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2000sqft
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Re: Vancouver indvidual property sales details

Sun Feb 05, 2017 1:13 pm

If I had the majority of my net worth in Vancouver real estate I would be very afraid. 

It's nice to be liquid and renting.
Just wait till you get the boot from your landlord and enter the realm of bidding wars for rentals
i guess you can always sleep in your pile of money
To the moon and beyond!...at $2000 per sq ft
 
yzfr1
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Re: Vancouver indvidual property sales details

Sun Feb 05, 2017 4:16 pm

People who don't buy realestate is fine, just as long as they invested the money properly and dint just YOLO the savings.

Realestate is the traditional way of building equity and retirement. Its not nessiaary for all to find success but works for the majority of people's because not everyone is a disaplined saver.

I wonder if housing cools to much will they pull the foreign buyers tax and restart the whole process again. A crashing market doesn't help the gouverment
 
Tsawguy
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Re: Vancouver indvidual property sales details

Mon Feb 06, 2017 12:49 am

If I had the majority of my net worth in Vancouver real estate I would be very afraid. 

It's nice to be liquid and renting.
Just wait till you get the boot from your landlord and enter the realm of bidding wars for rentals
i guess you can always sleep in your pile of money
Lots of rental inventory and a pile of money in the bank so who cares what my landlord does. The way the market is dropping I could stay at the Four Seasons Hotel and be better off than owning a house in Vancouver.
My landlord is a realtor who bought/speculated at the top and he is concerned about this market. The house has dropped at least 250K since he bought it. He will be hammered by dropping values of both his primary residence and his rental house as well as his shrivelling income.
 I will rent and travel for a few years before I buy a lot and build again. It will be a buyers market then and contractors and tradesmen will be charging fairer prices. 
You "to the moon" people are out to lunch. Sell your house, rent for a few years, buy some popcorn and watch the carnage.
Its not different here. A typical market that has bubbled and will now correct.
 
yzfr1
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Re: Vancouver indvidual property sales details

Mon Feb 06, 2017 8:18 am

We've all heard that one before, get in contact with the guys who said that and lived at the "4 seasons" during the 2008 pullback. Ask them hows thats going for them...

Trying to time the market.. thats a sure fire way to win. My as well get into equity trading.
If I had the majority of my net worth in Vancouver real estate I would be very afraid. 

It's nice to be liquid and renting.
Just wait till you get the boot from your landlord and enter the realm of bidding wars for rentals
i guess you can always sleep in your pile of money
Lots of rental inventory and a pile of money in the bank so who cares what my landlord does. The way the market is dropping I could stay at the Four Seasons Hotel and be better off than owning a house in Vancouver.
My landlord is a realtor who bought/speculated at the top and he is concerned about this market. The house has dropped at least 250K since he bought it. He will be hammered by dropping values of both his primary residence and his rental house as well as his shrivelling income.
 I will rent and travel for a few years before I buy a lot and build again. It will be a buyers market then and contractors and tradesmen will be charging fairer prices. 
You "to the moon" people are out to lunch. Sell your house, rent for a few years, buy some popcorn and watch the carnage.
Its not different here. A typical market that has bubbled and will now correct.
 
VanBullBear
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Re: Vancouver indvidual property sales details

Mon Feb 06, 2017 10:16 am

timing the market is one thing. Realizing that there is hysteria and the underlying fundamental landscape has changed and can no longer support the current prices is just being realistic.
We're going to need another wave of foreign money to support these prices because locals sure are not going to do it.

Approximately only the top 5% of households in BC can afford a 1 million dollar mortgage.
- Not all of them are looking to buy a home because most of them likely already own
- Not all of them live in Vancouver and are willing to overextend
- Not all of them are going to be suckers and buy into this market.

It seems that the detached market is on thin ice.
Perhaps a mass immigration of anti-trumps can save the day? - but lets be real, who is going to purchase a home before being approved through the immigration process...
 
tdma800
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Re: Vancouver indvidual property sales details

Mon Feb 06, 2017 10:22 am

If I had the majority of my net worth in Vancouver real estate I would be very afraid. 

It's nice to be liquid and renting.
Just wait till you get the boot from your landlord and enter the realm of bidding wars for rentals
i guess you can always sleep in your pile of money
Anyone who actually lives in Vancouver knows that things are different here, and its a new normal.  Available rentals are low. Broaden ones horizons. There are plenty of people born here with so much money it isnt funny. Some people have money. Some do not. Most adults in this province live in Metro Vancouver around Sannich on the island and have the tendency to go all in unless they're the type to gamble with mutual funds and so on.
 
rofina
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Re: Vancouver indvidual property sales details

Tue Feb 07, 2017 10:22 am

timing the market is one thing. Realizing that there is hysteria and the underlying fundamental landscape has changed and can no longer support the current prices is just being realistic.
We're going to need another wave of foreign money to support these prices because locals sure are not going to do it.

