4 Tips For Those Looking To Renew Their Mortgages In 2023

 

Photo credit:  DeymostHR/Shutterstock

Amid high interest rates and economic uncertainty, here are the best ways to navigate a new contract

The real estate market is a roller coaster. When it comes time to renew your mortgage, you might be asking yourself whether you want to stay on the ride or hop off.

The interest rate hikes of 2022 haven’t made the ride any easier. At least the Bank of Canada announced last week that interest rates will hold at 4.5 per cent, meaning that mortgage rates will hover at around 6.49 per cent for a conventional five-year mortgage.

“Interest rates are likely higher than when you first bought your home,” said Carissa Lucreziano, vice-president, financial and investment advice, CIBC. “When looking to renew your mortgage, it’s important to take a step back and look at your ambitions over the next five years.”

You may be nervous about what today’s rates mean for your mortgage. Every percent interest rates go up can mean hundreds, if not thousands, of dollars a month in your bottom line.

For example, if you first got a conventional five-year mortgage in 2018, your interest rate would have been around 4.5 per cent. On a $300,000 mortgage, your monthly payments would be approximately $1,660. When you renew that five-year mortgage in 2023 at a rate of 6.49 per cent, your monthly payments would increase 17 per cent, to $1,948.

Depending on how tight your budget is, an extra few hundred dollars can make a big impact. If you’re looking to renew your mortgage, here are some steps you can take to help make the process smoother and potentially save you money.

Consider extending your term

If you’ve been having a hard time making mortgage payments, you’re not alone. In Q4 of 2022, the Bank of Canada found that 28.75 per cent of all new mortgage holders had spent 25 per cent or more of their income on their mortgage. This is an increase of over 15 per cent from the previous year. These households are considered at greater financial risk, and more likely to fall behind on debt payments if interest rates rise again or they lose their jobs.

If you find things are too tight, Carly Fautley, associate vice president, real estate secured lending at TD, suggests refinancing your mortgage.

When you refinance, you effectively trade in your old mortgage for one with a different rate or term. If you get a longer term, or amortization period, your monthly payments will be reduced.

You’ll have to pay more interest over the course of the mortgage, but this help reduce the monthly stress on your budget, easing painful rate hikes.

Avoid fees by opting for flexibility

If you haven’t purchased your “forever home,” you have additional questions to ask yourself when renewing your mortgage.

“If you’re planning to sell your home in the next few years, having a mortgage that you can transfer (port) with you to a new home is very important,” says Lucreziano.

If you sell your home before your mortgage term ends, you may have to deal with prepayment penalties. These fees can amount to thousands of dollars, so you want to know what you’re facing if you’re thinking of selling your home. The fees are usually either three months interest on what you owe, or the difference between your interest rate, the current rate and the amount of time left on your mortgage.

Check the fine print of your existing mortgage to see if it is transferable, and when shopping for the best mortgage renewal rate, make it one of your top questions to ask.

“Keep in mind,” adds Lucreziano, “as you purchase your new property, you will need to requalify for your new mortgage.” This means you’ll need to provide key documentation to your lender, like proof of ownership, income and insurance, so you’ll want to gather these documents as soon as you can.

Find security with a fixed-rate mortgage

Fixed-rate mortgages offer predictable payments at a known percentage. This makes it easier to budget since your rate doesn’t change over time, so your payments will be the same for the term.

“Given the current economic environment, we’ve seen a growing preference toward short-term fixed rates versus variable-rate mortgages,” said Lucreziano.

“However, Canadians who are renewing their mortgages, understandably, have questions about whether they should lock in their mortgage and for how long.”

Lucreziano points out some things to consider if you’re thinking about a fixed rate when you renew:

If you choose another fixed-rate mortgage, you will again have consistent payments.

If interest rates decrease, you’re still going to be locked in at the same higher rate.

You may be able to offset the higher rates if you make a lump sum payment, or increase your current payments to pay off the balance faster.

Pay down your debt faster with variable-rate mortgages

How would an increase in interest rates affect your lifestyle?

Have you taken advantage of making larger mortgage payments to pay down your mortgage faster?

These are two questions Lucreziano says you need to consider when you think about renewing to a variable-rate mortgage.

A variable rate will have you pay a different amount to your principal and your interest with every movement of interest rates. Variable-rate mortgages have traditionally had lower interest rates, but in the age of rate hikes, that’s no longer the case.

“Typically, people who can handle increases to their monthly payments feel more comfortable opting for a variable-rate mortgage,” said Lucreziano. But she also knows that interest rate increases may make you question if this is the best option.

When rates are descending, variable-rate mortgages let you pay off more of the principal — instead of interest — so that you can pay off your mortgage faster. If you move or want to pay your mortgage sooner, Fautley says paying the prepayment penalty may be cheaper “than breaking a fixed mortgage term.”

With a variable rate, you also have the option to convert to a fixed-rate mortgage at any time — provided that you only have three years or less remaining on your existing term.

Variable-rate mortgages “usually allow for larger than normal mortgage payments,” says Lucreziano, which means you can carve away at your debt when you have the additional funds.

Don’t wait until the last minute

You know when your mortgage term ends, so don’t wait until the last minute to start shopping for the best rate.

When you renew your mortgage, you don’t have to stay with the same provider. If a competitor is offering a better rate, you are free to switch lenders. The more time you give yourself to look for a new mortgage, the easier it is to change providers.

You can also use a competitor’s rate to help you negotiate a better deal if you want to stay with your current bank. A mortgage broker can also help you find the best rate on your mortgage renewal. While you’ll pay a fee for their services, you’ll generally make up the costs in the reduced mortgage payments.

If it’s coming time to renew your mortgage, be sure to explore all the options available to you. If you’re able to, put down as much as you can toward the principal so you can lower your monthly costs. You should also shop around for the best mortgage rates available.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: Financial Post

Interest rate hold could add heat to real estate markets: mortgage experts

 

Mortgage experts expect the Bank of Canada's decision to hold its key interest rate to add heat to the country's real estate markets.

The second consecutive hold since rates started climbing in March 2022, which leaves the overnight rate at 4.5 per cent, will likely give buyers and sellers more confidence to make a purchase soon, experts said Wednesday.

"This sends a strong signal to buyers and sellers that rates have hit their peak and rate decreases could happen before the end of the year,” said Victor Tran of Ratesdotca in a written statement.

“This could build confidence in the market and potentially prompt more sales.”

The prediction comes after buyers have sat on the sidelines of most markets for months, even as home prices dropped, because rising interest rates are making borrowing more costly.

However, when some real estate boards, like Toronto and Vancouver, reported March sales figures recently, they said they were seeing buyers re-emerge and eye the sluggish market.

“With two consecutive rate holds, we will continue to see the housing market heat up in densely populated regions such as Vancouver and the GTA,” said Leah Zlatkin of LowestRates.ca in a press release.

The average price of a Toronto area home hit $1,108,606 in March compared with $1,096,519 the month before, the Toronto Regional Real Estate Board said earlier this month.

However, the average price was still down almost 15 per cent from $1,298,666 last March, when bidding wars kept the market moving at a frenzied pace.

Over in Vancouver, the city's real estate board said the composite benchmark price for all residential properties in Metro Vancouver reached $1,143,900 last month, a 9.5 per cent decrease from March 2022 and a 1.8 per cent increase compared with February.

While prices have dropped in some instances roughly 20 per cent from their peak, Bank of Canada governor Tiff Macklem has given buyers little reason to believe an interest rate decrease is on the horizon. Interest rates tend to move in tandem with mortgage rates.

"The implied expectation in the market that we are going to be cutting our policy rate later in the year, that doesn't look today like the most likely scenario to us," Macklem said Wednesday.

Before its pause, the central bank had been hiking the interest rate to quell inflation, which reached a 40-year high last year, but is forecast to hit three per cent this summer.

"This is good news, but it is not job done," Macklem warned.

"Our destination is the two per cent inflation target, and several things still have to happen to get inflation all the way back to target."

