Everyone loves to talk about interest rates. Every time the Bank of Canada makes an announcement, the headlines light up: “Rates up again!” or “Cuts finally coming!” But here’s the thing: interest rates alone don’t tell you whether it’s actually a good time to buy.

Let’s talk about the part most people miss: how prices, rates, and monthly payments all interact.

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🏡 The Real Math of Affordability

When interest rates are high, most buyers pull back, which usually puts downward pressure on prices.

When rates drop, demand heats up again, and prices tend to climb.

It’s a constant push and pull between the two.

So while a lower rate feels better, it doesn’t always mean your monthly cost will be lower.

Here’s a simple example:

    •    In 2022, a $1,000,000 home at a 1.9% interest rate would have cost roughly $3,600 per month.

    •    In 2024 or 2025, that same home might cost $850,000, but at a 5.5% rate the payment jumps to around $4,600 per month.

Even though the home price dropped by $150,000, the higher rate made the monthly payment increase.

But the reverse is also true. If rates drop again while prices stay lower, affordability improves fast.

For example:

    •    That same $850,000 home at a 3.5% rate would be about $3,800 per month.

So a buyer who purchased during a slower market at a good price could actually end up paying less overall once rates drop and they refinance.

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🔁 You Can Change Your Rate, Not the Price You Paid

A key mindset shift for buyers:

You can always refinance your mortgage when rates fall, but you can’t go back and re-buy your home for less.

Buying during a quieter market (like now) often means:

    •    Less competition and stress

    •    More room to negotiate

    •    The chance to lock in a lower price and refinance later

In other words: today’s rate isn’t forever, but today’s price might be.

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🧠 The Bottom Line

Affordability is about balance, not just rates. If you focus only on interest rates, you might miss great opportunities while everyone else is waiting for “the perfect time.”

If you’re curious how the math looks for your specific budget, I can break it down and show you what your monthly payment might look like now versus if rates dropped or prices rose again. Sometimes seeing the numbers side by side makes things a lot clearer.

Buying a pre-sale home, a property purchased before it’s built, can be exciting. You get a brand-new place tailored to your taste, often with time to plan your move and lock in pricing before completion. But it also comes with unique risks and responsibilities that every buyer should understand before signing.

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The Rewards

1. Price Lock-In

One of the biggest draws of pre-sales is locking in today’s price for a future home. If the market rises before completion, you’ve potentially built equity before even moving in.

2. Customization & Modern Design

Buyers often get to choose finishes, layouts, and color schemes, making it feel like a custom home without the hassle of building from scratch.

3. Lower Up-Front Costs

Pre-sales usually require a deposit structure spread over several months, giving you time to save and prepare financially.

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The Risks

1. Market Changes

If the market dips before completion, you may be paying more than the home is worth at closing, and lenders might appraise it lower than your purchase price.

2. Interest Rate Fluctuations

Your mortgage rate isn’t locked until closer to completion, so rising rates can affect your affordability down the line.

3. Developer Delays or Issues

Construction delays are common, and in rare cases, projects can stall or cancel entirely. Always research the developer’s track record.

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Exit Options if You Don’t Want to Complete

Sometimes life changes between purchase and completion. Maybe you move, lose income, or the market shifts. Your options include:

1. Assignment of Contract

You may be able to sell (or “assign”) your contract to another buyer before completion. This depends on your contract terms and developer approval, and assignment fees may apply.

2. Negotiating Extensions or Amendments

In some cases, developers may grant short extensions if financing or personal situations arise.

3. Forfeiting Deposit (Last Resort)

Walking away means losing your deposit and potentially facing legal action if the developer resells for less. Always speak to your realtor and lawyer before considering this route.

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The Bottom Line

Pre-sale homes can be an amazing opportunity, especially in growing markets like Metro Vancouver and the Fraser Valley, but they require careful planning and professional guidance.

Before buying, make sure you understand the contract, the timeline, and your financial position.

As your realtor, I’m always happy to walk through your pre-sale options, help assess risk, and ensure you’re protected every step of the way.

In Metro Vancouver and the Fraser Valley, rent prices keep climbing, but ownership continues to build long-term wealth. If you’ve been on the fence, here’s why buying might make more sense than renting right now.

1. Appreciation Builds Wealth

Home values in Vancouver and the Fraser Valley have grown steadily over time, even with market ups and downs. Real estate here has proven to be a strong long-term investment. Every mortgage payment builds equity while your property potentially appreciates in value. Rent payments, on the other hand, just disappear.

2. Be Your Own Landlord

Owning gives you control. You decide when to move, what to renovate, and how to live. With a fixed-rate mortgage, your payments stay predictable while rent can increase every year. Ownership brings stability and freedom that renting can’t match.

