Real Estate Notary Recaps The Vancouver 2019 Housing Market
From the perspective of a real estate notary public, 2019 has been a very interesting year in the Vancouver real estate market. We’ve experienced a shift from a seller’s market last year, towards a buyer’s market for the first time in over a decade.
This means a lot of changes have occurred, including a stagnation of real estate sales, since the beginning of the year. Now, we are starting to see shifts in the price of real estate, increased opportunities for investors, and new homeowners entering the market.
Many prospective buyers are starting to look for opportunities in the market, either for ownership, renting or investment purposes. Here are some popular questions that have come up.
How much do single family homes cost in Vancouver?
The first indication of a buyer’s market is a downward shift in prices. During the month of June, our real estate notaries witnessed the benchmark price of homes fall below $1million. This is the first time benchmarked prices have dipped this low since 2017.
Last month, the Real Estate Board of Greater Vancouver (REBGV) reported that the benchmark price for houses, townhomes and condos in Metro Vancouver had dropped to $998,700, a 9.6% decrease from the previous year, and a 0.8% decrease from May.
REBGV also reported that the composite benchmark price for detached houses, townhomes, and condos in Metro Vancouver was $998,700 in June. That’s down 9.6% from the same time last year and a drop of 0.8% from May.
With more listings on the market, home buyers can be more selective, putting pressure on sellers to lower their prices. At Vancouver Downtown Morris Notary, we are aware of these trends as we help new buyers close their transaction in buying their perfect home.
Is it expensive to live in Vancouver Canada?
Generally, Vancouver is an expensive place to live in. While expenses vary from person to person, many owners and renters live with the following expense considerations:
Housing and utilities – often within the range of $2,000-$2,500 per month for a one bedroom apartment in downtown Vancouver
Phone plan – $70 or more depending on the plan
Transportation – $98 for a monthly 1-zone pass
Groceries and misc. – $300-$400
Dining out – $200-300
Then there are health and fitness subscriptions, entertainment and other expenses that vary greatly from person to person. Though the numbers above are all estimates, they all add up to your total cost of living.
Many of our clients opt to purchase property via joint ownership, in order to save on costs or access a larger pool of funds to make a purchase. In these situations, our notaries public and lawyers can help you draft a co-ownership agreement, which you may want to consider if you decide to form a co-ownership.
How will you make monthly payments? Who is responsible for renovations? What happens when one owner wants to sell the property?
As the market transitions to a buyer’s market, our real estate notary and lawyers expect to see more first time home buyers looking to enter the market.
Our real estate notaries public at Vancouver Downtown Notary have been serving the Greater Vancouver area for years, with a focus on buying and selling real estate. Come visit our notary office in downtown Vancouver, just next to the Waterfront skytrain station.