Inquired about a condo for sale and 21 offers were to be presented to the seller. It looks like things have not slowed down much for condos/apartments/townhouses.

What area and price range (ball park)

I think its the 4-6 range is what is moving...

After bidding on 7 townhomes (with a good deposit, and some offers with 0 subjects) in the tri-cities in the entry price tag range, and being overbid by 20-80K. I gave up and started to look at condos.

Purchased my first condo two hours ago. (Three months of actual looking / bidding including townhouses)
Purchased under ask, 7 minute walk to skytrain!

Anything under 2m is moving if it's priced ok especially the ones from 400k-750k

Looked at a few units in north burnaby priced at 600k and they went for high 6's and these aren't even brand new

As mentioned above some units even have 20 offers...crazy

I'm buying my first place and doing it myself so my budget falls within the range where demand is greatest. I've looked around hubs where transit and walking scores are high and priced anywhere from $300-$500K.

Inquired with one in Joyce that's listed for $338K, assessed at $290K but the realtor was upfront that anything under $360K will not be entertained by the seller.

Why the hell did seller listed at $338k then? Hahaha

Many sellers list low to attract multiple offers...it's been like that for years now. I mentioned before even if you offer asking the seller may not take it still
That's why you see places sell for way above ask because they are priced well under market value to generate interest

A 25 year old, 2 bedroom condo in Burnaby just sold for $100,000 over asking.

Who the hell are the people making such irrational decisions? My gf and I are ready, but we aren't going to be stupid. Going to sit on the sidelines and wait to see what happens later into spring and summer. If the prices keep going up, fine. So many people out there are idiots.

Supply in the condo market has been low for quite some time. It's a lousy time to buy entry level homes.

Lots of things can drive people to desperation: evictions, pregnancy, or getting outbid numerous times.

Changing up your strategy might work too. Instead of Burnaby, try Burquitlam, Sapperton, uptown New West, or Port Moody Centre.

The first time home buyers program is such a double edged sword.

Govt offers assistance with down payment so everyone has money now. Too bad everyone's looking to buy and most are willing to go house poor to get in. Sellers also know this and raise the prices lol

Also like to add 3 houses in my neighbourhood in Richmond (the only 3 for sale) all sold for about $1.5mil. Didn't last on the market long neither

100k over asking doesn't mean anything if the list price was below market value to begin with.

To be honest, I didn't think that the program would have much impact. The actual number of people in Metro Vancouver that have applied and been approved is quite low (a mere couple of hundred). But given that supply is very low for desirable entry level homes (condos that are in Vancouver or adjacent to Skytrain stations), the program has had some impact.

If you hang around finance blogs long enough, you become convinced that everyone is completely rational and rents + saves the difference. The reality is far different though.

Be prepared to pay even more for a place in this segment during that time frame. If your angry about it now........

It's possible. I don't be know much about the program but I would assume that everyone's greedy and if govt is helping out for a home up to $750k, everything below that would see a jump in price.

Logic is to rent and invest, and everyone always suggests this. The amount of people that actually do it is probably super slim. When you have disposable income sitting in your bank, the last thing people think of is to invest when they can spend it on the newest gadgets, cloths, cars, or bars/eating out

The huge surge in prices coincided with the official intro of the loan

North burnaby is sizzling hot for condos

Yeah, I would agree. There's more supply of condos in the pipeline, but it's not coming online for another couple of years. Based on what the NDP has released in its platform, there's no relief for prospective homeowners. They may enact changes to discourage the sale of pre-construction condos to foreigners, but other than that, nothing for home owners.

If you're in the condo market and you are ready to move in today, you have to be nimble.

That foreign buyer tax just dropped everyone who was buying down into the entry level range. Everything the libs have done is just furling the unaffordability fire, just at a lower level now.

This was true 15 years ago but with 1 bedroom condos renting for $2000 in downtown. You might as well buy the damn thing.

True, but I know of a lot of kids that rent that $2000 condo downtown and have 4 people living in it. Also, that condo in downtown is probably close to $1mil so you're mortgage is definitely not $2000

You also have a choice where to live. I mean if you're dropping $2k for rent, you can always find a place for $1k and invest $1k. Most likely that's not going to happen.

The younger generation doesn't focus on the future. They focus on the present. Society has molded them to spend because yolo. Hell, when I was younger I had the same mentality. Now that I'm older (35), priorities change. I have a business, a family, mortgages, bills etc etc to worry about. I can't just play all the time. I still drive a beat up 2001 accord damn it.

You aren't renting a million dollar place for 2k anymore. That gets you a 1 bed DT at this point. The gap has definitely closed.

Lol, yeah, I mean 1 bedroom condo with 4 people. they're also a dump as well.

I really pity the poor folks who dump their life savings and live paycheck to paycheck trying to pay their mortgages.

I have a colleague (in HK) who breaks $120k cad after tax who literally has to live paycheck to paycheck and work all public holidays just to pay his mortgage and bills. All the meanwhile I'm comfortably paying rent, investing my savings in the stock markets and collecting dividends.

Sometimes I really wonder if people own the homes or do the homes own them.

No doubt, I believe the condos were working on right now in West Van are selling for $2,000 to $2,200 a foot.

Just moved into my new place at Wall Central Park, managed to get an assignment a couple months before its deadline. So far there are a lot of young homeowners and couples living here so the atmosphere is very good. Build quality is on the average side, but hey, for the price, can't complain!

Under 400k after tax for 600sqft. River District is asking for much more so I can live with my decision :D