Reading List - May 2022

What to do when your home appraisal falls short as the housing market cools

https://www.ctvnews.ca/business/what-to-do-when-your-home-appraisal-falls-short-as-the-housing-market-cools-1.5912304

But now that the market is cooling, some are ending up with mortgages that can’t cover the full cost of their home following an appraisal.

Toronto-based mortgage broker Mary Sialtsis says there are “very few options” for these buyers.


B.C. financial regulator advises three-day 'cooling-off' period for homebuyers

https://bc.ctvnews.ca/b-c-financial-regulator-advises-three-day-cooling-off-period-for-homebuyers-1.5916496

The report released Thursday advises that sellers be required to provide reasonable access for a property inspection during the three-day homebuyer protection period, which would start the day after an offer is accepted.

It also advises that B.C. implement a “modest” termination fee of 0.1 to 0.5 per cent of the price of a home to be paid by buyers who pull out of a deal.

The fee “strikes a balance between discouraging frivolous offers and recognizing the disruption in the selling process,” the report said.



The most-searched neighbourhoods on REW in 2022.

https://www.rew.ca/news/search-party

Thus far in 2022, White Rock, Kitsilano, Cloverdale, Fleetwood and Walnut Grove are the top five most-searched neighbourhoods on REW, in that order.


Canada has the lowest number of homes per 1,000 residents in any G7 country

https://dailyhive.com/vancouver/canada-new-housing-population-statistics

Currently, Canada has the lowest number of housing units per 1,000 residents of any G7 country, with 424 homes per 1,000 Canadians. Since 2016, an additional 100,000 homes would be needed to keep the ratio of housing units to population stable. This would still be below the G7 average of 471 homes per 1,000 residents.

It would take an additional 1.8 million homes for Canada to achieve the G7 average, 250,000 homes to catch up to the UK average of 433 units per 1,000 citizens, and 99,000 homes to catch up to the US average of 427 units per 1,000 citizens. In contrast, over the past decade, Canada averaged 188,000 home completions.


More than $1 million to remove racist language in West Van covenants: Report

https://vancouversun.com/news/local-news/west-vancouver-covenants-cost-remove-racist-language-1million

If the district embarks on its own quest to remove the clauses, it would have to search through more than 17,300 parcels of land and inform the Land Title and Survey Authority (LTSA) of its findings. The office, located in New Westminster, would then cross out — but not delete — the offending language from the documents.

“The cost to undertake such an extensive review … would be prohibitive, and would likely total in excess of $1,000,000,” said the report.

It noted the cost to pull a title for a parcel of land is about $10, and the cost to pull a covenant is $16.19, adding up to more than $735,000 in fees alone not including staff time.