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Show ALL Forums  > British Columbia  > B.C. Real Estate Crashing Time to Sell !      Home login  
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 Stormswatcher
Joined: 10/12/2006
Msg: 2
B.C. Real Estate Crashing Time to Sell !Page 1 of 5    (1, 2, 3, 4, 5)
Just sold my place last week, exact townhouse in same complex sold for 20K less a few days after I removed subjects. Just glad my deal all came together otherwise was considering removing it from the market till things stabilize. And from all the info gathered from builders I know, as well as relators, things are a buyers market right now and will be for awhile.
 Xavery
Joined: 4/22/2007
Msg: 5
B.C. Real Estate Crashing Time to Sell !
Posted: 8/7/2008 4:53:02 PM
I wouldn't say crashing, but it seems the market has peaked. There was an article about it on the front page of the Sun, yesterday. There is almost a house for sale on every block in my hood, but very litte is moving. I think the market is correcting itself - stabilizing.
 You go first
Joined: 5/1/2008
Msg: 6
B.C. Real Estate Crashing Time to Sell !
Posted: 8/7/2008 5:48:36 PM
My line of work follows the real estate trends and, typically, August is the busiest month of the year for moves and purchases. This has been the slowest month/summer in my 20+ years memory.

We are seeing so many more people sitting on 2 homes - their 'new' one they've already purchased, and a vacant house waiting to be sold. They're stuck with 2 mortgage payments, 2 insurance payments and the stress of having to maintain the property in perfect condition.

We have clients that are desperate to get rid of their original houses and are dropping their asking prices to 'whatever it takes'. I feel sorry for someone who really needs to sell their house - not the flippers, that's the gamble they took.
 samadongshi2
Joined: 6/22/2006
Msg: 10
B.C. Real Estate Crashing Time to Sell !
Posted: 8/8/2008 12:02:45 AM
thanks for the thread OP... i just came back from my mortgage broker as i'm trying to arrange for financing after looking @ a condo. yup, he said the market is soft and it's a buyers' market.
I've found what i'm looking for and it has a an awesome outdoor pool and massive party deck area to have my own event there if i soo choose. It's spectular and the suite itself is soooo secluded park like atmosphere.
 Walts
Joined: 5/7/2005
Msg: 11
B.C. Real Estate Crashing Time to Sell !
Posted: 8/8/2008 4:51:25 AM
I wouldn't consider it "crashing" but more of "stabilizing" or at least starting to flat line a bit. The market here is/was scarey and a lot of people got caught up in it, including "first time" buyers who think they need to get into the market,,,,cause,,,,well,,,,the "experts" say so. In reality, there is nothing wrong with renting or any other option other than buying out of your range, including those silly "no down payments/ 30-40 year mortgages than people have been using so they can into the market. They just can't live after they own a place.
Today there are a lot of people who have been "caught up" in their own greed thinking BC's "boom" was to last forever. I know in my line of work there is a little "lull" and one of the reasons is the that some of the developers have clued in that you can only add so many lots/homes to the market at a time.

It's about time is all I can say. The homes being built are not "top of the line" if for no other reason other than there is only so many carpenters or builders out there. If you get to watch some of these places being built and have any type of construction knowledge you know things are not always "right" as a home starts to rise. I think if a first time buyer has a little patience and a good eye, this next 6 months maybe there "time" and they may have some monthly $$$ left over a meal here and there. In saying that, I don't think BC's market,,,,well the lowermainland market anyways is going to drop out of the sky. Too many people still feel the need to come here,,,,and that number will increase after the Olympics and it's visitors.
Just think of what happened here after 86 and Expo. This whole BC economy started a nice upturn after/during that show. A lot of people here don't realize how attractive this place to the "out of towners". I was one,,,,now I consider myself lucky to do what I did when I did.
 samadongshi2
Joined: 6/22/2006
Msg: 13
B.C. Real Estate Crashing Time to Sell !
Posted: 8/8/2008 9:05:09 AM
had moved outta the family home 2 years plus ago and still waiting for the proceeds of the separation agreement. etc, blah, blah, blah....
NEEDING to buy my own place as my sanity is at stake after being a boomerang child and moved in with mommy.. it was great etc but....
i think the major panic right now, is that with the changes with CMHC .. 0% and 40 year amortization rates will be null and void. As my mortgage broker told me yesterday , that only a few lenders r left offering this service.
I think the o% down is just a grab to get pple into the market.
anyways... that's just my 2 cents.
 Walts
Joined: 5/7/2005
Msg: 18
B.C. Real Estate Crashing Time to Sell !
Posted: 8/8/2008 5:36:37 PM
^^^^ What are ya worried about???? Are you trying to sell???? Do you HAVE to sell???


