawyer Represent the Buyer and Seller?Now that you have a better understanding of the real estate lawyer’s role, it’s time to choose one that will best represent you throughout the transaction. Choosing a real estate lawyer is something your RE/MAX agent can help you with, as they often work closely with trusted professionals. For more tips, you can also view our post on finding a real estate lawyer.Are you also looking for a real estate agent? You can find one HERE.Have More Questions?Real estate can be confusing. RE/MAX Canada hit the streets to find out just how much (or how little) the average person knows about the Canadian housing market, and to offer some answers..Connect with a RE/MAX agent for these answers, and more!.fusion-body .fusion-builder-column-5{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-5 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-5{width:100% !important;}.fusion-builder-column-5 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-6{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post What Does a Real Estate Lawyer Do? appeared first on RE/MAX Canada.

Best Neighbourhoods to Live in VancouverVancouver is the most populous city in British Columbia and boasts gorgeous ocean and mountain views, bringing the best of both worlds to people who choose to call Vancouver home. It is a coastal seaport city with some of Canada’s warmest year-round temperatures. Its proximity to the ocean and mountains makes it a popular location for outdoor and urban enthusiasts.It has been a hot real estate market since the onset of the pandemic. It seemed as if every month brought record sales and all-time high prices. Only recently have prices begun to dip, as rising interest rates have cooled the market and increased supply. Despite the market trends, there is one constant: people want to live in Vancouver.Some of the main areas of concern for Vancouver homebuyers include low housing supply, as well as increases in insurance for condominium properties. These homeowners are commonly identified as being city lovers, either with or without kids, as well as those who are potentially looking to live elsewhere due to affordability challenges.So, what are the best neighbourhoods in Vancouver to buy a house? Based on liveability factors like ​​access to shopping, dining and green spaces, proximity to public transit, work, preferred schools, and cultural and community centres, here are our top picks in Vancouver.5 Most Liveable Neighbourhoods in VancouverDowntown: Downtown isn’t just home to business, arts, and entertainment, including the home of the Vancouver Canucks; it also features several vibrant residential areas. One of those neighbourhoods is Yaletown, which may be the trendiest place to live and play. Downtown features art galleries, retail, and world-class restaurants, making it an exceptionally livable area to call home.Strathcona: There is a lot of history in Strathcona. It is one of Vancouver’s earliest neighbourhoods. It remains very walkable and features exquisitely restored row homes with welcoming front porches. Known as the “East End,” a diverse population calls the neighbourhood home. Featuring a mix of cafes, breweries, vintage shops, and restaurants, there is always something to do close to home.Fairview: Central to everything in the city, you’ll find Fairview and its popular attraction: Granville Island. Everything you need is just steps away; it’s what attracts urban families to the area. Plus, the seawall is close by—a great place to walk, bike, or relax in the seaside park. Featuring low-rise apartments, townhouses, and newly-developed condos, it is a great place to call home.Grandview-Woodland: This may be the most eclectic neighbourhood in Vancouver. Commercial Drive drives many residents to choose this area as a home base. “The Drive” blends modern chic and historical charm, providing a culturally rich place filled with shopping, dining, and nightlife. You can see the city’s heritage throughout this neighbourhood through its housing: large, luxurious homes mixed with small cottages.Mount Pleasant: This neighbourhood is popular with first-time homebuyers and families. The infusion of youth makes it a vibrant community filled with plenty of restaurants, shopping, and entertainment options. Arts are a big feature of Mount Pleasant. You’ll find many artists in the neighbourhood and plenty of arts-focused festivals to check out.As noted above, the most liveable neighbourhoods in Vancouver offer excellent proximity to many liveability factors, including proximity to public transit, green spaces and social spots such as bars, restaurants and shopping. Vancouver also boasts a great variety of outdoor activities that factor into these neighbourhoods’ liveability.Other notable mentions include:West EndSouth CambieRiley ParkKitsilanoShaughnessyVancouver Liveability TrendsIt’s expected that Vancouver will continue to improve its liveability over the next three to five years, with more municipalities channelling resources to the specific neighbourhood wants. For example, in Kitsilano, we continue to see a demand for easy bike lane access, whereas, in Yaletown, proximity to public transit is the more critical liveability factor.