Vancouver's Real Estate Market

[gilly]

Did any of you guys get your property tax forms yet?

[quasi]

Originally Posted by supafamous

I always chuckle when I read ads for new builds where they say it was built by a "reputable builder" cause that's exactly who didn't build it. If they were reputable they would say who built it (proud to put their name on it) or not say anything at the builder at all (the workmanship speaks for itself).

Wait, BuilderGuy 2020 LLC who is predated by his old company BuilderGuy 2017 LLC aren't reputable builders?

I should add, I see some really shitty contractors in my line of work. There are companies out there that change their names just about every 5 years because they run up so much debt because they suck at bidding and doing work that they just close the doors and reopen under a new name and continue like nothing even happened. Sometimes they even stay in the same office, it's comical really. A lot of the blame goes on the suppliers IMO for propping these guys up, selling to them and then when they go tits up selling to them again.

[donk.]

Originally Posted by gilly

Did any of you guys get your property tax forms yet?

It's still early, mine show up may 25-28 every year

Would not be surprised if it's even later this year due to staffing shortages

[Gerbs]

Do realtors usually charge you if listing doesn't sell due to high accepting price?

[bcedhk]

No. A realtor cannot charge you if the asking price was agreed on when you first sign the contract for X amount of months. A realtor might back out from the contract if you ask them to list the house way higher than market or BC assessment.

If the realtor cannot sell the home within the agreed timeframe, then the contract ends, or the realtor can ask you to renew and amendment the asking price.

[Alpine]

Some realtors will ask you to sign an exclusivity contract... these may be for a period of time or on a house-by-house basis.
Others may also have a clause whereby if they are able to fetch an offer equal to or greater than the asking price but you reject it and ultimately delist your house, you are liable to pay them the commission. I don't think most realtors will do this, but every once in a while you see a story in the news about this.

[winson604]

Originally Posted by gilly

Did any of you guys get your property tax forms yet?

Officially no, the calculations have just been completed as of yesterday (in COV anyway). I already looked it up paid and claimed my grant. Mailouts will start shortly.

[EvoFire]

Originally Posted by gilly

Did any of you guys get your property tax forms yet?

Not yet but I checked online yesterday and I saw that my payment was just a smidge under $3900.

PS: I'm in Vancouver so I'm not sure about other munis.

[6thGear.]

Your listing contract will state that if a buyer is brought in with an offer that matches your listed price then the commission shall be paid out regardless if you sell or not sell. They met their duty in bringing in an offer. This is a fine print clause the real estate board implements and if a lawsuit ensues the court would be taking the side of the realtor. This would be a case of breach of contract on the seller side as they are not performing their contract obligations. Best way to get out of the situation is let the listing expire and fire the agent but if they did in fact bring an offer that matches your list price the seller is still on the hook for commission payout.

Originally Posted by Alpine

Some realtors will ask you to sign an exclusivity contract... these may be for a period of time or on a house-by-house basis.
Others may also have a clause whereby if they are able to fetch an offer equal to or greater than the asking price but you reject it and ultimately delist your house, you are liable to pay them the commission. I don't think most realtors will do this, but every once in a while you see a story in the news about this.

It's not the realtors but in fact the brokerages. Listings aren't owned by the realtor but their brokerage. Realtors are just the representative for the brokerage so when a seller is sued its actually the brokerage who's the plaintiff bringing forth a lawsuit.

[Gerbs]

Realtor wanted to list $100K below what my accepting offer will be. So I guess I'll look for the clause that asks for commission clawback.

My managing broker said this is unlikely to go into legal battle since of legal costs, time and realtor proving this causes damages. Which will mean I reimburse listing costs.

[6thGear.]

Originally Posted by Gerbs

Realtor wanted to list $100K below what my accepting offer will be. So I guess I'll look for the clause that asks for commission clawback.

My managing broker said this is unlikely to go into legal battle since of legal costs, time and realtor proving this causes damages. Which will mean I reimburse listing costs.

