I e-mailed a realtor friend a few days ago because I have a family member who is looking to buy a 1 bedroom condo and here's what he said...
Quote:
Anything along the skytrain right now is difficult to get under $400,000.
For example, a development called 567 Clarke & Como in Coquitlam just took unit requests yesterday with starting prices at $350,000.
They received back around 3000 request forms for the 300 homes they have, and I'd say about 75% of those want a 1 bedroom around or below $400,000.
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I don't believe for a second that all 3000 buyers are locals wanting a place to live. It's a classic pump and dump scheme happening right now in our RE market with no end in sight.