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David's thoughts on anything real estate related


Have you ever wondered how the same real estate listing ends up on so many different websites? 


Realtors sign an agreement with their real estate board that allows their listings to be shared and propagated across the internet. This agreement also allows realtors to pull in other agents listings into their own personal website. Whether it is REW.ca, Realtor.ca or Zoocasa.com, they all pull information from the same source and get the information at the same time.


The next question becomes which is the best website to search for listings? This is a tough question to answer because there are so many different websites. Some websites give very little information about the property and some provide lots of information, but it is arranged in a confusing and convoluted way.


There are a few websites and companies out there that I believe give you the best information. Surprisingly they are not the most popular websites. Any real estate agent that is using My Real Page as a search engine (like myself at https://davidsetton.com/recip.html) is miles ahead of the game when it comes to both searching for properties and the presentation of properties when found. 


With My Real Page you get all the details including room dimensions, property taxes, floor area and lot area. You can even share and mark your favourites. Calculate the mortgage, view the map location, walkscore, and street view all from the listing. New listings that meet your own personal criteria will be sent to your email.

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Buying a home in Vancouver is more challenging than it has ever been. There is limited inventory and homes are consistently selling with competing, multiple offers. Is the inherent value of living in Vancouver rising this rapidly, or is FOMO (fear of missing out) a factor?

To be a successful buyer, the offer cannot contain one subject condition. Remember, a subject condition is a safety-net clause in your legal offer to buy, that protects you in case anything comes up during the due diligence process. 

Still homes oftentimes sell for as much as 10 to 20% over the asking price. This is alarming to say the least.

In this type of market condition it is very difficult to advise your buyer client. The last thing I want as a real estate professional is to have my buyer overpay for a property or to buy a lemon. 

Here is the process I have been seeing with some of my clients:

  1. 1 Make an offer on home

  2. 2 Get outbid on price

  3. 3 Make another offer on a home (only this time the market is even stronger)

  4. 4 Get out bid AGAIN!

This “write an offer / get out bid” process can go on for 5 or six offers over a few months until they are finally successful in purchasing a home. It is not that the buyer is doing anything wrong either. 

Sometimes they honestly just reach the threshold and upper limit on what they can afford to pay and the bank is willing to lend. 

Other times they just don’t see the value past a certain point. I can hardly blame them. It is difficult to put a value on a home when values are escalating so quickly. 

The worst part is when a buyer misses out and gets outbid by $5,000 on a $700,000 or $800,000 condo. My heart breaks for them because the next time up to bat the market is even stronger with more competition and higher prices.

The frustration builds and builds for buyers in this type of market. Eventually, when they are finally successful with the “winning offer” (sounds ridiculous because are they really winning?) they are so beaten down by the process. 

So, what do you think? Is FOMO driving our market?


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Vancouver’s Mayor Kennedy Stewart has been pushing for a way to bring housing to the middle class in Vancouver, by converting single family homes into 6 strata lots. A covenant would be placed on one or two of the six units in perpetuity to prevent them from being sold at market value, by keeping them affordable to a household earning $80,000 to $100,000 per year. Alternatively, the developer of the six strata lots could pay a fee to the city to provide the affordable units based on square footage.

What do I think of this plan? 

I think it is severely flawed. I don’t believe that it goes far enough. It is purely a political move by the mayor by ignoring the real problem - the broken planning and approval process.

What do I mean by this?

Well, with construction costs and land costs at all time highs, the end cost to the developer will be too high to make the project feasible. By the time the developer gives up one or two of the units to “affordable” housing, the remaining 4 will just be too expensive. Not to mention given the "City of Vancouver's notorious delays with processing, reviewing, and approving development permits," (BC Minister of Housing) the time to get the approval on such a project will be so drawn out it will eat away any potential for profit. Remember, time is money.

Here is what I think needs to be done:

  • Cut red tape and the time to approve development applications
  • Allow for row townhomes or even 4 story buildings in single family areas
  • Waive or cut Community Amenity Contribution fees
  • Allow the free market to value land and provide housing

What do you think of this policy change? Do you think it has merit? Feel free to comment below.

To learn about the value of your home, feel free to call me anytime. For tips for sellers visit this page.

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Please visit our Open House at 3 1350 6TH AVE W in Vancouver.
Open House on Saturday, February 5, 2022 2:00PM - 4:00PM
Incredibly located, on the QUIET SECTION OF WEST 6TH AVENUE, this 2 bedroom townhome is ideally situated in one of Vancouver's most desirable neighbourhoods. You will feel a true sense of community in this well maintained, RAIN SCREENED BUILDING. This home has been COMPLETELY RENOVATED, with generous room sizes, front & back entrances, 2 large patios and 2 storage lockers. You even have your own private direct access to a secured parking garage for that real house feel. The private 2nd bedroom with 'loft-bed' has potential to be enlarged & is perfectly suited for guests or a growing family. Interior renovations include a Cape Cod-inspired entertainer's kitchen, updated bathroom & hardwood floors. The locally owned shops, restaurants, & cafes of South Granville are steps from your door.
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Please visit our Open House at 3 1350 6TH AVE W in Vancouver.
Open House on Sunday, February 6, 2022 2:00PM - 4:00PM
Incredibly located, on the QUIET SECTION OF WEST 6TH AVENUE, this 2 bedroom townhome is ideally situated in one of Vancouver's most desirable neighbourhoods. You will feel a true sense of community in this well maintained, RAIN SCREENED BUILDING. This home has been COMPLETELY RENOVATED, with generous room sizes, front & back entrances, 2 large patios and 2 storage lockers. You even have your own private direct access to a secured parking garage for that real house feel. The private 2nd bedroom with 'loft-bed' has potential to be enlarged & is perfectly suited for guests or a growing family. Interior renovations include a Cape Cod-inspired entertainer's kitchen, updated bathroom & hardwood floors. The locally owned shops, restaurants, & cafes of South Granville are steps from your door.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.