Thanks for the inside edge Owen. Great video and information. Over here in the East Burnaby, I'm starting to notice units sold for full asking price too.
Owen is right, if you check all the recent sold properties in certain areas in greater Vancouver and Fraser Valley, some properties are sold over the asking prices, even though some are sold below asking prices, it really depends on the location, quality of the properties and demand for the area!
There isn't really a down market good quality properties with fair pricing. Some may find a duplex like you have mentioned expensive. They are usually ~1.4 million for 1400sqft recently built duplex, but it is more so that these duplexes were undervalued in the past. You get the same property footage and own a chunk of land. And you pay almost the same price as the condo. No amenity, but condo owners are likely aware that amenities can be more of liabilities especially if you are not even using them. What if they decide to develop in future? The value is in the land. I think we are in balanced market currently, and I think we are heading towards down market short term... but when it swings back.. note we may have significant shortage in housing because unless the economy improves and the interest rate goes down, developers stay on sideline.
A counter-argument. Problem with a duplex is you usually don't have the elevation/view you can get in a high-low rise condo. Also, usually not usually concrete construction, so you're looking at smelly woodframe. And your next door neighbor is not subject to the rules of an Strata, so a roll of the dice in that department. The value is the location, not necessarily the land itself!
I see your listings Owen, your listings are mostly very well decorated, may have something to do with that as well. but of course market is picking up.
Correct.. i almost never list a home after the first viewing. I work with my clients to get the home looking it's best to maximize interest in the home and achieve maximum selling price. That's what my sellers are paying me for. This can sometimes take weeks or months before we are ready to list. From there it's high quality photography, floorplans, video tours, high quality brochures perhaps some staging etc. Not all Realtors do this as a matter of fact most don't thus many seller leave money on the table with there selling price. Remember not all Realtors are created equal. It's not luck that i have been top producer at Macdonald Realty for the past 6 years. I work for my clients and treat there money like it was mine.
Morning, Mr. Bigland. Will you be interested sharing your view on detached home out in the suburb like Mission, Abbotsford and Chilliwack since it seems to be the new Million dollar line?
Hearing your story about the duplex is depressing. I’ll be stuck in my condo forever. My condo assessed for $200,000 less this year then when I first purchased it in 2018 .
Market is not heating up. This is a complete lie. Inventory is rising! Homes are sitting. Nit saying crash but definitely not heating up. We're headed to the Summer months now! Bigland praying the 25 BPS will spark it up. 🙏
25 BPS is just the start and it will encourage some say 10% on the sidelines that were waiting for the first tangible drop to hit now get back into the market. I'm expecting 2 more cuts later this year and the bulk in first half of 2025. Every cut will get more buyers off the sidelines. Sales to active listings ratio for May shows strong sellers market in every category except detached which is in high balanced. Prices also continue to inch up slowly month over month. Sorry if this is not what some of you want to hear. High quality homes are selling fast and in many cases over asking and in multiple offers on condos. Now if you want to buy a dog unit that has strata issues .. sure those might be taking a price cut and taking time to sell but i don't buy those homes. It always amazes me why some people just won't face the music?? Who on earth are you getting your information from?? 2 months ago when i was talking about interest rates being cut i had dozens of commentators saying it was never going to happen. If they just would have read a few reports out by the Canadian banks they would have seen the poll by all the top economists forecasting all of this. Until you learn to get out of this fear and envy doom loop your listening to, you will continue to be the wrong side of this for life and never get into home ownership. Thanks for watching
It would seem that it would be smarter to buy when the market is "heating up", than when it is "hot" and all the newspapers are shouting about it. By that time prices will be even more "unaffordable".
With interest rates starting to go down very soon it’s going to get even crazier.
No way
What’s your thoughts on an investment condo 1 bedroom in Port Moody along St. John’s street . Ksana condo
Same story in Langley . Suddenly more inquiries since last month . Looks like things r changing
Thanks for the inside edge Owen. Great video and information. Over here in the East Burnaby, I'm starting to notice units sold for full asking price too.
