The BC Real Estate Discussion Thread

[aGENT]

32 minutes ago, ronthecivil said:

Why WOULD they actually want to "fix" it. With 70% of Canadians in the ownership category, and with soo many people in a situation where they have had to have their mortgage extended into infinity, what would happen if all these people were suddenly underwater with their housing situation? It would be chaos! It's political suicide.

 

You can fix it overnight by just eliminating the capital gains exemption on your primary residence. And so much tax revenue. But ya, political suicide.

 

So were screwed.

We'll it wouldn't get fixed overnight by building more housing. Starting to do so again would slowly start to bring supply closer and closer to demand, without tanking values "underwater". It would just incrementally start balancing those scales.

 

That doesn't sound like political suicide at all.

Edited April 20, 2023 by aGENT

[ronthecivil]

23 minutes ago, aGENT said:

We'll it wouldn't get fixed overnight by building more housing. Starting to do so again would slowly start to bring supply closer and closer to demand, without tanking values "underwater". It would just incrementally start balancing those scales.

 

That doesn't sound like political suicide at all.

Well I actually like the supply side idea being done by the BC government telling NIBYS to take a hike and force more building within cities.

 

Now on other side, having massive immigration quotas is not going to help with demand.

 

Lets see what higher interest rates do long term.

[aGENT]

9 minutes ago, ronthecivil said:

Well I actually like the supply side idea being done by the BC government telling NIBYS to take a hike and force more building within cities.

 

Now on other side, having massive immigration quotas is not going to help with demand.

 

Lets see what higher interest rates do long term.

We should absolutely be building a metric fork tonne of public/subsidized housing. Like 75-100k units per year federally.

 

No, but massive immigration quotas do help with declining birth rates and aging population (which is a global issue and not looking to change any time soon). Though I suppose when the oldies start dropping dead, that will increase supply too 

 

Higher being relative of course, but IIRC seeing, rates are expected to stay pretty level, if not actually dip a bit in the not distant future, as inflation cools.

 

 

[ronthecivil]

19 hours ago, aGENT said:

We should absolutely be building a metric fork tonne of public/subsidized housing. Like 75-100k units per year federally.

 

No, but massive immigration quotas do help with declining birth rates and aging population (which is a global issue and not looking to change any time soon). Though I suppose when the oldies start dropping dead, that will increase supply too 

 

Higher being relative of course, but IIRC seeing, rates are expected to stay pretty level, if not actually dip a bit in the not distant future, as inflation cools.

 

 

We need immigrants to deal with declining birthrates and keep the ponzi scheme going, yup. But they won't have anywhere to live unless they brought cash with them. Large numbers are already giving up and going back home because of it. I know two people off the top of my head that were making good money that just couldn't hack the real estate situation, so they gave up, and went back home!

[bishopshodan]

So, was that the crash?

 

 

[I.Am.Ironman]

1 hour ago, bishopshodan said:

So, was that the crash?

 

 

Depending on where you are I'm not sure there will be a 'crash' but maybe another dip. If BoC raises rates again to match the US Fed then maybe we see another dip later in the year. There is a particular luxury condo project being built that I'm following, I get emails pretty frequently about price incentives. So they obviously haven't pre sold the whole building which is a little bit encouraging I guess. Mind you, they have over priced the units imo.

[taxi]

1 hour ago, bishopshodan said:

So, was that the crash?

 

 

Demand is just too high in some areas for a true crash. If you could buy detached houses in Vancouver proper for under $1,000,000, they'd be gone in an instant. In a situation where there's low supply and high demand, prices will always stay high enough that a purchase is painful. You can go on about prices returning to a place that matches salaries, but as long as people are going large influxes of cash from mom and dad and/or foreign investments that will never happen. 

[bishopshodan]

36 minutes ago, I.Am.Ironman said:

Depending on where you are I'm not sure there will be a 'crash' but maybe another dip. If BoC raises rates again to match the US Fed then maybe we see another dip later in the year. There is a particular luxury condo project being built that I'm following, I get emails pretty frequently about price incentives. So they obviously haven't pre sold the whole building which is a little bit encouraging I guess. Mind you, they have over priced the units imo.

