Our Blog

Q: ”What’s the best area for growth/investment?”

Thu, 09 Apr 2026 21:51:09 GMT

A: Get out of the weeds.

I get why you're asking. Everyone wants to find the neighbourhood that's about to pop, the hidden gem, the up-and-comer. But here's the thing: in Greater Vancouver, that search often leads people too far in the weeds.

The best and most challenging thing about this market is demand. Yes, the last two years have been quieter. But zoom out and compare Vancouver to the rest of Canada and it's still one of the most desirable places to live; often ranking in the Top 10 globally. That persistent demand is what makes Greater Vancouver resilient through booms and busts.

There are always pockets growing faster than others. But for the most part, anything within commutable distance to Vancouver will see similar long-term appreciation. The difference between postal codes matters a lot less than people assume. So instead of obsessing over growth projections by neighbourhood, ask yourself: what does this location do for my quality of life?

It sounds simple, but the longer you can stay in one home, the more long-term wealth you build. Yes, you may want to upsize eventually, but you want that to be a choice, not a forced move because you can no longer stand where you're living. Selling under duress, in a market that isn't favouring sellers, can set your homeownership journey back significantly.

The biggest winners in Vancouver real estate are people who bought before 2010 and stayed. Look at their property histories and they look like lottery winners. But the winning move wasn't picking the right postal code. It was buying somewhere they wanted to live and holding on.

The best place to buy is the place you can afford and can see yourself living in the longest. Whether you go further out for more space or opt to stay close sacrificing sqft for walkability, community or a shorter commute. Ultimately it’s your priorities you need to nail down. Fortunately, that looks different for everyone, which means we're not all competing for the exact same thing.

Ten years from now, you could be the person whose property history looks like a lottery ticket. Not because you timed the market perfectly or picked the hottest postal code, but because you bought somewhere you loved and stayed.

That story starts with one conversation. Let's have it.

Kade Lacasse
604-401-9199
Book a 15 min call

Who Should NOT Buy in Vancouver Right Now?

Tue, 07 Apr 2026 22:41:25 GMT

Hot take incoming. And I know a lot of Realtors won't say this because it's counterproductive for business, but here it is: if your number one priority is a lower monthly cost, you should not buy a home right now. You should keep renting.

And I'm not saying that because it's going to get cheaper. Honestly, for the foreseeable future, it will be cheaper to rent than to own in Vancouver unless you're coming in with a massive down payment. If that's you; please disregard this entire post, give me a call, and let's get to work.

But for a lot of people? The math just doesn't work yet.

I work with buyers regularly who qualify on paper, make good money, and feel this pressure. This sense that it's just time to buy. That it's the next thing they're supposed to do. They sit down, we look at the budget together, and the monthly carrying costs are so much higher than what they're paying in rent that they can't wrap their head around it. And they shouldn't have to force themselves to.

If homeownership isn't your main priority right now, keep renting. Save money, travel, do whatever the %&^! you want to. There's a lot of noise out there, spring market talk, buyer's market talk AND IT IS AN AMAZING TIME TO BUY but none of that changes your personal priorities.

There a surprising amount of shame that people carry about still renting. Don't. Vancouver is one of the most expensive housing markets in the world. Renting here while you build savings, live your life, and wait until it actually makes sense for you is a perfectly reasonable choice. I'm not here to change your mind about that.

Personally, for us (my partner, two dogs and myself), we decided the pros outweigh the cons…
We have secure housing. We don't have a strata, so we have complete freedom over what we do inside and outside of our home. And most importantly, we're building long-term wealth, which is a priority for us.
If that's not your priority right now, keep renting. No embarrassment required.

If your priorities do shift and you’re looking for an agent that’s just as likely to talk you out of a deal as he is to advise you to proceed; reach out as I’d love to be a resource.

Kade Lacasse
604-401-9199
kadelacasse@gmail.com

Book a 15 minute call

How Long Does It Take to Buy a Home in Vancouver? A Realistic Timeline for First-Time Buyers

Tue, 24 Mar 2026 23:49:29 GMT

Wondering how long it takes to buy a home in Vancouver? Here’s a realistic timeline for first-time buyers, from your first meeting to getting the keys.

GST Rebate for First Time Home Buyers is Now Live!

Tue, 17 Mar 2026 19:17:11 GMT

Last week the “Making Life More Affordable for Canadians Act” bill finally reached Royal assent; bill C4, which includes the GST rebate for first time homebuyers is now in effect!

*Reminder that most home sales in BC are exempt from GST but the 5% tax is due on purchase of new homes/presales or homes that have had substantial renovations (~75%) as well as a few other less common scenarios.

Criteria;
•First Time Home Buyer
•Purchasing for primary residence

•Full rebate up to $1,000,000
•Partial rebate between $1,000,000 and $1,500,000

Although this rebate back dates to purchases as far back as March 20, 2025, allowing for those purchasers to now apply CRA for their rebates, the biggest advantage is now in effect which is the ability for builders to credit the buyers and apply for the rebates on their behalf. Before this week, GST had to be paid up front as part of the closings cost and with up to $50,000 in savings from their closing cost that money can now go towards further purchasing power or a larger down payment so that they can have lower monthly payments.

This may be a tough pill to swallow for those first time buyers that purchased homes prior to March 20, 2025, but I am excited for those that will be able to take advantage of this rebate!

If you are a first time home buyer and trying to sort out the “Where to start?”
Download my free First Time Home Buyer’s Guide. This discusses taxes, closing costs, preapproval, the Vancouver Spring Market, home search and much more. This is certainly the place to start.

Kade Lacasse
604-401-9199
kadelacasse@gmail.com

The Three Biggest Opportunities in Early 2026

Mon, 09 Feb 2026 19:29:34 GMT

There is no doubt it is a buyer’s market in Vancouver.
2025 saw the worst market to sell in a long time, 20 year lows in sales and 30 year highs in new listings.
Supply and Demand drive the market and they were skewed heavily towards buyers. You may have heard some call it a ‘balanced market’ but that’s because they don’t want to scare sellers from listing (IMO).

With that in mind, most of the opportunities are for buyers right now! Here are the biggest opportunities in Vancouver right now;

1) First Time Buyers

This is the best market buyers have seen in almost a decade. I’ve already mentioned 2025 but in the first month of 2026 the numbers show the same story; sales were 30% lower than the 10 year average and listings were 19% higher than the 10 year average! Sales were actually lower than last year in January with only 1,107 sales when January 2025 saw 1,552.
First time buyers don’t need to sell to buy and, in most cases, are in no rush to buy. This leaves them in the position to watch the market for a home that checks the boxes and a seller that’s realistic on price (and properly motivated).

2) Upsizing

Higher priced items take the largest hit in down markets. Benchmark prices have now corrected back to February 2023 so you will need to be realistic on the selling side but the win on the buy side will make up for any potential loss on the sell side. If you are in a townhouse or condo and want to upsize in the next 5 years, it is wise to look into the feasibility in 2026.
^Bonus Opportunity^ if you’re able to hold onto your condo to rent out while you wait for the market to improve to win on both sides of the upsize.

3) DIYers

If, like me, you’ve been following Jenna and Nicky in West Vancouver as they bring a piece of West Coast history back to life. And you dream of your own reno; as I mentioned above re: higher priced homes, detached homes are sitting on the market longer.
There are currently 54 detached homes in Vancouver for under 1.5 million and 32 of those have some sort of suite.
I am not advocating for a flip here but if you’ve got the skills to add sweat equity, many detached sellers are showing motivation with large price drops.

It is not the right time for everyone but if buying your first home, upsizing or making the big swing for a detached that needs work is in your 5 year plans; you’d be remiss not to be pre-approved, engaged with a Realtor and actively watching the market!

Step 1; let’s connect!

Kade Lacasse
604-401-9199
kadelacasse@gmail.com

Click this link to book a 15 minute call

Is the Vancouver investment market dead?

Thu, 08 Jan 2026 21:30:39 GMT

Short answer, no. But it’s very different than it was a few years ago and I think that’s a good thing.

Let’s talk about supply and demand in the rental market: Vacancy rates are now at 3.7%, the highest we’ve seen since 1988. To put that into perspective, that means roughly 37 out of every 1,000 apartments are available to rent at any given time. In 2023, that number was under 1% or 10 out of 1000.
Most of these vacancies are sitting in newer market rental buildings. We’ve had a lot of supply come online over the last three years, and along with the decrease in demand via changes in immigration policy; it’s finally showing up in the numbers.

