My comments:
As always, I’m here to keep you informed about the latest developments in the real estate market. Here’s a quick summary of what’s been happening over the past month:
- Interest Rate Update: We’ve seen the second rate cut recently. The market remains relatively slow, with inventory levels at 21.5% above the 10-year average.
- Changes in RTB Rules: The B.C. Housing Ministry announced a change in the notice period for ending a tenancy on behalf of a purchaser. The required notice period is now three months, down from four, and the dispute period has been shortened from 30 days to 21 days.
- First-Time Home Buyer Update: First-time home buyers can now apply for a 30-year mortgage for new builds with high-ratio mortgage. While this means lower monthly payments, it also means paying more interest over time. However, a lower monthly payment can provide flexibility, allowing you to allocate funds elsewhere, like other investments. Most people’s housing needs change every 5-10 years as their family structure evolves, so having options can be quite beneficial. Full info below: https://www.canada.ca/en/department-finance/news/2024/06/30-year-mortgages-for-first-time-buyers-of-new-builds.html
Despite the quieter market conditions over the past year, I still see decent demand for land and detached properties in the Greater Vancouver area. Many landlords have expressed concerns about recent changes and increasing challenges, but it’s worth noting that Vancouver remains one of the most desirable cities to live in. This strong demand is a key reason why the Home Price Index (HPI) continues to rise, even with a quieter market.
If you have any questions or need advice tailored to your situation, please don’t hesitate to reach out. We are here to help you navigate these changes and make informed decisions.
