In the middle of July, the Bank of Canada raised its benchmark interest rate to 2.5% and the prime rate to 4.70% in order to combat runaway inflation. These historical increases will affect anyone with a variable mortgage or anyone renewing a fixed.

Denny and Monica go over how the rate increase has affected the current real estate market and what we can expect to see in the fall.

This episode will cover the 1% increase rate and what it means for real estate, what the bank of Canada is hoping to accomplish, regions recovering from FOMO, rate increases and buying power, housing supply still a problem and predictions for this fall.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

The Cooling-Off Period in BC Real Estate has officially been announced and will come into effect on January 1, 2023. Buyers will have 3 days after their subject-free offer is accepted to decide if they should continue with the purchase or back out with a small penalty.

Denny and Monica discuss how effective this new policy will be for homebuyers and share who will actually benefit from this change.

This episode will cover why this policy could actually increase the number of buyers bidding on a home, how this change may favour the more wealthy individuals trying to purchase a home, the significance of a cancellation fee of 0.25% of the purchase price, the loopholes in the policy that sophisticated buyers and experienced Realtors will know how to navigate, and the negative repercussions that sellers, young families, and new Realtors may face.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

When selling your home, it takes more than luck to get a buyer to make a solid offer. It usually involves careful planning, sometimes months in advance, and hard work to get the house ready to sell.

Denny asks James questions regarding what steps he took to prepare his 1945 New Westminster house for a successful sale back in April 2022.

This episode will cover the importance of market timing when selling your home, knowing when small touch-ups or large updates should be done, understanding how long you should give yourself for certain tasks like painting, and the timeline sellers should follow when preparing to market their property.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

In these uncertain times, many buyers seek advice on whether or not they should wait before purchasing or selling a single-family home in Vancouver.

James and Denny review single-family home statistics and market trends in the desirable neighbourhoods of East Vancouver, North Vancouver, West Vancouver, New Westminster, and Port Moody.

This episode will cover the return of home inspections and longer subject removal periods, how the fixed supply of single-family homes will affect the stability of sale prices in certain communities, the effect of interest rate increases on the market, a seller’s market vs a buyer’s market, and the importance of considering the entire equation when looking to buy and sell properties at the same time.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

As the real estate market changes and activity slows in Vancouver, some of the surrounding areas are just starting to feel the spillover effect of lowering prices and more favourable conditions for buyers.

James and Denny have reached out to other Realtors in the field to provide up-to-date information on changes to current market trends and listing price strategies throughout a variety of British Columbian cities.

This episode will cover increasing inventory in Langley, a drop in single-family home prices in Chilliwack, the desirability of townhomes in Kelowna, the stable property value in Penticton and Oliver, and the continued popularity of buying on Vancouver Island in Victoria, Langford, and the Comox Valley.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

Realtors mentioned on the show:

Jordan Becker https://460realty.com/index.html/al=139907 Ray Little https://www.raylittlerealty.com/ Jared Franczak https://www.forsalekelowna.ca/ Graeme Veitch https://www.royallepage.ca/en/agent/british-columbia/summerland/graeme-veitch/52710/ Matt Rufh https://rufhgroup.com/

On June 1, the Bank of Canada increased its prime interest rate by 0.5%, further impacting a real estate market that has been slowing down.

James and Denny provide an update on the interest rate hikes and predict what the summer will look like for those looking to buy or sell in Greater Vancouver.

This episode will cover how the real estate market is responding to increasing interest rates, the types of properties that will see the biggest decrease in sales, which areas of the lower mainland will hold their value, the effect on variable and fixed rates, and the benefits to homebuyers looking to upsize during this time.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

James Garbutt Instagram: https://www.instagram.com/jamesgarbutt Facebook: https://www.facebook.com/jamesgarbutt Website: https://jamesgarbutt.com

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

As interest rates continue to climb and the real estate market slows down, many consumers are hesitant to purchase a home and would rather wait to see what happens before making any financial decisions. Denny and Monica break down how homebuyers can use this slowdown to their benefit when looking to upsize or invest. This episode will cover the decreasing price gap between condos and single-family houses, the pros and cons of investing in a strata wind-up property, how to make your home equity work for you, the benefits of owning a rental property, and the difference between upsizing your home and upsizing your real estate portfolio.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

Homeowners have seen a lot of changes in the real estate market over the past couple of months. Many sellers are looking for guidance as to how they should proceed when selling their home.

Denny and Monica provide advice for listing agents on how best to support and educate their clients so they know their options and can make the best decision for their specific situation.

This episode will cover the importance of setting realistic expectations as a listing agent, different listing strategies when selling and how they can affect the overall timeline, the benefits of having detailed conversations with homeowners to determine the main reason why they are selling (downsizing, upsizing, or moving to a different neighbourhood), and the significance of doing research and knowing what the market value of a home is.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

Real estate in certain areas of greater Vancouver is beginning to plateau. During these times, marketing your home becomes extremely important to help make it stand out from the other listings.

Denny and Monica share marketing tips that the G+D team uses to achieve extra exposure for their seller’s homes.

This episode will cover the importance of professional photos and video to properly showcase a home, the positive effect of including a layout in the marketing materials, the use of social media to get buyers excited about your listing, how to optimize open houses, and the benefits of flyer drops in neighbourhoods.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca

The presale market offers a variety of great options for buyers looking to enter the real estate market as first-time homeowners or investors wanting to purchase another property.

Denny and Monica share the advantages of buying a presale condo and provide important insight into Port Moody's newest developments.

This episode will cover an introduction to exciting presale opportunities Chroma by Fort Living and Moody Yards by Mosaic, a price point comparison to The Grande by Onni and George by Marcon, a breakdown of the deposit structure, the effects of high sale prices pushing more people into the rental market, and the average rental prices in Port Moody.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel - https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at [email protected]

Monica Harmse Instagram: https://www.instagram.com/monica_harmse Facebook: https://www.facebook.com/MoodyProperties.ca Website: https://moodyproperties.ca

Denny Dumas Instagram: https://www.instagram.com/denny.dumas Facebook: https://www.facebook.com/denny.dumas.5 Website: https://www.dennydumas.com

Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca