AN INSIDE LOOK AT THE VIRTUAL HOME BUYING EXPERIENCE IN 2021
Curious about what it’s like to buy property online after the last year? We asked MLA Sales Director, Richard Klein, how the virtual home buying experience is rapidly evolving to benefit the home buyer.
A year into the pandemic and online real estate sales are flourishing. With less in-person interaction preferred, the need to bring the online experience closer to real life is growing exponentially. Website photos and social media posts are used to promote new real estate listings more than ever. Now interactive 3D tours, virtual open houses, and live-streaming are quickly becoming the norm. 
MLA has always been tech-forward, which became even more of an advantage over the last year. Our relaunched MLA Live platform brings all the aspects of viewing and deciding on a home in one online package. We had a chat with MLA Sales Director, Richard Klein, who shared insights into the shift to a primarily digital home buying experience and how MLA is ensuring it’s an advantage to home buyers, and not a gimmick or obstacle.
 HOW ONLINE/TECH-FOCUSED DID YOU SEE THE REAL ESTATE INDUSTRY PRE-PANDEMIC AND HOW DID IT GROW OVER THE LAST YEAR? HOW HAS IT BENEFITED CLIENTS IN LIGHT OF COVID?
There’s no question that real estate, eCommerce, banking - any industry really, has seen a really big shift to digitization and the use of technology. But I think real estate has lagged behind, generally, with using tech in a meaningful way to make consumers’ lives easier. 
At MLA Canada, real estate intelligence has always been our focus, keeping us ahead of the curve. We aim to make it as easy as possible for our customers to get real estate information as quickly as possible.
 FROM YOUR CUSTOMERS’ SIDE, HOW DID THEIR EXPECTATIONS IN BUYING ONLINE AND USING DIGITAL TOOLS CHANGE FROM PRE-PANDEMIC THROUGH TO NOW AT THE ONE-YEAR MARK? 
Customers already start their shopping process online for most purchases - it’s the same with real estate. They would find a listing, developer, or maybe the MLA Canada website. They would also inquire for more information or specifications, a brochure link. 
Looking at eCommerce, 10 years ago, the idea of buying something as simple as shoes or clothing online was pretty alien to most people, but now it’s second nature. I think that the real estate industry has to accept that much more of the buying audience wants to get information quickly and make meaningful decisions beforehand. COVID has only accelerated this. 
Consumers are becoming more demanding about the information they have access to. In real estate, we sometimes see that information isn’t provided so readily to consumers, which is a frustration. Now if you want to buy a car, with Tesla a good example, you can get all the information you need online, purchase online, organize a test drive online, and you can have the car delivered online.
That said, the industry needs to adapt so that there is enough information for consumers - so there are no friction points.
“THE KEY IS WHEN YOU’RE BUYING, YOU WANT THE LEAST FRICTION AS POSSIBLE BEFORE YOU MAKE YOUR DECISION.”
VIRTUAL HOME TOURS AND OPEN HOUSES: WHAT CLIENT EXPERIENCE DO YOU LOOK TO PROVIDE AND HOW DO IN-PERSON SHOWINGS FIT IN?
We always want to personalize the experience. We want to be targeted on how we treat each client. Consumers are more demanding now. They can tailor every element of their online shopping experience from custom items to delivery speed. Why shouldn’t they expect that from real estate? We see that as the way forward. We think the consumer should have the power to make considered decisions that are also fitted to their needs. For a virtual-only experience, it has to be as close as possible to reality. With 3D tours like Matterport, these app experiences have to be realistic, seamless, and intuitive.
On in-person and virtual showings, I think they can end up complimenting each other quite well. One example is Smith and Farrow, a development by Boffo. We had a completely remote event with over 550 people log on for the tour of the showhomes. What’s interesting is, because we have a very large physical space for the sales gallery with 10,000 sqft., we were also able to invite people to the sales gallery while providing the right safety information before coming. That way, people still had the option to have the tactile experience in its entirety, but everything else they needed was provided online.
Buying real estate is probably the most significant purchase of your life, as an investment or a place to live in yourself. Tech-forward is critical, but I see an in-person experience at the end of it. I don’t see the entire process getting automated. The critical thing about the digital experience is that you’re arming the consumer with as much information as possible. People want to feel empowered. They will really make a considered decision online, but there will always be a human experience - touching and feeling a new home - will always play a part.
 MLA WAS AHEAD OF THE CURVE WITH THE MLA LIVE PLATFORM, WHICH WAS REVAMPED LAST SUMMER. CAN YOU SHARE HIGHLIGHTS OF IT AND WHAT THE PROCESS IS LIKE? HOW DOES IT HELP THE SELLER AND THE BUYER?
MLA Live is a fantastic tool, part of a trend that COVID accelerated no question. The idea of doing something remotely when not comfortable in person is understandable. But MLA Live as a platform speaks to a much wider international trend. Vancouver is a multi-ethnic, eclectic city, and the number of people set to move here are from all over the world and they’ll have to consider real estate, either buying or renting. The Canadian government is planning to bring in 1.2 million immigrants over the next three years, in light of the pandemic.
If we can digitize the process, like with MLA Live, we can give anyone in the world the opportunity to have an experience that’s as close to in-person as possible.
 “THE FRUSTRATION FROM CONSUMERS HISTORICALLY FOR REAL ESTATE IS THE ABILITY TO GET INFORMATION QUICKLY AND EASILY. AND WE’RE TRYING TO BREAK DOWN THOSE BARRIERS.”
What’s critical to you might not be critical to another customer - so on MLA Live, we give access to all pieces of information. We can look at the range of amenities that you specifically need - school options, parks, public transit, a coffee shop within walking distance. 
So, if a client does physically walk into a sales gallery, we want them to have as much prior information as possible and already have their mind made up on a lot of their decisions. Then in-person, they can see, touch, and be assured of the physical aspects. MLA Live is something I expect us to use a lot with a more international market, with more people looking at Vancouver from overseas.
 HOW DO YOU SEE THE VIRTUAL HOME BUYING EXPERIENCE PROGRESSING INTO A POST-COVID WORLD?
Moving forward, I do think when you decide on buying real estate, it won’t just be about the ‘product’ itself - the home - it will be about removing the barriers to making decisions around buying the home. So, is my interaction with my agent really seamless? Do I get lots of information that really resonates? Can I easily get video, photos, and other vital content online? Did I have all my questions answered quickly? Also, what is the post-buying experience? How much engagement are we having?
 “WE WANT TO TAKE AWAY THE FRICTION POINTS FOR CONSUMERS. WE WANT TO MAKE THE PURCHASE PROCESS AS SEAMLESS AS POSSIBLE. WE WANT TO ARM THEM WITH AS MUCH INFORMATION AS WE POSSIBLY CAN.”

