Vancouver's Real Estate Market

[StylinRed]

as i understand it if you buy a house with realtor A that was shown to you by realtor B, realtor B has dibs on the commission that realtor A got, if realtor B finds out the same client purchased it

would need a realtor to chime in though

iirc that's why realtors don't bother giving you their full attention unless you sign an agreement

[4444]

Originally Posted by StylinRed

as i understand it if you buy a house with realtor A that was shown to you by realtor B, realtor B has dibs on the commission that realtor A got, if realtor B finds out the same client purchased it

would need a realtor to chime in though

iirc that's why realtors don't bother giving you their full attention unless you sign an agreement

It's not that B would get the commission from A, they would sue you for the commish.

[4444]

Originally Posted by punkwax

I have to side with miss_crayon. Choose a realtor. If you don't, then don't expect a full effort from any of them.

Put yourself in their position. You have other clients with needs/demands and one guy says I'm testing you, earn my business and get paid.

Unless:

A - you hold multiple properties or have a boatload of cash to buy
B - I was really slow/desparate/or just starting out

I'd probably politely tell you to get fucked. For anyone to be successful in any reasonable profession, they need to give it their full attention. If you're signed on as a client, you would get my full attention and my service would create word of mouth to build a reputation.

No offense to you, Special K, but you're working 3 realtors and don't even know where you want to live. If I were a realtor, I would, very diplomatically, tell you to pound sand and give my clients the service they deserve.

Shouldn't the onus be on the realtor to work hard and provide the best and smartest service to win ur business? It's what everyone else in the free market has to do, why are realtors any different? They certainly get paid plenty for their work (the "good" ones, at least)

[winson604]

Originally Posted by Special K

Thanks for the input Miss Crayon. I see buying a house just like buying anything else. Whoever gets me the best deal and meets my needs win the commission.

Perhaps I haven't found "the" agent I can work with. We are debating a house in Coquitlam or a condo/townhouse in Vancouver for $700k-$1m.

Agent 1: He has a bias towards Vancouver and seems knowledgabe only in Vancouver. Shows no interest in Coquitlam (and actually bashes it). Lack electronic communcation skills. But he is a family friend.

Agent 2: Perfect communciation. Sends me Coquitlam listings often and not pushy at all. However, she doesn't explain much (see Agent #3). No ties at all.

Agent 3: Close friend referral. Very knowledge in Coquitlam and explains everything. However, he shows us the expensive stuff and is pushy.

These are the reasons why we are keeping all three. They all have different perspectives. We just want to find the best/suitable purchase. What would you recommend doing differently?

It sounds like you need to get rid of all 3 and find a new agent.

[UFO]

Originally Posted by Special K

Thanks for the input Miss Crayon. I see buying a house just like buying anything else. Whoever gets me the best deal and meets my needs win the commission.

Perhaps I haven't found "the" agent I can work with. We are debating a house in Coquitlam or a condo/townhouse in Vancouver for $700k-$1m.

Agent 1: He has a bias towards Vancouver and seems knowledgabe only in Vancouver. Shows no interest in Coquitlam (and actually bashes it). Lack electronic communcation skills. But he is a family friend.

Agent 2: Perfect communciation. Sends me Coquitlam listings often and not pushy at all. However, she doesn't explain much (see Agent #3). No ties at all.

Agent 3: Close friend referral. Very knowledge in Coquitlam and explains everything. However, he shows us the expensive stuff and is pushy.

These are the reasons why we are keeping all three. They all have different perspectives. We just want to find the best/suitable purchase. What would you recommend doing differently?

It's not really like buying anything else though, because the 'deal' that you end up with invariably has nothing to do with whoever you choose as a realtor. All agents have access to the same properties. What you are looking for is the agent who can connect you with the property that suits your needs most appropriately. ie. You can't tell all 3 agents you're currently working with to get you the best deal on this 1 property you are set on and you will sign on with that one, it doesn't work like that. I'm not sure why you are bothering to keep all 3 agents since none of them meet all your needs; what are the odds they can help you find the property you are looking for (especially since good and reasonably priced properties sell within days of listing)? Have you tried telling each of your agents what they are lacking, and how they can better work for you?

