John 🇨🇦
@johnny_33
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Following
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Interested in a lot of things... most of which are pretty nerdy. My block list is long. ✌🏼
Vancouver, BC, Canada
Joined May 2009
Don't wanna be here?
Send us removal request.
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There is a housing crisis and yet Canada is continuing to ramp up the number of international study permits each year - 807,750 in 2022.
These students compete with local residents for housing.
They also compete with local students for placements.
h/t
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Sitting in a restaurant, overheard the waiter tell a customer about their friend that couldn't pass the stress test on their presale condo. Lost $200k deposit and owes developer for any further losses.
#VanRE
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@RE_MarketWatch
The bank employee says the change needs to be rolled up. You either roll it up or you leave.
If you don't like their policy, you can bank elsewhere. It is their right to kick you out for being belligerent.
I'd bet everyone in line behind him were glad to see him go.
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Court Ordered Sale Thread:
Looking up court ordered sales and the Lower Mainland lights up like a Christmas tree.
Here is a thread including some of the properties for sale...
1/
#VanRE
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@theJagmeetSingh
@PierrePoilievre
Congratulations on your new rental property, Mr. Landlord
H/t
@BetterDwelling
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I spot a local Karen!!
Ok so someone has edited Karen videos with zombie sounds.
The internet. Undefeated...
575
5K
19K
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@BehindBlueLine
Few weeks ago, driver cut me off downtown, nearly causing an accident. Realized the car behind me was VPD. Let them cut in front and pull them over.
#InstantKarma
Gave a 👍🏼. Made my week.
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A couple with combined $200K income, stress tested 2 years ago, would qualify for a mortgage of around $815K (qualify at 5.25%).
That same couple with a $200K income today would be stress tested at likely 8% (6 + 2%) and qualify for a mortgage of around $635K.
#VanRE
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@jonathanmpierce
@tomwarren
If you work for Google I don't suggest taking any trips to China. I'm being serious.
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Downtown condo re-listed again for the 6th time
Aug 2022 $955,500
Mar 2023 $839,900
July 2023 $799,900
Mar 2024 $769,900
June 2024 $679K
July 2024 $679K
Anyone? Anyone? Beuller?
#VanRE
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You can smell the desperation at the Butterfly:
Urgent!!!
Must Go. Price negotiable.
Unbelievable discount!!!
Any offer will be considered.
One seller offering $225K below contract price.
#VanRE
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OP lives on the 40th floor of a condo building with 1/4 operational elevators.
Building is 12 years old.
#VanRE
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@mortimer_1
Question is, why can developers in Calgary sell new units at $500/sqft but in Kelowna they can't build for less than $1200/sqft?
Maybe start there.
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@FP_Champagne
@BenCarrwpg
@Taleeb
The guy who's side hustle is buying condos with the intent to sell them for a profit a short time later... Is somehow going to make our lives more affordable? 🤔🤔🤔
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I had to do a double take...
TWO BED AND DEN + LUXURY CONDO
484 square feet
UNDER VALUED (at $899K)
What is this, luxury for ants?
#VanRE
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Things got a little "frothy" in Langley in Feb 2022.. This seller got sucked in and just got spit out
Sold $1.475M
Assessed $1.401M
Purchased Feb 2022 $1.826M ($326K over asking)
Est $429K loss after PTT and commissions
#VanRE
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@BradWestPoCo
Don't even know how anyone can argue against this... It's simple math. We don't have the corresponding increase in the number of homes, doctors, etc.. for this many people.
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Enormous beating for this condo flopper that bought into a problem building...
Sold $762K
Assessed $993K
Purchased NEW Aug 2021 $1,054,900 (+GST)
Est $390K loss after GST, PTT, commissions
#VanRE
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Here comes the new 2024 bull market... Abbotsford home sold in 3 days!! Over asking! Over assessed!
Sold $1.33M
2023 Assessed $1.278M
Purchased Mar 2022 $1.7M
Est $442K loss after PTT and commissions in less than 2 years
#VanRE
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@michellecyca
1. CHIP Reverse Mortgage
2. HELOC
3. Sell the house and downsize
3 ways is more than no ways.
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UBC Vancouver Campus Enrollment, data from link below. In 10 years, they went from 17.1% to 28.5% International in 2022.
They even brag about this on their Facts site.
Guess who all those new on-campus condo developments are meant for?
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I dunno about you, but if I hired a realtor to list my million $ property and they couldn't even be bothered to show up to take photos... and instead took pics of google street views on their computer screen.. I'd fire them and find a realtor that works for their commission.
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Easing back into posting on here...
Yaletown condo sold for a loss after 7 years
Sold $870K
Assessed $1.037M
Purchased Oct 2017 $980K
#VanRE
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Oopsies... 9 year old downtown penthouse 3BR condo flopped for a huge loss and sold for less than the 2015 price (when it was a year old).
