Standing_Tall#37 Posted April 22, 2017 Share Posted April 22, 2017 1 hour ago, Harvey Spector said: Your mortgage payment is probably lower than the rent you could collect on your place so you are in good shape. I know couples in their 30's who are getting mortgages in the $700k-$800k level and they aren't even blinking. Lol yea it's damn close. It's a not bad 4 bedroom house, 2800 sq ft on .5 acre all updated that backs on to a farm thats in the alr. The hot tub and sauna are a nice touch too along with the garage. I cant fathom being into a place for 700,000. I'm in my 30s and it seems like that's a maybe retirement home if a guy had a wife. 1 Link to comment Share on other sites More sharing options...
riffraff Posted April 22, 2017 Share Posted April 22, 2017 (edited) Just picked up a duplex for a rental income investment - my first one. I'm stoked. Got it at asking price. Also stoked. In the last two months I lost out on three properties, two houses and a townhouse even though I bid over asking price. comox valley. Prices going up sometimes 10k per week. Edited April 22, 2017 by riffraff 3 Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted April 22, 2017 Share Posted April 22, 2017 1 hour ago, riffraff said: Just picked up a duplex for a rental income investment - my first one. I'm stoked. Got it at asking price. Also stoked. In the last two months I lost out on three properties, two houses and a townhouse even though I bid over asking price. comox valley. Prices going up sometimes 10k per week. I think you're in the same boat I am, prices start going up elsewhere in BC as folks start realizing if they sacrifice the proximity of the Ocean they can have a damned nice place and a better quality of life elsewhere. Me? I sold my farm to move to a better place to grow my kids up as being a single father with 2 lil ones all on my own became too much to do with the farm and work by myself. So I'm excited for the laid back life 2 Link to comment Share on other sites More sharing options...
riffraff Posted April 22, 2017 Share Posted April 22, 2017 1 hour ago, Standing_Tall#37 said: I think you're in the same boat I am, prices start going up elsewhere in BC as folks start realizing if they sacrifice the proximity of the Ocean they can have a damned nice place and a better quality of life elsewhere. Me? I sold my farm to move to a better place to grow my kids up as being a single father with 2 lil ones all on my own became too much to do with the farm and work by myself. So I'm excited for the laid back life Well done and best of luck with your family. i am doing this for mine too. My goal is to have a property for each of my kids (3) within 15 years. I will gladly live in a remote cabin to make this happen....but if things go right I'm optimistic it won't take such drastic measures. although a big part of me wants live in a remote cabin now. 1 Link to comment Share on other sites More sharing options...
DonLever Posted April 23, 2017 Share Posted April 23, 2017 On 2017-04-19 at 4:39 PM, apollo said: If the Liberals, king of taking bribes from developers are kicked out after this election... things may change. Here's to hoping a Green or NDP winner. The problem lies with all levels of governments and not only at the provincial level. I would say the City of Vancouver's Vision Party, which is allied with the NPD, is 10 times as corrupt as the BC Liberals because they too get massive donations (bribes) from developers. More importantly the City of Vancouver control zoning. They control the height of building, the number of units , and where housing is located. They in effect control the supply of housing of housing, thus impacting affecting prices. Also, the City of Vancouver determines the density of housing in neighbourhood. The West Side of Vancouver has big houses and big lots, which would allow for more housing. Yet Vancouver kowtows to the Not in My Neighbour types who refuses to increase density and to heritage protection laws where old buildings cannot be torn down. Not surprisingly the West Side houses cost the most because a lot of people grew up there but can't return to their neighbourhoods because they are only so many houses available. As for the NPD, they have zero policies for helping people buy home. All they say is they will increase the level of affordable or social housing which does zip for people who want to own homes. How are they going to make houses sell for below $1 Million if they can't control market forces? The Federal Government also bears some responsibility for the high housing prices. By bringing in large numbers of refugees and immigrants into Canada, they have to live some where. Guess where they are going, into the major urban centers like Vancouver and Toronto, They are not going to live in some small city in the North or middle of nowhere. Its estimated there are 30,000-50,000 new people coming into Metro Vancouver and they all to live somewhere. There is no supply of new land in Vancouver to build more single family houses. Only apartments and Condos can be built in Vancouver. Outside of Vancouver land there is plenty of land but much of it is within the Agricultural Land Reserve or is held by aboriginals. 3 Link to comment Share on other sites More sharing options...
