Real Estate

Vancouver housing bubble?

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  • Mar 26th, 2024 5:10 pm
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Deal Fanatic
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Jan 14, 2009
5886 posts
4816 upvotes
Vancouver, BC
Jumpityjump wrote: Eek lol

north Vancouver, new Westminster, etc beats this -
All within 20-30-40 min and large lots of land. I Love land and space and nature too much maybe - getting soft with age lol
More younger millennials and gen z don't drive, they don't even have a driver's license so they need to bus or walk to their favorite cafes and breweries. I was as confused as you until my younger cousins explained it to me. Basically long commutes gives them anxiety and panic attacks or something.

For me, I need to stay close to my parents and VGH so there's only so far out I can go.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
Ah I see. Yes maybe generation thing
I used to love cities and always lived in modern expensive condos downtown

Now I love peace and trees BUT with easy access to commute and amenities.

If you need to be near VGH then downtown is absolutely perfect!
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
Came up on my feed:

Port Moody (my area)

Edward Crescent just went for over 2

I’m assuming the McGill Dr one that just listed will be similar.

Cousin’s Coquitlam home that recently sold had 14 competing offers.
Deal Expert
Jan 27, 2006
21844 posts
15620 upvotes
Vancouver, BC
Looksmooth wrote: Looks like there's gonna be a new party for the Vancouver city council election.

"The Democratic Socialists of Vancouver advocate zoning that would favour truly nonprofit housing, such as coops and social housing, and it supports vacancy control and other protections for tenants.

Other priorities include returning land to Indigenous peoples and more public spaces, recreation facilities, and arts venues rather than "soulless gentrification".

In addition, the Democratic Socialists of Vancouver aim to put the needs of disabled persons, BIPOC, LGBTQ+, and all marginalized people higher on the priority list."

https://www.straight.com/news/new-left- ... -vancouver

Just what we need, more woke politics.
Actually, that's exactly what we need. A party such as this will divide the woke vote and make it harder to the current slate of Vision 2.0 candidates to get re-elected. Now, if the center and the right can just stay together until the election.
Member
Jan 25, 2021
438 posts
471 upvotes
craftsman wrote: Actually, that's exactly what we need. A party such as this will divide the woke vote and make it harder to the current slate of Vision 2.0 candidates to get re-elected. Now, if the center and the right can just stay together until the election.
I don't think there even is a right leaning party is there?
Deal Expert
Jan 27, 2006
21844 posts
15620 upvotes
Vancouver, BC
Looksmooth wrote: I don't think there even is a right leaning party is there?
The NPA has traditionally been the big tent centre right party. However, they seem to be in the middle of a governance issue right now causing splintering of the right as some of the NPA councillors have now moved out of the tent.

Ken Sim who nearly won the mayor's race last time for the NPA announced that he will be trying again as a separate party as the NPA decided to appoint a candidate over the normal nomination process.
Deal Fanatic
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Jan 14, 2009
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Let's just vote for Ken Sim. He's the least commie hippie candidate.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Sr. Member
May 29, 2020
902 posts
1709 upvotes
Vancouver
Jumpityjump wrote: Came up on my feed:

Port Moody (my area)

Edward Crescent just went for over 2

I’m assuming the McGill Dr one that just listed will be similar.

Cousin’s Coquitlam home that recently sold had 14 competing offers.
Speaking of houses in PM college park. What do you guys think of that neighborhood? Looks to often have nice views and close to trails. Any issues being so close to that big Suncor factory for example?
Deal Addict
Dec 5, 2009
2789 posts
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Wow that Edward Crescent house in Port Moody is insane.
Deal Fanatic
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Jan 14, 2009
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The burbs are on fire. Crazy.

