vancouver housing

How to Time the Real Estate Market

Timing the real estate market is about you, not the market. I know that’s not the answer you were looking for but it’s true. Real estate is 365 days a year – there’s no wrong or right time outside of your personal needs, but there are seasonal flows that may impact your decision making.

Winter: Most sellers avoid the market from December to February as the weather is the least favorable and buyers are nestled in their beds. This is when sellers that “must sell” hit the market and bargain buyers remain present.

Spring: From March to June the market is bountiful. This is typically the peak of good quality listings and competition is robust. If you’re a picky buyer this is a great time to get high quality properties. This is always a good time for sellers as most buyers have been trained to shop in the spring.

Summer: July and August are vacation months. Most families are focused on experiencing the beauty of BC or travelling abroad rather than the hustle and bustle of real estate. During this time you’ll often find picturesque vacation homes for sale, waterfront properties, and properties that didn’t sell during the spring market. Summer is a great time to buy as there are fewer buyers to compete with and everyone tends to operate on a more relaxed pace.

Fall: September to November is a busy real estate season. For many sellers this is the preferred time to sell as opposed to Spring. They have had the time to reflect on their needs over the summer and possibly make some improvements to their homes that can only be done over the summer months. This is also a great time for buyers looking to make a purchase before the winter kicks in.

In general, there is no wrong time to engage in real estate. Real Estate is not rocket science and I encourage my clients to feel in control of the process rather then operating on the illusion of a crystal ball.

ALWAYS operate on your terms and then decide if the current market conditions support your needs to achieve your real estate goals.

Click here to view my recently SOLD properties.

Vassi Balatico 778-688-4948

Multiplex Areas – Vancouver Plan

Under the new Vancouver Plan recently approved on July 22, 2022, Multiplex Areas are being established to enable smaller scale Missing Middle housing across the city.

Multiplexes offer a new type of ground-oriented housing as a similar but more affordable and sustainable housing option to single-detached homes. These range from 2 – 3 storeys and include up to six units on a single lot. Under the Secured Rental Policy, up to 6 storeys may be considered.

Within Multiplex Areas, the goal is to maintain the form and appearance of single family residences but with greater density. As seen in the image below, form and function will be in line with current esthetic.

Multiplex Areas will be permitted throughout the vast majority of the City and will be the dominant form of redevelopment aside from the Outright Duplex policy for all RS-1 zones.

Planning is underway to establish development guidelines but it’s clear that this policy will likely have the strongest and most wide reaching impact on the average Vancouver homeowner. Not only will it impact land values – especially for older, less desirable homes – but will create much needed inventory to address the Missing Middle and eventually ease housing affordability.

Contact me to learn more about this policy in Vancouver and how it may impact your property value and housing needs.

Vassi Balatico: 778-688-4948

The Vancouver Plan

Approved by City Council on July 22, 2022, the Vancouver Plan is an historic long-range land use strategy to create a more livable, affordable and sustainable city for everyone.

It guides the long-term growth of the city in an intentional way, clarifying where growth and change will occur over the next 30 years.

Neighbourhood Types

As shown in the map and legend above, the Vancouver Plan describes 6 different Neighbourhood Types, each that advances a Key Direction. The 6 neighbourhood areas also have additional policies related to housing, jobs, buildings, nature, public realm, and other topics.

Metro Core/Broadway

Principal centre of business, employment, cultural, and entertainment activity for the city and region.

Key Direction: Reinforce Metro Core/Broadway’s role as the principal centre of business, employment, cultural, and entertainment activity for the city and the region

Municipal Town Centre

Second only in regional importance to the Metro Core/Broadway area, Oakridge MTC has excellent access to rapid transit and will support a dense mix of housing, jobs and amenities.

Key Direction: An inclusive, mixed-use centre with significant housing and jobs space, services and amenities

Rapid Transit Areas

Existing and future rapid transit areas will grow to accommodate more employment uses and a wide range of housing options, including rental and social housing.

Key Direction: Reinforce vibrant, mixed-use neighbourhoods providing more opportunities for purpose-built rental and social housing, childcare, community infrastructure, arts and culture uses, together with public spaces that allow people to connect

Neighbourhood Centres

Oriented around existing local shopping streets, these neighbourhoods will accommodate more housing choice in the future.

Key Direction: Enhance Neighbourhood Centres as successful, mixed-use neighbourhoods with vibrant local shopping areas, green and leafy residential streets, a wide range of housing options, and supportive amenities

Villages

These areas will add shops and services to primarily residential neighbourhoods and add Missing Middle housing nearby.

Key Direction: Strengthen low density residential neighbourhoods by adding shops, services and housing choice to provide more complete, inclusive and resilient neighbourhoods

Multiplex Areas

Multiplexes will be enabled in all neighbourhoods across the city

Key Direction: Evolve Vancouver’s low density residential areas to enable smaller scale Missing Middle housing across the city. Respect the local character of neighbourhoods while adding housing choice, local-serving shops and services, and home-based business opportunities

What’s Next?

Now that the Vancouver Plan has been approved, it is the City’s strategic land use framework, guiding more detailed plans and policies to come.

Council-approved motions directing staff to consider how renter protections and developer contributions will be included as part of the implementation of this Plan.

Contact me to learn more about how the plan impacts your neighbourhood or future housing needs.

– Vassi Balatico

*Disclaimer: all text and photos shown above have been sourced directly from the vancouverplan.ca website.