New Property Transfer Tax (PTT) Rules - New Thresholds for Exemption
Currently, the First Time Home Buyer (FTHB) full exemption applies to properties with a fair market value (FMV) of less than $500,000, with a partial exemption for properties with a FMV of $500,000 to $525,000. 

As of April 1st, 2024, the FTHB exemption will apply to properties in a different way, and this is great news for many buyers. 

For properties with a FMV of less than $835,000, PTT is not payable on the first $500,000, but payable on the difference between the FMV and $500,000.

For example, if the FMV of the property is $700,000, PTT paid would be 2% of $200,000 ($700,000 less $500,000).

Not paying PTT on the first $500,000 saves buyers a total of $8,000

If the property has a FMV between $835,000 and $860,000, then a partial exemption applies, the details of which are not yet confirmed by the BC government. 

If the FMV of the property is over $860,000, then there is no FTHB exemption.

Increased Threshold for Newly Built Home Exemption (Presales)

Effective April 1, 2024, the FMV threshold to claim the Newly Built Home Exemption will be increased from $750,000 to $1,100,000.

For example, a purchase at $1.1M would save $20,000 in PTT!

Just keep in mind that presales are subject to 5% GST and the total purchase price (GST included) is what is considered for the exemption.

A partial exemption is also available for properties with a FMV under $1,150,000. The details of the exemption are also yet to be confirmed by the BC government.

Properties with a FMV of greater than $1,150,000 will not be able to claim the Newly Built Home Exemption.

How to create a safe and stylish space: A home design guide for new parents

When young families choose furniture and décor for their home, there’s a lot more to consider than just the aesthetic of the pieces. When little hands and feet are a part of the equation, furniture safety and durability is a top priority for parents.

Fortunately, you don’t have to compromise style for safety – achieving both is entirely possible. By making informed choices and focusing on design durability, functionality and style, you can create a space that is both visually appealing and family-friendly.

Let’s explore four key home styling considerations for new parents:


When choosing furniture and décor, it’s essential that it can withstand life with kids. Even if your little one is not yet on their feet, it won’t be long before they’re exploring – and this can get messy.

To prepare for the inevitable, select furniture with the understanding that children will come into contact with it, often with sticky hands or colouring tools. Consider protective sprays for fabrics, opt for colours that camouflage stains, and be open to second-hand pieces until your children are old enough to handle your furniture with care. Additionally, choose a non-toxic washable paint that can withstand the test of little fingerprints and other signs of childhood on your walls.


Embrace a non-traditional mindset when arranging your living spaces. Before investing in bedroom furniture for a new baby, consider where you and your child will be most comfortable. You might find that a mattress on the floor is the unexpected choice for the first few years of your child’s life. 

Also be mindful of multi-functional pieces instead of furniture and décor with a single purpose. An example of this is securing a baby change mat to a dresser instead of purchasing a change table that, unless repurposed, will be impractical when diaper days are over.

When deciding on a safe space for your child to play, consider creating small, dedicated corners for toys and activities in different rooms as opposed to a designated playroom. This will allow your child to be within your sight as they play, and any extra space you have leftover in the home can be utilized by the whole family.

Don’t forget to squeeze in storage solutions wherever possible to maintain an organized and functional home.


As a parent, keeping your children safe is your top priority. Here are some general safety precautions you can take to make your home safer:

  • Secure shelves, dressers, and any other large pieces of furniture to the wall to prevent them from tipping over.
  • Place hazardous items like cleaning solutions and sharp objects out of reach or in cabinets or drawers secured with child locks.
  • Be cautious around sharp edges and corners – opt for protective covers, or if possible, furniture with rounded edges.
  • Ensure all cables, strings and ties are properly secured to prevent strangulation. 
  • Lock all windows and doors to prevent accidents.


From modern to boho, traditional or eclectic, your personal style can still shine through in your home when you have kids. Children’s toys, clothing, furniture and décor have come a long way over the past decade, which means you can find items that mimic your tastes while fulfilling their purpose as durable, functional pieces. 

Choose storage solutions for toys, games and other kids activities that match your interior aesthetic. Utilize baskets and containers that lend to the style of your space rather than the traditional bright and colourful pallets often associated with kids’ design.

Something style-conscious parents can get excited about: the washable rug! There are several companies now offering rugs of all sizes and designs that can be thrown right into the washing machine – a DREAM when you’ve got little ones running around. No need to cry over spilled milk… Or anything else for that matter!