Sold $2.5M
Assessed $3.532M
Purchased Sept 2019 $3.3M
(Previously Sold Aug 2015 $2.699M)
After transaction costs, est. $950K loss.
#VanRE
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There is ZERO accountability in this country.
"On Tuesday, prosecutors told the court the light had been red for more than 20 seconds when the crash happened."
He was also caught using a forged drivers license.
And one of his lawyers accused him of sexual assault.
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Capitulation at "Speculator Central"... Second and Main?
Sold $594K
Assessed $915K
Purchased NEW Oct 2021 $930,900 (+GST)
Est $420K loss after GST, PTT, commissions
#VanRE
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💣💥💣💥💣💥💣💥
Eye-watering million dollar loss in 10 months in Surrey
Sold $2.52M
Assessed $2.863M
Purchased Apr 2022 $3.51M and re-listed in October
#VanRE
💣💥💣💥💣💥💣💥
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2 year old Horseshoe Bay townhouse... Pretty steep drop from asking $2.588M in 2022 to selling for $1.4M
Sold $1.4M
2023 Assessed $2.217M
No previous public sale info available.
#VanRE
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Big OOF at the Arc
Sold $1.505M
Assessed $1.699M
Purchased NEW Oct 2019 $1,789,900 (+GST)
=$1,879,395 (GST Incl)
Feb 2024 Asking $1.998M
Est $452K loss after GST, PTT, commissions
#VanRE
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Another Brentwood seller goes bust...
Sold $870K
Assessed $1.08M
Purchased NEW July 2021 $992,900 (+GST)
Est $218K loss after GST, PTT, commissions
#VanRE
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🍾🍾 We have a contender for biggest
#VanRE
loser of 2024 🍾🍾
West Vancouver seller took a beating
Sold $3.77M
Assessed $4,065,400
Purchased June 2016 $5M !!!
Nearly $1.5M loss after PTT and commissions and not even factoring inflation.
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Abbotsford seller gets completely rinsed after paying $151K over asking in 2022.
FOMO is not your friend.
Sold $985,500
Assessed $993K
Purchased Feb 2022 $1.4M (Asking $1.249M)
Est $471K loss after PTT and commissions 🥴
#VanRE
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@kolindeshazox
@FightHaven
"21-year-old Austin Addison was charged with harassment, disorderly conduct and criminal mischief"
How was this not assault? 🤔
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192/192 polls reported.
Conservatives take
#TorontoStPauls
by 590 votes.
Liberals have held this seat for 30+ years (and by a wide margin).
Does this signal a Justin "walk in the snow" moment?
#canpoli
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Feb 2022 was a helluva time. 😵💫🥴😵💫🥴
Seller wanted this townhouse SO BADLY they paid almost 40% OVER ASKING - only to get rinsed 2 years later.
Sold $730K
Assessed $744K
Purchased Feb 2022 $905K (Asking 649K)
Est $215K loss after PTT and commissions
#VanRE
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This court ordered sale is for a West Van condo that completed in 2022 and was originally listed for $1.838M
Now listed at $1.099M ($931 psf)
Does anyone have any previous sale info on this one?
@FIVRE604
@mortimer_1
#VanRE
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@ShaziGoalie
Stop going to Tim Horton's.
The coffee sucks.
The food sucks.
They don't support Canadian workers.
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This Chilliwack spec home builder listed this new 4,408 sqft home in January 2023 for $2.499M
It just sold for almost $1M less at $1.52M
(Assessed $1.871M)
#VanRE
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Where is all the supply??
A look at some of the buildings in Downtown Vancouver with the most units for sale... Starting with the building everyone loves to hate (apparently including the owners), Vancouver House.
34 units, with some ridiculous per sqft prices...
#VanRE
1/
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This 1,677 sqft townhouse in Mount Pleasant has been listed for nearly 3 years.
"Attention Investors! Court-Ordered Sale! Completed in 2021, yet never occupied"
"spans four levels"
Listed $939K
Assessed $1.516M
Original 2021 List $1.399M
*$1,316/mo strata fee
#VanRE
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BC Assessments is going to need to make some adjustments on the models they use for their assessments...
Sold $5.8M
Assessed $9.039M
Listed Nov 2023 $8.998M
No public previous sale info
#VanRE
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Brentwood assignment - completion early 2025
Original price: $729,900
Deposit paid: $109,485
New price $650K
Seller preparing to walk away from $80K of their original deposit
#VanRE
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@RJRCapital
$TSLA gets hit by rising rates twice... Not only because they're a "tech" company but unlike Google, FB, Microsoft, Amazon... most of their customers need to take a car loan
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Something must have been in the air in Chilliwack in Feb of 2022. 😵💫🥴😵💫🥴😵💫
Court ordered sale... "huge lot with redevelopment potential"
🔥🔥🔥🔥🔥
Just listed $750K
Assessed $1.099M
Purchased Feb 2022 $1.4M
Re-listed May 2024 $1.024M
#VanRE
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Support Canadian workers.
