How to Win a Bidding War in the Vancouver Real Estate Market

Today, I am going to be participating in a multiple offer situation with one of my buyers. In the video above, that I made yesterday, I describe five of my tips to winning a bidding war in the Vancouver real estate market. Below, I describe these five tips in writing.

Within the Vancouver housing market it is not uncommon for listings to be under-priced with a deadline set for offers. In these situations…

The West Haven Group Client Appreciation Summer Party!

Recently, the West Haven Group team — Shawn Brown, Steven Forlin & Mallory Psihas - hosted their wonderful clients/friends at the Vancouver Club for an appreciation party. The party was lovely — it was so great to have so many kind and funny and enjoyable people all in one room. And, the ambience and elegance in the Georgian Room at the Vancouver Club did not disappoint. Gorgeous. Philip Ireland, the General Manager of the Club, does an amazing job and is so kind and a joy to work with…

Vancouver Real Estate Market to make a Rebound!

According to the British Columbia Real Estate Association’s (BCREA) updated forecast for housing transactions in British Columbia 71,400 homes will change hands on the resale market this year. This is nine percent lower compared to 2018’s total.

However, the organization predicts that in 2020 there will be 81,700 residential transactions — rebounding by a significant increase of 14%…

Is Vancouver's Real Estate Market At Risk?

If you’ve ever tried to find Vancouver real estate advice on your own, you know that there’s an endless amount of information available. It can be hard to know what advice is worth taking—or where to even start.

Despite what might be written and shared during hot and cool real estate markets in Vancouver, it’s important to remain objective when evaluating the market. Nobody makes a good decision when they’re panicked or under pressure, so it’s important to take a step back once you have the data and make informed and rational decisions based on this.

To help you better understand the state of the real estate market in Vancouver, I provide five key indicators that signify current conditions.

The five key indicators for real estate market conditions:

The Five Factors Canadians Care Most About when Buying a Home

Recently, Re/Max put together a livability report which summarized which factors are most important to Canadian home buyers when choosing a home. ‘Livability’ refers to the characteristics about a street, neighbourhood, or city that resonate emotionally with its current and prospective residents. These are features and characteristics that tend to make people ‘love’ where they live. We believe the results of this report apply specifically to Vancouver to we wanted to report on it.

New Numbers on Foreign Ownership in Vancouver

A new method for assessing foreign ownership in Vancouver has concluded that about $75 billion worth of Vancouver real estate is tied to offshore owners.

In 2016, CMHC estimated at 2.2% of Metro Vancouver condos were owned by offshore owners. The new methodology used by CMHC now estimates that 11% of Metro Vancouver condos are owned, at least in part, by people living outside of Canada.

How to AirBnb Your Condo Legally In Vancouver

Given the new Vancouver bylaws, here is how you can Airbnb your Vancouver condo legally:

Step 1:
Review the building’s bylaws document. If rentals are allowed, is there a minimum lease length requirement. If not, then short term rentals would be permitted.

Step 2:
New Vancouver bylaws say that you can Airbnb your condo only if it’s your primary residence. The City says you must reside in this residence at least 180 days per year.

Step 3:
Apply for a short term business license from the City. You will need the license number to add to your Airbnb posting.

You can now begin renting your space for less than 180 days per year for periods of less than 30 days.

Guide to Buying Real Estate in Vancouver

Key Questions to Get you Started:

  • What is your maximum budget? Do you have a preferred budget?

  • What areas of Vancouver would you consider?

  • Do you prefer new-ish, brand new, or older?

  • Would you be open to updating or renovating?

  • What is the approximate size you would like: specifically, the number of bedrooms and the number of bathrooms?

  • Is outdoor space important to you?

  • Is the directional exposure important to you (for example, having morning sunlight or evening sunlight in certain parts of the home or property)?

  • What are our high priority features (i.e. Fireplace? In-suite laundry? Pool?)

  • How close would you like to be to transit, schools, shopping/grocery, hospitals?

  • What other types of rooms to you need? (i.e. Den? Formal dining area/space?)

  • Do you require a garage or extra parking spaces?

  • Do you require storage?