Entry detached is running away from the rest of the market. It's absolutely insane, anything that's not a tear down under 1.7M is gone in the blink of an eye. Prices are up 15% in 1 year and I think we're about to see ATH in this segment if we're not there yet... It definitely feels like 2016 again for anyone looking in this segment...

Your standard, well maintained, original van special is now selling for up to 1.6-1.7m...
2688 E45th just sold for 1.663M today (ask was 1.498. peak 2018 assessed was 1.453)...

*disclaimer: sold my Olympic village condo july 2019 hoping to make the jump to detached while headlines were screaming that sales were the lowest in 30 years... I got caught completely off guard with how fast the detached market was heating up, lost out on multiple offers over 8-9 months and ended up settling for a detached in west Coquitlam a few months ago. Hindsight is 20/20 but I lost out on over 100k in equity gains...

I think it's cuz low rates. so Asians are getting jack shit for their gics and they are putting it into houses again. Cuz equity market are too risky for them

Think of all the folks who live at home with their parents in the Lower Mainland. It's rather easy to save up money if you don't have much expenses

Never happens...

I teach young kids and when they get into the mentality on a few raises and job changes.. they just spend more. When one started to move out.. they realized they were able to buy a place due to a bigger down payment, but realized they weren't used to the saving mentality and has a tougher time managing money.

We're waiting on subject removal coming up in a few more days, but same situation with our 1br. Detached is too far of a leap with our current finances unless we move out way east which is out of the equation.

I purchased within a strata development where some of my family already owns called Woodland Shores.

This was a new release of 16 lots, and most sold within the first week. The cheapest 3-4 lots are still available. Ranges were 140-200k for about a 6k sq/f lot. Most with mountain/and or water views. Strata fees at $20 a month (for the private road). The entire area is from the same developer. The true selling feature of the lots is first access to a new marina being built by the developer in the spring. Lake living for a fraction of the price.

when can we set this up? im lonely

at some point even generational wealth can't bridge the gap on top of a 7-figure loan and 3 mtg helpers
curious to see where that limit is

I'm in if dukes is in, let's break in that new condo :fuckyea:

there's a 5 acre lot going for $389,900 in Qualicum beach area right now

I just got my place in Qualicum beach area, a bit over 1 acre, 900 sq ft workshop, 2018 sq ft house and i recently found out i have a cabin in the woods too, I paid $482,000

There are some good deals right now in little qualicum river and its a gated community

I've always had a soft spot for Vancouver specials as I grew up in one, but with the shift to working from home, at least on a semi-permanent basis, I'm not convinced of the value of paying those prices unless it's on an arterial for a future assembly. A family of four confined to the upstairs of an OG Vancouver special is not going to cut it when both parents are talking over each other on MS Teams in the dining room/kitchen. Lot value alone is 1.4-1.5 M considering the age of most of the OG specials, so if you tear it down to build a laneway and 3 story house with a basement suite, you're looking at about 2.3-2.5 M at the end of the day to have a Vancouver postal code.

99% of vancouver low density can zone for a duplex

on a half decently wide lot that's 4 families let's say for 2.7M

with a few garage spaces in the back then it beats 1M+ townhomes per family with skyrocketing strata

thankfully never met anyone who cares about postal code...this aint malibu/hamptons :lol

Just accepted an offer on our th. 5 days on market, multiple offers over ask

Covid didn't do shit to the housing market because the only people who lost their jobs/faced struggles were those in the entry level jobs. Professional jobs were stable.

For those that are seeing detached sold over asking, on average how much over assessed was it? Was asking price on par with a assessed? In Richmond it seems most houses are listed 20% over assessed, and then still hoping for more which is ludicrous.

From my understanding Real Estate usually lags 1 - 2 years before things take into effect on the market. People who lost their jobs will rely on savings / EI for a bit until they can find a job again. Once that's depleted is when they'll be forced to sell their homes.

its insane out there. went to an open house for a brand new build 2M+ and there were 50+ ppl signed up in over 3 hours...it obviously sold shortly after for slightly over asking...nuts

which area?

north burnaby

Virtually all new duplexes in the city of Vancouver are strata titled, which still poses some risks in terms of rising insurance costs. Right now, the insurance market is not really discriminating for any condo property - they're all high-risk as far as insurers are concerned. And all of the Strata Property Act provisions apply, whether the owners comply with them or not.

You can save on maintenance with a duplex though, if you place no value on your time and if you get along with your neighbour(s).

A 15' duplex is no better than a typical narrow strata townhouse that you find in the suburbs. I think a 22'-25' wide rowhouse is the ideal width for this form of home. Better if it's titled as a non-strata rowhome.

A few examples over the last 30 days:
13 Ravine Drive
Assessed: 1.045 M
Sold: $1.203 M

1283 Tercel Court
Assessed: $1.073 M
Sold: $1.301 M

2574 Steeple Court
Assessed: $1.059 M
Sold: $1.23 M

1616 Hemlock Place
Assessed: $1.159 M
Sold: $1.49 M

2516 Diamond Crescent
Assessed: $1.02 M
Sold: $1.231 M

Anyone have experience living in Queensborough vs Guildford Area. Wife works near Renfew area in Vancouver and I work near Kerrisdale (WFH for the foreseeable future). We dont go downtown too often.

For Queensborough, I'm worried about the limited shops, traffic/noise, and floodplain issues.

For Guildford, I'm worried about commute, traffic, and crime (heard its not bad though). What are the nice areas of Surrey?

Thanks

What are some local real estate sites you guys use?

I use:
zolo.ca to browse listings
zealty.ca to look at asking price vs sold price
bcassessment.ca for assessed price

Any others?

South Surrey. Quick access to hwy 99 and far nicer than Guildford.

South Surrey is nice, but the housing prices reflect that.

Fleetwood is a good compromise I think, though the plans for Skytrain have likely raised prices there.

North Delta might be worth looking at too since you have access to the Alex Fraser and Highway 91.

With Queensborough, you should absolutely be concerned about the flood plain.

Shopping should be a non-issue at Queensborough -- you are literally 10 min away from a gob ton of shops, markets, and restaurants in Richmond, and 15 min away from the Marpole neighbourhood when traffic flows well. Once you've learned the traffic patterns and schedules, I'm sure you can work around it.

But during the busy hours, traffic is an absolute shxt show. FailFish

myrealtycheck to track if the list price has gone up or down when someone relists
rew.ca to browse listings.