Sounds about right, you will have to cover the listing fees. But lawsuit would be brokerage discretion. Most realtors will huff and puff and move on

[donk.]

Originally Posted by Gerbs

Realtor wanted to list $100K below what my accepting offer will be. So I guess I'll look for the clause that asks for commission clawback.

My managing broker said this is unlikely to go into legal battle since of legal costs, time and realtor proving this causes damages. Which will mean I reimburse listing costs.

I posted a unit up a few weeks ago with a realtor, we listed "under" market value to increase number of views / hope multi offers

Like others above have said, if it's listed at X, and you get an offer at X or above and you decline that offer, hoping to get that extra 100k: the realtor can technically can come after you for the full commission

I was in the same scenario, I told my realtor to remove that clause off the contract, he did, then came back and said it's not possible due to the legal side between them and the MLS system (his words, not mine)

So instead, he sent me a letter, signed by himself and his agency, that he will not come after me, should we get an offer at list price, and I choose to decline. (Again, only because we both agreed the unit will sell higher)

Ps, we had 0 offers lol, unit still on market.
Jokes on the both of us.
Unit price listed under all comps, with full Renos within the last 3 years.

Can confirm market has slowed down (entry level condos / Vancouver)

[JDMDreams]

Yea don't most realtors want you to list under market to attract bids? And obviously they don't want you to sell at asking cuz it means lower commission for them.

[Alpine]

Originally Posted by JDMDreams

And obviously they don't want you to sell at asking cuz it means lower commission for them.

The difference in commission is honestly negligible unless we're talking about multi-million dollar properties. Even a $100k difference between selling prices will barely impact their commission. It's like an extra $1k when they're already earning $15k-17k on a 1million $ sale (shit math, I know, but close enough ballpark to illustrate the point).

[6thGear.]

Originally Posted by Alpine

The difference in commission is honestly negligible unless we're talking about multi-million dollar properties. Even a $100k difference between selling prices will barely impact their commission. It's like an extra $1k when they're already earning $15k-17k on a 1million $ sale (shit math, I know, but close enough ballpark to illustrate the point).

If you use my calculation based off of 2.5% on remaining balance, $100k difference is $2500 gross still got to split that with other agent. Listing side gets 1.3375% = $1337.50 so you're not far off on your guess

[PeanutButter]

Originally Posted by Alpine

The difference in commission is honestly negligible unless we're talking about multi-million dollar properties. Even a $100k difference between selling prices will barely impact their commission. It's like an extra $1k when they're already earning $15k-17k on a 1million $ sale (shit math, I know, but close enough ballpark to illustrate the point).

Considering most realtors don't want to pay $150 for a floor plan, I would say most would knock over a child for that extra $1k in their pocket.

[v_tec]

Does anyone have any recommendation on local interior designers?

Given my limited buget, thinking of getting a smaller 1bd unit (or maybe even studio). But spend a little bit more on the interior to get more "maximum'/'smart' space out of it. As opposed to sending that $ on a bigger sized unit.

[Alpine]

Originally Posted by v_tec

Does anyone have any recommendation on local interior designers?

Given my limited buget, thinking of getting a smaller 1bd unit (or maybe even studio). But spend a little bit more on the interior to get more "maximum'/'smart' space out of it. As opposed to sending that $ on a bigger sized unit.

Honestly, you don't need an interior designer for a 1bd unit unless you are looking to put in some custom millwork or some special design details and need recommendations. I recommend browsing the hell out of pinterest, finding a style you like, and then maybe spending a few extra $'s on furnishings.
Alternatively, you can also look at 1bd listings for ideas, as many will already be staged.

To add: Here's where I feel like hiring an interior designer for a condo is worthwhile:







****To add: Don't worry too much about the square footage that's printed on a floor plan. Think about how effectively that square footage is being used. A small but good floor plan is far more important than a bad floor plan with an extra 50sqft that's not even usable. Look for rectangular-shaped rooms that are decently sized and placed in a "flow" that makes sense, little to no hallways or corridors, etc..

[v_tec]

Originally Posted by Alpine

Honestly, you don't need an interior designer for a 1bd unit unless you are looking to put in some custom millwork or some special design details and need recommendations. I recommend browsing the hell out of pinterest, finding a style you like, and then maybe spending a few extra $'s on furnishings.
Alternatively, you can also look at 1bd listings for ideas, as many will already be staged.

I'm thinking of these storages under bed kind of thing that's very common in Asia vs just buying your typical MALM bed from Ikea.
https://www.pinterest.ca/pin/1132233...3141/?mt=login
https://www.pinterest.ca/pin/5953900...9430/?mt=login

[Teriyaki]

Originally Posted by v_tec

I'm thinking of these storages under bed kind of thing that's very common in Asia vs just buying your typical MALM bed from Ikea.
https://www.pinterest.ca/pin/1132233...3141/?mt=login
https://www.pinterest.ca/pin/5953900...9430/?mt=login

Wonder how much it'll run to build out one of those.
Definitely not as common here, imagine it'd all have to be custom built.

[v_tec]

Originally Posted by Teriyaki

Wonder how much it'll run to build out one of those.
Definitely not as common here, imagine it'd all have to be custom built.

That's what I'm curious too. Definitely wont 'be cheap....but if I can only afford a 300-400 sqft shoebox, might as wel make it cozy and feels like home.

Like even if its a studio, something like this would look very nice and welcoming
https://www.pinterest.ca/pin/1055538...5617/?mt=login

Vs what you would typically see in a studio ad:
https://assets-listings.rew.ca/brc_i...ct-8.5.1&w=560
https://assets-listings.rew.ca/brc_i...ct-8.5.1&w=560

[Alpine]

Originally Posted by v_tec

I'm thinking of these storages under bed kind of thing that's very common in Asia vs just buying your typical MALM bed from Ikea.
https://www.pinterest.ca/pin/1132233...3141/?mt=login
https://www.pinterest.ca/pin/5953900...9430/?mt=login

That's nice & similar to the type of millwork used in the living room of that condo. You might be able to get by with a good carpenter if you have an idea of the dimensions and what type of shelving/drawers you want. The carpenter should be able to recommend laminate/wood finishes/stains too (ie. colour matched to your floors). If you have a good eye you can probably visualize it (if you're not asking the carpenter to copy an image) instead of paying someone to draw it for you.
If you're on a budget and you spend enough time on the Ikea website you might be able to Ikea hack something similar. Won't be as nice, but it'll save you thousands of $.

Anyways, not trying to dissuade you, just trying to help you save a few $. I know it might be difficult to imagine right now, but who knows. In a few years, you might find yourself upgrading to a larger unit. A lot can change in a short time frame. I made the "mistake" of spending too much on furnishings in my 1 bedroom condo. Upgraded to a larger unit earlier than I thought I would, and then had to buy a bunch of new furniture because nothing fit anymore .

[GIZZ]

R2642831 is a strange one. 2016 4 level townhouse on Oak, ground floor self contained suite. It was listed Jan 2022 for $1,828,000 then dropped to $1,738,000 and sold a few days ago for $840,000.

I would have put that on my line of credit. It's a court ordered sale but it looks like somebody stole it. Maybe it's like the local tow companies advertising warehouseman seizures/sales way up north so nobody shows.

The other fishy part is the bizarre lending rate. $519K mortgages paying 12.65%. I do see they are under the wife's name. The husband is apparently a teacher and they both drive new cars. Maybe they divorced and he bought her out? But why all the open houses? Anybody know them and the back story?

https://openhousing.ca/2022/05/17/va...u1stsJ3lJmXw_M

[68style]

I've seen people do stuff like this before... or at least TALK about doing stuff like this... transferring assets between family members but not wanting to pay any capital gains. Holding a bullshit selling process to try and satisfy whatever CRA investigation results.

This one probably has something to do with the divorce I would think.

[underscore]

Well 840k x2 = $1,680,000. Maybe divorce, open houses to get offers, one divorcee pays out the other for half of the highest offer?