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BCREA 2016 First Quarter Housing Forecast Update

Vancouver, BC – January 28, 2016. The British Columbia Real Estate Association (BCREA) released its 2016 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to edge back 6.2 per cent to 96,100 units this year, after reaching 102,517 units in 2015. Strong consumer demand is expected to push MLS® residential sales up by 2 per cent to 98,000 units in 2017.

Housing demand in the province is being supported by a relatively robust economy, leading to strong employment growth and rising wages. In addition, net interprovincial migration is on an upswing as many Albertans look to BC for job opportunities. BC home sales are forecast to

Projects that can increase -- or decrease -- the value of your home

Canadians are investing in home improvement like never before.  While most plan to spend reasonable sums, others say they'll go all out: luxurious materials, home theatres, a Jacuzzi on the patio...even $60,000 kitchens are not that unusual! But how much of their investment will be recovered when their house sells?

Homeowners tend to embark on renovation projects to meet their needs, improve their quality of life or simply pamper themselves with a little luxury. But even if you're renovating primarily for your own sake, you should try to assess the post-project increase in the value of your house, just in case you ever want to sell. There is also the fact that a renovated house will

Buying a new home can be a very exciting process with a happy end result.

But let's be honest: it can also be quite the roller-coaster ride. In reality, few of us are able to delve into our bottomless pockets, find our dream home and then move in the following day - no matter how much we would love to.

Over the years, I've come to notice certain patterns in home-buying behaviour. While most buyers begin the search with a firm idea of the type of home they are looking for, it's surprisingly common for them to change their minds mid search.

Some buyers may realize they are no longer eager to mow a large lawn, while others may discover the detached home they have dreamed of is actually beyond their reach.

Buyers should be encouraged to become

A shortage of available homes for sale has certainly made it easier to sell a vacant home. 

However, the same pitfalls that relate to selling empty houses more quickly, and at best price remain. For sellers who have experienced a job change or other event which requires they move and leave a vacant and unfurnished home behind to sell, there are often issues requiring special consideration. That's because many folks buy on emotion and have a hard time warming up to an empty house.  A lived-in home can be much more appealing.

Empty homes often present an echo when you walk through them, and because doors and windows aren’t opened to allow air to circulate, odors can accumulate.

So, you are selling a vacant home, what can you do to create an edge

This article is a year old (so the dollar value has now changed) but has some fun comparisons as to what the vast majority of us will never need to know "What can I buy for $1,000,000, but its still fun to look.. Where would you live?

While Vancouver is continuously ranked one of the best places in the world to live, the affordability of our city seems to plummet every year. With the 2015 B.C. Assessment Roll issued earlier this month, the cost of living is confirmed to be higher this year than ever.

For instance, a single family home on Vancouver’s East side on a 33′ lot that was valued at $892,000 in 2014 was valued at $993,000 in 2015. That’s an increase of just over 10 per cent.

Overall, “the benchmark price for detached properties increased

As the Canadian real estate market continues to rise, some investors want to put their RRSP money to work in a real estate investment. While there are limitations, there are also several options available to investors.

Unfortunately, those looking to buy a rental property with their RRSPs are out of luck. Tax-free RRSP withdrawals of up to $25,000 can be taken under the Home Buyer’s Plan (HBP) to buy or build a qualifying primary residence to live in, but not for a rental property investment.

Real estate investment trusts (REITs) are RRSP-eligible investments that pool together income-generating real estate. Typically the pool includes residential, office, retail, industrial, self-storage, healthcare or hotel properties. REITs are a way for

Need to use the rental suite income of a home to qualify for a big enough mortgage? Here’s how to maximize the mortgage

How much of a mortgage do you qualify for? You went to your bank and they told you $xxx,xxx – are they right? Your dream house costs a bit more, so is there any way to get the extra funds? If the property has a rental suite, and you have a good mortgage broker on your side, the answer is likely “yes”.

We have all heard the term “mortgage helper”. In fact, 25 per cent of detached houses in BC contain a rental suite and this rises to almost 40 per cent in the Lower Mainland. In Vancouver alone there are 26,600 rental suites (out of about 47,000 detached homes), and this accounts for roughly 20 per cent of all the rental stock in the

Got your property assessment and want to appeal, theres not much time left if you want to this year. IF you think that something is wrong it's always a good idea to check this year's property assessment against last year's for any kind of discrepancy.

BC Assessment determines values for all properties in BC so municipalities can tax property owners based on a single province-wide set of standards. Tax rates differ from one municipality to another because they're set by the local governments, so even if the valuation of your home goes down, you could still pay more tax. BC Assessment isn't responsible for that, only for the value it sets for your home. Your property is assessed according to its value on July 1 of the previous year.

So how do you

Many governments across the country are putting the final touches on their 2016 legislative agendas, including British Columbia’s. And on the West Coast it will probably be difficult to disconnect many of the announcements and policy directives from the provincial election just more than a year away.

Holding to tradition, the spring session will open some time in February, with a budget to be tabled shortly after. While Premier Christy Clark is expected to maintain a steady-as-she-goes course devoid of any major political gambles, there will certainly be moves that will attract attention and undoubtedly controversy.

Here are some of the things I’ll be looking for.

The cabinet

Since the 2013 election, Ms. Clark has only tinkered with the

It is a seller’s market. But not every house will sell. What is the best strategy for home sellers selling their home in a seller’s market?

“The best time to buy a house was last year. The next best time is right now.”

For buyers

House prices tend to go up. You can wait for them to go down. You can wait, or you can act. Waiting, in my opinion, will only lead to more waiting. You’re probably not ready to buy if you’re waiting for prices to go down.

If you are looking to buy this year, if you want to be successful with buying a home, now more than ever you have to be prepared to act quickly. You have to be fully engaged in the home buying process. With your agent, you have to see houses and revisit them (online) a week or ten days later and find