What that means for potential investors and future landlords is simple.
This isn’t 2021 anymore. You can’t just name your price, put one picture up and expect a lineup. Supply is up, demand is down and thus rents will also start to soften. Still nowhere near pre-covid levels but people that moved in 2025 paid less than they would have in 2024.
Rent has to be realistic, and perks like parking, storage, and pets will be necessary to attract solid tenants.

Now that we know it’s not 2021 in the rental market; it’s also not 2021 in the resale market. On the buy side you will see much more opportunity especially at the lower end of the market, where it is typically tight. Inventory under $500K is up 40% compared to this time last year. More options, less competition, and more room to negotiate.

To recap, the investment market isn’t dead. Vancouver hasn’t been a cash flow city for a long time. Meaning even the minimum 20% down needed for an investment property is often not enough to put an investor in the black every month. Instead, Vancouver is a buy and hold city with investors counting on consistent appreciation in value each year and low vacancy rates for less lost income. Even at 4%; vacancy rates are well within the balanced range and since Vancouver is as desirable as ever; it can still be a smart play.

With return to office orders and very good value $$/sqft; I’d advise buyers to look downtown for deals in early 2026.

Just like flipping pre-sales, the Vancouver market is no longer ripe for predatory landlords looking to make a quick buck; and I think we’re better off without them.

If you’re curious about investment opportunities in today’s market, or want an honest take on where investors are winning right now, let’s connect.

Kade Lacasse
604-401-9199
kadelacasse@gmail.com

Click this link to book a call

Why I’m Cautious About Presales

Wed, 05 Nov 2025 00:27:07 GMT

Thinking about buying a presale in Vancouver? Learn the risks, hidden costs, and why resale properties may offer more value, flexibility, and peace of mind."

How One East Vancouver Buyer Found Their Dream Home at a Price They Never Thought Possible

Thu, 23 Oct 2025 17:10:21 GMT

Buying a home in Vancouver can be an intimidating experience; especially for first-time buyers unsure of where to start. Between navigating mortgage approvals, competitive offers, and neighborhood differences, having the right Realtor makes all the difference.

One recent client shared this experience working with Vancouver Realtor, Kade Lacasse:

“Kade is super down to earth, knowledgeable, and genuine. Going into the process without knowing what was ahead, Kade made sure we stayed stress free, in the loop, and — most importantly — comfortable with our decisions. We came out with a home we love at a price we never thought was possible! Honestly, I can’t speak highly enough of him. Thank you for everything Kade!”

A Personalized, Stress-Free Approach to Vancouver Real Estate

Kade’s approach is centered around education, transparency, and helping clients make confident, informed decisions. Whether working with first-time buyers or families looking to upsize, he takes the time to explain every step of the process and provide a clear understanding of what’s realistic in Vancouver’s dynamic market.
From East Vancouver character homes to modern condos in Mount Pleasant, Kade focuses on finding opportunities that match each client’s goals and budget. His calm and personable style helps clients stay stress-free through what can often be a high-pressure experience.

Proven Trust and Local Expertise

With 32 five-star Google reviews from happy buyers and sellers across Greater Vancouver, Kade has built a reputation for his professionalism, integrity, and results. His clients consistently highlight his honesty, deep market knowledge, and ability to make the process feel approachable and even enjoyable.

Kade believes that real estate success is about more than closing a deal, it’s about building lasting relationships and helping clients make smart long-term moves in a constantly changing market.

For anyone looking to buy or sell in Vancouver, Kade’s combination of local expertise and genuine client care has made him a trusted choice.

Book a 15 minute call here

Kadelacasse@gmail.com
604-401-9199

No F***ing Way - A Buyer Win in East Vancouver

Fri, 17 Oct 2025 18:24:06 GMT

That’s what Kade would have said if you told him how this story ended; No f***ing way!
In a shifting Vancouver real estate market where detached homes are finally seeing more negotiating room, stories like this one prove that smart strategy and patience can pay off big time. Here’s how my clients landed a detached home in East Vancouver for over $200,000 below asking and why this market might hold more opportunities like it.

Kade’s long term client first focus has paid off well for him in his first 5 years; so well that his business is already over 50% client referrals and this story is about one of those referrals. This couple was referred to Kade by his mortgage partner Emma Gray founder at Julo Mortgages.

By the time Kade was brought in in March, they already had their eye on a house in East Van so they met on site for their second showing of the property. Their budget was very low for a detached (under 1.2 million must have suite or suite potential) which means there were very few in their price range. One of them is in trades so they had big potential to add equity via sweat equity.

We are so grateful for the referral, for business of course but even better, the fit was perfect a couple of sweetheart brits with sharp humour and I’m as sarcastic as it gets so they hit it off like wildfire. Kade was immediately endeared by their passion and belief that they could find a detached that was worthy of their renovation instead of a teardown but he knew how tall of a task that would be. They were first time home buyers trying to skip the condo/townhouse all together; this was a big swing. He knew most likely we’d go through the motions and get educated but he would need to slowly guide them towards a smarter play.

Over the last year, the Vancouver market has tilted in favour of buyers. Fewer competing offers, more days on market, and motivated sellers have created windows of opportunity. This deal is the perfect example of how buyers can take advantage of that shift.

So the first place they saw together and one that got their hopes up was a home built in 1912 in Cedar Cottage; a sweet pocket of Vancouver that is just South East of Mount Pleasant in East Vancouver. Great location.
Unfortunately it was less than 1600sqft lot with the house basically setback directly against the back alley, a small yard in the front and the suite wasn’t even 6ft high in some spots.

Easy no right? Well, you’d be surprised. At this time, no other homes matched their criteria so it wasn’t easy to let it go and they spent a while considering it until the seller received an offer and their interest was not strong enough to compete. *sometimes a place you like getting an offer is the best thing that could happen*
Because the next day on April 1st, a listing popped up in their ideal neighbourhood, Hastings sunrise. Listed at $1,199,000 and with a date for offers; Kade knew the listing agent was expecting attention and maybe even over asking when this group would need to get it for below ask to make this reno work and he stated just that; “Go check it out but don’t get too excited about it.”

They went and checked it out and really liked it but based on the upcoming date for offers and the renos needed; their current offer price “would be an insult at this point” so Kade coached them to wait, see how offer day goes and watch the market. Sellers are much more likely to consider a lower offer after some time on the market.

Taking Advantage of Motivated Sellers

Cut to 6 weeks later; nothing was popping up in their price range and this house was still on the market. Kade reached out, scheduled a second showing and got to see it myself for the first time. The listing photos did not do this place justice; it’s a beautiful character home with so much potential and the listing agent made sure to let them know the seller was now motivated since the attention was much lower than anticipated thanks to the shift in Vancouver’s market.

So they went for it with a low ball and a beautiful letter. The out of town seller who had inherited it a few years prior but had an emotional connection to the home was ready to move on but liked that my clients intended on making it their home instead of taking advantage of its industrial zoning. She signed their first offer.
After multiple inspections for the homes older systems and negotiating, my clients were firm at under 1 million on a detached home in East Vancouver. 3 months of waiting for the tenants to move on and they’ve now closed. Already hard at work putting their stamp on it. We can't wait to see what they do with it!

They later said:

“Kade was so patient and so calm with us. No stress at all, he was honest and stuck with us and our unrealistic expectations! Kade was very easy to get along with and we feel as though we’ll be friends for a long time. If you’re looking for someone who isn’t pushy or salesy, then Kade is your realtor.”

This is another reminder that;
•Buyers that are in the market now will be the winners of 2025
•Education beats FOMO
•You never know a seller’s motivation
•Sometimes the big swing is the right swing

If you’re curious about opportunities like this in today’s market, or just want an honest take on where buyers are winning right now, let’s connect.

Kade Lacasse
604-401-9199
kadelacasse@gmail.com

Click this link to book a call

Get Ready to Upsize in 2025

Sun, 26 Jan 2025 21:29:35 GMT

Buyers Are Coming Back; Don’t Get Caught Unprepared

The market is heating up, and buyers are returning. If you’re planning to upsize in 2025, now is the time to start preparing. By following these four steps, you’ll be in a strong position to make your move when the time is right.
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Step 1: Engage Your Realtor (or Find a New One)

Buying and selling a home simultaneously is more complex than a single transaction. You need a Realtor who understands both sides of the market and can guide you through all of your options. Your agent should have a clear strategy for navigating the ups and downs of the market, whether you’re buying first, selling first. Either way you need the strategy for a seamless transition.

If your current Realtor isn’t providing the level of service or expertise you need, don’t hesitate to make a change. The right agent can make or break your experience—and your bottom line.

