Realestate, Mortgage and Home owners discussion

[Duncan]

but from what i can tell, condo sales are starting to fall. There seems to be way more supply of condos than demand now. I think you even said that there are some units in your complex that have remained unsold until now.

Yea, there are other contributing factors to prices. Even whether you're buying a condo vs a single detached. From what i can tell, single detached homes haven't fallen much in price because people still want houses. But condos and to a certain degree, townhomes aren't being sold at the same rate so that market is declining more.

either way, the general consensus is that the market is slowing already. But how far it'll slide is anybody's guess. I think it's just plateauing right now so it could even go either way even.

[nature boy]

they've been saying that the bubble will burst "next year" for like the past 10 years. i think if the government caps the amount of foreign investors (they tried somewhat by disallowing cash sales but that still failed), then maybe we'll see a drop. native vancouverites are poor man (except for that one billionaire i think we have).

[Wetundies]

the world population keeps growing, so there is always gonna be someone out there looking to buy. Some are probably waiting/hoping for prices to drop. Especially with wealthy people from Asia immigrating, and students wanting to study overseas, i'm sure it'll continue to keep the prices where they are. Give or take a few percentages.

[jeSteR]

[nature boy]

what? how about fynn pass a couple mil over this way then? he won't miss them.

[Wetundies]

I had a few million Rubiah. Still 999,999,000 short of 1 B.

[nature boy]

what? how about fynn pass a couple mil rubiah over this way then? he won't miss them.

[Wetundies]

i have a few thousand left.

[nature boy]

what? how about fynn pass a few thousand rubiah over this way then? he won't miss them.

[joel]

10 year low on sales in vancouver for month of june, but prices remain:
http://ca.finance.yahoo.com/news/vancou ... 36772.html

[nature boy]

no one wants to budge because they feel bad for missing the boat. my brother does that all the time lol, and he wonders why he can't sell anything.

[Duncan]

and it's only a matter of time before prices go down... when you list your property for months on end w/o a decent offer, it's bound to happen. sadly, it might be better to be ahead of the downward curve and take a hit to sell now than to take an even bigger hit to sell later, or even worse, not sell at all. Like if your house is "worth" 800k based on what other house listings are in your are, then list at 750k and drum up interest because you're undercutting the market in your area. If you don't, then you might end up dropping your listing to 750k anyways 9 months down the road since nobody wants your house, but 9 months down the road, other houses in your block are listing for 750k now too. If that happens, you might have to lower your selling price to 740k to separate your house from the others in the neighbourhood.

I've seen a bunch of properties that were listed when we first started our search back in march drop their prices by as much as 10% in recent weeks/months. Seems like nothing but the really good deals are selling.

This hopefully bodes well for our search. Just gotta remain patient. If anything, the prices aren't going up much so it affords us more time to save up

[nature boy]

i was told that you should never be the lowest priced house on the block. nor the highest. you need to maintain average.
but if no one's budging, then you're screwed. with the way the market goes, it's always anyone's guess. it's just that those who are selling are always hoping that they'll get the most for their property, even when the buyers aren't willing to. everyone wants a piece of the infamous vancouver real estate, and they don't want to be the chumps that brought the prices down.

[joel]

[nature boy]

well said (and much better than how i put it haha).