OV condo up 5%

Where is the Covid crash?

8% up for our Burnaby TH

We still had to pay way over assessed and a bit over ask when we closed on it last month though :fulloffuck:

There is no covid crash, as most ppl who have property wasn't really that affected as they were the more educated work from home crowd. Also, they mostly have so much equity in their homes and tiny mortgage payments that keeping up payments wasn't an issue. Worse case scenario they do 6 months deferral just to feel better.

My bank teller friend took the 6 month deferral for shit and giggles and invested into stocks. We all know how well he did.

Up 4.9% on my house in Duncan.

Went down 6% last year and up 6% this year, TH in Van.

Wishful thinking for people to think the housing prices in Vancouver will go down due to COVID. Honestly, it would raise a ton of red flags by banks and other agencies if it did.

A 6 year old 2 BR condo in our building (Dunbar) just sold for 200k over asking and the owner said they had well over 15 offers. The market is still being stupid.

It is historically low rates and coronas or not you need a place to sleep. Low rates will continue to fuel the market as people now have no where to park their cash if they are reluctant on putting it in the markets.

https://thetyee.ca/Analysis/2020/12/...using-Mystery/

Don't know if this has been posted but the article (the video in particular) does a nice job explaining one of the key challenges with housing in Vancouver (and neighbouring cities). Zoning that came out of discriminatory practices drive up prices due to false scarcity.

And would you suspect rates will remain low so long as Canada holds historic levels of debt?
I mean, that's the idea isn't it? It kind of has to otherwise we're hooped servicing the debt.

Just for clarification, I am neither for or against the article you posted, but just letting everyone know to keep in mind, The Tyee is a left-wing focused news portal, and its writers often lean to the left, so there is often a strong level of bias on their editorial position.

I can't say much about the gov position as they are in charge and can pretty much do whatever they want ie. Print money. But the debt load definitely can be a factor, however it's not like they have a plan to pay this off in 10 years. I think their main goal is to get the economy on it's feet again so they no longer have to hand out money. In order to do this they need to keep rates low to fuel spending by the masses. = Economy picking up and more taxes back to the government. And based on the current or last few years of government policies we're pretty fucked as we really don't have any major sources of income for the country as a whole. And we've scared off almost all foreign investment in the last few years with our anti pipeline policies.

Higher assessed value only guarantees one thing: higher property taxes :flamemad:

It's all relative. If everyone's value went up by the same amount, then everyone would continue to pay the same proportion. If your property went up less than others in the same city, you'd end up paying a smaller portion.

Same principle explained in the opposite direction: https://vancouversun.com/news/local-...property-taxes

^^ yea basically there's still generally the same number of houses on the block so the required property tax amount is still divided by the same amount of units.

Oh no, not higher property taxes!
My property went up by 10% and now i need to pay 0.2% more a year in taxes!!!

The Tyee may be left wing but the videos aren't produced by The Tyee - they're from a separate non-profit that sometimes does work with the CBC to explain urban planning issues. The content in the videos aren't based on anything that isn't accepted as fact in the planning community such as how restrictive zoning came about due to a combination of racism and economic discrimination and that restrictive zoning leads to scarcity of housing supply which is a factor in driving up housing costs.

Assessment for the new place at 1 Joyce went from $477k to 527k.

I wonder if they take into consideration the extra parking spot and renovations? It's significantly higher than the other units on the same floor.

Completely different from the ongoing topic.

When a strata property is bought out and redeveloped, what happens to the strata contingency fund? Does it get distributed amongst the owners? Or does the purchasing developer "buyout" that portion of money too, and you price contains the contingency fund portion already?

The strata president vacuums up 100% of it, and says the developer took it.

But in reality, probably written in the contract, and variable

Got accepted for a condo @ ironwood
$630/sq, concrete with air con.
surprised it went this low

I wouldn't mind being close to Ironwood it's a nice centre to be around for convenience, but good fucking luck to you if you ever want to go anywhere in your car between 7-900 and 16-1800 every day... 5 Rd and Steveston has got to be on a top 10 or top 20 list of the worst intersections in the lower mainland............

That’s really low! How big is it?

:alonehappy: fortunately I work in s.surrey so going against the traffic is a plus. I know how bad it gets around that 5 rd and steveston. I'm on 630am/3pm work hours so I should be ok

I have considered Bridgeport and gf wants Alderbridge, but I'm all in on the quality of people that lives around me or in this case, in the same building as me. I can't take people trashing the building and surrounding and have no responsibility what so ever. I think ironwood wins, overall, having the least of trashy people. you know who you are!! :moderatorban:




1000+ sq 3 bed 2 bath. I hope my dog appreciates the extra space that he gets now lmao

I doubt either would he considered so big plus for you!

Barely owned it yet and already seeing dat increase lol