Justin MacKinnon

Cell: 778-229-7444 |

 

 

 

 

 

July 2017 saw a decline of 8.2% in residential sales in comparison to July 2016, and a decline by 24% from the previous month!  Because of this decrease in sales, we are seeing an increase of selection for buyers.  Detached, single-family homes are still on the decline while condos and townhouses are taking half the time on average to sell.  You still see some detached homes selling quickly from multiple offers in certain areas depending on where, how much, and what condition they are in, but his is not a consistant trend as of late.  Strata units, however, are still going strong.  The benchmark price for all residential properties in Metro Vancouver is currently $1,019,400, surpassing $1,000,000 for the first time ever.  Specifically, Apartments in the Greater Vancouver are averaging $616,000 and Townhouses are at $763,000 whereas detached homes are sitting at $1.6 million.  

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Dual agency is when a real estate agent represents both the buyer and the seller in a transaction.  Ontario is currently considering a ban on the practice as part of its 16-point housing plan.  Through a spokesman, B.C.’s new superintendent of real estate, Michael Noseworthy, says he’s “very close” to publicly disclosing potential new rule changes on the practice.  


I have always had the opinion that an agent cannot get the best result for both sides.  How is your agent, as a buyer, getting you the lowest possible price if they are also representing the seller?  And Vice-versa, how can that same agent get the seller the highest price?  It seems impossible.  If both sides of the fence feel like there was too much compromise in the negotiations, there is only one clear winner, the agent who collects the full commission.  Some open houses I attend feature 2 agents, (1)the listing agent and (2)someone from their office.  This way, if a buyer without an agent shows up, agent #2 can help them write an offer with no conflict of interest.  I have always respected this practice.  


To some agents, this is their bread and butter, but it seems like they may have to evolve with the times.  If the selling agent is the only person who has found a buyer, theyre going to have to refer that buyer to another agent if legislation changes.  I, for one, feel like that would spread the love a little more evenly and create a more fair market.

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