Vancouver's Real Estate Market

[CivicBlues]

Wow, it's almost as if people are just people and their work ethic can't be pre-determined by profession, race, age, or gender.

Who'd of thought?

[hud 91gt]

Went and looked at a condo in Kitsilano 2 weeks ago. Only reason I left my living room was it was severely underpriced at $599,000. I asked the agent what he thought it would go for, and he said expect 800+. I'm happy to see it went for $755,000. I was going to toss in a low ball of $714,000 as I hate this underpricing BS, but ultimately ran out of time to go over minutes etc. But hey, it got me out of the house and actually went to the showing. Says something about their logic.

[Rallydrv]

Also in the market (selling my place for detached,) few I saw recently, house was listed way over and owner were greedy. Since June -July had had multiple reductions, realized & listed for 200-300k below original asking price.

My neighbour listed his Th for 1.4 week later 1.3 wtf. 17days later took off the market.

If all these people had priced decently would have gotten a fair value, but now are going for well below

[Gh0st]

Originally Posted by Rallydrv

Also in the market (selling my place for detached,) few I saw recently, house was listed way over and owner were greedy. Since June -July had had multiple reductions, realized & listed for 200-300k below original asking price.

My neighbour listed his Th for 1.4 week later 1.3 wtf. 17days later took off the market.

If all these people had priced decently would have gotten a fair value, but now are going for well below

My sister is looking to upgrade to another detached. She saw a home in South Van by Main(ish). List price was 1.75m. She was aware there were no other offers and offered the list price. Offer got rejected because they wanted a bidding war, except no one else placed an offer for the home at all. Weird.

My sister says they are going to list it for like 200k more now or something.. my question is, if there were no other offers then whats the point of listing it for 1.95 now?

[m4k4v4li]

i remember at sfu back in the day some pro lifers had graphic posters setup in the smack middle of the campus

one girl approached me, and aggressively asked my view on the topic
as soon as she sensed I had differing views she unleashed a slew of ad hominen attacks on me personally like.. oh so you think killing is okay? do you believe murder is right?
seems like they were just dying to get into an argument

just had to walk away lol

[lowside67]

Originally Posted by m4k4v4li

i remember at sfu back in the day some pro lifers had graphic posters setup in the smack middle of the campus

one girl approached me, and aggressively asked my view on the topic
as soon as she sensed I had differing views she unleashed a slew of ad hominen attacks on me personally like.. oh so you think killing is okay? do you believe murder is right?
seems like they were just dying to get into an argument

just had to walk away lol

Dafuq?

-Mark

[Harvey Specter]

Originally Posted by Gh0st

My sister is looking to upgrade to another detached. She saw a home in South Van by Main(ish). List price was 1.75m. She was aware there were no other offers and offered the list price. Offer got rejected because they wanted a bidding war, except no one else placed an offer for the home at all. Weird.

My sister says they are going to list it for like 200k more now or something.. my question is, if there were no other offers then whats the point of listing it for 1.95 now?

No one is even willing to pay that much and imo I wouldn't even buy at $1.75m, I would wait until the rate hike and new mortgage rules kick in.

Like I said a few pages back, a lot of sellers think it's 2015 and they can sell old tear down homes in east/south van in not so desirable areas for over $2m. What these sellers don't understand is the market has changed and risk factor for brand new homes over $3m+ is increasing so the buyers who were buying homes for close to $2m are gone. Tell your sister to sit tight and wait, they'll be deals to come by in the coming months.

[yray]

Originally Posted by lowside67

Dafuq?

-Mark

thats legit cuz they are a student society club

https://the-peak.ca/2012/02/sfu-reac...ce-privileges/

[Rallydrv]

double post :|

[Rallydrv]

Originally Posted by Gh0st

My sister is looking to upgrade to another detached. She saw a home in South Van by Main(ish). List price was 1.75m. She was aware there were no other offers and offered the list price. Offer got rejected because they wanted a bidding war, except no one else placed an offer for the home at all. Weird.

My sister says they are going to list it for like 200k more now or something.. my question is, if there were no other offers then whats the point of listing it for 1.95 now?

yeh saw couple of few of those. heres an example https://www.pixilink.com/116336


originally lister for 1550k, didnt sell, new agent listed for 1580k, has been on the market about 100 days. (agent relisted again, same price) no offer.

wtf


money is shifting to montreal now

[Digitalis]

But if you raped her then she'd of kept the baby

Originally Posted by m4k4v4li

i remember at sfu back in the day some pro lifers had graphic posters setup in the smack middle of the campus

one girl approached me, and aggressively asked my view on the topic
as soon as she sensed I had differing views she unleashed a slew of ad hominen attacks on me personally like.. oh so you think killing is okay? do you believe murder is right?
seems like they were just dying to get into an argument

just had to walk away lol

[Bonka]

Originally Posted by stewie

question

There was a listing my realtor sent to me in my email and it stated there was an open house over the weekend from 2 - 4pm. Couple days later the same listing popped up on realtor.ca and rew.ca and they both said open house. It sat like that for the better half of a week but on Saturday morning the live link posting from my realtor now said open house cancelled and the 2 other sites no longer said anything about it.
My realtor is on vacation so he's got his co worker looking after me until tomorrow. I gave him a call but he was in the middle of something and suggested I give the listing agent a call to help speed things up. I call her and ask to confirm everything and she flat out says no, there was never an open house to begin with and I must've misread the page because it's always been appointment viewing only. I tried to tell her that I've 2 separate listings printed out with the open house hours on it but she still flat out refused to believe me.

Something wrong there? She seemed very defensive when I tried to tell her that I had the listings printed in front of me.

I sent a text to the temp realtor asking to get me a viewing sooner than later. 2 hours later he calls and says it's now got an accepted offer so I wont be seeing it.


Is it common for this to happen? Honest slip up on their end?

1. It could be a slip up, whether intentional or otherwise. Listing realtors have to fill out data input forms for their listings so the property details are registered on MLS, this also includes open house info. The amount of incorrect information submitted by realtors (or their assistants) or by the board loading the listing onto MLS is staggering. Based on your post it doesn't sound like this is the case but it happens more often than not.

2. Another scenario is that a buyer was already secured beforehand. The listing agent wants to put it on MLS to collect medallion points and/or for marketing purposes. Again, not in this case.

3. This scenario is likely. A lot of listing realtors (in addition to building up interest) have a nasty habit of fishing for buyers with no agents before open houses in hopes they can bring a buyer before it goes public. This is another reason why listing agents hold out on showings for about a week after the listing comes on MLS. A hot market will always have desperate buyers thinking the best course of action is to go direct and to think realtors aren't aware of that is laughable. I've seen signs come up for homes and nothing coming up on MLS for up to a month before and the realtor giving me the runaround when trying to book only to have it sold when the property finally comes live. These listing realtors will secure an offer to present to the seller before the public gets a chance, and in some cases I've seen realtors get the sellers to accept multiple subject removal extensions just so they can firm up their own deal.

Have your realtor track the listing and if it sells, see who the buying agent is. If it's the listing agent or the buyer was unrepresented, more often than not the listing agent was interested in double ending. I know some sellers are aware of this practice so they include an addendum in the listing contract to discourage their realtor from doing this (you usually see this when a neighbour or friend wants to buy the house but the seller wants to test the market - if said neighbour or friend ends up buying it anyway, no commission is paid on the buyer side). In response, realtors will get their spouse, children, etc who is licensed to "represent" the buyer, effectively circumventing the addendum. Some of the suspensions and fines you read on the RECBC website outlines examples of this.

4. Some sellers find selling their home very stressful and actually do not like the process whatsoever. An offer they deem acceptable (again, not just price, but the terms also) they will forego the stress of people coming through their homes. Sometimes, their piece of mind is more important than the additional money in their pocket.

5. The listing realtor is a moron.

Originally Posted by punkwax

Devil's advocate chiming in:

"that one has a pending offer" could mean the commission structure isn't as favourable for the buyer's agent.

"that one has a bidding war" could mean the listing agent has fucked your current agent over before and they don't want to do business.

"that one was just listed but you don't want it because I could make more money more easily if you buy the other one I know you're interested in"

My point really is, if you see a house you're interested in, look at it. Don't let your realtor sway your opinion. Check it out and make your own decision. Too many realtors play games out there with people's hard earned money. And I've had good experiences. I just don't let them dictate the play.

Funny enough, I've found in the last few years with the market being as hot as it is, sellers and/or listing agents are offering typical commission rates. I've actually seen less sellers using discount realtors.

On our broker system, there is a space called "realtor remarks" viewable only by realtors. The public remarks are the long-winded descriptions you read on MLS. The realtor remarks are usually used to indicate additional info the realtor may not want to share so easily. Information like open houses/previews will be on there in addition to info like grow-op history, latent/patent defects, offer guidelines, pending offers, etc. Listing realtors who update their listings like this make it easy to know what's going on without having to contact them and waiting for a response.

Originally Posted by Gh0st

My sister is looking to upgrade to another detached. She saw a home in South Van by Main(ish). List price was 1.75m. She was aware there were no other offers and offered the list price. Offer got rejected because they wanted a bidding war, except no one else placed an offer for the home at all. Weird.

My sister says they are going to list it for like 200k more now or something.. my question is, if there were no other offers then whats the point of listing it for 1.95 now?

The problem with a busy market is that sellers always think that their home will set the next record price. If they had gone over comparables and each comparable's sale price was higher than the last they may feel their home will surpass the highest price despite what current market activity may show. Funny thing is that things can change quickly from one week to the next. For all you know, they could get a higher price but some sellers clearly have plenty of time to count sheep to get the price they think they can get. It's pretty easy to spot sellers testing the market and/or listing agents pricing high to get the listing they have always existed.

Usually, the market does slow down heading into winter so unless their home was unique (likely not, it's Metro Vancouver afterall) I would move on to the next one considering the price range they are looking at and the area.

[subordinate]

So this CRA and condo flippers thing,

You telling me, all this time, people, such as real estate agents with first dibs that secured bunch of assignments first. Then flipped it near completion for say, over 100k profit on each one, could not declare it, since there would no papers/or their names on it?

I know CRA could look into banks and all but let's say the flipper was international and didn't have their bank account in Canada? They could pretty much f-off?

[R. Mutt]

I believe the developer’s family and friends get first dibs. I think the realtors are around third or fourth in line...or so I’ve been told in this thread. Keep in mind the assignment is likely flipped several times before completion. It’s also likely that multiple foreign investors are potentially walking away with tax free profits anonymously. Why pay the foreign buyers tax for a home when you can make a decent ror “tax free” from an assignment.

[Harvey Specter]

So Avalon 3 (river district) is coming up for sale. Peaked my interest when I read two bedrooms including parking will be around $750k, units also have AC and the building has concierge and full gym. Any of you guys looking to buy a unit?

[Hondaracer]

ive had a look at the units, not gonna be buying in but seems like a pretty decent development and the unit layouts are a little nicer than your average

Personally i'm not entirely sold on the river district, i'm not a fan of the area really but it's actually a fairly centralized location with decent traffic veins to and from the area so it has big potential down the road.

Wife works in the area so i've seen the development going up over the last few years, reminds me of morgan crossing, hopefully turns out nicer

[subordinate]

Originally Posted by R. Mutt

I believe the developer’s family and friends get first dibs. I think the realtors are around third or fourth in line...or so I’ve been told in this thread. Keep in mind the assignment is likely flipped several times before completion. It’s also likely that multiple foreign investors are potentially walking away with tax free profits anonymously. Why pay the foreign buyers tax for a home when you can make a decent ror “tax free” from an assignment.

That's fucked man.

And CRA is only doing something about it now?

[Harvey Specter]

Originally Posted by Hondaracer

ive had a look at the units, not gonna be buying in but seems like a pretty decent development and the unit layouts are a little nicer than your average

Personally i'm not entirely sold on the river district, i'm not a fan of the area really but it's actually a fairly centralized location with decent traffic veins to and from the area so it has big potential down the road.

Wife works in the area so i've seen the development going up over the last few years, reminds me of morgan crossing, hopefully turns out nicer

I think the area has potential. They'll be a school, community centre, shops/restaurants including Save On. Only thing lacking is transit like a skytrain station nearby.

[Wormiez]

Originally Posted by Harvey Specter

So Avalon 3 (river district) is coming up for sale. Peaked my interest when I read two bedrooms including parking will be around $750k, units also have AC and the building has concierge and full gym. Any of you guys looking to buy a unit?

What you think of the pricing scheme? Seems rather low for a phase 3 project. I am thinking the lowest units will sell for $800+..

[Harvey Specter]

Originally Posted by Wormiez

What you think of the pricing scheme? Seems rather low for a phase 3 project. I am thinking the lowest units will sell for $800+..

