Kinda crazy how a few people who have land assembled and sold out got stuck with 18 month subject removal and by the time the 18 months is up they can't even afford to buy anywhere near the same area anymore as the prices have gone up so much.

And the people who purchased all the land just flip the assembly and make a nice profit rather than having to risk the build

400 pages and almost 6 years later, after the first post of worry regarding a "crash" Prices are 50%+ higher in some cases

People should never agree to sell for an assembly unless there's an official community plan which supports multi family on your block. There's so much speculative assembly happening in Vancouver right now. Yes, the city has said that they want to rezone all arterials, but zoning outside the context of an OCP takes years.

Toronto market is softening with a glut of new supply the last few months.

Issue with Vancouver is that supply is still near record lows, and with so many first time homebuyers in the market trying to buy a place, will Vancouver follow Toronto in the coming months? Do we have a glut of supply coming down the pipeline? Doesn't seem that way...

We could, but that means developers risking profitability, so that won't happen. Theres plenty of land, plenty of opportunity to build but when so few developers own so much of the land, they might as well just keep the supply low to keep demand high.

Toronto's real estate is slowing down in a similar way that Vancouver slowed down after the implementation of the foreign buyers tax. Toronto also can expand outwards. People are used to long commutes in Toronto (2 hours plus), whereas people here refuse to commute more than an hour each way.

I imagine that once the impact of the Ontario's taxes and rent control is understood, the pace in certain housing types, like condos and semis, and attached homes will pick up again. If people aren't moving to Vancouver, they're moving to Toronto.

There's supply coming, but it seems to be held up in permitting and occupancy.

Developers may own land, but most of it is zoned under different uses. As we're seeing down in Chinatown, even when a developer wants to build something on dormant land, it can get held up due to public opposition. People also complained when the River District was sold. People in Vancouver seem to have a lot of time to protest.

Of course, you also get extreme examples of densification at the other end of the spectrum. Burnaby has no problems approving towers in Brentwood, Metrotown, or Edmonds. However, industrial land is being lost and low-income residents are being forced out.

There's actually little virgin Crown, non-ALR land left in Metro Vancouver. Burke Mountain is one area that flew under the radar and is developing fast. Other areas, like the Township of Langley, are rezoning and building as fast as they can.

Wait til they decide where the road from Walmart to David is going to go. East PoCo has a ways to expand.

There really isn't a lot of land to develop locally here. We're surrounded by ocean and mountains. People keep holding out hope that local RE will magically become more affordable. I'm sorry to break it to you, but I don't see it happening myself.

This argument's been used in San Francisco,a finance and tech hub with similar land "constraints" and real estate got squashed there during 2001-2003 and 2008-2010.

And I'm sure it's all worth more than ever since then.

You ain't see nothing yet Vancouver! One bedroom condo for 1 million dollars soon!!!

HURRY APP AND BUYY!!!!

Taken from a Reddit post from today

https://www.reddit.com/r/vancouver/c...d_quite_a_bit/

FYI - Westbank is the developer

http://joyce.westbankcorp.com/

And idiots will line up like ants because of the hype and still buy

For those of you who live in a condo or used to live in one in Maple Ridge or Langley are there any buildings you would stay away from? At times I don't even have the ability to go over the strata documents to see what's been fixed up and what's needing to be fixed in the near future. Some of the listings I get sent to me are sold within days and I'm sometimes only able to see them on a weekend and I miss out on it. I don't want to live in a place that's going to be a money pit so is there any buildings you know of that are well worth keeping an eye on? I'd like to keep a little list to myself so I don't bother wasting my time going to a viewing that I won't be serious about.

who the hell wants to live above a skytrain station?

I can tell you the one in new west can feel vibrations everytime a train enters the platform

nevermind looked at the rendering, it's built next to the station

Can you blame developers for their pricing when the market for used homes is still crazy?

Does anyone have a personal recommendation for a decently priced real estate lawyer?

Might be purchasing a presale this week (not Joyce), and I feel it would beneficial for a real estate lawyer to look over the contract.

125k over asking for a condo :heckno:

That sounds like it was priced as a bidding war special. I'm sure it sold for more than it's worth, but not 125k more than it's worth.

just post it here and let Revscene's finest pick it apart! :heckno:

if you can't find a lawyer, i think an experienced agent on your side should be able to do a review of the contract to provide a decent level of comfort. that is, after all, part of their job.

A buddies 1br loft in TO sold for 135k over asking a few months back, the realtor they had was somewhat inexperienced but even she had thought MAYBE 50-70 over based on the market at the time, ended up showing like 55 groups and having 12 offers by the second weekend. Stupid.

Asking price means nothing. Comps are all that matters. Even then, 20-30k+ over comps can mean a lot of things - layout, location, condition, reno's, market, etc.

I can see it with lofts, because they're more unique and there usually isn't a huge supply of them.

Toronto's market seems premature compared to Vancouver. Even the agents aren't familiar with the multiple offer situations and dealing with china buyers..

Tough to find good value opportunities in Vancouver. Just about to finalize the purchase of another investment condo in Toronto downtown.

this guy is such a noob you can tell by the way he talks about the markets. Even as a realtor you should know its about the comps not about the asking price. If it goes that much over ask, you know its priced well below market. He also goes by charts and graphs which are one thing but as a realtor, you should also factor in the demand and foot traffic in open houses too. Man i would hate to be one of his clients..