Vancouver's Real Estate Market

[iPee]

Seems fairly accurate at least for the area I live in. Seen a lot of apts in my building and posted for sale under their initial purchase price which is also under the bc assessment value. Not sure if it's an indicator of prices dropping or trying to start a bidding war. However those apts have been sitting for awhile now over 2-3 months now.

[SumAznGuy]

Originally Posted by iPee

Seems fairly accurate at least for the area I live in. Seen a lot of apts in my building and posted for sale under their initial purchase price which is also under the bc assessment value. Not sure if it's an indicator of prices dropping or trying to start a bidding war. However those apts have been sitting for awhile now over 2-3 months now.

Definitely won't deny that there has been some slow down in the market since May.
But keep in mind, typically Dec-March are the slowest months of the year when it comes to real estate. Generally, once the weather improves, people will start thinking about RE again.

[nismodrifter]

We just purchased in South Surrey! I've been actively hunting for the last year, prices have been on a definite steady decline, I was just waiting for the right house to come up and it finally did. Looking forward to getting the keys in the next month.

Thanks to all who have posted in this thread, when I asked for some detailed info my PM box was very quick full of messages from those willing to help, it is most appreciated and helped me make my decision/learn more about the market.

[Acurapinoy]

Originally Posted by nismodrifter

We just purchased in South Surrey! I've been actively hunting for the last year, prices have been on a definite steady decline, I was just waiting for the right house to come up and it finally did. Looking forward to getting the keys in the next month.

Thanks to all who have posted in this thread, when I asked for some detailed info my PM box was very quick full of messages from those willing to help, it is most appreciated and helped me make my decision/learn more about the market.

Congratulations! What was the difference from buying last year to this year over in south surrey. Did you end up with a nice detached home? I like south surrey especially that area where walmart, the strip mall, etc are

[Energy]

Originally Posted by nismodrifter

We just purchased in South Surrey! I've been actively hunting for the last year, prices have been on a definite steady decline, I was just waiting for the right house to come up and it finally did. Looking forward to getting the keys in the next month.

Thanks to all who have posted in this thread, when I asked for some detailed info my PM box was very quick full of messages from those willing to help, it is most appreciated and helped me make my decision/learn more about the market.

Congratulations! If you don't already have a lawyer to handle your transaction send me a pm

[JDMDreams]

Prices are definitely lower than last year, I've seen a few units that was just bought late 2017, early 2018 and people are listing them for like $60k under what they paid for it. Not sure what strategy they are going for but there's not enough demand to push it $100k over asking just to break even.

[Gerbs]

I've been following DT Condos. They seem to be pretty stable. Only drops of 1 - 5%

[Acurapinoy]

Yea..the drops are definitely more based on location/condition of the home/buyer overpaying last year due to a bidding war or are just rich foreign buyers haha. But the nice ones definitely still sell well

[TouringTeg]

Good news for buyers. 10% drop year over year. We already know prices are softening in many areas.

Similar story over here in Victoria. Lots of for sale signs and properties moving slowly.

https://www.cbc.ca/news/canada/briti...041727?cmp=rss

[Acurapinoy]

Great to see. Hopefully people who want to buy can finally buy soon rather than renting, etc

[Great68]

Originally Posted by TouringTeg

Good news for buyers. 10% drop year over year. We already know prices are softening in many areas.

Similar story over here in Victoria. Lots of for sale signs and properties moving slowly.

https://www.cbc.ca/news/canada/briti...041727?cmp=rss

House about 5 doors down from mine sold over latest assessment within a few weeks of listing, that was in November. Don't know what it's initial listing price was and if/how much it dropped from there.

