Vancouver's Real Estate Market

[bcrdukes]

Imagine you look at a place and its got Gagganeau and Sub Zero appliances, and when you buy it, move in, and you get Moffat appliances from the 80s, would you be pissed? Obviously not a big deal to you guys. Ballin' hot shit on Revscene.

[Gumby]

Originally Posted by bcrdukes

Imagine you look at a place and its got Gagganeau and Sub Zero appliances, and when you buy it, move in, and you get Moffat appliances from the 80s, would you be pissed? Obviously not a big deal to you guys. Ballin' hot shit on Revscene.

I think most Sub Zero and Gagganeau appliances are built in, would be hard to remove without damaging something in the process...

[van_driver]

Damn, the houses that were going for $1.1-1.2m in Coquitlam in October are now going for $1.5m+. Super discouraging

[twitchyzero]

a full-size appliance is a fixture as per blueprints
do you rip out the tree when you move too?

if something is of sentimental value then put it in the conditions it's going with you

[GLOW]

didn't think i'd need to repost my bubbles video again so soon in this thread

[underscore]

Originally Posted by Euro7r

The house is old, whomever that buys is really isn't buying it for the house, rather than the land itself. Chances of tear-down is quite high considering it's on Vancouver land. The next owner probably just gonna throw everything out...

Also it's the fact it's in mint condition that is <1 year old. Literally barely used; hence, just wondering.

You say that, but a friend of mine sold his lakefront property here that was prime for a teardown (OG small 70's house surrounded by mansions) but the people who bought it didn't bulldoze it.

[Manic!]

New Condo building in T.O. $645 in strat fee's but they can't expect hot water at all times. What a joke. Who ever designed the system needs to be sued.



https://www.blogto.com/real-estate-t...M-Cmg26EjDhnts

[SkunkWorks]

Originally Posted by twitchyzero

do you rip out the tree when you move too?

Yes, if they're pears.

[chinook79]

wow.. the market is going insane.. was shopping for mom's townhome and asked realtor to book viewing for 10 different units.. all sold with backup offers in place..
this is worse than peak of 2017..

[westopher]

Yeah I’m starting to think this might be the straw that breaks the camels back here for me in Vancouver. 900k to upgrade to a 2 bedroom condo just isn’t worth it to see the poopoo filled ocean I’m not gonna swim in or be close to Whistler which is too busy to even enjoy.

[6793026]

Originally Posted by Bonka

To be on the safe side, note the make, model, colour and style of appliances for inclusions and exclusions into the purchcase agreement especially if the seller has noted an intention to swap or replace before closing. I've heard sellers doing switcheroos replacing top end appliances with basic units (although similar looking) because the buyers only put down fridge, stove, dishwasher.

It's true, when we sold our house years ago, the buyer specifically wanted us to leave the microwave which is 15+ yrs to stay.. weird.. as there are much nicer microwaves now but just funny they had that specifically written in.

[Hondaracer]

Yea saw a house in my parents neighborhood where I used to know the family who lived there. House probably hasn’t been renovated in 10-15 years, nothing special 2800sq ft house

Listed at 1.46, sold over 1.6 first weekend..

[Harvey Specter]

In a market like this the key is not to get caught up and overpay.

A lot of people are overpaying right now because inventory is low, rates are low and money is cheap but eventually the rates will go up and cheap money will evaporate.

[Traum]

Originally Posted by Harvey Specter

In a market like this the key is not to get caught up and overpay.

A lot of people are overpaying right now because inventory is low, rates are low and money is cheap but eventually the rates will go up and cheap money will evaporate.

Harvey,

I always appreciate your insights on things, and your comment here is no different. The million dollar question that I think a lot of people ask is -- at what point is it overpaying, and at what point will those low rates and cheap money dry up? Since none of us have a crystal ball that can accurately predict the future, we don't really have an answer.

It is also possible that people think the factors you mentioned will continue for some time to come. Esp when it comes to low rates and cheap money, there are signs to suggest that they may yet continue for some time.

[bcedhk]

But the inventory will continue to remain low given how developments are handled by the City. For instance, a 'straight forward' rezoning and development application on average takes one year. Then maybe another 3-6 months to have all the other permits in place before you can even break ground.

On top of that, you have to deal wit the NIMBYs wand a split Council group who takes 2-3 council meetings to come to an agreement.

[Ch28]

Originally Posted by bcedhk

But the inventory will continue to remain low given how developments are handled by the City. For instance, a 'straight forward' rezoning and development application on average takes one year. Then maybe another 3-6 months to have all the other permits in place before you can even break ground.

On top of that, you have to deal wit the NIMBYs wand a split Council group who takes 2-3 council meetings to come to an agreement.

[Waldkirch] This is discouraging stuff if you think the status quo in Vancouver isn't working. Fighting over individual buildings is a terrible way to do this. Housing should be legal. A 6 floor apt in Kits, minutes from Downtown/Broadway, should be legal by right.

Twitter

Click his tweet and read his entire thread on the meeting.

[carsncars]

Originally Posted by Euro7r

The house is old, whomever that buys is really isn't buying it for the house, rather than the land itself. Chances of tear-down is quite high considering it's on Vancouver land. The next owner probably just gonna throw everything out...

