Will Vancouver house prices ever go down?
Nov 16th 2015, 4:25 am
#16
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Re: Will Vancouver house prices ever go down?
The East coast is distorted by cheap property. When you take into account lack of opportunities, crap wages when if ever you get said opportunity, Higher taxes, Bills, Cost and lack of availability of everything it is not as clear as that. Having looked at moving we would almost certainly be better off in Southern ON (outside of the GTA )
Nov 16th 2015, 4:59 am
#19
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Re: Will Vancouver house prices ever go down?
Define going down?
Are we talking a reduction of 20% or as some say a possibility of a 40% reduction as the market is overvalued.
If they stopped foreign buyers might this reduce the price?
Say a 3% increase in mortgage rates would this help lower prices?
Are we talking a reduction of 20% or as some say a possibility of a 40% reduction as the market is overvalued.
If they stopped foreign buyers might this reduce the price?
Say a 3% increase in mortgage rates would this help lower prices?
Nov 16th 2015, 6:01 am
#20
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Re: Will Vancouver house prices ever go down?
Now we're in a larger bubble, will history repeat?
Nov 16th 2015, 6:05 am
#21
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Re: Will Vancouver house prices ever go down?
Probably not. I've been in BC over a decade and it's been the same, when will they go down?
Go out to Abbotsford or Chilliwack, sticks yes, but you can get nice houses under 900,000.
Squamish you will get a pretty nice house for 600-700k, still under 900,000 and kind of in the sticks but can get to downtown 90% of the time in an hour.
I wouldn't hold my breath for lower prices in Vancouver.
Go out to Abbotsford or Chilliwack, sticks yes, but you can get nice houses under 900,000.
Squamish you will get a pretty nice house for 600-700k, still under 900,000 and kind of in the sticks but can get to downtown 90% of the time in an hour.
I wouldn't hold my breath for lower prices in Vancouver.
Nov 16th 2015, 6:05 am
#22
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Re: Will Vancouver house prices ever go down?
Assuming an average of 900,000, we would need the avg to fall about 750,000 to bring housing into our price range..... 
I won't hold my breath on that ever happening...
I won't hold my breath on that ever happening...
Nov 16th 2015, 7:28 am
#23
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Re: Will Vancouver house prices ever go down?
You clearly consider 'out in the sticks' to start with Richmond, Surrey or Burnaby then?
$600-700k will get you more house than most people will ever need (eg new, 3000sq ft) in many places on a 500-600 square metre lot, in anywhere just beyond those cities, unless you want a large lot.
'Out in the sticks' to me is anywhere beyond Maple Ridge or Langley (or in the only other non-ferry direction, it starts with Squamish).
Granted prices are going up rather quickly - our March 2015 purchase of $615k is probably worth 10% more already even 'out' in Maple Ridge, given the price and speed of recent local sales. Prices are actually quite subdued in Maple Ridge where probably 50% of current sales are brand new out-of-the box houses.
Even they are selling as fast as they can build them - in a subdivision down the street from us, they finish them on a Thursday and owners move in on the Friday....
The demand does appear to be a dash for a single family home though - anything connected to its neighbours takes a little longer to sell....
Last edited by withabix; Nov 16th 2015 at 7:34 am.
Nov 16th 2015, 7:53 am
#24
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Re: Will Vancouver house prices ever go down?
If memory serves me, there was quite a run up in the early-mid 90's owing to the Hong Kong handover, and a large increase in the city's Asian population. Now, in a sense, Vancouver has reached a critical mass in terms of population size, foreign links, and diversification, so when there is a downturn (brought on by increased mortgage rates for example) the most correction there will be is 10-15% off future inflated prices. According to my crystal ball, that is.
Nov 16th 2015, 8:47 am
#25
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Re: Will Vancouver house prices ever go down?
Out in the sticks is past Chilliwack for me. Anything within 100 to 105km or so of Vancouver isnt in the sticks in my book.
Its all relative though for prices, to a family like us except for Chilliwack the entire LM is unaffordable and never will be affordable short of winning the lotto. But to most here they likely can find chunks which are.
