1835 replies to this topic

[LeoVictoria]

What does the same chart look like for Vancouver?

 

Bad   I don't have the data but the RBC affordability reports are similar.   Record poor affordability in Vancouver (has moderated a bit recently)

Edited by LeoVictoria, 27 October 2016 - 08:44 AM.

[thaicobb]

Does RBC have an equivalent chart for rents?

[LeoVictoria]

Does RBC have an equivalent chart for rents?

Not that I know of.

Historical rent data is here: https://www.cmhc-sch...ta/data_001.cfm

[MarkoJ]

As much as we try to analyze all the metrics I think the market sentiment and emotion in residential real estate is a massive driver.

 

I was coffee with a smart friend the other day giving him insight on the dumb decisions my clients make. I brought up that this year I've had quite a few clients that have lost out on homes in bidding wars and lost their s***.  My thoughts being why on earth would one care whatsoever if you lose out in a bidding war? Just buy the next house. My friend's response "you don't understand because you are a numbers guy, you would basically live in anything where you can sleep, make some food, and go to the bathroom, if the numbers make sense. The average person is emotionally driven and the next house won't work because the one they just lost out on smells like their grandmas."

 

Two years ago, when I bought my pre-sale Era unit for $213,400 (now worth north of $350,000) it was a super difficult sell.  The numbers made a lot of sense in terms of rental return, etc., but the people I pointed in the direction of these units weren't biting because of some dumb excuses such as "the one bedrooms in the low 200s face north, we prefer south," even though it was for investment purposes.  Now that the numbers don't make sense at all north of $350,000 everyone is piling in.  Can't explain that other than market sentiment/emotional purchases.  Affordability didn't change in that 24-month period whatsoever.  Rents went up but not like the purchase prices.

Edited by MarkoJ, 27 October 2016 - 03:04 PM.

[SusanJones]

Which one is correct?  One news outlet says more than twice provincial average other says fewer.  

 

The percentage of foreigners buying homes in the Capital Region is more than twice the provincial average. From CFAX1070 Friday Oct. 28 

 

Capital sees fewer foreign buyers for real estate From Times Colonist Saturday Oct. 29

[LeoVictoria]

 

Which one is correct?  One news outlet says more than twice provincial average other says fewer.  

 

The percentage of foreigners buying homes in the Capital Region is more than twice the provincial average. From CFAX1070 Friday Oct. 28 

 

Capital sees fewer foreign buyers for real estate From Times Colonist Saturday Oct. 29

 

 

Both are correct.  

[LeoVictoria]

 

https://househuntvic...ct-on-victoria/

[Mike K.]

Victoria's foreign buyer rate has always been at around the 5% mark or lower. There was even a period in the first half of the last decade where Americans were snatching up real-estate in droves. I recall that some projects had as many as 20% of buyers coming up from America.

[LeoVictoria]

Victoria's foreign buyer rate has always been at around the 5% mark or lower. There was even a period in the first half of the last decade where Americans were snatching up real-estate in droves. I recall that some projects had as many as 20% of buyers coming up from America.

 

Forget the last decade, look how many foreign buyers there were in 1927!

[Mike K.]

Bam!

[dasmo]

Sure but it wasn't a big deal until Van went off the deep end.... A premium is expected for paradise but man, Van turned into something crazy!

[Mike K.]

One year in, Victoria's real-estate buying frenzy far from over

http://victoria.citi...-far-from-over/

[Mike K.]

Buyers flock to pre-sale condos and houses as re-sale market squeezed

http://victoria.citi...arket-squeezed/

 

A historic shortage of active real-estate listings has placed downward pressure on southern Vancouver Island’s home sales, according to recent data revealed by the Victoria Real-Estate Board.

 

As REALTORS® scramble to source purchasing opportunities for long queues of house hunters feeling restricted by market forces, one segment of the industry is working hard to ease demand.

 

“2016 has been one of the strongest years for the pre-sale housing industry in Victoria,” says Mike Miller, head of Victoria-based construction and development firm, Abstract Developments.

 

“Although the majority of pre-sale transactions are not included in real-estate sales statistics, I can tell you that this has been a very, very busy time for myself and other Victoria developers as we work to bring as much housing online as possible.” [Full article]

[SusanJones]

Thanks for this Mike I'll add to our news.yyjchat.ca 

[Mike K.]

Ok great

[LeoVictoria]

The real estate industry is becoming more and more regulated.  Is that actually a good thing?   Personally I think real estate transactions need to get less not more expensive, but the new regulations may force up prices for discount services.

More here: https://househuntvic...sed-regulation/

[SusanJones]

Vancouver real estate prices face double-digit drop in 2017: LePage

 

http://vancouversun....__lsa=1920-9f6a

[lanforod]

Vancouver real estate prices face double-digit drop in 2017: LePage

 

http://vancouversun....__lsa=1920-9f6a

 

 

"B.C. housing critic David Eby sees a “no-win” situation in Vancouver’s housing market, one he blamed on government inaction." 

 

What does he want the government to do or have done? Most of the rise is due to simple market forces. Government should not be messing with that too much. If people can't afford to buy in Vancouver, they really shouldn't be buying in Vancouver. 

 

I agree there may be a small dip in prices in Vancouver (I doubt Victoria will follow suit though). No where near enough to make up for the massive rise in the past year.

[rjag]

Just out of curiousity, is there any list that shows whIch condo complexes are rentable and which arent? Instead of waiting till a unit comes on the market and hoping the realtor includes it in the description, I was hoping there was some place I could access where I could generate a watch-list of locations that are totally rentable in advance.

 

If there isnt perhaps Citified might want to look at doing something? 

Edited by rjag, 09 April 2017 - 08:53 AM.

[DavidL]

Just out of curiousity, is there any list that shows whIch condo complexes are rentable and which arent? Instead of waiting till a unit comes on the market and hoping the realtor includes it in the description, I was hoping there was some place I could access where I could generate a watch-list of locations that are totally rentable in advance.

 

Just have your Realtor put you on an auto search with unrestricted rentals as a filter.  That would be the simplest solution.  Whether a building can be rented or not is a required field in the listing data entry form and thus it is very searchable.  And yes it is a mystery why it gets left out of unit descriptions on the public facing sites, much like the "Great View" condo ads that neglect to include a picture of said view.