Vancouver's Real Estate Market

[Liquid_o2]

Yah. Vancouver, for new builds you are looking at at least $750 or more per sq ft. depending on the area. For older buildings (10-20 years old), you can find some stock that is about $500 per sq. ft.

[jing]

There are a number of 1br's in Fraserview in the $500/sqft range. Of the 3 units I've seen though, they all needed some work, and the building itself is definitely starting to show its age.

[GLOW]

Originally Posted by Nlkko

Concrete all the way for me. Make it hard and thick.

that's what she said

Originally Posted by dat_steve

at $450-500/sqft, those are nowhere near being the "same" as Vancouver prices buddy lol

by that i mean if you double that $/sqft, then you'll be the Vancouver range

been out of RE hunt last little bit but horry shit, it's bonkers right now if that's the case.

[yameen]

so would it be wiser to get a condo in new west/burnaby/coquitlam rather than vancouver? or do you think there will be a rise in condo prices in vancouver worth investing?

[westopher]

By investing do you mean, buying, renting out or flipping for more money in the future?
Or do you mean what most people say when they talk about investing in real estate which is buy high, live in it, pay tons of taxes and maintenance and tell everyone your theoretical increase in net worth while actually making no tangible gains because whatever place you live in next went up just as much or more?
Get your crystal ball out, because its about as good as anyone else's in this thread.
My opinion is that its so fucking far past inflated it can't possibly climb without having a correction soon in some financial form, but I've been wrong about that before, and I will be again. Eventually I'll be right about it though.....this time is more likely than ever before.

[Tapioca]

Originally Posted by yameen

so would it be wiser to get a condo in new west/burnaby/coquitlam rather than vancouver? or do you think there will be a rise in condo prices in vancouver worth investing?

What are your objectives? Do you want to get in because you hope to upgrade to a larger home at some point in the future? Or do you want to make a quick buck by living in it for a year and then flipping it?

The old rule is if you have at least 20% down and plan to live in it for at least 5 years, you can weather any short-term declines in the market.

From a resale perspective, location is crucial. If you want to buy in the suburbs, make sure it's within a 5-10 minute walk from a Skytrain station.

[punkwax]

Originally Posted by westopher

My opinion is that its so fucking far past inflated it can't possibly climb without having a correction soon in some financial form, but I've been wrong about that before, and I will be again. Eventually I'll be right about it though.....this time is more likely than ever before.

You might be right but honestly (and to your point) I'd heard the same thing said 10 years ago... by people who cashed out and now can't afford to get back into a similar property. Things obviously weren't as crazy then as they are now, but people still had the same mindset that the market would surely come down. They pulled the trigger to sit on or reinvest their cash and now wish they hadn't.

[Ulic Qel-Droma]

u guys do know, if you're just trying to invest/flip stuff, there's easier, more liquid markets than real estate... lol.

[nah]

Things are just getting absurd. Last year this house wouldn't even fetch $600,000 now they're trying to sell for $925,000.

11264 90 Avenue, Delta, BC, House For Sale | REW.ca

[yameen]

my main objective is to live in it and when i get married and have kids, then upgrade to a townhome. i'm not really interested in flipping. i just want to have my own place.

however though, i'm also thinking of possibly renting it out for a bit until i'm actually thinking about marriage, then moving in afterwards.

[Tapioca]

Originally Posted by yameen

my main objective is to live in it and when i get married and have kids, then upgrade to a townhome. i'm not really interested in flipping. i just want to have my own place.

however though, i'm also thinking of possibly renting it out for a bit until i'm actually thinking about marriage, then moving in afterwards.

If you're a first-time home owner, you won't qualify for the purchase property tax exemption if you buy a unit and rent it out right away. You have to live in the unit for at least 1 year to qualify. You'll be out a few thousand bucks.

[GLOW]

if you're looking at a condo, i would suggest a 2br if budget can meet it, or at least 1br + den (where this den can fit a single bed). if you have kid(s) you'll have flexibility to stay in it if the upgrade to TH doesn't pan out. not saying you can't raise a family with a 1br, but i've seen enough open houses of a family in a 1br and i'd say it's not comfortable, and i'm the type of person that doesn't require a whole lot of space.

