The people and sales they are highlighting as well can likely afford to take those hits. They were bought to flip not to live in.

They listed 5 homes on the west end. Great sample size! Also these owners of 3 million dollar homes most likely arent in any financial troubles.

Yea. They should come back with another article when regular homes for regular peope drops 50% lol. Not these 3+ million homes dropping lol

I feel like buying a 3MM+ home, your a sophisticated investor to know your going to have to handle 20 - 60% swings on your RE

Surrey is transforming - Anthem Properties laid down a pricing hammer for those in the 102/King George area with GEORGEtown.

VIP previews at their downtown office since last week - end of Feb sales.
$249K for studio and $299K 1BR, $499K 2BR.
20% deposit (25% non VIP) like Wynwood Green
30 stories, no AC, no frills rental/investment kind of purpose built neighbourhood.
Tower 1 of 7 so Anthem is certainly ambitious.

Even in a slower market this should still do well, it's actually better pricing than Avani , One Central - smaller developer deals last little while for Surrey.
Showroom doesn't open until April so this is going out to market aggressive.

Just like Saretezsky and Better Dwelling blog that everyone thought was spouting absolutely truth (and ended up just selling out to developers and ads) - strategy here is to:

1) get eyeballs by revealing something seemingly shocking
2) get more eyeballs
3) commercialize with sponsored content
???
5) PROFIT

As with anything too pessimistic or optimistic - take it with a grain of salt.

If you thought those house values tanked, I saw one listing that was asking $35M in 2018. Sold recently for $26M.

^ That’s not a good example, who knows what the real value is for those mega properties... shoot for the moon, land in the strosphere

These Twitter accounts likely belong to people who feel entitled to live in certain neighbourhoods in Vancouver, like Point Grey, Dunbar, or Kits. Sure, double digit drops are significant, but they are largely irrelevant for middle class folks who want to buy an average home. Sadly, the average home in the Lower Mainland is now a 2 or 3 bedroom strata unit. Even if these homes in posh neighbourhoods fell to 750K, these people still wouldn't buy them.

Are we seeing people losing 25-35% on a $500K townhouse in Langley? No. Until that happens, these transactions are amusing at best.

If you filter for houses for $1M max on Realtor.ca, you'll see there's a about a handful of houses for sale. There's more outside of Vancouver but they're popping up in Vancouver.

what's the PITI for a 1M place, ~$5K? and that's assuming you have 200k sitting around for down

With 200k/20% down...probably about 4k a month for mortgage payments plus the other bills. Definitely up there

Hi everyone, lurker here. I've been watching the East Van detached market for awhile and it doesn't feel like it's gotten more affordable. Sure, there are properties listed at 1M, but you're either dealing with a property with a house that needs to be demolished, a lot that's small/irregular/has no back lane, or in a terrible location.

Maybe I'm being too picky, but can't get myself to spend a million and settle for one of the worst properties in the city. Despite all this talk about houses selling for hundreds of thousands less, the decent East Van houses in the $1.3-1.8M range haven't budged in price.

I'm going to cross my finger (and maybe sell my soul to the devil) that those will someday go back to 1.1-1.4M. A girl can dream, right? :)

I love posting links that bait some of you guys. Worth my 5 seconds of effort.

https://i.pinimg.com/originals/54/9a...30fe929675.gif

Oh and Anthem needs to a good dose of pneumonia.

where this plunge at? areas priced between $1-1.5M a year or even two years ago are still in that range - some are getting even more expensive (areas east of main > Fraser).

higher net worth individuals/families getting priced out of the west side making their move east is more like it.

So a quick look at east van, in general most properties that sold at or over assesed price in 2018 are now sitting below the sale price by 40-100k

However, quick search through E-assesment you can find many houses that sold over assesment in the last 6-7 months and are still appraised at, or just slightly below sale price:

2356 GRANT ST VANCOUVER V5L 2Z9

https://www.bcassessment.ca/Property...wMDAwMVlOVg==/

2341 PARKER ST VANCOUVER V5L 2M2

https://www.bcassessment.ca/Property...wMDAwMVhVSg==/

2062 KITCHENER ST VANCOUVER V5L 2W8

https://www.bcassessment.ca/Property...wMDAwMVlGMg==/

2288 3RD AVE E VANCOUVER V5N 1J1

https://www.bcassessment.ca/Property...wMDAwMVpKVA==/

Dont really feel like digging through a million referances but heres the first one i pulled up:

2685 CAMBRIDGE ST VANCOUVER V5K 1L6

https://www.bcassessment.ca/Property...AwMDAwMlE4Mw==

current listing:

https://www.realtor.ca/real-estate/2...eet-vancouver?

2019 Assesed Value: 1.46

2019 Current list price: 1.55

so zombie apocalypse crack den on a major truck route squeezes by at just a hair under 1M, let's assume it sells near asking

https://cdn.realtor.ca/listing/TS636...r2331943_2.jpg

https://www.realtor.ca/real-estate/2...y-road-burnaby

you still need what, 6-figure income for each earner to comfortably take out a 800k loan?

(managable debt servicing prior to closing, housing payments not exceeding 1/3 gross income, 20% down, 300mos amort)

unless you put down 1 or 2 units as mtg helpers, in which you aren't doing that much better for privacy when it comes to townhome/condo neighbours BrokeBack

the poor condition someone is gonna have to spend more on rebuilding an entire brand new house,that looks in terrible shape.

repost?
Expert warns Australia could turn into slums in 20 years | 60 Minutes Australia

Good watch, but nothing we dont already know.

The illegal money pump and dump into our RE market is over. The ones that got out in time made money, the ones holding the bag and bought at the peak are finished. I highly doubt we'll see the RE market we experience over the past few years ever again imo.

You say that but the market is picking up again at least in Delta, it's stupid. I'm dumbfounded as to who these people are.

There was a house that came up and with in 3 days, there was a multiple offer scenario happening. It's not like it's priced really low, it was $899k and still needs lots of work. It's in an okay area of Delta. I'll update when they post the sell price, it better not be over asking.

https://www.realtor.ca/real-estate/2...1-avenue-delta

why wouldn't multiple offers go over asking?

It's just a matter of time before it converges with the rest of the market.

This time last year, detached were showing signs of crack while condos were still red hot. It only took a few months for the sentiment to go 180.

Think about this, say the average in Delta is what? 400/sqft. When you can get Richmond/Burnaby/New West for 400, why would you still buy Delta unless you work at the docks.

Ive never looked at those locations but detached homes are the same with delta vs richmond/new west and burnaby? Did I understand that correctly