True. Never thought there would be a crash but many were claiming the sky would fall. 

Lots of realtors in my area are starting to claim a rebound from the dip, which was only coming down from pandemic inflated anyway.  I just sold a place for 10% over assessed which traditionally isn't great but the assessed value was really high as it was based on last summer. 

 

16 minutes ago, taxi said:

Demand is just too high in some areas for a true crash. If you could buy detached houses in Vancouver proper for under $1,000,000, they'd be gone in an instant. In a situation where there's low supply and high demand, prices will always stay high enough that a purchase is painful. You can go on about prices returning to a place that matches salaries, but as long as people are going large influxes of cash from mom and dad and/or foreign investments that will never happen. 

Yup, Inventory. Been saying this for a while. 

Any correction will take time and will need real support and initiatives from municipalities. Besides those trust fund babies/foreign money you speak of, there are a lot of Canadians moving to BC looking to buy.

 

If I was looking to get into the market, I would do it this year. I think next year will be a strong sellers market again. 

[Jester13]

59 minutes ago, I.Am.Ironman said:

Depending on where you are I'm not sure there will be a 'crash' but maybe another dip. If BoC raises rates again to match the US Fed then maybe we see another dip later in the year. There is a particular luxury condo project being built that I'm following, I get emails pretty frequently about price incentives. So they obviously haven't pre sold the whole building which is a little bit encouraging I guess. Mind you, they have over priced the units imo.

Which project?

[aGENT]

11 minutes ago, bishopshodan said:

True. Never thought there would be a crash but many were claiming the sky would fall. 

Lots of realtors in my area are starting to claim a rebound from the dip, which was only coming down from pandemic inflated anyway.  I just sold a place for 10% over assessed which traditionally isn't great but the assessed value was really high as it was based on last summer. 

 

Yup, Inventory. Been saying this for a while. 

Any correction will take time and will need real support and initiatives from municipalities. Besides those trust fund babies/foreign money you speak of, there are a lot of Canadians moving to BC looking to buy.

 

If I was looking to get into the market, I would do it this year. I think next year will be a strong sellers market again. 

At some point here, inventory will see a small increase, as folks can't afford their payments/can't renew mortgages.

 

I'd imagine the next couple years will see a bit of "up and down" with that. But there's just not likely going to be a major "crash" that brings prices back inline with salaries, for the majority of BC housing. Too many people want to buy homes here, not enough homes to buy.

[Warhippy]

1 hour ago, bishopshodan said:

True. Never thought there would be a crash but many were claiming the sky would fall. 

Lots of realtors in my area are starting to claim a rebound from the dip, which was only coming down from pandemic inflated anyway.  I just sold a place for 10% over assessed which traditionally isn't great but the assessed value was really high as it was based on last summer. 

 

Yup, Inventory. Been saying this for a while. 

Any correction will take time and will need real support and initiatives from municipalities. Besides those trust fund babies/foreign money you speak of, there are a lot of Canadians moving to BC looking to buy.

 

If I was looking to get into the market, I would do it this year. I think next year will be a strong sellers market again. 

LIterally a row of new townhomes in kelowna with the digital and real world advertising being 

 

INVESTMENT PROPERTY LOW STRATA

 

Not live here and build a family.  A literal ad for corporate ownership for multiple rows of these homes as a safe investment.  Housing is no longer a human right it is little more than a line item on a corporate portfolio and THAT is far FAR more damaging than foreign owners or that hard working family in sask buying a vacation property on the island or okanagan.

[I.Am.Ironman]

1 hour ago, Jester13 said:

Which project?

It's called Movala. It's on Lakeshore in Kelowna. The building is currently under construction. There are a few similar buildings going up in the area.

[Warhippy]

26 minutes ago, I.Am.Ironman said:

It's called Movala. It's on Lakeshore in Kelowna. The building is currently under construction. There are a few similar buildings going up in the area.

Check out the places on Cadder

[bishopshodan]

1 hour ago, Warhippy said:

LIterally a row of new townhomes in kelowna with the digital and real world advertising being 

 

INVESTMENT PROPERTY LOW STRATA

 

Not live here and build a family.  A literal ad for corporate ownership for multiple rows of these homes as a safe investment.  Housing is no longer a human right it is little more than a line item on a corporate portfolio and THAT is far FAR more damaging than foreign owners or that hard working family in sask buying a vacation property on the island or okanagan.

