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Old 09-07-2016, 08:42 AM   #8176
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Was just glancing over this article, comparing torontos market with the same time last year. They state there was 2 extra working days in august this year compared to last. Which brings their 26% rise to a more reasonable 13%. Does that mean our drop of 26% compared to last august mean it's closer to 40%?

https://ca.news.yahoo.com/toronto-ho...8--sector.html
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Old 09-07-2016, 09:18 AM   #8177
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Anecdote here: my wife's friend put in an offer on a detached in East Van at 400k below ask. It was rejected and the seller didn't bother with a counter offer. House was renovated, but it's an old timer on a lot that's less than the standard 120 feet. No other offers were made.

This seems to corroborate the data out there: listings are up, but sellers are not lowering their prices.
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Old 09-07-2016, 09:20 AM   #8178
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I wouldn't counter an offer if somone lowballed me like that either
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Old 09-07-2016, 09:33 AM   #8179
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I'm going to assume that's about 20-30% under asking. If people start accepting offers like that within a month were in some serious trouble.
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Old 09-07-2016, 09:44 AM   #8180
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It seems obvious that prices aren't dropping right now, we're coming off an all time high and people who put their house up feel like they are still going to get that high dollar amount if they just wait it out a bit.

So over the next few months are we going to see people paying those high prices again or will there just be a bunch of houses sitting for sale?

That email on the last page sounds like even if the market dropped 50% they would try and spin it to make it look positive.
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Old 09-07-2016, 09:47 AM   #8181
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Quote:
Originally Posted by Tapioca View Post
Anecdote here: my wife's friend put in an offer on a detached in East Van at 400k below ask. It was rejected and the seller didn't bother with a counter offer. House was renovated, but it's an old timer on a lot that's less than the standard 120 feet. No other offers were made.

This seems to corroborate the data out there: listings are up, but sellers are not lowering their prices.
400K off of how much? Everything is relative.

But yea sellers are not desperate to sell right now, after seeing what people are willing to pay, they would need to be desperate before you can lowball them. Maybe if youre lucky you might find a seller who has a bridging loan, or bought 2 properties before the new tax came in and now theyre fucked

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Old 09-07-2016, 10:20 AM   #8182
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Curious to know what the buying realtor's reaction was when the family said "let's offer them $400K below asking".

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Old 09-07-2016, 10:24 AM   #8183
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Moody Centre in Port Moody. These areas have Sky train access, an industrial feel, and haven't been ruined by the foreign money...yet.
Port Moody has a large Asian population, but folks who own there seem to be living there too, as it's a bustling area. I spent the first 7 years of my life in Port Moody just off Ioco. We were in the area over the weekend, so I decided to take the kids to show them our old house and my first school. The house was built by my dad, and is still standing, although after 37 years of Port Moody winters it's looking rough.

But what made me sad was that my old school, Coronation Park was gone. Apparently they demolished it back in 07' and have sold the land to Polygon homes. The place is a wasteland. We saw someone smoking what I can only imagine was meth in the old playground. This was just up Guildford drive, a few blocks from the city center. The place is pretty rough these days.



My point is that Port Moody is in a state of change right now. You have the original builds along Ioco, merged with the new high rise culture. What is old in Port Moody, is really old. It just has a musty feel to it now.

Not to mention, Haney and Maple Ridge are the new downtown east side.


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I can't bring myself to like New West, maybe it's cause I drove by there to get to work and traffic always blows, but I'd take Port Moody any day of the week.
I lasted a week in New West back in the day. My car got broken into, a friend got jumped after leaving my place, and I just couldn't sleep with the traffic, trains, and sirens. Up the hill isn't too bad. But anything near the main drag was horrible.
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Old 09-07-2016, 11:00 AM   #8184
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More Koreans live in Port Moody than Chinese. The Chinese that do live in PoMo tend to keep a pretty low profile. Coquitlam, on the other hand, is the new East Van.

I haven't driven down Ioco in while, but you're right about Port Moody and change. But, most well to do people in Port Moody live up the mountain - either along Ravine Drive or above David Avenue in Heritage Woods. In Heritage Woods, average household incomes are above 150k and the houses are beautifully done - 4000+ square feet, Hardi Plank siding. Etc. It's not a bad spot to put down roots.
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Old 09-07-2016, 01:54 PM   #8185
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Where can I check the estimated completion date of a condo? Specifically the Wall Centre Central Park on kingsway x bounday?
Estimated Spring 2017.
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Old 09-07-2016, 01:54 PM   #8186
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Originally Posted by MarkyMark View Post
It seems obvious that prices aren't dropping right now, we're coming off an all time high and people who put their house up feel like they are still going to get that high dollar amount if they just wait it out a bit.

