Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 15 hours ago, TheSecretIsMe said: So apparently the Onni Group (well known developers) was founded by members of the Hells Angels..and they donate $$ to the libs.. link: http://gangstersoutt.blogspot.ca/2016/06/hells-angel-damiano-dipopolo-and-de.html Also, looks like they've been in some trouble lately: http://www.cknw.com/2017/03/30/developer-skirting-short-term-rental-rules-a-repeat-offender-city-of-vancouver/ Meanwhile.. Onni was founded by Innocenzo (Inno) De Cotiis. He named it Onni by spelling his name backwards. His brother Amalio founded Amacon. He named it by combining the names of Amalio and his wife Concetta. Inno is retired and Amalio has passed away so now the kids run both companies. Not sure if Inno had any contacts with any Italians in the Hells Angels, but the De Cotiis families are billionaires just like the Aquilini family and the Bosa families. Link to comment Share on other sites More sharing options...
TheSecretIsMe Posted April 4, 2017 Share Posted April 4, 2017 (edited) 1 hour ago, Harvey Spector said: Onni was founded by Innocenzo (Inno) De Cotiis. He named it Onni by spelling his name backwards. His brother Amalio founded Amacon. He named it by combining the names of Amalio and his wife Concetta. Inno is retired and Amalio has passed away so now the kids run both companies. Not sure if Inno had any contacts with any Italians in the Hells Angels, but the De Cotiis families are billionaires just like the Aquilini family and the Bosa families. I edited my post, I misread the article as it states they were threatened by the Hells Angels. Still interesting though, I wonder if the drama is over or if there was some kind of settlement behind the scenes. Perhaps its on-going..? Nonetheless, interesting stuff. Also, how do you feel about Transparency International Canada's findings? Edited April 4, 2017 by TheSecretIsMe Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 (edited) 23 minutes ago, TheSecretIsMe said: I edited my post, I misread the article as it states they were threatened by the Hells Angels. Still interesting though, I wonder if the drama is over or if there was some kind of settlement behind the scenes. Perhaps its on-going..? Nonetheless, interesting stuff. Also, how do you feel about Transparency International Canada's findings? From what I've heard the De Cotiis family has been infighting for years. It's all about the money. When your family is worth billions it always comes back to the money. Not sure if the Hells Angels are actually involved but I wouldn't be shocked if they were. In terms of those findings by TI I would agree that on the high end of real estate, properties being sold on the Westside and other areas, most of those deals are bought by foreigners, Asians primarily, and they do it through shell companies and other means to get around who the actual buyer or benefactor is. The money is transferred from China to Chinese law firms in Vancouver where these lawyers are not subjected to FINTRAC rules in actually disclosing how much money has arrived and who the buyer is. These trust accounts cannot be audited as lawyers have attorney client privilege that supercedes any money laundering laws currently in place. A Chinese foreigner could literally transfer millions into their Vancouver lawyer's trust account and then turn around and use the money to buy a multi million dollar property in Vancouver. And they could put the property in the name of a beneficiary who resides in Vancouver, i.e. their son or daughter who is a student at UBC, or they could register it in a numbered or shell company and not disclose who the benefactor is. CRA could change the rules and audit these deals more frequently, but the provincial and federal governments make billions of dollars a year in profits from the real estate industry, not to mention the financial institutions, so I don't see how they will come down any harder on these foreigners than what they are doing now. Again it is all about the money. Edited April 4, 2017 by Harvey Spector Link to comment Share on other sites More sharing options...
taxi Posted April 4, 2017 Share Posted April 4, 2017 An interesting article on the true cause of the slow down in real estate: https://betterdwelling.com/city/vancouver/vancouvers-foreign-buyer-tax-didnt-stop-real-estate-sales-china-did/ Quote Think the foreign buyer tax reduced sales of Vancouver real estate? Not exactly. Declining sales have more to do with a Chinese clampdown on outflows in December, and new capital controls in January. While we won’t bore you with the details of the new capital controls in China, we will walk you through the impact. Since the new controls, sales declined for the first multi-month period in Vancouver. This is opposed to the growth observed immediately after the foreign buyer tax. Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 April 4, 2017 Demand for homes continues to outpace supply in Metro Vancouver A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March. Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per cent above the 10-year sales average for the month. “While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.” New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed. This is the lowest number of new listings in March since 2009. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594). The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017. Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017. Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017. Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017. Link to comment Share on other sites More sharing options...