JV77 Posted April 23, 2017 Share Posted April 23, 2017 9 hours ago, Standing_Tall#37 said: I think you're in the same boat I am, prices start going up elsewhere in BC as folks start realizing if they sacrifice the proximity of the Ocean they can have a damned nice place and a better quality of life elsewhere. Me? I sold my farm to move to a better place to grow my kids up as being a single father with 2 lil ones all on my own became too much to do with the farm and work by myself. So I'm excited for the laid back life A farm is where I want to go! My dream is to live on one... Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted April 23, 2017 Share Posted April 23, 2017 6 hours ago, JV77 said: A farm is where I want to go! My dream is to live on one... The cariboo or the peace are the places to be, you can still buy some not bad places for 300-500,000 then depending on if you're good mechanically you can buy good used equipment for cheap( Tractor, swather, rake, bailer, etc) Link to comment Share on other sites More sharing options...
-DLC- Posted April 23, 2017 Share Posted April 23, 2017 2 hours ago, Standing_Tall#37 said: The cariboo or the peace are the places to be, you can still buy some not bad places for 300-500,000 then depending on if you're good mechanically you can buy good used equipment for cheap( Tractor, swather, rake, bailer, etc) Except site C threatens that plan. Link to comment Share on other sites More sharing options...
Standing_Tall#37 Posted April 23, 2017 Share Posted April 23, 2017 35 minutes ago, debluvscanucks said: Except site C threatens that plan. Well more so the Chetwynd- north east of there from my understanding. The rolling hills just north of Dawson creek (by Farmington and Taylor) are amazing and I can't see them flooding out so much of the ALR especially since the main highway rolls through there. Even north of Ft St. John has some beautiful area towards pink mountain and out by Pouce Coup towards the Alberta border is pretty good too. And there's plenty of areas that I can say that I don't know about that are probably equal or better. 1 Link to comment Share on other sites More sharing options...
Warhippy Posted April 24, 2017 Share Posted April 24, 2017 Victoria just voted in a 15% foreign buyers tax as well. http://www.cbc.ca/news/canada/british-columbia/victoria-council-votes-for-15-per-cent-foreign-buyers-tax-1.4082632 Kinda useless as this will push buyers to Kelowna and the Okanagan now as well. Unless this is enacted province wide (clark suspiciously silent still) it is just going to keep shoving these investors to different areas of the province further increasing prices locally Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 24, 2017 Author Share Posted April 24, 2017 (edited) Christy still has to approve the tax in Victoria. City Council can recommend it but it's up to the Provincial Governmemt to enact the legislation as law. I'm assuming it will not happen until after the election anyways. If the NDP get in then they have stated they will raise the foreign buyers tax to 30% across BC so that could most likely have the largest effect on real estate prices locally moving forward. As for the local market it is still as busy now as it was in March. Multiple offers everywhere on condos and townhomes, even in Port Coquitlam and Surrey. Just crazy out there. People are definitely moving east. I just listed a house in West Maple Ridge and I got 15 calls the first day and 3 realtors wanted to write an offer site unseen. My client decided to bump up the price yesterday so we'll see if he gets his new price or not. Edited April 24, 2017 by Harvey Spector 1 Link to comment Share on other sites More sharing options...