[Bouncing Bettys]

Originally Posted by twitchyzero

pretty obvious the comments you read were directed at secondary residences in urban centres (Kelowna, Vancouver, Victoria)

not an inaccessible cabin that doesn't have water and electricity

Seniors with unrentable homes in Belcarra, B.C., face huge speculation tax bills

Seniors with unrentable homes in Belcarra, B.C., face huge speculation tax bills

Mayor says Finance Minister Carole James has rejected his community’s attempts to be exempt

Seniors who own rustic cabins in a remote area near Vancouver say they face thousands of dollars in speculation taxes even though their properties are not suitable rental homes.

Retired school teacher Charline Robson says she lives in a basement suite in Burnaby but now faces a $6,000 speculation tax bill this year because the rustic cabin she inherited in the village of Belcarra is empty much of the year and not up for rent.

Robson, who says she already pays annual property taxes for the cabin of about $12,000, was at the legislature on Tuesday, calling the tax ridiculous because her cabin is not insulated and does not have water, sewer or street service.

Opposition Liberal Leader Andrew Wilkinson says the Belcarra seniors are not property speculators, but they face the tax because their roughly finished cabins are not on the rental market.

Belcarra Mayor Neil Belenkie says efforts to exempt his community from the tax have been rejected by Finance Minister Carole James.

The NDP government introduced the speculation and vacancy tax to reduce the number of empty homes in most B.C. urban areas.

The Canadian Press
https://www.abbynews.com/business/se...ion-tax-bills/

[twitchyzero]

well i did say the comments were not directed at

an inaccessible cabin that doesn't have water and electricity

OK, why is a retiree paying $1000 in property taxes on a dumpy shack as a second home in the first place? isn't there seniors discount? why not sell if it's unsustainable even before this tax was introduced?

[westopher]

Excellent sob story.
"I inherited a 1.5 million dollar property with a shed on it and I can't afford the taxes. I also live in a basement suite and cant afford vacations."
TRY FUCKING SELLING IT AND YOU CAN AFFORD A FUCKING THOUSAND VACATIONS. Lead a horse to water but you cant make it drink.

[Mr.HappySilp]

Originally Posted by twitchyzero

well i did say the comments were not directed at

OK, why is a retiree paying $1000 in property taxes on a dumpy shack as a second home in the first place? isn't there seniors discount? why not sell if it's unsustainable even before this tax was introduced?

Originally Posted by westopher

Excellent sob story.
"I inherited a 1.5 million dollar property with a shed on it and I can't afford the taxes. I also live in a basement suite and cant afford vacations."
TRY FUCKING SELLING IT AND YOU CAN AFFORD A FUCKING THOUSAND VACATIONS. Lead a horse to water but you cant make it drink.

Maybe no else wanted to buy it? Would you buy it for 1.5m?1m or 40k?
What if it have some special memory that you had and you really don't want to sell it? I am sure there are lot's of special things like that we have in our life and we rather not let go unless we have to. The couple was doing fine till this tax came in. The least the gov could do is exempt the tax on cases like these.

I mean honestly with no water, no power and no net who else would rent it? Is pretty common sense yet the gov can't see it.

[twitchyzero]

sorry if you think we should sympathize for someone who inherited a property that has enough value to be assessed 12k in property tax, the article is not telling us the full story

i take it Happy has not wandered around belcarra



this is not some remote place 5 hours north of here, it's 15 min from coquitlam centre

[Hondaracer]

Borrow on the equity then. The lot alone obviously has some value

[Mr.HappySilp]

Originally Posted by twitchyzero

sorry if you think we should sympathize for someone who inherited a property that has enough value to be assessed 12k in property tax, the article is not telling us the full story

i take it Happy has not wandered around belcarra



this is not some remote place 5 hours north of here, it's 15 min from coquitlam centre

Again would you want to rent this place then? Remember it have no power, and no running water and no internet. Would anyone want to rent this place in its current condition? I know I wouldn't. Try taking a shower when there is no hot water or sleeping in when there are no heat.

Cabin like these should really not be paying the vacancy tax coz is not going to get rented out for more than a month of two in the summer.

