Vancouver's Real Estate Market

[originalhypa]

Originally Posted by Hondaracer

Lol @ lining up for that garbage.

The area is already a fucking congested ghetto, our company is going to be adding to da ghetto building 100 townhouses right around there starting later in the summer.

That whole 208th corridor is so fucked, such terrible city planning around there. Camp out to buy a unit and rent it to the next crack head available.

agreed.
the whole area is a mess of multiple developments with zero infrastructure to support them. 208th can be backed up for blocks at every light at peak times. I knew the area was messed when I beat my wife in traffic. I was on my mtn bike, she was driving her car.

Btw, I found an article to accompany the pic.
Camping out to buy a condo - Langley Times

Camping out to buy a condo

The red hot real estate market that has been breaking records all over Metro Vancouver has officially landed in Langley.

A real estate frenzy is taking place in Willoughby, with eager condo buyers camping overnight — or paying students to camp on their behalf — for the chance to buy a unit in the final phase of Yorkson Creek, at 208 Street and 82 Avenue.

As of Wednesday afternoon, Bev from Langley had been in line for three days, holding her spot outside the presentation centre, which has several tents on the lawn set up by the developer for other campers, bundled in sleeping bags on chairs.

“It’s crazy, it’s outrageous the degree we will go to, but I’m into it this long,” said Bev.

“The craziest part is they haven’t told us yet when we can purchase or even at what pricing, so we really don’t know anything or how long we will camp here.”

She, like so many, were enticed by the brochures Quadra Homes sent out through the mail to thousands of residents across Metro Vancouver and into West and North Vancouver.

“These condos are much bigger and the solariums allow for outdoor living during the winter,” she said.

Like many around her, Bev hired a student and paid them $10 an hour to sleep overnight to hold her spot.

“Once you leave your place in line, you are off the wait list,” a man waiting in line said.

Students from Walnut Grove Secondary, Mountain and others are cashing in on the easy job. Quadra Homes keeps the presentation centre open for them to use the washroom, supplies coffee and water and also provides dinners for the campers each night.

Yorkson Creek sales manager/realtor Amy Ellis said this isn’t the first time people have camped out to be part of the Yorkson Creek Park development which is in its final phase.

But given the buzz and growing number of campers this time, they are scrambling as best they can to release the condos faster.

“We don’t have the exact locations or the pricing structure yet. We didn’t expect to be ready until the middle of the May so now we are scrambling to release them sooner, so people don’t have to camp so long,” she said.

Ellis said it started Sunday at 6 a.m. when one man decided he wasn’t going to wait on the online VIP list, he was going to come to the presentation and camp out in person.

Many followed after that.

Ellis said what sets the luxury condos apart is there are no one bedroom units, they are all two to three bedroom with the largest unit being 1,600 square feet with a 200 square-foot solarium.

As many as 1,500 people registered, sight unseen, on the VIP list — many from North Vancouver and Vancouver she said.

“In North Van, $700,000 would get you a rat’s nest. This is good prices for a lot of space,” she said.

But a lot of the people The Times spoke to in line are residents of Langley who have sold their acreage or larger home and are downsizing.

A price tag of $450,000 or $500,000 for a three-bedroom condo is good value, given equity they have.

One Langley man waiting in line already has a condo in the earlier phase of this project. He can sell his for $40,000 more than he paid for it last year.

Students from Trinity Western University were studying while camping out, others from high school were playing cards and relaxing.

“We have runners who will go and pick up dinner. The developer hands out gift cards for food to the campers,” said Ellis. On Wednesday afternoon, they were passing out doughnuts.

There are 128 units up for grabs in the two five-storey buildings.

Elsewhere in Langley, single family homes with million dollar price tags are being snapped up — many going over the asking price in bidding wars.

Good luck getting into any of the schools there. Yorkson is full, Fripps is full, Bullpit is full, and Mountain is an old building with about a dozen portables already. Like I said, no infrasctucture. But at least the Giants are coming.........

Originally Posted by westopher

lots of people are going to suffer life destroying consequences with the financial decisions they are making to get in to the market.

People arent making any more than they were ten years ago. At least when RE follows inflation, there is some equality. But with foreign money buying everything up, it throws everything off.




