seaham gal

Never seen this before! The slumping property market has caused Onni - a well renowned builder in BC to reduce their condos by up to 40% Great for anyone arriving and looking for a bargain.

http://www.financialpost.com/story.html?id=1181254

TheBear

I love this line:

Rare opportunity my arse!! The market is collapsing in BC in an even bigger way than here. (not so bad in Ontario). In a year there might be real bargains to be had, but not just yet.

seaham gal

Well I live half a mile from the apartments called "Aria 1" and Aria 2" They are in Port Moody which is in one of the most desirable area to live.

Two of my friends have bought one of these apartments at the full price earlier this year. Granted they had the choice of which apartment they wanted, and these unsold apartments going into the sale are few in that building.

From what I can work out, purely from MLS current listings (see link) this will be a huge saving for the lucky few who are in a position to buy "on the day", have a deposit and not have a property to sell. The units are ready to move into.

I'm gutted because I would love to live there, but I have a house to sell, and my friends are gutted because before too long, this will be the current value of their own new property!

Details:Two bed unit in "Aria" Port Moody


MLS: $453,000 (see link)
http://www.realtor.ca/propertyDetail...ertyId=7737553

One day sale:
Two bed + den in "Aria" Port Moody

$340,000

Iain Mc

You keep posting things like this, from thousands of miles away, and whilst it's very easy to believe internet hysteria I'd come and have a look on the ground here before you make any decisions. I presume you are hoping this is the case because you're about to move here with cash?

I was out looking at open homes last weekend (in Vancouver west) and they were the busiest I've seen since last summer - the realtors were all quite chipper as is was 'proper interest' and not just the usual suspects oggling the bargains; after the discounting of the past few months homes are selling again - more homes shifted in December then November in this part of Vancouver, and this is likely to continue into January.

It's perfectly possible things will get a decent wedge cheaper, very likely with condos due to oversupply, but it's by no means a cert across the whole market - family homes especially - and again, it's very regional.

johnh009

And, even in depressed Ontario, just outside the GTA where I live, house prices went up 0.8% in December. Not much, but better than the drops they are experiencing in the UK.

Mike Gas

House prices are falling fast in BC especially condos in Vancouver we have at least two years of downward movement before we will see a recovery in Housing prices just look towards the US for what we have coming. Can’t see that any areas of Canada will escape big recession coming and lots unemployment some need to take the rose tinted glasses of to see what’s happening.

seaham gal

Well they are selling at the reduced price now!

http://www.canada.com/coquitlamnow/n...b-e9eacb128f03

Cynicism is rarely factually correct.

Hammy1976

TheBear

What is cynical about predicting property prices will align with income and mean that people can afford homes and have a life again...that is something good to hope for, something good for everyone except property investors, realtors, bankers and those who are looking to trade down. Cycnical is totally the wrong word. Cyncical is encouraging people to over-leverage on the dream of owning their own home; cynical is hoodwinking people into selling years of labour to finance the lifestyle of boomers.

seaham gal

Definitions of a cynic on Google's site: Someone who is critical of the motives of others:

When you responded with....Rare opportunity my arse!! I did think it was a tad cynical - giving the impression that the realtor was pulling a fast one rather than offering true bargains.

I like to be the bringer of better news rather than bad - and this may well happen with other developers in Canada - they HAVE to do something don't you think?

TheBear

Maybe you're right, maybe I m very cynical about the property industry and the people who feed off it. It shouldn't take two people their entire working lives to pay for a home...this is bad for the rest of the economy as it leaves less money to spend on other things. Thankfully we are seeing a global adjustment now, but it's long overdue. Vancouver is no exception, but obviously it will be bad if all developers go bust...a few is not a bad thing, but too many and when the recovery comes there won't be enough businesses to meet demand.

seaham gal