Among the things that have to happen to convince him to shrink the rate are a drop in inflation expectations, wage growth moderation and the normalization of corporate pricing behaviour.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: Richmond News

Setting client expectations for a home inspection

 Realtors know how stressful buying a home can be. The process can seem confusing and complex, especially for first-time buyers.

A home inspector’s goal is to reduce anxiety, not add to it. The home inspection and report should provide clarity and reassurance.

The best way to make the inspection a positive experience is to properly set the stage so your clients have the right expectations every step along the way.

Before the inspection

You can help manage client expectations early by repeating the phrase, “No home is perfect!”. We say this a lot as inspectors, and it’s always true.

A home doesn’t “pass” or “fail” an inspection. There will always be improvements recommended in an inspection report. That is to be expected.

Encourage your client to attend the inspection. A home inspection is a practical course in homeownership. This is especially true for first-time buyers, who gain lots of insights they won’t find anywhere else.

Don’t exaggerate what a home inspection is. While an inspection adds great value in a short time, there will be things that go undetected for several reasons.

Some issues are not visible, some are intermittent, and some are not picked up in a representative sample. Inspectors typically test one electrical outlet and operate one window per room, for example.

Clients should allow 2.5 hours for a typical home inspection, and they don’t have to take notes (that’s what the report is for).

The inspection is an opportunity for homebuyers to learn from an unbiased, third-party expert about the condition of their property.

During the inspection

Encourage your clients to participate in the inspection. Your client will likely come to the home inspection with lots of questions, and a good home inspector will be there with experience-based answers.

Home inspectors are impartial: they don’t sell home improvements, and they don’t sugar-coat or exaggerate the condition of the property.

Prepare your client for the report. Remind them that there will be improvements recommended. Good home inspectors not only give recommendations for upgrades; they also provide ballpark costs and timelines for repairs.

This professional opinion is invaluable to homebuyers. Homebuyers can use this information to make informed decisions about their new home and build a home improvement game plan with logical priorities.

After the inspection

home inspection report should be uncluttered. The issues specific to the home should be separated from general maintenance advice that applies to all homes.

A poorly done inspection or badly written report can overwhelm and alarm clients. As with many things, simple is better. Good inspectors know that a well-organized, easy-to-read report is critical.

When a homebuyer becomes a homeowner, they don’t suddenly become an expert in home maintenance. They will forget things from the inspection, but they are in luck! Remind your clients to refer to their inspection report and to call on the home inspector for help and advice.

Speaking of advice: A great home inspection provides value well after the event. The inspector can help answer questions, address concerns, and evaluate contractor quotes.

Our goal is to protect your clients’ largest financial and lifestyle investment and keep their families safe, warm, dry, and happy!

Homeowners should create a home maintenance and improvement plan, targeting areas based on importance first. There are some one-time things like changing locks and some regular things like cleaning gutters.

Again, the home inspector can help set priorities and discuss how best to execute the plan. For each step of the homeownership journey, a home inspector is the key to moving forward with confidence.

In summary

A home inspection should be a source of comfort for homebuyers. Agents can help by setting reasonable expectations in advance. No home is perfect, and there will be areas of improvement discovered during an inspection. Good inspectors will give their unbiased insights with balance and perspective.

Homebuyers (especially first-timers) should use the experience as a learning opportunity. The more engaged they are, the more they will learn!

By setting the right expectations, you will help your client get the best value from their home inspection and feel much better about their new home. 

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REM

Spring brings renewed price growth across Metro Vanco

 

Photo credit: REBGV

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages. 

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540).

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.”

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553).

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10-year seasonal average (10,421).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments.

Analysis of historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.”

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023.

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023.

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REBGV

Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BC

 

Housing demand impact of record-high immigration is five times as large as the Foreign Buyers Ban: report

To fully offset a deterioration in housing affordability, new home completions in BC need to increase 25 per cent above their historical average level for the next five years to a record level of about 43,000 completions per year, a new report has revealed.

 According to the latest Market Intelligence report from the BC Real Estate Association (BCREA), two significant federal government policies – the Foreign Buyers Ban and record-high immigration targets – will shape housing demand in BC over the next three years.

Summary Findings:

• There is weak evidence that Canada’s Foreign Buyers Ban will achieve its objective of lowering home prices, with an estimated reduction in home sales of 2,400 units in BC over the two-year ban.
• BC will welcome an estimated 217,500 new permanent residents from 2023 to 2025 or 100,500 more new permanent residents than would be expected based on historical average immigration levels. This translates to a 20,500-unit increase in housing demand from new permanent residents.
• The demand impact of the increase in immigration is approximately five times as large as the Foreign Buyers Ban and is estimated to place significant upward pressure on home prices.

“Lowering price growth so that income growth can catch up to prices is integral to improving housing affordability in BC,” says Brendon Ogmundson, BCREA Chief Economist. “In our simulations, an appropriate supply response can offset the negative impact on affordability from an immigration-driven demand shock and if sustained, can achieve a permanent improvement in affordability in BC. 

Immigration plays a vital role in the economy by supporting economic growth, creating job opportunities, and bringing diversity to communities. However, as detailed in this report, immigration also adds significantly to housing demand. As the population continues to grow and global migration patterns persist, it is essential to create policies and programs that support and welcome immigrants while addressing the consequent pressures on an already stressed housing market.

“To ease the pressure on the housing market that arises from sudden changes in housing demand, governments can take steps to increase housing supply,” Ogmundson adds, “This can include zoning changes to allow for more housing construction, increasing funding for affordable housing programs, and providing incentives for developers to build more housing units.”

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REBGV

Amendments to the Prohibition on the Purch

 

The Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations.

The Act was passed by Parliament on June 23, 2022, and the Act and Regulations came into force on January 1, 2023, as part of the Government of Canada’s strategy to make housing more affordable for Canadians. The accompanying regulations were developed for the Act to set out specific exceptions, definitions, and clarifications necessary to implement the prohibition.

To enhance the flexibility of newcomers and businesses looking to add to Canada's housing supply, the Government of Canada is making amendments to the Regulations, to expand exceptions to allow Non-Canadians to purchase a residential property in certain circumstances. These amendments will further support individuals and families seeking to build a life in Canada by pursuing home ownership in their communities sooner and address housing supply issues. These amendments come into force on March 27, 2023.

The following amendments are being announced by the Minister of Housing and Diversity and Inclusion:

Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provision so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.

For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

 Quote:

“To provide greater flexibility to newcomers and businesses seeking to contribute to Canada, the Government of Canada is making important amendments to the Act’s Regulations. These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities. These amendments strike the right balance in ensuring that housing is used to house those living in Canada, rather than a speculative investment by foreign investors.”

— The Hon. Ahmed Hussen, Minister of Housing and Diversity and Inclusion

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: CMHC

What Is A Housing Bubble? And Are We In One?

 

What is a housing bubble? You’ve undoubtedly heard the term, but what does it actually mean, and is Canada experiencing one? Whether you already own a home, are considering buying one soon, or are waiting for the right time to sell, you want answers to this vital question.

Let’s explore what a housing bubble is, what causes it, and how it may impact you.

What is a Housing Bubble?

A housing bubble happens when the price of homes rises quickly, at an unsustainable rate. Typically, a price-growth rate in the high single digits is considered healthy and sustainable. Under healthy conditions, homeowners continue to earn equity over time, sellers can make a profit on resale, and buyers can still afford to get into the market. Economic factors such as an employment boom and favourable interest rates usually explain this price growth.

On the other hand, a housing bubble can result from non-organic growth. For example, if speculators were flooding the market, buying homes to take advantage of rapid price growth, to sell in the near term for a hefty profit. This massive influx of listings, coupled with stagnating demand, causes prices to plummet and results in a “housing market crash.” A housing market crash is temporary, prices eventually return to normal levels when demand rises again and home-buying activity resumes.

What Happens When a Housing Bubble Bursts?