Creating a safe, stylish and practical space that aligns with your family’s taste is achievable. With a thoughtful blend of durability, functionality and style, you can welcome a baby into a house that feels like home.

Royal LePage


Leasehold Land & Freehold Land: What's the difference
We often get the question about the difference between Leasehold Land & Freehold Land.  While the majority of purchases in Greater Vancouver are "Freehold" there are Leasehold properties also (Land owned by Indigenous peoples, Cities, municipalities, others), so it's important to know the difference. Let's break it down:
Freehold Land:
   - When you own freehold land, you have absolute ownership of both the land and any buildings or structures on it.
   - You have the right to use, occupy, and sell the land as you wish, subject to any local regulations or restrictions.
   - Freehold ownership typically lasts indefinitely and can be passed down through generations.
Leasehold Land:
   - Leasehold land involves leasing the land from the freehold owner for a specific period, usually long-term but with a defined end date.
   - As a leaseholder, you have the right to use the land for the duration of the lease, but you don't own it outright.
   - The terms of the lease, including rent payments and any restrictions on use, are outlined in a lease agreement between the leaseholder and the freehold owner.
   - Leasehold properties often involve paying ground rent to the freehold owner and may have additional charges or conditions outlined in the lease.
In essence, with freehold land, you own the land outright, while with leasehold land, you have the right to use the land for a specified period under the terms of a lease agreement.

Want to know more about specific Leasehold Land on the North Shore, how they stack up in value compared to Freehold property and how they react to market changes?  Send us a message for all the details!

Stay informed: New legislation agents should know about in 2024

In 2024, several policies impacting buyers, sellers, renters and real estate professionals in Canada will come into effect. Below you will find a breakdown of new and updated industry and consumer policies that may affect both your business and your clients.

REALTOR® Cooperation Policy 

CREA (Canadian Real Estate Association)’s newly-effective REALTOR® Cooperation Policy, created by the Realtor Code’s Duty of Cooperation (Article 30), aims to enhance professionalism and collaboration across the industry. The policy mandates Realtors to list residential properties on an MLS® (Multiple Listing Service) within three days of public marketing, excluding direct communication with affiliated parties. Sellers must also be informed of the benefits of MLS marketing, with written confirmation required if they choose otherwise. 

Penalties: Enforced by local boards, penalties for non-compliance include license suspension and access restrictions:

  • Suspending, restricting or terminating a realtor’s license to use and display CREA’s trademarks (for example, REALTOR® or MLS®)
  • Suspending, restricting or terminating a realtor’s access to CREA services including such things as CREA WEBForms®, the DDF® and
  • Imposing any other restrictions that CREA determines is appropriate

Exemptions: The policy excludes new construction, commercial properties and rentals. 

You can read more about this policy on CREA’s website here.

Short-term Rental Restrictions

In November, 2023, the Government of Canada unveiled its 2023 Fall Economic Statement, which details new tax, spending and inventory-boosting measures. This includes new efforts to incentivise short-term rental operators to return properties to the long-term housing market. Going forward, income tax deductions will be denied in cases where short-term rental owners are not compliant with provincial or municipal licensing, permitting or registration requirements. This applies to all expenses incurred on or after January 1st, 2024.

You can read more details from the 2023 Fall Economic Statement here

Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyer Ban)

In addition to the new federal legislation above, the Prohibition on the Purchase of Residential Property by Non-Canadians Act, otherwise known as the Foreign Buyer Ban, was introduced last year and remains in effect until December 31, 2024. 

You can find more details about this policy here.

New Short-term Rental Housing By-laws

In late 2023, the provincial government introduced the Short-Term Rental Accommodations Act which imposes stricter regulations and enforcement on short-term rental housing. As of May 1st, 2024, the Act will require short-term rental hosts to display a valid business licence number on their listing in regions where a licence is required by the local government. Short-term rentals will be limited to the host’s principal residence, plus one secondary suite or accessory dwelling unit, in select communities. 

Additionally, protections for ‘non-conforming use of property’ will no longer apply to short-term rentals. Later in the year, the British Columbia government will implement a short-term rental registry, and require rental platforms to share data with the Province. 

Expanded Speculation and Vacancy Tax

The province has expanded its existing speculation and vacancy tax laws to 13 new communities, including Penticton, Courtenay and Kamloops. Homeowners in applicable regions will be required to declare how they used their property in 2024 for the first time in January, 2025. 

Introduced in 2018, the speculation and vacancy tax is 2% for individuals who don’t pay the majority of their taxes in Canada, or 0.5% for Canadian citizens or permanent residents who pay the majority of their taxes in the country. 

