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Flip or Flop? Navigating Vancouver’s Condo Flip Market

Darpan News Desk, 20 Oct, 2017
  • Flip or Flop? Navigating Vancouver’s Condo Flip Market
Despite Vancouver’s dynamic and uncertain housing market, renovation spending across the province has reached an all-time high, with Statistics Canada reporting a record $5.4 billion spent on renovations in British Columbia in the third quarter of 2016, surpassing the 5 billion dollar mark for the first time.
 
 
Hundreds of local renovation and home experts, from contractors to designers to real estate professionals, will be gathered under one roof at the upcoming Vancouver Fall Home Show to provide real advice and industry insight from October 26-29, 2017 at the Vancouver Convention Centre - West.
 
 
HGTV Canada’s Masters of Flip, Kortney & Dave Wilson, share their journey with viewers on the hard work and reward that goes into flipping homes. When it comes to flipping condos in a challenging market like Vancouver, Kortney & Dave advise potential flippers to be ready to play the game in order to make smart and successful decisions.
 
 
“Be cautious, always overestimate your budget and have a team. Successful house or condo flipping is a team sport. Don't try to do it on your own. Assemble a team of professional key players, including a realtor, broker, contractor, insurance agent, accountant and finally, a good stager,” advise Kortney & Dave. “Our best advice is to follow your instinct and don't buy anything until you consult your team.”
 
 
The Vancouver real estate market in the past year has been characterized by higher than average activity in the condo and townhome categories, with condo sales climbing 22.1% in September 2017 compared to three years earlier.
 
 
The competition in the condo & townhome category has also continued to rise, as recent ratios for sales to active listings indicate a seller’s market. This climate has encouraged homeowners to renovate their current spaces to prime them for the competition and stand out in an in-demand market.
 
 
“First, look at what other houses or condos have in them. If everyone is installing quartz countertops and tile backsplashes, then look for distinct, finishing touches that will make it stand out from the rest. Recognizing the things that made you buy the condo in the first place is key,” explain Kortney & Dave. “If you’re on a budget, you can also easily modernize your home with a fresh paint job.”
 
Kortney & Dave will be sharing more of their real estate and renovation insight and advice at the Vancouver Fall Home Show on Friday, October 27 at 6PM and Saturday, October 28 at 3PM, diving deeper into their topic: Adding Value to Your Home. Kortney & Dave will be joined by over 325 trusted brands and local companies, along with appearances from the biggest names in the industry including HGTV Canada’s Sarah Richardson and Tiffany Pratt.
 
 
For more information, or to buy tickets online and save $3 courtesy of RenovationFind.com, visit vancouverfallhomeshow.com.

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