Busting the Top Real Estate Myths In BC

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Real estate is a complex and dynamic industry that’s often riddled with misinformation. In our beautiful province of BC, where property values are a hot topic, it’s crucial to separate fact from fiction. In this blog post, we’ll debunk some of the most common real estate myths circulating in BC, providing you with accurate information to make informed decisions.

Myth 1: The Best Time to Buy is Spring or Summer Debunked: While spring and summer are popular seasons for buying real estate due to better weather, they’re not necessarily the best times to buy in BC. The market can be competitive during these months, driving up prices. However, BC’s real estate market tends to remain active throughout the year. Fall and winter can present opportunities for buyers, as there might be less competition and sellers may be more motivated.

Myth 2: The Assessed Value Equals Market Value Debunked: Property assessments, conducted by BC Assessment, determine a property’s value for taxation purposes. However, this value doesn’t always align with the current market value. Market value is influenced by various factors such as location, demand, supply, and recent sales in the area. Relying solely on the assessed value can lead to misunderstandings about a property’s actual worth.

Myth 3: Renovations Always Increase Property Value Debunked: While renovations can enhance a property’s appeal, not all improvements guarantee a proportional increase in value. Factors such as the type of renovation, quality of work, and local market trends play a significant role. Over-improving a property for the neighborhood can lead to limited returns on investment.

Myth 4: You Need a 20% Down Payment Debunked: While a 20% down payment can help you avoid private mortgage insurance (PMI) and may offer more favorable terms, it’s not an absolute requirement. BC offers programs that allow for smaller down payments, making homeownership more accessible. However, lower down payments might lead to higher monthly payments and additional costs.

Myth 5: Real Estate Agents Are Expensive and Unnecessary Debunked: Real estate agents provide valuable expertise and assistance throughout the buying or selling process. They have knowledge of the local market, negotiation skills, and can help navigate complex paperwork. Their commission is often a percentage of the final sale price (paid by the seller), and their guidance can lead to better deals and smoother transactions.

Myth 6: The Highest Offer Is Always the Best Offer Debunked: While a high offer can be enticing, it’s not the only factor to consider. The terms of the offer, such as contingencies, financing, and closing timeline, also play a crucial role. An offer with favorable terms and a slightly lower price could be more beneficial than a higher offer with less favorable conditions.

Myth 7: Renting Is Throwing Money Away Debunked: Renting provides flexibility and doesn’t tie you down to a property, making it a suitable option for some individuals. Additionally, homeownership comes with costs beyond the mortgage, such as maintenance, property taxes, and insurance. Renting can be a financially savvy choice depending on your circumstances and goals.

Myth 8: Location Is the Sole Determinant of Property Value Debunked: While location is undeniably important, other factors contribute to property value in BC. Features like the property’s size, condition, layout, and nearby amenities also influence its value. A property in a less desirable location but with unique features can still hold significant value.

As you navigate the real estate landscape in BC, it’s crucial to be aware of the myths that can cloud your judgment. By dispelling these misconceptions, you’re better equipped to make informed decisions whether you’re buying or selling property. Remember, real estate is a dynamic market, and staying informed is key to achieving your goals.


It is so important to us that you feel empowered and educated throughout the buying and selling process – if you want to achieve your real estate goals or are thinking about listing your home soon, give us a call, text, or email with any questions you have! We can answer all of your questions, and give you specific tips related to the investing, stratas, and more. We’re here to help.