A friend just sold his house in Surrey.
It assessed for $1.2m
He listed for $1.35m
He received 7 offers on the house, and sold for $1.6m

Of those seven offers, five were from chinese buyers, ALL CASH DEALS.

dafuq is that about?

[MarkyMark]

Ugh when anything in my budget is the kind of shit you have to camp out to get I'm pretty much accepting I'll always be renting, or living cheque to cheque to live in a place I have no business trying to afford.

[CivicBlues]

Originally Posted by originalhypa

I knew the area was messed when I beat my wife in traffic.

Good god man, hasn't that woman gone through enough? I know traffic sucks, but did you really have to take it out on her?

[SumAznGuy]

Originally Posted by IGTBAR

Can we turn this back into a real estate thread?

Is the market shifting? Some places I've seen in the past week or two have been sold in coquitlam and new west lately for either list price or 10-15k below ask with subjects. A month ago, these places would have sold with no subjects, cash offers and over ask.

Is everyone else seeing the same thing?

Too many variables to tell if the market is slowing down. Gut tells me not yet.

Looking at Vancovuer, I see 5188 Main street, half duplex sell for $1.22M, which is well above asking, and sold in 2 days.
744 24th ave, sold for $962K, but is a 104 year old close to tear down house and sold in 5 days.
All sold with in the past month.
Same for Burnaby, for the cheaper houses.

[originalhypa]

Originally Posted by CivicBlues

Good god man, hasn't that woman gone through enough? I know traffic sucks, but did you really have to take it out on her?

Thats it, time for me to sign off, you win the internet for today.
+1, would laugh again.

[SumAznGuy]

I understand the issue people have with shadow flipping, but at the same time, this article makes it sound like the people who sold too cheap have sellers remorse after the fact because a few months later, it was able to sell for more money.
Lawsuit alleges 60 property owners in Richmond fell victim to shadow-flipping scam


This was also posted today, but take it with a grain of salt about the market.
Vancouver home sales hit record for April | Globalnews.ca

[Gululu]

only 30% down required, and 70% on canadian bank loan still works for us non-residents. thank you canadian chartered banks.

[kyle walker]

Vancouver Real Estate market is fully variety of Homes.... With the addition of Vancouver the housing agency highlighted ...Can u provide more info about it.

[quasi]

Here's an interesting article on the middle class, keep in mind it's a written by an American about Americans but I think it's relevant here as well.

To long to quote, link below.

Many Middle-Class Americans Are Living Paycheck to Paycheck - The Atlantic

[originalhypa]

Originally Posted by Gululu

only 30% down required, and 70% on canadian bank loan still works for us non-residents. thank you canadian chartered banks.

I can't believe you put your mom's account info on rs.
I quoted this for posterity, mainly so the next African scammer who comes in here knows who to hit first. Srsly, you're such an idiot.

Gululu is the new Hyde.

[twitchyzero]

the municipality wants a dialogue on empty homes

We want your opinion on actions to address empty homes | City of Vancouver

[Gumby]

Originally Posted by originalhypa

I can't believe you put your mom's account info on rs.
I quoted this for posterity, mainly so the next African scammer who comes in here knows who to hit first. Srsly, you're such an idiot.

Gululu is the new Hyde.

I also can't believe the bank actually printed out the full account number on the receipt.

[Armind]

[originalhypa]

Originally Posted by Gumby

I also can't believe the bank actually printed out the full account number on the receipt.

A very Indian sounding "Bob Smith" called me from CRA the other day and asked for my account info for tax purposes.

Now I have an account number to give him!

[Porsche957]

Sold our home in Vancouver for 1.3m last year.

The house was aging and coming on 40 years. Located on big corner lot and the home itself was 3100 sqft. However, it needed work now - foundation, repairs, reno, and maintenance.

Bought a 2 bedroom condo in Vancouver (3 years old) fully paid no mortgage at 500k. The rest of the funds are in low volatile investments.

I am hoping the bubble bursts so we can buy a home again. Looking to buy 2200-2800 sqft home less than 8 years old preferably in Vancouver! If the bubble does burst I won't take such a huge hit on the condo as I would on a home per se.