During a housing bubble, homes become overvalued. When the bubble bursts, prices fall. Homeowners without the intention of selling are unlikely to feel the direct impacts of the bursting bubble. However, these market conditions often indirectly impact other aspects of the economy, so to call homeowners who aren’t selling “free and clear” would be misleading. The ripple effects of a bursting housing bubble would likely touch most of us in one way or another.

Homebuyers who purchased a home during a housing bubble likely paid considerably more than it was worth. Properties bought by end-users as a residence, with no intention of being sold in the short-term, will eventually rebound closer to “normal” values and, at some point, return to positive growth.

A housing bubble poses the most significant risk to home sellers. Those who purchased in the bubble but now find themselves forced to sell their home will come up short on resale. They bought the house at a price exceeding what they could recoup, putting them in the red with no assets to show.

For example, someone purchased at peak market prices, but due to circumstances such as a job loss or the inability to carry the costs for any reason, now has no choice but to sell in a down market. The seller still owes their mortgage lender money on a home they no longer own.

Are We in a Housing Bubble?

The Canadian housing market reached record-high selling prices throughout the COVID-19 pandemic. After coming to a grinding halt in mid-March of 2020, a spike in demand for homes met by a supply shortage created that environment of price growth.

Speculators tend to wait out hot markets, buying when prices are down and selling when they’re up again. The short-term investment opportunities they generally look for are hard to find under hot market conditions, where bully offers and bidding wars are commonplace, and demand continues to outpace supply. These factors are generally inhospitable to speculators and investors.

Now, with rising interest prices and an increase in supply, there are signs that the market may settle into more typical patterns, not the records we saw throughout the first two years of the pandemic. However, for a housing bubble to burst, there needs to be a steep incline in inventory and new listings and a decline in demand – neither of which is likely to happen any time soon.

Housing Crash 2022? It’s Highly Unlikely.

The Canadian housing market is still feeling the impacts of pent-up demand from 2017 when the government introduced the foreign buyer tax and the mortgage stress test to cool the overheating market. These policies prompted many homebuyers to move to the sidelines, opting to wait and save, with plans to re-engage in the housing market in a few years.

Now fast-forward a few years to 2020. COVID-19 had a similar impact on the market, whereby many homebuyers delayed their purchase plans due to pandemic-related uncertainties. That pre-existing pent-up demand for homes continued to swell. With Canadians subject to stay-at-home orders with nowhere to go and spend their hard-earned money, they collectively saved historically high sums, which were injected into the housing market once consumer confidence returned. The spending came in the form of record-high home sales and renovations to existing dwellings for those unwilling to face the competitive resale market conditions.

Though inventory is not at record lows, it is still in short supply. With monthly sales starting to decline, experts are predicting that we will return to a more balanced market in the coming months, with more normal levels of sales activity and a flattening out of prices.

Given all this, it’s doubtful that we’ll experience the influx of real estate listings needed for a housing market crash – and if we did see those listings suddenly come on stream, there should be plenty of buyers to absorb them.

Homebuyers and Sellers, Do Your Due Diligence

Challenging market conditions and a still-present global pandemic have added some personal risks for homebuyers and sellers. It’s important to remember that requirements vary dramatically across Canada between provinces, cities, and even from one neighbourhood to the next. Now more than ever, it’s essential to work with a trusted, experienced professional Realtor who can guide you through the buying and selling process.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: RE/MAX Canada

Explore the Neighbourhood Before You Buy

 

The quality of the surrounding community is a significant factor in determining whether you will be happy in your new home. While choosing a neighbourhood and forming an accurate impression of it is tough until you actually live there, preliminary research on the area can reduce the likelihood of suffering from buyer’s remorse down the road. So, how can you ensure that you’re well-informed? Here are five strategies for investigating a neighbourhood before you buy.

Choosing a Neighbourhood: Journey of Discovery

To determine whether the area is ideal for you, it is best to pay multiple visits. Listen for things like planes, trains and automobiles as you wander the neighbourhood. Living near places that frequently generate loud noises is probably not a good idea if you have a low tolerance for such sounds.

You should consider the condition of nearby houses as well. A neighbourhood may not be in good shape if many homes are on the market and the fences, yards, and windows all look neglected. Conducting a daytime and nighttime exploration, as well as weekday and weekend visits, are all recommended.

Reach Out to The Neighbours

Talking to locals can be an excellent strategy for gaining insight into a community. Keep your eyes peeled for possible encounters with your future neighbours so you can introduce yourself. Inquire whether they recommend the area to you and your loved ones. A good way to find out if you’d like to move there is to talk to people who already live there.

Check The Prevalence of Crime in a Given Area

There are several factors to consider before purchasing a home, but one of the most important is the local crime rate. Although there is usually some level of criminal activity in every area, some places are considerably safer than others. If the neighbourhood you’re looking at has a low crime rate, you’re likely to feel safer.

It can also be a good idea to check crime maps of the area you’re looking at by doing a quick search on Google. In addition, you can get in touch with the local police for further assistance in finding this information, such as the Toronto neighbourhood crime maps, which show the number of crimes per 10,000 residents.

Examine Recent Changes in Property Values

Considering property value trends is not crucial if you are a renter, but it is essential if you are considering purchasing a home. Before you buy there, you need to know if home prices in the area are rising, stagnant, or falling. Knowing these tendencies is helpful. Also, you can extrapolate information about a neighbourhood’s public amenities funding from the property tax rates there.

It’s important to remember that property values aren’t indicative of a neighbourhood’s desirability and that affordable housing doesn’t mean a place is terrible to live in. However, they are essential to investigate when learning about a community, especially if you plan to make a long-term investment there.

Try Out Your Commute

The commute you endure every day can significantly affect your happiness. While a quick Google Maps search can give you a general idea of your commute and how long it might take, nothing beats experiencing it for yourself, whether you’re travelling by car, foot, bike or public transportation. In addition, the best time to test your commute is when you would typically be on your way to or from work.

Buying the Perfect Home in An Ideal Neighbourhood

It’s just as critical to locate a desirable community as it is to find the ideal dwelling. You can improve a house, but a neighbourhood’s characteristics are much more challenging to alter. Don’t rush into buying a home; instead, take your time to learn about the community and get a feel for the area.

Your RE/MAX real estate agent is another great way to learn the ins and outs of a neighbourhood you are considering moving to. Their expertise and experience in local communities mean they can share insights that you may not be able to find on your own.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: RE/MAX Canada

A Look at Financial Help and Incentives for First-Time Homebuyers

 

Despite recent softening in the housing market, home ownership in Canada is expensive and can be intimidating if you’re a first-timer. Luckily, there’s financial help and incentives for first-time homebuyers, which can help offset the cost of purchasing a new home. You don’t need to feel as if you have to do it all alone – read below to see what incentives are available.

Incentives for First-Time Homebuyers

Home Buyers’ Plan (HBP)

The Home Buyers’ Plan (HBP) offers an alternative way of securing funds for a down payment for first-time homebuyers. If you have a Registered Retirement Savings Plan (RRSP), you may withdraw up to $35,000 from the account to buy or build a qualifying home for yourself or a related person with a disability. You then have a 15-year period to replace the funds in your RRSP.

You can withdraw funds from more than one RRSP as long as you are the owner of each account. However, some RRSPs, such as locked-in accounts or group RRSPs, do not allow you to withdraw funds, so you need to check to make sure that your RRSP is eligible.

For the purpose of the HBP, you are considered a first-time homebuyer if you did not occupy a home that you have owned within the last four years. This means that if you have previously owned a home, you may still be considered a first-time homebuyer and can take advantage of the HBP a second time as long as the balance has been paid as of January 1 of that year and you meet all other requirements.

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive offers extra help to people looking to buy their first home. The program offers five or 10 per cent of the home’s purchase price to put toward a down payment, which helps to make the mortgage payments more affordable.

To qualify for the First-Time Home Buyer Incentive, your total qualifying income must not exceed $120,000, and the total borrowing amount cannot be more than four times your annual income. These amounts increase to $150,000 and 4.5 times your yearly income if you live in the Toronto, Vancouver or Victoria metropolitan areas. You must meet the minimum down-payment requirements with traditional funds, after which the incentive will be added.

