Vancouver's Real Estate Market

[320icar]

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[fliptuner]

We did it the other way around. Suffered through open houses and showings, sold, then rented til we found the right place (we were looking in a very specific area). On the plus side, we had cash ready and very flexible possession dates.

[Badhobz]

We thought about waiting for another year too but I guess our illogical desire to buy a new home is getting the better of us

I remember last time in 2017 we listed and it was such a nightmare. We had to do emergency clean up (vaccum, clear all the counter tops, put away all laundry, put away all doggie stuff, etc) move the dogs to the car and then go hang out somewhere while these guys (90% time wasters) come in and out at odd times throughout the day. We ended up only getting a few low ball offers and it was hell for the 6 months we tried to sell.

No mas, no mas

[hud 91gt]

It doesn’t matter what you do. I know myself I’d make an emotional decision based if I owned two properties at once. Ie. purchased new home, will likely take a lower dollar amount for selling old home. Versus waiting for what you want to buy and sell. I don’t mind renting.

[quasi]

Originally Posted by Badhobz

We are buying first and then selling afterwards. Primarily because we refuse to be subjected to these endless last minute viewings. Once we are in the new house, I won't give a fuck if they wanna go see that house as it'll be staged and ready to go at anytime.

If you're willing to bridge that's even better.

[Badhobz]

I'm just not sure if we should sell our old place now or rent it out and see what happens.

It's a single detached w 6000sqft land in West Richmond so I'm sure it's gonna be over 1 million but the house is old. It's a rancher with 1200sqft (barely bigger than an apartment) so it'll have limited appeal to large families.

I'll post it up on here once I have it listed but I think it'll only appeal to young Canadian couples. Not sure how many of them wants to live in West Richmond for 1 million.

[fliptuner]

How big is the garage and how much parking is there?

[320icar]

Badhobz old white people LOVE ranchers. Only thing is if they were selling a home to downsize to a rancher, they’ll probably move to Langley or tswassen or something

[dachinesedude]

running into an issue with timing of selling vs buying, anyone with experience and suggestions for unfurnished short term rentals?

[Badhobz]

Originally Posted by fliptuner

How big is the garage and how much parking is there?

Lots bro! 2 car garage and a huge driveway that can fit like 4 cars






i mean inside is pretty good its just purely a marketing thing. Chinese families might find it a bit small with only 3 bedrooms and 1 and 1/2 bathrooms. But its a damn good starter home. like you said 320i, i just want a old white couple to buy it and love it. Im sure they would be happy here as its super quiet and its a cul-de-sac within a cul-de-sac. Its weird too, majority of the families in my cul-de-sac are all canadian/european. There's only a handful of chinese people since they like the broadmore/seafair regions more.

[MG1]

Originally Posted by Badhobz

I'm just not sure if we should sell our old place now or rent it out and see what happens.

It's a single detached w 6000sqft land in West Richmond so I'm sure it's gonna be over 1 million but the house is old. It's a rancher with 1200sqft (barely bigger than an apartment) so it'll have limited appeal to large families.

I'll post it up on here once I have it listed but I think it'll only appeal to young Canadian couples. Not sure how many of them wants to live in West Richmond for 1 million.

But, those mosquitos................

[fliptuner]

Originally Posted by 320icar

Badhobz old white people LOVE ranchers. Only thing is if they were selling a home to downsize to a rancher, they’ll probably move to Langley or tswassen or something

3-5acres + rancher + barn/shop is my ideal home.

@badhobz pretty sure if a car can squeeze by the deck, there's room for 12 more cars in the back.

Looks like either a retirement property or investor rental, then develop.

[Badhobz]

Lawl you won't be able to fit that many cars here. My old Iranian neighbor is gonna lose his shit if you started parking cars in the backyard hahahah. Id love to see that though

[SFU_wmc]

Does anyone have the website that was previously posted here, that shows a map of Lower Mainland and the drop/increase % of each property listed on the market?

[hud 91gt]

This one?

https://www.myrealtycheck.ca/

[SFU_wmc]

Originally Posted by hud 91gt

This one?

https://www.myrealtycheck.ca/

Yes, thank you!

