The Road to Foreclosure: 2 Cautionary Tales

Disclaimer: This is not real estate or financial advice.

Foreclosure is a word no homeowner wants to hear, regardless of whether they own a modest home or a luxury estate. The experience is universally distressing, with the potential loss of not just a property, but also years of financial stability and creditworthiness.

In this post, we’ll explore two foreclosure cases in West Vancouver. While these involve high-end properties, the lessons apply to homeowners at every price point. Having your bank take your home is a difficult process, whether the property is worth a $500,000 condo or $15,000,000 house (or condo ).

Case Study 1: Caulfield, West Vancouver

• Foreclosure List Price: $9,900,000

• Property Details: Waterfront

• Annual Property Taxes: $66,000

• BC Tax Assessment: $12,000,000

Pricing History Before Foreclosure

When the homeowner had the opportunity to sell and avoid foreclosure, the property went through a dramatic series of price reductions:

• 2020: Listed at $18,500,000

• 2021: Listed at $16,000,000

• 2022: Listed at $16,000,000

• 2023: Listed at $15,000,000

• 2024 (Pre-Foreclosure): Listed at $13,000,000

By the time it went into foreclosure in 2024, the property was listed at $9,900,000—nearly half the original 2020 asking price. Even the BC Tax Assessment valued the property at $12,000,000, higher than the foreclosure price.

The Takeaway: Unrealistic Market Timing and Emotional Toll

This homeowner’s refusal to adjust their expectations to market realities cost them dearly. Starting at $18,500,000, they faced year after year of price drops, eventually losing the ability to sell the property at all. Their decision to hold on too long, likely hoping for the market to bounce back, only exacerbated their financial difficulties.

The emotional toll of foreclosure cannot be overstated. Owners may feel trapped, watching their property linger on the market while mounting debt and holding costs loom over them. In hindsight, selling earlier—even at a perceived loss—would have saved them from the devastating aftermath of foreclosure.

Case Study 2: Chartwell, West Vancouver

• Foreclosure List Price: $3,500,000

• Property Details: Big view

• Annual Property Taxes: $13,000

• BC Tax Assessment: $4,000,000

Pricing History Before Foreclosure

This property tells a slightly different story—one that emphasizes the risks of speculative buying:

• 2016 Purchase Price: $5,100,000

• 2016 Relisted Price: $5,800,000 (potential flip)

  • Spring 2016 marked an all-time high for the market, followed by the introduction of the Foreign Buyers Tax in the summer.

• Over the years, the owner continued to lower the price:

  • 2023: Listed at $4,200,000

  • 2024 (Foreclosure): Listed at $3,500,000

Even the BC Tax Assessment placed the value at $4,000,000, highlighting the disparity between the assessed value and the foreclosure price.

The Takeaway: Emotional Attachment to Peak Value

This case illustrates the danger of anchoring expectations to a property’s peak value. The owner paid $5,100,000 during the height of the market, likely expecting to sell at an even higher price. When the market softened, they were unwilling or unable to adjust their expectations quickly enough.

This emotional attachment to past values often leads to unrealistic pricing. As a result, the property lingered on the market for years, while holding costs and debt accumulated. The eventual foreclosure listing price of $3,500,000 was far below what the owner had hoped to achieve.

The Foreclosure Pattern

Both stories, while unique, follow a predictable path:

1. Owner accrues debt.

   • Whether due to over-leveraging, market downturns, or personal circumstances, the debt becomes unmanageable.

2. The owner prices the property too high.

   • Unrealistic expectations (e.g., "what I want" vs. "what it’s worth") keep the property from selling.

3. The market rejects the price.

   • With no offers or significant interest, the property lingers on the market.

4. Lender claims title.

   • The foreclosure process begins, and the homeowner loses ownership.

5. The bank sells the property.

   • Often at a significant discount compared to its true market value.

6. The homeowner’s credit is damaged.

   • This makes it nearly impossible to purchase another property for years, if not decades.

These owners are not bad people. Life happens—whether it’s unexpected financial setbacks, market downturns, or poor decisions, the road to foreclosure is rarely intentional. However, the decisions made along the way, especially around pricing, play a significant role in how things unfold.