New and existing homes and mobile homes are eligible for five per cent, while new construction homes are eligible for five or 10 per cent. The homebuyer must repay the incentive after 25 years or when the house is sold, whichever comes first, but it can be repaid in full at any time, without penalty.

Tax Credits for Homebuyers

While a couple of incentives are available before you purchase your first home, the help doesn’t stop there. The government of Canada also has several tax credits and rebates available for first-time homebuyers. A tax professional can work with you to see how much you are eligible to get back in the following tax season when you submit your tax return.

Homebuyers’ Amount – This tax credit becomes accessible to first-time homebuyers the following year when they file their tax return and is meant to help offset some of the upfront costs associated with buying a house for the first time. You can claim up to $5,000 for purchasing a qualifying home, as long as it is your first time buying one.

GST/HST Housing Rebates – The sales of new homes are generally subject to GST/HST, and these tax rebates help to offset some of the tax you paid on your home.

Moving Expenses – If you bought your first home in a new location to work, run a business, or study as a full-time student in a post-secondary institution, some of these costs can be refunded. You can deduct eligible moving expenses from the income you earn in the new location in that tax year. Your new home must be at least 40 kilometres closer to your work or school location to qualify.

If you want to enter the housing market but are hesitant due to the price, consider the financial help and incentives available for first-time homebuyers. One of them could be the boost you need to get you into your first home.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source:  RE/MAX Canada

How to declutter your home: the new rules for decluttering in 2023

Change your mindset for a more sustainable spring clean.

Many of us dream of living in a calm, organized home, and a big spring clear-out can be the answer. But is it time to rethink the way we declutter? It’s easy to get caught in a cycle of getting rid of stuff, then buying more stuff, but it’s possible to live in a more sustainable, considered way.

We spoke to experts about how best to let go of the things we no longer need, and how to think about what we’re bringing into our homes in the first place.

How to declutter your home

Whether you're looking to clear your hallway, organize your bedroom or sort out your make-up bag, these are the rules to follow when it comes to decluttering your home...

Declutter little and often

For Lynda Wylie of Tidy Rooms, ‘mini habits’ are key and she encourages people to let go of things during Lent. She says, “Every day of Lent, put a household item (or a bag of items!) in a box. By Easter, you'll have 40 items you can give to a food bank or charity shop.”

“Decluttering is a lifestyle, not a project,” says Juliet Landau-Pope, author of What’s Your Excuse For Not Clearing Your Clutter?. “It can take less than 15 minutes to sort out one drawer, so start with a small space or a category of items and work from there.”

You don’t always need more storage

“When people ask me what they need to buy before they start decluttering, the answer is nothing,” says Juliet. She identifies three stages to organizing, “none of which actually require you to buy anything”.

She says, “The first stage is to let go of stuff. Review and then reduce your things and think about what you can recycle and reuse. The second step is to organize the things that you've decided to keep (they’re staying in your life right now, but they may not be there forever!). And the final stage is creating systems and routines so that you can maintain order.”

Embrace the circular economy

According to a survey from the British Heart Foundation, 30% of us have thrown away furniture, electrical items and homeware that were in good enough condition that they could have been reused, sold or donated.

But it’s easier than ever to find people who would love the things you’re getting rid of – consider local WhatsApp groups, eBay, Facebook Marketplace and Depop. You can sell books, CDs, DVDs and games on Ziffit, and the Olio app allows you to give away unwanted food and household items to your neighbors.

It helps you let go of things if you know they’ll go to a good home and live on, says Lynda: “You can donate sewing machines and household tools to Tools With A Mission, and they go to people who need them in Africa. Meanwhile dog rescue centers love receiving old bedding and towels.”

Buy long-lasting products

“There are a lot of different ways you can shop sustainably – buying products made with recycled materials, or from a carbon-neutral factory, for example – but nine times out of 10, the best thing you can do is buy long-lasting products,” says Tara Button, founder of Buy Me Once. Tara set up the online homeware and clothing store after being given a cast-iron pot with a lifetime guarantee and realizing that she wanted to invest in products that would go the distance.

She said, “The average T-shirt lasts two and a half years, but if you have an item of clothing that lasts 10 years, then the cotton didn’t have to be watered, or ploughed, threshed, woven, manufactured, packaged, transported… It’s so much better for the environment.”

Know what you like

It’s easy to be swayed by trends, so it’s important to know your home style and stick to it, says Tara. She explains, “Everything that we bring into our lives should be a considered choice rather than thinking, ‘I need something and this is easy, or this is cheap’.

“Having a plan is important – take the time to think about your own tastes and what your ideal home looks like, maybe even make a mood board. Otherwise you’ll buy a sofa you like but it won’t go with your cupboards or your carpet, and you’ll think, ‘Now I have to change my carpet!’. It’s an ongoing cycle of consumption.”

Live well with less

“Decluttering can help you live more simply, especially during the cost of living crisis,” says Lynda. “You know what’s in your house so you avoid buying duplicates – if you've already got it in the cupboard then use it up rather than buy more of it. Before you get anything new, picture where it’s going to live in your house. Have a physical boundary – so if you buy a lot of art supplies, have two boxes and if it goes over that don’t buy any more.”

Thinking of others

When we’re surrounded by bags of clutter to get rid of, it can be hard to imagine that some people are living in furniture poverty, with nothing in their homes, not even flooring or curtains. But that’s often the case for families in social housing.

Emily Wheeler is the founder of Furnishing Futures, a small East London charity that furnishes homes using items that would otherwise end up in landfill. She says, “I started Furnishing Futures when I was in frontline social work. Children had no beds, there’d be no cooker, and it was impacting families. Women who’d fled domestic violence had lost everything.”

With a background in interior design, Emily knew that furniture brands often had a huge amount of ex-display or customer-returned stock. She now works with brands and designers to use this furniture in social housing. Furnishing Futures accepts some pieces from the public, if it’s in excellent condition, but look out for charities near you that accept furniture donations to help those in need.

Make space for what inspires you

Decluttering can have strong emotional benefits, says Helen Sanderson, a psychotherapist and author of The Secret Life Of Clutter: “I say to people, your home is like a garden. It's a living, breathing space. It needs cleaning and loving and caring for and maintaining.

“I think of this process as being mindful, rather than a chore. It's an act of self care. Ultimately, what it leads to is a sense of lightness, and then joy and possibilities come flooding back. If you have clutter, you’ve filled your space. But what can you make space for?

“Maybe you've got that box room that’s full of stuff. But if you clear and open up that room, and make it into your writing room or your crafting room or a space for a friend to stay, you start to live a life that is more about nourishment and expression, rather than consuming and drudgery.”

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: Good Housekeeping / Photo Credit Good Housekeeping

Provincial Housing Market Showing Signs of Recovery Heading into Spring

 

Photo Credit: BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in February 2023, a decrease of 46.5 per cent from February 2022. The average MLS® residential price in BC in 2023 was 941,575, down 14.7 per cent compared to the average price of over $1.1 million in February 2022, recorded at the market's peak. The total sales dollar volume was $4.5 billion, representing a 54.4 per cent decrease from the same time in the previous year.

“While activity across provincial housing markets remains well below normal,” said BCREA Chief Economist Brendon Ogmundson. “There are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”

Worth mentioning, the provincial MLS® average price was up 8.5 per cent month-over-month to its highest level since July 2022, partially due to a more stable market but also because of the composition of sales reverting to a more normal mix following low sales of single detached homes through the Lower Mainland in January.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REBGV

New Strata Property Act amendments: the end of rental and age restrictions

 

The BC government’s Bill 44 amendments to the Strata Property Act are now in effect. These amendments end rental restrictions, all but one age restriction, and add the ability to hold virtual meetings without the need for a bylaw.

Here’s a quick overview of what these new rules will mean for people who own, or are looking to buy, strata properties.

