Was about to low ball bid this today but there was no point. only 1 open house. 40 or so ppl through. 6 clean offers ranging from 1.250 to 1.3. Old mainlander couples circling outside with MLS listing print outs in hand like they were pokemon cards. I was out searching for place in 2016 and this feels like that all over again...

Recession? High interest rates? the lower mainland is the fucking cockroach in the real estate world

https://www.rew.ca/properties/485622...t-coquitlam-bc

^^ I mean the mainlander couple most likely wasn't buying $10 Starbucks drinks, or Uber delivering their meals. they probably chopped chicken all their lives or washed dishes to make that money. Plus they are getting like 5% interest on their cash lately.

I was talking to the guys at work here in NZ about housing, two points were brought up

One:
Most houses here are 700k, entry level 500k, top end brand new home 2mil. (B tier city, not capital)
One of the guys: maaaan imagine having enough money to buy a 2mil brand new home, who has that kind of money?!??
Another guy: Imagine paying 600k for a townhouse, with a small garage, or no garage.
Me: how about paying 10 million for a condo with 0 "garage"....
First guy: in vancouver?
Me: yeah, I think they go up to about 15mil....
First guy: no way

Opens phone, looks up most expensive condos in vancouver, sure enough, bunch of listings for 15-30mil.

The guys are all just dumbfounded looking at the endless listings for condos 10x the price of a nice house in NZ

Two:
The topic of foreign buyers snatching up houses here came up, one of the guys said the Chinese have 1% interest rates they call pull in china, and buy houses here like hotcakes.
I got home, looked it up, and it seems like china has not had a spike in interest rates, at all. It dropped during covid, and it kept dropping to this day.
There is no x2-x3 interest rate hikes in china like the rest of the world is seeing.
While 1% rates don't exist, the bank rate seems to be sizzling at 3%ish?

Rumor has it, the whole evergrande, plus housing problem is causing havoc, and the banks are trying to promote buying homes by keeping the rates low.

How much of this is true, I don't know, I'm sure 50% of this forum could chime in for better info.

5% interest only pays out at the end of a min 1-yr locked term and those types of offers weren't made available by the big banks until last October.. just as a fyi. I expect when those accounts are cashable that they'll be even more out about bidding

i would have said that house was built in the mid 80's. Zealty says 2010

Looks terrible.

You and I were the same place.

The layout on the mainfloor was too weird for me. I can't wait to see the sell price.

The agent only printed 20 info sheets.

I was there right at 2pm. Yeah, the main floor was definitely weird. Felt like a quarter of the place was basically dead space. Was only interested in the place only because of the area. Shitty townhouses further down on foster typically sell for 1.1-1.2 ish

China is doing the same as what other countries have done already--lowering interest rate to stimulate the economy. Had they not have done that, their housing market would shatter, simulating a 2008 housing crisis in China.

Interest rate low -> People borrow -> Buy Assets -> Cost of Assets rise (housing, equities).
Notice this equation is borrow/loans. They will probably face inflation too down the road.

Other developed countries are ahead of this curve (US, Canada) and we face inflation and are now jacking up rates to counteract this because high inflation is not good for anyone.

You guys need to know cheap credit is like a drug. It's likened to steroids. It artificially jacks up your economy but when you have to raise interest rates, you suffer withdrawals, and the symptoms are a recession.

Vancouver is very insulated from interest rates. There's a large amount of people that actually have cash and are waiting on the sides to jump in on a deal. But you can see the effects already in some markets such as Toronto, or the US.

The recession is coming, how it affects Vancouver real estate is probably pretty minor. But elsewhere, it's going to be bad.
Have any of you been dining out at restaurants recently? Popular places are still popular. But a lot of places are much less busy. I was at a restaurant last Wednesday and for an hour it was just myself and my gf, no other customers. 3 waiters, 5 chefs on Robson St.

With the way interest rates continue to rise (US), I have a contrary view that Canada may raise their rates one more time. Perhaps.

