300-400

First quote on insurance I have so far for my detached is $3000 a year :dead:
Poly B piping in one of the washrooms downstairs is driving up the quote.
Also may need to upgrade the electrical service.
What is the typical ballpark pricing I should expect 100-200 amp line upgrade?

Yesterday I offered 1.42m (30k under list price) on a 28 year old home in the Killarney area. Due for a reno. Subject to sale of my penthouse Brentwood condo (1) year old. Length of subject was 1 month.

There were 8 offers and my offer was not even considered at all. Tough!

Asking was 1.45m

It was your subject to sale that was a no-no for the seller.

It was more like double that for my place.

BC Hydro's portion is $987.

Yeah... Detached under 1.5 is flaming hot in Van & BBY... subject to anything at this point will kill your offer unless you overbid like mad when it's basically a guarantee that the seller will receive a subject free offer.

me thinks 8 offers you better be over asking or cash at asking

Even though it's considered a buyers market right now one still has to be ready to buy without subject to financing/sale, monies in hand ready to go. Our buyer must've had over 10 subjects but they gave us the best offer, so we gave them 5 days to remove all subjects including subject to financing. They had it all sorted out in that time period with the bank draft deposit ready.

I think it'll turn into a sellers market sooner than anticipated here. Too many people priced out in the past 5 years who are still looking to get into a detached.

I’m not an electrician but when I looked into this before I was told that if your power is currently off the mid-span you cannot go over 100 without your line coming directly off a pole?

The company that gave me the quote said (as far as I could remember) to go from 100 to 200 it was going to be between 4500-7000

I know someone just sold their 5000 SQ lot house near boundary for over accessed they said, so I'm guessing at around $1.85 range. So the markets are definitely going again, I think a lot of the buyers right now pretty much are ones that have cash sitting and they are finally pulling the trigger as rates are low

Yikes, my house currently has 70 amp line and insurance company wants to get it inspected.
May have to just upgrade to 100amp if inspection seems upgrade necessary .

This house is just around the corner from us and now has a sold sign on it, less than a week after the listing went up:
https://www.realtor.ca/real-estate/2...rive-coquitlam

-Mark

I think you may be able to go from 70 to 100 just by upgrading the panel

I have a feeling 2020 assements are going back to 2018 assement levels.

Bank on Canada says rates are staying this low for the foreseeable future. Happy I chose variable.

uh looks like pricing has come down in the area...i'm like 5min east on the other side of the park and a few years ago untouched houses (clean but no renos) where that price or more

i wonder what final sale price was

I've been following detached in Van/BBY under <1.5 for a long time now, and we're definitely in sellers market territory for this segment for a while now. There was a brief pause in April/May but this segment has rebounded right back to where it was leading up to covid.

Just an update to my previous post:

The house listed at 1.45 and sold for 1.65.

200k over asking. I'm feeling heavily discouraged. I wasn't aware the housing market picked up like that again considering where it was pre covid.

200k over list is something I just can't compete with.

Mind showing the listing?

Not sure, but that's definitely a good price; small lot though, no backyard and 4000sf. We paid $1.2 for ours which is just a few houses down but is on a 6500sf lot with a creek in the backyard, similar level of renos.

-Mark

I hate to say it, but I know from personal experience that the most recent bottom for an "entry-level" detached house in Van was July 2019. Since then, prices are up 10% minimum...

Don't be discouraged, just stick to your plan, don't get too caught up emotionally, and see how you can adjust your priorities and search criteria to find a place that works for you.

Looks like 2846 McCoomb Drive sold for 1.093M.

lol 5 year fixed 2.94% checking in. Signed in February FML
We decided to do at least $15k in prepayments each year to help pay down the principle and reduce overall interest but the total extra interest paid over 5 years vs a rate like 2.25% still amounts to ~$30k :(

Even if you offered 200k over list, the subject of sale of your unit is a big yikes in a market where there is buyer demand.

Might be better to sell yours and then try to find something prior to closing of your unit. If not then temporarily rent or stay with parents/in-laws until you can find a place.

Now that zealty.ca is back online, i looks like it was 5828 Lancaster Street.
26 yr old house, 2650sqft, 5bd 4bth 33x130 lot. Looks to be in good condition but original condition.