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

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

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.

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:

1. 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.

2. 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.

3. Keep Documentation: If you think you might qualify for an exemption, make sure to keep thorough records of the life event prompting your sale.

4. 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 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

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

 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

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

And What Landlords, Buyers, and Tenants Should Know

The Residential Tenancy Act in BC has recently undergone some significant changes impacting landlords, buyers, and tenants. This is not an exhaustive breakdown of the changes but these are the key changes that could affect the everyday real estate transaction.

Notice Periods
The most significant change is the extended notice period for tenants. Landlords are now required to give a four-month notice to vacate for personal or caretaker use, up from the previous two months. This change came into effect on July 18th, 2024.

It's important to note that notice is still effective on the final day of your rental period (the day before rent is due). So, if you are in a month-to-month lease paying rent at the beginning of the month and receive notice on September 10th, you won't be required to vacate until January 31st, 2025.

However, it seems the Government of BC acted recklessly by announcing these changes without properly consulting the industries impacted. Initially, the four-month notice period also applied to landlords serving notice on behalf of new buyers intending to move into the home and requesting vacant possession. The issue with including primary residence purchases is that rate holds—when a buyer’s lender pre-approves them at a certain interest rate—are typically valid for only 90-120 days, with rare exceptions. For example, if a buyer was just pre-approved at the end of August, their rate hold would expire by the end of December, leaving them vulnerable to rate shifts that could affect their mortgage qualification. Unfortunately, major banks, being national entities, are unlikely to adjust their policies based on one province’s legislative changes so they would not provide any workarounds. While I understand their intention to enhance tenant protections, the originally introduced extended notice period would disproportionately penalize first-time buyers, who have no options to bridge their mortgage from an existing property. 

The solution? After lobbying from mortgage brokers and the real estate industry, the BC Government announced an amendment reducing the notice period for landlords instructed to provide notice for a purchaser when they or their close family member will live in the property, from four months to three months. This amendment was effective August 21st.

So, if you are in a month-to-month lease and your landlord, after a buyer has removed subjects and instructed them to provide notice to vacate, serves that notice on September 2nd, you would be required to vacate by December 31st, 2025.

Fixed-term tenancies can be served notice to vacate, but the three-month notice still applies, and the effective date to vacate cannot be before the end of their fixed term.

Web Portal: A New Tool for Transparency
Landlords are now required to use the Landlord Use Web Portal to generate the Notice to End Tenancy. This creates a tool for regulators to register and track evictions, increasing transparency in the process. Additionally, notices generated due to a new buyer requesting vacant possession will now require a copy of the Contract of Purchase and Sale to be included.

Initial Length of Use
They have increased the length of time a landlord must use a rental unit for personal or caretaker use following the eviction of a former tenant. This period is up from 6 months to 12 months. If a landlord fails to demonstrate personal use or caretaker use for 12 months, they may be liable to pay an evicted tenant 12 months’ rent as compensation.

Dispute Period
The deadline for a tenant to dispute has also increased to;
-21 days when receiving 3 months notice
-30 days when receiving 4 months notice.

The clock starts as soon as the notice is deemed received. (more info about serving notice here)

Landlords: Navigating the New Landscape
Even with the latest amendment reducing notice to three months, selling a unit with a tenant has gotten stickier. Currently, inventory is above seasonal averages, and most investors are on the sidelines due to high interest rates which means the active buyers are looking for vacant possession not taking over tenants.

Landlords should be aware of the challenges they may face when selling a tenanted property, including:
-smaller buyer pool due to expiring rate holds, risks assuming tenancy
-long completion
-not staged well
-inflexible showing times

In a busier market, your property will still move, but what are you leaving on the table?
In slower markets, your property sitting on the market will only lead buyers to look for more of a deal.

Buyers: Understanding the Risks
Don't shy away from a property just because it is tenanted, but make sure you understand the risk of buying a tenanted property. If you're getting good value, need a long completion, or have found a unique property then I understand but otherwise, why deal with the additional stress of a tenanted property?

Tenants: Leverage the New Rules
Yes, your notice period has extended, which is valuable to help you find a home in a typically terrible rental market. But the blessing in this amendment is your increase in leverage. Once you know of your landlord’s intention to sell; using the knowledge that a vacant home will sell easier, you may be able to get more than the Tenancy Act entitles you to...
How you ask?

Cash for Keys, baby! A Potential Win-Win Solution
The term "Cash for Keys" refers to an agreement where a tenant agrees to vacate a property on a specific date in exchange for a payment from the landlord. This arrangement can be beneficial for both parties:

Sellers/Landlords  have a vacant property that they can stage and market which will no longer deter buyers who are averse to the completion length.

Tenants could leave on their own terms with more money in their pocket to help ease the cost of moving and off-set your potential increase in rent.

Final Thoughts
These changes to the Residential Tenancy Act have shifted the landscape for landlords, buyers, and tenants in BC. It's important to be informed about these changes and understand how they may impact your real estate decisions and the best way to make sure you stay informed is to work with a professional that is on top of the latest regulations and helps you make informed decisions.

https://calendly.com/kadelacasse_realtor/

Again, this is not an exhaustive breakdown; you can find much more information regarding Bill 14 by typing "bill 14 residential tenancy act" into your favourite search engine.

