Getting the Listing Dominates Vancouver Real Estate
In Vancouver real estate, it's not all about getting a property sold, as that comes easily enough. The real challenge is getting the listing, a report showed.
According to an article published by CTV News Vancouver, real estate agents in Vancouver are battling not to get sales but to get listings instead. In a hot real estate market like that of Vancouver, getting a property sold is not a problem.
The report noted than once a real estate agent has the property listed, the adventure begins as multiple offers usually start rolling in soon after. It added that selling a property in Vancouver, where there's an intense in demand yet minimal supply, was not much of a challenge.
There's a growing trend in Vancouver where real estate agents have become increasingly aggressive in giving out flyers to property owners in a bid to get listings. The report, however, showed that real estate agents in Vancouver are quick to defend that there's nothing wrong about their style of trade.
David Eby of the New Democrat MLA does not agree with this kind of trade, saying that no matter what motivates these agents in sending such aggressive flyers just to get listings does not sit well with him. He added that such practices are symptoms of the industry players' greediness.
"I think there is a huge issue around public confidence in the real estate industry right now, and with good reason. When you send that message, you tell people that you don't care about our community, you don't care about British Columbia, you don't care about housing affordability. It's all about greed," Eby was quoted as saying by CTV News Vancouver.
Meanwhile, real estate experts expect that red-hot property markets in Vancouver and Toronto are will cool off as the new mortgage rule took effect Tuesday, the Business Vancouver reported. One of the key changes implemented by the new mortgage rule is the increase of the minimum down payment from 5 percent to 10 percent for properties valued at $500,000 and above.