Updated Zoning Rules

New zoning laws are under consideration to deliver more small-scale, multi-unit housing across British Columbia. Under the proposed legislation, one secondary suite or one laneway home will be permitted in all communities throughout the province. In most areas within municipalities of more than 5,000 people, by-laws will also be adapted to allow three to four units on lots currently zoned exclusively for single-family or duplex residential, and permit six units on larger lots close to transit stops with frequent service.

Additionally, the new zoning rules would require municipalities to update community plans and zoning by-laws on a regular basis to ensure that there is enough housing for current and future residents. Changes to zoning by-laws will roll out across 2024. 


What is a Strata Depreciation Report?

A strata depreciation report is a thorough written, and sometimes illustrated, physical assessment of the condition of a strata property that identifies current and future issues that need to be addressed with associated cost estimates. According to provincial regulations, a depreciation report must include an inventory and evaluation of a building’s:

* Structure,

* Exterior (such as roofs, roof decks, doors, windows and skylights),

* Systems (such as electrical, heating, plumbing, fire protection and security); and

* Common amenities (such as fitness room, pool, bike lockers etc).

* Collectively, the items listed above are known as "common property" as they are elements that are shared by all owners of individual units within the building. 

Why is a Strata Depreciation Report important?

It helps strata corporations plan for the repair, replacement and renewal of common property and assets, especially those that require considerable outlay of money, such as roofs, windows, elevators, roads or utilities.

They are also an important part of a Buyer’s due diligence as they provide insight into future repair and maintenance needs and their associated costs.  It is in your best interest as a Buyer to thoroughly review strata depreciation reports and seek legal or other expert advice before making a buying decision. 

Buyers should also understand that a depreciation report covers common property as part of a strata building and not individual units within that building. As such, be sure to get an independent inspection for the specific unit you are considering purchasing.

What isn’t covered in a Strata Depreciation Report?

Depreciation reports don’t normally cover every item in the common property or routine repairs and maintenance.  Buyers should still do their own due diligence in having the property inspected as well as obtaining other strata documents, including but not limited to bylaws, rules, regulations, meeting minutes, strata plans, summary of insurance coverages etc. To obtain additional information, Realtors will typically request other strata documents in addition to the depreciation report.

Are Strata Depreciation Reports mandatory in BC?

In most cases, yes.

Under B.C.’s Strata Property Act and Regulations, strata corporations must obtain a depreciation report unless the strata consists of fewer than 5 strata lots. The Regulations also require the report to be updated every three years.

Yet - Strata Corporations can opt out …

­­Strata corporations in BC can waive their requirement to obtain a depreciation report, or defer the renewal of one, if 75% of the owners pass an annual vote in favour. Voting to waive a depreciation report can backfire however, with the long-term costs of unanticipated repairs and maintenance needs often far outweighing any short-term savings gained from opting out. In addition, prospective buyers are sometimes reluctant to invest in stratas that don’t have a long-range maintenance plan in place and as important - lenders and insurers may consider stratas without depreciation reports greater risks.

Information above - Courtesy of BCREA


Royal LePage’s Q4 2023 Home Price Update and Market Forecast

The Royal LePage Home Price Update and Market Forecast, distributed each quarter, includes price data and insights from experts in 63 real estate markets across the country, as well as national and regional forecasts.

Despite a continued slowdown in market activity in the later months of 2023, Royal LePage expects sidelined buyers to re-engage in the first quarter of 2024 ahead of expected rate cuts by the Bank of Canada.

“I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers rates misses the mark,” said Phil Soper, president and CEO of Royal LePage. “The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.”

Key highlights from the 2024 Market Survey Forecast:

  • National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter
  • Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023
  • Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%); only major region to post quarterly price gains in Q4 2023 (1.5% over Q3)
  • 81% of regional markets posted a quarter-over-quarter decline
  • Approximately 2.2 million mortgages in Canada will be renewing over the next two years, most at a much higher interest rate
  • National aggregate home price expected to rise 5.5% year over year in Q4 of 2024

Purchasing a home is an exhilarating milestone, but it also comes with its fair share of complexities and potential risks. As a homebuyer, you need to be well-informed and protected throughout the process to avoid financial pitfalls and ensure a successful transaction. This is where contingencies and the expertise of a reliable realtor play a crucial role. In this blog, we will explore the significance of appraisal, inspection, and financing contingencies, and shed light on how a realtor can be your guiding light in making the most substantial investment of your life.