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POST-PANDEMIC VIRTUAL HOME BUYING

The news of impending mass immigration has been known for some time — as borders reopen, an influx of fresh residents is expected to arrive in the near future and settle down. In December 2021, Canada announced it reached and exceeded its immigration target welcoming more than 401,000 new permanent residents in 2021, which surpassed the previous record from 1913. This is the most newcomers in a year in Canadian history. With demand already outpacing supply more than ever due to the ongoing pandemic, housing affordability will almost certainly be impacted. 
"Immigration is one of the foundational pieces that drives our real estate market. The federal government has increased our targets for immigration, and we expect to see 1.2 to 1.3 million new Canadians coming into Canada over the next 3 years,” said Cameron McNeill, MLA Canada Executive Director, in a podcast episode. 
“Historically, that is a very high number. It will be the single largest immigration wave this country has ever seen, and of course everyone is going to need a new home. Quite often, new immigrants into Canada choose the urban centres as their primary choice to live, like Vancouver and Toronto. Therefore, incredible pressure is being felt on the city, and we have zero supply. That's part of the reason why we are seeing prices push up again," adds McNeill. 
Besides boasting the most temperate climate and geological diversity in the nation, the Lower Mainland especially is enticing given its status as one of the fastest growing tech hubs in North America, anchored by global companies like Amazon and Microsoft currently occupying large amounts of downtown real estate. 
With our current inventory unable to keep up with consumer interest, many buyers, fatigued from fighting multiple offers on single family homes, have turned to pre-sale and the evidence is in the statistics. “In 2021, there were 183 projects released in the Great Vancouver marketplace equating to close to 20,000 homes, of which, close to 80% of those have already been sold or absorbed. In comparison, the market will typically see from 11,000 – 12,000 homes released on average,” stated Suzana Goncalves, MLA Canada Executive Vice President of Sales and Marketing. 
While construction is forging ahead, government red tape —most notably a slow and inefficient permitting process — is constraining a timely delivery of product. 
“The cities and municipalities are frankly moving slow. A project takes years to even get approved let alone built. Typically, if a developer was to acquire land today, they wouldn’t even be able to offer it for sale for approximately two years at least. Then roughly a year to organize sales, finance, and construction costs. Then perhaps another two years to build, depending on its form of construction. That is a five to six-year timeline,” added McNeil. 
This trickle effect and resulting supply issues are reflected in home values. Despite predictions, the Greater Vancouver composite benchmark price for all residential properties rose to $1,230,200 in December, a 17.3 per cent increase compared to 12 months prior. This is a trend likely to continue as the country begins to welcome a record number of residents moving forwards and the pandemic continues to affect the market.

