real estate..... is it true??

[Smallcock]

Vancouver has not cracked.

Prices in August were like those seen in every month previous - 20 - 30% above last year's prices:
http://www.am730.ca/syn/112/218221/raw-numbers-of-metro-vancouvers-real-estate

Furthermore, while sales of detached homes were down, sales of condos were up in virtually every Vancouver market.

No signs of a bubble bursting until we start seeing lack of demand, unsold inventory, and finally price decreases.

 

[GaryLi]

Average listing price keeps going up, yes, however average sold price is down to January 2015 levels. Only 1 in 5 homes listed have found a buyer. I think condo sales are up because people realize non-condos aren't going down in price any time soon and cant afford anything else but a condo.

 

[Smallcock]

Average price has fallen because of the drop in luxury home sales (their high price point pushes averages up).

The fallout of the tax could present some unintended consequences:
https://betterdwelling.com/chinas-largest-overseas-real-estate-firm-sees-surge-vancouver/

Will the price of houses below $1 million begin to rise?
Will university enrollment of international Chinese students decrease?

 

[Smallcock]

Government red tape makes it unfeasible for people to legally create rental units in their homes:

http://www.movesmartly.com/2016/09/...al-basement-apartments-and-density-goals.html

If the provincial government's focus in on density and affordable housing, this should not be so expensive.

Best option is to add units illegally as is usually done.

 

[Smallcock]

Guys like this are making tons of money:
http://www.theglobeandmail.com/real-estate/vancouver/out-of-the-shadows/article31802994/

 

[Smallcock]

Residential sales have dropped significantly in Vancouver, but prices haven't yet.

What's interesting is that Vancouver is seeing record breaking surge in commercial property sales now:
http://business.financialpost.com/n...h-34-leap-in-just-one-quarter?__lsa=e880-d732

 

[GaryLi]

Werent the pensions offloading commericial property the past month? Could be just those sales skewing the numbers. Or has it set off a sell-off of prime commercial property?

 

[Smallcock]

Astute observation. That could very well be the case.

 

[Smallcock]

Looks like foreign buyers leaving Vancouver will be flooding Toronto and Seattle

http://globalnews.ca/news/2943992/g...ding-seattle-and-toronto-real-estate-markets/

 

[GaryLi]

Wow they are actually putting in an empty homes tax:

http://globalnews.ca/news/2939485/vancouver-mayor-to-release-plan-on-empty-homes-tax/

0.5%-2% on an average detached there is like 7-28K a year, effectively doubling property tax for ones effected. This will be a big nail in the coffin on real estate speculation.

 

[wonkyknee]

I have a hard time believing Vancouver foreign buyers will come to Toronto?? If I was investing in Nice and other foreign buyers got nailed with no grandfathering on deals already made, I'm not sure I'd divert my deals to Paris or another French hot spot? I might look to another country. Torontonians have become so egocentric they can't see anything ever not going their way.

 

[Smallcock]

I have a hard time believing Vancouver foreign buyers will come to Toronto?? If I was investing in Nice and other foreign buyers got nailed with no grandfathering on deals already made, I'm not sure I'd divert my deals to Paris or another French hot spot? I might look to another country. Torontonians have become so egocentric they can't see anything ever not going their way.

Those predicting a shift toward Toronto is not coming from Torontonians. It's coming from Sotheby's and Juwai - some of the biggest international real estate brokerages.

 

[Vallant]

http://www.theglobeandmail.com/news...32204922/?from=singlemessage&isappinstalled=0

 

[rgkv]

I own a 60 year old, 1000sg.ft. bungalow, on a 60ft. x 120ft. lot in Agincourt. I bought the house 5 1/2 years ago for 380 thou. Real estate agent, selling the house next door, came over as I was outside to talk with me..
He asked and I said yes that I was considering on selling my place next spring. He asked and I said I would be looking at selling between 8 & 9 hundred thou.
The look on his face, I thought he gonna tell me no way...
His words...." OH NO, I have investors, I'll get you more than 9".........{GULP!! insert smile here}

 

[Denmae]

I own a 60 year old, 1000sg.ft. bungalow, on a 60ft. x 120ft. lot in Agincourt. I bought the house 5 1/2 years ago for 380 thou. Real estate agent, selling the house next door, came over as I was outside to talk with me..
He asked and I said yes that I was considering on selling my place next spring. He asked and I said I would be looking at selling between 8 & 9 hundred thou.
The look on his face, I thought he gonna tell me no way...
His words...." OH NO, I have investors, I'll get you more than 9".........{GULP!! insert smile here}

I wouldn't call them investors. More like idiots

 

[rgkv]

I wouldn't call them investors. More like idiots

Not idiots.. just people with money

 

[Smallcock]

Vancouver sales were down 32% in September year-over-year, but average price of house still increased.

Close to home:

Toronto buyers drive real estate prices up in Cambridge, Kitchener, Guelph
Sporadic real estate bidding wars will persist as influx of Toronto buyers continues unabated
http://www.cbc.ca/news/canada/kitch...al-estate-kitchener-waterloo-guelph-1.3783939

 

[afterhours]

I own a 60 year old, 1000sg.ft. bungalow, on a 60ft. x 120ft. lot in Agincourt. I bought the house 5 1/2 years ago for 380 thou. Real estate agent, selling the house next door, came over as I was outside to talk with me..
He asked and I said yes that I was considering on selling my place next spring. He asked and I said I would be looking at selling between 8 & 9 hundred thou.
The look on his face, I thought he gonna tell me no way...
His words...." OH NO, I have investors, I'll get you more than 9".........{GULP!! insert smile here}

they would sever the lot into two and build two houses each of which would be worth quite a bit more than a mil

 

[rgkv]

they would sever the lot into two and build two houses each of which would be worth quite a bit more than a mil

Lots need to be better than half acre to sever the lot I believe. Either way they don't do that here. They do however knock these ones down and put a 2 mil estate up

 

[Smallcock]

September was another record month is sales volume and year-over-year price increase.

"The Toronto Real Estate Board said Wednesday it recorded 9,925 sales through the multiple listing service in September, a 21.5 per cent increase from a year ago. Based on the board’s MLS home price index, the average selling price for all properties in the region reached $755,755, a 20.4 per cent increase from a year ago."

"The average sale price for detached houses in Toronto proper rose to $1.29 million, up 23 per cent from a year earlier. The comparable price for detached houses in surrounding areas was $928,414, up 26.6 per cent.

By contrast, prices for condos in Toronto proper grew only 6.5 per cent to $446,729. Condo prices in other parts of the Greater Toronto Area were up 19.4 per cent to $367,260."

http://www.cbc.ca/news/canada/toronto/toronto-real-estate-1.3791951