Rush17 Posted April 4, 2017 Share Posted April 4, 2017 14 minutes ago, Harvey Spector said: April 4, 2017 Demand for homes continues to outpace supply in Metro Vancouver A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March. Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per cent above the 10-year sales average for the month. “While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” Jill Oudil, Real Estate Board of Greater Vancouver (REBGV) president said. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.” New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,762 in March 2017. This represents a decrease of 24.1 per cent compared to the 6,278 units listed in March 2016 and a 29.9 per cent increase compared to February 2017 when 3,666 properties were listed. This is the lowest number of new listings in March since 2009. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594). The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 0.8 per cent decrease over the past six months and a 1.4 per cent increase compared to February 2017. Sales of detached properties in March 2017 reached 1,150, a decrease of 46.1 per cent from the 2,135 detached sales recorded in March 2016. The benchmark price for detached properties is $1,489,400. This represents a 5.0 per cent decrease over the past six months and a one per cent increase compared to February 2017. Sales of apartment properties reached 1,841 in March 2017, a decrease of 18.3 per cent compared to the 2,252 sales in March 2016.The benchmark price of an apartment property is $537,400. This represents a 5.2 per cent increase over the past six months and a 2.1 per cent increase compared to February 2017. Attached property sales in March 2017 totalled 588, a decrease of 25.2 per cent compared to the 786 sales in March 2016. The benchmark price of an attached unit is $685,100. This represents a 1.3 per cent increase over the past six months and a 1.4 per cent increase compared to February 2017. Lisa Helps mayor of Victoria is looking at possibly passing an exemption to let people sleep in their cars if the housing availability is below a certain level. I'm sure a lot of car steaders would love to come here if true. Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 (edited) REBGV sales for March 2017 compared to sales from March 2016: Detached Homes: Vancouver West - decrease 56% West Vancouver - decrease 61% Vancouver East - decrease 24% Richmond - decrease 42% North Van - decrease 52% Burnaby - decrease 45% Coquitlam - decrease 47% Surrey - decrease 43% Attached Homes (Townhouses and Condos): Vancouver West - decrease 31% West Vancouver - increase 3% Vancouver East - decrease 13% Richmond - increase 2% North Van - decrease 30% Burnaby - decrease 30% Coquitlam - decrease 11% Surrey - increase 3% Sales were down across the board last month except for attached homes in West Vancouver, Richmond and Surrey where they were up slightly. Detached homes were hit the hardest, in West Vancouver and Vancouver West, dropping over 60% in West Vancouver. Edited April 4, 2017 by Harvey Spector 1 Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 (edited) REBGV sales to active listing ratios for March 2017 (below 12% buyer's market, 12%-20% balanced market, above 20% seller's market): Detached Homes: Vancouver West - 16% West Vancouver - 14% Vancouver East - 23% Richmond - 23% North Van - 37% Burnaby - 25% Coquitlam - 38% Surrey - 40% Attached Homes (Townhouses and Condos): Vancouver West - 77% West Vancouver - 73% Vancouver East - 95% Richmond - 86% North Van - 137% Burnaby - 87% Coquitlam - 137% Surrey - 103% We are in a seller's market for all detached homes in Greater Vancouver except Vancouver West and West Vancouver, which are in a balanced market. North Vancouver, Coquitlam and Surrey are in danger of price increases this year, as their ratios are well above the 20% necessary for a price increase. We are in a MASSIVE seller's market for ALL attached homes in Greater Vancouver, specifically condos. My guess is we could see condos spike anywhere from 20% to 40% this year, especially in Burnaby, Coquitlam, Vancouver East and Surrey. Condos are selling like hotcakes. Whenever they are listed they are sold immediately with multiple offers, some with 9 or 10 offers within a couple of days. Anything priced under $600,000 goes quickly in this current market. Something must be done to cool the condo market. It is insane what is going on out there at the moment. Edited April 4, 2017 by Harvey Spector 1 Link to comment Share on other sites More sharing options...