Corporate ownership or simply speculators, investing in realestate is strong. 

Though I hate being a landlord, I am tempted to do it again. The rental market is sky high. I could grab a one or two bedroom in Nanaimo ( rapidly growing city) for $300k-400k-ish and rent it out for $2k- 3k+. Due to that low inventory we have mentioned, the equity will sooner or later increase and the rent will more than pay for the mortgage.

 

Inventory. Nationally, we need 500k people a year to grow our economy. BC had the most people in 60 years move here in 2021, not sure about 2022. Municipalities drag their feet on advancing developments or/and have nimby issues. High borrowing rates also impact new construction....etc...

 

Nope, there is no reason to believe the market is going to get cheaper in general. At least the way I'm seeing it. 

[I.Am.Ironman]

3 hours ago, Warhippy said:

Check out the places on Cadder

Mostly detached homes there no? Expensive ones at that.

[Warhippy]

2 hours ago, I.Am.Ironman said:

Mostly detached homes there no? Expensive ones at that.

series of townhomes/row homes listed as investment only

[I.Am.Ironman]

3 hours ago, Warhippy said:

series of townhomes/row homes listed as investment only

I know a lot of new builds are advertising as "airbnb friendly" as well. It's killing the rental market because owners make more in a week than they do with a month's rent.

[bishopshodan]

14 hours ago, Warhippy said:

series of townhomes/row homes listed as investment only

I've seen 'great investment opportunity' many times throughout the years.

I have never seen 'investment only'...does it really say 'only'?

 

What does that even mean? no owner occupied tenancy allowed? that's silly...

[Warhippy]

29 minutes ago, bishopshodan said:

I've seen 'great investment opportunity' many times throughout the years.

I have never seen 'investment only'...does it really say 'only'?

 

What does that even mean? no owner occupied tenancy allowed? that's silly...

I should rephrase that.

 

The selling feature, is listed as investment; only.  Not anything else.  Just a great purchase for investment income; discount on multiple purchases.

 

Not only to be sold to investors

[ronthecivil]

On 5/9/2023 at 10:02 AM, aGENT said:

At some point here, inventory will see a small increase, as folks can't afford their payments/can't renew mortgages.

 

I'd imagine the next couple years will see a bit of "up and down" with that. But there's just not likely going to be a major "crash" that brings prices back inline with salaries, for the majority of BC housing. Too many people want to buy homes here, not enough homes to buy.

Well the province has stepped in and given the finger to municipalities (which is it's right to do contrary to popular opinion) and told them to get building.

 

For an example of the change look at the Broadway plan in Vancouver. The usual cries about demoviction etc are there. But the best they have gotten is an almost vote to SURVEY how much demoviction actually happens. The plan is full steam ahead. A second downtown.

 

https://vancouver.ca/home-property-development/broadway-plan.aspx

 

Basically doubling the population over the next 30 years. It's going to be non stop construction. And this is a happy go luck nice guy plan.

 

Burnaby said "were going to go nuts and develop the hell out of Lougheed mall. Another downtown....

 

https://thecityoflougheed.com/vision-and-masterplan/

 

I don't have an easy link for it, but Coquitlam basically said "fine, we will see your towers, and raise you more!". There's basically a tower or two always under construction on the other side of north road.

 

And also in Coquitlam, a whole new neighborhood. The preloading is done and it looks like they are building it.

 

https://www.coquitlam.ca/459/Waterfront-Village-Centre-Neighbourhood-

 

Those are just the things that I know of on the top of my head. The problem is going to be finding enough workers, concrete, and lumber to build it!

 

Of course, the question then becomes, will even all that (and all the other stuff, I don't even know what Surrey is up to for example), will it keep up with the aggressive immigration targets? 

 

You know, we don't have enough housing. So build more. But we don't have enough workers. So import some. But we don't have housing for them. Etc.

 

If you think I am pointing out an inflationary hole in our bucket, you right. But they sure as hell are trying to build their way out!