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
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Vancouver, BC
Good price for smaller house on smaller lot.

546 E 30TH AVENUE
$3,252,000
Ask $2,899,000
Sold Price to Assessed Value ratio is 1.43
Reported SOLD March 24, 2022

Size of House 2,249 sqft
Lot Size 0.07 ac 3,175 sqft
Lot Frontage 25 ft
Lot Depth/Size 127 ft
Age of House 9 years old
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Member
Jan 25, 2021
438 posts
471 upvotes
4355 Frances just sold for 3.0978M, new all time high for standard lot detached in Burnaby.

House right next door 4353 Frances sold for 2.85M last month for identical layout.
Deal Addict
Dec 5, 2009
2789 posts
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3264 school avenue sold for 3.53m!!! I grew up right around the corner and this is one of the "worst" streets (in terms of curb appeal) in killarney.
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Jan 14, 2009
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Alpine84 wrote: 3264 school avenue sold for 3.53m!!! I grew up right around the corner and this is one of the "worst" streets (in terms of curb appeal) in killarney.
lool..The front window faces the garages/driveways of the houses across the street. Isn't that bad feng shui and a big no no? Doesn't look like they sold at a discount either...

I like that the bears are getting owned but...but then I'm also getting priced out lol...still worth it I think
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Deal Addict
Oct 8, 2015
4282 posts
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Province of Bring Ca…
Many people are saying housing market is cooling down but I'm still seeing TH being sold over price 15-20% or even more.
Deal Addict
Jun 14, 2018
1368 posts
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naticom wrote: Many people are saying housing market is cooling down but I'm still seeing TH being sold over price 15-20% or even more.
Housing market definitely not cooling. There was a condo in my building just sold yesterday for ATH. Interest rates be damned, I think the housing market is still going to be fairly strong.
Deal Addict
Sep 3, 2020
2720 posts
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Supply is still record low. Some buyers pulling back. Still some desperate/capital rich ones going in.
Deal Addict
Dec 5, 2009
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zakarydoks wrote: lool..The front window faces the garages/driveways of the houses across the street. Isn't that bad feng shui and a big no no? Doesn't look like they sold at a discount either...
Yeah it’s bad all around. Really odd shape lot so it doesn’t feel like 5000swft. Lots of run down homes, unpaved alleys, right behind a bunch of Asian grocery stores and restaurants so it’s pretty dirty. Convenient though.
Deal Addict
Dec 5, 2009
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naticom wrote: Many people are saying housing market is cooling down but I'm still seeing TH being sold over price 15-20% or even more.
Cooling down in our market basically means a balanced market. Far from this collapse that is buzzing around lol.
Deal Addict
Jun 20, 2011
2095 posts
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VANCOUVER
Alpine84 wrote: 3264 school avenue sold for 3.53m!!! I grew up right around the corner and this is one of the "worst" streets (in terms of curb appeal) in killarney.
I looked at that one because we wanted to upgrade. 1 way street. Crappy area. We passed.

2/19/22 listed at 3,299,000
3/4/22 price change to 3,699,000
3/30/22 sold for 3,530,000

crazy....
Deal Fanatic
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Jan 14, 2009
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DDHLeigh wrote: I looked at that one because we wanted to upgrade.
How about this one?
https://www.zealty.ca/mls-R2671227/6562 ... couver-BC/
1 way street. Crappy area. We passed.

2/19/22 listed at 3,299,000
3/4/22 price change to 3,699,000
3/30/22 sold for 3,530,000

crazy....
Even more crazy if you look at their 2019, pre covid, asking prices

2019-Jun-26 Expired $2,400,000
2019-Mar-28 Listed $2,400,000

2019-Mar-27 Terminated $2,498,000
2019-Jan-22 Listed $2,498,000

2019-Jan-01 Expired $2,588,000
2018-Oct-16 Listed $2,588,000
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
Deal Addict
Mar 30, 2017
1226 posts
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GVA
lol 4.5M for east van? not even a double lot
.
Deal Fanatic
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Jan 14, 2009
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Construction cost increases have become so dramatic in Metro Vancouver that they’ve outstripped land prices as the single biggest unknown in proformas for developers.
....
Time was that land prices and construction costs were both in the $250 to $300 a square foot range. Today, construction costs are often closer to $500 a square foot.
https://biv.com/article/2022/03/unprece ... e-projects

Add carbon taxes and low-carbon building code, we could be looking at $4M east side detached in 2023.
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
zakarydoks wrote: https://biv.com/article/2022/03/unprece ... e-projects

Add carbon taxes and low-carbon building code, we could be looking at $4M east side detached in 2023.
From my experience, all of these articles that quote construction costs use custom building firms. But 95% of detached homes are built by asians (predominantly south asians/EI's), and their building costs are significantly cheaper than these custom builders. The article quotes close to $500 but the standard spec new homes are more like 250-300.

But with that being said, our construction costs will only continue to go up, especially as our cities chase the title of trying to be one of the "greenest" in the world. We are so far past the point of diminishing returns that its become insanity. We're adding tens of thousands to hundreds of thousands of dollars to building costs to conserve a few extra $'s worth of energy a month. Literally meaningless.
Deal Fanatic
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Jan 14, 2009
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Vancouver, BC
Alpine84 wrote: From my experience, all of these articles that quote construction costs use custom building firms. But 95% of detached homes are built by asians (predominantly south asians/EI's), and their building costs are significantly cheaper than these custom builders. The article quotes close to $500 but the standard spec new homes are more like 250-300.

But with that being said, our construction costs will only continue to go up, especially as our cities chase the title of trying to be one of the "greenest" in the world. We are so far past the point of diminishing returns that its become insanity. We're adding tens of thousands to hundreds of thousands of dollars to building costs to conserve a few extra $'s worth of energy a month. Literally meaningless.
Can $250-$300 still be done in Vancouver proper?

I think Vancouver is doing net 0 by 2030 and that's pushing some people to buy today because they don't think they can afford it in 2030.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.
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Jan 14, 2009
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Vancouver, BC
DDHLeigh wrote: ROFL, I was just looking at this one after responding earlier. I have not ever seen a price like that in my neighbourhood.

We're interested in 6950 Mckinnon street. Don't want the kids to move schools though...
I think 6950 McKinnon will go for 3.65M.
If you buy vgro for a thousand years Vancouver homes will still be out of reach.

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