Originally Posted by Special K

It may seem like I'm wasting people's time. However, IMO, I don't care. We are committing ourselves to 25-30 years financially. My realtor has no incentive and shares no risk to be in my best interest.

Well realistically you aren't wasting anybody's time. It doesn't take agents very long to set up your criteria in the areas you are looking for, and any time a new listing pops up it just gets emailed to you. But don't expect any agent to actively show you around different listings and represent you until you have sign on an agreement with them. You are right, your agent has no incentive to share your risk, especially 25-30 years down the road. That's why you NEED to know exactly what it is you are looking for, that way you can at least filter out the BS that many agents will spew off to you to convince you of their own agenda.

In this day and age with the ease of access to information, you could realistically get the best deal by not having a representing buying agent. It sounds like you have access to the new listings in your respective areas from your current 3 agents already. If you find something you really want, represent yourself and tell the selling agent to give you a break on the price of the home since there is only 1 side's commission to take care of.

Originally Posted by 4444

It's not that B would get the commission from A, they would sue you for the commish.

And B can't sue you for that unless you sign on with them. But if you sign on with B, why would you buy a property from A? Both agents have access to selling the same inventory.

[4444]

Originally Posted by UFO

And B can't sue you for that unless you sign on with them. But if you sign on with B, why would you buy a property from A? Both agents have access to selling the same inventory.

we are assuming a BRA is signed with B, why else would B think he or she has a right to the commish? legally no standing in Canada (US might be different, b/c they just love to sue!)

[blkgsr]

well open house went well, 40+ groups through, I'm sure half were my neighbours

had a few groups return yesterday as well as a few more appointments

ended up getting two offers, one $20K below asking and another $2K over

apparently they really like the house, their only conditions are home inspection, confirm they can get insurance, 2 visits of contractors before closing (reno's)....they offered to close the day i need for my mortgage (up on April 26, just have to confirm 100% the details with my bank), conditions close April 5th and they've put a 10% deposit

thoughts? the deal is open till the end of today....i don't want to risk loosing this offer but i hate not having a counter offer and i hate loosing the possibility of more offers....

[blkgsr]

of course we're getting bitched at from my wife's parents that this is the stupidest thing we could possibly do (we're leaving to go travel again, last time i rented it out and it didn't go so well so i don't want the stress of worrying about the house again while we're away for another year+)....my dad is supportive (understands my thoughts, plus he dealt with the asshole while i was gone so he doesn't want the stress again either) he just says that i should buy some property or something with the money

i know if i come back in another year or three and the prices have gone up 200,000 (and rates) it'll be tough to get back in but fuck we only live once, why spend our capable years doing shit we hate when we can go travel......

sorry for the rant...lots going on in my head

[Z3guy]

Hey 4444, still waiting for the right fundamentals to kick in? lol!



Vancouver homes prices will climb to $2.1 million by 2030: report

Vancity Credit Union report says new homebuyers should lower their expectations

By On the Coast, CBC NewsPosted: Mar 25, 2015 9:41 PM PT|Last Updated: Mar 25, 2015 9:41 PM PT




Vancity Credit Union expects the average home in Metro Vancouver to cost more than $2 million. (Canadian Press)





Average Vancouver home expected to cost $2.1 million by 2030 8:22



A new housing report from the VanCity Credit Union says the average house price in Vancouver will climb to $2.1 million within 15 years.

Andy Broderick, Vancity's vice-president of community investment, says future homebuyers who want to stay in the Lower Mainland should lower their expectations of what they'll be able to afford to buy.

"We'll be looking at more and more comfort with condo ownership, with living in denser conditions," says Broderick.

The likelihood of new buyers owning a house with a white picket fence is pretty much nil as the report highlights that wages are not growing at anywhere near the same pace as housing prices.

Broderick says the desirability of living in Metro Vancouver is to blame.

"You're here for the very reasons that the place is unaffordable," says Broderick.

