Saeed Farahani’s Blog
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Vancouver Developers: Building for Renters
Renting is on the rise in Vancouver due to affordability issues. Developers are creating rental communities to foster resident connections.
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Avoid Hidden Costs: Checks Before Signing Your Mortgage
Review the contract carefully to ensure you are getting the agreed-upon interest rate and understand any lender fees. Be aware of your prepayment privilege and any prepayment penalties associated with paying off your mortgage early.
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Home sales fall 19% in June
Greater Vancouver's real estate board reported a 19.1% drop in home sales in June compared to last year, with 2,418 sales recorded. The number of homes listed for sale in Metro Vancouver increased by 42% year-over-year to 14,182. Despite sellers being eager to list properties, buyers are hesitant, leading to improved selection and more balanced…
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Check out my listing Address: 32822 2ND AVENUE
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Vancouver Staff Oppose First Right to Buy by Law
Vancouver City staff advise against a bylaw giving the city first right to buy properties.Proposed "pre-emptive right bylaw" requires property owners to offer sales to the city first.
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$2,367 for Unfurnished 1-Bed in Vancouver
Metro Vancouver renters spending more income on rent. Avg income-to-rent ratio in Early-Q2 was ~61.5%.
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Vancouver unveils new plan to accelerate housing development
Vancouver aims to approve 83,000 homes in the next decade, a 15% increase from previous targets. The plan includes 74% rental housing, 15,500 below-market homes, and 40% family-oriented units. A Three-year Action Plan will implement over 50 actions, such as creating an Official Development Plan and increasing density around transit stations. Collaboration with various stakeholders…
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Buying in Vancouver Got Slightly Easier: Required Income Down
A recent report indicates a slight ↓ MoM in the income needed to purchase an avg home in Vancouver. Vancouver's avg home now demands $232K annually.
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City of Vancouver sets goal of 83,000 new home approvals by 2033
Vancouver city staff are advocating for tracking housing supply progress through approvals rather than completions, citing increased flexibility in response to market shifts. To meet the provincial government's goal of 28,900 new homes in five years, more new homes need approval. Staff suggest 14% of units should be three-bedroom to align with housing policies. The…
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Vancouver Squeeze: Can the City Keep Up?
Vancouver needs to build 2,500 new homes each year for the next 10-yr to meet housing demand. At least 1K of these new units should be affordable housing for low-income residents.
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