Approximately only the top 5% of households in BC can afford a 1 million dollar mortgage.
- Not all of them are looking to buy a home because most of them likely already own
- Not all of them live in Vancouver and are willing to overextend
- Not all of them are going to be suckers and buy into this market.

It seems that the detached market is on thin ice.
Perhaps a mass immigration of anti-trumps can save the day? - but lets be real, who is going to purchase a home before being approved through the immigration process...
Indeed.
It will be much easier to prop up and rescue condo market should that be needed, just see the incentives for FTBs already. 
However, its going to take a serious increase in confidence for detached to soar again, and a serious amount of new debt or money coming in.
The debt spigot is likely tied off for now, considering the actions of the Feds. The money spigot appears to be in equally precarious position thanks to the first meaningfully succesful Chinese crackdown on currency outflows. 
Definitely not impossible a new source of funds is discovered, or that rules change, but for now I don't see much hope for the high end. 
 
tdma800
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Re: Vancouver indvidual property sales details

Tue Feb 07, 2017 10:57 am

We've all heard that one before, get in contact with the guys who said that and lived at the "4 seasons" during the 2008 pullback. Ask them hows thats going for them...

Trying to time the market.. thats a sure fire way to win. My as well get into equity trading.
Just wait till you get the boot from your landlord and enter the realm of bidding wars for rentals
i guess you can always sleep in your pile of money
Lots of rental inventory and a pile of money in the bank so who cares what my landlord does. The way the market is dropping I could stay at the Four Seasons Hotel and be better off than owning a house in Vancouver.
My landlord is a realtor who bought/speculated at the top and he is concerned about this market. The house has dropped at least 250K since he bought it. He will be hammered by dropping values of both his primary residence and his rental house as well as his shrivelling income.
 I will rent and travel for a few years before I buy a lot and build again. It will be a buyers market then and contractors and tradesmen will be charging fairer prices. 
You "to the moon" people are out to lunch. Sell your house, rent for a few years, buy some popcorn and watch the carnage.
Its not different here. A typical market that has bubbled and will now correct.
People know that it is simpler to make the detached situation increase since you have an asset with land for security, simply look at the downpayments you're allowed to borrow regardless of whether or not you have bought a home before.   And to save money. Don't even need cable tv.   Its good entertainment to watch people think its actually difficult to get money out of unspecified countries lol
 
tiga
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Re: Vancouver indvidual property sales details

Tue Feb 07, 2017 12:54 pm

The one factor which is hard to quantify is inter generational transfer. We can't always assume its a level playing field and everybody starts from ground 0. I don't know what this value is, but I suspect it is quite significant.

This is what keeps New York, London, San Francisco, Hong Kong, etc expensive. They are desirable places to live, and money tends to stay there (people live there till they die, then give money to kids).

This is all speculative of course -- just like the foreign money thing.
 
tdma800
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Re: Vancouver indvidual property sales details

Tue Feb 07, 2017 1:21 pm

And the taxes on those transfers are a lot less than in the US. In Canada its mostly probate fees.
 
eyesthebye2
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Re: Vancouver indvidual property sales details

Tue Feb 07, 2017 9:09 pm

250 east 53rd ave
2126sqft detached built 1962
33x120 RS1 lot
Asking $1,299,000
Sold $1,401,000 on 25Jan after 2 days on the market.
Wow - fantastic location ! 1 owner original owner home is in good condition. Listed By: ROYAL PACIFIC RIVERSIDE REALTY
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tuk
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Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 9:42 am

$100,900 under assessed value.
 
eyesthebye2
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Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 10:44 am

1260 East 14th ave
806sqft detached built 1930
30x127 RT5 lot
Asking $1,228,000
Sold $1,380,000 on 27-Jan-2017
Great building lot in Mount Pleasant. RT5 duplex zoning on lovely street. South facing backyard! 30x127 foot lot priced to sell!
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eyesthebye2
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Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 10:48 am

6973 Rupert
2203sqft detached built 1964
33x141 RS1 lot
Asking $1,698,900
Sold $1,700,000 on 30-Jan-2017
Prime Killarney location! Located on a super quiet section of Rupert St & E.52nd. Spacious & renovated home on a 33x141 sq ft lot, with laneway house potential! Very friendly neighborhood close to shopping, transit, parks, schools and Fraserview Golf Course. Main floor offers 3 Bedrooms, updated bathroom, large living & dining rooms with cozy wood burning f/p. Bright kitchen with eating area and sundeck overlooking your private fenced backyard. Updates include new paint, washer/dryer, fridge, hot water tank, windows, floors & more. Large recreation room & 1 Bed mortgage helper suite with own private entry downstairs. Separate 2 car garage in the back with lane access. Open House Sat, Jan 28th, 2-4PM, Sun, Jan 29th, 2-5PM
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tuk
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Re: Vancouver indvidual property sales details

Wed Feb 08, 2017 11:22 am

1260 e 14th avenue sold $171,400 under assessed value, 6973 Rupert sold $65,800 under assessed value
Either assessments were too high or prices are falling, asking prices are meaningless with respect to selling prices in my opinion

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