Vancouver Condos Hit New RECORD HIGH Prices (Already)
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- čas přidán 2. 08. 2024
- The Lower Mainland of BC is a tale of two markets, Greater Vancouver and the Fraser Valley. Both markets are close in proximity but act very different. So different in fact that the Valley is showing signs of decline while the GVR is heating up.
In this video, Steve Karrasch of Macdonald Realty discusses the two markets and how Vancouver area condos are already above 2022 peak pricing.
#realestatebubble #peakrealestateprices #vancouverrealestate
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.
Many factors. One factor, my guess is many Vancouver / Burnaby firms have required their staff back in the office.
Many factors for sure.
Maybe. Could also be because all of surreys office space is still under construction which will host satellite offices.
Glad to see a fellow realtor working hard 👍
Really enjoy the content on your channel. Very relevant. Just noticed a condo in my building sell for higher than usual and then this vid ended up on my feed.
Interesting!
Capital gains changes does not make cash flow negative. You have to sell the property before tax kicks in, and then only on the capital gain portion of the sale price. If you sell at the same price or lower, there is zero capital gains tax. If you don't sell and are holding the property for revenue stream, the changes to capital gains is irrelevant.
in other words, most people won't be ab;e to own a home. such a sad time to live. i finally saved up 225K for a down payment, and making about 155K combined, yet i can't afford a home unless i want to live in a box :(
Build cost for a standard house is $150/sq ft, double that for a custom house, so yeah, you are not going to afford a house with what you make.
Build cost in BC is closer to 300/ft
@SteveKarrasch Last time I looked into it, it was 150, but things have probably increased since then. The point remains however that there is underlying value associated with a house which represents a baseline cost, the high prices reflect that, it is not a result of external forces and speculation like so many people go on about.
Most people just have to get used to less when it comes to housing, because what they want simply costs too much relative to their income, and that is not going to magically change no matter what policies various governments enact.
@tugela60 your thought is exactly what’s wrong with Vancouver lol. The price for a small house 700sqft going for close to a million is atrocious and not sustainable. Your city is already falling down, homeless is at an all time high. Your dumb government is taxing you for anything and everything. Ideally that amount usually suffice for a decent property, now it’s just dog 💩
You can buy a brand new townhouse for 450k in Winnipeg. It’s nothing compared to Vancouver but at least you get to own a home.
All thins being equal, I would always go for a house over a condo. With a condo, you are always subject to strata bylaws. It's a majority rule situation. Also, in many cases, you own your part of the building but not the land itself. And of course you have monthly strata fees. With a house, you are 100% responsible for repairs but at the end of the day, the place is yours!
P.s. I know the entry price is at least twice for a house. I would still go for a house vs 2 condos if I had a choice.
Some purchasers see Vancouver as global real estate market so with lower CAD vs USD, it is still cheaper in USD. E.g. under 1.28 exchange rate back in 2022 vs. 1.37 today. Rent prices have stabilized vs. steep climb so would be interesting to see if prices would hold around this area.
Totally, except for the foreign buyer ban.
Buddy mixed it up with the green! 😱
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Hey there, I have not seen your videos on my feed for awhile, you’re looking like a skinny legend lol! .. good for you keep it up, you look healthier! .. (don’t be insulted, it’s a “mom” thing lol!
Welcome back! Market's no good, can't afford food.
It is very misleading, the new record high price is not Vancouver Condos, it is the average sale of sold condos. If only one DT condo is sold because it is at a higher price than the rest of Vancouver, it is not right to say Vancouver condo price is new record high. That statistic is not housing price, that statistic is the average price of sold properties in that month, that's it, not sure why realtors keep using that as housing price. When the volume fall, low quality houses are not able to sell, hence increase in average price of sold properties, that's not a housing price increase.
IMO the fvreb gets weighed down by mission/abby prices whereas REBGV gets boosted by west van/west side. Places like maple ridge, poco, pitt meadows are way cheaper in terms of detached homes compared to Surrey/langley.
I even think white rock is going to start to become comparable with west van as industry and employment grow in Surrey.
South Surrey maybe, but White Rock is low cost now.
West Van is about 25% lower than Vancouver west side for equivalent houses.
@DTrent-uy1wl No, right. I am looking to buy a house atm. I have been watching the market for the last year, prices in West Van are about 25% lower for the same quality of property in the West Side. The vast majority of the really expensive houses in the metropolitan area are in the West Side. Of the top 100, about 85% are in Vancouver, about 10% in West Vancouver, and the remaining 5% in other cities in the lower mainland. Similar thing with the mid to lower priced property. Prices in Vancouver proper, specifically the West Side, are much higher than anywhere else in the metropolitan area.
Very odd. Toronto condo prices are $65,000 below peak 2022 prices (7.8% less)
Well, at least you have hockey to watch!
oh wait...
And here you thought it would take 2 years to get back to peak. Toronto to follow suit.
Butttt buttt… there were people saying the market was going to crash. ????
Could whole Facebook pages be wrong?
@@SteveKarrasch
Guess those people don’t like making money in real estate. You don’t wait to buy real estate you buy real estate and wait
When I purchased a presale in May 2019 the market was slumping and the show room was pretty quiet. Those are the best times to buy, in May 2023 once again the showroom was dead quiet. When I recently went to a showroom last month there was a lineup with a guy asking “are you on the list” lol. Those are the times you dont buy. Basically do the opposite of what everyone is doing.
I guess prices will just go up forever, says everyone employed in the real estate industry.
Prices are about to crash 30% says everyone that doesn’t own.
Good luck selling them. Everyone is broke.
This is based off of sale prices. not listing prices.
Eventually people will quit renting these ridiculous condos and then the supply of condos will increase and prices will fall. Condos are just lagging behind what is inevitably going to happen.
Where's everyone going to live?
@@SteveKarraschHastings, apparently
Prices are high because demand is high. People are not going to stop renting.
@@SteveKarrasch The market doesn't care about your lifestyle or your emotions, it flows through cycles, always has, always will. Why people can't see this I don't know why. Its so obvious the market is slowly turning downwards.
@QuestRader The problem in Vancouver is the very low vacancy rate, that can only be solved by forcing people to leave the city or building new units. People don't want to leave, in fact more are coming than leaving, and the cost of new builds presents a barrier to expanding inventory since there are not enough sources of capital to fund them.
@@Tugela60 Vancouver is not immune to Canada's national real estate market cycle. GDP, real estate values and incomes are moving downward. Unemployment and bankruptcies are sky rocketing. The supply of houses nationally is increasing and yes vacancies are increasing nationally. Vancouver will eventually follow suit. These speculators that purchased condos and houses at ridiculous prices back in 2021 and continue to purchase even now are going to lose big. Though I have noticed that foreign investment in Canada has slowed significantly and for good reason. The bubble is about to pop!