Vancouver's Real Estate Market

[DA9ve]

so a little update on our sale, i sold my townhome but did so at a significant reduction just so i can close the deal on my detached home (which we got a considerable deal on). the seller from the detached home gave us 72 hour notice that they had another offer on the side which was their right to exercise in the contract. we had 2 weeks of open house and only 1 offer on second week. that 1 offer on our townhome got an excellent deal but we forced them to do a short subject removal. they were first time home buyers so it must've been nerve racking for them to do so but mind you, our unit was done up and in mint condition for a 2002 townhome.


for those who are interested to know, we are moving from a townhome in north burnaby and buying a 1960s bunglalow in east vancouver

a little tip as well for those looking to upgrade, in hindsight i wouldve 100% sold first, cash in hand before throwing offers on the next property with subject to sell. if you got somewhere you can wait out till you find the right place, take that option! the whole process felt like a roller coaster of emotions trying to sell and buy at the same time.

[quasi]

Originally Posted by DA9ve

a little tip as well for those looking to upgrade, in hindsight i wouldve 100% sold first, cash in hand before throwing offers on the next property with subject to sell. if you got somewhere you can wait out till you find the right place, take that option! the whole process felt like a roller coaster of emotions trying to sell and buy at the same time.

I'd love to do this but I'm so worried about either having to overpay to get what I want or settling for something that's just OK because I need a place.

I have no family other then a brother in law with a small house and 4 kids to live if we didn't have somewhere to move and I'm not interested in renting and moving twice.

Not really sure what to do, I've always been a gambler maybe I just roll the dice.

[Traum]

Originally Posted by DA9ve

a little tip as well for those looking to upgrade, in hindsight i wouldve 100% sold first, cash in hand before throwing offers on the next property with subject to sell. if you got somewhere you can wait out till you find the right place, take that option! the whole process felt like a roller coaster of emotions trying to sell and buy at the same time.

Congrats on the new purchase!

I sympathesize with the emotional roller coaster situation as I have been through a similar experience before as well. But in my case, we've actually committed to a binding contract to purchase the new place before our existing place has been sold. It was quite an emotional roller coaster ride indeed, and things were always happening during that window.

I do not regret the doing things that way, even though my parents were vehemently against it. As a matter of fact, if I had to do everything all over again, I would have taken the same calculated risk, and done the same thing as I did before. The only problem is, I'm not sure if I can survive that same emotional roller coaster ride now LOL~ It is really quite exhausting...

Again, congrats on the new home!

[Hondaracer]

When I hear “I bought a townhouse because I don’t want a tenant”

To me that means, instead of being able to hand pick potentially 1 neighbor. Your rolling the dice on two or more you have absolutely no control over.

[Badhobz]

Somebody buy my detached house in Richmond ! 1.3million only. I wanna move to twassassen

Specs
6000ft lot
1200ft house (renovated inside)
3 bedrooms
1 and 1/2 bath

Great neighborhood!

[kr4l]

Originally Posted by Ludepower

Yea the difference between a condo and TH isnt that much. Like hondaracer said..a detach with a mortgage helper eventhough it'll be an old house makes more sense.

Location is still most important. I dunno why people comparing port moody to Vancouver. I'll take an old east van house any day of the week.

My brother condo was 2bed / den, 2 bath at 1200sqft. His townhouse is 4bed 4 bath at 2300 sqft so there is a huge difference between the 2

What makes sense to you doesn’t necessarily make sense to others. He technically has a basement with a bedroom and bath he can rent out if he wants to.

You’re right, location is the most important, but what’s important to you isn’t necessarily important to others. Yes, Vancouver is “better” in terms of apt of things. But when you have 2 kids including 1 newborn, both parents work in the Coquitlam area, and have schools already in the area, I would think very hard before living in east van, especially in an old east van house at that

[quasi]

Originally Posted by Hondaracer

When I hear “I bought a townhouse because I don’t want a tenant”

To me that means, instead of being able to hand pick potentially 1 neighbor. Your rolling the dice on two or more you have absolutely no control over.