[Matsuda]

Originally Posted by hud 91gt

This one?

https://www.myrealtycheck.ca/

I read that as my reality check lol

[hud 91gt]

Originally Posted by Matsuda

I read that as my reality check lol

I had to read your post 5 times until I made the connection it’s not “reality” check. Hahaha.

[320icar]

That is exactly what I like to see. Detach homes are still a bit out of budget for us I think. Wife and I make ~125k gross a year but even with the parents giving us 300k down I don’t think the bank would give us much.

Parents are getting older and they want to move back into a detach home with us for the long run. But if prices keep going down I don’t want to buy at 999k and be stuck with that for 30 years if the markets about to crash. Some open houses in Ladner to check next weekend though

[westopher]

At that wage, even with 300k down I wouldn’t look anywhere above 600k. Best advice I can give is don’t over extend yourself. Get in the market comfortably, enjoy having some money for vacations, and save for the chance to educate yourselves further, make career changes, buy the car you want, etc.
If you feel the need to pay more for your mortgage, use that to pay it off faster, instead of getting space you don’t need.

[punkwax]

^ my opinion is different.

If I was new to the market and had 300k down I’d buy as much dirt that I could afford as humanly possible. Forget the square footage of the home, focus on the lot size. I’m not saying buy a place that’ll make everything else unaffordable but my personal advice is to bank as much in land as you can afford. Look at larger lots with livable homes that don’t necessarily have the granite/stainless kitchen/bathroom eye candy that many people focus on. Many recently renovated places are just flipped for profit anyway.

I’ll admit I’m not sure what 300k down can get you into these days, but if you have that kind of money to put down and can get a ~1M property with future potential, whether it be subdividable or even a large lot that builders would be interested in to knock down and build new, the profit possibilities could be very worthwhile. Ladner is full of smaller 80’s homes on large lots that builders would tear down and build new 3000-4000sqft homes on for profit in a heartbeat when the market improves. And it will. Don’t worry about a crash I think now very well may be as affordable as it gets.

To each their own but I have no ragrets putting everything I could afford into land. I’m on my fourth property and purposely bought in an 80’s subdivision with a very livable home on a 13000sqft lot. Each time a 1200sqft rancher in my neighbourhood is replaced with a 4000sqft home I smile knowing my property value just went up.

Long story short, westopher has given good advice and I’m not saying he’s wrong but personally, I’ll always recommend to friends/family that they try to own as much dirt as possible in the most desirable area you can afford. Especially now in a buyers market.

[Traum]

Adding to what Westopher and Punkwax have said, I'd also say that (your) age is very important. Over 10+ yrs ago when I was still in my late 20's / early 30's, I was 90% about delayed gratification, and 10% on appropriate self rewards to keep myself going. Fast forward to today where I am officially "middle aged", those priorities have shifted. Of course I still have my 25+ yrs mortgage on my back, but I am far less concerned about wanting to pay the mortgage off as early as I can. Esp after seeing loved ones passed away or narrowly escaping some close calls, your perspective really change.

[Tapioca]

A 125k income with 300k won't get you a million dollar property after you stress test your potential mortgage.

You need to be in the 180K income range for a million dollar property at the current BoC rate.

[6793026]

Originally Posted by 320icar

That is exactly what I like to see. Detach homes are still a bit out of budget for us I think. Wife and I make ~125k gross a year but even with the parents giving us 300k down I don’t think the bank would give us much.

Parents are getting older and they want to move back into a detach home with us for the long run. But if prices keep going down I don’t want to buy at 999k and be stuck with that for 30 years if the markets about to crash. Some open houses in Ladner to check next weekend though

Not trying to shit on your parade but 125 k gross a yr is not a lot of money; if any one of you loses your job, and during the transition (usually 9 months) to find a new job, how will 1 job (wife's) support the mortgage + strata etc. This is why I highly value the stress test banks are doing.

Don't get me wrong, you can get a decent place with 300k down, but still be sure to not get something way outside of what you can afford.

This is the all time fear I have & why I always have 9 months worth of safety / emergency fund to float.

[320icar]

Oh I’m well aware, and that’s what I’m trying to explain to my father. This is just further proof that I’m right. I’m not sure why he thinks a million dollar hone is achievable.