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Step 2: Talk to Your Mortgage Broker

Before you make any moves, it’s crucial to get a realistic picture of your financing options. Here are a few key questions to ask your mortgage broker:
- Will there be penalties to break your current mortgage?
- Is your current lender the best choice for your next purchase?
- What creative financing options are available to you?

A great mortgage broker will not only answer these questions but also help you explore all your options. Remember, you’re entitled to excellent service; don’t be afraid to challenge your broker or seek out a new one if needed.
(Feel free to reach out if you need recommendations!)

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Step 3: Build a Strategy

With insights from your mortgage broker and Realtor, it’s time to map out your plan. Here are some key decisions to consider:
- Buy first or sell first? Each option has pros and cons, and the right choice depends on your financial situation, the product you are selling and your next purchase (townhouse/duplex/single family home?).
-How long will your closing timeline need to be? Ideally you can line up a perfect closing for so that your home closes just in time for your purchase but if not, will you be able to be flexible for the right home (buy side) or right price (sell side).

A clear strategy will help you navigate the process with confidence and avoid costly mistakes.
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Step 4: Prepare Your Home to List

When it’s time to sell, don’t cut corners. Staging and preparing your home to stand out is an investment that pays off. A well-presented home not only sells faster but also gives you more leverage to negotiate timelines and terms that work for your move.

Here are a few tips to get started:
- Declutter and depersonalize your space to appeal to a broad audience.
- Invest in minor repairs and upgrades that boost curb appeal.
- Work with a stager to highlight your home’s best features.

Remember, the goal is to make your home irresistible to buyers—so it sells quickly and for the best possible price.
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Ready to get started? Let’s build your strategy together. Book a selling strategy session with me today, and let’s make your upsize dreams a reality.

📧 Email: KadeLacasse@gmail.com
📞 Call/Text: 604-401-9199
Book directly into my calendar for a free selling strategy session.

Common Real Estate Terms

Wed, 08 Jan 2025 20:08:00 GMT

Days on Market (DOM)- How many days the listing has been live or was live before it sold. Important stat but should be taken with a grain of salt as sellers will re-list their home when the listing is stale and this will restart the DOM count, bringing the listing to the top of the pile once again.

Open House- Window of time where the home will be shown to anyone that would like to have a look around. This will be hosted by a licensed agent but not necessarily the listing agent.

Open House by appt- Same as an open house but for more serious buyers who are either engaged with a Realtor or have contacted the agent directly to schedule an appointment.

Offers as they come- The seller will be reviewing offers as soon as they are received and can accept an offer the first day the listing is live. This is the typical listing strategy.

Holding Offers- The seller has set a date and time in which they have decided to look at offers (ie. 4pm Tuesday January 10th) . This direction from the seller is performed in writing and via a document called “Irrevocable Direction Regarding Presentation of Offers” (IDRPO) which will be noted in the back end of the listing (that the Realtors can see) not necessarily the public view.
This strategy is usually used when sellers are expecting multiple offers and in recent years has been combined with a listing price that is lower than the seller is willing to accept.
See my blog on Invitation to Treat for more details.
That being said, there are other reasons for sellers to have an IDRPO including needing to sell quick because they have found their next home. Do not avoid listings with IDRPOs but they do require more due diligence up front.

Offer- A completed “Contract of Purchase and Sale” signed by the buyers stating the names of the buyers, sellers, the address of the home, offer price, terms and how long it is open for acceptance. Once the offer is sent, if the other seller signs without any changes, you have an accepted offer. If they sign but change any terms, this is considered a counter-offer and the changes will need to be signed by the buyers in order to be considered a fully executed accepted offer.

Completion- aka Closing- The date on which the money goes from the buyer’s lawyer or notary to the seller’s lawyer or notary and the Title is officially registered in the Buyer’s name. The buyer becomes responsible for the property at 12:01 am on the completion day which is why we advise our clients to have the home insured for completion day not possession day.

Adjustment- The date that the lawyers use to make adjustments between the buyer and seller for the other costs associated with the property. For example, the seller will be responsible for their share (100/365 days) and the buyer responsible for the remainder (265/365 days) of the Property Tax or Strata fees. The adjustment date is typically the same as the possession date.

Possession- The date and time in which the buyer is entitled to physical possession of the property (assuming there is no tenancy in place).

Firm Deal- An accepted offer which is subject free or the buyer and seller have removed their subjects; the deal is now firm and binding meaning that the parties must perform their obligations set out in the contract (buyer releasing funds for completion and the seller providing a free and clear title and possession) or face legal consequences.

Conditional Offer- an accepted offer that contains Subjects (aka conditions). While there is a conditional offer in place, the seller may accept back-up offers.

Back-up Offer- an accepted offer between a second buyer and the seller that is subject to the first accepted offer falling through.

Subjects- these are clauses in the contract that allow the benefitting party to walk away from the sale if their subject is not satisfied within the time specified. Typically subjects are for the benefit of the buyer and include financing, inspection, document and title review, etc. but can be for the benefit of the seller.

Home Buyer Rescission Period- aka ‘Cooling Off Period’. This is a 3 business day window in which the buyer can back out of (or rescind) an offer for ANY reason regardless of their subjects. There is a small fee of 0.25% of the purchases price payable to the seller if the buyer exercises this option. Most transactions have subjects which allow the buyer to back out of an offer for specific reasons (see above) without any fees. The rescission period is mostly applicable with subject free offers.
The 3 day window starts the business day after the buyer receives a fully accepted offer.
Full detailed breakdown of Home Buyer Rescission Period

Deposit-aka earnest money- Money provided by the buyer to secure the sale. This is usually about 5% of the purchase price, due once the deal is firm and deposited into the buyer’s agent’s brokerage trust account. If the buyer is unable to perform their contractual obligations, the seller will be entitled to the deposit but the buyer may be liable for even more than the deposit should the seller have incurred additional damages.
The deposit is considered part of the down payment at completion.

Down Payment- Initial money the buyer pays towards the home (not including the closing costs) to complete the purchase. Purchase price - mortgage= Downpayment

Appraisal - In terms of Real Estate, an appraisal is when an unbiased and impartial professional determines the value of a home or property. An appraisal can be physical, where the appraiser comes on-site to view the home OR a desk appraisal where they use recent comparable sales to determine the value. Required by lenders for home purchases and home-owners that are looking to re-finance as the lender wants to make sure the value of the home covers their risk, should the borrower default.

BC’s Flipping Tax- Effective January 1st, 2025

Wed, 01 Jan 2025 20:59:00 GMT

Understanding BC’s New Home Flipping Tax: What You Need to Know
The BC government introduced the Home Flipping Tax in early 2024, a move aimed at curbing speculative activity in the housing market. This new measure could have significant implications for property owners, investors, and even some regular homeowners. That tax is now applicable so let’s break it down and see what it means for you.

What is the BC Home Flipping Tax?

The Home Flipping Tax, effective for property sales on or after January 1, 2023, is part of British Columbia’s broader effort to create housing affordability. This tax applies to individuals who sell a property that they’ve owned for less than 2 years (729 days), with certain exemptions for life events.

How Does It Work?

If you sell a residential property within 729 days of purchase, profits made from the sale will be taxed as business income. This means the profit won’t qualify for the principal residence exemption that typically allows homeowners to sell their primary residence tax-free, although sellers that owned their home for more than 1 year and used their home as a primary residence at some point during that period MAY be eligible for a $20,000 principal residence exemption.

How to calculate taxable income;
Proceeds from sale of property
(-)cost to purchase property
(-)cost to improve property
(-)principal residence exemption (if applicable)
______________________________________
= Taxable Income

How to calculate tax rate;
If you own the property for less than 366 days, the tax rate is 20%.

If you own the property for more than 365 days and less than 730 days, the tax rate is reduced until it reaches zero according to the following formula:

Tax rate = 20% × [ 1 - ( (Days held - 365) / 365) ]

Exemptions to the Tax
The government recognizes that not all short-term sales are speculative. Some key exemptions include:

Divorce or separation
Job relocation (minimum 40 km move)
Health-related reasons
Death in the family
Threat to personal safety (e.g., domestic violence)
Insolvency or significant financial hardship
Natural disasters

These exemptions ensure that people experiencing genuine hardships or life changes aren’t unfairly penalized.

Who Does This Impact?

Investors
If you’ve been flipping homes as part of your investment strategy, this tax is a game-changer. Any profit made within the 2 year period will now be subject to the above tax rates, which could make some flips less profitable. This is particularly important for those who rely on the principal residence exemption as part of their tax planning.

Homeowners
Regular homeowners might also be affected, especially if life circumstances force an unplanned move. While exemptions exist, you’ll need to provide documentation to qualify, so be prepared to prove your case if necessary.