True but if your neighbor trashes their house you don't have to pay to fix it.

[Acurapinoy]

Why are we even having a discussion about townhome vs detached. It seems like it makes sense for them so I'm glad they are happy to raise his family there. But since we are on topic.. I wouldn't buy a million dollar townhome nor would I live in East van. Looks like ill be buying in okanagan for sure now haha

[MarkyMark]

Vancouver on your address isn't the be all end all for everyone.

Who here has actually taken on a million + dollar mortgage instead of being gifted a house and telling everyone else how stupid they are?

[Traum]

I don't have a $1M+ mortgage, nor is my place gifted to me, but I am telling everyone else how stupid I am for staying in Vancouver...


Of course I have my reasons for doing so -- the primary one being my network of family support is still all here in CoV. But really, if it wasn't for them, there is little reason to suffer the ridiculously high prices in CoV.

Originally Posted by MarkyMark

Vancouver on your address isn't the be all end all for everyone.

Who here has actually taken on a million + dollar mortgage instead of being gifted a house and telling everyone else how stupid they are?

[Nabatron]

Originally Posted by Acurapinoy

Why are we even having a discussion about townhome vs detached. It seems like it makes sense for them so I'm glad they are happy to raise his family there. But since we are on topic.. I wouldn't buy a million dollar townhome nor would I live in East van. Looks like ill be buying in okanagan for sure now haha

do it lol!

Update on our place: no real update lol had total of 6 groups come to open house on Saturday. One guy was interested but need to sell his place first, not really sure about others. My realtor gave me an update on Sunday on that he 2 other groups who were interested but couldn't make it. Had a family check out our place this morning not sure on where they are at. Realtor also told me today he got another call on our place not sure what that means.

All in all our place had decent amount of traffic on MLS compared to other townhouses listed which is good but still a waiting game. Funny thing is after we listed wife took a look at other townhomes in the area. Other listings were either way over priced, older and over priced, brand new and way more expensive then ours. I think our listing price, relatively new and compared to everyone else around our area is practically a steal, but obviously I am biased lol the waiting game continues...

[Great68]

Originally Posted by DA9ve

a little tip as well for those looking to upgrade, in hindsight i wouldve 100% sold first, cash in hand before throwing offers on the next property with subject to sell. if you got somewhere you can wait out till you find the right place, take that option! the whole process felt like a roller coaster of emotions trying to sell and buy at the same time.

Good advice. You have much more control over the ability to buy something quickly vs trying to sell something quickly.

[Hondaracer]

Originally Posted by quasi

True but if your neighbor trashes their house you don't have to pay to fix it.

Not nesacarily true.

I believe I’ve brought this example up before but here it is again.

I don’t think I’m stretching it nor being racist to say Asian, seemingly Chinese people moreso, love hot, humid conditions. People cook very hot food, use a lot of cooking methods that create tones of condensation etc. also, a lot are, let’s say, frugal.

We had a scenario in a townhome development where an Asian family had turned off all their timed fans, attic fans, bathroom fans, etc. (these typically come on automatically between 7am till 10am and then 4pm till 7pm) just to prevent moisture buildup, mold, etc.

These people essentially lived in an aquarium, when we first came in relative humidity inside the unit was 80% when it was below 40% outside. Some of the walls you could see water dripping down..

As a result of this, and as a result of shutting off their fans (which is completely against your home owner agreement when you take possession of a new unit typically) mold was growing CRAZY in the attic, like it was badddd for a unit sub 2 years old.

We then inspected the neighboring units, and while there is crazy fireproofing etc in between attic spaces, the mold was present in the units beside, and also 1 unit over.

The fucking peice of shit owners played ignorance and as a result, the builder and developer were off the hook completely and now the strata had to use contingency to sue the fucking owners..

So..not entirely a direct result, but even shittier somewhat because units in other buildings were paying for this lawsuit.

[Traum]

Originally Posted by Nabatron

Update on our place: no real update lol had total of 6 groups come to open house on Saturday. One guy was interested but need to sell his place first, not really sure about others. My realtor gave me an update on Sunday on that he 2 other groups who were interested but couldn't make it. Had a family check out our place this morning not sure on where they are at. Realtor also told me today he got another call on our place not sure what that means.