Lessons Learned

Don’t Overprice Your Property

The real estate market is unforgiving when it comes to overpricing. Stubbornly holding out for "what you want" instead of accepting "what it’s worth" can lead to months or even years of no offers, as seen in both cases.

The Hit Before Foreclosure Is Less Painfull Than the Hit of Foreclosure

Accepting a lower offer early on may feel like a loss, but it’s almost always better than the alternative:

• Losing the home to the bank.

• Taking a much bigger financial and emotional hit.

• Damaging your credit for years to come.

Stay Realistic About the Market

Markets shift, often unpredictably. For example, the Foreign Buyers Tax in 2016 caused a ripple effect, lowering demand in luxury markets. If you find yourself in a changing market, adjust your expectations and act quickly.

The Boring Old Real Estate Adage: Price It Right

This well-worn advice is repeated because it works: a properly priced home sells faster, with fewer complications. Overpricing your home may temporarily satisfy your ego or financial hopes, but the market only responds to what it’s worth.

Remember: the potential embarrassment of accepting a lower price today is far smaller than the embarrassment—and financial fallout—of losing your home in a foreclosure.

Final Thoughts

The road to foreclosure might be paved with good intentions, but it’s filled with hard lessons about debt, pricing, and market realities. Whether you’re selling a $500,000 condo or a $15,000,000 house (or condo ), the principles remain the same: act early, price strategically, and seek (and implement) expert advice when needed.

If you’re considering selling your home and want to avoid the pitfalls of foreclosure, connect with a trusted real estate professional who can guide you through the process and help you price your property to sell.

Disclaimer: This is not real estate or financial advice. Always consult a professional for personalized guidance. Prices are approximate and based on GVR data.

Serious About Moving? Here’s Why Pre-Approval Should Be Your First Move

If you’re serious about buying a home, getting pre-approved for a mortgage is not just a helpful step—it’s an essential one. Pre-approval sets the foundation for your home-buying process by giving you a clear understanding of your budget, streamlining the offer process, and showing sellers you’re ready to act. But it’s about more than just your income—lenders take a comprehensive look at your financial picture, which can make or break your approval. Let’s explore why pre-approval should be your first move as a serious buyer, the potential complexities involved, and how to navigate them.

What Is Pre-Approval, and Why Is It Essential?

Pre-approval is a lender’s initial review of your financial situation to determine how much mortgage you qualify for. This isn’t just an estimate—it’s a formal process that looks at your income, debts, credit history, and down payment. With pre-approval, you’ll know exactly how much you can spend, giving you the confidence to search for homes within your price range.

For serious buyers, pre-approval offers several key benefits:

• Clear Budgeting: Know what you can afford before you start house hunting.

• Strengthened Offers: Sellers see pre-approved buyers as serious and reliable.

• Time Savings: Eliminate guesswork and focus on homes you’re qualified to buy.

Why Income Alone Isn’t Enough

While your income is a critical piece of the puzzle, it’s far from the only factor lenders consider. Here are some of the other elements that can significantly impact your pre-approval:

1. Credit History and Score

   • A strong credit score (typically 660 or higher) shows lenders that you’re a reliable borrower.

   • Late payments, high credit utilization, or past bankruptcies can lower your approval odds, even with a high income.

2. Debt-to-Income Ratio

   • Lenders assess how much of your monthly income goes toward paying debts like car loans, student loans, or credit cards.

   • Your Gross Debt Service (GDS) ratio should stay under 39%, and your Total Debt Service (TDS) ratio under 44%.

3. Mortgage Stress Test

   • In Canada, lenders apply a stress test to ensure you can handle higher interest rates. They calculate affordability using either the benchmark rate (5.25%) or your contract rate +2%, whichever is higher.

4. Down Payment

   • The size of your down payment affects both your mortgage approval and monthly payments. Down payments start as low as 5% for an insured mortgage and 20%+ for an uninsured mortgage. In expensive markets like Vancouver, 5% is the only way to get into a market.

5. Additional Costs

   • Property taxes, closing costs, and maintenance expenses are all part of homeownership and factor into your overall affordability.