Don't go to Tim Hortons.
Also, their coffee and food sucks.
FYI parent company RBI also owns Burger King and Popeye's.
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🔥🔥🔥 Hope detached home sold in just ONE DAY... $67K ABOVE assessed value!! 🔥🔥🔥
Sold $730K
2023 Assessed $663K
Purchased Mar 2022 $915K
Est $225K loss after PTT and commissions
#VanRE
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Tsawwassen condo seller avoids capital gains taxes by selling for $65K less than they paid last year
Sold $485K
Assessed $524,300
Purchased June 2023 $549,900
Est $91K loss after PTT and commissions
#VanRE
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Bruh.
Price discovery at its finest.
#VanRE
Originally asking $44 million… just sold via a courted ordered sale process for $15 million
@DailyHiveVan
🤷♂️
Nature is slowly healing…
1233 Tecumseh Ave, Vancouver…
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Last 90 days... exactly 1 unit has sold in Alberni by Westbank. And it was the cheapest unit.
36 units still for sale. Most > $3M.
Lowest priced is currently a $1.03M 489sqft unit like the one that sold for $817,590 earlier this month.
Prelim pricing shown h/t urbanyvr
#VanRE
Alberni by Westbank.
Completing soon.
17% of units, owned by pre-sale flippers, on MLS right now.
Imagine having to close at these rates + GST. A space to watch.
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Maybe it's nothing?
$TLT is up 0.06% on the day but March 19 call options are selling like hotcakes...
@coloradotravis
@MetreSteven
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@RE_MarketWatch
I mean, half the population of Toronto has a realtor license so not really surprising 😂😂😂
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Detached New West home sold for under $1M?
Sold $800K
Assessed $1,016,700
Last sold in 1974 for $18K
#VanRE
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Greedy attempted condo flipper chases the market down for 2 years
Sold $680K
Assessed $701K
Purchased Nov 2021 $699K
Re-Listed Feb 2022 $949K
Re-Listed July 2022 $958K
#VanRE
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Hotel Georgia Penthouse unit for sale...
4 bedrooms
7 baths
5 terraces
7,236 sqft
$4,997/mo strata
All this could be yours for $26.88M
#VanRE
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ELEVEN 2 bed + 2 bath units at Alberni by Kengo Kuma have a brand new comparable...
Sold $1.625M
Assessed $2.201M
Pre-sale prices on 2 Bed units started at $1,998,900 (see screenshot)
All the other comparable units at least 1,000 sqft are asking $1M+ more.
#VanRE
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A curious listing in North Delta...
Condo listed Mar 17th at $648K
Sells after 1 day on market for $510K (21% off asking)
Assessed value: $663K
#VanRE
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Chilliwack seller were caught holding this hot potato property when the music stopped.
Court ordered sale:
Sold $630K
Assessed $703K
Purchased July 2021 $875K
Previously Sold Feb 2021 $750K
Re-Listed Mar 2022 $1.17M
$282K loss after PTT and commissions
#VanRE
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@mortimer_1
8 full time staff.
306 enforcement actions taken in 6 months.
51 per month.
A little over 6 per FT employee per month.
It takes each employee about 26 hours to identify and take action on a single violation.
Peak
@CityofVancouver
efficiency. 🤣
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Not what this North Vancouver condo flipper was hoping for...
Bought this 2 bedroom condo at pre-sale for $782,900 + taxes... $822,045 taxes incl.
Assessed $788K
Sold..... $660K
💣👀💣👀💣👀
That's potentially $200k lost in just 1 year!
#VanRE
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Luxury estate residence at the Fairmont Pacific Rim re-sold for a loss after 14 years
Sold $3.5M
Assessed $3.67M
Purchased NEW Mar 2010 $3,589,638 (+GST)
($4.986M inflation adjusted to 2024 dollars)
Est $1.96M real loss after GST, PTT, commissions (inflation adjusted)
#VanRE
11
7
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Back-to-back flops for owners of this Oakridge ground floor condo
Sold $895K
Assessed $1.091M
Purchased Mar 2021 $1.03M
Prev Sold Oct 2018 $1.105M
Est $182K loss after PTT and commissions
#VanRE
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At current list... and at a conservative 20% down, that's a mortgage amount of $654,400.
At 5.5% and 25 year amortization, that's $3994/mo
$434 monthly strata
$2,202.80 annual property taxes ($184/mo)
It would cost about $4,612/mo to own this "spacious" 530 sqft condo
#vanre
#vanre
Asking $818,000. 2022 SOLD $880,000. Tax Assess $818,000. "luxurious home features the most sought after panoramic Ocean, English Bay and City view! One bedroom plus a spacious Den." VIEW ALL SOLDS:
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Victim of 2022 FOMO in downtown Vancouver...