Its all relative though for prices, to a family like us except for Chilliwack the entire LM is unaffordable and never will be affordable short of winning the lotto. But to most here they likely can find chunks which are.
Nov 16th 2015, 1:37 pm
#26
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Re: Will Vancouver house prices ever go down?
Well, that's a tad unfair. That's your assessment in any case. I've lived in London, NY, and visited SF. Vancouver has beauty and offers what many look for. Just because you don't deem it the same from a lifestyle perspective, doesn't mean others don't and that it shouldn't be evaluated on par.
The crunch is foreign purchases (which Christy Clark clearly has a vested interest in) and artificially low interest rates.
People need to vote these BC Liberals out when the time comes, her and the Vision Party have sold BC up the creek imho.
The crunch is foreign purchases (which Christy Clark clearly has a vested interest in) and artificially low interest rates.
People need to vote these BC Liberals out when the time comes, her and the Vision Party have sold BC up the creek imho.
Nov 16th 2015, 1:40 pm
#27
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Re: Will Vancouver house prices ever go down?
Or one that went for 850K just sold for 1.2
So within 9 months a 33% increase or thereabouts in some areas.
So 40% is fine just to get it to last year's levels.
A 3% increase would help somewhat, and if the BC Government stopped sticking their finger to locals (Christy Clark wouldn't even care to collect data, and then keeps hiding behind lack of data as the excuse not to act)
Last edited by vanity; Nov 16th 2015 at 1:46 pm.
Nov 16th 2015, 1:45 pm
#29
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Re: Will Vancouver house prices ever go down?
You clearly consider 'out in the sticks' to start with Richmond, Surrey or Burnaby then?
$600-700k will get you more house than most people will ever need (eg new, 3000sq ft) in many places on a 500-600 square metre lot, in anywhere just beyond those cities, unless you want a large lot.
'Out in the sticks' to me is anywhere beyond Maple Ridge or Langley (or in the only other non-ferry direction, it starts with Squamish).
Granted prices are going up rather quickly - our March 2015 purchase of $615k is probably worth 10% more already even 'out' in Maple Ridge, given the price and speed of recent local sales. Prices are actually quite subdued in Maple Ridge where probably 50% of current sales are brand new out-of-the box houses.
Even they are selling as fast as they can build them - in a subdivision down the street from us, they finish them on a Thursday and owners move in on the Friday....
The demand does appear to be a dash for a single family home though - anything connected to its neighbours takes a little longer to sell....
$600-700k will get you more house than most people will ever need (eg new, 3000sq ft) in many places on a 500-600 square metre lot, in anywhere just beyond those cities, unless you want a large lot.
'Out in the sticks' to me is anywhere beyond Maple Ridge or Langley (or in the only other non-ferry direction, it starts with Squamish).
Granted prices are going up rather quickly - our March 2015 purchase of $615k is probably worth 10% more already even 'out' in Maple Ridge, given the price and speed of recent local sales. Prices are actually quite subdued in Maple Ridge where probably 50% of current sales are brand new out-of-the box houses.
Even they are selling as fast as they can build them - in a subdivision down the street from us, they finish them on a Thursday and owners move in on the Friday....
The demand does appear to be a dash for a single family home though - anything connected to its neighbours takes a little longer to sell....
Richmond doesn't go for under 1m but I didn't favor that part of town.
Nov 16th 2015, 3:06 pm
#30
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Re: Will Vancouver house prices ever go down?
Well, that's a tad unfair. That's your assessment in any case. I've lived in London, NY, and visited SF. Vancouver has beauty and offers what many look for. Just because you don't deem it the same from a lifestyle perspective, doesn't mean others don't and that it shouldn't be evaluated on par.
The crunch is foreign purchases (which Christy Clark clearly has a vested interest in) and artificially low interest rates.
People need to vote these BC Liberals out when the time comes, her and the Vision Party have sold BC up the creek imho.
The crunch is foreign purchases (which Christy Clark clearly has a vested interest in) and artificially low interest rates.
People need to vote these BC Liberals out when the time comes, her and the Vision Party have sold BC up the creek imho.