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PROJECTED IMMIGRATION RATES TO IMPACT FUTURE HOUSING SUPPLY AND AFFORDABILITY

THE REAL ESTATE INTELLIGENT INTERVIEW SERIES FEATURES BC’S MOST PROLIFIC PROFESSIONALS SHAPING THE LOCAL REAL ESTATE INDUSTRY.
AN INTERVIEW WITH JEFF GREIG, DIRECTOR OF ADVISORY AT MLA CANADA 
Jeff Greig trail-blazes MLA Canada’s Advisory Department with forward-thinking strategies and a finger on the pulse of several real estate markets across the country. With a background in Urban Planning and working with local government on international development projects, Jeff brings a powerful perspective in his approach to how the Advisory team tackles every individual client project and marketplace dynamics here at MLA Canada. 
We caught up with Jeff to learn more about his role as Director of Advisory, which markets the Advisory Department is paying close attention to, and what the department is working hard to achieve for MLA Canada’s near future and beyond. 
JEFF, PLEASE TELL US HOW YOU GOT STARTED IN THIS INDUSTRY AND WHAT DROVE YOU TO MLA CANADA?  
My background is in Urban Planning, a field I spent most of my career in. After initially starting and moulding my planning career for local government, I eventually moved into urban planning consultancy. This provided greater exposure to the entire real estate development industry, and all the various disciplines that it encompasses. And while much of my career was focused on international projects with international clients, the limitations on this sort of work imposed by Covid related travel restrictions presented an opportunity to focus on the real estate industry and projects here in Vancouver. And there was MLA! They had a position available for a Director of Advisory, and I thought, “this is my opportunity to explore and learn more about the local real estate and development industry here in the Lower Mainland”.  I also saw MLA as a company of young, dynamic, smart. and ambitious professionals with a great culture, and thought, “Hey, I’d like to work there”!    
WHAT HAS YOUR EXPERIENCE BEEN LIKE LEADING THE CHARGE OF SOME OF OUR ADVISORY PROJECTS?    
I alluded to it in my earlier response, but I am privileged to be working with a team of very bright individuals who have a real passion for their work and a deep understanding of the local multifamily real estate market. When I joined, we had just started on 2 projects here in the Lower Mainland with a Client that has a national real estate portfolio. Quickly on the heels of those first 2 projects, the Client engaged us for a number of other projects across their national portfolio, including projects on Vancouver Island, Toronto, and right to our eastern shores in Halifax. Those projects offered interesting challenges, were all very different, but very exciting for us to be working in multiple geographies across Canada. The best part of it, however, is that we have developed a strong partnership with this Client, that hopefully will be one for life.    
CAN YOU TELL US MORE ABOUT WHAT THE ADVISORY TEAM IS INVOLVED IN?  
One of the key growth areas for our team over the last year since I joined has been providing rental analyses. Most of our clients are now starting to propose developments with a mixture of for-market condominium product as well as rental product, so the depth of our reports and intelligence has grown significantly to include rental analyses.   
In addition, we have recently added a Director of Design to our team. Our Director of Design plans and facilitates our Pre-Development Ideation sessions, which help Clients understand the market, explore their target audience, and come up with some “big ideas” that help to initiate early thinking around the vision and positioning for the development.    
This product offering is the vital link that provides continuity between the early decision making and ideas generated during the Advisory stages of our Client journey and the Marketing stages where branding and positioning of the development take place.   
In addition, we work closely with our Clients’ architects to provide expert advice and feedback on the floor plan layouts and design to ensure efficiency and salability.   
WHERE IN THE LOWER MAINLAND DO YOU SEE THE BIGGEST OPPORTUNITIES FOR DEVELOPERS IN THE NEXT 5-10 YEARS?   &nbsp;
Covid forced everyone to rethink how they worked and shopped, and in doing so revealed some great development opportunities in markets like the Fraser Valley where we witnessed a phenomenon called a “flight to space”.  With more people working from home, requiring more space to do so, and less concerned about commute times, the Fraser Valley is a place where people can purchase more space for less than what they could in more central Lower Mainland markets.   
Also, as plans move forward for continued expansion of the Skytrain, we will see more opportunities emerge especially for mixed-use and transit-oriented developments around these new lines and stations.  
WHICH COMMUNITIES DO YOU RECOMMEND TO HOMEBUYERS LOOKING BUY WITHIN THE NEXT 6-12 MONTHS?   
With interest rates remaining low, and the changes we have seen over the last year in terms of more flexibility around where we work, I believe the flight to space will continue. Developments within communities that offer an array of amenities, convenience, and proximity to leisure and recreation opportunities will be where people will continue to want to buy to get the most value out of their purchase.       
 WHAT’S IN STORE FOR MLA ADVISORY? CAN YOU TELL US WHAT YOU ANTICIPATE FOR THE DEPARTMENT AS MLA CANADA CONTINUES TO EVOLVE? &nbsp;
If only I had a crystal ball! It’s been such a great and fast-paced year since I joined, and we have done so much and grown the team. The work continues to come our way, and our team is continuing to grow. In fact, I have recently hired 2 more analysts to support all the work at hand and in the pipeline.  But in general, apart from team growth, I see us continuing to expand our reach into other key markets on the Island, the interior, and across Canada.  
 WHAT’S YOUR FAVOURITE PART ABOUT LEADING THE ADVISORY TEAM?  
That I have a team of smart, dedicated, energetic , and fun people who love what they do, and are really good at it. We support each other through the tough times and ensure we celebrate every achievement, success , or win of each individual or as a team.   
 IN YOUR MIND, WHAT’S THE BEST-PLANNED CITY OR COMMUNITY YOU’VE LIVED IN OR VISITED AND WHY?  
Singapore. I lived in Singapore for almost 15 years and had the privilege of working there as an urban planner for the Urban Redevelopment Authority (Singapore’s national planning authority). Singapore is a land-scarce city-state of only 700sqkm, which poses great challenges for planning for a population that currently is approaching 6 million. But they have a long-term vision, and a well-coordinated and integrated planning approach that involves all government agencies and ensures a high-quality living environment with convenient and easy access to public transportation, schools, parks and recreation, waterfront activities, shopping and services. Singapore has become a global model for its planning approach, and in many ways, the envy of many global cities for its ability to balance high density living with a high-quality living environment.  And the food is fantastic!