Chicken. Posted April 4, 2017 Share Posted April 4, 2017 Let's go Coquitlam! Got a condo at this time last year.. looking good value wise so far the bidding wars were insane at that time as well Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 4, 2017 Author Share Posted April 4, 2017 (edited) REBGV median prices for March 2017 compared to median prices from February 2017: Detached Homes: Vancouver West - increase 11% to $3,500,000 West Vancouver - decrease 6% to $3,030,000 Vancouver East - increase 2% to $1,535,000 Richmond - increase 14% to $1,660,000 North Van - increase 3% to $1,651,000 Burnaby - increase 4% to $1,600,000 Coquitlam - increase 2% to $1,215,000 Surrey - increase 6% to $875,000 Attached Homes (Townhouses and Condos): Vancouver West - increase 3% to $728,000 West Vancouver - decrease 14% to $970,000 Vancouver East - decrease 3% to $533,000 Richmond - decrease 2% to $550,000 North Van - increase 10% to $596,500 Burnaby - increase 3% to $525,000 Coquitlam - increase 1% to $486,250 Surrey - increase 1% to $444,900 For detached homes it looks like prices have gone up across the board last month except in West Vancouver. Based on the increasing sales to active listings ratios I would say we are in for some higher prices this year. Not sure what is going to happen on the detached home side, but at the very least things will stay flat and there is a good chance prices will go up. Lack of inventory is the key indicator. Alot of people are still on the sidelines and not putting their house up for sale, so that is causing prices to go up. The Spring market should be a key indicator of what happens the rest of this year. For condos and townhouses there were price increases in some areas and other areas prices dropped. However based on the massively high sales to active listings ratios in all areas of Greater Vancouver, which is a future predictor of pricing, I would say prices will go up across the board this year at least 20%, if not more. A huge lack of inventory and massive demand for condos, especially under $600,000, is the driving motivator for these price increases. ALOT of first time home buyers are actively shopping around for a condo. I haven't seen many people take advantage of Christy's free money offer from the government, as people are wary of taking on a second mortgage which is basically free at the beginning but will need to be paid back starting in year 5 at market rates 5 years from now. Overall listings in the REBGV is still relatively low at 7,586. We should see a spike in listings this Spring to bring that number much higher. The number of listings we see moving forward this Spring, especially on the condo side, will be a good indicator of where prices are headed. Edited April 4, 2017 by Harvey Spector 1 Link to comment Share on other sites More sharing options...
Kragar Posted April 4, 2017 Share Posted April 4, 2017 1 hour ago, Rush17 said: Lisa Helps mayor of Victoria is looking at possibly passing an exemption to let people sleep in their cars if the housing availability is below a certain level. I'm sure a lot of car steaders would love to come here if true. New business opportunity: interior detailing to get the smell of sleep sweat out! That's the downside of passing rules like that... it can attract others that wouldn't normally be there, and end up compounding the issue. It might not be a big deal in this case, but it is something to watch for. IIRC, there was some concerns over an influx of out-of-state stoners when Colorado and Washington legalized pot, but I don't know how much if an impact it ended up having. I slept in the car one day by UVIC. Idiot landlord-to-be didn't tell me that my suite wasn't ready for me as I moved over from the lower mainland for school, so I crashed in the car that might while I looked for a new place. Fortunately found something good the next day, as I had all my junk in the back seat and had to sleep in the front. Not too comfy, but at least I didn't get bothered by a cop or anyone else. I was young, so one bad sleep was no big deal. Link to comment Share on other sites More sharing options...
The Vancouver Connection Posted April 5, 2017 Share Posted April 5, 2017 Makes sense to why Onni's developments are complete and utter garbage. Link to comment Share on other sites More sharing options...
Rush17 Posted April 5, 2017 Share Posted April 5, 2017 3 hours ago, Kragar said: New business opportunity: interior detailing to get the smell of sleep sweat out! That's the downside of passing rules like that... it can attract others that wouldn't normally be there, and end up compounding the issue. It might not be a big deal in this case, but it is something to watch for. IIRC, there was some concerns over an influx of out-of-state stoners when Colorado and Washington legalized pot, but I don't know how much if an impact it ended up having. I slept in the car one day by UVIC. Idiot landlord-to-be didn't tell me that my suite wasn't ready for me as I moved over from the lower mainland for school, so I crashed in the car that might while I looked for a new place. Fortunately found something good the next day, as I had all my junk in the back seat and had to sleep in the front. Not too comfy, but at least I didn't get bothered by a cop or anyone else. I was young, so one bad sleep was no big deal. yeah kind of like tent city we had here last year. people came from all over to camp up. Link to comment Share on other sites More sharing options...
