I definitely agree with Hondaracer. New Coast is especially aggressive because after all, their agents don't keep the standard amount of the commission.

Unless they're willing to move and/or downsize, they will find themselves in a bidding war situation if they wish to stay in their current neighbourhood. They may lose money in the end.

Selling is easy (as long as pricing/expectations are reasonable). Buying is a battle if you have a ceiling.

My client just sold their 3 story 21 year old house (33x122 lot) in South Vancouver by David Thompson for $1.94.

Assuming your parents lot is the same size, yes they can fetch that much.
Your parents won't be able to buy another house unless they plan to downsize. Even if they are downsizing, multi offers for EVERYTHING these days.

Good luck to your parents jerche.
I'm thinking that we're hitting peak retard for buyers, and if you can sell at the peak, you're laughing.

It has to stop at some time. Doesn't it?

I think a few clips from Happy Gilmore can sum this up.

The real estate market be like:



When you think you're making a huge offer that's going to get accepted:



Meanwhile, regular, working folks, trying to get into the market or into a larger place/closer to town are like:

That was how I felt yesterday when a friend was telling me that his neighbour sold his house near 212 and 83 ave in Langley, for over million. These are places built about five years ago, and sport 3500 sq-ft houses on 10k sq-ft properties. Sold in the $650's a few years ago. Jumped from $800k to a million in the span of a year.

Now I'm starting to have regrets. I was looking at a few places there back in the $650 range as rental income. Imagine a pair of those houses, making enough rent to pay their own mortgages, jumping almost $400k in five years.

Damn.

There is still some "cheap" houses and land that isn't too far away from downtown Vancouver.
The north side Surrey heights on the north side of King George just as you get off the bridge from New West.
Most are older homes and around $500K for decent sized land. Last year's assessments have the land around $300Kish for standard lots.
Houses to the south of King George are $600-800K.

Give it 3 months and let's see how much this area has gone up/down to.

friend bought at like 222nd and about 46th, just behind country lumber etc. last year. Older house, built in the early 90's but good, solid, house on a decent size lot, had a nice ground level basement suite

bought it last year around January for 660ish, put about 60k in reno's into it, painted everything, etc.

The house across the street, which is a smaller house, smaller lot, needs reno's just got listed yesterday for $992,000

:drunk:

The market is so stupid now that realtors are door knocking seeing if people want to sell. First time experiencing that today, they pretty much don't have to do any work. House goes up and everyone gets into a frenzy.

I read this guys book a couple months back. Not a bad read. What do you think of the interview?

^ blah blah blah. Nothing insightful.

I will just leave John Maynard Keynes's quote here: "Markets can remain irrational a lot longer than you and I can remain solvent."

To apply this to Vancouver's real estate, this roughly translates to how long a renter can hold out of buying and face the consequence of stuck paying rent for the rest of his or her life.

Risk management right? Win some, lose some. What if those properties had dropped 25% in that same time. Instead of making 800k you saved 300k. Pretty sure that didn't help.

RE here is really a matter of the rich getting richer, and the middle class continuing to get squeezed thin/out. I guess at some point we need to adjust our lifestyle expectations based on the current reality

What do you guys think about the Kingsway/Edmonds area?
I rarely go out there, but was on my way out to New West yesterday and it seems to be really transitioning. Cressey is in pre-construction to build the Kings Crossing development. Brand new community centre and library recently finished. Might be the last part of Burnaby where you can get something "affordable".

I think Tapioca dished some details on Edmonds one or two pages back

In my search the past 15 months Edmonds kept coming up with listings that matched what my wife and I wanted in terms of price and sq footage but we couldn't get passed the area. To me, that area has had some huge transition for a while, high rises left and right, some fancy new shit but peel back the cover and it still really looked and felt ghetto to me. I mean there's a reason why it's still "affordable" right. Depends on your future outlook and or if you even care about what I deem ghetto.

I mean some would argue Strathcona in Van is super ghetto but some would argue it's got character and is close to DT. To each their own right.

I go to South Surrey quite a lot and it's crazy seeing what's happening in that area. Fiancée's parents live in Morgan Heights and the amount of townhouses going up there is nuts. So much rapid development in that area. Open houses everywhere.

We want to be close by to her parents and originally were looking for older houses with basement suites, but prices have skyrocketed. Cloverdale isn't too far, but not an area high on our list. Hard to find houses within 15 mins of Morgan Heights for under $800k.

The townhouses are pretty nice, but not my preference for ownership. That said, may be the viable option to live in that area.

that area around morgan crossing is horrible, nothing but generic, ugly townhouses going up.

when you live in that part of surrey, you're not meant to live in such close proximity to your neighbours, that's the whole point of places like surrey, cloverdale - a bit more open space.

some beautiful neighbourhoods from the late 90's or so around there, couldn't imagine living in those townhouses, though

The area around Croydon Dr reminds me of what's happening in Burke Mountain: large acreages are being bought out and rezoned for multi-family units. However, it seems half-baked right now with multiple developers with plots of land.

Townhouses in that area are going for 500K. You're better off trying to squeeze into something in a more mature community with better transit connections.

Houses appreciating 40% in four years. Clearly the sign of a healthy market, and an excellent buy-in point.

/s

1 acre there was 160k in 1987, 400k in 2002, 1.1 million in 2012 and 2016 a half acre just sold for 1.9million.

So in approximate terms prices have:
doubled in 15 years
Then tripled in 10 years
And nearly quadrupled in 5 years

At this rate In 2019 half acre in coquitlam will be 10 million

Have you seen the official community plan for Burke Mountain?

Multi-family development is going to be the predominant housing form going forward in that neighbourhood. Not saying that land values will continue to go up, but they won't go down given the density the City of Coquitlam has approved for that area.

Speaking of multi-family units, I just saw this pop up on my Facebook news feed:

http://www.rew.ca/properties/R204908...-court-burnaby

Listed at 699K and apparently sold for 825K. The craziness continues...

Wow, assessed at only $573K and $523K the year before.
Seller bought it in April 2014 for $530K

825K for a tandem garage townhouse in burnaby...by lougheed?

WTF

WTF, indeed.

Either these people really wanted to be in that area so bad or are fucking stupid or both. You can get that sq footage for a brand new townhome in Burnaby and heck even in a couple in Van. Unbelievable.