Looked at some realtor's listings last week. 2,000 sq ft detatched home in Deep Cove asking $1.9 million sold for about $1.1 million after 7 days on the market. The 20% downpayment has also given the market a reality check.
LOL, 42% price reduction to sell. Well, the owner's probably made a nice windfall off it anyway. Curious to see what happens in the next couple years in my neck of the woods (east van).
Looks like property is selling for under asking price instead of over now.
No way I would buy presently with the prices starting to fall.
Lets hope the correction is at hand.
People always ask me what's the phenomenon
Yo what's up? Yo what's goin' on- Adam Yauch
Where's Pedro now?
He died waiting.
He died waiting.
I always think about another client our realtor had back in 2011. He has said the client sold off in West Van and got out of the market thinking it was going to tank then buy back in when it was low.
Wonder how that worked out for him.
Looks like property is selling for under asking price instead of over now.
No way I would buy presently with the prices starting to fall.
Lets hope the correction is at hand.
indeed… let the fall begin.. and keep on falling..
maybe someday locals can actualy afford to live here again, and the foreigners (non CDN residents) can fuck off..
careful what you wish for.
There is a huge need for affordable housing! Let's get building costs down so we can start pumping out the dwellings!
I always think about another client our realtor had back in 2011. He has said the client sold off in West Van and got out of the market thinking it was going to tank then buy back in when it was low.
Wonder how that worked out for him.
n=1
n=1
100 percent correct.
My comment is just wondering how things went for him. Who knows after selling his place he might have invested it and made great returns on the market. Or put it all on black on the roulette table and won. Or found a tear down in WV and built something and flipped it at the peak.
But thinking 2011 was an all time peak and the crash was coming wasn't an accurate call.
http://www.cbc.ca/beta/news/business/royal-bank-mortgage-rates-1.3851423
2nd major bank in a month to hike rates. Curious as to how this might affect those that overstretched themselves to get in the market…
protect tom mcdonald at all costs
100 percent correct.
My comment is just wondering how things went for him. Who knows after selling his place he might have invested it and made great returns on the market. Or put it all on black on the roulette table and won. Or found a tear down in WV and built something and flipped it at the peak.
But thinking 2011 was an all time peak and the crash was coming wasn't an accurate call.
Lots of people have checked out of the market at various times over the decades for various reasons (downsizing, retirement, upgrading, moving somewhere cheaper etc, etc). And (Duh!) unless you are buying brand new hosing stock, you are buying from a previous owner who is selling.
http://www.cbc.ca/beta/news/business/royal-bank-mortgage-rates-1.3851423
2nd major bank in a month to hike rates. Curious as to how this might affect those that overstretched themselves to get in the market…
Hopefully another 50-80 bucks isn't the straw that brakes the camel's back but I guess it will be tough for those on the cusp. With these new CMHC rules I guess from the banks perspective if they already have clients that have to qualify at a higher rate why not charge them a higher rate.
http://www.cbc.ca/beta/news/business/royal-bank-mortgage-rates-1.3851423
2nd major bank in a month to hike rates. Curious as to how this might affect those that overstretched themselves to get in the market…
Context… the 5 year fixed has moved up to 2.94% at RBC according to that article and 2.84% at TD.
The banks are pointing the fingers at the Liberals. I guess if less people qualify for mortgages then those that do should just pay more. Bankers gotta make bank yo.
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