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Showing posts from April, 2019

Stress Test Creating Pent-up Demand

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Hello folks, i have been a Realtor in Surrey for 7 years. In my 7 years of experience as a Realtor , have seen different market trends upwards and downwards. Last three years from 2015 to 2018 was a exceptional market that didn't look downwards at all. Every home coming to market was selling in multiple offers, going way above asking price and without any conditions. Buyers were lining up at open houses and day of offer presentation, crossing there fingers that there offer will be the better one but there was only one winner. Things have changed in last 9 months after federal and provincial government intervened to slow down the market. Lot of changes were brought up like foreign buyers tax by provincial government and B20  stress test by Bank of Canada. It worked slowing down the market and lot of people were stuck in difficult situations which happens in upwards and downward markets.  But first time home buyers were affected the most by B20 Stress test. First time home buyers

Things to Consider when Buying Strata Property.

Buying into a strata corporation can be a scary thing for many owners because they have heard horror stories about strata : the strata enforceable large special levies against the owners,  restrictions on what owners can do with their own strata lot, etc. The question of whether you should buy into a strata more often depends on your budget and what you can afford. If your budget points you towards strata living, there are at least 5 things that you should review carefully before you decide to buy a strata lot in that strata. 1. Strata Bylaws A strata corporation can have rules that can severely limit what you can do even inside your strata lot. Most rules buyers are concerned about are rental restrictions, pet restrictions and/or age restrictions. Even further, bylaws can restrict alterations that you can make inside your strata lot. You should carefully review the bylaws to make sure that you can use your strata lot that way you intend to. 2. Form B Information Certificat