I am looking to capitalize on everyone who is taking advantage of the low interest rates and financing the living heck out of their homes cause when the bubble bursts and the interest rates inflate, many will no longer be able to afford their mortages.. that's when I come in

[hud 91gt]

I hope you drive a Porsche. People who drives Porsche's in my mind are god's. God's are the only ones who know the future. I'm banking on the same thing. hahah

[UFO]

^ many have done the same for the past year, 2 years., only to be priced out now. I'm sure a correction will come at some point, who knows how far away, and how big. Are the unknowns there and the sacrifice youre making in the near term worth the risk of the potential return? For some sure, for many probably not.

Originally Posted by IGTBAR

Can we turn this back into a real estate thread?

Is the market shifting? Some places I've seen in the past week or two have been sold in coquitlam and new west lately for either list price or 10-15k below ask with subjects. A month ago, these places would have sold with no subjects, cash offers and over ask.

Is everyone else seeing the same thing?

Pretty typical to see in in mid-late spring, as inventory and selection goes up as more people list once the weather turns nicer. We found Sept-Feb quite feverish for desireable properties because there simply isn't much choice or selection during those months being slower months traditionally.

[quasi]

Originally Posted by originalhypa

A very Indian sounding "Bob Smith" called me from CRA the other day and asked for my account info for tax purposes.

Now I have an account number to give him!

LOL, I think the same guy left a message on my machine. I forgot to call him back but he sounded very serious and had warned me of the terrible consequences I would have if did not return his call.

[Armind]

In the midst of renting a condo vs. saving up for a downpayment.

Fuck.

[Hondaracer]

Originally Posted by Porsche957

Sold our home in Vancouver for 1.3m last year.

The house was aging and coming on 40 years. Located on big corner lot and the home itself was 3100 sqft. However, it needed work now - foundation, repairs, reno, and maintenance.

Bought a 2 bedroom condo in Vancouver (3 years old) fully paid no mortgage at 500k. The rest of the funds are in low volatile investments.

I am hoping the bubble bursts so we can buy a home again. Looking to buy 2200-2800 sqft home less than 8 years old preferably! If the bubble does burst I won't take such a huge hit on the condo as I would on a home per se.

I am looking to capitalize on everyone who is taking advantage of the low interest rates and financing the living heck out of their homes cause when the bubble bursts and the interest rates inflate, many will no longer be able to afford their mortages.. that's when I come in

Kinda in the same position but still holding RE, both in investment properties and my own home.

If prices keep increasing however, unless the correction is 30%+ I won't be getting back into Vancouver

[Harvey Specter]

My personal opinion is owning a house in metro Vancouver will still be out of reach for majority of people even if there is a correction in the market.

First thing is the amount of supply (old homes) vs demand is getting smaller by the day and the other big question is when does this "correction" come? If older homes start nearing $2m even with a 30% correction you're still looking at 1.7m for an average home which will still be unaffordable.

[hud 91gt]

You mean 1.4m

[Porsche957]

Originally Posted by hud 91gt

I hope you drive a Porsche. People who drives Porsche's in my mind are god's. God's are the only ones who know the future. I'm banking on the same thing. hahah

Haha! I do - Cayenne S ... GF deferred me away from the 911 but I'll get it one day! (Crap, sorry off topic lol)

[UFO]

Originally Posted by hud 91gt

You mean 1.4m

Sign me up for 2 pls lol

[Alpine]

Originally Posted by Porsche957

Sold our home in Vancouver for 1.3m last year.

The house was aging and coming on 40 years. Located on big corner lot and the home itself was 3100 sqft. However, it needed work now - foundation, repairs, reno, and maintenance.

Bought a 2 bedroom condo in Vancouver (3 years old) fully paid no mortgage at 500k. The rest of the funds are in low volatile investments.

I am hoping the bubble bursts so we can buy a home again. Looking to buy 2200-2800 sqft home less than 8 years old preferably in Vancouver! If the bubble does burst I won't take such a huge hit on the condo as I would on a home per se.

I am looking to capitalize on everyone who is taking advantage of the low interest rates and financing the living heck out of their homes cause when the bubble bursts and the interest rates inflate, many will no longer be able to afford their mortages.. that's when I come in

Curious about this. Sold for 1.3m a year ago, have you checked what the current market value is for the same/similar house? My mom bought a house 6 months ago and she would require a 15-20% correction to buy back in for what she originally paid for. I wouldnt be surprised if you already require a 25-30% correction from todays market value to buy back in for 1.3m.