An argument for not getting your mortgage at a bank

[Globe and Mail - June 4, 2020] A pandemic financial hardship story has revealed the expensive trap built into mortgages offered by big banks. If you have to get out of a mortgage before it comes up for renewal, expect to pay a penalty to the lender. But penalties differ among lenders, with banks at the high end. An Ontario real estate agent recently decided to put her house up for sale because her income had dropped as a result of the [...]

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Forced Selling May Be Headed For Canada’s Housing Market – Some previously priced-out homebuyers might have a shot at getting into pricey housing markets right now.

[Huffpost - April 22, 2020] A sharp rise in joblessness, combined with the bust-out of the short-term rental market, will send Canadian house prices down in the short term, some market experts are saying. And for some homebuyers ― those who are still in decent financial shape in this crisis ― that presents a rare opportunity for bargains in some of Canada’s priciest cities. So far, experts aren’t predicting a huge price decline. Stephen Brown, senior Canada economist at U.K.-based Capital Economics, [...]

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Real estate agents use virtual tours to show homes amid COVID-19 pandemic

[CTV - April 16, 2020] TORONTO -- While real estate support has been declared an essential service in Ontario during the COVID-19 pandemic, some agents are making sure to keep their physical distance by offering virtual tours of homes. Buying a home is one of the largest purchases most people will ever make and so it is difficult to find the perfect house without seeing it in person first hand. Michael Collins, president of the Toronto Real Estate Board, told CTV News [...]

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Provincial government lists REALTORS® as an essential service 

[Real Estate Board of Greater Vancouver - March 26, 2020] The provincial government announced on March 26 that real estate agents are considered an essential service in BC, alongside measures to centralize our healthcare response, ban the secondary resale of essential goods, and secure supply lines for British Columbians. Other real estate-related essential services include: Land registration services Construction work Professional services, including lawyers and accountants Insurance services Building code enforcers and inspectors What does it mean to be an essential service? Being an [...]

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Vancouver real estate board warns against holding open houses during pandemic

[CTV News - March 19, 2020] VANCOUVER -- The Real Estate Board of Greater Vancouver is "strongly recommending" against its members holding open houses during the COVID-19 pandemic. The board, which has approximately 14,000 Metro Vancouver real estate agents as members, announced the recommendation Thursday. It has also suspended its rule requiring properties that are listed for sale to be made available for showings. “Realtors want to do their part to help prevent the spread of illness in our communities and to [...]

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Vancouver Looks Poised to Sell off False Creek South

[The Tyee - January 3, 2020] The warning signs are there. Greed may ruin a model for diverse affordability. The real-estate lords of Vancouver and their lieges in municipal government have cast their hungry gaze on what is North America’s best model of sustainable and socially equitable living: the neighbourhood of False Creek South. The current administration has cut off any negotiations on renewing leases for city-owned land there, leases set to expire in 2036, leaving social housing co-op and condominium owners uncertain of [...]

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‘Less bad’ doesn’t mean good: What Vancouver’s housing market could hold in 2020

[December 24, 2019 - CBC] For the first time in five years, there were no major surges in any aspect of the market A funny thing happened in Vancouver's housing market in 2019: for the first time in many years, not much happened. "Condo prices have slowed down. The fear of missing out madness at open houses has gone away. So there's been a pause in the market," said Tom Davidoff, an associate professor at UBC's Sauder School of Business. One way to measure  the relative [...]

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Staging Strategies To Boost Winter Home Sales

[Forbes - November 18, 2019] There are both advantages and disadvantages that are inherent in listing a home for sale in the winter. However, one factor remains constant: Presenting a home in its best light will result in a quicker sale and a higher selling price. Reduced inventory on the market in the winter months provides a golden opportunity to make your home stand out. Here are several suggestions aimed at showing any property at its winter best. Winter Curb Appeal Positive [...]

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Toronto, Vancouver among biggest property bubbles in the world, UBS says

[CBC - September 28, 2019] 9 years salary to buy a house in Vancouver, more than 6 in Toronto Swiss investment bank UBS has deemed Toronto and Vancouver to have among the world's biggest housing bubbles, with mispricing that's even more pronounced than it is in expensive cities like Paris and San Francisco. In an annual report published Thursday, the Swiss bank looked at 20 cities around the world that are considered to be financial centres, local metropolises that are hubs for [...]

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Despite recent sales spike, analyst predicts Greater Vancouver market will see more owners losing homes

[News 1130 - December 15, 2019] VANCOUVER (NEWS 1130) – Don’t believe the hype. That’s a real estate tracker’s warning about claims home sales in Greater Vancouver are climbing up again. Dane Eitel, the founder and lead analyst of Eitel Insights, says the market will get worse next year. “We could see a very real day of reckoning here come 2020 to the detached market and that’s where we’re actually going to see some need-based selling, which we haven’t seen for many, [...]

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