So over the next few months are we going to see people paying those high prices again or will there just be a bunch of houses sitting for sale?

That email on the last page sounds like even if the market dropped 50% they would try and spin it to make it look positive.
Guess your not watching the market then, I have seen 80k and up reduced on houses / duplexes in the Burnaby Area. Even some being removed from the market.
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Old 09-07-2016, 02:05 PM   #8187
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I wouldn't counter an offer if somone lowballed me like that either
Whats the general rule on offers? Lowball = 20% off the asking price?
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Old 09-07-2016, 02:17 PM   #8188
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Well 400k low in east Van, 20% on 2 million asking?

I guess as a buyer you've got nothing to lose but that's a slap in the face imo.

Especially considering the climate, even now with the slow down
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Old 09-07-2016, 02:27 PM   #8189
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Kind of like how 6 months ago when you offered their asking price they laughed and didn't give you the time of day.
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Old 09-07-2016, 02:42 PM   #8190
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Kind of like how 6 months ago when you offered their asking price they laughed and didn't give you the time of day.
I know what you're saying, but the market mostly dictated that behaviour.
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Old 09-07-2016, 04:30 PM   #8191
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If the 400k off ask was the only offer, it's not really a lowball. It just means that the seller is asking too much.
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Old 09-07-2016, 06:04 PM   #8192
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I know what you're saying, but the market mostly dictated that behaviour.
Now the market is dictating a different behaviour? Don't like the lowball? Fine wait a couple months for the next offer then.
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Old 09-07-2016, 06:33 PM   #8193
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^It'll be a tough adjustment for many sellers if the market does decline considerably.. I know a guy who recently sold in a fairly undesirable neighbourhood for 1.3 and said yesterday he's happy he did because he feels as though he sold at a very high point.

Now imagine Bob 2 homes away with a similar propertly/dwelling. He's listed for the same amount based on a solid comparable, 1.3M. Bob gets an offer for 900k and doesn't bother with a counter.. I'm not saying it's right, I'm just saying Bob likely isn't going to take the "lowball" because the Jones' just sold for 400k more around a month ago. Even with the recent happenings, Bob probably still wants 1.1M+

Time will tell what happens. RS can speculate all we want, and its entertaining to do so, but we just have to wait and see the end result since we don't have any control whatsoever on the outcome.
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Old 09-07-2016, 06:57 PM   #8194
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I think it's the realtor who gave the idea not to counter an offer. Who knows if the seller increased the price just to drive up the cost
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Old 09-07-2016, 07:03 PM   #8195
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Bob's gonna have to adjust. If he's smart, he'll adjust quickly. If not...
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Old 09-07-2016, 07:16 PM   #8196
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Old 09-07-2016, 07:18 PM   #8197
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I don't think taking 400k less than a recent comparable is smart at all. Key word being recent.

If I'm Bob I wait for another comparable. If the market dictates 900k after a while, then so be it.

As I said, only time will tell and your assumption that Bob should immediately take less "if he's smart" is misguided IMO.
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Old 09-07-2016, 07:31 PM   #8198
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When I started out investing, I used to be a Bob.

Buying assets high and selling higher. Works for a while but not in the long run. When asset values started to go down, I'd hang onto it hoping it would go back up when I should've just sold it. I always ended up selling at a much lower price.
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Old 09-07-2016, 07:42 PM   #8199
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Sorry to play devils advocate but in this scenario we don't know if Bob bought high.. I understand what you're saying but a lot of homeowners looking to sell these days may have paid a fraction of what their home is worth and have to rely on comparables to dictate true market value.

That's the fucked up thing about RE. It's not gold where you can look up what an oz is worth. It is worth what someone is willing to pay.. and we're also talking about tax free gains if it is your primary residence.. 400k cash is a lot of dough towards Bob's retirement/well being.

Anyway, enough about Bob
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Old 09-07-2016, 07:43 PM   #8200
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Ultimately it depends on what the Seller wants.

I listed a house on the west end for $2.388 in June.
Similar house one street away sold in May for $2.2
My seller of course wanted at least $2.2

Market started slowing in the summer.
Best offer we got was $2.11
Due to dates, the deal fell through.
@ 2.11 it was tough for them to swallow cause their neighbor sold 2.2 just a month ago.
It's all timing. We just missed the peak of the market in April/May.

We just took it off market because August was really slow, plus they aren't in a rush to sell.
For all those who think all agents are sleazy and want to make a quick buck, no I didn't force them to take $2.11
I gave them all the proper comps and left it for them to decide.
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