Vancouver's Real Estate Market

[Carl Johnson]

Originally Posted by SupraMan604

I predict prices will go up this year. With the new property assessment out and being "stable" as the assessment board puts it people will come back into the market. The pent up demand from the slowdown in late 2012 and early 2013 is already making a comeback in the last quarter of 2013 going to spring of 2014. With the government announcement that they will not change the prime lending rate for at least another year rates will remain low and FI's have already started dropping their mortgage rates in competition for the mortgage business for the busiest time of the year coming up. I have been watching the housing market closely in Vancouver and Burnaby and prices have slowly been creeping up. House horniness is back

Disclaimer: I am not a realtor or work for the RE board

Normally i would agree with you that low rate is very good for RE but rates are low because of a slow economy. US will most likely raise rates before Canada which is something unimaginable just a year ago. BC's own employment growth has been pretty lousy as of late because of some fundamental problems. It might be good that we can ship our Nat gas to Asia but the full benefits of exporting this energy won't be felt for years. So I really don't see any catalyst that could convince me price would rise this year or next. In fact, I see a lot more downside risk for RE.

[noclue]

I heard it's still hard to sell a home over assessment. Especially those dreamers in surrey/langley who think their 6000sqft house is worth $400K over.

That said I think realtors sending you mail urging you to sell your home with their "marketing" program are a waste of time and goes straight into the recycling bin. Seriously what are you going to do except take photos and put it on MLS.

[aznkev03]

Originally Posted by noclue

I heard it's still hard to sell a home over assessment. Especially those dreamers in surrey/langley who think their 6000sqft house is worth $400K over.

That said I think realtors sending you mail urging you to sell your home with their "marketing" program are a waste of time and goes straight into the recycling bin. Seriously what are you going to do except take photos and put it on MLS.

Older houses in surrey at 3000sqft sell easily for 400-500k and have been for years... 6000sqft newer homes will easily sell for 700k+ depending on location. A 4050sqft home near my parent's house just sold for 650k. I don't know what you mean by dreamers
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[noclue]

Originally Posted by aznkev03

Older houses in surrey at 3000sqft sell easily for 400-500k and have been for years... 6000sqft newer homes will easily sell for 700k+ depending on location. A 4050sqft home near my parent's house just sold for 650k. I don't know what you mean by dreamers
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I meant by $400K over assessment

[aznkev03]

Originally Posted by noclue

I meant by $400K over assessment

Ah, my mistake. In that case I completely agree. Please disregard.

The home that sold was very similar in design and age (same builders) as my parents', so if the assessment is similar, it sold right around the same as the assessed value.

On a side note though, assessment for my parents' as well as a friend of theirs' home had dropped by a bit this year.
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[StutteR_]

Originally Posted by noclue

That said I think realtors sending you mail urging you to sell your home with their "marketing" program are a waste of time and goes straight into the recycling bin. Seriously what are you going to do except take photos and put it on MLS.

I totally agree with you. What makes a good realtor is his/her ability to price a home well and convince the home owners that their home is not worth what they think it is. Also knowing when to list a place is important, the right timing is key.

Negotiation is important too, if you can't negotiate, good luck with being a realtor. But other than that, most mail-outs/advertisements are a lie.

Side note: Some of us actually do more than take photos and put it on MLS ...and play the waiting game.

[sonick]

Originally Posted by noclue

That said I think realtors sending you mail urging you to sell your home with their "marketing" program are a waste of time and goes straight into the recycling bin. Seriously what are you going to do except take photos and put it on MLS.

Even worse, many of them are downright liars.

A few months ago I got one of these "for homeowner ONLY" letters I got from a realtor, where the realtor touted "Homes like THESE in your area sold recently!" with pictures of the homes she supposedly recently sold.

However, upon closer inspection one of the photos that she used was actually a picture of MY apartment that MY landlord had recently tried to sell and posted to MLS but did not sell.

[iEatClams]

Even if prices dont go up or down, I just hope the number of transactions decline. Weed out the bad realtors. Too many realtors these days that don't really know the market and are not adding value and are just trying to make a quick buck. Less transactions = less commision money for realtors.

