^ i'm just paraphrasing another post in sarcasm

i'm not denying the tax is without flaws

my initial argument was why a retiree in a basement suite has the means to pay $1000/mo on property tax alone on a secondary res...shit does not compute/add up with the limited info that's provided by that short article, don't let one dumpy photo deceive you...give us the lot size and a Google Earth image, bet you there's a good reason it's valued as so

Belcarra is within Metro Vancouver

yes it's urban...cry me a river if you think it's not just because a boat/helicopter should be used to access the summer residence

Haven't been keeping up with this thread, what are your thoughts on this article? Are the properties here cherry picked or is this an actual trend?


https://dailyhive.com/vancouver/metr...-february-2019

Cherry picked. All of those places were bought in the last couple years.

Many of the houses on the westside sold in the last few weeks have sold close to assessed and some have gone over assessed value. If the sellers in that article just hold on for a few more years and ride out the market they wouldn't need to sell at a loss. Likely just people who bought to flip and market turned quicker than they thought it would.

In my townhouse complex there's a 4 bed 4 bath that was assessed at almost 1.4m and its listed at 1.087m now. This is a good location with luxury finishings and a well managed strata. I thought the price was low for a 4 bed. Shows how much the market has softened.

I met with my realtor on the weekend, most places in my area and the area I'm looking have dropped 7-10% in the last 8 months.

The market hasn't fully adjusted, ie there are still houses out there trying to get top dollar but they are all sitting, been watching the same houses on the market since last fall. The ones that have sold have dropped.

I actually felt pretty good after meeting with them again, if everything goes as planned I'll be listing next month and hopefully have a house with a decent yard by summer. I'm 100% selling first, although possible in this market I'm not interested in making any offers that rely on us selling ours first it will weaken our position is so many ways.

I went to an open house for one of those newer townhomes behind Canada way between the Esso and HWY 1 behind that Mosque etc.

"3" bedroom, very basic stereotypical townhouse development, single garage, lower than average quality finishing by a lower than average quality EI builder..

all yours for the low low price is $999,999!

:badpokerface:

Wow. Wherebouts are you? A townhouse assessed at 1.4 is amazinghaha

Ya.. i dont really care much about those crazy big losses as posted by that article as those owners are stupid rich Im sure lol. Like do we really need an article for that? No “regular” people here would sell for a crazy loss haha

Im guessing Richmond Seafair area. 1,850 sq ft townhouse

Who the fuck would buy a townhouse in Richmond for 1.4 when you can buy a detached in Vancouver for that?

And at this point in time, and that price point we arent talking about a mold infested asbestos shack, you can actually get a pretty decent older home for 1.4 now.

Agreed. There are really nice newish townhomes in my area of Van that are selling for about 1.2 million. No reason to spend that money or more in Richmond.

We discussed this in the past as people wanted a turn-key, no worry, strata managed property in a townhome. But if you’re spending 1.4 on a townhouse over the detached thay is a -terrible- long term investment in the current state were in.

Has 1 BR Condos softened a bit? Or still going strong?

Correct!

Its more like about $1m but I agree with you.

I'm not going to fail you, because that's so fuken gay.
But I disagree with you. The cost of boat ownership is huge. Maintenance and storage alone is going to be thousands of dollars a year. And helicoptors?! Sure, they're a great way to travel if you're a millionaire playboy with money to burn. And then you're not really going to worry about taxes, are you?

Not to mention you're limited in accessing these places in the winter. In case of emergency, you would need to charter a boat or chopper at hundreds to thousands of dollars in extra costs.

I like the tax, and think it should be even higher because I dislike foreign ownership. But there has to be someone who looks at these scenarios and is able to remove them from the list of taxable properties.

Sold my 1 BR last year for 615k(summer, I had my listed for around 580k). Saw other 1BR in the same building asking for 590k sitting in the market for a while already (mine was sold within 2 weeks). I don't think anyone is going to pay 600k for a 1BR currently.

soften in price but still going strong sale wise. at least around Vancouver. top floor in my condo 1 br sold for 600K (20k below asking price). Talked with the owner and she said there were actually a lot of offers but most were lowballing.

Depends where. Burnaby and New West probably not. Vancouver, yes. 1 bedroom + den recently sold in my building for just over 600k.

Right across from Metrotown 2017 so around a year and half? Just 1BR no den.

Where about is in Vancouver?

Can anyone recommend a reputable home inspector in the Okanagan, specifically for an inspection in Lake Country.

From what I'm hearing it's becoming more of a balanced sector. Good value deals are still being snatched up fast, lots of money still on sidelines.

Quality developer, reasonable prices with access to Skytrain are still moving in terms of presales condos/TH. Will get some data out soon from MLA and the quant side.

Project updates (those I'm familiar with)
Surrey/Langley
Georgetown Anthem
Allocation starting/sales started for VIPs. Going fast but Anthem holding lower floor units until later. Public sale won't be until May when PC is done.
Studios start $299K and 1BR mid $350's+ to low $400's (with parking) for about 470ft.

Langley
Alexander Square Phase 1 pretty much done, $299K 1BR+parking snatched up quick. RDG is a good developer and this still beats renting for starter families. Willoughby area is great but don't hold your breathe for mass transit and LRT from Surrey anytime soon... when it DOES come this should be a prime hub.
Yorkson Square/Park/Residences4 phases all sold out 1BR $300's 700ft. 2BR are quite large and 1100+ ft and $620's to start. Selling well and 2.5 year completion.

Brentwood
AKIMBO moving well but definitely slower than before. Lots of 1/2BR still available. I'd guesstimate about 40% sold so far, IMANI is a good developer but I can imagine they'd want to move ASAP so they can hit financing milestones next few months.

Richmond
Galleria
Concord Pacific - great name brand and doing well.

Atmosphere
Massive 10+ tower redevelopment in Richmond.
Selling well especially over Chinese New Years with a large 3% discount.

Vancouver
Concord W1Some developer remaining units 1BR selling for $700K for about 550ft + parking. Will be interesting to see how Marine Gateway is valued - though $1100-1200/ft seem acceptable.

OAKRIDGE I think we can all agree this is pricy - $1.2-1.4M for 1BR 600ft tops is essentially over $2000/ft on average for Vancouver West.
Despite that - tower 1 is SOLD OUT.

Thanks for the update! Always good for someone with the know to provide periodic updates instead of having to find the right realtor to get the up to date information.

Any good places /locations to look for town house pre-sale? Thinking of upgrading to town house from 1 bed condo in a year or 2.