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

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

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.

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:

1. 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.

2. 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.

3. Keep Documentation: If you think you might qualify for an exemption, make sure to keep thorough records of the life event prompting your sale.

4. 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 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

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

 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

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

And What Landlords, Buyers, and Tenants Should Know

The Residential Tenancy Act in BC has recently undergone some significant changes impacting landlords, buyers, and tenants. This is not an exhaustive breakdown of the changes but these are the key changes that could affect the everyday real estate transaction.

Notice Periods
The most significant change is the extended notice period for tenants. Landlords are now required to give a four-month notice to vacate for personal or caretaker use, up from the previous two months. This change came into effect on July 18th, 2024.

It's important to note that notice is still effective on the final day of your rental period (the day before rent is due). So, if you are in a month-to-month lease paying rent at the beginning of the month and receive notice on September 10th, you won't be required to vacate until January 31st, 2025.

However, it seems the Government of BC acted recklessly by announcing these changes without properly consulting the industries impacted. Initially, the four-month notice period also applied to landlords serving notice on behalf of new buyers intending to move into the home and requesting vacant possession. The issue with including primary residence purchases is that rate holds—when a buyer’s lender pre-approves them at a certain interest rate—are typically valid for only 90-120 days, with rare exceptions. For example, if a buyer was just pre-approved at the end of August, their rate hold would expire by the end of December, leaving them vulnerable to rate shifts that could affect their mortgage qualification. Unfortunately, major banks, being national entities, are unlikely to adjust their policies based on one province’s legislative changes so they would not provide any workarounds. While I understand their intention to enhance tenant protections, the originally introduced extended notice period would disproportionately penalize first-time buyers, who have no options to bridge their mortgage from an existing property. 

The solution? After lobbying from mortgage brokers and the real estate industry, the BC Government announced an amendment reducing the notice period for landlords instructed to provide notice for a purchaser when they or their close family member will live in the property, from four months to three months. This amendment was effective August 21st.

So, if you are in a month-to-month lease and your landlord, after a buyer has removed subjects and instructed them to provide notice to vacate, serves that notice on September 2nd, you would be required to vacate by December 31st, 2025.

Fixed-term tenancies can be served notice to vacate, but the three-month notice still applies, and the effective date to vacate cannot be before the end of their fixed term.

Web Portal: A New Tool for Transparency
Landlords are now required to use the Landlord Use Web Portal to generate the Notice to End Tenancy. This creates a tool for regulators to register and track evictions, increasing transparency in the process. Additionally, notices generated due to a new buyer requesting vacant possession will now require a copy of the Contract of Purchase and Sale to be included.

Initial Length of Use
They have increased the length of time a landlord must use a rental unit for personal or caretaker use following the eviction of a former tenant. This period is up from 6 months to 12 months. If a landlord fails to demonstrate personal use or caretaker use for 12 months, they may be liable to pay an evicted tenant 12 months’ rent as compensation.

Dispute Period
The deadline for a tenant to dispute has also increased to;
-21 days when receiving 3 months notice
-30 days when receiving 4 months notice.

The clock starts as soon as the notice is deemed received. (more info about serving notice here)

Landlords: Navigating the New Landscape
Even with the latest amendment reducing notice to three months, selling a unit with a tenant has gotten stickier. Currently, inventory is above seasonal averages, and most investors are on the sidelines due to high interest rates which means the active buyers are looking for vacant possession not taking over tenants.

Landlords should be aware of the challenges they may face when selling a tenanted property, including:
-smaller buyer pool due to expiring rate holds, risks assuming tenancy
-long completion
-not staged well
-inflexible showing times

In a busier market, your property will still move, but what are you leaving on the table?
In slower markets, your property sitting on the market will only lead buyers to look for more of a deal.

Buyers: Understanding the Risks
Don't shy away from a property just because it is tenanted, but make sure you understand the risk of buying a tenanted property. If you're getting good value, need a long completion, or have found a unique property then I understand but otherwise, why deal with the additional stress of a tenanted property?

Tenants: Leverage the New Rules
Yes, your notice period has extended, which is valuable to help you find a home in a typically terrible rental market. But the blessing in this amendment is your increase in leverage. Once you know of your landlord’s intention to sell; using the knowledge that a vacant home will sell easier, you may be able to get more than the Tenancy Act entitles you to...
How you ask?

Cash for Keys, baby! A Potential Win-Win Solution
The term "Cash for Keys" refers to an agreement where a tenant agrees to vacate a property on a specific date in exchange for a payment from the landlord. This arrangement can be beneficial for both parties:

Sellers/Landlords  have a vacant property that they can stage and market which will no longer deter buyers who are averse to the completion length.

Tenants could leave on their own terms with more money in their pocket to help ease the cost of moving and off-set your potential increase in rent.

Final Thoughts
These changes to the Residential Tenancy Act have shifted the landscape for landlords, buyers, and tenants in BC. It's important to be informed about these changes and understand how they may impact your real estate decisions and the best way to make sure you stay informed is to work with a professional that is on top of the latest regulations and helps you make informed decisions.

https://calendly.com/kadelacasse_realtor/

Again, this is not an exhaustive breakdown; you can find much more information regarding Bill 14 by typing "bill 14 residential tenancy act" into your favourite search engine.