[Carl Johnson]

Originally Posted by iEatClams

Even if prices dont go up or down, I just hope the number of transactions decline. Weed out the bad realtors. Too many realtors these days that don't really know the market and are not adding value and are just trying to make a quick buck. Less transactions = less commision money for realtors.

you mean to tell me that UBC Sauder Real Estate Division is just printing out these licensing course papers with no regards for the applicants competencies? no way...

[iEatClams]

Dude Sauder Real estate division is a joke (sauder is kinda a joke itself but that's another story). It's known in the Real estate industry that most of the course assignments and questions are just re-hashed. Just borrow it from a friend that took it before and 70% of the questions are the same. They dont even try to change up the answers. So yes you have a license and all, but when anyone with a heartbeat can pass it, that's when you have soo many realtors.

worst part is UBC wont do anything because they want the $$$ from tuition and course fees etc.

[Alpine]

Don't know how this will play out in the long term but in the short term, prices should continue to rise for SFH.

East side vancouver homes, at an attractive location and price (as in asking is 10% above assessment lol, IE. 2200sqft Vancouver Specials asking for ~850 but assessed for <800) are literally on the market for days. I've been in constant communication with my realtor and houses that we've been tracking are offered on and accepted days after being on the market. The best homes don't even make it a week before it is offered on, average selling price is 95% of the asking.

Honestly, rates don't matter, employment stats don't matter, debt to income ratios don't matter. Nothing local, regional or national matters. All you need to do is talk to realtors, talk to notaries, talk to builders and you will learn just how much money (CASH) is out there.

[Mr.HappySilp]

Originally Posted by iEatClams

Even if prices dont go up or down, I just hope the number of transactions decline. Weed out the bad realtors. Too many realtors these days that don't really know the market and are not adding value and are just trying to make a quick buck. Less transactions = less commision money for realtors.

LOL so true. I went to a pre sale for friends and family for an apartment I want to purchase. The real estate agent that did the agreement keep making noobie mistakes.....

First he put the wrong price on the agreement (I was looking an another unit and just casually asking the price for that and he put that price in the agreement not the one I was going to purhcase). So when I was wiring the cheque for the deposit the number were wrong so I took a look and notice this mistake.

Second he forgot to ask me about purchasing a locker so I have to ask him to come back (he was with another buyer already) and re do my agreement for the 2nd time becasue I wanted a locker. So I have to write him another cheque and re do the agreement.

Third I should get a 2% discount and he didn't factor that in (Again good thing I stay longer to crunch the numbers again........). Yup have to re do the agreement again and re write another deposit cheque.....

Well at least he apolgizes and I got a bottle of wine as a gift..... but just image if I didn't check the agreement and re do all the numbers myself I could have lost a lot of money and potential miss out on getting a locker. I seen people who haven been in the industry (miss_crayon's dad for example) who are clam and experienced and explain everything in details and actually offer good advice.

[Lomac]

Originally Posted by Mr.HappySilp

I seen people who haven been in the industry (miss_crayon's dad for example) who are clam and experienced and explain everything in details and actually offer good advice.

Yup. Those clam realtors are the ones you really want.

[Carl Johnson]

Originally Posted by Alpine

Don't know how this will play out in the long term but in the short term, prices should continue to rise for SFH.

East side vancouver homes, at an attractive location and price (as in asking is 10% above assessment lol, IE. 2200sqft Vancouver Specials asking for ~850 but assessed for <800) are literally on the market for days. I've been in constant communication with my realtor and houses that we've been tracking are offered on and accepted days after being on the market. The best homes don't even make it a week before it is offered on, average selling price is 95% of the asking.

Honestly, rates don't matter, employment stats don't matter, debt to income ratios don't matter. Nothing local, regional or national matters. All you need to do is talk to realtors, talk to notaries, talk to builders and you will learn just how much money (CASH) is out there.

it doesn't matter until it does right? gotcha.

