Home buyers are often fearful of a market crash just after their purchase. But fear not!


When I speak to recent or would-be home buyers, one particular fear seems to be prevalent among many of them, especially first-timers.


The fear is that the market will crash right after they buy their home. That it will turn out they bought at the “peak” of the market, and their home will immediately lose value. What’s more, that they could have saved tens of thousands, if only they’d waited.


Even those people who are happy with their decision to go ahead and buy a place can’t seem to shake that nervousness. 


I’m here to tell them, and you if you share that concern, that there is very little to fear – and much more to fear by not going for it.


Here’s a worst-case scenario for home buyers, which I would stress is unlikely to occur. But even this is totally manageable if you make the right choices.


So, you scrape together all the money you can for a $50K down payment, including borrowing from family and the BC Home Loan program. You qualify for a $350K five-year fixed-rate mortgage that you can afford fairly comfortably, and buy a $400K starter condo in Metro Vancouver. Congratulations!


But, a few months after you close on your purchase, the market crashes in an unexpected economic recession, and the value of entry-level condos plummets by 20% (BTW, that is considerably more than was seen in the 2008/9 recession). Your new home is now worth only $320K.


Time to panic? No.


You keep paying your mortgage each month, live your life, and after five years you owe $300,000 on your unit. The real estate market has maybe stayed in the recession doldrums for a couple of years, but recovered a little, let’s say by only 10%, over the following three years.


So after five years your unit is now worth $352K, and you owe $300,000. You are able to renew a new five-year mortgage at the end of your first term because you have $52K in equity. You continue to pay off and live in your home, and the market cycles continue. Before long, the value of your property is higher than you originally paid. 


If you’ve been even smarter, you realized during those five years that you need to pay down your mortgage as fast as possible, and accelerated your payments in order to avoid payment shock when your BC HOME loan payments start. So maybe now you only owe $280K on your home, and you have considerably more equity than you started with, despite the price drop. And so life goes on.


But hold up: what if it was an even worse scenario, and you lost your job in that recession, and weren’t able to pay the mortgage?


No doubt, it’s imperative for all home buyers to have a plan in place for this scenario. After all, it doesn’t take a recession for a person to lose their job.


Emergency plans vary considerably, depending on your situation. Do you live with a partner who can carry the mortgage costs while you get back on your feet? If not, do you have six months’ worth of money saved, in case you have nothing but employment insurance as income for a while? Could you rent out your unit and go live with friends or family, if things got really tight?


As someone living alone who has no family in the city, I have compromised spending some of my inheritance on renovations, saving it instead for that kind of rainy day. I have also put my unit down on the building’s rental wait list, just in case the day comes that I need to save money by moving into a friend’s basement.


The point is, as long as you make the right choices and have a strategy in place, there is nothing to fear. I’ve never feared buying a home, no matter what the market conditions. 


The reason for my unwavering confidence? I can see that even the unlikely, worst-case home-buying scenario ultimately leaves me much better off than even the best-case scenario of not buying, and renting forever.


And just think: we’re talking about the worst-case scenario. Just imagine how great it will be if you buy, and end up with the best-case scenario of prices continuing to soar – or even just the most likely scenario of prices wavering up and down over the years, as they do, but rising overall.


So don’t worry – and allow yourself to be happy.


Rick Bowal

Macdonald Realty Westmar

604-537-5792

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Whether you’re buying or selling in East Vancouver, it is critical to have a clear understanding of what is going on in our market.

You will be better prepared to buy or sell a home by knowing important data such as # of Homes Sold, Average Sales Price and Days on Market.

Our market update is complete with the latest easy-to-read & understand stats and showcases everything that you need to know about local real estate trends.

DETACHED HOMES

 

ATTACHED CONDOS & TOWNHOMES

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It’s true that everyone loves a good deal, especially when buying a home. 

Throughout the month there are usually at least a handful of properties with reduced prices. 

Some people might think a “price improvement” holds a bad connotation - but typically, that’s not the case. It really boils down to how motivated the sellers are, for many possible reasons.

If you’re a motivated buyer looking for a great deal on a Richmond home, price reductions are a huge advantage for you. I combed through many homes in our area with lowered prices this week and the ones below are the ones I think you shouldn’t miss!

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One of the most popular requests I receive is for 2 bedroom condos priced under $900,000. 

Luckily, four condos that meet this criteria JUST hit the market. Check them out below while they're still available:

Perfect Location

Amazing investment opportunity in the heart of Downtown Vancouver

PRICE, ADDRESS & PHOTOS

 

Huge Corner Suite!

Luxury living just steps to Robson St, shopping, restaurants, Rogers Arena, the seawall and all the charm Vancouver has to offer.

