Buying a house in Canada in 2022.
Jul 23rd 2022, 9:11 pm
#16
BE Enthusiast
Thread Starter
Joined: Jan 2019
Posts: 432
Re: Buying a house in Canada in 2022.
Due to BC's dual agencies laws, many selling realtors are hesitant to accept offers if you don't use a buying realtor, so you will likely need a realtor to help you regardless.
I recommend using http://zealty.ca - if you create an account you can browse all the listings in the area, add favourites (so you will be notified when the price changes or they sell) and the best part is you can view all the selling prices which is invaluable for figuring out the direction the market is going and also spotting a good deal.
When I bought my house I knew it was a good deal because I'd been tracking all the selling prices of similar homes in the area.
Edit to add - BC assessment value isn't really very accurate a lot of the time, it doesn't factor in renovations or changes to the home for example, so if an ugly home with an original 1980s kitchen might be assessed similar to a well maintained home with a brand new kitchen.
I recommend using http://zealty.ca - if you create an account you can browse all the listings in the area, add favourites (so you will be notified when the price changes or they sell) and the best part is you can view all the selling prices which is invaluable for figuring out the direction the market is going and also spotting a good deal.
When I bought my house I knew it was a good deal because I'd been tracking all the selling prices of similar homes in the area.
Edit to add - BC assessment value isn't really very accurate a lot of the time, it doesn't factor in renovations or changes to the home for example, so if an ugly home with an original 1980s kitchen might be assessed similar to a well maintained home with a brand new kitchen.
I've been toying with the idea of renting for another year, but rent is ridiculous here. I'm not sure how much of a correction we are going to see or how long it will take - I don't necessarily think buying in 2 months from now is the right move, however if I get a property I like at a price I can afford, then I guess I'm happy with that, having an extra $100k off the asking price 6 months from now would be great, but its far from a certainty.
Aug 5th 2022, 10:35 pm
#17
Forum Regular
Joined: May 2021
Location: Stony Plain, AB
Posts: 102
Re: Buying a house in Canada in 2022.
I'm using the bcassessment website as it's useful for seeing land boundaries and also gives a 3 year sales history; there's quite a few properties for sale in the areas we're hoping to move to that are being resold within the last 3 years with a couple hundred thousand dollar increase in prices, so they are straight off my list.
Redfin https://www.redfin.ca/ is also good a good site for previous sales history as well.
The assessment value is like our rateable value so I'm taking that with a pinch of salt, it's just the value used for paying your taxes and for many properties the assessed value is way different from market value.
I would treat buying in Canada the same as over here, the market is turning downwards and I'm hoping that by the time we buy somewhere in 12-18 months time the property market crashes in Canada and the rate of exchange improves
.
Good luck.
Redfin https://www.redfin.ca/ is also good a good site for previous sales history as well.
The assessment value is like our rateable value so I'm taking that with a pinch of salt, it's just the value used for paying your taxes and for many properties the assessed value is way different from market value.
I would treat buying in Canada the same as over here, the market is turning downwards and I'm hoping that by the time we buy somewhere in 12-18 months time the property market crashes in Canada and the rate of exchange improves
.Good luck.