What If I Currently Own a Home?

If you already own a home, the pre-approval process can still be complex. Owning property might give you equity to leverage, but it can also come with complexities:

1. Mortgage Payout Penalties

   • If you’re breaking your current mortgage early, you may face penalties. These can vary depending on your lender and the terms of your mortgage.

   • Some lenders offer portable mortgages, allowing you to transfer your existing mortgage to a new home without penalties.

2. Bridging the Gap

   • If you’re buying before selling your current home, you may need bridge financing to cover the gap between closing dates.

3. Calculating Your Equity

   • Your home’s current market value minus any outstanding mortgage balance represents your equity, which can be used as part of your down payment for the new property.

4. Not Always a Slam Dunk

   • Even with home equity and a solid income, other factors like debt levels or credit issues can still complicate approval.

Consult the Experts

Navigating these complexities is where professional advice is invaluable.

• Speak with Your Mortgage Professional: A mortgage broker or lender can help assess potential penalties, financing options, and whether porting your mortgage makes sense.

• Lean on Your Realtor: A good real estate agent will have strong mortgage contacts to connect you with professionals who understand your unique situation.

How Pre-Approval Prepares You to Make an Offer

Being pre-approved gives you the tools you need to act quickly and confidently when you find the right home. Here’s how it helps:

1. A Competitive Edge

   • In a competitive market, a pre-approval letter shows sellers you’re financially ready to buy, making your offer more appealing.

2. Streamlined Decision-Making

   • With a clear budget, you can narrow your search to homes you can afford, saving time and avoiding disappointment.

3. Fewer Delays

   • When you’re pre-approved, much of the financial review process is already complete, allowing you to close faster once your offer is accepted.

And How Do I Do It?

Getting pre-approved is easier than you might think. Here are the steps:

1. Choose a Lender or Mortgage Broker

   • Research different lenders and brokers to find one that offers competitive rates and personalized service. A broker can compare multiple lenders for you.

2. Gather Your Documents

   • Most lenders will require:

     • Proof of income (pay stubs, T4s, or tax returns for the self-employed).

     • Bank statements to verify your savings and down payment.

     • Details of existing debts like car loans or credit cards.

     • Government-issued ID.

3. Check Your Credit Score

   • Lenders will pull your credit report as part of the process, but it’s a good idea to check it yourself beforehand to catch any errors or red flags.

4. Submit an Application

   • Fill out the pre-approval application with your chosen lender. They’ll review your financial situation and provide a pre-approval letter indicating how much you qualify for.

5. Understand the Terms

   • Your pre-approval will specify the maximum amount you can borrow, your estimated monthly payments, and the interest rate (often locked in for 90–120 days).

6. Stick to Your Budget

   • Just because you’re approved for a certain amount doesn’t mean you should max it out. Consider leaving room for property taxes, home maintenance, and other costs.

Ready to Get Started?

Getting pre-approved isn’t just about meeting lender requirements—it’s about setting yourself up for success. From understanding your budget to preparing for additional costs, pre-approval ensures you’re fully equipped to make a strong offer and secure your dream home.

If you’re serious about buying, don’t wait to take this critical first step. I can connect you with trusted mortgage professionals and guide you through the entire process. Ready to get pre-approved and move forward with confidence? Let’s talk today!

Home buyer demand continues to strengthen in November

Home sales registered in the MLS® in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,181 in November 2024, a 28.1 per cent increase from the 1,702 sales recorded in November 2023. This was 12.8 per cent below the 10-year seasonal average (2,500).

“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” Andrew Lis, GVR’s director of economics and data analytics said. “While the November market isn’t quite a Cyber Monday door-crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.” 