Rental restrictions

• Stratas can no longer enforce rental restrictions. For example, if a strata has a bylaw restricting rentals to a certain percentage of units, they can no longer enforce this rule.
• This only applies to long-term rentals. Stratas can still enforce short-term rental restrictions.
• Renters still need to follow other strata bylaws.
• While owners currently renting out their units previously in contravention of a strata bylaw are no longer in breach of the bylaw, they are liable for any breach of a rental restriction prior to November 24, 2022 – when the amendments became law.

Age restrictions

• There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw.
• All other age restrictions are unenforceable, including restrictions for older or younger ages. For example, a strata requiring residents be 60 years old or older can no longer enforce this rule.
• This rule has no relation to rental restrictions – a 55+ strata can’t restrict rentals.
• Live-in caregivers are allowed to live in age-restricted stratas, including caregivers under the age of 55, regardless of current strata bylaws.

Virtual/electronic strata meetings

• Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.
• The strata council chooses the format of the meeting, which the council must include in the notice sent to residents.
• Along with the date, time, and type of meeting, stratas must include instructions on how to attend.
• Stratas can use any electronic meeting tool so long as it allows all meeting participants to communicate with each other, and the chair can determine if the participants are eligible voters.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REBGV

Below average home sales allow inventory to inch upwards

 

February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33 per cent below the 10-year February sales average.

“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478).

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said. “In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”

For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 per cent decrease over February 2022 and a 1.1 per cent increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 2023.

Attached home sales in February 2023 totalled 366, a 34.6 per cent decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3 per cent decrease from February 2022 and a 1.8 per cent increase compared to January 2023.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: REBGV

36 Best Things To Do In Vancouver

 Vancouver is one of the most picturesque cities in the world. Located on the Strait of Georgia, spliced by False Creek, and backed by towering mountains, Vancouver, Canada balances outdoor activities with many cultural highlights. This year-round destination has plenty of hiking trails and outdoor events in the summertime and in the winter you can go ice skating at one of its many arenas or hit the awesome ski slopes located just minutes from the downtown core.

The Top Things To Do In Vancouver, Canada

Downtown Vancouver features museums, galleries, and the beautiful Stanley Park. It’s a happening city in its own right. But very few locations can lay claim to the sort of scenery Vancouver provides. Beyond the city are snow-capped peaks carved by years of slow-moving glaciers. The Coast Mountains which cut through British Columbia are awe-inspiring allowing visitors a wide spread of activities to enjoy. This comprehensive guide will help you uncover the best things to do in Vancouver, Canada.

1. Granville Island

Many cities have wonderful stories of old warehouses reborn to become a top attraction. Vancouver’s version of this is Granville Island. The old industrial port in the city has been replaced by a thriving arts community with restaurants and microbrew pubs, boutique shops, and entertainment. Granville Island is one of the first places you should see when visiting Vancouver.

Inside the warehouses, you’ll find art galleries featuring local artists, a boisterous dining scene and independent theaters. If you’re up for a pint, check out Granville Island Brewing Company. Granville Island is technically not an island, so you can arrive via both car and ferry.

Granville Island Market

But perhaps the most popular thing to do here is to explore the Granville Island Public Market. Come here for fresh produce and delicious treats. The Granville Island Public Market showcases local food and artisanal products, with over 50 vendors offering a wide variety of fresh and locally-sourced produce, meats, cheeses, seafood, and baked goods. It’s a great place to sample the flavors of British Columbia and support local farmers and producers.

The market also offers educational experiences for visitors, including culinary workshops and tours, wine tastings, and cooking classes. Take a tour where you can learn about the history of Granville Market and its vendors, as well as the local food and artisanal production processes.

2. Stanley Park

The most famous of all the Vancouver Parks is Stanley Park. Located on the peninsula in the West End of Vancouver, Stanley Park is one of the top tourist attractions offering a natural escape just steps from downtown Vancouver. The edge of the park carves along the bay, providing excellent biking and a place for casual strolls along the iconic Stanley Park Seawall. Beyond the water, you’ll find another top attraction on this list of things to do in Vancouver, the Vancouver Aquarium.

Stanley Park offers visitors a chance to escape the city just steps away from the downtown core. The Stanley Park seawall starts at the Vancouver Convention Centre and goes all around the park to Spanish Banks Park. You can walk, cycle, or rollerblade around the seawall to see some of the park’s top attractions.

Hot Tip: At the Stanley Park Totem Poles, you’ll find one of the best views of Vancouver’s beautiful skyline. Get on a bike to explore Stanley Park with this guided cycling tour.

Stanley Park is a great spot for an afternoon picnic with space for yard games. In the summer, the heated public pool is open, bringing excited families along for the afternoon. While in spring, colors burst through the landscape, including vibrant cherry trees.

• One of the best ways to see Vancouver and Stanley park is on a private tour. Book this highly-reviewed private tour to see Stanley Park, Granville Island, Gastown, Canada Place, and more on a four-hour excursion all to yourself.

3. Canada Place

Not to be confused with a classic ocean-going vessel, Canada Place is a permanent structure located at the Vancouver Convention Centre on Vancouver Harbour. The pier rolls way out into Vancouver harbor, providing travelers and locals with wonderful views of the mountains in the distance and the picturesque bay.

Beyond being a cruise ship terminal, Canada Place is also the Vancouver Convention Center which hosts over 500 events each year, and The Pan Pacific Hotel. But that’s not why it’s on the list. Also at the end of the pier is Flyover Canada. Jump in the flight simulator and explore the country from above. Most Alaska cruises depart or end in Vancouver. We ended two Alaskan cruises by sailing into Vancouver Harbour. Check out our cruise experience to Alaska.

Where to Stay

We have a complete guide of Where to Stay in Vancouver, but another great place to stay near the Vancouver Convention Center before or after your cruise is the Fairmont Pacific Rim. This historic hotel is opulent and luxurious yet the contemporary rooms have all the high-tech amenities.

Trade the indoor pool for a lavish rooftop swim before sitting down at one of the three on-site restaurants, including The Botanist, a renowned fine dining experience. With so much to see within easy walking distance, enjoy a great location in style.

4. False Creek

False Creek is the heart of Vancouver, British Columbia. This bustling inlet has many of the top attractions in the area that draw visitors from all over the world. From Granville Island and the Island Public Market to Science World, take a stroll along False Creek’s Seawall to take in the views of the Vancouver Skyline.

This scenic tour takes you on a 90-minute boat tour from False Creek to Lighthouse Park. You’ll see the resident seal colony, the city’s beaches, and the Lions Gate Bridge while taking in the Vancouver Skyline.

5. Olympic Village

Don’t forget to visit Olympic Village, a newly developed area located on the southeast shore of False Creek. Vancouver’s Olympic Village was home to the athletes during the 2010 Winter Olympics and has since been transformed into a vibrant community that features restaurants, shops, and public art. Also known as the Southeast False Creek neighborhood, it is just minutes from the city center.

Vancouver’s Olympic Village is home to several popular craft breweries, including Brassneck Brewery, Steel Toad Brewing, and Main Street Brewing, making it a great spot for beer lovers to explore the Craft Beer Scene. It is also home to a number of public art installations, including the popular A-Maze-ing Laughter sculpture, which features 14 bronze figures laughing and playing.

This is an excellent neighborhood for shopping with a variety of unique shops, boutiques, and restaurants, including the trendy dining spot, The Flying Pig, and the popular local bakery, Terra Breads.

False Creek Ferries

Make sure to hop on the False Creek Ferries to enjoy the water taxi service offering a unique way to explore the area. It stops at Granville Island, Science World, and Yaletown. It’s a fun and unique way to get around the area.

6. Yaletown

One of our favourite places to hang out is the trendy neighborhood of Yaletown where there are chic restaurants, boutique shops, and a vibrant nightlife. Overall, False Creek offers a diverse range of attractions that are sure to appeal to visitors of all interests and ages.

One of our favorite ways to see a city is to join a cycling tour. This guided tour takes you along the seawall and through the city’s most popular neighborhoods including Yaletown, and Chinatown, with a stop at the serene Dr. Sun Yat-Sen Garden (Another one of the top things to do in Vancouver) and Strathcona—Vancouver’s oldest residential neighborhood. 

