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04-11-2017, 09:06 PM
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#9551 | | I STILL don't get it
Join Date: Dec 2003 Location: Vancouver
Posts: 457
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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.
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04-11-2017, 09:09 PM
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#9552 | | Wunder? Wonder?? Wander???
Join Date: Sep 2016 Location: YYC/YVR
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Originally Posted by 1337  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)
Last edited by MrPhreak; 08-20-2017 at 02:58 PM.
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04-11-2017, 09:35 PM
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#9553 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
Posts: 8,228
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I think its the 4-6 range is what is moving...
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04-11-2017, 09:55 PM
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#9554 | | in the butt
Join Date: Aug 2016
Posts: 2,626
Thanked 3,219 Times in 1,182 Posts
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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!
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04-11-2017, 10:18 PM
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#9555 | | Need to Seek Professional Help
Join Date: Mar 2003 Location: Vancouver
Posts: 1,091
Thanked 164 Times in 83 Posts
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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
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04-12-2017, 04:36 PM
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#9556 | | I STILL don't get it
Join Date: Dec 2003 Location: Vancouver
Posts: 457
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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.
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04-12-2017, 04:56 PM
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#9557 | | RS has made me the bitter person i am today!
Join Date: Apr 2002 Location: Coquitlam
Posts: 4,834
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Originally Posted by 1337 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
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04-12-2017, 05:30 PM
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#9558 | | Need to Seek Professional Help
Join Date: Mar 2003 Location: Vancouver
Posts: 1,091
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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
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04-13-2017, 11:21 AM
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#9559 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
Posts: 2,128
Thanked 830 Times in 408 Posts
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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.
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04-13-2017, 01:55 PM
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#9560 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
Posts: 4,969
Thanked 2,459 Times in 1,126 Posts
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Originally Posted by Liquid_o2 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.
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04-13-2017, 02:20 PM
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#9561 | | 14 dolla balla aint got nothing on me!
Join Date: May 2013 Location: Richmond
Posts: 619
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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
Last edited by kr4l; 04-13-2017 at 02:39 PM.
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04-13-2017, 02:22 PM
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#9562 | | It's like going crazy when you're already nuts
Join Date: Aug 2005
Posts: 5,827
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100k over asking doesn't mean anything if the list price was below market value to begin with.
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04-13-2017, 02:32 PM
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#9563 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
Posts: 4,969
Thanked 2,459 Times in 1,126 Posts
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Originally Posted by kr4l 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 | 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.
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04-13-2017, 02:38 PM
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#9564 | | Diagonally parked in a parallel universe
Join Date: Jul 2012 Location: Burnaby
Posts: 1,415
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Originally Posted by Liquid_o2 Going to sit on the sidelines and wait to see what happens later into spring and summer. If the prices keep going up, fine. | Be prepared to pay even more for a place in this segment during that time frame. If your angry about it now........
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04-13-2017, 02:38 PM
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#9565 | | 14 dolla balla aint got nothing on me!
Join Date: May 2013 Location: Richmond
Posts: 619
Thanked 676 Times in 228 Posts
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Originally Posted by Tapioca 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. | 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
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04-13-2017, 02:39 PM
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#9566 | | Need to Seek Professional Help
Join Date: Mar 2003 Location: Vancouver
Posts: 1,091
Thanked 164 Times in 83 Posts
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The huge surge in prices coincided with the official intro of the loan
North burnaby is sizzling hot for condos
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04-13-2017, 02:56 PM
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#9567 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
Posts: 4,969
Thanked 2,459 Times in 1,126 Posts
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Originally Posted by 604STIG Be prepared to pay even more for a place in this segment during that time frame. If your angry about it now........ | 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.
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04-13-2017, 03:22 PM
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#9568 | | Willing to sell body for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,085
Thanked 31,162 Times in 7,154 Posts
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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.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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04-13-2017, 08:27 PM
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#9569 | | My dinner reheated before my turbo spooled
Join Date: Jan 2008 Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
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Originally Posted by kr4l 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 | This was true 15 years ago but with 1 bedroom condos renting for $2000 in downtown. You might as well buy the damn thing.
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04-13-2017, 09:16 PM
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#9570 | | 14 dolla balla aint got nothing on me!
Join Date: May 2013 Location: Richmond
Posts: 619
Thanked 676 Times in 228 Posts
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Originally Posted by Ludepower 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.
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04-13-2017, 09:33 PM
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#9571 | | Willing to sell body for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,085
Thanked 31,162 Times in 7,154 Posts
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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.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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04-13-2017, 09:52 PM
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#9572 | | 14 dolla balla aint got nothing on me!
Join Date: May 2013 Location: Richmond
Posts: 619
Thanked 676 Times in 228 Posts
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Originally Posted by westopher 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.
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04-14-2017, 06:05 PM
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#9573 | | Banned (ABWS)
Join Date: Aug 2012 Location: Hong Kong
Posts: 340
Thanked 374 Times in 142 Posts
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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.
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04-14-2017, 06:23 PM
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#9574 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
Thanked 3,731 Times in 1,322 Posts
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Originally Posted by westopher 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. | No doubt, I believe the condos were working on right now in West Van are selling for $2,000 to $2,200 a foot.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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04-14-2017, 10:34 PM
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#9575 | | Banned (BBM)
Join Date: Sep 2009 Location: None
Posts: 3,115
Thanked 656 Times in 259 Posts
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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 
Last edited by G; 04-14-2017 at 10:42 PM.
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