Warhippy Posted April 25, 2017 Share Posted April 25, 2017 1 hour ago, Harvey Spector said: Christy still has to approve the tax in Victoria. City Council can recommend it but it's up to the Provincial Governmemt to enact the legislation as law. I'm assuming it will not happen until after the election anyways. If the NDP get in then they have stated they will raise the foreign buyers tax to 30% across BC so that could most likely have the largest effect on real estate prices locally moving forward. As for the local market it is still as busy now as it was in March. Multiple offers everywhere on condos and townhomes, even in Port Coquitlam and Surrey. Just crazy out there. People are definitely moving east. I just listed a house in West Maple Ridge and I got 15 calls the first day and 3 realtors wanted to write an offer site unseen. My client decided to bump up the price yesterday so we'll see if he gets his new price or not. When you can sell a "lottery ticket" hovel for million(s) and purchase a palace a short drive out of the city and still bank hundreds of thousands, why wouldn't you? Local real estate agents here in the valley i work with doing their interior imaging have been chuckling about it for a while. Selling a home for a million + in the GVRD, buying a place in Abby or Langley and a secondary investment home in the Okanagan while still keeping a couple hundred k in the bank. Not a bad idea really. Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 25, 2017 Author Share Posted April 25, 2017 11 minutes ago, Warhippy said: When you can sell a "lottery ticket" hovel for million(s) and purchase a palace a short drive out of the city and still bank hundreds of thousands, why wouldn't you? Local real estate agents here in the valley i work with doing their interior imaging have been chuckling about it for a while. Selling a home for a million + in the GVRD, buying a place in Abby or Langley and a secondary investment home in the Okanagan while still keeping a couple hundred k in the bank. Not a bad idea really. I got a guy I picked up from my sign in Maple Ridge who wants to sell his property and buy two acres in Mission and build a new home. He figures all in there might be a 100k difference. So people in the east moving further east. But I agree with your assessment. You can a sell a 1000sf condo downtown and buy 3-4 acres in the valley and have money left over for a vacation home in the Okanagan. That's insane really. Brand new 460sf bachelor suites downtown are selling for roughly the same price as an updated house in Maple Ridge. There is big business in the interior and exterior imaging business in Vancouver. Pretty much every high end home has to be sold with a full package that includes still pictures, virtual tours, video tours and 3D videos with high end brochures. Some top end realtors are even using drones for the exclusive high end homes. How is business out in the Valley? Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 27, 2017 Author Share Posted April 27, 2017 On 2017-04-22 at 8:33 AM, themcdeal said: Have those started to start selling? I was looking into the marcon building FYI: 567 CLARKE + COMO in Coquitlam. Amazing project (tallest in Coquitlam at 49 floors) with great amenities and views. Previews will begin soon. Quick Notes: - 1 Bed suites start at $349,900, 463-530 Sq.Ft. - 2 Bed suites start at $489,900, 771-910 Sq.Ft. - 3 Bed suites start at $739,900, 875-1030 Sq.Ft. - Easy access to Evergreen Skytrain Line across the street Link to comment Share on other sites More sharing options...
The Vancouver Connection Posted April 28, 2017 Share Posted April 28, 2017 On 4/26/2017 at 10:39 PM, Harvey Spector said: FYI: 567 CLARKE + COMO in Coquitlam. Amazing project (tallest in Coquitlam at 49 floors) with great amenities and views. Previews will begin soon. Quick Notes: - 1 Bed suites start at $349,900, 463-530 Sq.Ft. - 2 Bed suites start at $489,900, 771-910 Sq.Ft. - 3 Bed suites start at $739,900, 875-1030 Sq.Ft. - Easy access to Evergreen Skytrain Line across the street Doesn't that seem pricey? or is that just the price now in that area? Link to comment Share on other sites More sharing options...
TU90 Posted April 28, 2017 Share Posted April 28, 2017 Bought my first house a year ago for 430k in Victoria, just sold it for 510. Should have went with one percent realty, going to pay about 22 in realtor fees to remax. Bought another house in Victoria for 662k, 62 over asking.. thought I was going to have to move up island but got lucky with this house. With a little work it should be worth close to 750. Link to comment Share on other sites More sharing options...
Harvey Spector Posted April 28, 2017 Author Share Posted April 28, 2017 8 hours ago, The Vancouver Connection said: Doesn't that seem pricey? or is that just the price now in that area? Yeah they are starting at around $750 per foot for a one bedroom and $635 per foot for a 2 bedroom, which one year ago was unthinkable in Coquitlam. However, the BOSA highrise building across the street which just completed a few weeks ago had some one bedroom resales at $740 per foot and some two bedrooms at $680 per foot, so it looks like that is the new price in West Coquitlam. North Burnaby is pushing at $900 per foot by Brentwood Mall, and Metrotown is about the same. Downtown it is hard to find anything below $1000 per foot today and new construction is starting around $1200 per foot. Luxury buildings are in the $2500 per foot range for the top floors (Coal Harbour, Shangri La, Trump Tower, Telus Garden, etc.). Link to comment Share on other sites More sharing options...