"Realize that you may not be able to buy the kind of house you'd buy far up the Fraser Valley."

The report highlights that although Vancouver is the second-most unaffordable city in the world, it's also been named the third-most liveable city in the world.

But the report also mentions that the cost of condos will rise as well, leaving the most affordable options in Metro Vancouver cities like Langley, Port Moody and Coquitlam.

Focus on millennials

The report focuses on home ownership for millennials, or those born approximately between 1980 and the early 2000s.

However, a recent report from U.S.-based Federated Investors highlighted that millennials in North America stand to inherit $30 trillion over the next few decades.

And a recent housing report from the Vancouver-based Urban Futures Institute showed that despite climbing home and condo prices, millennials were more likely to own a home in 2011 than they were in 2006. And yes, that pattern was the same specifically for the Metro Vancouver region as well.

Broderick says the exponential rise in the cost of home ownership is not inevitable.

"I think we all have to elevate our awareness of the problem and start asking our municipalities and our provincial government to pull together to come up with solutions," he says.

Some of the Vancity report's recommendations for various levels of government include changing zoning to increase density, creating affordable housing, and changing tax structures to create incentives for developers.

To listen to the full interview, click on the audio labelled: Average Vancouver home expected to cost $2.1 million by 2030.

[quasi]

Originally Posted by blkgsr

of course we're getting bitched at from my wife's parents that this is the stupidest thing we could possibly do (we're leaving to go travel again, last time i rented it out and it didn't go so well so i don't want the stress of worrying about the house again while we're away for another year+)....my dad is supportive (understands my thoughts, plus he dealt with the asshole while i was gone so he doesn't want the stress again either) he just says that i should buy some property or something with the money

i know if i come back in another year or three and the prices have gone up 200,000 (and rates) it'll be tough to get back in but fuck we only live once, why spend our capable years doing shit we hate when we can go travel......

sorry for the rant...lots going on in my head

Props to you for doing what you want to do, I had a coworker leave his project manager job 3 years ago, move to the Bahamas' and take a job entertaining tourists on an island resort. His day consists of taking people fishing, snorkeling and basically whatever the hell they want to do. At first I was like that won't last, 3 years later he and his girlfriend are still there enjoying the sun, no stress and no plans to come back anytime soon.

If I didn't have kids I could see myself doing something like this as well, don't get my wrong I don't regret having them but they do handcuff you.

[punkwax]

Originally Posted by blkgsr

well open house went well, 40+ groups through, I'm sure half were my neighbours

had a few groups return yesterday as well as a few more appointments

ended up getting two offers, one $20K below asking and another $2K over

apparently they really like the house, their only conditions are home inspection, confirm they can get insurance, 2 visits of contractors before closing (reno's)....they offered to close the day i need for my mortgage (up on April 26, just have to confirm 100% the details with my bank), conditions close April 5th and they've put a 10% deposit

thoughts? the deal is open till the end of today....i don't want to risk loosing this offer but i hate not having a counter offer and i hate loosing the possibility of more offers....

Your realtor should let the other interested party know about the offer above asking price and try to entice a new bid. If they decide to avoid a bidding war, so be it, take the +2k offer. Can't be unhappy getting more than you asked for.

[Z3guy]

Vancouver is freaking out of control.....this seems really fishy....the realtor is a slimeball.....

A Vancouver real estate agent who has just sold a home for $567,000 over its published listing price says that underlisting is an accepted selling strategy in the real estate market.

"If the product's right, the timing's right and the inventory is right, it's the right strategy," Paul Eviston told CBC News.

Nevertheless, Eviston said, he would hesitate from using the term "underlisted" in the case of the home at 65 E 26th Ave., originally listed at $1.6 million, which sold for $2,167,000.

"I wouldn't call it underlisted," he said. "I would call it strategically listed to garner the interest level that we wanted to get the result that we got."

Sitting two blocks west of Main Street — both a physical and psychological divide — the home is in an area where prices often exceed $2 million, but the selling price was still a record high, Eviston said.