Price seems good but I believe the pricing released (under $800k) is for the low rise (6 floors), I was told tower pricing for a decent 2 bedroom with say a river view will be over $800k+. I'm going to go see the preview unit this weekend and talk to my realtor, I feel the area is undervalued and has future potential.

[Euro7r]

^I was at the A3 preview this past weekend with my RE agent. They definitely "sucked" quite a few people to come check it out with their initial starting prices of one-bedroom for $520K. Of course we all know, no one besides the developer will get that unit/units @ that price lol.

Pricing was only for the initial 6 floors given on the weekend. I looked at the one bedroom, asking around $570-580 for 600ish sq ft.

[6thGear.]

Originally Posted by Harvey Specter

So Avalon 3 (river district) is coming up for sale. Peaked my interest when I read two bedrooms including parking will be around $750k, units also have AC and the building has concierge and full gym. Any of you guys looking to buy a unit?

My fiancees mom bought herself a unit. But it's in Avalon 2. Cant' wait to get to use their sky lounge

Originally Posted by Harvey Specter

I think the area has potential. They'll be a school, community centre, shops/restaurants including Save On. Only thing lacking is transit like a skytrain station nearby.

Funny Save on is coming in especially when there's one 5 minutes away at Byrne Crossing. I personally prefer not to have a skytrain station nearby. Having grown up 5 minutes from Broadway Station nothing but riff raff and domestic crime all those years living there. Maybe I'm jaded but I still feel Skytrain Stations just bring up neighborhood crime rates up.

Originally Posted by Wormiez

What you think of the pricing scheme? Seems rather low for a phase 3 project. I am thinking the lowest units will sell for $800+..

There was a slight bump in price from phase 2. With another 7ish years of development left the prices will continue to raise but the biggest increases will be seen once amenities start to open up. Right now there's really nothing here other than Romers burger and Everything Wine. Starbucks and Save On Foods is opening up next year. I think that's when the price increase will jump.

Originally Posted by Harvey Specter

I feel the area is undervalued and has future potential.

Undervalued due to under development and future potential for sure. Rental units here are still gobbled up despite not having much open in the area

[Ch28]

Originally Posted by 6thGear.

I personally prefer not to have a skytrain station nearby. Having grown up 5 minutes from Broadway Station nothing but riff raff and domestic crime all those years living there. Maybe I'm jaded but I still feel Skytrain Stations just bring up neighborhood crime rates up.

I read a study awhile back between the correlation of crime and public transportation hubs in GVR. Almost all the areas had an increase in crime after the introduction of a skytrain or bus loop.

[pastarocket]

How is Moonbeam gonna enforce a "locals first" policy for condo presales? Only a fool with no business experience in the real estate industry would come up with this idea.

City of Vancouver wants to build 72 000 units in 10 years.

Good luck in trying to stop the mainlanders from buying up these units.

Vancouver mayor's proposal to put local home buyers first goes to council today - NEWS 1130

VANCOUVER (NEWS 1130) – Vancouver’s mayor wants to give locals the first shot at pre-sale condos, and he’s taking his idea to council today.

One councilor who says he will be fighting to make this happen is Kerry Jang; he says he’s seen developers sell condos to their relatives, who would turn around and re-sell those homes at a higher rate.

“People are sitting out in lawn chairs, lined-up for days, waiting just to get a crack at it, only to be disappointed when they get there that it’s already sold,” he says. “If we can get developers to say Vancouverites first, locals first, well that’s great.”

He says council still needs to work out how they would enforce a “locals first” policy. The motion plans to build 72,000 new homes over 10 years.

A statement from the Mayor’s office defines a “local” as someone who lives and works in Metro Vancouver and their place of work is in the region, regardless of their citizenship.

It adds that the development industry tells the city one thing, more than 90 per cent of pre-sales already go to local buyers, but people are telling council the opposite, homes are snapped-up before they even hit the market.

Jang says the development industry will just chase profits when left to their own devices. “But in talking to a number of developers, with some guidance, you can get them to do things to help local people out more,” he continues. “‘Charity begins at home’, is the old saying.”

Last month, we reported that the average rent for a one-bedroom apartment in Vancouver is $2,020 a month, the highest in Canada.

[sonick]

Canada?s banking watchdog sets tougher rules for mortgage lending | Financial Post

New rules for new mortgages coming soon. If I understand it, pretty much any uninsured mortgage (i.e. above 20% down payment) required minimum rate to be benchmark + 200 pts.