The real estate market is already seeing the start of a spring boost, according to the Society of Notaries Public of BC.
“Spring is just around the corner, and notaries are already seeing an increase in real estate transactions,” said Wayne Braid, the society’s CEO, in a February 23 press release.
Notaries, who are involved in more than half of the real estate transactions in BC, noted some changes in market trends.
“I have seen an increase in local residents purchasing condos downtown as an investment,” said Akash Sablok, the society’s president and a notary public in East Vancouver. “Due to lower interest rates and a strong rental market, investment properties are seen as a good investment, creating a positive cash flow and adding to affordable rental housing.”
Kristy Martin, a notary public in Langford, said, "We are seeing a great number of high-ratio financing purchases right now, where the purchaser is only required to have a minimal down payment. We are also seeing multiple family members, such as parents and their children, going on the title and the mortgage together to make the purchase more affordable, and in some cases to make the purchase possible.”