[blkgsr]

thoughts on selling my house in coquitlam....rough idea:

- 2000 sq ft house a few blocks north east of coquitlam center (just in from guildford and pipeline)
- 3 bedroom, 2 bathrooms (3/1 + 2/1 if tenant suite rented)
- single car garage
- quiet neighborhood, close to transit etc etc
- brand new kitchen (quality cabinets, tile and high end GE ss appliances)
- full custom bathroom done 2 years ago
- nicely redone downstairs bathroom (tenants bathroom if suite rented out)
- newly rebuild deck with french doors from kitchen (and french doors from the basement to exterior)
- 1 year old furnace
- laminate flooring throughout house
- new paint and light fixtures throughout house
- second kitchen downstairs (which would be the tenants area if rented)

looking at MLS today there's not many/any houses in my direct area to compare but it's not looking like prices are anything special right now compared to what they were when i bought 3.5 years ago

i'm going away for a year and was planning on renting it out (rent covering my mortgage and costs for the year) but i'm thinking on just selling and being free and clear of owning the house, i just want to make sure all my reno's/upgrades and costs to take are atleast covered

[sonick]

CTV did a 2-part report on Rent vs Buy:

CTV Vancouver: Rent or buy: which is cheaper? | CTV Vancouver News
Vancouver housing dilemma: Is it better to rent or buy? | CTV Vancouver News

CTV Vancouver: Renting a home | CTV Vancouver News
Why renting a home instead of buying may boost your bottom line | CTV Vancouver News

[tastic]

We're going to be starting to look at places this month. We work in the UBC area but will likely be looking at places in Richmond. Depressing that we sold our 2+2 1000sqft condo in Houston before we moved here for $160K and that will barely be 20% down on an even smaller place near work. Hoping our dollar will go further in Richmond.

[GS8]

Originally Posted by sonick

CTV did a 2-part report on Rent vs Buy:

CTV Vancouver: Rent or buy: which is cheaper? | CTV Vancouver News
Vancouver housing dilemma: Is it better to rent or buy? | CTV Vancouver News

CTV Vancouver: Renting a home | CTV Vancouver News
Why renting a home instead of buying may boost your bottom line | CTV Vancouver News

That realtor in the second story comes off as a blithering idiot

[GLOW]

President of Century 21 In Town Realty Michael La Prairie agrees. His advice to young buyers, who have a job and a healthy savings account, is to get into the market now, but temper your expectations.
"You're not buying your Mercedes when you first come out of school, and you're not buying your Prada purses if you got the big student loans. You have to kind of calm it down, grow up, and this is what you can afford to buy," said La Prairie.

comes off sounding like a bit of a douche

[westopher]

Might have to do with the fact he's a real estate agent on a real estate story, spitting out bullshit. "Buy now! Perfect time! Just buy something you can afford because I'm trying to sound like I care about you!"

[GS8]

Originally Posted by westopher

Might have to do with the fact he's a real estate agent on a real estate story, spitting out bullshit. "Buy now! Perfect time! Just buy something you can afford because I'm trying to sound like I care about you!"

Judging from all those trophies behind him, his head must be wedged up his ass by now.

[Tapioca]

Originally Posted by tastic

We're going to be starting to look at places this month. We work in the UBC area but will likely be looking at places in Richmond. Depressing that we sold our 2+2 1000sqft condo in Houston before we moved here for $160K and that will barely be 20% down on an even smaller place near work. Hoping our dollar will go further in Richmond.

Why did you leave Texas which is probably one of the better States economically? Vancouver has no jobs, unless you're in real estate or managing private wealth.
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[GS8]

Leaving Texas to come to Vancouver reminds me of the person who sells all their possessions and goes backpacking in a foreign country.

[Mr.HappySilp]

Originally Posted by GS8

That realtor in the second story comes off as a blithering idiot

Just to be clear he did make a good point. Is better to actually buy a house/apartment then to waste money on a getting a new car or getting that brand name purse, a new iphone , a new tablet etc etc......

[GS8]

Originally Posted by Mr.HappySilp

Just to be clear he did make a good point. Is better to actually buy a house/apartment then to waste money on a getting a new car or getting that brand name purse, a new iphone , a new tablet etc etc......

Those are blanket generic statements that could come from anyone:

Financial adviser
Teacher
Friend
Your Parents

He had no real argument in other words. Where does it apply to the couple who sold their closet condo to rent the bungalow with a yard?

Let's not forget how many students get good paying, related jobs straight out of graduation