PRICE, ADDRESS & PHOTOS

 

Jaw Dropping Views

 This city flat is beautifully laid out with hardwood floors, granite counter-tops, stainless steel appliances and floor to ceiling windows. 

PRICE, ADDRESS & PHOTOS

 

Spacious & Light Filled Stunner

Re-charge, savour in an exceptionally spacious, corner living area with huge windows to take in the views.

PRICE, ADDRESS & PHOTOS

 
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Whether you’re buying or selling in Richmond, it is critical to have a clear understanding of what is going on in our market.

You will be better prepared to buy or sell a home by knowing important data such as # of Homes Sold, Average Sales Price and Days on Market.

Our September market update is easy to read & understand and showcases everythingthat you need to know about local real estate trends.

DETACHED HOMES

 

ATTACHED CONDOS & TOWNHOMES



Get Your Home’s Value

We'll send you a free, custom report

WHAT IS MY HOME WORTH?

 

 

Your Richmond Market Report for August 2017!

Stay on top of the latest trends......

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Your Vancouver Market Report for July

See the stats from last month....

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Testimonials | Rick Bowal & Associates

Read Reviews about Rick Bowal & Associates...

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Condos and townhouses near Richmond center are in high demand, especially those that are priced under $400,000 ... but they are hard to gather and go fast!

Here are nine that I think you should see right now. 

 

Fantastic Central Richmond Condo

Amazing central location blocks away from ALL the amenities on an outstanding street!

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Location! Location! Location! 

Walking distance to Lansdowne Mall, Kwantlen Polytechnic University, grocery and lots of retails and restaurants.

GET PRICE AND LOCATION

 

Dream Home for First Time Buyers

Updated kitchen, laminate flooring, & no rental restriction. 

GET PRICE AND LOCATION

 

Quiet corner, top floor apartment 

Stainless steel range, granite counter top, balcony, & hot water included!

GET PRICE AND LOCATION

 

Unique Corner Unit in Lansdowne square

Charismatic home close to Lansdowne Mall, Kwantlen University, skytrain, restaurants, Richmond Center and public market. 

GET PRICE AND LOCATION

 

Spacious Ultra Rare End Unit 

Well maintained complex includes exercise room, outdoor swimming pool, on-site caretaker, hot water is included!

GET PRICE AND LOCATION

 

Beautifully Renovated Rancher Townhome

Private, fully fenced patio, granite countertop, birchwood style cabinets, modern appliances & elegant tile floor. 

GET PRICE AND LOCATION

 

Perfect Time Home Buyer Newly Renovated

In-suite laundry with storage, outdoor pool, recreation room, front patio & balcony. 

GET PRICE AND LOCATION

 

Skylit and Spacious Bedrooms 

Desirable suite with brand new renovated kitchen with stainless steel appliances, and steps away from Kwantlen University. 

GET PRICE AND LOCATION

 

Discover Your Home’s Value

Are you buying soon and looking to sell? 

YES, I WANT MY HOME'S VALUE

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The original pricing strategy on a home can make or break the chances for a quick sale. 

If a property stays on the market longer than expected or generates a lot of interest with few offers, they often undergo a price reduction. 

What does this mean for YOU? 

You could purchase your dream home at an unbeatable price... but not for long.

We've gathered 5 condo's in East Vancouver that have been reduced in the last week (they are now all priced below $750,000!)

These are the ones you can’t miss.

⬇️ REDUCED BY $30,900

Just steps to transit and school! Beautiful garden Apartment with new paint and new laminate.

GET PRICE AND LOCATION

 

 

⬇️ REDUCED BY $27,500

Renovated & spacious 2 bedroom plus solarium with excellent open floor plan & bright living room with gas fireplace.

GET PRICE AND LOCATION

 

 

⬇️ REDUCED BY $20,000

Spacious townhome on 2 levels in prime location with great open floor plan that's perfect for entertaining

GET PRICE AND LOCATION

 

 

⬇️ REDUCED BY $20,000

Top floor 2 bedroom corner unit in a great central location with amazing riverside trails and a fantastic community 

GET PRICE AND LOCATION

 

 

⬇️ REDUCED BY $15,000

BIG. BRIGHT. BEAUTIFUL! This 4 bdrm FULLY UPDATED townhome is perfect for the growing family

GET PRICE AND LOCATION

 

 

Get Your Home’s Value

We'll send you a FREE, custom report!

GET MY HOME'S VALUE

 

Testimonials | Rick Bowal & Associates

See what others have to say about working with us!

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Are you constantly refreshing your browser anxiously awaiting new homes to hit the market?

New listings have JUST hit the market in South Vancouver.   