This whole vacancy tax doesn't help at all with the low rental inventory we have is just a cash grab for the gov. If the gov does care about it they would start building rental apartments like a lot of Asian country did already. And find out why people would rather be paying extra tax than to rent out their place. Maybe coz the RTB tenancy law and policy favors tenant too much? I mean I can't even kick a tenant out if they don't pay their rent. It takes months and months to get the ball rolling. Even if RTB rule in favor of the landlord you still can't kick our tenant kick. Instead you have to hire someone to kick them and put their stuff in storage. All of these cost have to be paid by a landlord. Also limiting on how much people can raise their rent? Is their place why can't they raise it how much they want? If it is too much no one will rent it and landlord have to lower their rent? Do you see the gov forcing ISP, cell phone providers limiting on how much they can increase their price? Give landlord more power, more tools to work with to kick out bad tenants and maybe more people are willing to rent their place out.

[bobbinka]

[twitchyzero]

Originally Posted by Mr.HappySilp

If the gov does care about it they would start building rental apartments like a lot of Asian country did already.

with what land anywhere remotely close to a major transit hub?

this is not China (yet..sadly), you can't just grease a group of peasants/parcelowners, raze their teardowns and erect 30 towers in a few months. there are codes and permits.

back to the example, you're too focused on the new vacancy tax, how it's in rental condition etc... just temporarily remove all that from the equation, my point is why does a retiree living in a basement suite pay so much property tax on a cabin in the first place? how does that make any sense unless there's pretty important details conveniently left out

yeah more taxes is never fun, but cue sad piano music because you inherited a massive lot in a quiet community by the water 15 minutes from a major hub, if it's that unfortunate of a predicament she should trade places with the families that squeeze in a studio unit paying 1800/mo that's stuck renting there for good...it's like the small minority wanting to voice their complaint they can no longer keep their hks excsausht when a good chunk can't really bare even the increase in insurance year after year

yeah, it's a tax grab, a tax that will go directly to affordable housing that you're saying they're not doing enough about

[Acurapinoy]

https://www.cbc.ca/amp/1.5044828

Im actually curious what would happen if rates go down. They should’ve never hiked it 5 times in such a short time lol

[Great68]

Originally Posted by twitchyzero

It's 15 min from coquitlam centre

Can you drive a boat from coquitlam center?
Because most of the properties referenced in the article are water access only.

Originally Posted by twitchyzero

if it's that unfortunate of a predicament she should trade places with the families that squeeze in a studio unit paying 1800/mo that's stuck renting there for good..

I don't think you get it. Those families aren't going to benefit from a no-electricity, no running water, water-access only, cabin in Belcarra.

[Spoon]

Originally Posted by Acurapinoy

https://www.cbc.ca/amp/1.5044828

Im actually curious what would happen if rates go down. They should’ve never hiked it 5 times in such a short time lol

You should be more curious about what happens if and when we enter a recession and the BOC runs out of weapons to stimulate the economy.

[Mr.HappySilp]

Originally Posted by Spoon

You should be more curious about what happens if and when we enter a recession and the BOC runs out of weapons to stimulate the economy.

I wonder when that will happen. Seems like we are getting pretty close to the point of no return.

[Tapioca]

BC has the strongest economy in the country and will likely be able to weather the storm. It's never been a better time to be a job-seeker in this province, particularly in the Lower Mainland where mid to senior positions are hard to staff.

The issue for the BoC is that they can't make decisions based on one province's economy.

People are waiting on the sidelines, but millennials are hitting their mid-30s and hitting their peak earning years. For all of the flack that Andrew Wilkinson took after his "wacky years" comments about renting, he is right that people eventually want stability in their housing situation. Taxpayers are not yet willing to elect governments that will dedicate substantial sums to building subsidized rental housing. Eventually, something has to give - these millennials will either become reluctant owners themselves or they will move en-masse to cheaper areas of the country. If I were a betting person, I would put my money on the former.