Buying a home as a self-employed individual can present unique challenges, especially in a competitive market like Vancouver. However, with the right preparation and approach, it’s absolutely possible to secure the home of your dreams. Here are some essential tips for self-employed home buyers:

1. Organize Your Financial Documents
   Lenders require more detailed financial documentation from self-employed buyers. Be prepared to provide at least two years of personal and business tax returns, along with income statements, balance sheets, and any other relevant records. Ensuring these documents are accurate and up-to-date is crucial to prove a stable income.

2. Improve Your Credit Score
   Your credit score plays a vital role in the mortgage approval process. Take time to review your credit report and address any inaccuracies. Paying down outstanding debts and maintaining a low credit utilization ratio can help boost your score, making you a more attractive candidate for lenders.

3. Save for a Larger Down Payment
   Self-employed buyers may face stricter lending criteria. A larger down payment can demonstrate financial stability and reduce the perceived risk for lenders. Aim to save at least 20% of the property’s purchase price, as this can also help you avoid mortgage insurance premiums.

4. Consider a Pre-Approval
   Getting pre-approved for a mortgage can give you a clearer idea of your budget and show sellers that you’re a serious buyer. This step can be especially beneficial in Vancouver’s competitive real estate market, where homes often sell quickly.

5. Work with an Experienced Realtor and Mortgage Broker
   Navigating the home-buying process as a self-employed individual is easier with the right support. Choose a Realtor who understands the Vancouver market and a mortgage broker who has experience with self-employed clients. They can guide you through the process, recommend lenders who are more flexible with self-employed applicants, and help you present your financials in the best light.

6. Stabilize Your Income
   Lenders look for consistent income, so avoid major business changes or fluctuations in income leading up to your home purchase. Showing steady, predictable earnings can improve your chances of qualifying for a mortgage.

Buying a home while self-employed requires a bit more preparation, but with these tips and the right team, you can confidently navigate the market and achieve your homeownership goals.

As homeowners seek to maximize the comfort, functionality, and value of their properties, home renovation trends are evolving to reflect new priorities. Here’s a comprehensive look at some of the latest trends shaping the renovation landscape in 2024:

1. Sustainable and Eco-Friendly Upgrades
   The focus on sustainability continues to grow as more homeowners prioritize eco-conscious living. This year, there’s a surge in the use of energy-efficient appliances, solar panels, and eco-friendly building materials such as reclaimed wood and recycled metal. Water-saving fixtures, such as low-flow toilets and touchless faucets, are increasingly popular for reducing water usage. Enhanced insulation and double- or triple-pane windows are also being installed to improve energy efficiency, helping to lower utility bills and reduce carbon footprints. These green renovations not only support environmental efforts but also increase a home’s market appeal.

2. Multipurpose Spaces
   The rise of hybrid work arrangements has made multifunctional spaces more important than ever. Homeowners are creating spaces that can seamlessly transition between different uses, such as home offices that double as guest rooms or playrooms. Basements are being reimagined as versatile areas that can function as home gyms, family entertainment centers, or hobby workshops. Adaptable furniture—such as foldable desks, convertible sofas, and modular shelving—plays a crucial role in maximizing space and functionality, making it easier for homes to meet the changing needs of residents.

3. Spa-Like Bathrooms
   The bathroom is no longer just a functional space; it has become a sanctuary for relaxation and rejuvenation. In 2024, spa-like bathroom renovations are highly sought-after. Features like rainfall showers, freestanding bathtubs, heated floors, and ambient lighting create a luxurious experience. Smart technology is also making its way into bathrooms, with voice-activated controls for lighting, mirrors that offer built-in lighting and anti-fog settings, and digital water temperature controls. These additions not only enhance comfort but also add a modern touch that appeals to homebuyers looking for that extra bit of luxury.

4. Biophilic Design
   Biophilic design, which emphasizes a connection to nature, is a trend that shows no signs of slowing down. Homeowners are incorporating natural light, indoor plants, and organic materials like wood, stone, and clay to create a calming environment. Large windows and sliding glass doors that blur the line between indoor and outdoor spaces are highly popular, as are green walls that feature living plants. These elements help bring the outdoors in, promoting a sense of well-being and tranquility that is essential for today’s busy lifestyles.

5. Warm and Earthy Tones
   Interior color palettes are shifting from cool grays and stark whites to warmer, earthy tones. Colors like terracotta, olive green, soft browns, and rich ochre are making their way into living rooms, kitchens, and bedrooms. These hues create a cozy and inviting atmosphere that pairs beautifully with natural materials and biophilic elements. Accent walls painted in warm tones, combined with textures such as woven fabrics and wooden decor, enhance the sense of comfort and warmth within the home.

6. Smart Home Integration
   The integration of smart technology continues to be a driving force in home renovations. From smart thermostats and security systems to voice-controlled lighting and kitchen appliances, homeowners are embracing tech that makes life more convenient and efficient. Newer systems are designed to be more user-friendly and seamlessly integrated, allowing for centralized control through apps or voice assistants. Smart kitchens, featuring appliances like touchless faucets and Wi-Fi-enabled ovens that can be controlled remotely, are becoming more common. This trend caters to tech-savvy homeowners looking for both comfort and high-tech functionality.

7. Bold Statement Features
   Homeowners are making a statement with bold design choices that add character and uniqueness to their spaces. This trend includes the use of dramatic light fixtures, feature walls with textured wallpaper or reclaimed wood, and unique backsplashes in kitchens that serve as focal points. Artisanal touches, such as custom cabinetry, handmade tiles, and vintage furniture pieces, contribute to a home’s distinct personality and create spaces that feel both personal and stylish.

Staying informed about these trends can help homeowners make strategic renovation choices that not only enhance their daily living experience but also boost their property’s market value. Whether it's incorporating sustainable practices, creating multifunctional spaces, or integrating smart technology, these updates reflect a modern approach to home design that prioritizes both form and function.

Highlights from Greater Vancouver’s October 2024 Real Estate Market Report

• Sales transactions surged in October

• New listings for October hit the second-highest level since 1991

• Bank of Canada’s 50-point rate cut—with more cuts likely on the way

• Listing absorption rates spiked

October’s real estate activity picked up, with sales surging alongside a notable rate cut from the Bank of Canada. While some hoped for a bigger rate reduction to jumpstart the market, a 50-basis point cut provided a welcome nudge. As the dust settles from BC’s provincial election, questions remain about the government’s housing promises and whether policy will drive more meaningful change.

U.S. events like the Presidential Election and upcoming Federal Reserve rate decisions continue to create economic noise. With the U.S. economy outperforming Canada’s, their interest rate cuts might not match Canada’s. This dynamic has weakened the Canadian dollar, and further cuts here could add to that trend, particularly as another half-point reduction could be on the horizon in December or January.

Sales in Greater Vancouver reached 2,632 properties in October—marking a strong fall peak. This 32% year-over-year increase is a promising sign of buyer engagement, particularly since October sales showed the strongest month-over-month increase since early 2022. Buyers appear to be re-entering the market, possibly driven by the recent rate cut and upcoming changes to mortgage rules in December. The government’s plan to allow 30-year amortizations for presale buyers and increase the insured mortgage threshold to $1.5 million may fuel buyer interest into the new year. In a shifting market, the saying rings true: buy now or compete later.

In October, sales sat 5% below the 10-year average, a marked improvement compared to the previous months’ performance. This uptick wasn’t simply seasonal; it indicated a resurgence in activity. October’s sales boost, especially in the townhome segment, suggests demand is making a comeback.

New listings reached 5,577 in October—a 10% dip from September but 20% above the 10-year average. Despite higher listing levels, inventory didn’t exceed 15,000 units, a benchmark not seen since 2019. As listings begin to decline toward year-end, this could further drive demand.

Absorption rates also rose in October, reducing months of supply across all property types. Detached homes dropped to 7 months of supply, townhomes to 4 (entering seller’s market territory), and condos to 4.5. October’s increased sales in each category created more competition among buyers, particularly for townhomes and condos, which continue to have high demand. Inventory for these property types remains higher year-over-year, especially compared to detached homes.

In summary, October’s uptick in activity is a promising start to what could be a stronger end to the year. A few more rate cuts from the Bank of Canada could help sustain this momentum, though economic headwinds and policy changes may still influence the pace of recovery.

For stats specific to your sub-area, please contact me @ kit@kitbrown.ca