Goodbye 2013! Hello 2014!

Well here we are wrapping up 2013.

The Vancouver market continues to fluctuate in its flat range.

Owners are still paying more than renters, but can paint their walls whatever colour they want.

Renters are still more flexible when it comes to relocation and some of them have more diversified investments, but some of them just want to paint their walls whatever colour they want.

The Vancouver housing bubble is boring.

Not like some of the more exciting housing bubbles around the world.  Remember the Celtic Tiger?  Ireland had a giant boom, but now they’re tearing down brand new homes.

So what will 2014 hold in store for the Vancouver Real Estate Market?  A slump, a dump, a bump or a jump?

What do you think, are we in for an exciting year or another yawner?

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ex-kitsie
Guest
ex-kitsie

FYI VMD – area you refer to as South Granville is actually Marpole. South Granville is the small localized part of Granville Bridge South to 16th. Check the info signs posted along the street.

left already living in San Diego
Guest
left already living in San Diego
Been here since Christmas to celebrate with my family. Leaving tomorrow. This place is the worst wet dump one can find. I still haven’t seen the mountains since I have been here, so much rain, fog and sad greyish atmosphere everywhere. Not even enough snow to go skiing :-(( How can people claim it is the BPOE is beyond me. Evth is so expensive even compared to California that is very expensive by US standards. Gas was 3.45 a gallon when I left it is 1.33 here and I drove from White Rock to West side and the gas price is exactly the same everywhere, not 1 cent of difference. It always been that way, yet it is so obvious and easy to make a case for price fixing but no one seems to care. I cant wait to return… Read more »
VMD
Member

Turns out BC Assessment already updated the Assessment Roll last night.

I did however keep a small spreadsheet tracking the assessment prices of certain buildings since 2012.
A. Let’s start with my current rental house (put up for rent in 2012, where landlord/builder tried to sell for $860,000 but no takers):
Assessment:
2012: 815000
2013: 809000
2014: 793000

B. Condo in E Van: (2012, 2013, 2014)
2101-3663 CROWLEY DR 472000 436000 423000
(bought 455000 2/20/2011)
502-3663 CROWLEY DR 336000 309000 299000
(bought 318000 1/28/2011)

C. Condo in Burnaby: (2012, 2013, 2014)
607-7088 18TH AVE 394000 391000 387000
(bought 406000 5/2/2011)
1902-7088 18TH AVE 483000 479000 473000
(bought 462000 5/15/2011)
701-6688 ARCOLA ST 443000 446000 441000
(bought 470000 5/31/2011)
1105-6688 ARCOLA ST 411000 406000 402000
(bought 460000 7/12/2011)

D. Townhouse in Richmond: (2012, 2013, 2014)
8-5580 MONCTON ST 711000 703000 688000
(bought 735350 5/7/2011)
10-5580 MONCTON ST 706000 697000 683000
(bought 740950 2/24/2011)
11-5580 MONCTON ST 711000 703000 688000
(bought 668000 5/3/2011)

E. SFH in S Granville (2012, 2014)
7907 SELKIRK ST 1450000 1387000 (bought: 1570000 5/29/2011)
8043 Montcalm St 1164500 1110600(bought: 1150000 1/18/2011)
8131 CARTIER ST 1333000 1280000 (bought: 1408000 4/19/2011)
8008 CARTIER ST 1548000 1524000 (bought: 1573000 4/19/2011)

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

>VMD@work Says:
December 31st, 2013 at 12:10 pm 19

>Interesting to see how RE bulls who used to gloat about 10% annual appreciation being “the new paradigm” are now seeking solace in a “soft landing”

bulls have been telling you to buy for a decade. you should have bought. bulls have been telling you that there is no crash coming. bulls were right. bulls have been telling you that the market is going to go sideways, you’re finally starting to realize this this is true.

VMD, can you update us on how the “rate hold tapering” is progressing? was sufficient demand pulled forward?

ex-kitsie
Guest
ex-kitsie

I received a “Notice of Rezoning Application” in the mail the other day and I believe what it details may be the story of 2014. I live in the South Granville area and a 13-storey apartment building at 14th and Burrard is attempting to re-zone their property to allow the construction of another 12 storey building and a row of three storey townhouses on the now grassy space that borders their existing building. Our asshole mayor thinks that filling in every green space adjacent to existing buildings will help build “housing” stock. Imagine the west end with no green spaces – that is what we are heading for.

Softy
Guest
Softy

Correcton, it’s http://www.ecorealtyinc.ca

Softy
Guest
Softy

“It’s too bad BC assessment does not publish previous-year assessment prices.”

For properties in the City of Vancouver, you can get previous year assessments by using Vanmap.

http://www.ecorealty.ca also displays previous year assessed values for properties in the city of Vancouver. They probably just pull the data from Vanmap.