Where to Stay near Yaletown

The Opus Vancouver is an excellent boutique hotel located in Yaletown that is within walking distance of everything in the city center. Plus there are great options for dining and nightlife close by and it’s just a short walk to the waterfront. 

7. Science World

When traveling around Vancouver, there’s a chance you may have noticed the huge metal dome structure on False Creek. What you may not know, is that it’s home to one of the top things to do in Vancouver with kids.

The family-friendly Science World features 12 interactive exhibits designed to get you thinking about how the world works. Activities range from exploring motion, water, and the history of inventions.

The 12 exhibits are complemented by various touring exhibitions that have been a part of renowned museums and other science centers. Once you’re all done exploring, kick back and watch a show on the massive five-story domed screen. The largest of its kind on earth.

8. Watch The Vancouver Canucks

We all know Canada to be a hockey-mad country, so why not lean into the excitement and venture off to a local game? The Vancouver Canucks play in the NHL, which runs from October to April, and the home team averages just under 20,000 for each game.

Playing out of Rogers Arena, grab yourself a foam finger and root for the home team. Whether you know much about hockey or not, the noise of the crowd is sure to get you involved. Once the game is over, downtown Vancouver will be at your disposal.

We love doing walking tours when we first arrive in a city and one of the best ways to see Vancouver is to book this Guided City Highlights Tour.

9. Chinatown

After passing through the impressive Millenium Gate, you’ve officially arrived in Vancouver’s bustling Chinatown. This part of the city mixes modern development with many historic buildings from Vancouver’s early years. Vancouver’s Chinatown is one of the largest in North America and is a top spot for cheap eats. The iconic Dim Sum at Floata Seafood Restaurant is a must-eat on any visit.

After eating a tad too much, explore the interesting local shops before making your way to Dr. Sun Yat Sen Classical Chinese Garden. Created via traditional methods, with manicured gardens and beautiful streams, the gardens are a nod to the Ming Dynasty.

10. Grouse Mountain

Crossing over the Lions Gate Bridge, we take you to North Vancouver to enjoy Grouse Mountain. At any time of year, visiting Grouse Mountain is one of the best things to do in Vancouver. The view from the top provides unmatched scenery, with epic vistas of the city skyline in the valley below. You can take a scenic ride up the Gondola or tackle the Grouse Grind.

The infamous Grouse Grind, often described as Mother Nature’s StairMaster is one of the top hikes in Vancouver. Once at the top of Grouse Mountain, there are plenty of things to do from going ziplining, hiking, seeing the resident grizzly bears that were rescued as orphans 20 years ago, and taking in the spectacular views.

When the snow falls, Grouse Mountain becomes a winter paradise, with skiing, skating, and snowshoeing on offer. Because of ample beginner runs, it’s a magnificent spot for the family to go skiing.

Getting to the summit is simple thanks to the gondola that runs every day. After the scenic ride, hiking adventures await along with mountain-top restaurants. Ready to explore Vancouver’s nature? Read up on the best hikes to do in Vancouver.

11. Capilano Suspension Bridge

While visiting Grouse Mountain in North Vancouver, it’s good to combine a visit to the Capilano Suspension Bridge. Having the moniker of Vancouver’s first tourist attraction may make visitors wonder if the Capilano Suspension Bridge is outdated. Yet the city’s suspension bridge, which opened in 1889, continues to wow and thrill those that walk across the Capilano River to this day.

The 70m footbridge connects two sides of a deep canyon with the Capilano River slicing through below. There are hiking trails and outdoor adventures waiting on the other side. The bridge sees a lot of visitors, so it’s one of those attractions that is well worth getting up early for.

Conveniently, you can catch a free shuttle to the Capilano Suspension Bridge from downtown Vancouver. Once you’ve arrived, up the ante by experiencing the transparent Cliff Walk for an awesome thrill. Pick up this self-guided tour of the attraction that includes entry to the park.

12. Queen Elizabeth Park

From one park to another, Queen Elizabeth Park has a bit of everything. The center of the park known as Little Mountain is the highest point in the city. Queen Elizabeth Park is a great place to go for sunset and is one of the best places to see Vancouver’s Skyline. From here you can also see the snow-capped peaks to the north.

While Stanley Park is all about nature, Queen Elizabeth Park is fun-packed. Come here for mini and disk golf, tennis courts, and the Bloedel Conservatory. The latter features an illuminated geodesic dome. Also in the urban park is the Quarry Garden. The repurposed quarry comes with a spectacular entrance and is a wonderful place to walk on a clear day.

13. Commodore Ballroom

If you are looking for things to do in Vancouver at night, check out some music at Vancouver’s most historic live music venue. Located on Granville Street, The Commodore Ballroom has seen the likes of Kiss, B.B. King, David Bowie, and The Police grace its stage. Today it is still going strong and is one of the most influential venues in North America.

14. Whale Watching

Vancouver is a fun city to explore but it is even better on a boat tour. Beyond the city limits lies an incredible place to see migrating whales. Off the coastline of British Columbia, eager whale watchers keep their eyes peeled for gray and humpback whales.

he whale watching season begins in March as the temperatures begin to rise and last until October. You’ll discover plenty of ways to see these beautiful beasts, whether that be from a private dinghy, touring boat, or from above in a plane. Beyond whales, it’s common to spot orcas and minke on your journey.

15. Vancouver Art Gallery

In downtown Vancouver, the city’s prominent art gallery is one of the top art institutions in Canada. One of the best things to do in Vancouver is to sign up for a guided tour of the Vancouver Art Gallery. It is a meeting place and hosts fun community events

On any day during the week, you can explore the innovative art space with the helping hand of an expert. Learn about the displays and the stories behind them. When you’re ready for a break, sit down at the on-site bistro patio before going out on your own. The Vancouver Art Gallery is next to Robson Square, a popular gathering place in the city center.

16. Vandusen Botanical Garden

An oasis in the heart of the city, VanDusen Botanical Garden, is a sight to behold. All told, the garden covers a massive 55 acres with a worldwide plant selection that adds to over 7000 plants.

The quiet setting is the perfect way to relax and escape from the oft-chaotic downtown Vancouver. Keep your camera handy as you explore the colorful gardens, art sculptures, unique architecture, and even a beguiling waterfall.

There are multiple restaurants on-site that offer anything from a relaxing coffee to a scrumptious midday meal. If you’re in Vancouver during the winter, stop by for the annual Festival of Lights.

Looking for more things to do in British Columbia? Read these articles for travel inspiration

• Vancouver to Whistler – Best of the Sea to Sky Highway
• Sunshine Coast BC – The Perfect Road Trip Itinerary
• 23 Awesome Things to Do in Whistler, BC

17. Vancouver Maritime Museum

Although offering splendid views of English Bay, the inside of the Vancouver Maritime Museum is what guests remember the most. One of the top things to do in Vancouver is to explore the historic museum and learn seagoing tales that date back centuries.

The museum offers a diverse range of perspectives and takes a look at prominent explorations in the Pacific Northwest and the Arctic Oceans. Inside the stunning A-frame building is the beautiful RCP Vessel St Roch. Jump behind the wheel and feel what it would be like to helm the historic boat.

18. Vancouver Lookout

The Vancouver Lookout is a popular tourist attraction located in the city center on the top floor of the Harbour Centre building. The 360-degree observation deck stands at 168 meters (553 feet) offering spectacular views of Vancouver’s Skyline, The North Shore Mountains, the Pacific Ocean, and English Bay.

Interactive exhibits: In addition to the observation deck, the Vancouver Lookout also features a range of interactive exhibits that educate visitors about the city’s history, culture, and landmarks. These exhibits include historical photographs, 3D models of the city, and multimedia displays.

Accessibility: The Vancouver Lookout is fully accessible to people with mobility issues, with elevators that provide access to the observation deck and exhibits. The attraction is also wheelchair-friendly, with wide doorways and accessible washrooms.