#accordion-20029-1 .fusion-panel:hover{ border-color: #e0dede } #accordion-20029-1 .fusion-panel { border-color:#e0dede; }.fusion-accordian #accordion-20029-1 .panel-title a .fa-fusion-box{ color: #ffffff;}.fusion-accordian #accordion-20029-1 .panel-title a .fa-fusion-box:before{ font-size: 13px; width: 13px;}.fusion-accordian #accordion-20029-1 .panel-title a{color:#00458b;font-family:"Roboto";font-weight:regular;}.fusion-accordian #accordion-20029-1 .toggle-content{font-size:15px;color:#747474;font-family:"Roboto";font-weight:regular;}.fusion-accordian #accordion-20029-1 .fa-fusion-box { background-color: #004e9b;border-color: #004e9b;}.fusion-accordian #accordion-20029-1 .panel-title a:not(.active):hover, #accordion-20029-1 .fusion-toggle-boxed-mode:hover .panel-title a { color: #03a9f4;}.fusion-accordian #accordion-20029-1 .panel-title .active .fa-fusion-box,.fusion-accordian #accordion-20029-1 .panel-title a:not(.active):hover .fa-fusion-box { background-color: #03a9f4!important;border-color: #03a9f4!important;}.fusion-accordian #accordion-20029-1 .panel-55184f7a80b80b5dc .panel-title a{color:#00458b;}.fusion-accordian #accordion-20029-1 .panel-55184f7a80b80b5dc .toggle-content{color:#747474;}2020 Vancouver Liveability ReportBest Neighbourhoods to Live in VancouverThe Vancouver housing market was on an upward trajectory at the start of 2020, picking up right where the fall market left off in 2019. While COVID-19 has impacted the market in Vancouver, it is expected that the spring market will remain strong, as was seen at the beginning of the year.Some of the main areas of concern for Vancouver homebuyers include low housing supply, as well as recent increases in insurance for condominium properties. These homeowners are commonly identified as being city lovers, either with or without kids, as well as those who are potentially looking to live elsewhere due to affordability challenges.So, what are the best neighbourhoods in Vancouver to buy a house? RE/MAX explores more than 300 of Canada’s most liveable hot spots in the new 2020 Liveability Report. Here are our top picks in Vancouver.10 Most Liveable Neighbourhoods in VancouverDowntownStrathconaFairviewGrandview-WoodlandMount PleasantWest EndSouth CambieRiley ParkKitsilanoShaughnessyMost Liveable Neighbourhoods in VancouverThe most liveable neighbourhoods in Vancouver, as noted above all offer great proximity to many liveability factors, including proximity to public transit, green spaces and social spots such as bars, restaurants and shopping. Vancouver also boasts a great variety of outdoor activities that also factor into the liveability of these neighbourhoods.Vancouver Liveability TrendsLiveability in Vancouver is expected to continue to improve over the next three to five years, with more municipalities channeling resources to the specific neighbourhood wants. “For example, in Kitsilano, we continue to see a demand for easy bike lane access, whereas in Yaletown, proximity to public transit is the more important liveability factor”.Vancouver at a GlanceVancouver is the most populous city in British Columbia and boasts gorgeous ocean and mountain views, bringing the best of both world to people who choose to call Vancouver home. It is a coastal seaport city and has some of the warmest year-round temperatures in Canada. It’s close proximity to both the ocean and mountains make it a popular location for both outdoor and urban enthusiasts.Canada’s Most Liveable NeighbourhoodsClick to download the table.Liveability is about quality of life at a local level. A neighbourhood’s dynamism, or lack thereof, involves a delicate convergence between independent small businesses, public institutions, arts and culture, green spaces and housing, to name a few. The COVID-19 tragedy will impact neighbourhood ecosystems differently across the country, just as the virus itself has. Yet, civic/local pride has been proliferating throughout this crisis in inspiring ways, giving Canadians hope that micro-economies, including real estate, have the resilience to be restored in the near and mid-term.To learn more about liveability in Canada’s biggest housing markets, read the RE/MAX 2020 Liveability Report..fusion-accordian #accordion-20029-1 .panel-14a78a534b3e23fe2 .panel-title a{}.fusion-accordian #accordion-20029-1 .panel-14a78a534b3e23fe2 .toggle-content{}2019 Vancouver Liveability ReportLocated in the Lower Mainland of British Columbia, Vancouver is the most populous city in the province with more than 600,000 people. Vancouver is a coastal seaport city with some of the warmest year-round temperatures in Canada. It boasts a beautiful landscape of sea and mountains and is a popular place for outdoor and urban enthusiasts.We know that Canadian’s truly celebrate the liveabililty factors of their neighbourhood – the qualities that give homeowners the true satisfaction of their home within the context of a neighbourhood. In fact a Leger survey conducted by RE/MAX revealed that 89% of Canadians recommend their neighbourhoods to others. Unlike your home, neighbourhoods cannot be changed, so it is important to assess what qualities are important to you before you purchase. Luckily, when it comes to Vancouver, there is a lot of celebrate in terms of liveability.A survey of RE/MAX Brokers revealed that the best places to live in Vancouver are Main, West End and Kerrisdale rank as the top three neighbourhoods in Vancouver for access to green spaces and parks, walkability, retail and restaurants and the ease of getting around/public transit.In the same Leger survey, six-in-10 Canadians put easy access to shopping, dining and green spaces at the top of their liveability criteria. Proximity to public transit (36 per cent), work (30 per cent) and to preferred schools (18 per cent), as well as cultural and community centres (18 per cent) fall out of the top five neighbourhood wants and expectations. So how does Vancouver stack up?If you are searching for the best place to live in Vancouver, Main ranks as the top hidden gem neighbourhood, while Mount Pleasant, Downtown – Vancouver West and Renfrew-Collingwood rank as the top three neighbourhoods for affordability and good supply of housing inventory..fusion-body .fusion-builder-column-6{width:100% !important;margin-top : 0px;margin-bottom : 0px;}.fusion-builder-column-6 > .fusion-column-wrapper {padding-top : 0px !important;padding-right : 0px !important;margin-right : 1.92%;padding-bottom : 0px !important;padding-left : 0px !important;margin-left : 1.92%;}@media only screen and (max-width:1024px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}@media only screen and (max-width:640px) {.fusion-body .fusion-builder-column-6{width:100% !important;}.fusion-builder-column-6 > .fusion-column-wrapper {margin-right : 1.92%;margin-left : 1.92%;}}.fusion-body .fusion-flex-container.fusion-builder-row-7{ padding-top : 0px;margin-top : 0px;padding-right : 0px;padding-bottom : 0px;margin-bottom : 0px;padding-left : 0px;}The post Best Places to Live 2022: Vancouver appeared first on RE/MAX Canada.