  1. Appraisal Contingency: Shielding Your Financial Interests

An appraisal contingency is a vital clause in your offer that protects you financially if the appraised value of the home differs significantly from the agreed-upon purchase price. Appraisals are essential to lenders as they determine the home's fair market value, ensuring that you do not overpay for the property. If the appraisal comes in lower than expected, the contingency gives you the option to renegotiate the price or, in severe cases, walk away from the deal without losing your earnest money deposit.

2. Inspection Contingency: Uncovering Potential Issues

The inspection contingency provides you with the opportunity to thoroughly assess the condition of the home before finalizing the purchase. A professional home inspection can uncover hidden defects, structural issues, or necessary repairs that you may not have noticed during your initial visit. Armed with this information, you can negotiate with the seller to address the problems, lower the sale price, or choose to back out of the deal altogether, retrieving your earnest money deposit.

3. Financing Contingency: Ensuring Funding is Secured

Securing financing is a crucial aspect of the homebuying process. A financing contingency safeguards you and your earnest money deposit in case you encounter unexpected obstacles while seeking a mortgage. If, for any reason, your loan application is rejected or you cannot secure the necessary financing, this contingency allows you to exit the contract without financial repercussions.

The Indispensable Role of a Realtor

Navigating the complexities of a real estate transaction can be overwhelming, especially for first-time homebuyers. This is where the expertise of a seasoned realtor becomes invaluable. Here's why you need a realtor by your side:

  1. Knowledge and Expertise: Realtors possess comprehensive knowledge of the local market and current real estate trends. They can help you find the right properties that align with your needs and budget, maximizing your chances of making a sound investment.

  2. Negotiation Skills: Negotiating with sellers can be a daunting task, but realtors are skilled negotiators. They advocate for your best interests, ensuring you get the best possible deal while handling all the intricate details of the negotiation process.

  3. Contingency Protection: Your realtor will ensure that all necessary contingencies are included in your offer, safeguarding your interests throughout the transaction. They will guide you through any potential challenges that may arise, giving you peace of mind during the process.


Purchasing a home is a monumental decision, and you deserve to embark on this journey with confidence and peace of mind. Contingencies are your safety net, providing you with the flexibility to navigate unforeseen circumstances during the homebuying process. Additionally, having a reputable realtor by your side is essential to ensure that your best interests are protected, and you are well-informed at every step.

Remember, the right realtor will not only assist you in finding your dream home but will also be your trusted advisor throughout the negotiation and transaction process. With the guidance of a reliable realtor and well-thought-out contingencies, you can make the most substantial investment of your life with confidence and excitement. Happy house hunting!


Making Smart Real Estate Decisions: Avoiding Common Buyer Mistakes

Purchasing real estate is an exciting endeavor, but it also comes with its fair share of challenges and potential pitfalls. As a buyer, it's essential to approach the process with a clear and strategic mindset to avoid regrets in the future. In this blog, we will discuss three common mistakes that buyers often make and how you can steer clear of them to make a well-informed and successful real estate investment.

  1. Don't Get Distracted by Flashy Details

When house hunting, it's easy to get captivated by flashy details and trendy finishes. However, it's crucial not to let these cosmetic features overshadow more critical factors, such as the property's location, overall condition, and pricing. While stainless steel appliances and designer fixtures may be enticing, they should not be the primary focus of your decision-making process. Instead, concentrate on the property's long-term potential, its suitability for your needs, and its value in the current market.

Before making a decision, ask yourself whether the property meets your practical requirements and aligns with your lifestyle. Pay attention to elements like proximity to essential amenities, schools, and your workplace. Remember that cosmetic upgrades can be relatively simple to make down the line, while addressing fundamental flaws may require significant time and resources.

2. Avoid Making Unreasonably Low Offers

Negotiating is an integral part of the home buying process, but making an unreasonably lowball offer can be a risky strategy. While it's essential to seek a fair deal, making an offer significantly below the property's market value can offend the seller and potentially lead to the breakdown of negotiations.

Before making an offer, do thorough research on comparable properties in the area, consult with your real estate agent, and assess the market conditions. A well-informed and reasonable offer, supported by data and your financial capacity, is more likely to be taken seriously by the seller and can lead to a smoother negotiation process.

3. Consider Resale Potential

While it's natural to be focused on finding your dream home, it's also essential to consider the property's potential for resale. While you may plan to live in the property for many years, life circumstances can change, and you may need to sell the property in the future.