coho8888 Posted April 28, 2017 Share Posted April 28, 2017 47 minutes ago, Harvey Spector said: Yeah they are starting at around $750 per foot for a one bedroom and $635 per foot for a 2 bedroom, which one year ago was unthinkable in Coquitlam. However, the BOSA highrise building across the street which just completed a few weeks ago had some one bedroom resales at $740 per foot and some two bedrooms at $680 per foot, so it looks like that is the new price in West Coquitlam. North Burnaby is pushing at $900 per foot by Brentwood Mall, and Metrotown is about the same. Downtown it is hard to find anything below $1000 per foot today and new construction is starting around $1200 per foot. Luxury buildings are in the $2500 per foot range for the top floors (Coal Harbour, Shangri La, Trump Tower, Telus Garden, etc.). Its insane. A couple years ago I decided to downsize and bought a pre-built condo in Brentwood (still under construction) for 900K and I have had assignment offers for 1.4 million. Smaller pre-builts in the area used to go for around 600 - 650 per sq ft a couple years ago and that was considered high. Now many are in the 900 to 1000 per sq ft range. Link to comment Share on other sites More sharing options...
coho8888 Posted April 28, 2017 Share Posted April 28, 2017 On 4/23/2017 at 0:30 AM, DonLever said: The problem lies with all levels of governments and not only at the provincial level. I would say the City of Vancouver's Vision Party, which is allied with the NPD, is 10 times as corrupt as the BC Liberals because they too get massive donations (bribes) from developers. More importantly the City of Vancouver control zoning. They control the height of building, the number of units , and where housing is located. They in effect control the supply of housing of housing, thus impacting affecting prices. Also, the City of Vancouver determines the density of housing in neighbourhood. The West Side of Vancouver has big houses and big lots, which would allow for more housing. Yet Vancouver kowtows to the Not in My Neighbour types who refuses to increase density and to heritage protection laws where old buildings cannot be torn down. Not surprisingly the West Side houses cost the most because a lot of people grew up there but can't return to their neighbourhoods because they are only so many houses available. As for the NPD, they have zero policies for helping people buy home. All they say is they will increase the level of affordable or social housing which does zip for people who want to own homes. How are they going to make houses sell for below $1 Million if they can't control market forces? The Federal Government also bears some responsibility for the high housing prices. By bringing in large numbers of refugees and immigrants into Canada, they have to live some where. Guess where they are going, into the major urban centers like Vancouver and Toronto, They are not going to live in some small city in the North or middle of nowhere. Its estimated there are 30,000-50,000 new people coming into Metro Vancouver and they all to live somewhere. There is no supply of new land in Vancouver to build more single family houses. Only apartments and Condos can be built in Vancouver. Outside of Vancouver land there is plenty of land but much of it is within the Agricultural Land Reserve or is held by aboriginals. Not enough attention is focused on supply. The foreign buyers tax only had the effect of halting the insane rises we saw last spring. Part of the level off was due to the local market waiting for some sort of crash to get into the market but that hasn't really happened so now the prices are starting to rise again with the demand. The demand will always be there as the lower mainland is always going to be a desirable place to live. I agree that the City of Vancouver has really dropped the ball when it comes to high density housing (excluding the downtown core) Burnaby is leading the way with its high rise developements across 4 major town centers located around sky train stations. Vancouver has the Expo, Millenium and Canada Lines running through its boundaries to the downtown core yet has lagged far behind burnaby in its densification. Link to comment Share on other sites More sharing options...
Warhippy Posted May 2, 2017 Share Posted May 2, 2017 People continue to key in to government policy as the reason the market will collapse I am wondering, from an agents perspective @Harvey Spector What about the issues and now near imminent collapse of Home Capital who has lost over 2/3rds of its value in a week and is now being pegged as unable to maintain or renew tens of thousands or even hundreds of thousands of mortgages, and in the event of said collapse how the ensuing run on CMHC that is obligated to protect homeowners in Canada will affect the entire system Link to comment Share on other sites More sharing options...
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