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ACTIONABLE INTELLIGENCE & BC’S REAL ESTATE ADVISORY POWERHOUSE

How much more is a new condo worth if it has a water view?
Up to thousands of dollars more, based on study done of Vancouver condominiums by marketing firm MLA Canada.
The study compared new and resale condominium prices with and without water views. While done for Vancouver, similar U.S. studies have seen comparable results, suggesting that views of Toronto’s Lake Ontario would see similar price gaps.
In the new condominium market, MLA found that a downtown Vancouver pre-sale tower sold its remaining units, all with views of the ocean, for approximately $2,000 per square foot.
Similar new condominiums with no water views were pre-selling for approximately $1,500 per square foot.
This translates to a price difference of $350,000 for a typical 700 square foot new condo, MLA noted, based just on a water view.
Read the full article on Home Builder Magazine's website <a href="http://bit.ly/MLA_June17ViewStudy" target="_self">here</a>.
PHOTO // City view of downtown Vancouver from the penthouse of Maddox by Cressey

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WATER VIEW CAN RAISE CONDO PRICE 60 PER CENT

Any new homebuyer knows that the purchasing process can be time consuming and overwhelming. Navigating legal matters, insurance details, mortgages and moving is often unnecessarily strenuous. To support pre-sale homebuyers right from the start, MLA Canada created MLA Complete, a customer-focused, convenient platform that has been engineered to simplify the completion process for home buyers. 
 SIMPLIFIED HOMEBUYING EXPERIENCE
A digital platform that helps homebuyers transition into their pre-sale home, MLA Complete offers quality partnerships which include services for mortgages, legal, insurance, property management and moving with a customized approach to each buyer and their needs. Essentially, MLA Complete brings together home completion services into one, easily accessible spot. The customer representatives for MLA Complete will listen to your individual situation and needs, then will translate that story for each vendor on the platform so that any service provider has your full information before they reach out. This eliminates the need to tell your story repeatedly.  They will connect you to the best partners in the industry, carefully chosen by experienced professionals, and can provide you with preferred rates for all.   
SELECTION OF PREFERRED SERVICE PROVIDERS
The services MLA Complete’s representatives can refer you to include professionals in the financial, legal, insurance and moving spaces. Your first stop will likely be to a mortgage broker, as consumers are increasingly using brokers to access better rates with more customizable products. MLA Complete partners with Nest Mortgage, who specializes in managing your borrowing goals from start to finish with over 200 banks and lenders at their fingertips. 
Taking care of the legal side of any home purchase, Deeded lets you close your home virtually. Leveraging the latest technology and a friendly, experienced team Deeded allows you to complete the entire closing process from the comfort of your home or office. No longer do you have to visit the lawyer's office to sign papers or wade through confusing legal contracts. 
Once a home is purchased, insurance is required. HUB International is MLA Complete’s choice for insurance, as they have a full range of coverage along with platform discounts and financing options to fit your individualized needs. When the time comes, you can settle into your new home, knowing what matters most to you is protected. 
Finding a new home is exciting – until it’s time to move. Moving day is often stressful, exhausting and expensive. MLA Complete partners with You Move me to smooth out the kinks in every home transition. Their long-term staff are trained to ensure your moving experience is friendly, efficient and safe. They charge in 15-minute increments and have no hidden fees or shortcuts. 
MLA Complete offers a full line of services that make your home buying process easy, convenient and simple. You can use any or all of these services to get started with peace of mind. For more information on the platform and its services, reach out to an MLA Canada team member, talk to a Sales Centre representative, or visit the MLA Complete website.

