Local buyers drive up prices on east side

So the Canadian dollar is in the toilet now which means buying stuff here in some other currencies gets you a nice 25% discount compared to a year ago.

And yet who’s driving up prices on the east side of Vancouver? Local buyers according to some realtors.

“We had 20 people in the city who would have paid asking price and 10 who wrote offers and were willing to pay more,” said Rockel of Macdonald Realty Ltd.

She said no overseas buyers were involved in the final offers.

The big news was the property that got 31 offers:

Meanwhile, Vancouver realtors are still agog over the 31 offers that were received for a home at 3 East 60th Ave. in South Vancouver which was listed at $899,000 and went on sale 10 days ago.

“It was for sale on the Tuesday and by the Friday we took offers,” said Sebastien Albrecht, a realtor with Royal Lepage.

“I’ve seen multiple offers on properties — the most being 10 or 12 — I don’t think any of us have seen 31 before. It’s the talk of the town among realtors,” said Albrecht.

He said he couldn’t disclose the selling price because the property was in probate, which would have to be cleared before the sale could be finalized.

Not mentioned in that article is the fact that the asking price on that property was $30,000 under assessed, but still that’s a lot of bids.

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space889
Guest
space889

@Softy – I like the part about signing a promise to not own a car as condition for buying an unit. That’s going to be really convenient when the little one comes or you want to take a roadtrip to explore the rest of the province.

patriotz
Member

@60: “The rest of Canada loves moving to Vancouver.”

The migration statistics are telling us that they like moving back even more.

patriotz
Member

@52: “Ughh.. TSX energy index up 16% past three days… #%&^*! I really wanted those egotistical Albertans to take a haircut!”

You think all of the TSX energy stocks are in the hands of Albertans?

Reality check: a rise in stock price often comes after, or in anticipation of, layoffs.

patriotz
Member

@59: “Michael Geller says innovative design and financing ideas are key to creating more affordable Vancouver homes”

Of course it’s innovative financing ideas that are making Vancouver less affordable.

What business is Geller in again?

space889
Guest
space889

@bullwhip29 – I thought if the seller lied on the PDS, they can get their ass sued off for any surprises? That’s why they are considering removing the PDS in Toronto because the seller agent are being successfully sued for damages in these cases?

granted you do need to have $$$ to pay the bloodsucker lawyers to sue first.

I’m hoping the CAD$ bounce back to $0.85 soon and stay there for a few weeks. Need the time for airline tickets to drop and exchange some $$.

Softy
Guest
Softy

“didnt the publishers know in vancouver you can canoe in the morning and snow shoe in the afternoon and work for really small companies too …who doesnt want that???”

There is big demand for that. I’m not saying its rational but lots of people want that. My workplace is 80% transplants from other provinces. I think this is fairly typical. The rest of Canada loves moving to Vancouver.

Softy
Guest
Softy

In reference to this:

“Michael Geller says innovative design and financing ideas are key to creating more affordable Vancouver homes”, CBC News

Softy
Guest
Softy

That means a smaller place that you buy with more debt or in partnership with other people. A crappier living situation will be more affordable.

bullwhip29
Guest
bullwhip29

edit @ #55 (touchscreens leave much to be desired)

bullwhip29
Guest
bullwhip29
southseacompany
Member
southseacompany

Michael Geller tells us “creative financing” one of his ideas to make Van’s housing more affordable;

“Affordable housing in Vancouver within reach: Michael Geller”
“Michael Geller says innovative design and financing ideas are key to creating more affordable Vancouver homes”, CBC News

http://www.cbc.ca/news/canada/british-columbia/affordable-housing-in-vancouver-within-reach-michael-geller-1.2938757

No mention of bubble. Can’t be that. Just build smaller homes and get creative on that financing.

bullwhip29
Guest
bullwhip29

@ #52

relax. this doesnt resolve itself overnight despite the panic buying you are witnessing in some of these energy stocks. everyone and their dog calling a V bottom here. many of the same claiming greece’s issues were resolved in the last 24-48 hrs too. this is beyond silly. this drags on into the late spring/early summer at the very least. in the short term i can see the loonie rallying to at least the 0.815-0.835 range with a possible overshoot to 0.85 before it begins to roll over again (with or without an additional push).

bullwhip29
Guest
bullwhip29

@ #38, 41, 44
personally i think a passing grade from an inspector just gives naive prospectivc buyers a false sense of security in most cases. by no means am i advocating buying without doing some homework, but the reality is that inspectors can’t/won’t uncover much of what is wrong with many homes for a variety of reasons. buyers have to be aware that sellers often lie on the PDS, that expensive surprises can often occur when you least expect them and that you only have yourself to blame for caving into the various pressures one must deal with when a potential purchase is on the table.

Poppy
Guest
Poppy

Ughh.. TSX energy index up 16% past three days.

#%&^*! I really wanted those egotistical Albertans to take a haircut!

RFM
Guest
RFM

Corrupt journalists at the CBC?

Seems the independent news website Canadaland has dug up a stinkpit of questionable ethics at the old CBC.

You judge; read for yourself.

http://america.aljazeera.com/opinions/2015/2/canadas-media-startup-pioneers-watching-the-watchdogs.html

Dyugle
Guest
Dyugle

Last year on February 3rd

New Listings 316
Price Changes 76
Sold Listings 135
TI:13362

crabman
Guest
crabman

Barb #33,

Do you know west side SFH inventory numbers? Is the drop in sales a slowdown or a lack of inventory?

patriotz
Member

Calgary’s housing market hit as oil’s fall takes a toll

Only a month after predicting that home prices in the region would be stable in 2015, the Calgary Real Estate Board admitted that low oil prices and fears over the fate of the region’s fragile economy have hammered consumer confidence. Home sales plunged 35 per cent in January to their lowest levels in more than seven years while new listings shot up 40 per cent.

Brings to mind that famous Watergate quote: “The president refers to the fact that there is new material; therefore, this is the operative statement. The others are inoperative.”

tedeastside
Member
tedeastside

best cities to live in..

Toronto made the list, New York made the list …Vancouver got kicked to the curb….

didnt the publishers know in vancouver you can canoe in the morning and snow shoe in the afternoon and work for really small companies too …who doesnt want that???

VanRant
Member
VanRant

Todays FP:”Stampede to sell houses in Calgary underway as new listings, inventory soar”

Looks like this is the beginning of a blood bath.

Oracle
Guest
Oracle

@heardheard

You only put no conditions if you’re swimming in money. So much foreign money coming into the country.

You don’t put no conditions if you’re going to get a mortgage. Plus who would in a $700,000 townhouse. Payment, taxes, and maintenance fees with $35K down is around $4500/ month after taxes for 25 years.

heardherdselling
Guest
heardherdselling

No subjects? I bet they spent more time researching buying a flatscreen tv. Heck Iknow ppeople who spend more time buying shampoo than a crappie 80s townhouse for 7 bills. Weirdos are abundant in Vancity

Oracle
Guest
Oracle

I follow Paul B on Twitter. I’ve been following the tweets and all I see is record after record. I don’t know where the people on this blog are seeing a slowdown. Check out the tweets for yourself. Record highs.

Oracle
Guest
Oracle

Listed. For $100,000 more than I bought for 6 months ago. This is a crazy market. No showings until Friday.

That’s what I’m hearing Paul, the conservative government and Bank of Canada lit a fire to housing. February is going to be a record breaker in terms of pending sales. March a record breaker in completed sales.