Also it's the fact it's in mint condition that is <1 year old. Literally barely used; hence, just wondering.

If the appliances matter that much to your buddy, and the buyer is in it for lot value anyways, then it's no harm to write it into the listing and the contract that those appliances aren't included. It's not going to matter to someone bidding mostly on lot value anyways.

Putting it in the listing as an exclusion: (1) saves your buddy from any potential dispute down the road, and (2) is just the upstanding thing to do.

Honestly, it's maybe $2K in appliances on a sale that's at minimum $1.2M. If he honestly believes it's a lot value sale it's not going to change the sell price anyways. Even if it does matter to the buyer, I'd guess that it's at most going to make maybe a $1K difference in final sale price (if even that), so he may as well do the proper thing and list them as exclusions.

[Tapioca]

Lots of chatter online seems to reflect that it's local buyers who are driving market activity, which means the majority are taking out mortgages that are stress-tested. We are only in trouble if mortgage rates rise above 5%. I'm not sure if I can see an environment where we are in that territory.

A townhouse in my old neighbourhood was listed at $1.1M and sold for $1.36M in less than a week. Considering the aesthetic of that property and the marketing for it, it was a probably a local millennial couple that bought it. That is what seems to be driving the market - millennials and Oregon-Trailers who are sick of living in condos and need space for their home offices, kids, and pick-ups or sports cars.

https://www.cbc.ca/news/canada/briti...ales-1.5926928

[Hondaracer]

Imagine back at the beginning of this thread if you were told a global pandemic would be driving a rally like we’ve never seen when prices were already double what they were when the first message of this thread was posted asking if the bubble was ready to burst..

[RiceIntegraRS]

I know i was ready to buy an investment property right before the pandemic but i thought prices would drop cause of it. Man was i wrong.

[Liquid_o2]

Originally Posted by Tapioca

Lots of chatter online seems to reflect that it's local buyers who are driving market activity, which means the majority are taking out mortgages that are stress-tested. We are only in trouble if mortgage rates rise above 5%. I'm not sure if I can see an environment where we are in that territory.

A townhouse in my old neighbourhood was listed at $1.1M and sold for $1.36M in less than a week. Considering the aesthetic of that property and the marketing for it, it was a probably a local millennial couple that bought it. That is what seems to be driving the market - millennials and Oregon-Trailers who are sick of living in condos and need space for their home offices, kids, and pick-ups or sports cars.

https://www.cbc.ca/news/canada/briti...ales-1.5926928

Where and how old was the townhouse out of interest?

[Ch28]

Originally Posted by RiceIntegraRS

I know i was ready to buy an investment property right before the pandemic but i thought prices would drop cause of it. Man was i wrong.

Saw this on RFD that sums it up pretty well

This is truly a unique time, as a result of COVID. Many BUYERS "need" and/or "desire" more space. Many SELLERS currently neither "need" nor "desire" to change their spaces.

Significantly stimulated BUYING, significantly squashed SELLING.

Because of my work, I meet buyers and sellers each week in an indirect way. Regardless of all the many normal reasons (and government-incented reasons) why prices are going up in these COVID times (monetary policy, interest rates, etc.), the above most basic concept is dominating. I've met many elderly owners of large houses and even multiple properties. Normally they'd be selling around now, but because of COVID, they don't want all the many interactions. Also, the rapid acceleration in prices over the past 3-6 months is also supporting their desire to not sell yet.

The only house sellers that I've been seeing recently, fall into these categories:

- sellers that want even more house
- separating couples
- people that are eager to unload problematic or less-desirable properties
- investors that see rents stagnant/absent/declining (or having problem-tenants) that see these prices as a great time to cash out or migrate to new property investments

Absent is the traditional reason: move location because of a job location change. Because of all this, it's a great time to unload a property that is less desirable or difficult to sell in flat/down markets. It seems almost anything is able to be sold now.

[JDMDreams]

^^ it's because ppl who lost work wasn't really in the housing market anyways or maybe entry level, that's why we see condos are flat. Majority of the ppl buying now I think are upgrading or middle income earners who's income wasn't affected by the pandemic or maybe even benefited from it. And obviously banks aren't gonna lend to people who were recently on cerb. I think the lending system currently is strict enough that even if the rates rise back to pre pandemic we won't be seeing a huge crash maybe just slow down price increase again. Most people choose fixed rates right now since they are so cheap so even if the rates rise it makes no difference to them. And all the people who have debt is actually paying it off faster or have free cash flow due to cheaper rates.

[JDMDreams]

I honestly feel like activity hasn't really started yet, we're still in winter, pandemic. There's still barely any listings. I think we still continue to see prices move up as we get into summer fall. It's not like you can go on summer vacation so ppl will continue to transact during the traditional peak season.

[quasi]

Originally Posted by RiceIntegraRS

I know i was ready to buy an investment property right before the pandemic but i thought prices would drop cause of it. Man was i wrong.

I almost banked my equity and rented last January, felt I over paid at the time now I'm glad I made the purchase.