Vancouver Real Estate FAQs

A price review should respond to evidence rather than a fixed number of days on the market. Before listing, we establish what would prompt a review, including the number and quality of showings, repeated feedback, second visits, competing listings and new comparable sales.

If buyers consistently like the home but see better value elsewhere, or new sales no longer support the asking price, a price adjustment may be appropriate. If the concern is presentation or showing access, it may make sense to address that first.

We also consider what has changed since the property was listed. A new competing home, a recent sale or a shift in buyer activity can change the position of a listing even when the property itself has not changed.

Any adjustment should put the home into a meaningfully different competitive position. The decision is based on how buyers are responding to this property, not simply on frustration with the time it has taken.

Staging is most useful when it helps buyers understand the scale, flow and purpose of a room. A vacant property may benefit from full staging, while an occupied home may call for thoughtful rearranging and a few carefully selected pieces. The right approach depends on the property, how it photographs and what will help buyers see the space clearly.

We begin with repairs that affect function or are likely to concern buyers. From there, smaller improvements such as painting, lighting, cleaning and decluttering may have a greater practical effect than an expensive renovation based on personal taste.

Every recommendation should be weighed against its cost, the time required, the likely buyer and the competing properties. The useful question is not how much can be changed. It is which changes are most likely to improve the way buyers respond to this particular home.

Showings without offers provide useful information. The listing has created enough interest to bring buyers through the door, but something is preventing them from seeing sufficient value at the current price.

The cause could be price, condition, layout, noise, strata concerns, presentation or stronger alternatives nearby. We look for patterns rather than reacting to one comment. Repeated objections, a lack of second visits and the performance of competing properties help show where the problem may be.

If the feedback points to something correctable, such as presentation or showing access, it may make sense to address that first. If buyers consistently like the home but believe other properties offer better value, the price needs to be reviewed. If the concern is something that cannot be changed, the price may need to account for it.

Any price adjustment should move the property into a meaningfully different competitive position, not simply change the last few digits.

There is no fixed percentage below asking that is right for every home. The asking price is a starting point, not a formula for what you should offer. We begin with recent comparable sales, then consider differences in size, condition, location, outdoor space, parking and other features that affect value.

We also look at the listing’s position: time on market, price changes, competing offers and the other properties available to buyers. These details help us understand both probable value and the negotiating environment.

From there, we separate what the evidence suggests the property is worth from the highest price that still makes sense for you. Those numbers may not be identical. In a multiple-offer situation, decide your limit before the pressure of the deadline.

A buyer has leverage when the seller has fewer strong alternatives or when the buyer can offer terms that solve a practical problem for the seller.

Possible signs include a longer-than-usual time on market, one or more price reductions, limited showing activity, a previous sale that did not complete or several similar properties competing for the same buyers. Flexible completion and possession dates may also matter when timing is important to the seller.

None of these signs guarantees that the seller will accept a lower price. Leverage is not permission to submit an arbitrary offer. It gives you a reason to test the seller’s position with terms supported by the available evidence.

Your leverage usually decreases when several buyers are competing for the property, although price is not always the seller’s only consideration. Certainty, timing and the overall terms of the contract may still influence the decision.

The strongest negotiating position comes from knowing your alternatives. A buyer who understands the property’s value and is prepared to walk away can make a clear decision without being driven by the fear of losing one particular home.

Subjects should reflect what must be confirmed before you can safely commit to the purchase. Depending on the property and your circumstances, these may include financing, inspection, insurance, title review, strata-document review or the sale of your current home.

They should not be treated as general escape clauses. Buyers are expected to make reasonable efforts to satisfy the conditions they include. Once an offer is accepted, the contract is legally binding subject to those conditions and any applicable rescission right. BCFSA explains how subject clauses operate in a purchase contract.

A subject-free offer carries significant risk when financing has not been approved for the specific property, an appraisal or insurance decision is outstanding, the property has not been inspected or important strata information has not been reviewed. A mortgage preapproval is not a final approval.

For eligible residential purchases in BC, buyers have a statutory three-business-day rescission period after offer acceptance. It runs alongside any subject period, and exercising it costs the buyer 0.25% of the purchase price. Exemptions apply. It is not a substitute for properly written subjects.

Competition does not make unresolved risk disappear. It only requires you to decide how much of that risk you are willing and able to accept.

Reference: BCFSA guidance on subject clausesReference: BCFSA home buyer rescission period

Strata documents are not simply paperwork. Together, they show how the building is maintained, how decisions are made and how costs are shared.

We review the current Form B, bylaws and rules, strata plan, financial statements, budget, depreciation report, insurance summary and at least two years of council, annual and special general meeting minutes. We also look for engineering reports connected to significant repairs.

