In a world where people are increasingly more and more wary of realtors, it is so nice to see someone who is so brutally honest about the available data! Thank you for all that you do! I enjoy and value your updates. Keep posting!
Thanks a lot for sharing data and opinion, dropping of sales is probably the most important single factor, but the drop in listing and the money follow (from banks and government) will delay the correction for a year or 2 or more (depending on new policies)
Hey, Wondering if you can tell me how the Guildford Area, Sullivan Station area, Queen Marys Park Area, Cloverdale area and Langely are doing for townhouses under 500K. I am in a situation were I bought a starter condo(40+ years old woodframe) in March 2016 to get into the market and stop wasting money in rent. Since then my building has been bought out by a developer making me double what I paid for it and 7 months to live free of rent. Now I was hoping to buy a older townhouse in Burnaby but all of them been going for over asking(in one case 70K) which is just too much for a old building as I can see in the next 25 years tons of maintenance will probably come down. This has pushed me to Surrey which I was hoping to get in the Guildford area but now they are starting to go over asking price as well and little on the market. I am now debating should I wait another month or 2 and try for Guildford area or should I try to get the few places in the Sullivan/Cloverdale/Langely area that interest me now and know that I probably will have a commute of 1 to 2 hours each way a day. I got 6 months left to figure it out and I am kinda scared that this market is going to get even crazy in next few months as right now I find people are buying stuff for over asking price that I am thinking should be like 100K less than what it is listed for.
Dam, hmm I guess there is no break down of areas in surrey? Still not sure what to do wait longer and hope more stock comes up in the coming market and the market stabilizes(not even thinking about prices coming down, just going flat). I know in the video you said the most active months are April-May. I thought June/July/August were also pretty active?
Ross Kay from wealthyhomeowners mentioned his numbers in March are down (I'll have access to those stats in a couple of days hopefully). What's your take on that? I noticed you have separate view points on the state of the market in Metro Vancouver. I also realise market numbers can be skewed from month to month, but he also insists on a market being provincial. Another note is he had mentioned much of the condo market was from closing sales from pre-sales dating back. Just wanted to get your take. Cheers, I like hearing your view points on the market.
Inventory levels down? given that projects have a long lead time is there some pre built buildings that is being with held? What ratio of new build to resales?
Crusty the Clown Clark and her policies have contributed to this terrible situation. She offset the effects of the Foreign Buyers Tax with giving first time buyers subsidies of 37k, exactly what's guaranteed to perpetuate this crisis! People who should not have bought i.e. the speculators, foreign buyers, shadow flipping realtors and those who are badly leveraged, were all allowed to do so and that's why we have our mess. I found out recently that appraisers were encouraged to over estimate home values. There's much blame to go round for this over inflation of prices. What a mess.
Just wondering if BC is still collecting statistics on foreign ownership and what these are for March. Has there been any movement of foreign buyers into condos as they are at a lower price point? Also, do you have any information on people (Canadian or otherwise) buying for investment and speculation versus buying to own and live in? I guess that's impossible to determine. Look forward to your discussion of the pre-sale market.
In a world where people are increasingly more and more wary of realtors, it is so nice to see someone who is so brutally honest about the available data! Thank you for all that you do! I enjoy and value your updates. Keep posting!
I agree, all I've ever heard from realtors is how great the market is.
Thank you, appreciate your videos..
Downtown New West for Condos is hot!
Columbia Street is where its at.
Thanks a lot for sharing data and opinion, dropping of sales is probably the most important single factor, but the drop in listing and the money follow (from banks and government) will delay the correction for a year or 2 or more (depending on new policies)
Hey, Wondering if you can tell me how the Guildford Area, Sullivan Station area, Queen Marys Park Area, Cloverdale area and Langely are doing for townhouses under 500K. I am in a situation were I bought a starter condo(40+ years old woodframe) in March 2016 to get into the market and stop wasting money in rent. Since then my building has been bought out by a developer making me double what I paid for it and 7 months to live free of rent.
Now I was hoping to buy a older townhouse in Burnaby but all of them been going for over asking(in one case 70K) which is just too much for a old building as I can see in the next 25 years tons of maintenance will probably come down. This has pushed me to Surrey which I was hoping to get in the Guildford area but now they are starting to go over asking price as well and little on the market. I am now debating should I wait another month or 2 and try for Guildford area or should I try to get the few places in the Sullivan/Cloverdale/Langely area that interest me now and know that I probably will have a commute of 1 to 2 hours each way a day. I got 6 months left to figure it out and I am kinda scared that this market is going to get even crazy in next few months as right now I find people are buying stuff for over asking price that I am thinking should be like 100K less than what it is listed for.
Dam, hmm I guess there is no break down of areas in surrey? Still not sure what to do wait longer and hope more stock comes up in the coming market and the market stabilizes(not even thinking about prices coming down, just going flat). I know in the video you said the most active months are April-May. I thought June/July/August were also pretty active?
Raise interest rates. Fix this mess.
I know you don't follow the Alberta market, but it would be great to get your view on the Fort McMurray market (simply from a data perspective)
Ross Kay from wealthyhomeowners mentioned his numbers in March are down (I'll have access to those stats in a couple of days hopefully). What's your take on that? I noticed you have separate view points on the state of the market in Metro Vancouver. I also realise market numbers can be skewed from month to month, but he also insists on a market being provincial. Another note is he had mentioned much of the condo market was from closing sales from pre-sales dating back. Just wanted to get your take. Cheers, I like hearing your view points on the market.
Steve Saretsky fair enough, thanks for the reply
Steve I know you don't have a crystal ball. But where do you see this market going within the next year?
Inventory levels down? given that projects have a long lead time is there some pre built buildings that is being with held? What ratio of new build to resales?
rain, mould, snow...Vancouver is the bad place to live and to invest...San Diego is the best place to live.
Crusty the Clown Clark and her policies have contributed to this terrible situation. She offset the effects of the Foreign Buyers Tax with giving first time buyers subsidies of 37k, exactly what's guaranteed to perpetuate this crisis! People who should not have bought i.e. the speculators, foreign buyers, shadow flipping realtors and those who are badly leveraged, were all allowed to do so and that's why we have our mess. I found out recently that appraisers were encouraged to over estimate home values. There's much blame to go round for this over inflation of prices. What a mess.
Just wondering if BC is still collecting statistics on foreign ownership and what these are for March. Has there been any movement of foreign buyers into condos as they are at a lower price point? Also, do you have any information on people (Canadian or otherwise) buying for investment and speculation versus buying to own and live in? I guess that's impossible to determine. Look forward to your discussion of the pre-sale market.
Could it be Govt try to save this bubble from bursting by letting any immigrant coming to this country !