Realtors say condos a great investment

Royal LePage has released a report that forecasts condos values to have a robust future.

Yes, even Vancouver condo values, which have stagnated for years!

Status perceptions, too, have done a 180, according to Chris Simmons, owner/broker, Royal LePage Westside, City Centre and Sunshine Coast. In 1974, buyers kept condo purchases down to a disdainful two to three per cent of the housing market. Today, the idea of houses barely flickers on buyers’ radar. Instead they’re thinking about whether to buy a condo in a bustling or quiet location.

Simmons just placed a professional couple in a $750,000, 1,140-square-foot, two-bedroom-and-den condo near the Olympic Village, “with nice views and well located.”

Hopefully the proud new owners are in a building with heat!

We’re still waiting for the report on the future value of cars from the automobile dealers association, but early rumours have us excited!

Read the full press release news story in the Vancouver Sun.

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RealityCheck
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RealityCheck

A buddy of mine is building a house with 2 suites. He needs tenants for those 2 suites…and he will agree wholeheartedly that (1)why buy when renting is cheaper, (2) why buy when ratios are out of whack, etc… He will agree with the smart tenants. 🙂

He’s got 3 houses now. The first paid off, the second 50% paid, and bow the third…..but he will agree with you…he needs tenants.

RealityCheck
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RealityCheck

Also, TransLink officials off the record said that new funding will cone from users of the system themselves and that homeowners (hydro and property taxes) will not see a raise.

One zone – $4
two zone – $5.50
Three zone – $7

RFM
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RFM

This Vancouver Sun article is discussed and refuted here

http://vancouverpeak.com/showthread.php?tid=5220

Son of Ponzi
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Son of Ponzi

The Village at Imperial in Steveston by Onni was completed a year ago.
the upper floor is residential and is being rented out, with about 30% occupancy rate so far.
The lower floor is commercial with not a single unit being bought or leased.

Son of Ponzi
Guest
Son of Ponzi

#1.
the losses on the third house will wipe out all the gains of the first two houses in the coming crash.

bidding war
Guest
bidding war

a person I’m getting to know, told me a story about how he and his Ex wife once got into a bidding war 6 years ago, to see who would give the son the most money for his up-coming house purchase. First it was $40,000, then it was matched by the Ex, who counter-bid $45,000. And so it went in $5,000 increments until they both ponied up $60,000 each.

How much of this market is being driven by guild ridden angst?

midnight toker
Guest
midnight toker

hahah 750k for a 2 bedroom..I want some of the shit they’re blazing!

Son of Ponzi
Guest
Son of Ponzi

# 2
If you are correct, people will go back to their cars and public transport will be dead and developments around Skytrain stations will be ghost towns.
And the fools waiting for the evergreen line to Port Moody and Coquitlam will see their property values plummet.
A car trip from downtown to Heritage Mountain will be 2 hours each way.

Renter
Guest
Renter

Cheaper for me to drive the TDI than take scummy transit, no fleas for me

paulb
Member
Active Member

New Listings 79
Price Changes 25
Sold Listings 114
TI:13411

http://www.paulboenisch.com

2.79% 5 yr. NEVER AGAIN
Guest
2.79% 5 yr. NEVER AGAIN

Users should pay.

One zone – $4
two zone – $5.50
Three zone – $7

ILoveCharts
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ILoveCharts

Vancouver Condo Info says:
“We’re still waiting for the report on the future value of cars from the automobile dealers association, but early rumours have us excited!”

LOL. 🙂

Son of Ponzi
Guest
Son of Ponzi

Total Inventory: Jan 1, 2013 = 11,789 (as per Whisperer)
Total Inventory: Dec 18, 2013 = 13,411 ( as per Paul B.)

jesse
Member
I do think that certain parts of the Vancouver area have seen condo prices lag behind SFHs, but this applies mostly to lower-end condos and not $750,000 ones. Cap rates at the lower end are, given current financing rates, cash flowing with a reasonable contingency. (That’s a huge caveat though.) I still think even lower-end condos have risks associated with further price deterioration, probably another -20% on price to rent even with current rates remaining low. Higher-end condos, OTOH, have piss-poor yields; most investors I talk to won’t touch them with a barge pole. Sure, condos are a relatively good investment compared to even worse investments. I’m still seeing better returns elsewhere; for those who were stuck with paying down their mortgage on Vancouver property over the past 5 years, I have to say that must suck given all their… Read more »
VMD
Member

@jesse 14
I think it’s safe to say that the “property ladder” is broken in Vancouver, where condo price has stagnated since 2007.

For the well-qualified potential first-time buyers planning to purchase a detached property in the next 5 years, the best course of action may be to bypass the Condo rung of the “ladder” all together. Continue to rent and build up down payment, then go directly into SFH if the time is right (probably at least a couple more years from now).

rp1
Guest
rp1

#15 rent -> SFH became the best option as soon as price to rent went out of whack. That was my plan, and in Abbotsford the prices are getting pretty reasonable now. No need to be greedy. I’ll buy the house I want at fair value. Soft landing?

rp1
Guest
rp1

Oh and a reminder, single family homes in nice neighbourhoods are the very last thing in the world to fall below fair value. That’s why a house is a safe investment, with modest returns provided you don’t overpay.

rp1
Guest
rp1

Condos I would only buy at a steep discount.

tedeastside
Member
tedeastside

among vancouver homeowners the general consensus is
Vancouver is GOD’S chosen city.
Vancouverites are GOD’S chosen people.
GOD created Vancouver in his image.
in the beginning GOD created the Heaven’s and Vancouver.

patriotz
Member
Active Member

@17: ” That’s why a house is a safe investment, with modest returns provided you don’t overpay. ”

Holy tautology Batman. Anything is a good investment provided you don’t overpay.

Randy Randerson
Guest
Randy Randerson

@20 “Holy tautology Batman. Anything is a good investment provided you don’t overpay.”

Not Beanie Babies collectors.

Xhdh
Guest
Xhdh

Looks like you missed the whole ‘as long as you don’t overpay’ part when you mentioned beanie babies.

Snake
Guest
Snake

Gay man says he was denied tenancy in Vancouver because of his sexual orientation

http://globalnews.ca/news/1038359/gay-man-says-he-was-denied-tenancy-in-vancouver-because-of-his-sexual-orientation/

Bailing in BC
Member

tedeastside #19

Correction

in the beginning GOD created the Vancouver and Earth.

http://www.youtube.com/watch?v=1ZcUcHDe5no

Son of Ponzi
Guest
Son of Ponzi

#19
I think you meant to say “Vancouver is Buddha’s chosen city”.

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