We've gathered five of the hottest & newest listings to give you the upper hand in your home search.

Updated Vancouver Special House

This beautiful and bright house comes with an attached double garage, double glazed windows, custom drapery & 2 fireplaces

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Beautifully Renovated Home

Very well kept, charming family home on a quiet Cul-de-Sac

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Extremely Well Kept Two Story Home

Located on a wide, quiet and convenient street!

GET PRICE AND LOCATION

 

Incredible Location!

Spacious rooms and beautiful southern view from top floor

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Custom Built Luxury Home

Prestigious prime neighborhood location with high end quality finishes

GET PRICE AND LOCATION

 

 

Don't See the One You ❤️?

Search listings in Greater Vancouver 

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Whether you’re buying or selling in Vancouver, it is critical to have a clear understanding of what is going on in our market.

You will be better prepared to buy or sell a home by knowing important data such as # of Homes Sold, Average Sales Price and Days on Market 

Our August market update is easy to read & understand and showcases everything that you need to know about local real estate trends.

DETACHED HOMES

 

ATTACHED CONDOS & TOWNHOMES

Read full post

Homes in the Dunbar area of Vancouver are in high demand, especially those that are priced under $3,000,000!

They are often hard to come by because they sell so quickly once they hit the market.

Here are ten that you should see right now. 

Lovely 3 Level Family Home

Prime Dunbar neighborhood! 

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Location! Location! Location!

Beautiful 33x130 lot in desirable area in Dunbar. Build or hold, the choice is yours!

GET PRICE AND LOCATION

 

 

Beautiful Move-In Ready Home!

Options and more options...this home is a Dunbar dream

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Adorable Cottage Style!

Great starter home or investment/holding property

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Bright & Sunny Home

Prime Dunbar location & walking distance to great schools

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Beautiful Dunbar Character Homes

Hello opportunity! Move-in Ready!

GET PRICE AND LOCATION

 

 

Fantastic South Exposed Property

Terrific rental property, or hold and build

GET PRICE AND LOCATION

 

 

Enjoy Stunning Mountain Views!

Lovely family home on a deep lot in prime Dunbar neighbourhood!

GET PRICE AND LOCATION

 

 

Incredible Views of the City, Mountains & Water!

Fantastic charming home located on bright tree-lined street

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EXCELLENT Opportunity!

Own a charming family home in prestigious Dunbar!

GET PRICE AND LOCATION

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The original pricing strategy on a home can make or break the chances for a quick sale. 

If a property stays on the market longer than expected or generates a lot of interest with few offers, they often undergo a price reduction. 

What does this mean for YOU? 

You could purchase your dream home at an unbeatable price... but not for long.

We've gathered 8 homes in the Westside of Vancouver with reduced prices in the last 7 days (and they're all under $2.5M!) 

These are the ones you can’t miss!

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Are you constantly refreshing your browser anxiously awaiting new homes to hit the market? Find YOURS before someone else does!

New listings have JUST hit the market in Richmond and we are bringing them right to you.

We featured the 6 that we think you can’t miss below (and they're ALL under $1.6M!)

 

Listed on August 10th!

Beautifully kept family home located in great, quiet neighborhood

GET PRICE AND LOCATION

 
 

Listed on August 10th!

Stunning, renovated Steveston home, perfect for families!

GET PRICE AND LOCATION

 

Listed on August 10th!

Well maintained 3,750 sq.ft. home offers SIX bedrooms in central location

GET PRICE AND LOCATION

 

Listed on August 10th!

Wonderful family home on a great building lot with fenced in backyard in popular community

GET PRICE AND LOCATION

 

Listed on August 11th!

Move in to enjoy this completely updated 3 level split house!

GET PRICE AND LOCATION

 
 

Listed on August 14th!

Great Investment/Building property in growing area!

GET PRICE AND LOCATION

 

 

Don't See the One You LOVE? ❤️

Check out the entire list of new homes for sale in the past 7 days!

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Whether you’re buying or selling in Vancouver, it is critical to have a clear understanding of what is going on in our market.

You will be better prepared to buy or sell a home by knowing important data such as:

✅ # of Homes Sold
✅ Average Sales Price
✅ Days on Market 

Our July market update is easy to read & understand and showcases everything that you need to know about local real estate trends.

Read full post

We understand that homes and condos priced between $900,000 and 1,400,000 are some of the most highly desired properties for buyers in the Burnaby area. 

They are hard to gather and fly off the market FAST! 

That’s why we've picked the 6 that you must see right now.

Move in, Rent out or Build Your Own!

Unique layout in central location

GET PRICE AND LOCATION

 

The Perfect Move-in Family Home

Open concept & spacious floor plan

GET PRICE AND LOCATION

 

Beautiful, NEW Home 

Close to everything Central Burnaby has to offer!

