2695 replies to this topic

[MarkoJ]

I feel like a 'not perfect but good' house can be made 'great' much more easily than a condo.  My biggest fear is accepting an offer on mine and not finding a place then wasting money on rent eating away at the maximum price I can afford.

 

Problem is when the perfect places comes up at the right price the sellers are unlikely to consider a subject to sale offer as they have other offers that are not subject to. Condo market is not as hot as the detached market so you can often get 5-7 business days for conditions, but subject to sale is very unlikely. 

[sebberry]

Realtors could make a killing on short term rentals off people like me...

 

Oh wait.   

[MarkoJ]

 

Full set of numbers coming later today.

[Nparker]

More than a 50% increase over January 2020.

[MarkoJ]

[Nparker]

A strong start to February. 

[Mike K.]

Holy moly. At this rate, 800 sales is not out of the question.

[sebberry]

I'm now starting to see condos go for crazy prices

[Mike K.]

You gotta make the jump right fast. By the looks of its, the next phase of price appreciation will be squarely focused at condos as the disparity in pricing between SFDs and condos is staggeringly high at the moment.

[sebberry]

Nah, I'm already screwed at this point.  I'm looking at a ~15k special assessment in a building people don't want (restrictions).  Anything close to comparable in terms of size and space is now quickly becoming out of reach and/or is in Langford.

[MarkoJ]

Nah, I'm already screwed at this point.  I'm looking at a ~15k special assessment in a building people don't want (restrictions).  Anything close to comparable in terms of size and space is now quickly becoming out of reach and/or is in Langford.

 

If only owners were smart enough to realize that restrictions limit the number of buyers; therefore, supress market value. The average owner I talk to in a heavily restricted building just doesn't seem to believe it. Their logic is "no rentals is actually beneficial and market value is higher." 

[m3m]

If only owners were smart enough to realize that restrictions limit the number of buyers; therefore, supress market value. The average owner I talk to in a heavily restricted building just doesn't seem to believe it. Their logic is "no rentals is actually beneficial and market value is higher." 

 

I find that people have a hard time differentiating between "market value" and "value to me" generally. 

[Nparker]

I find that people have a hard time differentiating between "market value" and "value to me" generally. 

When it comes to condos aspects that make them a great place to live don't always make them a great place to invest and vice-versa.

[sebberry]

If only owners were smart enough to realize that restrictions limit the number of buyers; therefore, supress market value. The average owner I talk to in a heavily restricted building just doesn't seem to believe it. Their logic is "no rentals is actually beneficial and market value is higher." 

 

Not only that, our property manager who used to be an appraiser 10 years ago says Realtors are just making this stuff up so they can show unrestricted places and make a faster buck.  He claims that it'll take a little longer to sell, but it'll go for more money because of the restrictions.  And the owners lap it up like the prohibited kittens to milk.  

 

And then I read in our latest minutes 'The appraiser for the insurance appraisal said that because we're following our bylaws, the building value has increased'.  No, the bylaws have nothing to do with replacement construction costs due to an insurable loss.  Not only do they believe their own BS, they'll report it as fact.  

[davidN]

Question - sort of related

 Can an owner hold an open house for rentals/sale in these COVID restricted times without going against health regulations?

Also can a realtor?

[lanforod]

Yes. Work (selliing a house is work) is not a social function.

[MarkoJ]

Agents are strongly discouraged from doing open houses; however, I don't think it is prohibited outright. 

[Matt R.]

If only owners were smart enough to realize that restrictions limit the number of buyers; therefore, supress market value. The average owner I talk to in a heavily restricted building just doesn't seem to believe it. Their logic is "no rentals is actually beneficial and market value is higher." 

The one we sold in March couldn’t even get CMHC insurance! Still sold for asking in less than a day, but the restrictions sure do limit the potential purchasers.

Matt.

[MarkoJ]

[Nparker]

Still looking strong for February.