[Gululu]

as long as vancouver's property prices remain cheaper than china, there will never be shortage of buyers.
I'm not even talking about external market forces such as weak canadian loonie, or low interest rates etc.
Just comparing Vancouver's price to any major Chinese city's price, Vancouver is still affordable by a big margin.
An average apartment in china is worth 2-3 million CAD, an average detached dwelling in china starts approximately 6 to 8 million canadian and far from the city centre.
spend 8 million with less than desirable environment and constantly worried. vancouver seems like a bargain.
so all they need to do is sell just one of their apartment in China and they can jump right into a nice single family house in Vancouver. what a nice deal. cant fault them for making smart choices.

[Gumby]

^
wow I think that is the first post from Gululu that I have thanked...

[Nlkko]

Wow didnt know chinese RE are that expensive. Because they have too many buyers?

Yea you are witnessing a free market where there is little regulation. As soon as regulations are in place (this is not a guarantee, ones need to study the behavior/goal of the regulatory body), then price can come down. Bullish until then.

[jackmeister]

Originally Posted by Nlkko

Wow didnt know chinese RE are that expensive. Because they have too many buyers?

Yea you are witnessing a free market where there is little regulation. As soon as regulations are in place (this is not a guarantee, ones need to study the behavior/goal of the regulatory body), then price can come down. Bullish until then.

China is pretty expensive but I think it's even worse in HK:

Same friend bought in Canada but works/rents in HK:

1br 420ft presale in false creek = 330k bought, worth ~380k now?
1br 450ft new building in wanchai = 8m HKD new,, worth ~10m HKD now (1.7m CAD)

In China its pretty easy to find 800 - 1000 sq.ft places for half of HK prices, though the gap is closing fast especially in Shenzhen

[josayeee]

Originally Posted by GLOW

if you're looking at a condo, i would suggest a 2br if budget can meet it, or at least 1br + den (where this den can fit a single bed). if you have kid(s) you'll have flexibility to stay in it if the upgrade to TH doesn't pan out. not saying you can't raise a family with a 1br, but i've seen enough open houses of a family in a 1br and i'd say it's not comfortable, and i'm the type of person that doesn't require a whole lot of space.

+1
On top of that, anything with a den or an extra bedroom sells within a week nowadays.

[NKC ONE]

Originally Posted by Gululu

An average apartment in china is worth 2-3 million CAD, an average detached dwelling in china starts approximately 6 to 8 million canadian and far from the city centre.
spend 8 million with less than desirable environment

This is the biggest bullshit I've read all fucking year. I hope you understand what the word average means.

[Digitalis]

Hey things could be worse.
https://www.rt.com/business/340471-c...lia-territory/

[buhdeh]

Just curious, are people putting condition/subject-free offers on condos as well or just townhouses/houses?

[geeknerd]

bought a condo 270k, not even completed and already worth 320k lololol

[hud 91gt]

Condition free for condos too

[Mr.HappySilp]

Originally Posted by NKC ONE

This is the biggest bullshit I've read all fucking year. I hope you understand what the word average means.

Ex gf brother purchase an apartment in Beijing in area 6 (Beijing in divided into different area or circles being in area/circle 1 is like the DT of Beijing). Basically is really far away form DT Beijing (takes 2 to 2.5hours to get there by subway and their subway is fast lol).

Area is oklish not the greatest and the apartment is 2nd hand only up to 6th floor about 10 years old. 2bedroom seems to be around 800sq ft cost about 380k RMB. I would say is on the cheaper side of things.

[josayeee]

Originally Posted by geeknerd

bought a condo 270k, not even completed and already worth 320k lololol

I got a modest condo in early Feb. I was planning to do the RRSP contribution and the home buyer's withdrawal right after. It would of netted me a nice chunk of money on my taxes. I ended up finding a place I really liked and skipped out on the RRSP contribution which I was a little choked about...until I realized my place went up 12% in value come tax time in April.

[dat_steve]

Originally Posted by geeknerd

bought a condo 270k, not even completed and already worth 320k lololol

curious, where do you get a condo for 270k?