342 articles by Richard Morrison
Are you considering buying a townhouse? The pros of buying a townhouse in BC, Canada include affordability compared to detached homes, lower maintenance since exterior upkeep is typically covered, and access to shared amenities. The cons include limited privacy due to shared walls, potential strata
Buying a pre-rental property can be an exciting and profitable endeavor for many people. After all, it’s the perfect opportunity to move into your own home or get some extra income from rent payments. But what are the pros and cons of buying a pre-rental property? Before making a decision, it's cruc
When I first started working with buyers interested in brand-new developments in Vancouver, I thought the appeal was obvious – pristine finishes, modern layouts, and that new-home smell. But after guiding dozens of clients through pre-construction purchases in British Columbia, I realized the truth
You've just received your home inspection report, and your stomach drops. What looked like your dream home now has found`ation issues, electrical problems, or hidden water damage that'll cost tens of thousands to fix. The big question racing through your mind: can you actually walk away from this de
Hey there! Are you planning to buy a new house? Congratulations, that's an exciting endeavor. Buying a home is no small investment In short, a contractor can do a home inspection in BC only if they are a licensed home inspector under BC’s regulatory requirements. Most contractors are not certified,
When Sarah and Michael put in an offer on their dream home in Kelowna last spring, they thought they'd found the perfect property. But after hiring what turned out to be an inexperienced home inspector, they discovered—six months after moving in—that the "minor moisture issue" mentioned in passing w
When I first stood in front of my client's aging 1970s bungalow twenty years ago, I faced the same gut-wrenching question that thousands of homeowners wrestle with every year: should they pour money into renovating this place, or tear it down and start fresh? After consulting with contractors, archi
Tax sales occur annually in cities across British Columbia when property owners fall delinquent on their property taxes. After three years of unpaid taxes, municipalities can auction these properties to recoup the unpaid taxes. Tax sales represent an opportunity for new homebuyers or real estate inv
When I first started helping clients navigate the Metro Vancouver housing market, I thought the answer to this question was obvious: wait for lower rates. But after working with hundreds of homebuyers through multiple interest rate cycles—and watching some clients miss out on their dream homes while
When I first started tracking monetary policy shifts back in 2008, I thought interest rate movements were just another financial metric that didn't really move the needle for everyday homebuyers. But after witnessing three complete rate cycles and helping hundreds of clients navigate Vancouver's not
Are log homes in BC Canada more expensive to insure? Log cabins are becoming an increasingly popular choice for Canadians looking for a beautiful, rustic home. But is the cost of insurance worth it? In this article, we'll explore the pros and cons of insuring a log cabin in Canada. I'll look at how
Have you ever stood at the edge of a lake at sunset and thought, "What if I could wake up to this every single day?" You're not imagining something impossible. You are imangining possibilities. The main difference between the pros and cons of buying waterfront property is lifestyle value versus risk
The main difference between the pros and cons of buying a mansion is cost versus benefit. A mansion offers large living space, premium amenities, and strong privacy, but it also requires high maintenance costs, elevated property taxes, and increased utility expenses that can exceed several thousand
When I first helped my client navigate the Vancouver real estate market, she thought the process would be straightforward. But after three months of house hunting, multiple offer situations, and unexpected closing costs totaling over $30,000, she realized buying a home in Vancouver is far more compl
Buying a single-family home in British Columbia offers privacy, land ownership, and long-term appreciation potential. However, high purchase prices, property taxes, and maintenance costs increase financial risk. Market volatility and stricter mortgage qualification rules in BC further affect afforda
When I first started working with clients struggling to break into BC's housing market, I thought rent-to-own arrangements were just a creative financing gimmick. But after helping dozens of families navigate these agreements over the past decade, I realized the truth about rent-to-own homes is far
Can I buy a house in Canada on work permit? Canada's red-hot housing market has left many potential homebuyers priced out. In response, the federal government enacted a two-year ban prohibiting most foreigners from purchasing residential property, effective January 1, 2023. But the devil is in the d