TheSecretIsMe Posted April 5, 2017 Share Posted April 5, 2017 On 4/3/2017 at 6:53 PM, Harvey Spector said: From what I've heard the De Cotiis family has been infighting for years. It's all about the money. When your family is worth billions it always comes back to the money. Not sure if the Hells Angels are actually involved but I wouldn't be shocked if they were. In terms of those findings by TI I would agree that on the high end of real estate, properties being sold on the Westside and other areas, most of those deals are bought by foreigners, Asians primarily, and they do it through shell companies and other means to get around who the actual buyer or benefactor is. The money is transferred from China to Chinese law firms in Vancouver where these lawyers are not subjected to FINTRAC rules in actually disclosing how much money has arrived and who the buyer is. These trust accounts cannot be audited as lawyers have attorney client privilege that supercedes any money laundering laws currently in place. A Chinese foreigner could literally transfer millions into their Vancouver lawyer's trust account and then turn around and use the money to buy a multi million dollar property in Vancouver. And they could put the property in the name of a beneficiary who resides in Vancouver, i.e. their son or daughter who is a student at UBC, or they could register it in a numbered or shell company and not disclose who the benefactor is. CRA could change the rules and audit these deals more frequently, but the provincial and federal governments make billions of dollars a year in profits from the real estate industry, not to mention the financial institutions, so I don't see how they will come down any harder on these foreigners than what they are doing now. Again it is all about the money. I would think that they wouldn't want to come down on foreigners any harder than they already are, but there's also the notion that Canada is becoming a hub for this kind of thing which isn't a good look. Also, the CRA has been getting flack over the last 2 years about their lax behavior with foreigners. In my mind, they would only react if there was enough negative political rhetoric around the issue - Panama Papers, articles, TIC. Our government is definitely more reactive than proactive. Link to comment Share on other sites More sharing options...
Warhippy Posted April 6, 2017 Share Posted April 6, 2017 (edited) Royal Bank CEO comes out and tells the world he's very concerned about the housing market in Vancouver and Toronto http://www.cbc.ca/news/business/royal-bank-ceo-1.4058423 Has gotten so bad that Morneau in Ottawa has demanded an audience with the province and Toronto officials to discuss what can be done to correct the issue without popping the bubble that some still say doesn't exist in Canada's housing markets http://www.cbc.ca/news/canada/toronto/tory-morneau-meet-real-estate-toronto-1.4058029 Edited April 6, 2017 by Warhippy Link to comment Share on other sites More sharing options...
taxi Posted April 6, 2017 Share Posted April 6, 2017 On 4/5/2017 at 0:34 AM, TheSecretIsMe said: I would think that they wouldn't want to come down on foreigners any harder than they already are, but there's also the notion that Canada is becoming a hub for this kind of thing which isn't a good look. Also, the CRA has been getting flack over the last 2 years about their lax behavior with foreigners. In my mind, they would only react if there was enough negative political rhetoric around the issue - Panama Papers, articles, TIC. Our government is definitely more reactive than proactive. Why shouldn't we come down harder on foreigners? Many are clearly evading the intent of the restrictions already in place. The answer is more restrictions until people stop slipping by the system. Link to comment Share on other sites More sharing options...
TheSecretIsMe Posted April 6, 2017 Share Posted April 6, 2017 (edited) On 4/6/2017 at 0:20 PM, taxi said: Why shouldn't we come down harder on foreigners? Many are clearly evading the intent of the restrictions already in place. The answer is more restrictions until people stop slipping by the system. What ought to be isn't what is though. Our government is in bed with the real estate industry, you have people like Christy Clark who have a vested interest in the housing market continuing to remain afloat and growing. There was an article released recently that stated that the Liberal gov't provided a near 0% interest loan to a developer building majority luxury condos..the real messed up part was that they took the money out of the social housing budget. Also, they provided this same developer for the same project with a $3,000,000 grant..best part was that the this same developer donated $400,000 to the liberal. Conflict of interest anyone? Not to mention, the federal government is no better. They don't actually give a crap about the people, the focus is moreso on making $$. You have people like Christy being advised by people who are invested in the real estate industry, why would they risk losing their money by doing the right thing? I don't think it has ever worked out that way, if that was the case we would have renewable energy taking over oil many years ago, but no, things only change when the $$ makes sense. Good for David Eby trying to stimulate important and appropriate discussion. Edited April 8, 2017 by TheSecretIsMe 1 Link to comment Share on other sites More sharing options...
