aGENT Posted October 4, 2019 Share Posted October 4, 2019 On 9/18/2019 at 3:19 PM, bishopshodan said: Starting to look so good I want to stay but very excited to move to the great Van Isl! Where are you looking on the island Bishop? Link to comment Share on other sites More sharing options...
bishopshodan Posted October 4, 2019 Share Posted October 4, 2019 2 hours ago, aGENT said: Where are you looking on the island Bishop? Nanoose Bay. Beautiful spot. 1 Link to comment Share on other sites More sharing options...
Alflives Posted October 4, 2019 Share Posted October 4, 2019 2 minutes ago, bishopshodan said: Nanoose Bay. Beautiful spot. Golf course there from what I remember? Link to comment Share on other sites More sharing options...
bishopshodan Posted October 4, 2019 Share Posted October 4, 2019 Fairwinds. Can't wait. Used to work near by as a kid....didn't golf then... Do now... 1 Link to comment Share on other sites More sharing options...
Alflives Posted October 4, 2019 Share Posted October 4, 2019 1 minute ago, bishopshodan said: Fairwinds. Can't wait. Used to work near by as a kid....didn't golf then... Do now... Haven’t been there for several years, but absolutely loved it. Beautiful weather there too. You win! 1 Link to comment Share on other sites More sharing options...
AV's Coin Posted October 4, 2019 Share Posted October 4, 2019 28 minutes ago, Alflives said: Haven’t been there for several years, but absolutely loved it. Beautiful weather there too. You win! East side of the island from Lantzville to Bowser is magic. Notice I didnt include Nanaimo 1 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted October 6, 2019 Share Posted October 6, 2019 We accepted, close to list price. Most $ per sq ft in the building in the last 18mths. Subjects come off on Oct 11, so I won't pop the champagne yet. 3 days on the market. That said, our open house wasn't overly busy so maybe we got lucky. Doing another one today just to see if we can generate a backup offer. Hope to report in this thread next month that we have landed on the Island! 3 Link to comment Share on other sites More sharing options...
Down by the River Posted October 6, 2019 Share Posted October 6, 2019 On 10/3/2019 at 7:37 PM, bishopshodan said: Fairwinds. Can't wait. Used to work near by as a kid....didn't golf then... Do now... Awesome man. My Grandma used to live right on the course. My brother and I would go out at twilight and just whack the ball around when nobody was looking. 1 Link to comment Share on other sites More sharing options...
kingofsurrey Posted October 10, 2019 Share Posted October 10, 2019 https://vancouversun.com/news/local-news/metro-vancouver-housing-prices-head-south-as-prices-nationally-head-north Link to comment Share on other sites More sharing options...
bishopshodan Posted October 10, 2019 Share Posted October 10, 2019 (edited) On 10/10/2019 at 12:23 PM, kingofsurrey said: https://vancouversun.com/news/local-news/metro-vancouver-housing-prices-head-south-as-prices-nationally-head-north Hmm, articles like this are misleading, they include the high end detached houses and West Van silly valued condos. I would like to see some stats on entry level homes...say properties under $700k. Here's what we know, Sales were up 46% over last September. The prices are still going down but that is slowing. The developers will have some influence as they a reported to be with holding over 90% of new builds, this is massive for the future!. https://betterdwelling.com/city/vancouver/vancouver-real-estate-developers-drop-new-inventory-by-over-95/ Also, the mortgage rates are amazing, a dude I know got 2.5% the other day. For the first time in 20 years I am going to go fixed over variable. Keep an eye on Hong Kong too, Vancouver would likely be a desirable location... I've mentioned my story...Subjects come off tomorrow at midnight, inspection in the morning...so I am not celebrating yet. To repeat, we were on the market for 3 days and received an offer at 98% asking which is the highest $ per sqft in the last 18 mths. IMO, this is the time to sell condos and buy detached. I am not a professional though and only can relay my personal story. Edit: I'm popping the champagne tonight....subject removed. Sale done. Edited October 11, 2019 by bishopshodan 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted October 18, 2019 Share Posted October 18, 2019 Thought I would post this. My sale is done and now I am in the stage of wrestling with the bank for the best mortgage etc.. for my next purchase. My realtor has been on point for the last couple years. He was very good at predicting what would happen and proved it by doing such a good job with my sale. This is his recent newsletter.. The Vancouver Real Estate Newsletter October 18th, 2019 A Tale Of Two Markets Depending on who you talk to about the Real Estate market these days, you're likely to hear wildly opposing views. Some sellers are experiencing a painfully long time on market with price drops and little interest. Others have sold their home in a couple of days in multiple offers for a record setting price. We've seen buyers find their dream home in a few weeks, while others can't find anything they like or keep losing in multiple offer situations. These types of stories are indicative of a market that is both fast changing and bottoming out. Some sellers are living in the recent past and have unrealistic expectations, while others think that waiting for the upturn is the best strategy. As always, looking past the headlines and stories and analyzing the data is the strategic way to help decide if now is right time for you to be buying or selling. Three Key Indicators I'm Watching West Vancouver detached homes have undoubtably been hit the hardest during this down-turn, with the average price down 27%. But as this chart illustrates, prices appear to have bottomed out in May and have held steady for 5 straight months. Is the worst over for this area? October sales volume is averaging 91 homes per day and is on track for 2,828 total homes sales sold for the month. If this number is reached, not only will it be the highest sales month for 2019, it would be the highest seen in 2 years, dating back to October 2017. Even with sales volume increasing for 9 straight months, prices continue to slide. Last month the average home price dropped $2,700, or 0.03%. With inventory dropping and sales volume increasing, is it just a matter of time before the prices follow? Link to comment Share on other sites More sharing options...
