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How To Buy A Distressed Property "This South Surrey Property is Listed under $1,400,000"

Pros

In Surrey (shorter permit times than nearby White Rock)
Distressed Property, for sale at $350,000 under Assessment
Nearby 5yr old Home Sold for $2,600,000
Back Lane, Corner Lot, Quiet Street
61'x130' 7,904 sq.ft
No Easements

Cons

No rent possible, current house occupancy permit removed
Many Trees requiring removal for new build, some touching power line along 132 St
High Carrying Costs with current rates

When will interest rates come down, from big banks?

CIBC Forecast "June 2024"

"We are expecting the Bank of Canada to not lower rates until June 2024" -CIBC

TD Forecast "Second Half of 2024"

“With another hike still being contemplated July 12 2023, it would be unusual for a rate-cut to materialize in early 2024 absent a harder landing in the economy.” -TD Economics