Vancouver's Real Estate Market

[6thGear.]

Originally Posted by Euro7r

I've had my place listed up for sale for a few weeks. Some of the expectations are people are pretty stupid, and a few time wasters. One example is "they don't want to live near construction". My place is at River District, construction left and right. Anywhere Oakridge, Brentwood, Metrotown, Cambie, areas that are growing have construction. Might as well wait 10 years when construction is done then or go buy a house on a quiet residential inside street. Another example was "oh I don't like the floor plan", literally this was a scheduled by appointment viewing. The fucking floorplan is listed on the listing, this is standard with every listing (how could you not know or see the floorplan). The buyer agent should have already briefed them with details (I guess many agents are useless and likely didn't).

It's irritating when buyers should already know the obvious. Like you wouldn't go to Metrotown and expect it to be "no construction". I get the fact that people spending all this money, they should have right to their own opinion, but some of this seems bullshit. Like if they are stating physical things they don't like about the unit, that's another thing. Eg. Kitchen too small or cabinets too tiny etc.

Just my rant to start the new year.

Your agent should be preqaulifying buyers when it comes to private viewings. Make the other side request showings a couple times before even opening the door, and that's based on your time schedule. It's even better if your agent has keys to your unit and show while you're at work. If the buyer is actually serious they will make the effort to come see your place. This weeds out tire kickers/time wasters which there is a lot of in today's market. Your agent should be protecting your interests and that includes your time.

[van_driver]

Originally Posted by Euro7r

I've had my place listed up for sale for a few weeks. Some of the expectations are people are pretty stupid, and a few time wasters. One example is "they don't want to live near construction". My place is at River District, construction left and right. Anywhere Oakridge, Brentwood, Metrotown, Cambie, areas that are growing have construction. Might as well wait 10 years when construction is done then or go buy a house on a quiet residential inside street. Another example was "oh I don't like the floor plan", literally this was a scheduled by appointment viewing. The fucking floorplan is listed on the listing, this is standard with every listing (how could you not know or see the floorplan). The buyer agent should have already briefed them with details (I guess many agents are useless and likely didn't).

It's irritating when buyers should already know the obvious. Like you wouldn't go to Metrotown and expect it to be "no construction". I get the fact that people spending all this money, they should have right to their own opinion, but some of this seems bullshit. Like if they are stating physical things they don't like about the unit, that's another thing. Eg. Kitchen too small or cabinets too tiny etc.

Just my rant to start the new year.

That's because it's a buyer's market. Once the tide turns and it becomes a seller's market, we'll be back to having line ups at open houses for homes sitting on busy streets right next to construction

[l2_narain]

Originally Posted by Euro7r

I've had my place listed up for sale for a few weeks. Some of the expectations are people are pretty stupid, and a few time wasters. One example is "they don't want to live near construction". My place is at River District, construction left and right. Anywhere Oakridge, Brentwood, Metrotown, Cambie, areas that are growing have construction. Might as well wait 10 years when construction is done then or go buy a house on a quiet residential inside street. Another example was "oh I don't like the floor plan", literally this was a scheduled by appointment viewing. The fucking floorplan is listed on the listing, this is standard with every listing (how could you not know or see the floorplan). The buyer agent should have already briefed them with details (I guess many agents are useless and likely didn't).

It's irritating when buyers should already know the obvious. Like you wouldn't go to Metrotown and expect it to be "no construction". I get the fact that people spending all this money, they should have right to their own opinion, but some of this seems bullshit. Like if they are stating physical things they don't like about the unit, that's another thing. Eg. Kitchen too small or cabinets too tiny etc.

Just my rant to start the new year.

It's their "tactic" to get a discount from the seller. Of course, it is all public information from the listing. The spineless agent knows all this but doesn't say anything. They don't want to lose out on a potential sale by offending the seller. Quantity over Quality.

[l2_narain]

A couple of articles for anyone that looking to buy in the next couple of years:

https://financialpost.com/personal-f...1UrTdznncsg_oE

First Home Savings Accounts (FHSA) - separate TFSA for 1st home purchase (up to 40K)
Can be used with Home Buyers’ Plan

https://www.blogto.com/real-estate-t...rs-canada-ban/

Foreign Home Owners banned from owning Canadian property

[JDMDreams]

I think there will be more shit hitting the fan, but I think it's a small population that bought in the peak in the last two years that will be more affected. Most people who's owned for 5 years + should be safe as re prices went up so much and low interest rate, + mortgage has been paid down over that time. Also smaller mortgages back in the day.

I still think worse case scenario people will just rent their units out and move home. I doubt there will be much fire selling in lower mainland as we have no land. And we have more than enough buddy guys and China man swooping cheap houses up. Even if people sell they won't exactly be homeless and negative equity.