All in all our place had decent amount of traffic on MLS compared to other townhouses listed which is good but still a waiting game. Funny thing is after we listed wife took a look at other townhomes in the area. Other listings were either way over priced, older and over priced, brand new and way more expensive then ours. I think our listing price, relatively new and compared to everyone else around our area is practically a steal, but obviously I am biased lol the waiting game continues...

As your realtor has probably told you, if anyone is seriously interested in your townhome, they will get their agent to ask for strata documents. Until that happens, I'd take all "interested" parties with a grain of salt.

Having said that, I hope the high viewer traffic means you'll have a chance at receiving multiple offers! In today's market climate, I honestly think pricing a property just a touch below your expected (and realistic!) transaction price, and hoping for competing bids is the way to go.

Good luck!

[Nabatron]

Yeah like my other realtor friend said if there 120 people showing interest in your place you might only get 1 offer. I have to take everything with a grain of salt which does suck. So seeing we only had 6 people and 1 was in our complex viewing our place is not the best but its better then nothing. The waiting game sucks but it only has been a few days so. For people who have listed how long did you guys wait till you had to do a price reduction?

[DA9ve]

Originally Posted by Nabatron

do it lol!

Update on our place: no real update lol had total of 6 groups come to open house on Saturday. One guy was interested but need to sell his place first, not really sure about others. My realtor gave me an update on Sunday on that he 2 other groups who were interested but couldn't make it. Had a family check out our place this morning not sure on where they are at. Realtor also told me today he got another call on our place not sure what that means.

All in all our place had decent amount of traffic on MLS compared to other townhouses listed which is good but still a waiting game. Funny thing is after we listed wife took a look at other townhomes in the area. Other listings were either way over priced, older and over priced, brand new and way more expensive then ours. I think our listing price, relatively new and compared to everyone else around our area is practically a steal, but obviously I am biased lol the waiting game continues...

i tried to not have the same bias towards my home but i also wondered why we weren't getting offers as our home was pretty well priced to other comps (lets not even talk about multiple offers).

the condo market (2 bd, 1 bd) simply has too many options now. We had tons of viewing but the feedback we're getting made no sense (some people said bedroom was not as advertised in size, some said living room too small) like honestly its all in the feature sheet and layout plans. i think people are just holding onto their wallets tightly for a good deal or the perfect place. they're in no rush to pull the trigger given so many options and so many things to think about....hate to say it folks but its leaning heavily towards the buyers market.

[DA9ve]

Originally Posted by quasi

I'd love to do this but I'm so worried about either having to overpay to get what I want or settling for something that's just OK because I need a place.

I have no family other then a brother in law with a small house and 4 kids to live if we didn't have somewhere to move and I'm not interested in renting and moving twice.

Not really sure what to do, I've always been a gambler maybe I just roll the dice.

i understand your concerns here and my wife had issues with not being able to find the "right" place. i think if you narrowed down your must haves in your future property, you can kind of open up the pool of potential buys.

looking back, if i sold in april, i wouldve had multiple offers, made subjects that cater more to the seller (ie close/possession later) and ultimately got more $ from the sale. but in hindsight, i think we did really well rolling the dice but like i said, its not easy emotionally.

[DA9ve]

Originally Posted by Nabatron

Yeah like my other realtor friend said if there 120 people showing interest in your place you might only get 1 offer. I have to take everything with a grain of salt which does suck. So seeing we only had 6 people and 1 was in our complex viewing our place is not the best but its better then nothing. The waiting game sucks but it only has been a few days so. For people who have listed how long did you guys wait till you had to do a price reduction?

all you need is that one person who really loves your place and throws down an offer. all others who are maybes are just simply that...maybe


edit: we were going to relist with a price reduction if the 2nd week had no offers but didnt have to cross that bridge.

from what you're saying if your place is priced reasonably and in relatively good shape, i would wait only if time is not of the essence, for us we had no choice but to sell ASAP as the pending offer on the future purchase was ending.