"It was the highest price per square foot ever achieved for an East Vancouver home," he said.

"We did some very significant marketing on that home. We did a lot of different things to get the buzz going on it."

The listing price attracted around eight interested buyers, Eviston said. That quickly dropped to three serious buyers when it became clear no one was going to secure the house at or near its asking price.

Eviston stands by his strategy on the property, and in the end, he said, it's the market that dictates price.

"We definitely felt that the value was somewhere between where we listed it and where we sold it," he said. "Pricing it where we did was a strategic position to take in the market, and [we felt] that the market would no doubt dictate what the value of the home was."

[CivicBlues]

Originally Posted by Z3guy

Vancouver is freaking out of control.....this seems really fishy....the realtor is a slimeball.....

A Vancouver real estate agent who has just sold a home for $567,000 over its published listing price says that underlisting is an accepted selling strategy in the real estate market.

"If the product's right, the timing's right and the inventory is right, it's the right strategy," Paul Eviston told CBC News.

Nevertheless, Eviston said, he would hesitate from using the term "underlisted" in the case of the home at 65 E 26th Ave., originally listed at $1.6 million, which sold for $2,167,000.

"I wouldn't call it underlisted," he said. "I would call it strategically listed to garner the interest level that we wanted to get the result that we got."

Sitting two blocks west of Main Street — both a physical and psychological divide — the home is in an area where prices often exceed $2 million, but the selling price was still a record high, Eviston said.

"It was the highest price per square foot ever achieved for an East Vancouver home," he said.

"We did some very significant marketing on that home. We did a lot of different things to get the buzz going on it."

The listing price attracted around eight interested buyers, Eviston said. That quickly dropped to three serious buyers when it became clear no one was going to secure the house at or near its asking price.

Eviston stands by his strategy on the property, and in the end, he said, it's the market that dictates price.

"We definitely felt that the value was somewhere between where we listed it and where we sold it," he said. "Pricing it where we did was a strategic position to take in the market, and [we felt] that the market would no doubt dictate what the value of the home was."

Fuck this guy, if he was an investment advisor and tried pulling this shit with a stock he'd lose his license and be sitting is ass in jail right now (well maybe not the 2nd part).

We should all spam this guy and waste his time with fake offers and interest to buy. Want publicity? You'll get it.

People blame Chinese for rising house prices but this asshole is just if not more culpable.

[Gumby]

That property was sold in 2013 for $810k. Buyer probably put $500-600k at most into fixing/rebuilding it and sold it for $2.2 less than two years later.

The crazy thing about that property is that the land is only 31.25x107, which is smaller than the standard sized lot of 33x122. The seller is very lucky there was a bidding war - that is the only way it got sold for 500k over list price. But it is in a popular hippy area with a lot of young caucasian couples.

As for Paul Eviston, I once went to an open house of his 2 years ago, and he said "act fast, because this house will be sold this weekend". Cocky ass MF!

The house was still on MLS the next week...

[GLOW]

met him before when i was looking for my 1st house, and yes, he has a pretty arrogant demeanor, as was the realtor that was his partner. they told us up front that they listed it "low" on purpose to get interest and start a bidding war, and it's fairly common.

he also said if we weren't going to put an offer of at least $100k over asking - don't bother, we're wasting our time and he wouldn't bother writing up an offer sheet for us as he knows it's going to sell for at LEAST $100k over - most likely $150 at least. he's just 1 of many realtors i tend to avoid dealing with. i only went to 1 or 2 of his open houses sine then just to check out the house/area. i wouldn't get involved in a transaction with him. appreciate the free note pads left in my mailbox though

[blkgsr]

Originally Posted by punkwax

Your realtor should let the other interested party know about the offer above asking price and try to entice a new bid. If they decide to avoid a bidding war, so be it, take the +2k offer. Can't be unhappy getting more than you asked for.

just asked her...apparently they came up to asking price, i'm trying to find out more.