The Form B provides information about the unit and strata corporation, including approved special levies, the contingency reserve fund, legal proceedings, outstanding work orders, insurance, parking and storage.

We then look for patterns. Are the same leaks or repairs mentioned repeatedly? Have decisions been postponed? Are owners following professional recommendations? No single document tells the whole story. The goal is to understand the building’s condition, finances and decision-making history before deciding whether the risks are acceptable.

Reference: BC Form B information certificate

The amount alone does not tell you whether a strata is well managed. Higher fees may reflect services such as heating, hot water, building staff, elevators or amenities, as well as meaningful reserve contributions. Lower fees may reflect fewer shared expenses, or they could mean maintenance and long-term funding are being postponed.

We look at what the fee covers, how the budget is divided between operating costs and the contingency reserve fund, and whether previous budgets show deficits, large increases or underestimated expenses.

BC strata corporations must contribute at least 10% of the annual operating-fund budget to the contingency reserve fund. Meeting that minimum does not establish that a building is adequately funded. Contributions should also reflect the work identified in the depreciation report.

The useful question is not whether the fee looks high or low. It is what you are paying for and which expenses may still be waiting.

Reference: BC budgeting and strata fees

Age by itself is not the deciding factor. The greater issue is how much uncertainty comes with the building.

Concerns may include major components nearing the end of their life without a funding plan, unresolved building-envelope or plumbing problems, repeated insurance claims, high deductibles, work orders, litigation or incomplete records. These can make buyers cautious and may affect a lender’s or insurer’s willingness to accept the property.

The strata’s insurance does not replace the owner’s condo policy. Buyers should confirm that personal coverage is available and addresses deductibles, unit improvements and other gaps. A well-maintained older building with completed projects, current reports and a credible financial plan may be easier to assess than a newer building that has postponed maintenance.

Before removing subjects, confirm property-specific financing and have an insurance broker review the building’s coverage. The issues that concern you now may also concern a future buyer.

Reference: BC strata owner and tenant insurance

There is no universal percentage because several of the costs are negotiated or depend on the property.

Real estate commission is established in the listing agreement and can be negotiated between the seller and the brokerage. When an offer is received, the seller is given a written disclosure showing the commission in dollars. Applicable GST is charged on real estate services. BCFSA explains how real estate remuneration is negotiated and disclosed.

Other possible expenses include legal or notary fees, mortgage discharge fees, mortgage prepayment penalties, cleaning, repairs, staging and moving. A strata property may also involve document or move-related fees. The actual amount depends on the mortgage terms and the level of preparation chosen for the property. The Financial Consumer Agency of Canada provides an overview of common home-selling costs.

Before listing, we discuss an estimated net-proceeds calculation using the expected sale price, mortgage balance, commission, legal costs and agreed preparation budget. Sellers should also request a mortgage payout statement because a prepayment penalty can materially change the final proceeds.

The important figure is not simply the sale price. It is the amount remaining after the transaction is complete.

Reference: BCFSA remuneration guidanceReference: FCAC costs of selling a home

An accepted offer begins a series of contractual, financial and legal deadlines.

For eligible residential purchases, BC’s three-business-day rescission period begins after acceptance. Any subject periods run at the same time. During the subject period, the buyer may finalize financing, arrange an appraisal and inspection, secure insurance and review title or strata documents.

If the buyer is satisfied and the conditions have been met, subjects are removed in writing. The deposit is paid according to the contract. Once all conditions have been removed and the rescission period has passed, the transaction proceeds toward completion.

The buyer’s lawyer or notary reviews title, prepares the transfer and mortgage documents, calculates Property Transfer Tax and produces a Statement of Adjustments. The buyer provides the remaining funds required to complete. The seller’s lawyer or notary deals with the seller’s mortgage and distributes the sale proceeds.

On the completion date, ownership and funds are transferred. The possession date is when the buyer receives the keys and may take control of the property. These dates are often different. BCFSA explains the legal work completed before ownership transfers.

Reference: BCFSA completing your purchase

There are two different timelines: finding a buyer and completing the sale after an offer is accepted. They should be considered separately.

The time to find a buyer depends on the property, price, presentation, competing listings and current demand in its specific market. We use recent comparable sales and current competition to establish a realistic expectation rather than quoting one timetable for all Greater Vancouver homes.

Once an offer is accepted, subject deadlines, completion and possession dates follow the negotiated contract. Financing, inspections, document review and moving plans all need to fit those dates.

Before listing, we discuss your preferred timing, how much flexibility you have and what would happen if the sale took longer than expected. A useful plan accounts for both the marketing period and the period between an accepted offer and the handover of the home.