Owen is right, if you check all the recent sold properties in certain areas in greater Vancouver and Fraser Valley, some properties are sold over the asking prices, even though some are sold below asking prices, it really depends on the location, quality of the properties and demand for the area!
Vancouver home sales fall nearly 20 per cent in May as inventory continues to climb VANCOUVER SUN.
Just read your book this week, great stuff Owen. All the best
Awesome, thank you!
Thanks Glad you enjoyed it.
There isn't really a down market good quality properties with fair pricing. Some may find a duplex like you have mentioned expensive. They are usually ~1.4 million for 1400sqft recently built duplex, but it is more so that these duplexes were undervalued in the past. You get the same property footage and own a chunk of land. And you pay almost the same price as the condo. No amenity, but condo owners are likely aware that amenities can be more of liabilities especially if you are not even using them. What if they decide to develop in future? The value is in the land.
I think we are in balanced market currently, and I think we are heading towards down market short term... but when it swings back.. note we may have significant shortage in housing because unless the economy improves and the interest rate goes down, developers stay on sideline.
A counter-argument. Problem with a duplex is you usually don't have the elevation/view you can get in a high-low rise condo. Also, usually not usually concrete construction, so you're looking at smelly woodframe. And your next door neighbor is not subject to the rules of an Strata, so a roll of the dice in that department. The value is the location, not necessarily the land itself!
I see your listings Owen, your listings are mostly very well decorated, may have something to do with that as well. but of course market is picking up.
Correct.. i almost never list a home after the first viewing. I work with my clients to get the home looking it's best to maximize interest in the home and achieve maximum selling price. That's what my sellers are paying me for. This can sometimes take weeks or months before we are ready to list. From there it's high quality photography, floorplans, video tours, high quality brochures perhaps some staging etc. Not all Realtors do this as a matter of fact most don't thus many seller leave money on the table with there selling price. Remember not all Realtors are created equal. It's not luck that i have been top producer at Macdonald Realty for the past 6 years. I work for my clients and treat there money like it was mine.
Morning, Mr. Bigland. Will you be interested sharing your view on detached home out in the suburb like Mission, Abbotsford and Chilliwack since it seems to be the new Million dollar line?
Not his area
Hearing your story about the duplex is depressing. I’ll be stuck in my condo forever. My condo assessed for $200,000 less this year then when I first purchased it in 2018 .
Where are you at? Fort McMurray?
@@rostyslavkozhushko5841 😆
Thank you 👍🏻👍🏻
Market is not heating up. This is a complete lie. Inventory is rising! Homes are sitting. Nit saying crash but definitely not heating up. We're headed to the Summer months now! Bigland praying the 25 BPS will spark it up. 🙏
25 BPS is just the start and it will encourage some say 10% on the sidelines that were waiting for the first tangible drop to hit now get back into the market. I'm expecting 2 more cuts later this year and the bulk in first half of 2025. Every cut will get more buyers off the sidelines. Sales to active listings ratio for May shows strong sellers market in every category except detached which is in high balanced. Prices also continue to inch up slowly month over month. Sorry if this is not what some of you want to hear. High quality homes are selling fast and in many cases over asking and in multiple offers on condos. Now if you want to buy a dog unit that has strata issues .. sure those might be taking a price cut and taking time to sell but i don't buy those homes. It always amazes me why some people just won't face the music?? Who on earth are you getting your information from?? 2 months ago when i was talking about interest rates being cut i had dozens of commentators saying it was never going to happen. If they just would have read a few reports out by the Canadian banks they would have seen the poll by all the top economists forecasting all of this. Until you learn to get out of this fear and envy doom loop your listening to, you will continue to be the wrong side of this for life and never get into home ownership. Thanks for watching
It would seem that it would be smarter to buy when the market is "heating up", than when it is "hot" and all the newspapers are shouting about it. By that time prices will be even more "unaffordable".
market aint doing shit lol
Heating up 🤣🤣🤣
Went down .25 to 4.75 now