Factors to consider include the property's location and its desirability for potential buyers in the future. Think about the property's layout and size and whether it can accommodate various family sizes or lifestyles. A home with timeless appeal and good potential for resale can protect your investment and offer greater financial security in the long run.


As a buyer in the real estate market, avoiding common mistakes can save you from potential regrets and financial losses down the road. Remember to prioritize essential factors over flashy details, make reasonable offers based on market data, and consider the potential for resale when choosing a property. Partnering with a knowledgeable and experienced real estate agent can be immensely beneficial, as they can guide you through the process and help you make informed decisions.

By taking a measured and strategic approach to your home search, you can increase your chances of finding the right property at the right price. A well-considered investment ensures that you not only find a place to call home but also build a solid foundation for your financial future. Happy house hunting!


Limited Inventory keeps home prices rising despite challenging conditions for buyers.

The housing market in B.C. has remained strong in 2023, with high prices due to a limited
supply of listings. Despite challenging conditions for buyers, home prices have continued to rise. The BC Real Estate Association (BCREA) expects a 2 percent decline in pricing for the year, but there are several factors to consider.

The key takeaway for you is that the B.C. housing market has been resilient, partly due to
very low inventory levels. Prices have gone up this year, especially in more expensive
markets like Greater Vancouver, where buyer activity has remained strong despite fewer
listings. The average benchmark price in this area is now $1.2 million.

Looking ahead, BCREA anticipates a normalization in activity as buyers adjust to higher
interest rates. They expect prices to rise by 2.4 percent next year, with Greater Vancouver remaining the most expensive market with an average resale price of $1.3 million.

However, the main driver of pricing remains the limited supply of housing. This highlights
the need for more listings and a broader range of housing types, both resale and new. It's
important to note that sales of residential land have dropped, indicating ongoing supply
constraints, even as the province encourages municipalities to meet housing demand
through construction targets.

In summary, while B.C.'s housing market has seen high prices due to low inventory, there is a potential for a 2 percent decline this year, with expectations of stabilization and moderate price increases in the coming years. The key takeaway for readers is the importance of addressing the supply issue in the housing market to support more sustainable pricing in the future.


Expanding Your Real Estate Horizons: Our Trusted Referral Partners Across Canada and Beyond

When it comes to buying or selling a property, having a reliable and dedicated real estate sales professional by your side is crucial. As proud Real Estate Sales Professionals serving the North Shore, we understand the significance of providing exceptional service to our clients. However, we also recognize that our clients' needs may extend beyond our primary service area. To ensure that our clients receive the same level of outstanding service regardless of their location, we have carefully established a network of trusted referral partners in various areas. In this blog, we will highlight the benefits of our referral program and how it allows us to connect our clients with exceptional agents who share our commitment to excellence.

The Power of Trusted Referral Partners

  1. Unparalleled Service, Wherever You Are

As dedicated real estate professionals, our commitment to our clients goes beyond geographical boundaries. We believe that everyone deserves access to top-notch service, no matter where they are looking to buy or sell a property. Through our network of trusted referral partners, we extend our reach, ensuring that our clients receive exceptional support and expertise, whether they are in Vancouver, other areas of Canada, or even beyond national borders.

2. Vetted Professionals, Meeting High Standards

Our referral partners are not chosen lightly; each one has been thoroughly vetted to ensure they meet our stringent criteria for professionalism, expertise, and customer service. We take pride in aligning ourselves with agents who share our values and dedication to providing an unparalleled real estate experience for our clients.

3.Seamless Transition and Collaboration

When we refer you to one of our trusted partners, rest assured that the transition will be seamless. We work closely with our referral partners to ensure they are fully briefed on your needs and preferences. This collaborative approach ensures a smooth handover and continuity of service, guaranteeing that you are in the best possible hands.

4.Expanding Horizons: Local and Global Reach

Our network of referral partners extends not only to different areas within Canada but also to international destinations. If you are considering buying or selling property outside of Canada, we can connect you with reputable agents who possess an in-depth understanding of local markets and regulations, ensuring a successful transaction, even on foreign soil.

Why Choose Our Referral Program?

  1. Personalized Service: Your needs are unique, and we believe in tailoring our services to meet your individual requirements. By connecting you with a trusted referral partner, you can expect personalized attention and a deep understanding of your goals.

  2. End-to-End Support: Our commitment to your satisfaction does not end with a referral. We remain engaged throughout the process, ensuring that our referral partner is delivering the level of service you deserve.