Sold $540K
Assessed $624K
Purchased Apr 2022 $688,888
Est $180K loss after PTT and commissions
#VanRE
7
3
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Surrey townhouse re-sold for loss after 2 years
Sold $900K
Assessed $845K
Purchased Apr 2022 $1.09M
Est $238K loss after PTT and commissions
#VanRE
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@RE_MarketWatch
It's sad... but also, if you're going to make such a huge, life changing decision - do some basic research instead of taking a recruitment agent's word for it.
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Another downtown condo sold for less than 2017 purchase price
Sold $555K
Assessed $603K
Purchased Nov 2017 $590K
Est $64K loss after PTT and commissions
#VanRE
3
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How are things going over at Westbank's Alberni by Kengo Kuma?
Unit 801:
"BEST PRICE AVAILABLE! NO GST!"
Assessed $3.028M
June 2023 Originally Listed $3.699M
Apr 2024 Re-Listed at $2.99M
June 20th Reduced to $2,299,900
Still no takers after 40 days at the new price
#VanRE
1/
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@MacroAlf
Typical U.S. RE investor formula:
1 - buy distressed property
2 - fix it up
3 - re-appraise
4 - rent home
5 - cash-out refinance to extract equity
6 - use new equity to buy next property
(rinse repeat)
This works fine until property values start falling and the bank calls...
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49
Massive flop for Olympic Village seller
Sold $927K
Assessed $972K
Purchased Feb 2022 $1.38M
Est $507K loss after PTT and commissions
#VanRE
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49
Q4 will be wild. Concord Brentwood will complete by end of year and all these bagholders will need to find financing if they can't unload their pre-sales.. clock is ticking.
35% deposit - trying to sell for less than original price.
#VanRE
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Seller has been trying to unload this luxury 1 BR West End condo since it was completed in 2021.
Price discovery can be a **tch
Sold $788K
Assessed $829K
Purchased NEW Oct 2021 $925,900 (+GST)
Re-listed for as high as $1.185M
Est $226K loss after GST, PTT, commissions
#VanRE
7
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49
3 Point Grey lots sold at the same time...
4899 Belmont Ave:
-Sold $4.82M
-Assessed $7.257M
-Listed Mar 2021 $12M
4889 Belmont Ave:
-Sold $13.79M
-Assessed $21.391M
-Listed Mar 2021 $35M
4883 Belmont Ave:
-Sold $20.39M
-Assessed $30.077M
-Listed Mar 2021 $52M
#VanRE
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10
48
Seller of this Maple Ridge townhouse paid the price for their Spring 2022 FOMO...
Sold $790K
Assessed $769K
Purchased Mar 2022 $959K
Est $212K loss after PTT and commissions
#VanRE
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9
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Capitulation over at Joyce by Westbank™️
Sold $856K
Assessed $1.143M
Purchased NEW July 2021 $980K (+GST?)
Immediately Re-Listed $1.208M
Reduced Jan 2022 $1,098,800
#VanRE
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47
Lots of today's reported sellers just trying to break even or unload their properties without taking too much of a loss...
Which is odd since I keep hearing that we're at the start of another bull market run in
#VanRE
1/
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New Zealand going full hawkish mode and increases by 50bp instead of expected 25bp... housing market be damned
⚠️ BREAKING: NEW ZEALAND CASH RATE ACTUAL 5.25% (FORECAST 5%, PREVIOUS 4.75%) $MACRO
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West Vancouver luxury townhome sold for less than 2017 price
Sold $2.55M (Listed Apr 2023 $3.175M)
2023 Assessed $2.682M
Purchased Apr 2017 $2.735M
#VanRE
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Look at the bedroom in this "designer" condo unit.
A queen bed is 80 inches long, or 6 feet and 8 inches. If you have no headboard, you'd have 5 inches between the bed and the wall.
This is why there's 2 doors to the bedroom - to get around the bed. 😂
#VanRE
15
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@StealthQE4
It will all come down to how long people can hold on to their 2% mortgages...
People will sell their first born child and max out every possible credit card, line of credit, etc.. before selling.
But once those floodgates open, it will be hard to stop.
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1 year old 2 bedroom condo in North Vancouver...
Sold $1.2M
Assessed $1.196M
Bought new....
$1,749,900 + GST
💀💀$700K loss incl transaction costs💀💀
#VanRE
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I present to you... more price discovery.
TWO homes on 5.24 acres in Mission...
Listed in June 2022 for $2.997M
Seller thought that was too low, re-listed Sept 2023 for $3.499M
UNRESERVED AUCTION JUNE 4-6, 2024:
Sold for $1.304M
#VanRE
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