Decisions in Vancouver Real Estate Market

When

Deciding when to buy or sell your Vancouver home is a difficult decision – nobody wants to be wrong. Timing is critical in this current Vancouver market. Thus, we look for answers from those who experience market changes as it happens. It could be your favorite Vancouver Realtor, this and other blogs or word from one of our sponsors –

Affordable Home

Rob’s Thoughts

Rob Regan-Pollock over at Invis shared his experience based on his mortgage approval activities.

“From our perspective we are seeing more buying activity with high end luxury and recreational markets still slower with soft prices and fewer sales. We are seeing most of our activity in the $250,000 – $1,500,000 range. We are starting to see more Eastside to Westside buyers as people move up the property ladder.”

Rob’s Rates

Rob Rate

About Larry Yatkowsky

Larry is a recognized real estate expert. A veteran professional, his experienced counsel leads Vancouverites in his west side community to place their trust in a man passionate about his work. Uncompromising ethics bring a balanced approach to realizing your real estate dreams.

When Life Moves You - contact Larry:

*Disclaimer: Statistics Courtesy REBGV. While believed to be accurate they are not guaranteed.
**Numbers provided may vary as they are dynamically posted by the REBGV.

Reader Comments:

Not much of name... Says:
March 10th, 2013 at 12:24 pm

“Thus, we look for answers from those who experience market changes as it happens. It could be your favorite Vancouver Realtor…”

Really??? When would a realtor ever say that now is not a good time to buy?

March 10th, 2013 at 12:38 pm

@not much

“When would a realtor ever say that now is not a good time to buy?”

Guess you haven’t had the pleasure of doing business with me. Ultimately it is dependent on personal circumstance.

Not much of name... Says:
March 10th, 2013 at 2:11 pm

So…I can afford to buy, but it is still far cheaper to rent.

Is now a good time to buy?

March 10th, 2013 at 4:53 pm

@not much

what do YOU want to do?

Not much of name... Says:
March 10th, 2013 at 5:27 pm

If someone were to come to you wanting to buy, would you ever tell them not to?

March 10th, 2013 at 6:06 pm

@not much

Certainly I would say ‘don’t buy this place’ if after conducting due diligence it was determined through experience and verifiable fact that the condition of a particular house/condo/apt would prove to be against the best interest of the client. That’s my job!

That said, you should also know that regardless of such advice, the client may sometimes insist on purchasing the property and yes it is at this point that the written disclaimers come out of the brief case.

theta Says:
March 11th, 2013 at 7:33 am

@Not Much of Name

“Really??? When would a realtor ever say that now is not a good time to buy?”

Easy, when you’re asking if now is a good time to LIST your place…

Realtors are not financial planners. They’re looking to facilitate a transaction for a commission. Simple as that

Ham Says:
March 12th, 2013 at 9:15 am

Buying a home at or close to the peak is only suicide if you have a minuscule DP and/or you leveraged yourself to the max. Also, calculate if you can afford a interest rate increase of 2% in 5 years. And, if you plan to move in 5 years, I’d say not to buy. If you plan to live there for 10+ years, it makes sense to buy. It’s not all doom and gloom to buy now, just make sure you can afford it long term. You may be paying more than rent, but you won’t get the boot.

March 12th, 2013 at 1:00 pm

OK guys, no more verbal fisticuffs!
@ Not much…

The time to buy is your decision.

There is no need to ask that question of a Realtor. Instead ask your Financial Advisor who is probably less of a stakeholder in the decision.

Don’t look for help from a member of the Real Estate Board of Greater Vancouver in making the timing decision. There is nothing in their Mission Statement that is of any benefit to the Buyer!

March 12th, 2013 at 1:36 pm

@lookout

“The time to buy is your decision.”

Thanks – Finally someone who gets it!

Realtors can and do bring value to the real estate proposition but making that decision is not one of them.

As to the mission statement of the REBGV in respect of the above decision – please remember it is a trade group not a public entity.

March 12th, 2013 at 1:38 pm

@ham
you may be exhibiting tones of a conservative Realtor proposition. 🙂

Not much of name... Says:
March 12th, 2013 at 1:45 pm

@theta

“Realtors are not financial planners. They’re looking to facilitate a transaction for a commission. Simple as that”

I understand that, however, the author of this blog suggests that a RE agent may be a good person to speak with when you are deciding when to purchase RE. Re-read the opening paragraph. It’s like asking a car salesperson if one should buy a car.

March 12th, 2013 at 7:35 pm

@not much

Your last sentence leaves me to wonder why you wouldn’t seek out the information that a Realtor or Realtors might provide. Are they not one of the primary sources of RE information? Further it makes me wonder why you would continue to hang your comments on a Realtor’s blog. If this space or the opinions of the RE author have no value then why are you here? Strikes me as odd.