And let's not forgot there's gonna be an election in 25 I think? Last thing the gov wants is to go into an election in a recession. Look at how quickly they rolled out cerb cuz they thought people will go broke. Plus there might be another China variant given how things are going right now.

[donk.]

Originally Posted by l2_narain

The spineless agent

[JDMDreams]

^^ I think it's hard, I mean it is also their job to get as many potential buyers through the door as possible. Especially in this market when the going is slow. Literally the worse time to sell, Christmas, high rates, people on vacation doing family stuff. It should pick up in a few weeks though, longer term 5 year rates have already started dropping.

Rs slumlord groupbuy?

[donk.]

Originally Posted by JDMDreams

Rs slumlord groupbuy?

You had me at slumlord

[HonestTea]

Originally Posted by GGnoRE

Prices are definitely declining. Seems like some of you guys' anecdotal views might be biased based on where and how you guys are measuring the market.

Look at MLS Home Price Index from Real Estate Board of Greater Vancouver which is much more robust and comprehensive in the data collection. https://www.rebgv.org/content/rebgv-...omparison.html

Last 6 month as of Nov 2022
Lower Mainland: Detached -13.9%, Townhomes -11.3%
Vancouver East: -11.8%, Townhomes -8.2%
Vancouver West: -10.4%, Townhomes -6.7%

It hasn't even been one year since the rise in interest rates and rates haven't peaked yet either. Even with inflation coming down, BoC governor is steadfast in his 2% inflation target which means even after inflation peaks, it will probably be a while for rates to come back down meaningfully.

Very good info, thanks! I wonder what's going to happen with peoples presales that are projecting to be completed this year? Mortgage lending has gotten much harder and possible job uncertainty (being laid off or risk of it).

[JDMDreams]

I don't know as banks are more strict, but I'm sure a higher share will fall into private lending/ none bank lenders. At the end of the day there's money to be made, I'm sure banks will try to adjust their policies to get the business. Just like how car dealers will sell you that car at 15% interest.

[Badhobz]

my slumlord days were terrible.

Our old apartment was on drake st. Nice building, well maintained, lots of rich yuppies in the building. We had a 1000sqft 2 bedroom apartment that overlooked the water. Its nice. We rented it out for about 2500 a month (cheap i thought) and WE NEVER HAD A STABLE TENANT. FRIGGIN ANNOYING AS SHIT

worst was 2 freshly graduated university girls who were BEST FRIENDS FOREVER. co signed the rental agreement. You can guess where this ended up, bitches hated each other within 3 months and one had to go. So in comes another young woman who then proceeded to paint the whole friggin apartment in some shit ass burgundy paint and both of them eventually got laid off, or hated each other, or something, and then we had to find new renters.

I recall calls at 3am to fixed clogged drains full of long blonde hairs. We gave them a bottle of draino every time we visited so it can melt that shit. Wife even gave them a metal drain mesh net so they stop flushing all their damn hairs down the drain.

I HATE RENTERS.

We sold it after owning that place for over 10 years. Huge headache gone.

[Traum]

Gosh... I had a nearly identical story just like yours, minus the hair clogging bit LOL~

My old apartment in Port Moody was north-facing and overlooking the inlet and Anmore. There were these 2 girls transferring from college to SFU, and were supposed to be BFFs. The tomboyish one was even a self-proclaimed neat freak -- her Toyota even had a spotless and totally clutter-free interior. The other feminine looking girl was presentably dressed, and seemed pretty well-mannered, so I thought they'd be trouble-free.

And they were completely trouble-free at first. The neat tomboy even had her mother come over to visit during CNY, and I saw her prepping (gutting) steamed fish with the traditional Chinese clever when I went to collect rent. She was legit and I was thoroughly impressed.

Fast forward maybe another month or two, and the girls had a fallout. Apparently the feminine looking girl found herself a bf, and things started going downhill. The bf was staying over a little too frequently for tomboy girl's likings, and the loving couple were at times "too loud / noisy". Then feminine looking girl moved out, and sublet her portion to someone tomboy girl didn't really know (and did not inform me until the new person moved in already). Tomboy girl got pissed and flew home to China while continuing to pay me her portion of the rent because she needed to keep her stuff around. I didn't like the new subletter cuz she was a super messy slob.

In the end, I booted the subletter out when Tomboy girl came back to clean out her stuff. I also ended up using a good chunk of their security deposit to hire domestic cleaners to clean up the place because subletter chick was just too messy. Tomboy girl wasn't impressed, but at least she was reasonable about it.

And then my next renter was even worse.

But that's another story for another day...