Prospective Buyers
For buyers, the tax could reduce speculative activity in the market, potentially leading to less competition and more stable pricing. However, the broader impact on overall housing affordability remains to be seen.

What Does This Mean for the Market?

The goal of the Home Flipping Tax is to discourage speculative flipping and stabilize the housing market. While it might deter some investors, it could also encourage longer-term homeownership, contributing to a healthier housing supply. That said, the tax is just one piece of the puzzle that the NDP’s are adding to try and address affordability challenges in BC.

How to Navigate the New Rules

If you’re planning to buy or sell a home in BC, here’s what you can do to stay ahead:

Plan for the Long Term: If you’re purchasing a home, consider whether it’s a place you can see yourself staying in for at least a year.
Understand Your Tax Obligations: Work with a tax professional to understand how the Home Flipping Tax might affect your finances, especially if you’re an investor.
Keep Documentation: If you think you might qualify for an exemption, make sure to keep thorough records of the life event prompting your sale.
Work with a Realtor: Navigating these new rules can be complex, so having an experienced realtor on your side will help you make informed decisions.

Let’s Build Your Strategy

Whether you’re buying, selling, or simply planning your next move, working with someone that keeps up with the newest regulations in housing is crucial. Let’s sit down and develop a strategy that works for your unique situation.

Reach out today:
Email: kadelacasse@gmail.com
Call/Text: 604-401-9199
Book directly into my calendar HERE

“ANOTHER ONE”

Sun, 22 Dec 2024 20:30:00 GMT

Another Big Move: Bank of Canada Cuts Rates Again by 50 bps

The Bank of Canada did it again! On December 11th, they announced another significant cut to the overnight target rate, slashing it by 0.50%, bringing the rate down from 3.75% to 3.25%. This marks the second consecutive 50 bps cut following the October decision and reflects a clear shift away from a restrictive monetary policy away. For homeowners, prospective buyers, and anyone navigating the mortgage market, this is another game-changer.

What Does This Mean for You?

Variable Rate Mortgage Holders

For those with variable rate mortgages, you’ll notice some impactful changes:

Fixed Payment Variable Mortgages: If your payment is fixed, your payment remains unchanged. However, a greater portion of your payment will now go toward reducing your principal balance instead of paying interest. For example:
- A $500,000 uninsured mortgage with a 30-year amortization and rate of Variable Prime - 0.56% had a rate of 5.89% before the October cut with a payment of $2962.48. $508 of which went to principal. After October's cut, $717 of that payment would go to principal, and after December's cut $925 is going towards the principal, effectively dropping your amortization from 30yrs to just under 24yrs.
Adjustable Rate Mortgages: Your payment will decrease with this rate cut to maintain your original amortization schedule. For the same mortgage, your payment drops to $2,650.60, with $613 now going to the principal. This adjustment provides immediate relief to your monthly budget.
** Some banks will allow ‘fixed payment’ variable mortgage holders to adjust their payments. If a lower payment aligns more with your goals than shorter amortization; chat with your mortgage broker or call your bank directly to check your options.

Fixed Rate Mortgage Holders

If you’re locked into a fixed rate, this cut won’t impact your payments directly. However, it might be worth revisiting your options if your term is nearing renewal or if breaking your mortgage to refinance at a lower rate could save you money. Consult with your mortgage broker to analyze potential penalties and savings.

Prospective Buyers

Going Fixed: Fixed rates aren’t directly impacted by these cuts as they follow bond yields. Influenced by recent domestic political uncertainties, such as the recent resignation of Canada's finance minister, and global economic concerns impacting investor sentiment, the bond yields have only seen very slight downward trends when compared to the Bank of Canada decisions . If fixed is your preference, lock in your rate now but keep on your mortgage broker to push for better rates once you're under contract.
Going Variable: Your purchasing power continues to grow as variable rates drop. This rate cut boosts borrowing capacity by another 4-5%. With more cuts potentially on the horizon, the trend is clear: Variable borrowers are in a strong position. But remember, as your buying power increases, so does everyone else’s. Acting now can help you beat the rush as sellers with listings that have sat over the holidays may be keen to move on to their next property.

Will There Be Another Cut on January 29th?

Looking ahead, the market is pricing a 60% chance of a 25 bps cut and a 40% chance of no cut at all, based on the forward contracts on the Canadian Overnight Repo Rate Average (CORRA) as of December 28th. Factors influencing this decision include:

Inflation Trends: Core inflation has been cooling but remains slightly above the Bank’s target range. Further cuts will depend on whether this trend continues.
Economic Growth: Recent GDP data suggests slowing growth, which supports further easing.
Global Influences: The Bank is also monitoring international monetary policies, particularly in the U.S., as well as global financial stability.

Should You Wait or Buy Now?

Every situation is unique, but here are some things to consider:

Ready to Buy: December and January are typically great times to be active as a buyer. This year inventory levels remain high, and many sellers are motivated. Acting now could give you a significant edge over spring competition.
Waiting for Another Cut: If your down payment or finances aren’t ready yet, there’s potential for rates to drop further. However, the spring market typically brings more competition and potentially higher home prices, offsetting the benefit of lower rates.
Mixing Fixed and Variable: Some buyers are opting for variable rates now and planning to lock into a fixed rate later in 2025. Discuss this strategy with your broker to ensure it aligns with your financial goals.

Let’s Build Your Plan Together

The recent rate cuts have reshaped the housing market landscape, creating opportunities for homeowners looking to make a move and buyers alike. Whether you're planning to buy your first home, upsize or downsize it’s crucial to have a tailored strategy with an advisor you can trust.

Reach out today to discuss your goals and take advantage of the changing market:

Email: kadelacasse@gmail.com
Call/Text: 604-401-9199
Book directly into my schedule HERE

Bank of Canada Makes Supersize 50bps Cut

Mon, 28 Oct 2024 19:17:00 GMT

Great news for homeowners and prospective buyers!
Last Wednesday, the Bank of Canada announced a significant .50% cut to the overnight target rate, dropping it from 4.5% to 3.75%. This move promises to reshape the landscape for variable rate mortgage holders, potential purchasers, and those approaching mortgage renewals in 2025. The overnight target rate aka the policy interest rate, key interest rate, or target rate directly affects prime lending rates across the country. The rate cut brought the large banks prime rate to 5.95% (other than TD who has a 0.15% higher Prime mortgage rate of 6.1%).

What does this mean for you?

Variable Rate Holders
There are two different types of variable mortgages in Canada; variable rate mortgage and adjustable rate mortgage.
If you’re a variable rate mortgage holder you have a fixed payment, even after this cut your payment will stay the same but a larger portion of your payment will go to your principal now.
ie. you just bought a home in September with a 30 year, uninsured mortgage of $500,000 at 5.89% (prime -.56%).
Before this week, your payment of $2962.48 was split: $508 to principal and $2454 to interest.
After the .5% cut your payment stays the same but $717 now goes to your principal and $2246 will go to interest. Effectively this cut alone shortened your amortization from 30 years to 26 years and 5 months.

Some banks may let you adjust your payment when the BoC makes cuts so that you are paying the minimum payment for your original 30 year amortization. TD is one of those banks but it’s worth asking your bank as well.

If you are on an adjustable rate mortgage, your mortgage payment will decrease with each cut in order to keep your amortization the same. In the above scenario, your payment would lower from $2962.48 (with $508 going to your principal) to $2804.53 (with $559 now going to your principal).

Fixed Rate Holders
Your payment will not change for the length of your term unless you; break your term or are offered an early renewal by your Bank. It may be worth it to break your term but that’s a conversation for you and your broker to crunch the numbers between interest payment difference over the term and the penalty charged.

Potential Purchasers
Going fixed: Bank of Canada’s cuts do not directly affect fixed rates and the market rates you see today have already priced in many of the forecasted cuts. Fixed rates are tied to the Government of Canada bond yields and have actually seen an increase since their most recent lows in mid-September.
If you are set on fixed rates, make sure to get a rate hold and work with a broker or mortgage specialist that you trust will be updating your rate hold as the market moves.

Going Variable: Your buying power just jumped significantly by increasing mortgage amount 4.5-5% and with more cuts in the forecast, your buying power will continue to rise. This is obviously positive but remember that you are not unique, as your buying power increases, so does everyone else’s. As does their motivation to return to the market.

Should I Buy Now or Wait?