  3. Extensive Expertise: Our referral partners boast extensive experience and knowledge in their respective markets. You can rely on their expertise to guide you through the intricacies of buying or selling property, wherever that may be.


At Botto Real Estate, we are passionate about providing outstanding service to our clients on the North Shore. However, we also understand that your real estate needs may extend beyond our primary service area. With our network of trusted referral partners, we ensure that you receive the same exceptional service, no matter where your real estate journey takes you.

Our carefully chosen referral partners share our commitment to excellence, and we take pride in connecting you with professionals who will put your needs first. Whether you are looking to buy or sell a property in Vancouver, other areas of Canada, or even abroad, we are delighted to introduce you to one of our exceptional referral partners. Expand your real estate horizons with us, and experience the highest level of service and expertise in the industry. Contact us today to get started on your real estate journey, wherever it may lead!


The housing market in B.C. has remained strong in 2023, with high prices due to a limited supply of listings. Despite challenging conditions for buyers, home prices have continued to rise. The BC Real Estate Association (BCREA) expects a 2 percent decline in pricing for the year, but there are several factors to consider.

The key takeaway for you is that the B.C. housing market has been resilient, partly due to very low inventory levels. Prices have gone up this year, especially in more expensive markets like Greater Vancouver, where buyer activity has remained strong despite fewer listings. The average benchmark price in this area is now $1.2 million.

Looking ahead, BCREA anticipates a normalization in activity as buyers adjust to higher interest rates. They expect prices to rise by 2.4 percent next year, with Greater Vancouver remaining the most expensive market with an average resale price of $1.3 million.

However, the main driver of pricing remains the limited supply of housing. This highlights the need for more listings and a broader range of housing types, both resale and new. It's important to note that sales of residential land have dropped, indicating ongoing supply constraints, even as the province encourages municipalities to meet housing demand through construction targets.

In summary, while B.C.'s housing market has seen high prices due to low inventory, there is a potential for a 2 percent decline this year, with expectations of stabilization and moderate price increases in the coming years. The key takeaway for readers is the importance of addressing the supply issue in the housing market to support more sustainable pricing in the future.


Where Are People Moving Today and Why?

Plenty of people are still moving these days. And if you’re thinking of making a move yourself, you may be considering the inventory and affordability challenges in the housing market and wondering what you can do to help offset those. A new report from Gravy Analytics provides insight into where people are searching for homes and what they’re prioritizing most right now. That information could help you plan your own move.

1. People Are Moving to Cities with Lower Housing Costs

One big factor motivating where buyers are going is affordability and that’s no big surprise. People are relocating to areas that have less expensive housing options. As a result, small cities are thriving. Hannah Jones, Economics Data Analyst at, summarizes why:

“Affordability is still very much front and center . . . a lot of what’s available is outside of the price range of many buyers. . . . so they look elsewhere for a little more bang for the buck.”

The takeaway for you? If you’re having trouble finding a home that fits your budget, it may help to browse other, more affordable locations nearby.

2. People Want to Live Where They Vacation

And, if you’re already expanding your search radius, you may be able to include a location that features your favorite type of destination, like a suburb near the beach or a mountain town. Data shows many other homeowners are making that type of move a priority today. According to the same report from Gravy Analytics:

“Whether it’s the opportunity to enjoy more weekend hikes in the mountains or to wake up to a lakeside sunrise, people are moving to areas that were once thought of as vacation spots.”

Even with today’s home prices and mortgage rates, here’s why a move like this could be possible for you. If you’re already a homeowner, the equity you’ll get when you sell your current house can help fuel that move and give you the down payment you’d need for your dream home.

3. People Who Work Remotely Are Taking Advantage of that Flexibility

Ongoing remote work is another major factor in where people are moving. A recent report from the McKinsey Global Institute says this about recent movement patterns:

“Many of these moves happened because employees untethered from their daily commutes began to care less about how far they lived from the office.”

If you’re a remote or hybrid worker, you don’t have to live in the same city, or sometimes even the same state, as your job. That means you can prioritize other things, like being closer to loved ones, when buying a home.

In fact, the same McKinsey Global Institute report notes for people who moved during the pandemic, 55% reported moving farther from the office. And since remote work is still a popular choice today, homebuyers will likely continue to take advantage of that flexibility.

Bottom Line

Lots of people are still moving today. If you want help navigating today’s inventory or affordability challenges, and expert advice to help you find your ideal home, connect with a trusted real estate agent.

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