There were 3,725 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2024. This represents a 10.6 per cent increase compared to the 3,369 properties listed in November 2023. This was 5.4 per cent above the 10-year seasonal average (3,535). 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,245, a 21.2 per cent increase compared to November 2023 (10,931). This is 26.1 per cent above the 10-year seasonal average (10,502). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2024 is 17.1 per cent. By property type, the ratio is 12.7 per cent for detached homes, 23.1 per cent for attached, and 18.7 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“Although demand has increased as we head into year-end, the number of newly listed properties coming to market in November remained sufficient to keep prices steady across all segments,” Lis said. “But as we move into the New Year, if the strength in demand continues at the current pace, and the pace of newly listed properties coming to market doesn’t keep up, it may not be long until we see the return of upward pressure on prices.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,172,100. This represents a 0.9 per cent decrease over November 2023 and nearly unchanged compared to October 2024. 

Sales of detached homes in November 2024 reached 626, a 19.7 per cent increase from the 523 detached sales recorded in November 2023. The benchmark price for a detached home is $1,997,400. This represents a one per cent increase from November 2023 and a 0.3 per cent decrease compared to October 2024. 

Sales of apartment homes reached 1,089 in November 2024, a 28.1 per cent increase compared to the 850 sales in November 2023. The benchmark price of an apartment home is $752,800. This represents a 1.2 per cent decrease from November 2023 and a 0.6 per cent decrease compared to October 2024. 

Attached home sales in November 2024 totalled 451, a 42.7 per cent increase compared to the 316 sales in November 2023. The benchmark price of a townhouse is $1,117,600. This represents a 1.8 per cent increase from November 2023 and a 0.8 per cent increase compared to October 2024.

Source- Greater Vancouver Realtors

After months of tracking approximately twenty per cent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 per cent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totalled 2,632 in October 2024, a 31.9 per cent increase from the 1,996 sales recorded in October 2023. This was 5.5 per cent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” Andrew Lis, GVR’s director of economics and data analytics said. “To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”

There were 5,452 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023. This was 20 per cent above the 10-year seasonal average (4,545).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,477, a 24.8 per cent increase compared to October 2023 (11,599). This total is also 26.2 per cent above the 10-year seasonal average (11,475).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for October 2024 is 18.8 per cent. By property type, the ratio is 13.4 per cent for detached homes, 22.5 per cent for attached, and 22.2 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“While the strength in October's numbers is encouraging, one data point does not make a trend," Lis said. "Recent data shows that market conditions have been decidedly balanced, with prices easing over the past few months. With the recent uptick in sales however, the attached and apartment segments are now tilting toward a seller’s market with the detached segment not far behind, suggesting the recent period of price moderation may be nearing an end."

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $1,172,200. This represents a 1.9 per cent decrease over October 2023 and a 0.6 per cent decrease compared to September 2024.

Sales of detached homes in October 2024 reached 724, a 25.5 per cent increase from the 577 detached sales recorded in October 2023. The benchmark price for a detached home is $2,002,900. This represents a 0.3 per cent increase from October 2023 and a 1 per cent decrease compared to September 2024.

Sales of apartment homes reached 1,393 in October 2024, a 33.4 per cent increase compared to the 1,044 sales in October 2023. The benchmark price of an apartment home is $757,200. This represents a 1.6 per cent decrease from October 2023 and a 0.6 per cent decrease compared to September 2024.

Attached home sales in October 2024 totalled 501, a 40.7 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800. This represents a 0.4 per cent increase from October 2023 and a 0.9 per cent increase compared to September 2024.

Moving is consistently ranked as one of life’s top stressors. Between packing, organizing, and coordinating logistics, the process can quickly become overwhelming. While some may consider tackling the move on their own, enlisting the help of professional movers offers numerous benefits that can make the experience smoother, faster, and far less stressful. Here’s why hiring professionals for your next move is a worthwhile investment.

1. Save Time and Energy

Moving involves countless tasks, from packing boxes to organizing items for transport. Professional movers not only handle these tasks but also bring years of experience to do it efficiently. They specialize in offering organized, hassle-free services, ensuring that everything from your storage locker to your garage is sorted and ready for the move. With their structured approach, movers streamline each step, so you don’t have to worry about running out of time or energy before moving day.

2. Organized Packing and Unpacking Services

Packing is more than just putting items into boxes—it’s about doing so in a way that keeps everything secure and easy to unpack later. Professional movers offer precision packing, ensuring fragile and valuable items are well-protected for transport. Many movers even assist with unpacking and setting up your new space, so you can settle in faster. They provide unpacking and home setup services to help transform a space quickly, taking care to place boxes in their designated rooms for easy access.

