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Is it just me? or does it seem like the apartment / condo resale market (in Vancouver) is getting a bit slow as well? |
Yes. Starting to see reductions in Richmond. Place I was following went up from 788, relisted with a new realtor at 748.8 and now reduced to 712.8. Another home on single family lot listed for 1.6m. Did not sell. Relisted for 999k to incite a bidding war but that didn't work. Now relisted for 1.49 Market is slowing with stress test and higher interest rate minimizing the buyer pool and overall buying power. Kev |
I appreciate you guys keeping me up to date on this topic. I am seriously looking and wondering if waiting a few months is worth it. I did get pre-approved for a mortgage at 3.49% but apparently if I locked in it was 3.19% |
well I mean apartments were 26% YoY same year same area, a 2-bedroom is still more than an 8-bedroom detached from 15 years ago :okay: |
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Is funny because the people that complain and bitch demanding to ban all foreign investment is the same group of the people that won't be able to get into the market even if it drops another 20 to 25%. |
My real estate agent who has dibs on presales and assignments and listings owns 5 condos at any given time. Pump and dumper. Flips them asap...rinse and repeat the process. I would say in a miraculous 6 years starting with one condo. His net worth is over 4 mill. Just blame the foreigners doe |
i think condo market has been slower because there's not enough supply and not many listings are out right now. my realtor thinks it'll pick up in the late spring/summer once the ppl settle down from the foreign buyers tax hike and the stress test. similar to the last hike, it was quite slow but then picked up quickly in the last half of the year. detached is slowing down for sure which will drive up the condo market because people who can't afford a detached will start looking in the condo market. just my 2 cents. |
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but all the empty-home tax, speculation tax, foreign buyer tax hike, anti-laundering investigations couldn't come sooner |
All of the NDP moves are creating uncertainty in the market. Even tenancy act changes has a small effect on investors. For example a landlord now has to provide four months notice for eviction instead of two. A coworker has had a house on the market for 35 days in Saanich and has had no offers at $1.15 million. Just dropped to $1.1 million. I am seeing more price drops over here. |
Friends of ours who live 2 houses over listed house last week on Friday, 2 open house on weekend, closed yesterday with an over asking over assessed offer. East Van |
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No, of course it's not foriegners. I speak Cantonese at home all the time... http://v.fastcdn.co/t/042afd76/fbeaf...m-homepage.png https://www.nustreamrealty.ca/officelistings.html Go play the race card somewhere else, champ. |
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sad to say if I was in that position, maybe not with that much inventory but i'd probably find myself flipping too but the news about how retirees from rest of Canada is getting mad at the speculation tax raises an eyebrow for me, um people who grew up, work and pay taxes here can't even get into housing whether it's buying or renting, what makes you think retiring here from elsewhere and adding to our healthcare costs is a higher priority? |
anyone living or have lived in UniverCity, the developments at SFU Burnaby? There are some <800k 3br townhouses by Mosaic there were still for sale this week. This seems like an attractive price. |
I’ve worked in quite a few of those buildings around that mosaic development. Pretty typical mainlander occupied sesspools imo.. Massive damage to hallways and entries from people being careless with move ins, signs everywhere about cig butts and dogs shitting in the hallways etc. people with no regard for letting strangers into the building etc etc. |
Interesting stats about incomes of renters and owners https://globalnews.ca/news/4143426/v...h-home-prices/ For Vancouver: Data from Statistics Canada’s Canadian Income Survey showed that, in 2006, Vancouver-area median renter household incomes, before taxes, were $41,400, while owner households were making $87,500.For Victoria: In 2006, median renter before-tax household incomes in Victoria were $48,500 and $81,200 for owner households.Commentary: For Steeve Mongrain, an economics professor at Simon Fraser University (SFU), one statistic was particularly concerning: that homeowner incomes in Vancouver are growing at a slower rate than that of renters, even if they’re over twice as high. |
Option B is the case I’d say. |
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Yea I've got a few sold signs in my area N.Bby. Recent duplex just got sold...pretty much paid for the value of the land for both duplex..developer should make a good chunk of change |
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Been noticing inventory/listings has been building up compared to sales. Don't know if it's a spring trend or something else. |
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Global News story about how Canadians are underwater with respect to their homes Here's the 2 min video story: https://globalnews.ca/video/rd/1206498883914/ Here's the story on the website: https://globalnews.ca/news/3951652/i...medium=Twitter It shows the heat maps of Toronto and Vancouver of the % the household income is spent on shelter costs (shelter cost to income ratio) It’s not surprising where homeowners are spending more than 50 per cent of their pre-tax income on shelter costs. Stressed households are concentrated in cities where real estate is most expensive – Toronto and Vancouver, but also noticeably in Barrie, Hamilton and Victoria.I think the stats are skewed where foreign income isn't known so the income portion of the ratio is artificially low. Of Canada’s 50 top census tracts for high shelter cost-to-income ratios, 31 are in Greater Vancouver.Scary stuff for those so extended for their home |
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