March 13th, 2013 at 8:08 am

Re: Asking your financial planner.

I did that in 2006 when the condo I’d purchased had made about $100K.

He told me to sell it, rent and give him the money to invest.

I called and asked my realtor (who would have got the listing) and he told me not to. Said that if I got out of the market, I risked not being able to get back in.

I sold it three years later, made $180K that went toward the down payment on my current home.

Meanwhile the stock market got hit pretty hard in 2008 and while I can’t know for sure, I’m guessing I got a better return staying put.

I’ll always be grateful to that realtor who gave me advise against his own immediate interest and almost certainly saved me from making a big mistake.

Not much of name... Says:
March 13th, 2013 at 10:21 am

@Larry,

I will admit that Realtors can provide useful information when looking to purchase RE. I simply take issue that a realtor (apparently not you) would not be able to provide objective advice with respect to whether a person should buy RE or not.

I look at my own circumstance. I have been in a position to buy for about 6 years. I’ve chosen not too simply based on the fact that it is cheaper to rent. I continue to look just to see what is out there if/when the time comes that I will pull the trigger.

The number of RE agents who have said “now is a great time to buy” is amazing. I usually counter with the fact that it is cheaper to rent and then I get the usual barrage of but but but. If I had followed the advice of many realtors, I would be behind where I am today.

So, should I buy? Yes or no. I can afford it, but…

March 13th, 2013 at 12:32 pm

@not much

with considered respect…

You ask – “should I buy?”

@lookoutbelow said –

“The time to buy is your decision.”

also;

@ham offered a path that may work for you –

“Buying a home at or close to the peak is only suicide if you have a minuscule DP and/or you leveraged yourself to the max. Also, calculate if you can afford a interest rate increase of 2% in 5 years. And, if you plan to move in 5 years, I’d say not to buy. If you plan to live there for 10+ years, it makes sense to buy. It’s not all doom and gloom to buy now, just make sure you can afford it long term. You may be paying more than rent, but you won’t get the boot.”

You ask “yes or no?”

– From an objective viewpoint –
The assumption is that you are fully aware and informed of the market state which based on your discussion to this point suggests that you are.
If your decide to buy I can help you facilitate your decision but, I cannot nor will I make the decision for you and defer to @lookoutbelow’s response noted above.

Ham Says:
March 13th, 2013 at 3:22 pm

@not much,

The best thing for you to do is to keep following all the real estate blogs and forums. Go and find as much detail as possible and record all the data you find. After you do that, make your own judgement in the market. It seems like you don’t trust realtors and advisors, I feel the same way about some of them.

How do I feel about the market? The overall market is down, and looks like we could be falling for several years. I’d stay away ftrom Richmond as prices have slipped quite a bit there.

🙂

Turkey Says:
March 14th, 2013 at 1:05 pm

Mary,

“I called and asked my realtor (who would have got the listing) and he told me not to. Said that if I got out of the market, I risked not being able to get back in.”

“I’ll always be grateful to that realtor who gave me advise against his own immediate interest and almost certainly saved me from making a big mistake.”

You’re a realtor (marycleaver.com). Why would you list with a friend, and pay him commission, instead of managing the listing yourself?

March 15th, 2013 at 4:36 pm

@Turkey

“Why would you list with a friend, and pay him commission, instead of managing the listing yourself?”

It is a requirement of our Errors and Omissions insurance and full disclosure under the Act with respect to Interest in Trade.
Mary is not alone, all “wise” Realtors will when selling their property, use another salesperson.

By the way she did not say he/she was a friend.

March 15th, 2013 at 4:59 pm

@Turkey.

He did not start out as my friend, he started as my realtor.

I sure consider him a friend now though!

I was trying to make two points and take what you will from them but these are true to me.

1 – This realtor gave me advise that he believed was right for me and took a risk doing so (what if the housing market experienced a correction shortly after our conversation?).

2 – Financial advisors work on commission too. This financial advisor wanted to invest my money for me for a fee. I don’t bear him ill will, I’m sure he also believed he was doing me a service. I just don’t see that a financial advisor is someone objective, while a realtor has an agenda. We both want to do our jobs and make a living at it, and we both owe a duty to our clients to act in their best interest. Some of us do it better than others and my realtor was/is a gem 🙂

robert james Says:
March 16th, 2013 at 9:21 am

I believe you Mary,, millions might not ..lol

Turkey Says:
March 16th, 2013 at 10:43 am

Thanks (both of you!) for clarifying. Mary, both of your points are well taken.

March 16th, 2013 at 12:03 pm

@robert James

Really? What are you suggesting?

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