Todays Globe and Mail Headline sez real estate in western Canada overpriced.


You didn't have to read a newspaper to know that did ya?????
 Xavery
Joined: 4/22/2007
Msg: 19
B.C. Real Estate Crashing Time to Sell !
Posted: 8/8/2008 9:33:13 PM
It is interesting. People are just figuring this out now. Remember, real estate prices are just becoming stable. The market is not crashing.

Real estate prices are all relative in Canada. I suppose this would be of concern if you were leaving Western Canada.
 Merrylass
Joined: 12/30/2007
Msg: 22
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History
B.C. Real Estate Crashing Time to Sell !
Posted: 8/9/2008 8:04:11 AM
I still think that much of BC will benefit from the boomer retirements. I mentioned this to someone who has worked in housing policy and he said that if the economic woes extend across the country, people won't be able to afford to sell their homes and move here. It seems to me that all this means is that some of the people who might have wanted to retire here may not be able to but that won't mean there still won't be a lot of people who'll want to make the move because there are a lot of people who aren't living paycheque to paycheque and who won't get caught up in whatever small downbump is rippling through the economy now.

Many boomers will be coming into inheritances - insurance policies as well as homes - over the next while and that will increase their available cash. So I think overall this drop in housing sales reflects fear rather than being an indicator that sellers have no money. In short, the reason people aren't buying is that they're worried about indicators for the future, not that they can't afford to.

In the end, I think BC has that most prized of real estate values: location, location, location :) We'll see a slight drop in prices for a while but, as we've seen so often with the stock market, smart shoppers will swoop in to grab the bargains and the market will grow again, or at least remain stable.
 WesternRose
Joined: 1/14/2008
Msg: 29
B.C. Real Estate Crashing Time to Sell !
Posted: 8/12/2008 11:32:31 AM
The market has peaked...and it was not a surprise to me at all.
This was predicted @3 years ago by the real estate board of BC. The Vancouver market, Greater Vancouver Area is almost identical to what the Sydney,Australia market was prior to their Olympics.
The demographs overall and the makeup of the city, housing, social ammenites, general overal area was basically identical to that of Vancouver.
The Sydney model showed that 18-24 months prior to the Games starting in Sydney that the market peaked...it had been skyrocketing to new highs for years.
Prices started to fall, don't quote me on this, it was some time ago I heard the report...but I think it was like falling 10% /year for a few years....and eventually in a few years the prices would stabilize and go back up...but not at the crazy pace it was rising previously.

so... me?... I bought off the Ex...and my home is not a great house..it is old... it is in need of repairs...but it is my home for my children. They go to school here and this is our neighbourhood. The home belonged to my parents for 20 years prior, it is an investment...but I am not planning on moving for a few years...it is my nest egg.
I could still sell for a damn good price... I live in a desirable area.
 pccc3
Joined: 11/29/2006
Msg: 30
B.C. Real Estate Crashing Time to Sell !
Posted: 8/12/2008 6:04:44 PM
from another mkt bear watch out for the tsunami coming from the south that will adjust perceptions for the long term on real estate. Daily involved with US bldg industry and the woes therein are staggering---coupled with credit bubble bursting the family home will take on a whole new meaning. In prior generation people bought homes not investing like today whereby after dot com bubble burst all that cash chased real estate--this bubble is bursting also and personally place blame with the federal government both in US and Canada for creation of these mkt bubbles directed through and in part retirement fund investment.

anyhow enuff doom n gloom 4 today packing my sailboat n sailin into the sunset
pccc3
 SmartAlec
Joined: 2/8/2005
Msg: 31
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History
B.C. Real Estate Crashing Time to Sell !
Posted: 8/12/2008 6:53:23 PM
my little brother just downsized and sold his large home and opted for a new condo. He did very well on this little adventure!
 TurboAlan
Joined: 4/28/2007
Msg: 32
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B.C. Real Estate Crashing Time to Sell !
Posted: 8/13/2008 4:02:32 PM
40 year morgages are still avaliable -- I just signed one. My reasons are my own but because of my injury it was the best short term option for me -- I.E. Low cost of living, extreamely low interest. So for the present till I get better and go back to work or take early retirement it fits me.