19. Lynn Canyon

Capilano Suspension Bridge may get all the plaudits, but it isn’t the only one of its kind in Vancouver. The Lynn Canyon suspension bridge is a local favorite, particularly as it avoids the tourist hordes and doesn’t cost a penny.

In the Lynn Valley, Lynn Canyon Park brings spectacular scenery that is sure to excite your inner explorer. Several forest trails lead you to remote swimming holes and natural waterfalls. Eventually, you’ll stumble upon the bridge, which connects to the other side over 50 hair-raising meters.

20. Museum Of Anthropology

Note: The Museum of Anthropology is temporarily closed for most of 2023 for upgrades to ensure that the Indigenous collections are housed in this but visiting the grounds of UBC is still worth a visit. You can also visit its rose garden for stunning views of the mountains and ocean.

The Museum of Anthropology is a section of the University of British Columbia and has a keen focus on the Northwest Coast First Nations. Explore native art, large totem poles, and mosaics. Beyond local human history, the museum looks toward the South Pacific, Asia, Africa, and Europe. It all comes together inside an old World War II fort transformed into a cultural highlight.

21. Explore Gastown

As the city’s oldest district, Gastown is a must-visit on your travels to Vancouver. Gastown developed on the back of legendary John Deighton. The man was a griot, a throwback to past storytellers, and quickly gained the nickname, Gassy Jack. A statue of Deighton can now be found in Maple Tree Square.

Gastown offers an immense number of quality restaurants, interesting galleries, and local boutiques. All are placed within Victorian-era buildings.

Just a brief walk from Canada Place, Gastown is lined with cobblestone streets lit by classic lampposts. It’s a journey back in time, especially when the fog rolls in and the lamps shine through the clouds. You can book walking tours of Gastown like This highly rated lost souls of Gastown tour.

22. Kitsilano Beach

Vancouver has plenty of urban beaches and one way to soak up the sun when in Vancouver is with a trip to Kitsilano Beach. The local favorite is a laid-back location with dazzling city and mountain views. The spacious beach is popular on summer days when locals come to bake on the soft sands or have fun on the volleyball courts.

Jumping in the water isn’t so popular, but you’ll soon discover a heated outdoor pool. Once you’re done having a dip, dry off and enjoy the several walking trails through the green space, or kick back at a local cafe. You’ll also find yourself minutes from shopping on West Fourth Avenue.

23. Visit Wreck Beach

Wreck Beach has been famous for as long as I can remember. This clothing-optional beach located on the western tip of Vancouver has a wide expanse of sandy beaches and rocky sea cliffs. For those comfortable with the clothing-optional policy, it’s a great opportunity to shed your inhibitions. With regulars who have been visiting for years and are welcoming to new visitors. There’s a relaxed and friendly vibe, with people of all ages, backgrounds, and body types.

Wreck Beach also hosts a range of events and festivals throughout the year, including beach cleanups, art shows, and live music performances. These events can be a great way to connect with like-minded people and enjoy the beach in a festive atmosphere.

24. English Bay

Close to Stanley Park, English Bay is another popular beachfront that brings the crowds on sunny days. As a part of Vancouver’s West End, English Bay plays host to the Celebration of Light.

The annual festival, held in July, sees eye-popping fireworks light up the sky and live music. But on any regular day you’ll find residents relaxing under the gigantic trees, rollerblading or taking in the many public art exhibits. Like Kitsilano Beach, it’s not common to swim at English Bay. But that doesn’t stop those braving the frigid waters for the Polar Bear Swim, held on New Year’s Day.

English Bay Beach

Dave and I used to live in the West End of Vancouver and English Bay Beach was our beach. We knew it as First Beach. Because of its close proximity to the city center, English Bay Beach is one of Vancouver’s busiest beaches. From here you can see views of English Bay and the North Shore mountains. We loved this neighborhood of Vancouver with plenty of restaurants, coffee shops, and shopping nearby.

The water is calm offering plenty of water sports such as SUP, kayaking, and swimming. On the shore, you can enjoy beach volleyball or this is a great spot to enjoy a picnic with that food you picked up at Granville Market.

One of the highlights of English Bay Beach is the annual Celebration of Light fireworks display (we used to watch it from our rooftop!) which takes place over three nights every summer and attracts hundreds of thousands of visitors. The beach is also the starting point of the annual Vancouver Polar Bear Swim, a New Year’s Day tradition in which brave swimmers take a dip in the chilly waters of English Bay.

Spanish Banks Beach

Vancouver has a lot of waterfront property and plenty of city beaches. Another popular beach in Vancouver is Spanish Banks Beach. Also located in the West End, Spanish Banks is where the seawall ends but can also be accessed by public transportation.

There are several amenities at Spanish Banks Beach, including washrooms, picnic tables, BBQs, and concession stands. The beach is also dog-friendly, with designated off-leash areas for dogs to run and play. It’s a popular spot for swimming, sunbathing, picnicking, and beach volleyball. At low tide, the beach extends out to the waterline, creating a large area for walking, kite-flying, and exploring the intertidal zone.

25. Take A Sunset Cruise

One of the best things to do in Vancouver is to take a sunset cruise to enjoy the city’s scenic waterfront. This sunset dinner cruise takes you out from Vancouver Harbour to the Pacific Ocean to see the Vancouver Skyline and beautiful coast. As you take in the views of West Vancouver and the North Shore Mountains you’ll enjoy a West Coast-style buffet dinner with music. Take in the top Vancouver attractions from your unique vantage point on the water.

26. Christ Church Cathedral

Dave and I are not very religious, but when we travel we always tend to visit cathedrals and temples. When visiting Vancouver, we stayed true to that tradition. Christ Church Cathedral is an Anglican church dating back to 1889. Located in downtown Vancouver, it features a mix of Gothic Revival and Romanesque architectural styles.

The historic landmark of Vancouver is known for its striking bell tower, which rises 65 meters (213 feet) above street level and is one of the tallest structures in downtown Vancouver. The interior of the Christ Church Cathedral features beautiful stained glass windows, intricate woodwork, and a stunning pipe organ.

27. Explore Richmond

South of downtown Vancouver, Richmond is home to Vancouver’s other Chinatown. Walking around the trendy neighborhood will bring you to several authentic Chinese restaurants ready to entertain your taste buds.

But Richmond isn’t just about food. You’ll find a beautiful Buddhist temple and discover the small village of Steveston. The beautiful area of Richmond is home to a National History Site, the Gulf of Georgia Cannery. The old boat sheds were once a part of the west coast’s historic fishing industry. But are now filled with waterfront restaurants and boutiques.

28. Richmond Night Market

If you’re wondering what to do in Vancouver at night, then make your way to the Richmond Night Market just 20 minutes from the downtown core. The vibrant market is full of interesting stalls selling souvenirs and art. Naturally, it’s another great place to try some Chinese street eats at the many food stalls.

The Richmond Night Market features more than 200 vendors selling everything from clothing, to accessories and souvenirs. You can also sample a wide range of cuisines, including Chinese, Japanese, Korean, and Thai, as well as more traditional festival foods like mini donuts and corn on the cob.

The family-friendly market is a great destination for adults and kids with a range of activities to keep everyone entertained from carnival attractions and games to live music, cultural displays, and plenty of food options.

The Richmond Night Market is only open in the evenings, which gives it a unique and exciting atmosphere. The market is brightly lit with colorful lights, and the sounds and smells of the vendors and entertainment create a vibrant and energetic atmosphere.

29. Sea-Plane Tour

By now you may have some appreciation for the spectacular landscape that flanks Vancouver. But from ground level, it’s hard to understand the sheer scale of the local mountain ranges. Book this highly rated sea plane tour for a scenic view of the city. This small group flight also includes a carbon offset.

One way to experience the dramatic surroundings is from the sky. Head to the heavens and look down on British Columbia. See rugged glacial mountains, far-off oceans, and Vancouver’s top sites. These can include Vancouver’s North Shore, Grouse Mountain, and False Creek cutting through downtown. The unforgettable experience will see you land on the harborfront, ready to tackle more top attractions.