3. Expertise in Decluttering and Downsizing

If you’re using a move as an opportunity to downsize, working with professionals can be a game-changer. Moving companies don’t just transport your belongings—they can also guide you in decluttering and organizing before you pack. With compassionate, judgment-free assistance, they help you decide what to keep, donate, or discard, making downsizing a more seamless and achievable process. Their expertise in handling estate sales and storage locker organization ensures that items you no longer need are dealt with efficiently.

4. Tailored Services to Meet Your Needs

Professional moving companies understand that every client has unique needs. Whether you’re moving a family home, downsizing as a senior, or relocating after a major life change, movers offer tailored services to match your circumstances. By working closely with clients, they make thoughtful, individualized recommendations that ease the transition into a new space.

5. Reduce Stress with Professional Coordination

Coordinating the logistics of moving, such as timing and hiring movers, can become a daunting task without experience. Professional movers are experts in managing these details, allowing you to focus on settling into your new home. They take care of scheduling, from packing and labeling to arranging transportation and overseeing unloading. The peace of mind that comes with knowing experienced professionals are handling every detail is invaluable, especially when moving is often an emotionally and physically exhausting experience.

6. A Non-Judgmental Approach to Organizing

One common hesitation in hiring professional organizers or movers is the worry about judgment. Reputable companies pride themselves on maintaining a compassionate, non-judgmental approach. Their goal is to make your space functional and comfortable without making you feel uncomfortable about clutter or chaos. Their empathetic service approach ensures that clients feel supported and understood throughout the moving process.

7. Professional Equipment and Skills

Moving heavy furniture, delicate items, or bulky equipment requires specialized equipment and skills. Professional movers come prepared with the necessary tools, like dollies, protective blankets, and packing materials. They are trained to handle heavy or fragile items safely, reducing the risk of damage to your belongings or property. Without these skills and equipment, moving can be not only inefficient but also risky.

8. Enhance Your New Home’s Functionality from Day One

One of the most challenging aspects of moving is transforming a new space into a comfortable home. Professional movers don’t just leave boxes at your doorstep—they often go the extra mile to ensure the space is livable and organized. Unpacking critical areas, such as the kitchen, bedroom, and bathroom, can make a world of difference in how quickly you feel at home. With everything unpacked and in its place, you can begin enjoying your new environment immediately.

A Stress-Free Move Is Possible with Professional Help

Hiring professional movers may seem like an extra expense, but the time, effort, and peace of mind it provides make it a smart investment. From packing and coordinating to unpacking and organizing, professional movers handle every detail with care and expertise, so you can focus on the excitement of a new beginning. If you’re preparing for a move, consider reaching out to a moving and organizing service to make the process as seamless and stress-free as possible.

Moving Essentials: Why You Need an "Open First" Box and Carry-On Suitcase for Your Next Move

Moving day can be overwhelming, especially when you're settling into a new home with boxes everywhere. One way to ease the transition is by preparing an “Open First” box and a carry-on suitcase, stocked with essentials to make your first day (and night) as smooth as possible. Here’s what you need to include in each, along with a detailed checklist to help you pack smart.

What is an "Open First" Box?

The “Open First” box is designed to hold all the essential items you'll need to set up your new home right away. Think of it as your first line of defense against chaos: everything inside should help you start living in your new space before you’ve even unpacked the majority of your belongings. Here’s a complete breakdown of what to pack.

Toiletries and Personal Care

Moving can leave you feeling like you’ve been on an overnight adventure, so having personal care items ready is a must. Include:

• Hand soap and hand sanitizer

• Toilet paper (two rolls, just in case!)

