Monthly Market Snapshot & Detached Home Buying Tips
Spring is in the air—but the market hasn’t quite bloomed yet. Activity remains relatively quiet overall, but we’re noticing more movement in the lower price points across all property types:
- Condos under $800K
- Detached homes under $2M
- Townhomes around the $1M mark
Among these, lower-priced townhomes are especially competitive, often seeing multiple showings and offers within the first week. While many buyers are still watching from the sidelines, each interest rate drop sparks renewed curiosity—“Is now the time to make a move?” The next month or two will likely bring more clarity.
Exponential’s Checklist for a Bullet-Proof Detached Home Purchase
Detached homes offer space, privacy, and long-term potential—but buying one is a lot more complex than purchasing a strata property. There are far more layers to consider, and we can only touch on a few key points here. As always, we’re here to help buyers make smart, informed decisions.
1. Zoning Matters More Than Ever
With new multiplex zoning changes rolling out in Vancouver, Burnaby, and Surrey, understanding a property’s zoning is more important than ever. Can a laneway home or multiplex be built in the future? It’s not just about zoning itself—setback and frontage requirements also affect whether certain builds are even possible. Zoning impacts what you can do with the property—and its long-term resale value.
2. Is This an Investment or Your Forever Home?
This one question changes everything:
For investment properties, it’s about rental income and appreciation. Even modest rents today may be worth it in areas with growth potential.
For principal residences, we focus more on community feel, schools, commute, and lifestyle.
3. Always Review the Title
A title tells you a lot more than you might expect—it’s not just about ownership. It can reveal:
• Existing mortgages or liens
• Pending applications with the city (subdivision, permits, etc.)
• Easements, covenants, or rights of way
• Ongoing litigation involving the property
These details can impact how the property is used—or whether it’s even worth pursuing. We always try to dig out as much as we can before the purchase, so there are fewer surprises and more clarity from the start.
4. Does the Home Have (or Allow) a Secondary Suite?
Whether it’s for rental income, multi-generational living, or resale appeal, a suite-ready home—or one with rough-ins—offers added versatility and long-term value.
5. Are You Open to Renovations?
Renovation costs are up, so many buyers lean toward move-in-ready homes. But if you’re open to cosmetic updates (paint, floors, countertops), you might find a solid home with good bones and less competition.
6. What About Oil Tanks?
Older homes—especially pre-1970s—may have underground oil tanks. These are expensive to remove and can complicate insurance or financing. Rule this out early to avoid surprises. Not to worry—when in doubt, an oil tank scan will do. This is one more thing we do to avoid future surprises.
Looking Ahead
Detached home purchases can feel overwhelming compared to strata—but that’s exactly where our team comes in. Whether you’re looking now or just gathering information, we’re always happy to help you plan and move forward with confidence.
Have questions? Just reply to this email or shoot over a quick text. No pressure—just real advice.