Harry Wang
Guest
Harry Wang
patriotz
Member

Wal-Mart recalls donkey meat in China

Yeah not a RE story, but you couldn’t make up a headline like that.

RealityCheck
Guest
RealityCheck

For the love of god,

Don’t you think the insurance companies with a market cap of billions have thought of that stuff???

This blog is laughable. Wayward Group think has concentrated a unique bunch here.

Would be a good masters thesis topic

ILoveCharts
Guest
ILoveCharts

I do have a kitchen fire extinguisher. I find it odd that the building code allows gas stove stops without requiring in-unit fire extinguishers.

@ ILoveCharts
Guest
@ ILoveCharts
My understanding is that ‘tenant insurance’ covers your property in the unit if it is damaged/stolen by most causes, even often when transported in a vehicle. The landlords insurance covers damage to the stuff that was there when you moved in. The last unit I lived in had just been repainted and carpeted because the prior tenant had knocked a candle onto her bed and caused significant smoke damage. As best I know you wouldn’t get your security deposit back, nor would I expect to continue tenancy or a good reference (though who knows). Anything beyond that they would have to sue you over and would only do/win if there was reasonable evidence it was not accidental. I had a co-worker successfully sue tenants that left the place requiring an additional 2000$ in cleaning overtop their deposit, he won most… Read more »
Son of Ponzi
Guest
Son of Ponzi

Whities,
Why do you down vote Wu info oblivion.
Afraid of the truth?

ILoveCharts
Guest
ILoveCharts

Thanks HastingsSunrise.

My personal belongings are fairly basic and my most valuable stuff wouldn’t be damaged by water (skis and other outdoor gear.)
If I don’t get tenants insurance, is there any scenario where I could be on the hook for thousands of dollars of repairs to this unit or other units?

I guess a kitchen fire is one thing I hadn’t thought of. If I accidentally create a fire on the stove and cause smoke damage to the unit – would that be covered by my tenants insurance, landlords insurance or no insurance?

HastingsSunrise
Guest
HastingsSunrise

Reply to ILoveCharts concerning tenants insurance.

If there is a flood from the unit above, and your personal belongings are covered, the insurance from that unit or the strata would not cover you. The insurance from the unit would only cover the damage to the unit you are renting, not your personal belongings. The landlords insurance would only cover damage to his unit, and any losses resulting from loss of income from not being able to rent out his unit while repairs were being made.

ILoveCharts
Guest
ILoveCharts

Condo renters: Do you bother with tenants insurance?
My only risk is flooding in my unit or from a unit above me.

Am I correct to assume that:
1) If there is a flood in the building from a floor above us, the insurance from that unit or from the strata will pay for the damage.
2) If there is a flood in this unit, the landlords insurance will cover damage to this unit.

Would my tenants insurance ever be required for any kind of a flood (sewer backup, broken pipe, etc.) scenario.

Son of Ponzi
Guest
Son of Ponzi

Been up to Cypress, lately.
90% Asians.
I think this is a very good thing for cultural diversity in Vancouver.
Tired of the Brits running the Country.

Johnny-boy
Guest
Johnny-boy
Son of Ponzi
Guest
Son of Ponzi

I agree with Wu.
White people in Richmond and Vancouver are clueless.

Wu
Guest
Wu

If someone came right up to your face and tried to tell some of you the truth, you still wouldn’t see it.

Good Luck in 2014.

Wu
Guest
Wu

After reading the comments here, seems like a bunch of clueless folks here. Read the local Chinese papers. You’ll learn something.

Wu
Guest
Wu

I moved from Florida to Vancouver. My parents and grandparents could not go there. They are here now In Vancouver. Plus, we feel more at home here than there. We bought a big house and have much choice in Chinese restaurants. Tedeastside lives in our suite in the basement.

tedeastside
Member
tedeastside

i even heard retirees in Coconut Grove Florida are moving to vancouver because they wan’t to live in a place where you can go skiing in the morning and snowshoeing in the afternoon and South Florida is not a world-class place where you can run in shorts sometimes like Vancouver

VMD
Member

It’s BC Assessment time of the year again!
2014 assessment roll to be announced Jan 2nd.
http://www.newswire.ca/en/story/1284925/media-advisory-bc-assessment-to-announce-the-2014-property-assessment-roll

I remembered this last minute.
For the people who have a bit of spare time tonight and want to see how the assessed prices of each property change in 2014, go to BC Assessment Website, type in an address then click “Compare sold properties” to pull nearby properties which had sold in 2013 (alternatively you can pull all nearby addresses by selecting “Compare by address”).

You are able to export the info on the assessment website to Excel spreadsheet.

It’s too bad BC assessment does not publish previous-year assessment prices.

Flatlander
Guest
Flatlander

I say oil to $150+. New all time highs.