Real Estate

Vancouver housing bubble?

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  • Jul 22nd, 2019 1:38 pm
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Deal Addict
Aug 12, 2004
4095 posts
1435 upvotes
Calgary
craftsman wrote:
Apr 19th, 2017 1:37 pm
Note that much of the data has been interpreted through the eyes of a large real estate firm who makes more money if the sales go up so it might be a way to encourage more market action than anything else. We have just had one of the most snowiest Winters that we have seen in a long time which have probably artificially affected the real estate market vs any seasonal average. So, there's probably a lot of pent up action that didn't happen during the Winter and the market is playing catch-up due to the weather rather than anything else.
Doesn't that work both ways? If sales are artificially inflated this month due to past winter months, those same winter months would be artificially deflated.

This thread's past history should be evidence that foreshadowing based on lower sales alone is a recipe for embarrassment.
Deal Addict
Jun 20, 2011
1796 posts
607 upvotes
VANCOUVER
Speedy1 wrote:
Apr 19th, 2017 2:17 pm
House listed on April 14 (Friday).
No official weekend open house.
Listing realtor did a few showings on April 18.
House sold on April 18 evening with 6 competing offers.
Likely went over asking but don't know exact amount and not sure if it was cash offer yet.
I had one of the losing offers.
That sucks, better luck next time. Just keep trying!

I just literally stole a place in downtown. Subjects removed yesterday. Listing came out April 3rd and sent an offer the same day for 12k over asking. They declined and wanted to wait for an agent only opening April 6th. We sent another final offer 20k over and they accepted. Their ask was below market value based on price per sq foot and a previously sold unit just 2 weeks prior to their listing on the same floor. No bidding war and happy at what was paid.
Deal Addict
Jan 14, 2009
1651 posts
663 upvotes
Vancouver, BC
DDHLeigh wrote:
Apr 19th, 2017 3:03 pm
That sucks, better luck next time. Just keep trying!

I just literally stole a place in downtown. Subjects removed yesterday. Listing came out April 3rd and sent an offer the same day for 12k over asking. They declined and wanted to wait for an agent only opening April 6th. We sent another final offer 20k over and they accepted. Their ask was below market value based on price per sq foot and a previously sold unit just 2 weeks prior to their listing on the same floor. No bidding war and happy at what was paid.
For income?
Deal Guru
Jan 27, 2006
10890 posts
4365 upvotes
Vancouver, BC
Firebot wrote:
Apr 19th, 2017 2:31 pm
Doesn't that work both ways? If sales are artificially inflated this month due to past winter months, those same winter months would be artificially deflated.

This thread's past history should be evidence that foreshadowing based on lower sales alone is a recipe for embarrassment.
Yes to a certain extent. But people were expecting a consistent drop through the months after FBT so a little extra snowy slow down was contributed to the uncharted territory of post-FBT and not necessarily the weather. Now that the snow has gone away, those actions which were postponed have come back. In previous years, the slow down wasn't as bad since we really only have a big snow Winter once every 10 years or so and therefore, the seasonal averages are biased towards no/little snow versus a lot of snow.
Deal Fanatic
Feb 9, 2009
7682 posts
4603 upvotes
craftsman wrote:
Apr 19th, 2017 6:01 pm
Yes to a certain extent. But people were expecting a consistent drop through the months after FBT so a little extra snowy slow down was contributed to the uncharted territory of post-FBT and not necessarily the weather. Now that the snow has gone away, those actions which were postponed have come back. In previous years, the slow down wasn't as bad since we really only have a big snow Winter once every 10 years or so and therefore, the seasonal averages are biased towards no/little snow versus a lot of snow.
The opposite in Toronto the last two years... very mild winter so spring came early, usually jan/feb is pretty dead and most people sell only if they must. And also this year cause the FBT in Vancouver shoved some foreigners over here to buy... so price went a little loopy.
Member
Mar 30, 2017
292 posts
107 upvotes
DDHLeigh wrote:
Apr 19th, 2017 4:52 pm
Yea, it's going to be a rental unit.
congrats. how much are you paying per sqft? how large is it and number of bed/bath?
5/11/18: profit YTD -3.50%😥
Member
Sep 23, 2006
452 posts
480 upvotes
Was looking at townhouse in South Surrey
Listed for $475K
They had 3 open houses over the long weekend and took offers on Monday. Was on the market for less than a week total
Sold for $505K with 6 offers (number that their agent gave mine)

Exact same townhouse in same complex (few doors down from this one, carbon copy size and outline) sold month ago for $10K under asking. Asking was $475K, sold for $465K
Deal Fanatic
Feb 9, 2009
7682 posts
4603 upvotes
cvrle1 wrote:
Apr 19th, 2017 6:56 pm
Was looking at townhouse in South Surrey
Listed for $475K
They had 3 open houses over the long weekend and took offers on Monday. Was on the market for less than a week total
Sold for $505K with 6 offers (number that their agent gave mine)

Exact same townhouse in same complex (few doors down from this one, carbon copy size and outline) sold month ago for $10K under asking. Asking was $475K, sold for $465K
pent up demand surely.
Deal Addict
Jun 20, 2011
1796 posts
607 upvotes
VANCOUVER
seatiger wrote:
Apr 19th, 2017 6:19 pm
congrats. how much are you paying per sqft? how large is it and number of bed/bath?
1 bed 1 bath about $800 per sq foot. Roughly 550 total sq ft plus balcony. It's going to be a furnished listing for about $4800 (year avg) gross per month.
Deal Addict
Oct 7, 2007
4678 posts
1534 upvotes
Speedy1 wrote:
Apr 19th, 2017 2:20 pm
Land assembly to build multi-family. That's why price is ~2x to 2.5x times what it would be if it wasn't land assembly to build multi-family.
These land assembly stats should be pulled out of the detached home stats because they really skew the numbers higher than normal. They are not reflective of typical housing activity.
Deal Addict
Jun 29, 2007
4385 posts
1132 upvotes
DDHLeigh wrote:
Apr 19th, 2017 7:25 pm
1 bed 1 bath about $800 per sq foot. Roughly 550 total sq ft plus balcony. It's going to be a furnished listing for about $4800 (year avg) gross per month.
Is this for airbnb or short term rental? I can't imagine anybody willing to pay $4,800 per month for furnished 1bed/1 bath on a long term basis.
Deal Addict
User avatar
Jun 24, 2002
2771 posts
472 upvotes
BC
A friend just a bought a 2 bedroom and a den in Port Coquitlum for $500K. Supposedly there were backup offers for more than this.
Deal Addict
User avatar
Jun 24, 2002
2771 posts
472 upvotes
BC
craftsman wrote:
Apr 18th, 2017 7:12 pm
The realtors must be desperate to accept listings like those.
Money is money.
Deal Addict
Jun 20, 2011
1796 posts
607 upvotes
VANCOUVER
Speedy1 wrote:
Apr 20th, 2017 10:58 am
Is this for airbnb or short term rental? I can't imagine anybody willing to pay $4,800 per month for furnished 1bed/1 bath on a long term basis.
Yes, it is for airbnb. Strata allows it for that particular building.

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