Too many crazies in Vancouver.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Deal Addict
Dec 5, 2009
2789 posts
3289 upvotes
TheSpaceMonkey wrote: Speaking of houses in PM college park. What do you guys think of that neighborhood? Looks to often have nice views and close to trails. Any issues being so close to that big Suncor factory for example?
I think it's a nice little residential pocket but it is undergoing a massive amount of development. New low-rise condos/townhomes will line Clarke road, and Woodland park will be completely redeveloped. It also looks like the city is considering allowing laneway houses.

https://www.urbanyvr.com/woodland-park- ... ort-moody/

https://www.portmoody.ca/en/business-an ... n-Area.pdf
Deal Fanatic
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Jan 14, 2009
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Vancouver, BC
New ATH For January 2022

$2,279,798

I'm actually a bit surprised by the depth of local buyers.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
Alpine84 wrote: Wow that Edward Crescent house in Port Moody is insane.
And the McGill Dr one is much nicer..website says 2 minutes to transit. I’m watching this one to see what it goes for
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
TheSpaceMonkey wrote: Speaking of houses in PM college park. What do you guys think of that neighborhood? Looks to often have nice views and close to trails. Any issues being so close to that big Suncor factory for example?
I am in adjacent hood. It’s really good (mix of peaceful nature reserve and metropolitan city living with everything close by and better transit than other side) but personally prefer less people know about it… Basically more on border of Burnaby so not surprised we are seeing increases like we saw with Edwards.

That said I would never choose the edwards house - furthe in and right in middle of busy area but I guess like zakarydoks said maybe some people prefer to walk.
Deal Fanatic
Jun 29, 2007
6041 posts
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Vancouver
Speedy1 wrote: Interesting pricing strategy.

16071 8 AVENUE
Surrey BC
MLS® R2641663
$1,999,000 20.0% Jan 21
(Original price: $2,499,000 Jan 10)
So about 12 days later, asking price goes back up.
$2,492,000 24.7% Feb 2
(Original price: $2,499,000 Jan 10)
Deal Fanatic
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Jan 14, 2009
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Speedy1 wrote: So about 12 days later, asking price goes back up.
$2,492,000 24.7% Feb 2
(Original price: $2,499,000 Jan 10)
Looks like they are trying to do some sort of price discovery, I don't know if that's the best way to find the highest price though.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
Speedy1 wrote: So about 12 days later, asking price goes back up.
$2,492,000 24.7% Feb 2
(Original price: $2,499,000 Jan 10)
Not too familiar with Surrey. Did they go to offers? Presume yes based on timelines
Deal Fanatic
Jun 29, 2007
6041 posts
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Vancouver
Jumpityjump wrote: Not too familiar with Surrey. Did they go to offers? Presume yes based on timelines
They have had open house last 2 weekends.

My guess is open house attracted some buyers and some offers were made based on asking price of $1.999 mil and offers were likely over asking.

Then owner/realtor told offerors that $1.999 mil was really just a tease and they don't want to sell for anything lower than ~$2.4 mil.

Property Assessment
16071 8 AVENUE
Year Total Land Improvements Change
2022 $1,570,000 $1,295,000 $275,000 30.3%
2021 $1,205,000 $982,000 $223,000 1.5%
2020 $1,187,000 $954,000 $233,000 4.9%

I think it will sell roughly $2.2 to $2.4 mil. Maybe if lack of supply continues, it will sell $2.5 or $2.6 mil.

Just a waste of everybody's time. It's unlikely not an illegal marketing tactic. Maybe unethical?

I have wasted time on a few listings like this before.
Jr. Member
Dec 9, 2021
158 posts
80 upvotes
Weird of them. But in my feed prices are going a lot over. Maybe they were banking on that.
Deal Fanatic
Jun 29, 2007
6041 posts
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Vancouver
https://vancouver.citynews.ca/2022/02/0 ... cast-2022/

B.C. real estate sales forecast to drop in 2022, prices to still rise: BCREA

According to the B.C. Real Estate Association (BCREA), MLS residential sales are forecast to drop 17 per cent from last year’s record high.

However, the forecast also estimates home prices to rise by 8.5 per cent in 2022, mostly in the first half of the year.

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