• Shampoo, conditioner, and body soap

• Towels and washcloths

• Hairbrush or comb

• Basic first-aid items and any essential medications (band-aids, pain reliever, prescriptions)

• Laundry detergent pods for any immediate laundry needs

Basic Kitchen Items

You won’t want to unpack every pot and pan on your first night, so pack only the basics:

• Two plates, cups, and sets of cutlery

• One or two multi-use utensils (like a spatula or knife)

• Small pot and pan for simple meals

• Tupperware style storage container

• Paper towels or dishcloth

• Coffee maker or kettle (if you can’t go without your morning coffee), plus coffee or tea supplies

• Coffee filters (if needed)

• Snacks and quick meals (apples, granola bars, or chicken soup)

• Water bottle to stay hydrated

• Dish soap for quick cleanups

Cleaning Supplies

You may want to give surfaces a quick clean before unpacking fully. Include these basics:

• Disinfectant wipes or spray

• Trash bags for immediate disposal needs

• Multi-surface cleaner (such as Mr. Clean)

• Microfiber cloth and sponge

• Broom and dustpan for sweeping up dust or debris

Basic Tools and Equipment

Sometimes furniture or electronics need quick adjustments, so pack a few essential tools:

• Sharpie marker for labeling or notes

• Scissors or box cutter for opening boxes

• Flashlight for any poorly lit areas

• Basic toolkit (screwdriver, wrench)

• Duct tape for quick fixes

• Measuring tape for furniture placement

• Pen and notepad for jotting down notes or measurements

• Moving checklist and planner to stay organized

What to Pack in Your Carry-On Suitcase

Your carry-on suitcase should act like an overnight bag, containing items that you'll need immediate access to during and right after the move. Think of it as preparing for a 3 day trip: pack items for comfort, personal needs, and any crucial documents.

Clothing and Comfort Items

A change of clothes and a few comfort items can make a big difference when you’re moving in:

• Sweats, a change of clothes, and socks for each person

• Basic bedding (sheets, blanket, pillow) for an initial comfortable night

• Flip-flops or slippers for convenience

• A jacket or sweater in case the weather is cool

Important Documents and Small Valuables

Keep these close to avoid losing anything important during the move:

• IDs, passports, and essential paperwork

• Wallet and keys 

• Phone charger to keep your phone ready for contacts and directions

• Laptop, mouse, and charger for work or entertainment needs

Why This Packing Strategy Works

Having an “Open First” box and carry-on suitcase keeps the most essential items in two easily accessible places. The “Open First” box ensures you can immediately begin settling in, setting up the bathroom, kitchen, and any essential living spaces. Meanwhile, the carry-on suitcase acts like an emergency overnight bag—perfect for the initial transition period, keeping personal items close at hand.

Packing these essentials can make the first day in your new home less stressful and help you avoid digging through endless boxes. This way, you can focus on enjoying your new space rather than scrambling to find the basics!

Complete "Open First" Box and Carry-On Suitcase Checklist

Open First Box

• Toiletries and Personal Care: Hand soap, hand sanitizer, toilet paper, shampoo, conditioner, towels, hairbrush, first-aid, and laundry pods.

• Kitchen Items: Two sets of plates, cups, cutlery, small pot, pan, storage container, coffee maker, snacks, water bottle, dish soap.

• Cleaning Supplies: Disinfectant wipes, trash bags, multi-surface cleaner, microfiber cloth, sponge, broom, dustpan.

• Tools and Equipment: Sharpie, scissors, flashlight, basic toolkit, duct tape, measuring tape, pen, notepad, moving checklist and planner.

Carry-On Suitcase

• Clothing and Comfort: Sweats, change of clothes, bedding, flip-flops, jacket.

• Documents and Valuables: IDs, passports, wallet, keys, phone charger, laptop, and chargers.

Source: Greater Vancouver Realtors - October 2024

Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of economics and data analytics said.

“Sales continue trending roughly 25 per cent below the ten-year seasonal average in the region, which, believe it or not, is a trend that has been in place for a few years now. With the September data, sales are now tracking slightly below our forecast however, but we remain optimistic sales will still end 2024 higher than 2023.”

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With some buyers choosing to stay on the sidelines, inventory levels have sustained the healthy gains achieved over the course of this year, providing much more selection to anyone searching for a home,” Lis said.

'With all this choice available, prices have trended sideways for the past few months. The September figures, however, are now showing modest declines across all segments on a month over month basis. This downward pressure on prices is a result of sales not keeping pace with the number of newly listed properties coming to market, which has now put the overall market on the cusp of a buyers’ market. With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,179,700. This represents a 1.8 per cent decrease over September 2023 and a 1.4 per cent decrease compared to August 2024.

Sales of detached homes in September 2024 reached 516, a 9.8 per cent decrease from the 572 detached sales recorded in September 2023. The benchmark price for a detached home is $2,022,200. This represents a 0.5 per cent increase from September 2023 and a 1.3 per cent decrease compared to August 2024.

Sales of apartment homes reached 940 in September 2024, a 4.9 per cent decrease compared to the 988 sales in September 2023. The benchmark price of an apartment home is $762,000. This represents a 0.8 per cent decrease from September 2023 and a 0.8 per cent decrease compared to August 2024.

Attached home sales in September 2024 totalled 378, a 7.4 per cent increase compared to the 352 sales in September 2023. The benchmark price of a townhouse is $1,099,200. This represents a 0.5 per cent decrease from September 2023 and a 1.8 per cent decrease compared to August 2024.

In the current North Shore real estate market, one trend stands out: buyers are looking for "move-in ready" homes. Moving is already stressful, and most buyers don't want to deal with renovations after they move in. With the rising cost of materials and inflation, many people simply don’t have the money or time for updates.

A few years ago, "reno flipping"—where buyers would purchase homes, renovate them, and quickly resell for a profit—was huge. But with material costs soaring and new flipping taxes in place, it’s not as popular now. Buyers today are more focused on finding homes that are ready to live in, and they’re often willing to opt for smaller updated homes over larger ones that need work.

If you're selling an older property without recent updates, it’s important to adjust your expectations. Homes needing renovations tend to sell for less because buyers will factor in the cost and effort required to update them.

A smart strategy for homeowners is to handle one update per year. By spreading out the investment, your home will be in better shape when it’s time to sell. Stick to neutral, timeless upgrades rather than going overboard with trendy designs.

There are also some tricks and tips to make your home appear more updated without major renovations—but that’s a topic for another blog. For now, just keep in mind that small, consistent improvements can make a big difference when it comes to attracting buyers in today’s market.

The Metro Vancouver real estate market is witnessing a unique mix of factors influencing the housing landscape. Inventory is on the rise, with the first interest rate drop in years creating a dynamic environment. Along with these changes, prices continue to climb, even as sales dip below last year's figures.

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.” 

Downsizing has been gaining momentum. Whether prompted by becoming an empty nester, a desire for more travel and a "lock and go" lifestyle, or financial considerations like reducing debt or withdrawing from the market, many people I talk to are looking at downsizing. However, the journey of downsizing isn't merely about moving to a smaller space; it's a process that involves careful consideration and planning. One common question everyone asks is "What do I do with all my stuff?"

In this article, I’ll delve into one effective strategy to kickstart your downsizing journey: the Room-by-Room Approach.

1. The Room-by-Room Approach

When faced with the daunting task of downsizing, it's crucial to break it down into manageable steps. The Room-by-Room method provides a structured approach, allowing you to tackle one space at a time. Here's how to get started:

2. Sort Through Items Room-by-Room and Minimize Duplicates

Begin by selecting a room to declutter. Whether it's the kitchen, bedroom, living room, or any other space, focus on one area at a time to prevent feeling overwhelmed.

Utilize the Three-Box Method to streamline the decluttering process. Label three boxes or bins as "Keep," "Get Rid Of," and "Put In Storage."

• Keep: Identify items that serve a practical purpose in your daily life. These are the essentials that you'll need in your downsized space. Once you've filled the "Keep" box in each room, pack it up and label it for easy relocation and unpacking.
  

• Get Rid Of: It's time to bid farewell to items that no longer serve a purpose or bring you joy. Be decisive in determining what to part ways with, considering whether the item is worn, broken, or simply unnecessary. Sort these items further by deciding what to donate, pass down to family members, or discard.
  

• Put In Storage: Certain items hold sentimental value or are only used seasonally. These belongings should be designated for storage. After decluttering each space, transfer sentimental or seasonal items into neatly labeled storage containers.
  

