Market Analysis – January 2020

James DeVuyst • January 3, 2020

Market Outlook

I wanted to take this time to provide an update on the year that was and the decade that is to come. 2019 overall was a slow year, not only growth, but sales activity. We saw below average home sales activity and moderate price declines throughout 2019 as most of us have seen on our recent property tax assessments. The GVRD saw a -18.2% drop in property values across all types of homes, while Squamish, Whistler, and Pemberton saw no change or an increase in values.

Heading into 2020 MLS is predicting a rise in sales of 3.6% over 2019, which was overall a slow year. Through the economic slowdowns currently happening in China, and other areas of the world this could potentially continue throughout 2020, where may see a further decrease in sales activity and value.

As we look at the mortgage industry as a whole, we have gone through some major disruptions over the past two years. The implementing of the mortgage stress test was a major factor in declining sales activity as well as a sore spot for many first-time buyers. This coming year however, the Finance Minister of Canada has said they will look to make the mortgage stress test “more fluid”. We may start to see changes in the qualification rates, i.e. going back to contract rate qualification (approximately 2% lower). We could also see the introduction of a 30-year amortization for high ratio insured mortgages (up from the current 25 years). This would open the gates and allow homebuyers to qualify for a higher purchase price, which we all know Vancouver has.

We are seeing rents increasing at an alarming rate, while prices of homes have fallen, this looks good for investors looking to increase their property portfolio.

Financial Focus

My suggestion, as we start a new decade, is to revisit your financial situation. BC has lost over $90 billion in home values over the past year. This is quite alarming as Canadians largest financial asset loses value, and Canadians debt level remains at all time highs.

If you have a mortgage coming up in 2020 or 2021 or you have a variable rate sitting above the discount of prime -0.30% to -0.50%, give us a call for a market update today.

I would also recommend that if you have any outstanding consumer debt, we look at all options to reduce this burden going into 2020 as we don’t know what the world economy has in store in an ever increasingly unstable global outlook.

For investors looking to refinance their home and purchase a second property, there is no better time than now as values of homes are decreasing. If you’re needing to refinance your own home, it would be prudent to look at these options.

Please contact me directly at 604-512-5552 or email me at james@devuyst.ca for your personalized homeowner analysis today!

James De Vuyst, BComm

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Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By James De Vuyst • July 23, 2026

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By James De Vuyst • July 15, 2026

The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Breaking Down the Real Costs of Homeownership

By James De Vuyst • July 9, 2026

Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.