[Badhobz]

How did you know her Toyota was spotless ? Did you spend some time in the backseat of it ?

[donk.]

Originally Posted by Badhobz

How did you know her Toyota was spotless ? Did you spend some time in the backseat of it ?

It wouldn't be spotless any more.

[SSM_DC5]

Originally Posted by donk.

It wouldn't be spotless any more.

He did use past tense and probably left out what happened next to not be too clickbaity

[Eff-1]

Originally Posted by Euro7r

I've had my place listed up for sale for a few weeks. Some of the expectations are people are pretty stupid, and a few time wasters. One example is "they don't want to live near construction". My place is at River District, construction left and right. Anywhere Oakridge, Brentwood, Metrotown, Cambie, areas that are growing have construction. Might as well wait 10 years when construction is done then or go buy a house on a quiet residential inside street. Another example was "oh I don't like the floor plan", literally this was a scheduled by appointment viewing. The fucking floorplan is listed on the listing, this is standard with every listing (how could you not know or see the floorplan). The buyer agent should have already briefed them with details (I guess many agents are useless and likely didn't).

It's irritating when buyers should already know the obvious. Like you wouldn't go to Metrotown and expect it to be "no construction". I get the fact that people spending all this money, they should have right to their own opinion, but some of this seems bullshit. Like if they are stating physical things they don't like about the unit, that's another thing. Eg. Kitchen too small or cabinets too tiny etc.

Just my rant to start the new year.

I dunno I'm gonna play devil's advocate here and say that sometimes floor plans look okay but then you see the place in person and realize the place sucks.

For example: Sure, the FP shows a "den" but then you see it in person and realize it's barely a closet. It's also hard to get an idea of 'flow' from a floor plan, you need to see it in person.

You could argue the buyer's agent is doing his/her job by showing the buyers a range of options available to them that meet their basic criteria, not every place has to be 100% perfect, that's not how sales works. Maybe it's your agent who needs to do a better job pre-qualifying before doing a showing?

There is also a difference between living NEAR construction and living RIGHT NEXT to construction. Everyone's tolerance is different. Our place has construction across the street, but we are okay with it. If it was right next door though, or outside our window, it might be a different story.

Whether you are selling an iphone on FB or a condo on the market, it's never easy, people are irritating. You just have to deal with it to get the money. Or don't sell it.

[rb]

During my open house, I had nowhere to go so I had parked in the visitor stall next to my unit/front door. The door was open so I heard people tell my agent they were gonna place offers, etc and how they loved the place.... only to hear them and talk about how shitty the place was once they walked out of the door lol

[Badhobz]

Ah yes. I did the same. I also pretended to be a Neighbor and walked into my own open house because my shit faced realtor didn’t care enough to come show her own property and sent a lackey instead.

[quasi]

Originally Posted by Badhobz

Ah yes. I did the same. I also pretended to be a Neighbor and walked into my own open house because my shit faced realtor didn’t care enough to come show her own property and sent a lackey instead.

We had two open houses when I sold in 2019, both times they sent their assistant and both times they forgot to confirm a date and time with us so we only found out about them on MLS.

Same with looking at houses, was almost never our actual realtor's and we had hired twin brothers so you think maybe one would be available but nah.

[l2_narain]

My mortgage renewal is coming up end of January.

I should have locked in since June but I didn't.

My mortgage is offering me:

2 year fixed 5.29%
3 year fixed 5.09%
5 year fixed 4.69%
5 year variable Prime – 1.10% = 5.35%

I think either a 2-year fixed or 5-year variable to apply for.

Is anyone else getting a competitive rate as of now?

Btw True North Mortgage is offering a special rate but there are conditions on it (I don't qualify for it since I'm already a client).
Boxing Week Special Rate from 3.49% – Low Fixed Rate, 6-Month Mortgage

[snowball]

Originally Posted by Traum

And then my next renter was even worse.

But that's another story for another day...

It's tomorrow now, what's the story?

[Manic!]

13 bed 14 bath on the island only 2.25 mill

https://www.facebook.com/marketplace...2111112l%22%7D

I wonder what you could air bnb it for.

[PeanutButter]

Originally Posted by Manic!

13 bed 14 bath on the island only 2.25 mill

https://www.facebook.com/marketplace...2111112l%22%7D

I wonder what you could air bnb it for.

How could a place like that have such a sh*tty ass kitchen????

[GS8]

Originally Posted by Manic!

13 bed 14 bath on the island only 2.25 mill

https://www.facebook.com/marketplace...2111112l%22%7D

I wonder what you could air bnb it for.

That could make a pretty good rehab house.

[SkunkWorks]

Originally Posted by GS8

That could make a pretty good rehab house.

*brothel