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Buying a house in Canada in 2022.

Buying a house in Canada in 2022.

Old Jul 23rd 2022, 9:11 am
  #16  
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Default Re: Buying a house in Canada in 2022.

Originally Posted by CanadaJimmy
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.
Thanks - site is pretty good, been using realtor.ca myself till now, zealty is definitely including more info - just a shame it isn't as slick to use.


Originally Posted by glendem4
House prices have gone crazy in the last 2 years. Boc are raising rates to cool inflation. I would wait as there will be bargains.
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.
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Old Aug 5th 2022, 10:35 am
  #17  
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Default Re: Buying a house in Canada in 2022.

Originally Posted by Sunnybrae
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.
I hope you are correct but it's hard to see the exchange doing anything except get worse for those going from GBP to CAD over the next couple of years.
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