Are you looking to move to Vancouver BC? If so, it’s important that you understand what a good salary is for the area. Knowing this can help ensure that you will be able to afford the cost of living in one of Canada's most beautiful cities. As an experienced real estate agent, I have some […]
Whether you're looking to buy or sell a home, having the right real estate agent by your side can make all the difference. Read More: Limited Service Real Estate Agents. But with so many agents to choose from, how do you find the perfect match? This comprehensive guide reveals the top traits of fant
Purchasing a presale home in British Columbia? Then you need to know about the BC Presale 7 Day Rescission Period. This crucial timeframe allows buyers to back out of a presale purchase agreement, no questions asked. Understanding how this rescission period works is key to making an informed decisio
Purchasing a condo can be an exciting first step into homeownership. Read More: Guide to buying a condo . But before you make an offer, you'll want to do your due diligence. Learning the right questions to ask when buying a condo will help set you up for success as a first-time owner. Key Takeaways
With housing prices rising across Canada, more and more homebuyers are looking into purchasing new builds and presale condos. However, buying a brand new home comes with additional taxes that resale properties do not have. These taxes, such as GST or HST, can significantly increase the overall cost
Buying property in British Columbia? Then you’ll need to pay close attention to the property transfer tax (PTT). This tax applies whenever property changes hands in the province. The good news is that BC has several property transfer tax exemptions that could save you thousands of dollars. This comp
The Home Buying Process in BC As someone who has vast experience the BC real estate market , I know that understanding the process and timeline is key to making informed decisions and securing your dream home . You may be wondering how long it will take to close on a home, which typically takes [&
Renting out your strata unit in British Columbia just got a whole lot easier. Recent changes to the Strata Property Act have removed almost all rental restrictions previously imposed by strata corporations. As a realtor in the Lower Mainland for over 15 years, this is excellent news for my clients l
Finding the perfect home is just half the battle in real estate transactions, understanding key terms like "closing date" can often be a maze. In British Columbia, the closing date marks not only the transfer of property ownership but also when funds are moved from buyer to seller . This post wil
When I first helped my clients navigate Vancouver's notoriously competitive housing market back in 2015, I thought making an offer was straightforward—find a house you love, write down a number, and hope for the best. But after watching dozens of my buyers lose out to better-prepared competitors, I
Yoga is often a spiritual practice. In yoga, you learn to be present in the moment and take time for yourself so that you are able to better meet the needs of others. The real estate industry is all about being present in the moment – it's up to us as realtors to make sure […]
Determining the true value of your home can be confusing. You likely receive a property assessment notice from BC Assessment each year with an assessed value. But is this the same as the market value – what buyers are actually willing to pay? The differences between assessed value and market value a
When I first started helping homeowners list their homes in Vancouver fifteen years ago, I thought pricing was everything. But after watching countless properties sit unsold while others flew off the market, I realized the truth about selling homes is far more complex than most people imagine. If yo
The effects of COVID-19 upon the world and its economies has been far-reaching, with the real estate sector bracing for long-term impacts and fighting to preserve values and liquidity, whilst keeping tenants and clients safe. Depending upon asset classes and the strength of regional markets heading
We have always said that Home buyers should always have their own agent. But now, as of 2018, BCFSA ( BC Financial Services Authority ) has mandated that dual agency is not allowed . This means that you NEED an agent representing your side because the listing agent is only allowed to look out for [&
I bumped into one of my neighbors at Starbucks today while getting my daily dose of Starbucks $7 latte (Because nothing says ‘fiscal responsibility’ like drinking a mortgage payment in liquid form.). She and I started chatting about the Vancouver real estate market, and how expensive it is, and how