Yes China interest rates are at 2-3% atm, but it's literally IMPOSSIBLE to get that money out of China. In fact, it's pretty hard to cross province buy property, so don't even think about cross country buying with the bank's money. Therefore the actual effect of foreign (Chinese) speculative investors in Canada or NZ real estate is quite low, unless they have immigrated. Even then there are strict restrictions in getting your money out of China.

After the recent chaos with lock downs, bad economy, bad politics etc, China has made it even more difficult (was already difficult pre-pandemic) to move money out to prevent a massive export of currency which could cause a quick collapse of the economy. Sure there are underground "exchanges" where you can pay a fee to get your money out, but that would deduct easy 10-15% from your money making the low 2-3% interest rates irrelevant.

The low interest to stimulate home buying is more targeted towards the domestic Chinese market. One factor is that a large part of China's economy is tied to realestate development, but the other major one is that the Chinese people has 70% of their wealth in real estate. Can you imagine with the current economic situation and the government does nothing to prevent a sudden collapse of the real estate market? 1.8 billion people would loose half their wealth, and there would be civil chaos and riots all over the country. Yes there is a massive bubble with crazy inflated housing value, but that is still better than 1.8billion angry people destroying the country.

Oh yah, people in China are having SO MUCH trouble getting their money to other places in the world. It's SO strict. Besides all the homes and luxury goods/vehicles, they didn't just buy Tsawwassen Mills or the Bentall towers in Vancouver or all the nursing homes in the province or anything.

https://media.tenor.com/rSOeCw7yXI8A...lpert-face.gif

they are still able to get their money out. how? i dont friggin know, but they got their ways. Otherwise no god damn way they are buying up everything and anything locally.

Handbags? watches? cars? Real Estate? there's god damn lineups for all these things and all the lineups are full of these china fucks. I should know, im also the same China fuck lining up.

I was there right around 2pm as well.

I wonder if we actually bumped into each other. Did you talk to the agent about the heating system/attic?

If you're looking in Burquitlam, what about buying an actual detached in Glenayre?

Huge lots, rancher style homes with no prospect of subdivision, unlike in neighbouring Coquitlam.

https://www.zealty.ca/mls-R2745868/5...Port-Moody-BC/

Not much curb appeal, but lots of potential and room for your vehicles on the driveway.

I like that place. Needs a few upgrades to finishing but nice size and room for a garage.

I'm shocked that this sold for 1.5

https://www.zealty.ca/mls-R2749417/7...UE-Burnaby-BC/

Love MCM bungalow style. Sucker for the vaulted ceiling, wood panelling and beams. A refresh of the kitchen and bathroom would elevate it pretty easily.

A duplex that's been hacked with a suite? In an area that is nowhere near anything in east Burnaby?

Sounds about par for the course.

I think the inside looks fine -- it's already a newer style compare to the old family home that I grew up in LOL~

Personally, styles like this are so much more homey, comfortable, and livable than the grandiose hard sell that developers put in nowadays.

The only thing I'd change is the car port / driveway. Need to find a way to at least get a 2 car garage with a house / land that size. And then I'd want to repave the whole driveway too (but that is gonna be $$$$$).

I'm uneasy with the photoshopping. Wonder what the real thing looks like. :badpokerface:

Looked like a POS. I walked in and walked out in under 2 mins.

Man I was just looking at nanaimo and you can get a new house for $800k

And you can buy a starter home for sub 500k.
Seems like their prices have dropped by 20% since peak.

I was looking at prices in summer and nothing under 550k, now there's 15 listings under 500k

Supafamous would not approve of these houses

Naniamo is a shithole, so there's that.

That's because all you mainlanders keep moving hear.

We have a makerspace with over 100K in equipment that only charges $50 a month.
A racetrack that is now open to the public.
We also have a Karting association https://vika.ca/ that uses the track.
Tons of parks and outdoor spaces.
No crazy traffic like you have on the mainland.'
Lots of great driving roads.
skiing and surfing.

Nanaimo is the Mission of the island :lawl: