Vancouver Real Estate: bubble or no bubble?

[Doug]

Its the same out here also, but our prices are lagging behind because of where they started. Its hard to believe the market will crap out like before. To many people, have to much invested.

He,he. I remember my friends locking in @ 18.75% for 5 yrs. just before it jumped to around 21%. They were so happy but soon after, down she went. We got 12.75% not long after.

[SeaHorse_Fanatic]

Dave,

There are no fixer uppers for $300,000 in the Lower Mainland anymore. If you head much farther out, away from the Vancouver/Burnaby/Richmond core, then you might find something in the Valley. A crappy place around here is $400,000+ now.

People are crazy. They lined up all night for a chance to buy one of 8 townhouses/condos up in Port Moody at over $400,000. Those who bought just grabbed the closest one & they sold all 8 units in 15 minutes.

Imagine having to make a life-altering decision in under 15 minutes & tying up your wages for the next 25 years that quickly. "Honey, who cares if its ugly, lets buy it now & worry about it for the next quarter century later." Crazy.

Anthony

[wetcoast]

What is the average price for rentals out there again?
I'm still trying to figure out how people are making ends meet with a hefty 50k/y income

[SeaHorse_Fanatic]

Rentals will range from $900-1800/month depending on area & size for a suite-small home. Housing prices, including rentals, are nuts.

[trilinearmipmap]

OK my plan is to resurrect this thread annually for the next two or three years and see what the outcome is.

[midgetwaiter]

Originally Posted by daveatwinterpegca

If I was to purchase a house at $300,000 (it would be something meager and a fixer upper no doubt I would assume) - at a 25 year term, that would equal out to about 1850 as a mortgage payment at current 5% rates. Thats 500 dollars per month towards my principal and 1250 on interest alone!

While I do not want to rent, I see no other choice - I will be throwing my money away at interest all together, when I could potentially invest that money and hope to get a return on it.

My brother just got moved by his company to Calgary from just outside London Ont. He was looking at moving from a nice $145k house to a $300k crack den. I drove around with him for days, it was just depressing but we got really lucky and found a nice place that just went on the market and hadn't recived much attenton yet.

He's a very well paid engineer type, it was just the timing that left him with out any money to make a large down payment so he would have been looking at a silly mortgage payment like you describe.

I don't have any real estate experience to speak of but I think any time you get in a situation where real estate is all anyone talks about anymore leads to bubble behavior. It might be a protracted bubble but you can't make money out of thin air like that without there being concequences.

[Invigor]

..SASKATCHEWAN RULES!



however, I don't see housing prices going down anytime soon. the average house since last summer has increased about $40000 in...10 months...and that's here!