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04-13-2010, 11:11 PM
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#1 | | Everyone wants a piece of R S...
Join Date: Jun 2008 Location: richmond
Posts: 391
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| Selling my house now? Richmond
What do you guys think, according to my realtor my townhouse value went up by at least 50k. What worries me is I feel strongly the real estate is gonna go downhill after July (*HST)
I want to exchange all the money into USD and I'll probably move to LA next year.
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04-13-2010, 11:18 PM
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#2 | | HELP ME PLS!!!
Join Date: Dec 2009 Location: Canada
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04-13-2010, 11:22 PM
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#3 | | YOU CANT CUT BACK ON FUNDING! YOU WILL REGRET THIS
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all housing prices went up in Metro Vancouver this year, more or less depending on area. HST will play a role, but from what I see, the effects of HST will only be felt for a short amount of time (what... are people going to just stop buying houses all together?)
The housing market I think is strongest in the summer due to the influx of immigrants wanting to get their kids into the new school year, so housing prices usually shoot up in the summer. With the introduction of the HST however, the negative effect of the tax might be able to offset the market tendency for prices to increase.
If I were you, I wouldn't sell the townhouse on the basis that you are scared the HST might screw you over. I would sell it just because I don't know when the hell this housing bubble is going to burst
just my $0.02
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04-13-2010, 11:22 PM
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#4 | | I contribute to threads in the offtopic forum
Join Date: Dec 2001 Location: Vancouver
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List it and let the market decide what your house is worth. Worse case scenario is that it doesn't sell within your time frame for the price you want.
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04-13-2010, 11:42 PM
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#5 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
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If you're moving to LA next year, the rate aint bad for USD =)
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04-14-2010, 07:16 AM
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#6 | | I STILL don't get it
Join Date: May 2009 Location: Vancouver
Posts: 468
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HST might slow down any appreciation of property value or stop it completely....for a few months. However keep in mind migrants will still come in, and these guys are and will not be effected by any economic fluctuation as they make their wealth in Asia and buy their toys and homes here in cash.
I made a big blunder with my first apartment few years back when my realtor told me I made 30k and I should cash in before the dreaded "bubble burst" that everyone says is happening tomorrow. Today same unit list for ~100k above what I sold for.
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04-14-2010, 09:50 AM
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#7 | | OMGWTFBBQ is a common word I say everyday
Join Date: Nov 2005 Location: Vancouver
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the realtor is biased, you know that right?
He/she doesn't make a dime on your properties's future "growth in value". They would 100% prefer you to sell today, and pocket the comission.
As for the HST, no it won't affact the property buying in the long run, but it will for sure dampen the buying power of pretty much all the local buyers. Throw in the mortgage rate increases, you have some tough weather ahead. Mortgage rate has went up twice in the last month or two, and the BoC is about to announce a rate hike with that major deficit. a 1% increase in interest rate will roughly cause a 10% decrease in property value in Vancouver.
And please, foreign money is NOT what drives a real estate market in the long run. It probably has a even shorter effect than the HST.
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04-14-2010, 09:58 AM
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#8 | | Revscene.net has a homepage?!
Join Date: Feb 2005 Location: Vancouver
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doesnt HST only to brand new places?
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04-14-2010, 10:30 AM
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#9 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Mar 2003 Location: Vancouver
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Originally Posted by jackmeister doesnt HST only to brand new places? | Those and homes where there is a substantial amount of renovations. If anything, the demand for his place should go up because his townhouse is old.
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04-14-2010, 07:47 PM
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#10 | | Everyone wants a piece of R S...
Join Date: Jun 2006 Location: vancouver
Posts: 351
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Originally Posted by qiqin
I want to exchange all the money into USD and I'll probably move to LA next year.
| You should hold CAD, USD is predicted to fall more.
Move to LA huh? Unless you got citizenship or a nice job offer from a respectable company, good luck getting permanent residence status!
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