Vancouver's Real Estate Market

[Mr.HappySilp]

Originally Posted by JDMStyo

Great layout - I like the Nelson buildings at MET and did well on those presale. Had one myself too. Some follow up pro opinion from a realtor perspective:
- less hallways - no one spends time here, wasted footage for most part - some 2/3 bedrooms are terrible for that with tons of long hallways
- U shape generally is more popular but L shape has merits too in space saving. You'll find larger units generally shy away from L shaped or at least add an island where it serves as both as a high table/gathering point/hangout and bar area.
- separated bedrooms. Side by side layouts = not the best for sound proofing... use your imagination
- western exposure - in non AC building like MET 1 - western exposure units were hot AF after 6pm. Stuffy! Remember hot air rises up and in concrete/glass type structure there's no where for the hot air to go but... UP.

Good thing Met2 have central air conditioning. It feels so nice to be back home in the summer with the A/C already on. However some people abuse the shit out of the central heating system as well. Friend of mine have her heat up at like 25 degree through the winter. My god I get hot when is above 22 not sure how she handle the heat at 25. As for sound proofing it seems ok. I can't hear other people unit at all expect the one below me when their dog bark really loud. By then again to the right of my unit is a laundry room (I am guessing for the water pipe). The one to the left is a dude and he doesn't even come back that often (I think this is his second home and he comes back like once or twice a week?).

[Traum]

Is it just me? or does it seem like the apartment / condo resale market (in Vancouver) is getting a bit slow as well?

[Roach]

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

[Nocardia]

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%

[twitchyzero]

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

[Mr.HappySilp]

Originally Posted by Roach

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

And here in Vancouver we have people complaining it was the foreign buyers that's buying everything up. I mean yes they do invest but nowhere near as much as people think.

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%.

[Ludepower]

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

[yameen]

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.

[twitchyzero]

Originally Posted by Mr.HappySilp

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%.

just summed me up in one sentence
but all the empty-home tax, speculation tax, foreign buyer tax hike, anti-laundering investigations couldn't come sooner

[TouringTeg]

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.

[Hondaracer]

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

[originalhypa]

Originally Posted by Ludepower

Just blame the foreigners doe

No, of course it's not foriegners.
I speak Cantonese at home all the time...



https://www.nustreamrealty.ca/officelistings.html

Go play the race card somewhere else, champ.

[Tone Loc]

Originally Posted by Ludepower

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 blame people like that just as much, if not more, than I do the foreigners. Which is why I think any controls on foreign buyers are useless without a speculation tax to accompany it...

[twitchyzero]

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?

[bcedhk]

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.

[Hondaracer]

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.

[Scotsman]

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.

By 2016, those numbers had climbed to $48,600 for renter households and $94,400 for owner households.

That represented growth of 17.4 per cent for renter households and 7.9 per cent for owner households.

For Victoria:

In 2006, median renter before-tax household incomes in Victoria were $48,500 and $81,200 for owner households.

By 2016, those numbers had grown to $51,700 for renters and $95,200 for owners.

That represented growth of 6.6 per cent for renter households and 17.2 per cent 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.

In an email to Global News, he said this is likely happening because many homeowners are retiring — and thus their incomes won’t grow as fast.

But another, more likely reason is that young professionals in Vancouver simply don’t — or can’t — buy homes there.

Incomes may be growing steadily in Vancouver and Victoria, but none of that was fast enough to catch up to the pace at which home prices grew in the same period.

[hud 91gt]

Option B is the case I’d say.

[Traum]

Originally Posted by Hondaracer

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

Whereabouts in East Van? Personally, I am a bit surprised to see that, since a whole bunch of houses in my area have sat for quite a while (2+ months), with asking prices that are just a bit above assessment price.

[Hondaracer]

Originally Posted by Traum

Whereabouts in East Van? Personally, I am a bit surprised to see that, since a whole bunch of houses in my area have sat for quite a while (2+ months), with asking prices that are just a bit above assessment price.

Hastings sunrise. The house across from them sold 3 weeks ago as well before the open house even happened but I think it was listed a little low as the owners seem like they needed out (purchasing another home etc seemingly)

[Sw0op]

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

[Tapioca]

Originally Posted by bcedhk

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.

All property up there is leasehold, if I remeber correctly.

[noclue]

Been noticing inventory/listings has been building up compared to sales. Don't know if it's a spring trend or something else.

[nah]

Originally Posted by noclue

Been noticing inventory/listings has been building up compared to sales. Don't know if it's a spring trend or something else.

For sure, hopefully the fundamentals of supply and demand drive prices down.

[Scotsman]

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.

Most other Canadian communities are below 8 per cent.

“The old guideline was about 30 per cent. Even if you make that 35 or 40, you’re seeing people with 10 or 20 per cent more than that,” Toronto-based insolvency administrator Scott Terrio says of his clients.

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.

In Vancouver, three areas stand out: parts of West Vancouver, Shaughnessy and Kerrisdale, and Richmond.

Scary stuff for those so extended for their home