The US market has dropped about 30% so not that big a deal unless you just bought like a few have mentioned previously.

Al
 silibus
Joined: 4/8/2008
Msg: 34
B.C. Real Estate Crashing Time to Sell !
Posted: 9/6/2008 8:43:51 PM
I figure BC is not going to see another "buyer's" market until at least 2012 so I am waiting until then to buy. Buy low sell high. I can not and would not buy now but for certain someone IS buying right now. If I owned a house I bought five years ago in Vancouver and it doubled or better in price I would have dropped it as soon as it doubled and then bought down somewhere up north. Buy low and Sell high. No other way.
Prices are going to drop a lot before 2010. That much is for sure. I am willing to wait 2 or three years after 2010. I will get my place but I am not going to need a 50 year mortgage either.
 60to70
Joined: 7/28/2008
Msg: 35
B.C. Real Estate Crashing Time to Sell !
Posted: 9/6/2008 11:26:35 PM
Here's to the have nots. They do not figure in this forum. I don't have exact figures but how do you manage in the hinterland to buy a "dump" for $200,000? (No well-paying jobs) And who will service all you lucky homeowners (relishing further gains). B.C. is apparently fine, according to Campbell's finance minister but who is telling the truth? And how in the Hades do any of you manage in Vancouver? Heard a few months ago on B.C./T.V. that many homeowners in Vancouver are paying 75% of their monthly income on their mortgages. Scary. Can't eat the scenery, can you? If none of these facts hamper you now, at some point they will. Math is math.
 60to70
Joined: 7/28/2008
Msg: 37
B.C. Real Estate Crashing Time to Sell !
Posted: 9/7/2008 11:24:56 PM
Anyways in this neck of the woods....the Americas...home ownership is a given. In the rest of the civilized world renting is how you live. I have owned. What a pain when you didn't have enough to pay for necessary repairs and replacements. And when you sold in a cool market unless you had enough to pay for necessary labour what was the real cost of your labour? Owning... unless you are fortunate enough to really own... is fine. Otherwise, rent and save. Until the insanity dies down. I think the party is over. And let all us again value a house as a home, rather than (Yawn) an INVESTMENT!!!!!
 Schmotzy
Joined: 12/31/2007
Msg: 39
B.C. Real Estate Crashing Time to Sell !
Posted: 9/21/2008 8:44:22 PM
Here in Salmon Arm at least, developers are pounding through as many condo complexes and manufactured home parks as they can to try to have enough for all the retirees downsizing from their big family homes.

This to me says it's going to drop even more in the next few years with more houses/properties coming vacant, but I'm no expert. Anyone?

well being also near the salmon arm area...well as far as i can see is all the albertans(red plates)oil money..... are coming in and buying up all the lakeshore lots/ properties and large acreages they can find...so personaly from what i have heard thru the grape vine well the market is going to remain stable for some time to come and then some .....and for the ederly yes they are downsizing to more retirement vila's and lakeshore condominium developements .but this is the trend in any lakeshore community ......just my 2 centz
 You go first
Joined: 5/1/2008
Msg: 40
B.C. Real Estate Crashing Time to Sell !
Posted: 9/21/2008 8:54:40 PM
There are lots of strata developments going up in the Lower Mainland, too, but the problem is the buyers are going to be either first timers (who are scared to buy with the prices right now) or down-sizers (who are having a helluva time off-loading their larger homes).

I'm seeing a lot of people buying condo units as rental properties - mainly middle-aged or older people who finance these purchases with their first home equity - and end up putting their grown kids into them. It's going to be very difficult for a young family to buy in this market without family help.

