The Vancouver real estate market is beginning to soften for the first time in nearly two decades, with the benchmark price for homes in the Greater Vancouver Region finally dropping below $1 million. Over the past few months (as of June 2019), the decline of average sale prices has evened out, with the B.C. Real Estate Association predicting that the standard sale price will be down approximately 2.2% compared to 2018. Prices are expected to rise 4.2% in 2020, however, meaning that the remainder of 2019 is an ideal time for potential buyers, sellers, and developers to make their move and capitalize on this softer period. Learn more about navigating the Vancouver real estate market, as well as the benefits of partnering with a trusted legal team below.
Tackling A Tricky Market
It’s no secret that Vancouver is home to one of the most challenging real estate markets in North America. Property prices are ranked among the top 5 highest in the world, meaning that potential buyers and sellers need to have a solid game plan in place to reduce financial strain and put themselves in the best position to act. From staying on top of current trends, regulations, financing and mortgage guidelines, and more, there’s no shortage of details to cover. Partnering with an experienced legal firm can help you navigate these areas with ease, allowing you to focus on the perks of your investment, rather than the difficulties. Below are just a few of the ways lawyers can assist you with real estate transactions.
Residential
Metro Vancouver’s housing market is always fluctuating, and can put a great deal of stress on buyers and sellers, no matter how experienced they may be. Working with a legal team makes it easy to stay on top of the latest information, protect you from potential disasters, and keep the whole process smooth. Areas of service residential transactions may include:
- Assistance with documentation and assisting with due diligence
- Guiding transactions done without a realtor
- Resolving conflicts such as anticipatory breaches, misrepresentations, completion disputes, and more.
- Reviewing the impacts of property transfer tax, foreign buyer tax, speculation and vacant homes tax, empty homes tax, capital gains tax, and probate tax on any transfer of real estate
Commercial
The commercial world moves fast in Vancouver, and with high dollar transactions come high stakes for investors. Your legal counsel can help ensure all aspects of your purchase, sale, or rental proceed smoothly, and offer assistance with:
- Review of documents, leases, sub-leases, strata bylaws, etc.
- Handling development, renovation, or repair disputes
- Debt consolidation and refinancing
- Hospitality and timeshare property regulation, and more.
Development
Breaking new ground is an exciting time for any investor, but involves countless details prior to, during, and after construction. Legal assistance in this area often includes:
- Handling of documentation for purchase of bare land (lots) or properties for re-development
- Permit and by-law compliance
- Carrying out due diligence assessments
- Debt and refinancing assistance
- Identifying zoning regulations
- Subdivision and stratification of units
- Assisting with disputes that may arise, and more.
Partner With Paperclip Law
Think you can’t love your legal team? Think again! Since 2011, Paperclip Law has been boldly redefining the way individuals and corporate clients interact see their lawyers and legal challenges. Our team believes in forming longstanding relationships with our clients based on trust, transparency, and (of course!) unbeatable legal expertise. We’re here to guide you through real estate transactions, as well as a wide variety of additional legal services. Learn more by contacting our team today!
Lawyer-Founder,
Paperclip Law
