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Real estate market crazy trying to move , it's depressing


-NucksFan

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Hi, searched to see if there was a topic on this but didn't so just wondering if anyone else has been dealing with trying to buy a house in the craziness going on now? We need to move and every time we find a house we like and put a good offer in we end up losing out to foreign investors that offer WAY over the asking price, offer all cash AND ask for NO subjects!!!! It's making me so depressed , how do you compete with that? 

Normal people who are trying to buy a HOME, not an investment,  cannot risk buying without a subject of a home inspection but so far in our experience, these investors treat the money involved like pocket change, it feels like there will be no homes left for us folks who have been here all our lives and paid taxes forever and have saved to move to a nicer place but can't because the foreign money is making homes too far out of reach!!! 

Ok, rant over, lol, sorry it's just soooo depressing we have lived in our current home for 25 years so moving alone is a big deal, we were excited about it but now it's become torturous, it's sad.

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7 minutes ago, Mathew Barzal said:

Buckle up, a lot of my friends are planning their futures outside BC for this reason.

Pretty much how its going to be. You need to make a combine income of at least 120k to afford a house down here........

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living in northern b.c. i can say it used to be excempt from high price's , but its getting hard  here as well. my house that i'm in now has tripled in value in the last 5 years ,and I'm selling it. to live in a condo my wife inherited. with the possibility of cmhc raising the down payment percentage , unfortunately its going to get worse.

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12 minutes ago, Mathew Barzal said:

Buckle up, a lot of my friends are planning their futures outside BC for this reason.

That's sad, we can't, we need to stick around to help older parents, lol we are scr*wed

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19 minutes ago, Lockhart said:

So you're saying it's hard to compete with corrupt offshore Chinese buyers?

Canadians are giving the money to the Chinese, or any other foreign buyer.

 

The Chinese, or any other foreign buyer, are just choosing to buy houses in Canada since there is nothing better to put that money into.

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13 minutes ago, Lockhart said:

So you're saying it's hard to compete with corrupt offshore Chinese buyers?

Um yep, that is exactly what I am saying ;)

its one thing reading about it in the papers , the reality of actually being Immersed in it is a nightmare , they aren't even picky about what houses they are buying, we looked at nice houses with views and smaller places that needed a ton of work, there were crowds of them at all the open houses 

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We were contemplating a move to the island with the market the way it is but the job market there, particularly in my field, is shall we say, less robust. The market is up there too but you can get an inspection and not pay your first born over asking. 

 

Sadly, I'm still far enough from retirement that the dollars don't make sense. We'd need another $500k+ for it to even start making sense. Which sucks because I can't stand living here anymore. Too many farking people, too much farking noise. 

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9 minutes ago, Gstank29 said:

Pretty much how its going to be. You need to make a combine income of at least 120k to afford a house down here........

Well we have a house , it's just not working for our family anymore so we need to move, otherwise I wouldn't put us through this torture... Too bad, it shouldn't be like this even our realtor commented that it is getting worse each week that passes

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1 minute ago, nucksnavsfan said:

That's sad, we can't, we need to stick around to help older parents, lol we are scr*wed

Well most of our parents are now millionaires..

 

I blame a specific country with about 1.3 billion people and a lot of corruption thoughout their society... They are trying to move their corrupt money out of the country and by doing that they are paying ridiculous prices.

 

The prices in my neighbourhood have gone from 800k to 1.2 million in just over 2 years

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3 minutes ago, J.R. said:

We were contemplating a move to the island with the market the way it is but the job market there, particularly in my field, is shall we say, less robust. The market is up there too but you can get an inspection and not pay your first born over asking. 

 

Sadly, I'm still far enough from retirement that the dollars don't make sense. We'd need another $500k+ for it to even start making sense. Which sucks because I can't stand living here anymore. Too many farking people, too much farking noise. 

Saskatchewaaaaaaaaannnn 

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I was watching a news segment a while back about foreign investors buying property in Seattle and surrounding areas like Bellevue, and how it is easier for foreign investors to come to Seattle than Vancouver because of immigration.

 

It's really expensive to buy a home in Seattle, and the rent is expensive.  I would love to live in luxury down the street from me.

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Just now, Gstank29 said:

Well most of our parents are now millionaires..

 

I blame a specific country with about 1.3 billion people and a lot of corruption thoughout their society... They are trying to move their corrupt money out of the country and by doing that they are paying ridiculous prices.

 

The prices in my neighbourhood have gone from 800k to 1.2 million in just over 2 years

What that have to do with this?

 

canada-money-supply-m3.png?s=canadamonsu

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Just an alternative thought here, but if the current market is so bad, have you considered doing some major renovations on your current house? Maybe even adding an expansion if it's space that's the issue? I'm not really sure what your current situation is, but if you're going to spend money one way or another, maybe it's an option. 

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2 minutes ago, Gstank29 said:

Well most of our parents are now millionaires..

 

I blame a specific country with about 1.3 billion people and a lot of corruption thoughout their society... They are trying to move their corrupt money out of the country and by doing that they are paying ridiculous prices.

 

The prices in my neighbourhood have gone from 800k to 1.2 million in just over 2 years

Yep that is exactly it, the offers they are putting in are cash and sometimes $1 hundred thousand over asking it's insane and unfair.... So far houses we have seen are selling for up to $50,000 more than nicer houses on the same street sold for one week ago it getting worse daily and us average folk can't compete so much for moving up 

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2 minutes ago, J.R. said:

Haha hah Saskatchewan! :lol::lol:

 

No. <_<

You think there's not going on? Look closer, you're so wrong. And that's why you can stay so long, cause there's not a lot going on :P 

 

TBH though, the housing prices are great, people are friendly, and as far as foreigners go, it's mostly Filipinos and Indians here. But I know for a man with a family and a job in a specific field, probably doesn't meet your needs...

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