Since every borrower is different, this decision needs to be based on your personal situation BUT if you are ready now (can qualify at today’s rates, down payment is liquid, ready to move) do not simply wait for more cuts or Spring like everyone else… Currently many markets are seeing 10 year highs in inventory meaning more motivated sellers, less competition and more options for buyers. Not to mention that most buyers tend to take the end of the year off. Get in touch with your Realtor and your bank/broker- Active buyers are often rewarded in November/December.

If you are planning on going with a fixed rate; talk to your broker about the forecasted fixed rates next year and do the math. Discuss with your Realtor whether that difference will be worth waiting to shop in a Spring/Summer 2025’s Seller’s market vs. the end of 2024’s Buyer’s market. Some buyers or folks renewing have even decided to go with variable to start and lock into a fixed rate next year (make sure you are aware of your chosen lender’s policies regarding this strategy)..

If you are planning on going variable; discuss variable rate vs adjustable rate mortgage options with your broker. If you can afford today’s payments, you will be riding the rates down and paying off your mortgage quicker with each rate cut. If you would rather have the smaller payments and can find an adjustable rate mortgage (or work with a bank that will adjust it manually) then buying now puts you in the same position as those buying in 2025 rates wise, except you have the benefit of buying in a completely different market!

If making a move is in your future, let’s sit down now and create a strategy now.

Click here and book with me directly
Email: kadelacasse@gmail.com
Call/text: 604-401-9199

“The tipping point is that magic moment when an idea, trend, or social behaviour crosses a threshold, tips, and spreads like wildfire.” ― Malcolm Gladwell

Tue, 22 Oct 2024 17:54:51 GMT

I believe we are on the cusp of a tipping point in the Vancouver Real Estate Market.

We have people stacking up high on the sidelines of the market; Some of them for good reason and others under false assumptions or bad advice.

Buyers who couldn’t qualify for the last two years
Buyers who don’t want a mortgage payment of $4500/month for a 2 bedroom apartment
Down-sizers who don’t want to sell in a down market
Sellers that don’t want to break their fixed rates below 2%
Investors/potential landlords that wouldn’t come close to covering their costs by renting

They all have their reason and their personal rate thresholds that should move them but thanks to herd mentality, the tipping point will not just be a mortgage calculator. Instead, it will be a combination of personal budget, professional advice AND consumer optimism in the market. Including whether their neighbour, uncle, news anchor, tik Tok realtor (hiiii) is telling them DON’T MISS OUT, THIS IS THE TIME (see FOMO SPRING March 2022).

I don’t know when we’ll hit our tipping point in Vancouver but it could be as soon as tomorrow ( Oct 23rd )when many, including myself, believe the Bank of Canada will cut the overnight rate by 0.50%
Although it’s called a super-sized cut, 50 basis points does not make a significant difference for the average buyer;
it’s about $160/month less on a $500,000 mortgage for the monthly budget aware
OR about 5% increase in buying power for those hindered by the stress test.

BUT as I’ve mentioned in other videos, cuts and increases by the Bank of Canada are about more than 1s and 0s, they are signals to the market and a larger cut of .50% is a signal to the market that the Bank of Canada is serious about getting back to neutral, are not afraid to do that aggressively rather than .25% at a time. That’s why many are calling it an ‘emergency cut’ or a ‘super size cut’.

So, you ask: How do I capitalize on this moment in the market? With the markets pricing in 0.75% in total cuts before the end of 2024, buyers that get active and buy now will have the advantage of high inventory, less competition and motivated sellers PLUS lower rates by the time they close.

So if you are still on the sideline, my question to you is;
What is your tipping point and are you sure it’s well informed?

If making a move is in your future, let’s sit down now and create a strategy.

Click here and book with me directly
Email: kadelacasse@gmail.com
Call/text: 604-401-9199

Is SEPTEMBER 2024 a Good Time to Sell in Mt Pleasant?

Fri, 20 Sep 2024 17:56:00 GMT

As a Realtor I advise my clients on how to decide when it’s the best time for them personally to sell based on their current situation, future goals and of course the market.

Because I do not yet know your motivation to sell, let’s talk first about the market based on the Summer 2024 numbers. While we are seeing enough buyer activity that a well marketed and well priced home in Mt Pleasant will sell; it is not an objectively ideal time to list.

What makes me say that? Well to decide whether the market is ripe for listing we have to consider supply and demand. Supply in Real Estate is listings and Mount Pleasant is currently 22% over the 10year average of Totally Inventory for this time of year. Demand of course is the buyers looking to purchase those listings and despite the additional inventory, June sales in Mount Pleasant were 7% below the 10 year average.

So, objectively speaking, listing right now means less eyes on your property. Not to mention that summer has finally hit in Vancouver; kids are out of school and weekends are filling up and buyers tend to have less urgency in their home search this time of year.

It isn’t the best time to sell for everyone but it might be the best time for YOU.

If you are looking to sell a property without buying another one (neither upsizing or downsizing) and you are in the position to hold the property; I still believe there will be a better market to list as the BoC continues to make rate cuts. Prepare but hold.

Upsizing? Well that is a different story. If you’re selling to upsize and buy a larger (thus, more expensive) home, then we need to consider your experience on the buy side as well when discussing your sale strategy. Less competition on the buy side will always save you stress but when upsizing in a slow market; it will save you stress and MONEY. If the product and market you are buying in (ie. townhouse in Mount Pleasant) is performing the same or slower than the one you are selling in (ie. condo on Cambie) then not getting as high of an offer as you would have on your listing will be more than made up for by avoiding less competition in your purchase. Ultimately net positive.

If you are downsizing and both markets are performing the same, the opposite will be true. You’ll take a larger hit selling the higher-priced home in a slow market. Currently detached home sales are stale. In Mount Pleasant no single family home sales were recorded in June. Sure, the 10 yr avg for June is only 5.1 but this is the only shutout for that product in June of any year in the last decade. Zooming out a bit more and single family home sales in East Vancouver were 45% lower than the 10 year average.
One strategy for those single family homeowners that would like to make a move to a condo or townhouse this summer; Since most downsizers have substantial equity built up in their home, depending on the structure of their financing and tolerance to risk, they could buy first and prepare their home for a sale when the market starts to shift. Detached sales are down but so are new listings and total inventory so when the demand returns, your vacant and staged home will be ready to market and sell!

Like I said, a selling strategy should be based on many factors, only one of which is the current market and how to capitalize within it. Your personal situation and goals need to be heavily considered in order to decide if Summer 2024 is the right time to sell.

If selling is in your future, let’s sit down now and create a selling strategy.

Click here and book with me directly

Email: kadelacasse@gmail.com
Call/text: 604-401-9199

Important Changes to The Residential Tenancy Act

Tue, 03 Sep 2024 22:11:40 GMT

Landlords, tenants and buyers in Vancouver should all know about the recent changes to the Residential Tenancy Act.

Is It The Right Time to Sell in Mount Pleasant?

Wed, 24 Apr 2024 17:47:39 GMT

As a Realtor I advise my clients on how to decide when it’s the best time for them personally to sell based on their current situation and future goals instead of following the FOMO of the market.

We are in what has been coined a ‘luke warm Spring Market’. We are seeing enough buyer activity that a well marketed and well priced home in Mt Pleasant will get offers. The median Days on Market in March was low at only 10 days. So, in general it is a good time to list but less talk more specifically...

Looking to sell your property without buying right away? While timing the market is always risky as we can’t say what’s around the corner... I still believe there will be a better market to list when the BoC finally makes their first rate cute of 2024. Prepare but hold.

But if, like most sellers, you’re selling your primary residence to upsize and buy another home, then we need to consider your experience on the buy side as well when discussing your sale strategy.

Less competition on the buy side, especially when upsizing, will save you stress and money. Not getting as high of an offer as you would have on your listing will be made up for by avoiding less competition in your purchase. Ultimately net positive.

Either way, if you are going to sell this Spring, be very cautious of the low list price strategy to drive multiple offers. We are seeing that tactic fail often right now. It may work for some but it is not the 2021/22 Spring Housing Market.

If selling is in your future, let’s sit down now and create a selling strategy.

Email: kadelacasse@gmail.com
Call/text: 604-401-9199
Or Click here and book with me directly

Finally! Long Awaited Changes to Property Transfer Tax Exemptions

Tue, 05 Mar 2024 18:55:03 GMT

At the end of February the Government of BC announced new measures stemming from the 2024 Budget that thankfully included an increase in the Property Transfer Tax (PTT) exemption amounts for first time home buyers and buyers purchasing new builds.

Property Transfer Tax is a tax due when an individual is buying or gaining interest in a residential home in BC.

