BC NOTARIES’ BUST COMMON HOME BUYING MYTHS

Advice for Buyers and Sellers on Cusp of Busy Spring Market 

February 23, 2015

Vancouver, BC – BC Notaries are already seeing signs of a strong Spring real estate market on the horizon. With record low interest rates continuing for the foreseeable future, first-time home buyers and investors are increasingly attracted to the market. Vacancy rates for rentals are very low and rents continue to increase year-over-year further boosting enthusiasm among renters looking to buy, and buyers looking to rent.

The BC Real Estate Association (BCREA) recently reported the total sales dollar volume for January 2015 has increased 8.3% compared to the same time last year, with 4,377 residential units sold province-wide. It is predicting modest overall annual increase of 2.4% this year. While growth in Northern B.C. and the Kootenay, Okanagan and Interior regions may be limited due to the downturn in Alberta, this has no anticipated impact on real estate markets in Greater Vancouver, Victoria, the Fraser Valley and elsewhere.

“Spring is just around the corner, and Notaries are already seeing an increase in real estate transactions,” says Wayne Braid, CEO of The Society of Notaries Public of BC. “Low mortgage rates, strong population growth, solid job markets, and retirees moving West to escape long winters are creating continued housing demand for homes and rental properties.”

BC Notaries provide conveyancing expertise on more than half of all real estate sales and purchases in B.C., and related real estate-related services to many home buyers and sellers. Spring is a particularly busy season for those services. These aspiring new homeowners—whether young couples, singles, or families—often ask Notaries for trusted guidance on their important purchase. As such, Notaries frequently help dispel common real estate myths for their clients.

Eight Common Myths about the Real Estate Market

1. Myth:  The high “average house price” for a specific region, like Vancouver, means the market is unattainable for the average buyer.

“In fact, the average house prices that you often read about in real estate studies are often skewed by housing sales in elite neighbourhoods in Vancouver,” says Daniel Boisvert, a Notary Public in Tsawwassen. “This can create the false impression that all houses are similarly priced and unaffordable to young families and first-time buyers, which just isn’t true if buyers are willing to look at other neighbourhoods, different types of homes and nearby municipalities.”

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