apollo Posted April 7, 2017 Share Posted April 7, 2017 On 4/4/2017 at 1:53 PM, Harvey Spector said: April 4, 2017 Demand for homes continues to outpace supply in Metro Vancouver “Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said. Downtown is brutal... there's more supply coming but it's all relatively luxurious units... other than Tate on Howe, we've had nothing come that's in the "affordable" range. It's very frustrating. On 4/4/2017 at 2:27 PM, Harvey Spector said: REBGV sales to active listing ratios for March 2017 (below 12% buyer's market, 12%-20% balanced market, above 20% seller's market): Detached Homes: Vancouver West - 16% West Vancouver - 14% Vancouver East - 23% Richmond - 23% North Van - 37% Burnaby - 25% Coquitlam - 38% Surrey - 40% Attached Homes (Townhouses and Condos): Vancouver West - 77% West Vancouver - 73% Vancouver East - 95% Richmond - 86% North Van - 137% Burnaby - 87% Coquitlam - 137% Surrey - 103% We are in a seller's market for all detached homes in Greater Vancouver except Vancouver West and West Vancouver, which are in a balanced market. North Vancouver, Coquitlam and Surrey are in danger of price increases this year, as their ratios are well above the 20% necessary for a price increase. We are in a MASSIVE seller's market for ALL attached homes in Greater Vancouver, specifically condos. My guess is we could see condos spike anywhere from 20% to 40% this year, especially in Burnaby, Coquitlam, Vancouver East and Surrey. Condos are selling like hotcakes. Whenever they are listed they are sold immediately with multiple offers, some with 9 or 10 offers within a couple of days. Anything priced under $600,000 goes quickly in this current market. Something must be done to cool the condo market. It is insane what is going on out there at the moment. That's brutal... I made a couple offers earlier this year for units under $500k... all went well over what I offered and thought it was worth. I've given up. This is outrageous... The new mortgage assistance did nothing but make the issue worse for those trying to purchase a unit under 500k to not pay first time buyers tax and take advantage of the mortgage assistance. Guess I'm back to waiting it out... It's extremely depressing what 500k can get you DT though. I really hope it does cool off and crash but there's too much demand and absolutely no upcoming developments in that price range downtown to ever bring prices down. Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 7, 2017 Author Share Posted April 7, 2017 (edited) 13 minutes ago, apollo said: Downtown is brutal... there's more supply coming but it's all relatively luxurious units... other than Tate on Howe, we've had nothing come that's in the "affordable" range. It's very frustrating. That's brutal... I made a couple offers earlier this year for units under $500k... all went well over what I offered and thought it was worth. I've given up. This is outrageous... The new mortgage assistance did nothing but make the issue worse for those trying to purchase a unit under 500k to not pay first time buyers tax and take advantage of the mortgage assistance. Guess I'm back to waiting it out... It's extremely depressing what 500k can get you DT though. I really hope it does cool off and crash but there's too much demand and absolutely no upcoming developments in that price range downtown to ever bring prices down. For $500k you can only buy a bachelor suite downtown or a one bedroom in an older building. Luxury condos are selling well over $2000 per foot. In Coal Harboir they are hitting $3000 per foot for the highest end, i.e Fairmont Pacific Rim, Three Harbour Green. The new stuff coming out is all luxury high end. Nothing under $1000 per foot for pre-sales. The problem is the land is so expensive now. Developers have to pay $70-$80 million for a parcel of land. In order to make money they have to pre-sell those units at $1200 a foot starting price. Downtown has become completely unaffordable for the locals unless you are already in the market and own. You will not be able to buy anything worthwhile for $500k anytime soon, probably ever again. If you are looking for a 2 bedroom new development for $500k I would recommend West Coquitlam. It is booming out there. If you hurry you can still get a 2 bedroom newer condo under $500k. Anything around the new Evergreen Line is selling like hotcakes. Edited April 7, 2017 by Harvey Spector Link to comment Share on other sites More sharing options...
themcdeal Posted April 8, 2017 Share Posted April 8, 2017 6 hours ago, Harvey Spector said: For $500k you can only buy a bachelor suite downtown or a one bedroom in an older building. Luxury condos are selling well over $2000 per foot. In Coal Harboir they are hitting $3000 per foot for the highest end, i.e Fairmont Pacific Rim, Three Harbour Green. The new stuff coming out is all luxury high end. Nothing under $1000 per foot for pre-sales. The problem is the land is so expensive now. Developers have to pay $70-$80 million for a parcel of land. In order to make money they have to pre-sell those units at $1200 a foot starting price. Downtown has become completely unaffordable for the locals unless you are already in the market and own. You will not be able to buy anything worthwhile for $500k anytime soon, probably ever again. If you are looking for a 2 bedroom new development for $500k I would recommend West Coquitlam. It is booming out there. If you hurry you can still get a 2 bedroom newer condo under $500k. Anything around the new Evergreen Line is selling like hotcakes. Tell me more... I was looking at the Avalon development near marine a few months back and i swear they were going for 375k. When i went back last month the was l lady told me they were not 475k. Its freaking ridiculous. The place was like 500 square feet. I'd liek to buy and flip if I can but im pretty much accepting the fact that I'm going to be priced out of this city. Link to comment Share on other sites More sharing options...
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