TIP: Keep an eye out for duplicate items in each space, particularly in clutter hotspots like the kitchen. Only retain your favourites or items in good condition, minimizing unnecessary duplicates.

By adopting the Room-by-Room Approach and the Three-Box Method, you can streamline the downsizing process and alleviate the stress associated with decluttering. Stay tuned for more tips and insights as we explore the journey of downsizing together. Remember, it's not about minimizing possessions; it's about simplifying life.

Happy downsizing!

Most of you know that I dedicate countless hours analyzing Greater Vancouver's real estate market along with the micro markets of North and West Vancouver. Though similar, each micro market holds unique characteristics, data, and trends crucial for property pricing, marketing and general understanding. Now, let's dive into recent news.

Interest Rates and Mortgage Trends:

The Bank of Canada has maintained interest rates, some “fence sitters” are now realizing that waiting for a rate drop might not pay off. That’s because real estate prices continue to go up. 3-year fixed-rate mortgages are most popular.  Most mortgage professionals tell me there will be no change in interest rate before July 2024, and even then it unknown if rates will increase, decrease or stay the same. It is impossible to predict.

Market Dynamics:

Low sales volumes and limited inventory are met home prices going up. Detached houses are in highest demand, with around one-third selling above the list price, while condos maintain a steady pace and townhouses remain robust.

Stability in Greater Vancouver:

Greater Vancouver stands out for its remarkable stability, offering a favourable environment for both buyers and sellers especially compared to other parts of British Columbia.

CRA & the Lenders:

CRA’s recent agreement with the Banks to share income verification information suggests stricter lending standards may be imminent. Considering the potential tightening of lending criteria, now may be the time to enter the market or expand your real estate portfolio. Lending will only get more strict.

Questions? I am always happy to chat about real estate.

In Greater Vancouver's strata communities, keeping up with evolving standards is key to smooth operations. Among the recent mandates is the Electrical Planning Report (EPR), a report aimed at helping stratas understand where they are with respect to Gas & propane energy consumption and how to move toward electricity consumption.

1. Understanding the EPR

The Electrical Planning Report (EPR) is a one-time assessment mandated for strata communities with five units or more. To comply,  Greater Vancouver's strata corporations must have an EPR by  December 31, 2026. The EPR would be attached to a strata unit’s Form B.

2. Scope and Purpose

The EPR aims to equip strata communities with a strategic plan, primarily focused on transitioning from natural gas and propane to electric systems. This includes evaluating HVAC, hot water, and EV car charging infrastructure.

3. Key Components of the EPR

The EPR includes critical elements:

• Current Electrical Capacity: Assessing existing capacity.

• List of Existing Electrical Demands: Identifying current demands.

• Peak Demands and Spare Capacity: Determining peak demands and assessing spare capacity if any.

• Capacity Requirements for Conversion: Outlining the electrical capacity requirements for transitioning to electricity.

• Requirements for Conversion: Outlining the required steps to meet that capacity. 

• Steps to reduce current electrical consumption: Recommending strategies like switching to LED lighting.

• Current available Upgrade Capacity: Exploring available enhancements.

4. Implementation and Compliance

Strata corporations must attach the completed EPR to Form B, ensuring transparency. Exemptions are only granted to strata of 5 units or less. Stratas must have a majority vote for the report to be created.

5. Risk of Non-Compliance

The absence of an EPR can lead to non-compliance, posing challenges in responding to owner requests for electrical upgrades. Stratas must address owner requests for EV charging, with a mandated response window of three months, and no unreasonable requests can be denied. So a strata will need an EPR in hand to respond quickly, thus avoiding disputes with owners.

6. Differentiating the EPR from EV Ready Plans

 EPRs and EV Ready Plans are two different things, although some overlap might exist.

In conclusion, the Electrical Planning Report (EPR) offers strata communities in Greater Vancouver a strategic roadmap towards transitioning from gas and propane to electric systems, ensuring compliance, sustainability, and smoother operations in the face of evolving energy standards.

Resourses

BC Govt Bulletin - Dec 2023

GV Realtors EPR Recap