But - again - how do you sell if the buyers are freaked out at the prices????
 kismetCrois
Joined: 4/6/2008
Msg: 41
B.C. Real Estate Crashing Time to Sell !
Posted: 9/21/2008 9:03:36 PM
I'm not surprised that the housing market in BC has stabilized, it is said that stats show a 7 year up and a seven year down. So every 14 years we peek, and every 14 years we hit bottom... it will be 7 years in April 09 since I sold my last house, and I rode the market all the way down... a year or so after moving to my current location things started to move up again, and that would make this the seventh year....
 samadongshi2
Joined: 6/22/2006
Msg: 42
B.C. Real Estate Crashing Time to Sell !
Posted: 9/21/2008 10:14:34 PM
going condo shopping once again! this time think we mean business ....... hoping to be out of my boomerangitis status by xmas. Know the prices r dropping.....
Ride the wave of boom, bust and echo!!
 Ticketoride
Joined: 6/3/2004
Msg: 44
B.C. Real Estate Crashing Time to Sell !
Posted: 9/22/2008 1:26:00 PM
Housing is still one of the best tax shelters we have when one looks at long term as it keeps up or above inflation, may return income (from rental) and could well provide retirement income plus all things planned out right can be passed on to loved ones with little tax paid.

That pretty well sums it up.

Up here on the "Sunshine Coast" as the dirt pimps call it, prices are adjusting downward and listings are up by 40% over same time last year.

Most Properties up that Way are completely undervalued, although some have more than doubled in the last 5 Years. Investment for the Powell River Region is a Long-Term Deal, although Prices may still Dip a little, but I think after the Olympics they are gonna Skyrocket. Nice 3 Bedroom Houses with decent sized Lots & partial Ocean Views going for well under 200K. Perfect Retirement Deals, affordable, and if you can snag up 2 or 3 of them, you're all set.
 Ticketoride
Joined: 6/3/2004
Msg: 46
B.C. Real Estate Crashing Time to Sell !
Posted: 9/22/2008 6:23:32 PM
2010 Olympics will not make much difference in lower mainland real estate prices.

A couple veteran Realtors I spoke to this Summer basically concur with that. They may go up a Touch, but would not add any significant Gain to current extant Prices.
 60to70
Joined: 7/28/2008
Msg: 47
B.C. Real Estate Crashing Time to Sell !
Posted: 9/22/2008 9:09:38 PM
Who will buy? Where is the low end entry housing in (never mind!!!)Vancouver? Here in the Kootenays, housing is ridiculous!!! Again you can't eat scenery. Here we are in the 2000zends. Wages for most have decreased, everything that makes living bearable has increased. Please explain this conundrum to me..... Get out of your comfort zone and tell me how a 30 year old buys a house in this rapidly nutty atmosphere. Oh yeah, from his parents who leverage him/her. Otherwise who in the hell is making five-thousand smakeroos a month anymore. And if they are, what are their mortgage payments on a plain jane bungalow in Vancouver for $700,000. Sheesh. Insanity.
 Temptation50
Joined: 5/13/2007
Msg: 52
B.C. Real Estate Crashing Time to Sell !
Posted: 9/24/2008 3:54:13 PM
I'm sure there'll be some correction in the market....and it's happening...
What goes up, sooner or later.....it goes down.....
Having said that, realestate is one of those things that will always be a good investment over time, even with the ups and downs.
 60to70
Joined: 7/28/2008
Msg: 54
B.C. Real Estate Crashing Time to Sell !
Posted: 9/24/2008 10:37:07 PM
Okay,,,,nobody answered my question. I'm caring beyond myself (i think) I am not in my thirties and please explain to me why a home (????) is an investment. And why everybody accepts or seems too the insanity of the best place to buy....B.C. ..do you know they say...Bring Cash...(B.C.) How do you justify these absolutely ridiculous prices? We are not Hong Kong (seventeen billion people ,and gung ho go for it, we do not care) But maybe we think we are. A home is not dollars folks, it is so much more a valuable a concept. Any anyways basically... B.C. economy exists in Alberta (oil sands, etc.)northern B.C. (natural gas). Well, kiss your kids goodbye....nothing changed in my lifetime. Rural eventually dies and these silly, silly, arrogant urban centres think that over the long term all is well. Enjoy your stupid $700,000 investment (home) and feel the rural fate slowly, but surely creeping your way. Where is an economy that sustains children, housing, services...etc., etc., in the near future? Try Nelson, individual tax burdens would be a great consideration before I slapped down any money. As the Beatles uttered in a song..""Get Back...""" You poor, (good! you won't starve)/ you in the middle (good, your kids go to college, good potential) /you rich (well, all is always well) and boy are we in the woods NOW. Sigh. We had a way but ignored signs.
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