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-   -   Vancouver's Real Estate Market (https://www.revscene.net/forums/674709-vancouvers-real-estate-market.html)

GLOW 12-30-2017 10:29 AM
Quote:
Originally Posted by originalhypa (Post 8880306)
:seriously:

So, which is it?
No offence, but you’re just as bad as the media when it comes to drinking the non-resident kool aid.

Mr.HappySilp 12-30-2017 11:21 AM
Quote:
Originally Posted by originalhypa (Post 8880306)
:seriously:

So, which is it?
No offence, but you’re just as bad as the media when it comes to drinking the non-resident kool aid.
New/pre-sale apartments have 20% purchase from non-resident and the whole market including house/Duplex ect ect nad 5% non-resident purchase.

hud 91gt 12-30-2017 11:28 AM
First Time I’ve ever thanked Happyslip. Haha nice reading bud!

Mr.HappySilp 12-30-2017 11:42 AM
Quote:
Originally Posted by hud 91gt (Post 8880324)
First Time I’ve ever thanked Happyslip. Haha nice reading bud!
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.

You don't even need data though just go to any pre-sale, open house and most are not even local.

mikemhg 12-30-2017 12:46 PM
Quote:
Originally Posted by Mr.HappySilp (Post 8880327)
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.

You don't even need data though just go to any pre-sale, open house and most are not even local.
Of course. Remember for years the BC Gov would release census statistics of non-local residents, always reporting a percentage much less than what you would see in the city? It's only the last few years the statistics levied forward have been more accurate. It's a willful cover up.

sdubfid 12-31-2017 12:11 AM
New evalue numbers are listed

Traum 12-31-2017 12:51 AM
Quote:
Originally Posted by sdubfid (Post 8880402)
New evalue numbers are listed
As expected, my parents' place -- a single detached home in East Van -- sees a minuscule drop of 1.5% in assessed value. On the other hand, my POS apartment -- also in East Van -- is seeing almost a 7% increase in assessed value.

We'll see how things turn out when it comes to property tax time.

Gerbs 12-31-2017 01:05 AM
Dropped 5% in assessed value. Holy shit, the houses around the area got sold for 2.2mill and 1.93 mill this year. Is that land size considered large?

https://gyazo.com/8ea9c6a13df41b9ac5558e88ed1d741f

Jmac 12-31-2017 04:17 AM
1/9th of an acre? No

Hondaracer 12-31-2017 07:11 AM
Are you sure the numbers are new? Can’t seem to find an update date and I feel like the few properties I searched are unchanged

lowside67 12-31-2017 09:08 AM
It’s as of July 2017. Ours definitely changed, our Port Moody apartment went up by 25%. The house in Burnaby we went to an open for yesterday was down 2%.

-Mark

G0rilla 12-31-2017 09:14 AM
It definitely changed, my house dropped by 3% and my apt gained by 35% based on July 1 2017 assessment

Hondaracer 12-31-2017 09:56 AM
house gained like 30k, east van

jing 12-31-2017 10:56 AM
Parents house went up 6% but is more or less irrelevant since the OCP designates the area for redevelopment with a good chunk of the area already under contract. Some of the neighbours signed NDA's but now the figures are all public record, lol. All the houses sold for at least 2x assessed.

20% increase for my Burnaby condo in 2017. Puts me a bit closer to going detached in the future but that's still lightyears away.

Traum 12-31-2017 02:41 PM
Holy shxt... these 20 - 35% increase for apartments is nuts... Totally makes my 7% seem like it is nothing.

Really not sure how I should feel about the increased assessment value at all...

Euro7r 12-31-2017 03:09 PM
Great if your are selling for increase in value. Not so great if not selling, just means more taxes :(

Ludepower 12-31-2017 03:57 PM
Wooooo time to party...errrrr...

Ch28 12-31-2017 06:35 PM
Quote:
Originally Posted by Traum (Post 8880458)
Holy shxt... these 20 - 35% increase for apartments is nuts... Totally makes my 7% seem like it is nothing.

Really not sure how I should feel about the increased assessment value at all...
Parent's house/land dropped by 200k :ahwow:

welfare 12-31-2017 07:00 PM
Quote:
Originally Posted by Mr.HappySilp (Post 8880327)
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.

You don't even need data though just go to any pre-sale, open house and most are not even local.
Even if the number were accurate, 5% is actually a sizable amount. That's 1 in 20. Or approximately 1 home on each Vancouver block I figure

lowside67 12-31-2017 07:24 PM
Quote:
Originally Posted by Ch28 (Post 8880491)
Parent's house/land dropped by 200k :ahwow:
What area and what kind of value is the house, ie what percentage is $200k?

-Mark

lowside67 12-31-2017 07:25 PM
Quote:
Originally Posted by Traum (Post 8880458)
Holy shxt... these 20 - 35% increase for apartments is nuts... Totally makes my 7% seem like it is nothing.

Really not sure how I should feel about the increased assessment value at all...
Ours is fair - it went from $460k to $590k and several comparable units to ours have sold in the low-mid 600s in the second half of 2017.

-Mark

Gumby 12-31-2017 08:44 PM
Quote:
Originally Posted by Hondaracer (Post 8878819)
They were going on about household debt today on CBC in some pretty basic terms, but they were making a point of saying that it was rampant that people were using HELOC's to buy investment properties but then never paying off the principle just the interest per month..

i know this obviously happens but who the fuck would put themselves in this position? if the property purchased couldnt pay down the HELOC it would be pointless..

so you're just banking on the equity to increase enough to pay off lump sums? :/
I bought a pre-sale 1-bedroom approx 500 sq ft apartment in Vancouver in 2013 for $260k, which completed in Sep 2016, using my HELOC. Rented out for $1500 and after property taxes, interest, strata, etc I'm not pocketing much. But its assessed value is now $550k!

Not sure what I'm waiting for, but at least I can sell it and pay off the HELOC in one shot at any time.

Hondaracer 01-01-2018 12:14 AM
Quote:
Originally Posted by Gumby (Post 8880503)
I bought a pre-sale 1-bedroom approx 500 sq ft apartment in Vancouver in 2013 for $260k, which completed in Sep 2016, using my HELOC. Rented out for $1500 and after property taxes, interest, strata, etc I'm not pocketing much. But its assessed value is now $550k!

Not sure what I'm waiting for, but at least I can sell it and pay off the HELOC in one shot at any time.
Well done

Gumby 01-01-2018 12:23 AM
Quote:
Originally Posted by Hondaracer (Post 8880507)
Well done
I've been very lucky with timing... (both my principal residence, buying a 1/2 duplex in 2004 when it was cheap, moving to detached in 2012 before it became insane, and this investment property) :)

Harvey Specter 01-01-2018 01:16 PM


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