BM24 Posted October 22, 2019 Share Posted October 22, 2019 (edited) As a 24 year old, it feels impossible to think of owning a house and I live in PG Edited October 22, 2019 by BM24 Link to comment Share on other sites More sharing options...
bishopshodan Posted October 22, 2019 Share Posted October 22, 2019 7 hours ago, BM24 said: As a 24 year old, it feels impossible to think of owning a house and I live in PG Starter homes in PG are in the $150k range If you go for something about $200k , with a 10k down payment, at 2.9% mortgage rate (there's great rates right now). over 25 years ( could maybe get 30yrs?) .. ..you are looking at less that $1000 per month for your payments. You could do this. 1 1 Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted October 22, 2019 Share Posted October 22, 2019 7 hours ago, BM24 said: As a 24 year old, it feels impossible to think of owning a house and I live in PG It will be eventually and the only way for children of this country to ever own a home will be to inherit their home from their parents. If you can't do this, you will effectively be homeless or unable to ever retire because the price of home ownership or rental is astronomical. Politicians with their inability and blatant unwillingness to deal with the situation appropriately have seen to this. Link to comment Share on other sites More sharing options...
BM24 Posted October 22, 2019 Share Posted October 22, 2019 (edited) 2 hours ago, bishopshodan said: Starter homes in PG are in the $150k range If you go for something about $200k , with a 10k down payment, at 2.9% mortgage rate (there's great rates right now). over 25 years ( could maybe get 30yrs?) .. ..you are looking at less that $1000 per month for your payments. You could do this. You are right. I was told by my bank in the spring I could afford a home up to $200K. I could possibly afford a bit over that but it would probably be tight when other expenses come into play. It’s just the other expenses that come along with a house that I think put me in a bit of a bind. Internet/tv aren’t really that much of a worry for other expenses as I’m never going to pay for cable so I kind of have that aspect figured out. I can easily put down $10K and my truck payment will be done next year so that’s money that I could turn towards a house as well. it’s possible but it feels like the stars need to align just right for anything to work. I show my parents the price of houses or rent and they can’t believe it. Edited October 22, 2019 by BM24 Link to comment Share on other sites More sharing options...
BM24 Posted October 22, 2019 Share Posted October 22, 2019 2 hours ago, Tortorella's Rant said: It will be eventually and the only way for children of this country to ever own a home will be to inherit their home from their parents. If you can't do this, you will effectively be homeless or unable to ever retire because the price of home ownership or rental is astronomical. Politicians with their inability and blatant unwillingness to deal with the situation appropriately have seen to this. Majority of my friends are still with their parents or renting aka pissing their money away - they can’t afford a down payment and paying $1000+ in rent isn’t helping them save for that. I think the best plan is to probably get a couple buddies and buy a house, pay it off, then save but who knows. Tough to find 2-3 people with the same plan/timeline/ability to pay/etc. Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted October 22, 2019 Share Posted October 22, 2019 6 minutes ago, BM24 said: Majority of my friends are still with their parents or renting aka pissing their money away - they can’t afford a down payment and paying $1000+ in rent isn’t helping them save for that. I think the best plan is to probably get a couple buddies and buy a house, pay it off, then save but who knows. Tough to find 2-3 people with the same plan/timeline/ability to pay/etc. How does the latter work though unless you guys plan on living together forever? I would either buy now at those prices or continue to live at home and pool your money. You can't go wrong either way really. At least the prices where you are still cheap, and obviously local, you can jump on something quick. Here in the Valley - it's over. It was over a long god damn time ago. 1 Link to comment Share on other sites More sharing options...
aGENT Posted October 22, 2019 Share Posted October 22, 2019 2 hours ago, Tortorella's Rant said: It will be eventually and the only way for children of this country to ever own a home will be to inherit their home from their parents. If you can't do this, you will effectively be homeless or unable to ever retire because the price of home ownership or rental is astronomical. Politicians with their inability and blatant unwillingness to deal with the situation appropriately have seen to this. Speaking of PG, some folks could do what my sister in law and her husband have done and buy homes in PG (or other similar areas with high demand rental properties and lower prices than greater Vancouver). I think they're up to three houses now. The rental income for which, covers their mortgage payments for their homes as well as most of their rent to live in Vancouver. All while building equity. @BM24 if you're already in PG, you could also look in to a home with a suite to help cover some of those mortgage payments... Link to comment Share on other sites More sharing options...
BM24 Posted October 22, 2019 Share Posted October 22, 2019 14 minutes ago, aGENT said: Speaking of PG, some folks could do what my sister in law and her husband have done and buy homes in PG (or other similar areas with high demand rental properties and lower prices than greater Vancouver). I think they're up to three houses now. The rental income for which, covers their mortgage payments for their homes as well as most of their rent to live in Vancouver. All while building equity. @BM24 if you're already in PG, you could also look in to a home with a suite to help cover some of those mortgage payments... Yeah a suite is another option. Lots of homes being built now have basement suites since that’s the only way people can afford their mortgages. Link to comment Share on other sites More sharing options...
aGENT Posted October 22, 2019 Share Posted October 22, 2019 1 minute ago, BM24 said: Yeah a suite is another option. Lots of homes being built now have basement suites since that’s the only way people can afford their mortgages. It's a solid plan to get ahead. Cuts your cash outlay while you build equity. If you're smart between paying off principal and adding natural equity from market growth over time. In time, you can look at using that equity to purchase another property and/or move up to a property with say a carriage house that you can also rent out that pays most if not all of your mortgage. Rinse and repeat. Link to comment Share on other sites More sharing options...
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