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Sw0op · 07-28-2016, 07:49 PM

you can get a newish house in north burnaby with a similar sized lot for 2.4Mish or a new home w/lwh on a standard lot in vancouver for 2-2.5m

asking prices mean nothing...i've gone through the process recently..you need to find out the sale prices...even if 1.9M was fair value, if you had thrown them that they still may not sign off on it and insist on something closer to their original price (which is what happened on one of the homes me and my fiance put an offer on)

imo you're not gonna be able to judge the affect of this new policy for a few years...the 2nd half of the year is historically slower than the first half i think so it should slow down but it may not be because of the new rules...the real test would probably be the first half of 2017 and 2018.....

fiance and i bought in recently understanding the market was hot and there's gonna be a downturn at some point but we're not gonna time the market and play the game to be subject to external situations not within our controls....but we got in and we'll hammer away at the mortgage...we'll just need to keep our jobs and maintain at least our current pay and hold off on a few things for a few years we wanted until we drop the mortgage to a more comfortable level....hey it's a big purchase..it comes with sacrifices....not everyone can expect to drive a BMW + own a new and nice house + have kids + go to vegas every month + eat at blue water cafe and save $$ for retirement...

plenty of our friends have bought in this year or last as well...from vancouver to surrey and from as low as 150k to about 2M...there's a place for everyone...you just dont need shiny and new and may need to settle outside of your target area

The city is expensive to buy in yes but that's the hand you're dealt with in life..it's a cruel world out there and no one is going to look after yourself except for yourself...it's a good sign though that the government has done something finally...except i think their intention is to cool the market not crash it...so this is good news for your grandchildren if anything...

07-28-2016, 07:49 PM	#7348
Sw0op Need to Seek Professional Help Join Date: Mar 2003 Location: Vancouver Posts: 1,091 Thanked 164 Times in 83 Posts Failed 15 Times in 7 Posts	you can get a newish house in north burnaby with a similar sized lot for 2.4Mish or a new home w/lwh on a standard lot in vancouver for 2-2.5m asking prices mean nothing...i've gone through the process recently..you need to find out the sale prices...even if 1.9M was fair value, if you had thrown them that they still may not sign off on it and insist on something closer to their original price (which is what happened on one of the homes me and my fiance put an offer on) imo you're not gonna be able to judge the affect of this new policy for a few years...the 2nd half of the year is historically slower than the first half i think so it should slow down but it may not be because of the new rules...the real test would probably be the first half of 2017 and 2018..... fiance and i bought in recently understanding the market was hot and there's gonna be a downturn at some point but we're not gonna time the market and play the game to be subject to external situations not within our controls....but we got in and we'll hammer away at the mortgage...we'll just need to keep our jobs and maintain at least our current pay and hold off on a few things for a few years we wanted until we drop the mortgage to a more comfortable level....hey it's a big purchase..it comes with sacrifices....not everyone can expect to drive a BMW + own a new and nice house + have kids + go to vegas every month + eat at blue water cafe and save $$ for retirement... plenty of our friends have bought in this year or last as well...from vancouver to surrey and from as low as 150k to about 2M...there's a place for everyone...you just dont need shiny and new and may need to settle outside of your target area The city is expensive to buy in yes but that's the hand you're dealt with in life..it's a cruel world out there and no one is going to look after yourself except for yourself...it's a good sign though that the government has done something finally...except i think their intention is to cool the market not crash it...so this is good news for your grandchildren if anything...