I want to share something that doesn't get talked about enough: real estate fraud has been climbing across BC and Canada over the past few years, and it's something every homeowner, especially those who've paid off their mortgage, should know about.

HOW IT HAPPENS

There are two main types:

Mortgage fraud: Someone uses fake ID to pose as the owner, gets a mortgage approved against the property, and disappears with the money. The real owner is left dealing with the cost of getting that mortgage removed.

Title fraud: Less common, but far more serious. The fraudster poses as the owner, lists the home, and "sells" it to an unsuspecting buyer. Here in BC, if that buyer purchased in good faith, they can keep the home. The true owner can apply for compensation through the Assurance Fund run by the Land Title and Survey Authority (LTSA), but they don't get the house back.

Fraudsters prefer homes with no mortgage or line of credit on title.

WHAT ACTUALLY WORKS

A lot of people assume title insurance or keeping a line of credit on title will protect them. Those can reduce risk or make compensation easier, but they don't stop fraud from happening. Title insurance is like fire insurance: it helps after the fact, it doesn't prevent the fire.

The one step that does prevent it is pulling your Duplicate Indefeasible Title Certificate (DIT) from the LTSA. Once the DIT is out, your title is essentially frozen. Nobody can register a mortgage or transfer ownership, not even you, until it's returned.

If you'd like a referral to a lawyer who can handle this for you, I'm happy to connect you with one. And as always, feel free to reach out with any questions.

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More Choice. Softer Prices. Smarter Opportunities.

Today's Metro Vancouver market gives buyers something they haven't had in years: leverage.

There are 15,798 homes listed for sale across the region, 26.2 % above the 10-year seasonal average, so buyers can compare options and take their time. Prices have eased too. The composite benchmark price is now $1,081,900, down 5.6 % from last August, with detached homes down 7.2 %, apartments down 6.6 %, and townhouses down 4.4 %.

With a sales-to-active listings ratio of 12.3 %, and detached homes at just 9.6 %, the market is tilting in buyers' favour, and many are still waiting on the sidelines.

Greater Vancouver REALTORS® chief economist Andrew Lis describes ample selection, softening prices and stable mortgage rates as favourable buying conditions. For buyers who are ready to act, that means less competition, more room to negotiate, and a chance to buy on their own terms before the rest of the market returns.

For buyers and sellers alike, a changing market can create opportunity — the key is knowing how to take advantage of it.

34+ years of experience. One goal: Helping You Make the Right Move.

Rob Britch REMAX Select Realty 604-240-5813

The above information is provided by members of the BC Northern Real Estate Board, Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Greater Vancouver REALTORS® (“the Boards”) and is from sources believed reliable but should not be relied upon without verification. The Boards assume no responsibility for its accuracy.

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Why It’s a Market of Opportunity

• Buyers have more choice — Inventory remains 26.8% above the 10-year seasonal average, creating more selection and negotiating room.

• Prices have adjusted — Metro Vancouver’s benchmark price is down 6.2% from last year, improving opportunities for buyers who had been waiting.

• Homes are still selling — More than 2,000 properties sold in July, so there are active buyers in the marketplace.

• Sellers can still make their move — With realistic pricing and strong presentation, sellers can take advantage of today’s market while potentially benefiting from improved buying conditions on their next home.

For buyers and sellers alike, a changing market can create opportunity — the key is knowing how to take advantage of it.

34+ years of experience. One goal: Helping You Make the Right Move.

Rob Britch REMAX Select Realty 604-240-5813