When I first started helping Vancouver homeowners prepare their properties for sale, I thought a quick vacuum and some air freshener would do the trick. But after watching a beautifully located Kitsilano condo sit on the market for 47 days while a similar unit sold in just 9 days, I realized the tru
When I first helped a young couple move into their dream home in Vancouver, I watched them stand in the empty living room with a mix of excitement and absolute panic. They had the keys in hand, boxes and furniture piled in the truck, but suddenly realized they had no idea where to start. After [&hel
The Canadian Mortgage and Housing Corporation has found troubling data that shows that our housing markets in Canada are shrinking, as our population continues to grow. Because major city centres like Vancouver homes for sale and Toronto will not be back to affordable levels, many Canadians are floc
Are you looking to turn your dreams into reality? Vacant land can be an excellent starting point for achieving anything from building a custom home, to investing in real estate. Here are 11 surprising ways vacant land can fuel your dreams! As a real estate agent here in BC, I come across many opport
The main difference between the pros and cons of selling your house For Sale By Owner (FSBO) in BC is commission savings versus risk and effort. FSBO sellers avoid paying 3%–7% in realtor fees, but they face pricing errors, limited exposure, legal liability, weaker negotiation power, and longer time
When the news headlines start screaming about economic downturns and recession fears, most people's first instinct is to slam on the financial brakes. I've watched countless potential homebuyers sit on the sidelines during uncertain economic times, convinced they're making the smart move. But here's
In this article, we'll explore the ins-and-outs of corporate property purchases in Canada. Yes, a corporation can buy a house in Canada. Businesses often purchase real estate for rental income, employee housing, or investment purposes. Corporate-owned properties may have tax advantages but also face
How Much Will A Home Appraisal Cost In In BC Canada Ah, home appraisals – the bane of any homeowner's existence… and wallet. We can all relate to that sinking feeling in our stomachs when we find out just how much these dreaded appraisals are gonna cost us! A home appraisal in BC typically […
When I first encountered a low appraisal on what I thought was the perfect deal, I felt my stomach drop. The buyer and I had agreed on $685,000 for a beautiful Vancouver character home, but the appraisal came back at $650,000. That $35,000 gap felt insurmountable. But after years working in BC real
When I first started working with clients in Metro Vancouver's real estate market fifteen years ago, I thought home appraisals were straightforward—square footage, bedrooms, bathrooms, done. But after witnessing hundreds of transactions where appraisal values surprised even seasoned homeowners, I re
What Do Landlords In BC Canada Look For In Your Bank Statements? As an experienced real estate agent, I'm often asked by potential tenants what landlords in Canada look for when reviewing their bank statements. It's a valid question, as having all your ducks in a row can make the process of renting
Buying or selling a home can be an exciting yet stressful time. As a buyer or seller in British Columbia, it’s important to understand your rights and options for representation when engaging in real estate transactions. This is where the Disclosure of Representation in Trading Services – commonly k
Real estate transactions involve large sums of money changing hands. To prevent money laundering and terrorist financing, Canada has strict regulations around reporting and monitoring these transactions. Enter FINTRAC. Key Takeaway: FINTRAC (Financial Transactions and Reports Analysis Centre of Cana
Making an offer on a new home can be incredibly exciting, but it also comes with a lot of risk if you don't fully understand the financing process. Putting in an offer contingent on securing a mortgage, also known as "subject to financing," is a critical way for buyers to protect themselves financia
After investing time, money and effort to get your home ready for the market, receiving a lowball offer can feel like a punch to the gut. But while lowball offers are always frustrating, they're a normal part of the negotiation dance. With the right mindset and skills, that lowball could become your
Buying or selling a home in British Columbia? You'll likely encounter something called a Property Disclosure Statement, or PDS. This important document can influence the deal, so it pays to understand what it is and how it works. Let's break down everything you need to know about the property disclo
Making an offer on a home is an exciting yet stressful time. As a buyer, you want to make your offer as attractive as possible to the seller. One key component is the deposit amount – but what exactly is a deposit, how much should you offer, and what happens if the deal falls through? […]