Want another way to explore Canada’s amazing scenery? Check out our guide on the iconic Rocky Mountaineer.

30. Museum Of Vancouver

If you can’t get enough of local history, then be sure to pay a visit to the Museum of Vancouver. Dedicated to all things “Couve”, explore the city’s history from the very start.

Begin with the Coast Salish communities that first settled on the north Pacific Coast. Later, move on to the development of Japantown, the fascinating Kitsilano hippie days before learning about Vancouver’s 20th-century evolution.

Vancouver Day Trips

Vancouver is located in an excellent location with close proximity to some of British Columbia’s top destinations. From the Fraser Valley to the Coastal Mountains, there are plenty of easy day trips and weekend getaways to be had. These are a few of our top picks.

31. Sea To Sky Highway

If you want to get out of the bustle of Vancouver, why not complete one of the best scenic drives in Canada? The Sea to Sky Highway is a 90-minute journey beginning in the Vancouver city center and ending at the famous town of Whistler.

You can drive the sea to sky highway in one quick shot, but we recommend taking your time road trip is packed with highlights, with stunning vistas throughout. An overnight in Squamish is highly recommended to enjoy the Pass waterfalls, sprawling lakes, and snow-capped peaks. Have your camera on a full charge, because you never know what’s around the corner. Want to know more about the epic drive? Read our guide to the Sea-to-Sky.

32. Go Skiing Or Snowboarding

Grouse Mountain may be the most famous of the North Shore Mountains, but there are two other mountains that are worth visiting. Cypress in West Vancouver and Mount Seymour in North Vancouver are two year-round destinations for hiking and biking in the summer and skiing and snowboarding in the winter.

Because of its unique geographical position, Vancouver sees a lot of rain. The upside is incredible powder and world-class skiing. If you have an extra day on your itinerary and the lifts are running, then do yourself a favor and go shred. Aside from epic ski resorts of Grouse Mountain, Cypress Mountain and Mt. Seymour (all within a 30-minute drive from Downtown Vancouver, Whistler Blackcomb is just 120 km (75 miles) from the city.

If you only have a short time, you can even go to Whistler on a day trip. It certainly isn’t enough to see it all in one day, but sometimes you can only take what you can get. When we lived in Vancouver, we’d pop over for an epic day of skiing, just like we sometimes do for Blue Mountain here in Ontario. Check out more about Whistler at 30 Awesome Things to Do in Whistler, BC

33. Squamish

Squamish is located just 50 minutes from downtown Vancouver along the Sea to Sky Highway and makes for a great day trip. We love Squamish so much that we suggest making at least an overnight trip to the city. There are plenty of things to see and do in Squamish which is why we say to make it an overnight stop on your Sea to Sky Highway road trip. Read more: 14 Amazing Things to Do in Squamish BC

34. Brittania Mine

A popular stop along the side of the road is the Brittania Mine. We didn’t think we’d care too much about a mine, but this mining museum is awesome. It starts with a train ride into the mine to learn about how the mine was built, you can pan for gold and see all the old buildings with interactive displays. The BOOM Multimedia show that is included with your ticket is an extravaganza that is not to be missed.

35. Sea To Sky Gondola

One of the most popular attractions in Squamish is the Sea to Sky Gondola which takes you to the top of the mountains for spectacular views of Howe Sound. If you loved the Capilano Suspension Bridge, you will love The Sky Pilot Suspension Bridge. The Sky Pilot Suspension Bridge is accessible via the Sea to Sky Gondola, which takes visitors on a scenic ride to the summit of the mountain. From there, visitors can take a short hike to the bridge.

The last time we were there, the Sea to Sky Gondola was closed but it is now open for business year-round. During the winter months, there is snow tubing, snowshoeing, and nordic skiing. And in the summer, there is plenty of hiking. Plus the Sky Pilot Suspension Bridge is open year-round as well. Read more: 14 Amazing Things to Do in Squamish BC

Book your Tickets up the Sea to Sky Gondola in advance with free cancellation within 24 hours of entry should something come up. The trip takes about 10 minutes one way. If you’re feeling peckish you can visit the Summit Lodge for local British Columbia fare. You should book your tickets for the Sea to Sky Gondola online.

36. Vancouver Island

Despite its name, Vancouver Island is two hours away from the city center by ferry. Nevertheless, the trip is still one of the best things to do in Vancouver. We have it as a day trip, but we recommend at least making it an overnight getaway. In a country of amazing beauty, there’s something breathtaking about Vancouver Island.

The two-hour journey features a ferry ride from the city and ends at the largest island on the Pacific Coast of North America. Such is the bevy of things to do, ideally, you’ll have some time to explore. But if you only have a day, then there are several tours around the island. Must-see spots include Victoria, the Pacific Rim National Park in Tofino (also great for surfing), and the impeccable Butchart Gardens. 

Book a Vancouver to Victoria tour that includes a ferry ride across the Strait of Georgia and through the Gulf Island to Vancouver Island to explore the beautiful Butchart Gardens followed by a sightseeing tour of downtown Victoria.

What To Know About Vancouver

Now that your itinerary is full of the best things to do in Vancouver, let’s explore all you need to know to enjoy the city!

Getting to Downtown Vancouver

We always rent a car and find it is the best way to get around Vancouver. You can shop for car rentals from the Vancouver Airport at RentalCars.com

The main arrival point for Vancouver is the Vancouver International Airport. The airport is roughly nine miles from downtown and the easiest way to get there is via the Airport SkyTrain. The trip takes 25 minutes to complete and begins just after 5 am and ends at 1 am. A ticket costs 9 CAD (approx $7 USD) one way unless you have a pre-purchased pass, which reduces the price to $5 ( about $3.50 USD).

Taxis are another popular option with rides taking around 30 minutes, depending on the location of your hotel. Expect to pay between $25 – $30 CAD ($20 – $25 USD).

Best Time to Visit Vancouver, British Columbia

Unless you’ve come to Vancouver in winter to tear up the slopes, summer, and early autumn are the best times to visit Vancouver. Vancouver is notorious for rain, and summer is the best time to avoid getting wet.

Spring is very rainy but you can really expect to have rain any time of the year. Festivals are happening and spots like Stanley Park pack out with locals. Autumn is an excellent time to visit Vancouver for fall colors, the temperature is still quite pleasant and there are many fall adventures to be had.

The spring sees the countryside come to life as wildflowers paint the landscape. This time of year is also less crowded and you’ll find it easier to explore the best attractions in Vancouver.

Where to Stay in Vancouver

It may be tempting to stay in Richmond or in North Vancouver, but to experience the best of Vancouver, it’s recommended that you stay downtown. From your doorstep, you’ll be within walking distance of many highlights from English Bay to Gastown.

Here are some top choices to suit all budgets:

Luxury:

Sutton Place Hotel Vancouver is one of Vancouver’s premier hotels in the heart of downtown. It is elegant and has that old-world charm of the grand hotels across the country like Toronto’s Royal York. 

The Opus Vancouver is an excellent boutique hotel located in Yaletown that is within walking distance of everything. Plus there are great options for dining and nightlife close by and its just a short walk to the waterfront. 

Mid-Range:

The Sandman Suites Vancouver on Davie offers some of the best views of English bay. Located in the heart of it all, each hotel room also has its own kitchen. Perfect for a longer stay in Vancouver. 

Budget:

With a highly rated location, you won’t have to spend much at the Samesun Vancouver to enjoy a quick stroll to Robson Street, Stanley Park, and the best of downtown. 

And these are the best things to do in Vancouver with a few ideas for tours and accommodation. We lived in Vancouver for three years and have gone back again and again. This is a city that keeps evolving and changing and no matter how many times we visit, we always find something new.

Are you looking to buy or sell property? If you’d like, we can have a real estate expert show you the most efficient process that saves you thousands of dollars, a lot of time, with little or no inconvenience to you. Contact us today!

Source: The Planet

Photo Credit: The Planet