They love to hit us with confusing tax rates to keep us guessing;

1% on the 1st $200,000
+2% on the balance between $200k and $2,000,000
+3% on the balance between $2,000,000 and $3,000,000
+5% on the balance over $3,000,000
= a big chunk of change that could have been going towards your downpayment or new furniture

There are a few exemptions to do with homes being transfered due to death and divorce but when it comes to purchasing Real Estate the main exemptions are for first time home buyers and newly built homes.

Qualified buyers purchasing their first home would be exempt from the tax but only for homes $500,000 and below (with partial exemptions up to $525,000). Meaning that if you bought a home for $526,000 and qualified as a first time home buyer, you wouldn't save a penny on PTT. In a region (Metro Vancouver) where the median home price for a condo hasn't been below 500k since January 2017; not many new home buyers were able to take advantage of that exemption.

The good news announced in February is that as of April 1st, 2024 the purchase price threshold expands to $835,000 with a partial-partial exemption between $835,000 and $860,000. I say 'partial-partial exemption' because unike the previous exemption threshold which was a full exemption of the PTT due on properties with a fair market value under $500,000 (up to $8,000 in tax savings); this expanded threshold only means more homes will quailify for an exemption BUT it does not increase the amount of PTT they save.
Simply put, if you purchase a home with the fair market value under $835,000 and qualify for the FTHB exemption; the first $500,000 of that purchase price will be exempt from the PTT and you will only owe the balance beyond $500k. So the purchaser's tax savings are still capped at up to $8,000.

If you purchase a home between $835,000 and $860,000 the exemption will decrease from $8k-$0 as the fair market value increases.

Newly Built Homes

More puchasers buying brand new properties will also qualify for a break starting April 1st, 2024!
The newly built exemption is not strictly for first time home buyers either; to qualify the purchaser only needs to be a Permanaent Resident or Canadian Citizen, they need to be the first registration on title, the property needs to be less than .50 hectres and their primary residence.

Currently home buyers purchasing a newly built home with a fair market value below $750,000 may qualify for a full exemption from PTT but would still have to pay a 5% GST charged. That's a total of up to $13,000 in savings but the median price of new builds in our region has not been below $750,000 since April 2017 so not many purchases qualified.

For properties registered after Apil 1st, 2024 this threshold is raised to $1,100,000 (with more partial pro-rated exemptions between $1,100,000 and $1,150,000)I meaning qualfied buyers can save up to $20,000 in Property Transfer Tax!

*There is no exemption for the 5% GST which is charged on new builds.

BC's New Short-Term Rentals Act

Mon, 16 Oct 2023 21:18:24 GMT

Announced the morning of Oct 16, 2023;
The latest housing legislation introduced by the province is aimed specifically at short term housing within the province as municipalities across the BC deal with long term rental shortages causing record increases in monthly rent.

The Gov't of BC plans to phase-in the legislation over 2 years. You can find the full details at the link below but here are my highlights;

Primary Residents Only: The legislation appears to restrict short-term rentals to primary residents, meaning those who live in the property as their main residence. Secondary suites on the same property may be allowed for short-term rentals.
Fines and Data Sharing: The legislation includes provisions to increase fines for operators of short-term rentals. It also requires platforms such as Airbnb and VRBO to share data with local and provincial government authorities, which can help in monitoring and enforcement.
Host and Platform Registry: The province plans to establish a provincial host and platform registry by late 2024, which is aimed at enhancing accountability in the short-term rental market.
Compliance and Enforcement Unit: A provincial short-term rental compliance and enforcement unit is to be set up. This unit will be responsible for ensuring that the rules and regulations are followed by short-term rental operators.

This announcement comes less than a month after a report out of McGill University commissioned by the BC Hotel Association which stated that, between June 2023 and when the pandemic restrictions lifted in 2022, the removal of homes from long-term rental stock to short-term rental caused a 16.6% increase in baseline rent in major municipalities.

Enforcement is a significant concern, as many cities, including Vancouver, already have bylaws that are stricter than the ones introduced in this Act. Vancouver, for instance, requires short-term rental operators to be primary residents, have a business license, and restricts the rental of secondary suites unless they are the primary residence. However, enforcement has been a challenge in these municipalities and they have been asking the province for assitance.

The BC Hotel Association's report, authored by McGill University Professor Dr. David Wachsmuth, released in September 2023 highlights that a significant portion of short-term rental revenue comes from commercial operators who do not live in the properties they rent out. If the province can effectively enforce the new regulations and penalize violators, homes could return to the long-term rental market, alleviating a bit of the pressure related to long-term rental shortages and rising monthly rents in major municipalities.

To stay informed on the latest, make sure to sign up for my newsletter.

Kade

To learn more about new short-term rental rules in B.C., visit: https://gov.bc.ca/ShortTermRentals

Full "The housing impacts of short-term rentals in British Columbia’s regions" report found here:
https://upgo.lab.mcgill.ca/publication/strs-housing-bc-2023-summer/Wachsmuth_BC_2023_08_10.pdf

Mount Pleasant Market Update | Condos

Thu, 07 Sep 2023 00:31:00 GMT

Useful stats for folks looking to buy or sell condos in Mount Pleasant Vancouver.

SOLD Beautiful Mount Pleasant Couch House

Fri, 25 Aug 2023 21:07:41 GMT

I love helping turn Mt Pleasant renters into Mt Pleasant homeowners✨

These buyers filled their home buying bingo card in a very short amount of time including three inspections, having to walk away from an accepted offer and competing against 8 other offers.

This meant they had narrowed down their livable compromises and the deal breakers through tough decisions including just how important staying in Mount Pleasant was.

They were seasoned buyers after less than 2 months of shopping. So, when this place popped up, they were in the next day to view and sent an offer that evening that was strong enough to deter the seller from waiting for their open house.

They secured a beautiful 6 year old home in a small strata in Vancouver's best neighbourhood.
No shared walls, so much storage and an attached garage.

Well done R & A

Mount Pleasant Market Update

Tue, 27 Jun 2023 22:52:48 GMT

If you’re buying a condo or thinking of listing, you should be watching the stats on a local level.

Nothing new here, Mount Pleasant condos are a hot commodity. And with the skytrain extension, new St Pauls Hospital and office development booming in the area, I can’t see demand slowing anytime soon.

It may seem counter productive but with the possibility of more interest rate increases on the horizon; a prudent buyer will stay active or get active in this market. Why? One or two more hikes will not have the same affect on the market as the 8 straight increases between March 2022 and January 2023 BUT another increase in July combined with the typical summer lull from folks travelling may just open up a window for opportunity. At the very least, you could see less competition.

How about some good news for the small budget buyer? There are pockets of older buildings that can still bring great value per sqft if you can sacrifice luxuries like in-suite laundry for location. Of course it all depends on your personal priorities.

First time buyers; Unfortunately this neighbourhood is not going to get more affordable so starting where you can instead of waiting for the dream place is the way in.

Kade

Your Share: Unit Entitlement

Mon, 01 May 2023 18:46:50 GMT

Another step in the necessary due diligence when you are planning to buy into a Strata Corporation.

3 Ways Sellers Can Optimize Their Listings

Thu, 16 Mar 2023 16:56:34 GMT

Are you thinking of selling your home in 2023?!
Here’s 3 ways You Can Protect Yourself as a Seller in the new age of the Home Buyer Rescission Period

The Home Buyer Rescission Period (HBRP) came into effect Canada wide on January 3rd, 2023 to protect consumers during competition and blind bidding. As of January 3rd unless the property was exempt (ie. leasehold, new development, co-op) the buyer had a 3 business day window to rescind their offer and unlike a subject, the buyer would not be limited to a specific reason why BUT they would be required to pay a rescission fee which equals .25% of the purchase price. ($2500 per million)

Since this legislation was enacted during a stale winter market that saw Days on Market triple in East Vancouver; subject free offers were a distant memory and the attitude was “too little too late” from consumers and industry professionals alike.

But as January continued on, open houses got busier and the stale holiday inventory started to disappear. February 1st came and whether it was a reaction to the Bank of Canada’s hint that we may have seen the last increase to the policy interest rate on January 25th or consumers were listening to their agents telling them we were close to bottom price-wise; that open house activity turned to offers.

Competition and subject free offers have returned much sooner than expected to Vancouver! This is great news for Sellers that have been waiting to list their home but how do Sellers protect themselves against a legislation that is skewing some of the power to the buyer?

As a seller, here are three things you should do to protect your interests!