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A COMPLETE HOMEBUYER’S RESOURCE

First time homebuyers may be completely new to the concept of purchasing a pre-sale home and what that process entails. Different than a re-sale home, pre-sale developments have their own unique considerations in the real estate world. Pre-sale purchases have more decisions to be made, more variables to consider and a longer timeline from purchase to possession. Read on to answer those initial questions about purchasing a pre-sale home as a first-time home buyer.  
 WHY IS A PRE-SALE HOME WORTH CONSIDERING AS A FIRST-TIME HOME BUYER? 
The biggest challenge when buying a resale property is the fact they are limited and typically one of a kind. In today’s market, when there is consistent demand, it can be incredibly challenging to find a home that meets your needs within the location you desire. With a pre-sale, you can be specific about the location and create a home that reflects your tastes. Pre-sale homes are particularly perfect for first-time home buyers, who have the time to wait for the development to be built rather than being pressured by the sale of an existing residence.   
WHERE IS THE BEST PLACE TO LOOK FOR A PRE-SALE HOME? 
After selecting your preferred neighbourhood, there are online resources that will help you find pre-sale options to match your budget and desires. Of course, MLA Canada always shares a list of current projects to explore. Also, Urban YVR and The Daily Hive Urbanized Vancouver are great resources, that generally share pre-sale developments in much early stages of the development lifecycle to give you a heads up on what’s in the pipeline in a given location. 
 WHAT IS MY REALTOR’S ROLE IN THE PRE-SALE HOME PURCHASING PROCESS? 
A realtor who specializes in pre-sale homes can be a real asset to a first-time home buyer due to their knowledge about market conditions and industry players, and their ability to stay informed about upcoming projects. They act as a guide through your search and the closing process, ensuring you understand and are comfortable with the steps involved. Often, they’ll have useful insight into promotions and incentives and are able to paint a better picture of the final project within its pre-construction context.   
WHAT FINANCIAL CONSIDERATIONS SHOULD I TAKE INTO ACCOUNT? 
As a first step, it’s wise to get pre-approved for a mortgage in order to understand your budget. Initially, buyers only need to provide a deposit to secure the purchase during the construction phase. Anyone purchasing a pre-sale home should understand the seven-day rescission period: the number of days after signing a purchase contract during which you can cancel the sale without penalty. Payments towards the graduated deposit structure will be made in stages on a scheduled plan prior to taking possession,when a mortgage would begin. Additional costs to ask about include fees, closing costs, GST, strata move-in fees and utility connection fees. We recommend connecting with pre-sale mortgage experts, Nest Mortgage, for any guidance.  
WHAT HAPPENS BETWEEN MY PURCHASE AND THE PROJECT COMPLETION? 
After closing on a pre-sale home purchase, you’ll be given a review of purchase details, contract copies and a timeline breakdown that includes construction projections and key milestones such as your payment schedule. Have your realtor talk you through this timeline, and make sure that either your realtor, agency or the developer will be notifying you for those action items. You’ll also want to start to consider insurance and movers.
When purchasing through MLA Canada, all of this is taken care of for you. MLA Complete delivers you resources and support that go above and beyond throughout your purchasing journey. 
If you’re considering purchasing a pre-sale home, learn more by reading about the top tools for shopping for a pre-sale online, along with deposit structures and budgeting tips for a better understanding of the finances involved.

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WHAT FIRST-TIME BUYERS NEED TO KNOW ABOUT PRE-SALE HOMES

Market Updates

Building Type

Financing

Buying Pre-Sale

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YOUR SOURCE FOR REAL ESTATE INTELLIGENCE