GET PRICE AND LOCATION

 

Bright Home with Vaulted Ceilings

Location!Location! Location! 

GET PRICE AND LOCATION

 

Panoramic North Shore Mountain Views 

Rarely available & one of the best units in the complex

GET PRICE AND LOCATION

 

Recently Renovated in 2014!

This is a house you don’t need a lot of imagination to put yourself in

GET PRICE AND LOCATION

 
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The original pricing strategy on a home can make or break the chances for a quick sale. 

That’s why, sometimes, properties stay on the market longer than expected and undergo a price reduction. 

What does this mean for you? 

You could purchase your dream home at an unbeatable price... but not for long.

Below are 8 homes in Richmond with reduced prices in the last few weeks. 

These are the ones you can’t miss!

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While viewing pictures of properties online can be entertaining, there's nothing quite like seeing your future home in person.

The last thing I want to see is you wasting your time searching multiple websites for open houses or driving around aimlessly in hopes of finding an infamous red open house sign stuck into the ground of a front yard. 

Instead, check out this list of open houses this weekend in Vancouver East all priced under $1,400,000.

If you prefer to schedule a PRIVATE showing at your convenience on another date/time, CLICK HERE

OPEN HOUSES THIS WEEKEND

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Pricing real estate can be extremely tricky, especially once you take all of the participating variables into consideration.

Does the price correlate with the location, features, condition & competition? Is the property getting showings, offers and feedback? 

A  common misconception with price adjustments is that there is something wrong with the home. However, that is RARELY the case. Sometimes, a great property has to be repositioned simply so that it can compete better with the current conditions. 

Luckily, we have a handful of amazing condos in Downtown Vancouver that have just recently been reduced under $1 million that I think you will love! 

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While viewing pictures of properties online can be entertaining, there's nothing quite like seeing your future home in person.

The last thing we want is for you to be wasting your time searching multiple websites or driving around aimlessly in hopes of finding an infamous open house sign stuck into the ground of a front yard. 

Instead, check out this list of open houses this weekend that we've put together for you.

If you would rather schedule a PRIVATE showing at your convenience on another date/time, we will be happy to set this up for you. 

12:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

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2:00 PM - 4:00 PM

 

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12:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

 

2:00 PM - 4:00 PM

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Want to save thousands on your dream home?

 

A variety of instances can trigger a price reduction on a home. 

 

Perhaps it has been on the market for an extended period of time but has seen little activity because it was listed at the wrong price or maybe the sellers are motivated to sell their home quickly due to personal circumstances. 

The truth is, desirable homes often stay on the market longer than they should. As soon as the list price drops though, they are swept up within days.

I've compiled a list of 10  homes in Burnaby with recent price reductions that I think you’ll love. 

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Is the online value of my home accurate? If you have asked yourself this question before, you are not alone…

People throughout Canada have begun relying on Google as their one and only source for home valuations. Sadly, this is one of the worst places to obtain an estimate of your home's value. 

1. Inaccurate Basic Information

Much of this information such as how many bedrooms/bathrooms make up the home, square footage of the home, and the lot size must  be accurate! Typically, these details have to be inputted by the seller online and then once the agent receives it, they are left trusting that information. The Globe and Mail states that the estimate is generated using data provided by Centract Settlement Services. This company has appraised millions of homes and the data being used doesn't actually pull any information but rather bases it off of home appraisals in and around the area. 

2. Mistakes or Omissions in Sales Prices or Property Tax Records

This is a BIG one. Property tax records are a part of the home valuation process that should never be overlooked. Just like inaccurate basic information, inaccurate date of sale or past sale prices affect the perceived value of your home. 

3. Upgrades and Unique Features Unaccounted For

To keep things simple... the internet won't know what you don't tell the internet. 

It's highly suggested to REPORT your home improvements or upgrades that you make to the property. Although you may view it as a simple, quick and easy fix, it could, in fact, affect your home's overall value when it comes time to sell your home. 

There is a common misconception that if you happened to update your kitchen or remodel your interior, it equates to $100,000 more in value. However, that is not necessarily true. Be mindful that upgrades and additions to the home greatly depend on what other homes in your market are like. 

4. Housing Turnover Rate

The turnover rate for the housing market is a simple one. The hotter the market (meaning the more homes that are selling and the more information available online about homes in your area), the more accurate your online valuation will be!

As a proud member of the Greater Vancouver community who actually lives here, works here and sells homes here, I would be happy to send you a free report of exactly what your home is worth. 

Technology is awesome, but when it comes to the value of your largest financial asset, the accuracy of your home's value matters. 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.