[Nabatron]

^yeah no doubt breh! It is leaning towards a buyers market which is good and bad I think. Yeah more options for people to choose but also more places that are way over priced I think. Im not going to lie I mean yah it does sound biased but our place is best bang for you buck, fairly new, staged properly, everything you would need. But yeah just need that one person I suppose. It will be hard for me to try and drop the price down when I see all other comparables on the market. I guess I will see when or if that time comes if we have to adjust price lol

[RRxtar]

Originally Posted by 1337

Banks take rental income at 50%

you are probably correct. we wen't with a small lender at the suggestion of my broker to streamline a few things (im a business owner, and wife is in commission sales) and they may have taken 75% or it may have been 50%. either way tho..

[Mr.HappySilp]

Originally Posted by Hondaracer

Not nesacarily true.

I believe I’ve brought this example up before but here it is again.

I don’t think I’m stretching it nor being racist to say Asian, seemingly Chinese people moreso, love hot, humid conditions. People cook very hot food, use a lot of cooking methods that create tones of condensation etc. also, a lot are, let’s say, frugal.

We had a scenario in a townhome development where an Asian family had turned off all their timed fans, attic fans, bathroom fans, etc. (these typically come on automatically between 7am till 10am and then 4pm till 7pm) just to prevent moisture buildup, mold, etc.

These people essentially lived in an aquarium, when we first came in relative humidity inside the unit was 80% when it was below 40% outside. Some of the walls you could see water dripping down..

As a result of this, and as a result of shutting off their fans (which is completely against your home owner agreement when you take possession of a new unit typically) mold was growing CRAZY in the attic, like it was badddd for a unit sub 2 years old.

We then inspected the neighboring units, and while there is crazy fireproofing etc in between attic spaces, the mold was present in the units beside, and also 1 unit over.

The fucking peice of shit owners played ignorance and as a result, the builder and developer were off the hook completely and now the strata had to use contingency to sue the fucking owners..

So..not entirely a direct result, but even shittier somewhat because units in other buildings were paying for this lawsuit.

Not even sure why people who turn off the fans. Is not like it noisy or anything, and they use very little power. I just left my the settings it came in lol. My parents does the same thing. After a shower they just shut off the fan therefore there was a weird smell in their bathroom. I told them to leave it on for at least an hour after shower and just let it run during the day for a few hours. After a day or two the smell is gone.

Luckily most people in my apartment are too lazy to play around with the fan settings (is set on a timer to turn on for like 8 to 10 hours a day I think) and is central A/C so everyone just turn the A/C on like crazy so each units tend to be pretty dry.

To this day I still don't know why people like to live in humid climates. Is so disgusting when I visit HK in April to May I had to take several showers a day otherwise I feel I am melting in water. Also forget about hanging dry your clothes coz it will never get dry you have to put it in dyer and if you touch the walls is like dripping water.

[Tapioca]

Looks like the townhouse market still has buyers in the Tri-Cities...

https://vopenhouse.ca/video/23358_Indigo/

Sale closed on August 5 - $1,005,000

[Nabatron]

1mill for a townhouse is absurd lol

[Hondaracer]

Especially that type.

The one on the last page is Ok because it’s a bit more unique construction. feels more like a detached home and the design is much better Layed out.

The one above is the typical 2005+ cookie cutter with overlapping bedrooms etc.

Shit is so crazy lol. I remember having the conversation 10-12 years ago about how $1000/sq ft in yaletown was crazy, now Whalley is $1000

We built a townhome development on 152nd and 24th where I was offered one of the remaining units for under 400k which I thought was absurd at the time. That same place is probably 800 now.

Crazy

[Nabatron]

^yeah no doubt about that! I mean its laughable at how the housing market it is here. I feel bad for the people who want to try to buy a place and they going to be shit out of luck because of the pricing. Stress test doesn't help at all and coughing up 5,10,20% down on anything is quite a bit of cash. Its going to get to a point where lots of people will just rent because its the most "affordable" way of doing things or just move out of the lower mainland lol