Deposit Structure
While the HBRP allows for the seller to access the rescission fee via a deposit (skirting the usual need for both parties to agree to release deposit funds); the deposit structure is still a negotiable term of the contract and neither realtor is responsible for helping you retrieve those funds directly from the buyer if they have yet to deliver a deposit. So, as a seller if you are expecting competition, request at least a .25% deposit if not the full 5% deposit upon acceptance.
Back-up offer
Timing is essential in Real Estate!
Since a buyer exercising their right of rescission could set you back for the better part of a week depending on when the offer was accepted; if you had multiple offers, you should be lining up at least one back-up offer! A back-up offer is an offer that is subject to you (the seller) no longer being obligated in any way concerning the sale of the property. The key with the back-up offer here is that the rescission period begins at the time of acceptance, not the time of the other offer rescinding. Let’s say you hold offers until Tuesday at 12pm. You get 5 offers, accept the best, negotiate a back-up offer and both are accepted on Tuesday. Assuming no holidays that week, the rescission period for BOTH offers starts on the following business day (Wednesday) and ends at 11:59pm on Friday evening. So if the first offer rescinds at any point, the back-up offer would only have until 11:59pm on Friday to rescind. Leaving you with much greater odds of a firm deal on Saturday!
Work with an agent that is well versed in the rescission period.
You don’t need an agent to tell you that 1,300,000 is more $$$ than 1,250,000; use an agent that can talk you through a strategy to protect your time and energy instead of just “Sold For Over Ask”.

If you have any questions, please reach out.
Let's chat about whether it's the right to time to list your home!

Three Reasons Why It's The Best Market to Upsize

Fri, 03 Feb 2023 21:04:48 GMT

Time for more bedrooms or an office? A garage? A yard? It is a great time to move up in space and in value!

Not all markets are the same and not all products are the same. In down or stale markets, the bigger ticket items take a harder hit and this is when you can get the most value moving up in the market.

Three Reasons why this market is the best time to upsize!

PACE
You will have more time to strategize, negotiate and plan. In the hot market that ended in March of 2022, the typical buyer had to see more homes and inevitably lost out on many of those that sold too quickly or lost out in multiple offers. You saw the home Saturday and offers were Monday. In the current market, while we are struggling with an inventory issue, there is much less competition and most sales are occurring between the seller and one buyer. Meaning less blind bidding and more time for due diligence.

PRICE
It's important to look at the big picture when considering upsizing. Yes, in East Vancouver based on HPI Benchmark price data, if you sold your condo in March of 2022 you could expect to have made 7-12% more than January of 2023; so that's 50k less proceeds from the sale in January of 2023!

That's a hard pill to swallow.

BUT a townhouse would have cost you about 15% more that month as well, that's $150k that you're saving by buying a townhouse now. So moving up to a townhouse just cost you $100k less than it would have in March of 2022.
The detached scenario is even better for buyers; detached home prices fell 14.5% which is $283k based on the benchmark price. So jumping up to a single family home from a condo you're saving about $230k by upsizing in todays market. And from a townhouse to detached home, still a massive $130k less.

FLEXIBILITY
Ask anyone that tried to size up or down in the white hot market, it was extremely stressful. Trying to buy with a subject to sell? No chance, not even for a premium. Buyers had to bring their highest and best offers and take the dates the sellers wanted. Even sellers that gave themselves a 3 or 6 month buffer in their sale completion were struggling to buy before they had to move. Today when you find a home you want to buy, more likely than not you will have a chance to negotiate terms that work with your situation.

No matter the market, if you present and price your home well, it will sell!
Who you work with matters.

---

Let's chat!

Kade
Text or call me @ 604-401-9199
Email me @ kadelacasse@gmail.com

The Biggest Real Estate News of 2022

Mon, 28 Nov 2022 17:09:00 GMT

Explanation of recent changes to the strata property act about rental and age restrictions and what their effect on Real Estate buyers and owners will be.

BCs COOLING OFF PERIOD

Mon, 07 Nov 2022 18:44:54 GMT

blog post describing the cooling off period for BCs Vancouver Real Estate market. Realtor Best Buyer Seller

Staging Your Home To Get The Best Price

Wed, 15 Jun 2022 18:45:00 GMT

Staging your home for sale in Vancouver Selling your house in Vancouver How to prepare your home for sale Staging Vancouver House for sale Condo for sale Should I stage? Realtor Vancouver

Listing Low: An Invitation To Treat

Fri, 08 Apr 2022 20:57:32 GMT

We've all seen the headlines of these homes selling for $300k, $500k or more over asking price in Vancouver, Metro Vancouver and other areas of BC. So what's the deal?

First thing I want to say is, in our current market Asking Price is BS 85% of the time.
I tell my clients to ignore it or at the very least, take it with a big dry grain of Maldon.

Where in the past asking price has typically been an indication of the Seller’s expectations; the go-to marketing strategy in the Vancouver market is to use a low asking price as an invitation to treat.

What is an invitation to treat? An invitation to treat is when one party delivers information in order to entice another party to make an offer. The originial party is not, and has no intention to be, legally bound by this invitation.
So when that townhouse is listed for $990,000 depsite an identical unit in the same complex having sold for $1,268,000 3 weeks ago; the seller is inviting buyers to bring their best offer but is not legally bound to accept any of those offers, whether they meet or exceed the asking price.

Something that catches my clients off guard about this? If the seller doesn’t get that $300k over asking they wanted, THEY WILL DECLINE ALL OF THE OFFERS and re-list the day after offers were reviewed, raising the price by $300k. Yes they can do that. That’s often when we get to see the true asking price and one of the reasons I say Asking Price is BS only 85% of the time.

In this example, they list the property at $960,000. The agent and seller decide to hold offers off until the following Tuesday. Buyers with low budgets will think this place is a steal under a million and will want to see it along with the townhouse shoppers that missed out on the neighbour's listing last month. Showing appointments will be booked, open houses will have lineups pouring onto the streets and the agent at the open house will tell every buyer and agent just how busy it's been.

And damn, Vancouver loves a line. Makes me think of a restaurant I used to work at that had an amazing breakfast with waffles (yum) and lavender lattes (not for me but you do you, hon) and they served Mon-Fri with no wait because locals and tourists alike were 3 blocks down the street waiting in line for the other belgian waffle, lavender latte spot because *get this* it was known for how long of a wait it was to get a table.

Back to the towhnouse, we now have the frenzy of activity for viewings and when the home shows well there will be mulitple offers. Tuesday rolls around and they get 12 offers, 9 of which are way under market hoping for a miracle and 3 serious offers at around 1.2 million. The listing agent leverages the 3 top offers against each other and the home sells for 1.3 million. $310k over asking and a new record in the complex.

There we have it, a home sold in market but advertised as $310k over asking.

This technique is certainly seeing results and I can't blame the Seller or listing agent for going this route. These sellers want the best and quickest sale of their home and I'm assuming you will too when you sell your next home. But would that unit have sold for 1.3 million if they listed it at 1.26? Maybe, because there were still 3 buyers willing to pay at least 1.2 million.

Bottom Line; as a buyer, you can't control how a seller chooses to list or market their home. What can you do?
Don't take it personally! Adjust your expectations, stop believing the over-ask hype and have a chat with your trusty Realtor about whether this home is priced in market and if it will actually sell within your budget.

Happy to answer any questions about this pricing strategy, the buying and offer process or anything else Vancouver Waffle Spot or Real Estate related.
Use the Let's Connect form below or text/call direct at 604-401-9199.

- Kade Lacasse | Vancouver Realtor

Leasehold; Too Cheap To Be True?

Thu, 07 Apr 2022 19:01:07 GMT

In the first three weeks of working with new clients in the Vancouver market, like clock work; they'll send me an amazing property that popped up in their budget. "Is this place for real? Ideal location, 2 balconies and we'd have a guest room! Tell us this is for real!"

Short Answer: Let’s jump on a call.

Long Answer: It is for real but it may not be for you…

These properties are almost always Leasehold Pre-paid Strata which differ from your typical style of ownership in BC (Freehold or Freehold Strata). Freehold is where you own the land and improvements or Freehold Strata where you own your unit and your share of the common assets (see Strata Finances 101 for more).

When you purchase a leasehold strata; you do not own the land or the building but are purchasing the rights to exclusively occupy your unit or home through a lease granted by the landlord. The initial length of the term can vary but is typically 99 years and can be bought or sold like any other home up until the expiration date. The landlord could be the City of Vancouver like the publicly owned land in South False Creek and the River District or privately owned land.

The lease may be pre-paid or not pre-paid and due monthly along with your monthly maintenance fees. Upon expiration of the lease, the leaseholder and landlord will either renegotiate a new term or an end to the tenancy depending on the details of the lease.