Originally Posted by quasi

Props to you for doing what you want to do, I had a coworker leave his project manager job 3 years ago, move to the Bahamas' and take a job entertaining tourists on an island resort. His day consists of taking people fishing, snorkeling and basically whatever the hell they want to do. At first I was like that won't last, 3 years later he and his girlfriend are still there enjoying the sun, no stress and no plans to come back anytime soon.

If I didn't have kids I could see myself doing something like this as well, don't get my wrong I don't regret having them but they do handcuff you.

thanks....it's a massive internal struggle to pull the plug here. I keep going back and forth in my head if i sell and run. or do i keep it and rent out (the "profit" off the rent isn't enough to keep us travelling month to month so that means we need to spend atleast 6 months here saving money)

i know what the "smart" move is....but fuck it my desire to get out of this city and go sit on a beach is just too much

what are peoples thought's when in a few years hopefully oil and hopefully our dollar has come back (2+ years), do you think prices will continue to still rise another 10+%???

[Liquid_o2]

Paul Eviston has sold 3 houses on my street in the past few months. Never met such an arrogant person before. He was leaning against his Mercedes M-Class watching people come in and out of his open house. Doesn't even need to do anything except stage the house and put up some signage.

[westopher]

And THAT is why people hate realtors. Fucks like that are the face of the profession.

[whitev70r]

Merge this thread with The Decline of Vancouver.

[blkgsr]

and that's why i went with 1%...less service but fuck it, i saved $14K

[SumAznGuy]

Originally Posted by blkgsr

of course we're getting bitched at from my wife's parents that this is the stupidest thing we could possibly do

Originally Posted by quasi

If I didn't have kids I could see myself doing something like this as well, don't get my wrong I don't regret having them but they do handcuff you.

Had the same talk with the wife this weekend. Deep down, she wants to buy a house and sell our condo. I told her we don't plan on having any kids and so what if the housing market goes up or crashes. We still need a place to live, so we might as well live somewhere we are happy with and when the time comes, we can sell what we have to give the money to our neices/nephews but we don't owe them.

Originally Posted by westopher

And THAT is why people hate realtors. Fucks like that are the face of the profession.

We had Steve Wong show up as an interested buyer but turns out all he was doing was fishing for business to sell at a lower price and gave us a pitch about how he always sells his listings in a week.

I have realtor friends that are nice people, and then you have jerks like these people.

[UFO]

Originally Posted by blkgsr

well open house went well, 40+ groups through, I'm sure half were my neighbours

had a few groups return yesterday as well as a few more appointments

ended up getting two offers, one $20K below asking and another $2K over

apparently they really like the house, their only conditions are home inspection, confirm they can get insurance, 2 visits of contractors before closing (reno's)....they offered to close the day i need for my mortgage (up on April 26, just have to confirm 100% the details with my bank), conditions close April 5th and they've put a 10% deposit

thoughts? the deal is open till the end of today....i don't want to risk loosing this offer but i hate not having a counter offer and i hate loosing the possibility of more offers....

Have your realtor do up a 48hrs clause for you. You accept their offer and terms, but you keep open to other offers. If you get another offer you decide you like, the orig offer has 48hrs to remove all of their subjects to finish the deal otherwise your new offer gets the house.

We did something similar selling our condo recently with the buyer including a subject to sale clause. They had no problems with our subject for the above mentioned, fair for everybody and can show how serious the potential buyer is also

[blkgsr]

for me right now i'm killing myself trying to figure out if i decline and take it off the market and rent it out.....i know after everything this option sounds crazy but i just don't know what the fuck to do

[punkwax]

Tell your inlaws they can be your property manager while you're away if they care so much

In the end, do what makes you and your wife happy. Meddling inlaws are annoying but you can't let them control your life decisions.

[westopher]

As someone who rented out their property from 1000kms away, don't do it. You've already decided you want to leave, now family pressure is making you second guess it. Do what the fuck you want and block out that pressure. You said how much of a headache it was before, so think back to that. If you are planning on travelling and having fun, do you want that in the back of your mind? Your wife's parents are a perfect example of people that have fallen into the "If you don't have real estate you aren't successful" mentality. If you aren't happy with your life you are the unsuccessful one.