3. How Fast Rent Money Disappears

Paying $2,300 a month in rent adds up to almost $28,000 a year — and zero equity. That’s money that could be going toward your own mortgage and future. Even if saving for a down payment takes time, the sooner you start, the sooner you stop funding your landlord’s investment instead of your own.

4. Real Opportunities Right Now

It’s still possible to get into the market. In Langley, you can find move-in ready one-bedroom condos for under $400,000, and even some detached homes dipping under $1 million. For buyers willing to start small, it’s an achievable first step toward long-term growth.

Bottom Line

Renting can make sense for short-term flexibility, but in the long run, homeownership builds stability, equity, and wealth. Vancouver and the Fraser Valley markets continue to offer opportunity — it’s just about taking that first step.

Thinking about buying? Let’s talk about what’s possible for you today!

Closing costs are the final expenses that come up when a property changes hands. They’re easy to overlook but important to plan for, whether you’re buying your first home or selling your current one.

💸 For Sellers

The main costs for sellers are pretty straightforward:

    •    Clearing Title: You’ll need to pay off your existing mortgage or any liens on the property before transfer so the title is clear for the buyer.

    •    Real Estate Fees: These are usually the largest seller expense and are paid out from the sale proceeds at closing. They’re typically split between the buyer’s and seller’s agents.

Once those are covered, most sellers don’t have many other major costs. The rest of the sale price is yours to keep, minus taxes if applicable.

🏠 For Buyers

Buyers face a few key closing costs of their own:

    •    Property Transfer Tax (PTT): This is the biggest one. In BC, it’s 1% on the first $200,000 and 2% on the remainder up to $2 million, but first-time buyers may qualify for a full exemption.

    •    Legal or Notary Fees: These cover the cost of finalizing the paperwork, registering the title, and making sure funds are transferred correctly.

Other possible costs include things like title insurance, appraisal fees, and home inspection costs, depending on the situation.

As a general rule, we usually budget around 3–5% of the purchase price for closing costs to keep things safe and stress-free.

✅ The Bottom Line

Closing costs aren’t as confusing as they sound. They’re just the final pieces of the puzzle to make your transaction official. If you plan for them early, there are no surprises when it’s time to sign.

📞 Ready to Plan Your Move?

If you’re thinking about buying or selling in Langley or the Fraser Valley and want a clear breakdown of what your closing costs will look like, reach out anytime. I’m always happy to walk you through the numbers and help you budget with confidence — no surprises, just straightforward advice.

Metro Vancouver’s once-booming condo market is hitting a wall — and fast. Executives in the region’s real estate industry are sounding the alarm as thousands of newly built condos sit empty and unsold.

According to new data from the Canada Mortgage and Housing Corporation (CMHC), around 2,500 new condos remain vacant across Metro Vancouver, double the amount from just a year ago. Industry leaders say the root of the problem lies in a mismatch between what homes cost to build and what people can actually afford.

“Costs have escalated so much in the last 10 years that to build a unit is out of the price range of 80% of the public,” said Anne McMullin, president and CEO of the Urban Development Institute. She added that government policies at all levels, combined with soaring labour and material costs, have made it nearly impossible to build affordable homes. “You're not going to build to lose money,” she said.

Some developers have even returned pre-sale deposits after failing to hit sales targets needed to secure financing. Others have entered receivership, caught in the fallout of rising costs and dwindling demand.

According to Greg Zayadi, president of Vancouver-based Rennie, the slowdown has been simmering since March 2022, but has become “very real” over the last year. “The last time we saw this level of developer-owned unsold inventory was 24 years ago,” he said.

So what’s keeping buyers away? For one, people spending $800,000 or more aren’t interested in 450-square-foot shoeboxes. They want real space — 800 to 1,500 square feet — for that price. But delivering that at a feasible cost would require building at $700 to $900 per square foot, well above current market levels.

The problem is especially visible in Burnaby, Coquitlam, and parts of Surrey, where many of the unsold condos are concentrated. Some of these units lack appeal due to small layouts or limited parking, making them tough to sell or rent.

In an effort to move inventory, developers are offering incentives like free parking stalls, storage lockers, and even cash-back on completion. But that may not be enough if buyers simply aren’t interested in the product being offered.

Zayadi and others say too much focus has been placed on catering to investors, not people who actually want to live in these homes. “Right now, a lot of condos [are] coming online that people don't really want to live in,” said one expert.

With developers pulling back, projects stalling, and buyer confidence slipping, the industry faces a critical moment.

It’s time for policymakers, developers, and city planners to come together, rethink priorities, and find real solutions to make housing more accessible. The future of Metro Vancouver’s housing market depends on it.