The positives; Leasehold properties are valued below Freehold properties giving buyers with smaller budgets the opportunity to avoid a commute, stay close to the neighbourhoods they’ve previously rented in and afford a home that is bigger with room to grow for a family. Also, if rentals are allowed then, depending on the area and your downpayment, you may be able to turn a leasehold into a cash-flowing asset*.

The negatives; Leasehold properties will not appreciate at the same rate as Freehold. Where Freehold properties in Vancouver have doubled since 2015, some Leasehold properties with longer terms have seen appreciation from 20-50% while those nearing their expiration in False Creek have seen modest appreciation and even a possible loss with the uncertainty of renewal and the cost of renewal. Leaseholds are also harder to sell as not every buyer is interested in that product.

Barriers; financing is more difficult with leaseholds than freehold. Your lender may have different minimums for downpayment as well as maximum amortization terms (the length of your mortgage) equalling higher payments. Chat with your Mortgage Broker about whether your finances line-up for a Leasehold **

With the above in mind, buyers with a healthy budget that are looking for a way into the market to move up the property ladder or investors looking to leverage credit for equity short-term instead of long term cash-flow should stick with Freehold. But, Buyers with a tighter budget who have location and size as the top priorities should take a serious look at leasehold properties. Your mortgage payments are contributing to your principal and your equity is growing year-over-year even with modest appreciation so they are still a much better alternative to renting.

As always, get a hold of me with any questions by filling in the Let's Connect form below or text/call me directly at 604-401-9199 and let's talk freehold vs. leasehold.

- Kade Lacasse | Vancouver Realtor

* A Cash-flowing asset is one in which the revenue (rent) exceeds the expenses (mortgage+fees)

** If you don’t have a great broker that you can ask about how leaseholds may or may not work for you financially, send me a text at 604-401-9199 and I’ll get you connected Because You Deserve a Knowledgable Mortgage Broker!

Strata Finance 101

Mon, 07 Feb 2022 18:04:00 GMT

Let’s set the stage; you see a stunning listing on REW.ca, you send it to me (your reliable and responsive Realtor), we go view it and you decide YOU WANT IT. Exciting, let’s get to work!

It’s a 35 year old building with 60 units spread out over 4 floors so we have some due diligence to do in order to ensure this purchase would be a sound investment.

Why? Because when you buy into a strata, you own;

The strata lot which is defined by a strata plan. (Usually a strata lot’s boundaries are at the center of walls, ceilings and floors, but these boundaries will be different if the strata plan shows a different boundary.)

AND a share of the common property and assets (which includes any liability) of the strata corporation that is based on their unit entitlement which is based on the square footage of your unit vs. the total square footage of the strata plan.

It is almost as if you're buying a business as well as your strata lot so the structure and the finances are very important to consider.

Strata Maintenance Fee

Due monthly, at minimum this fee funds the annual operations budget by way of the operations fund but should also have an amount set aside to contribute to the Contingency Reserve Fund (CRF). Very rarely will this amount go down and you should prepare for this to increase by at least 1 or 2% annually.

While a low Strata fee may seem attractive, this is only part of the overall financial picture and a low fee may mean below average contributions to the CRF. A 'pro-active Strata' will use the maintenance fee to be diligent about building maintenance and make healthy contributions to the buildings CRF over time which will mean less out of pocket for owners in the long-run.

Operating Fund

The operating fund is used to run the building including scheduled repairs and maintenance, shared utilities, insurance premiums, etc. and is funded directly by the monthly maintenance fees based on the annual budget proposed and passed by vote at the Annual General Meeting. An older low-rise building’s annual operating budget is about $6/sqft.

Contingency Reserve Fund (CRF)

The CRF is like the strata corporation’s savings account and is used to fund any unexpected or large expenses and projects. By law, this account needs to be at least 25% of the Annual budget (otherwise there may be a drastic increase in maintenance fees or a special levy in order to reach 25%)

Each Strata will have a spending restriction that caps the amount the council may spend on unexpected expenses and amounts above that will require a majority vote at a General Meeting to approve.

The CRF may also be used to bump up the operating fund if that Strata is over budget for the year and the operating fund is inadequate for operating expenses.

An average CRF of an older low-rise building is 97% of the annual operating budget.

Special Levy or Assessment

This is a payment owed by each owner based on their unit entitlement. A special levy needs to be voted by a 3/4 majority at an Annual General Meeting or a Special General Meeting. This is used to fund necessary projects that either the CRF will not cover or that the owners vote to pay out of pocket to maintain the level of the CRF. The person who owns the strata lot when the vote is passed for a levy is the person responsible for paying that levy, even if they sell the strata lot before the payment is due. Although you may not have to pay a special levy that was recently passed, it is important to note that a special levy was either needed OR was the preferred method of funding a project by the majority of the building because you will be responsible for any special levies passed while owning the lot (whether you vote for it or not).

To determine the above, we are given access to the finances, budget, any recent engineering reports, and Council minutes from the meetings in the last two years of the Strata Corp. When possible we do this before we write an offer or we write it in the offer as a condition, meaning we need to receive and approve these documents before you as the buyer are under legal obligation to fulfill the contract (firm deal).

We also want to evaluate the age of the most substantial items;

Elevator, Parking, Roof, Plumbing and Envelope.

If the CRF is healthy but none of these have been replaced recently or there is mention in the minutes about upcoming work on these big ticket items that has yet to be voted on; PAY CLOSE ATTENTION.

On the other hand, if the CRF is depleted due to recent upgrades and the big ticket items are in good condition, the strata is contributing over 10% of the annual operating budget to build it back up then this building and Strata may still be a sound investment.

This is just the tip of the due diligence iceberg; another great reason to work with a knowledgable Realtor.

If you found this helpful, send it to a friend who also needs a little Strata Finance 101.

Let's talk Strata bb.

Kade Lacasse

More Information; Government of BC-Understanding Stratas

7 Steps from Rent to First Home

Mon, 10 Jan 2022 21:34:43 GMT

Many people put off home-ownership, spending years renting and paying their landlord's mortgage when they could have been growing their personal assets. When is the best time to get into the Vancouver market? As soon as you can.

As the saying goes; You're going to pay someone's mortgage, might as well pay yours.

So how do you get there?

Step 1 Captain, My Captain

Start Building Your All-Star Team of Professionals by Finding a Realtor. The most important advisor in the process of securing your first home will be your Realtor. They need to be knowledablge, professional, approachable and above all else; easy to communicate with. You'll have many questions and you want someone that will not only have the answers BUT will have the time to walk you through them.

Step 2

Get your finances in order. Do you have enough to cover a down payment and closing costs? Are you using a gift or inheritance from family? Have you updated your budget? Now is the time to have those conversations to see what you have to bring to the table for the next step;

**Did you know that First-Time Homebuyers can withdraw up to $35,000 from their RRSPs to put towards their downpayment?

MORE INFO --> Governent of Canada Home Buyer's Plan

Step 3 Get Pre-Approved.

The next person on your team should be your mortgage broker. You can work with a mortgage advisor at your bank or a mortgage broker. An advisor at your bank represents only the products their bank offers while a mortgage broker has access to many different lenders (including most financial institutions). Mortgage brokers are able to shop around to find you the best rate especially for folks that are self-employed or have less standard income streams. Availability and responsiveness is also very crucial with this part of your team.

Should you not have a broker in mind, I will send you a list of my trusted mortgage partners.

Step 4- Needs, Wants and Nopes

Now that you have a budget it's time to come up with your lists.

One of the best parts about Real Estate for me is that there are all different strokes for all different folks. Which is why modern homes downtown sell just as much as character homes in East Van! Most homeowners should plan to be in their home for at least 5years so you should also be looking at that 5 year plan for you and your family when bulding these lists.

Needs are your deal makers, without these you won't make an offer on a home.

Wants are your deal sweetners, nice perks but you can live without them for at least another 5 years.

Nopes are your deal breakers, you'd rather keep renting than compromise on these.

Step 5-You're an Active Buyer

Hit the concrete (bring your slip ons, laces will only slow you down) and start looking at homes. Seeing homes in person is where you'll start refining your needs, wants and nopes. The average home buyer looks at more than 5 properties before finding a home they love enough to write an offer.

Step 6- Make an Offer

You've found the home that meets all of your needs and you're ready to make an offer.

This is where an excellent Realtor and mortgage broker team will help you by using proven strategies to present a competitive offer and negotiate on your behalf to secure you a property with favourable terms.

Step 7- Accepted Offer and Completion

Your mortgage broker and Realtor will walk you through every step from the accepted offer date to completion date (the date money is exchanged for title of your first property) and possession date (when we hand you the keys!)

What's in your way?