New to Real Estate · Vancouver, Canada · Member since 2022 · 9 posts · 4 votes
Hi everyone, Alicia Marks made a post on the general forum asking about any changes in the market. But it lacked any Canadian investor's insights and mostly contained comments from our fellow Americans. So let's see what is happening in Canadian Real-estate, whether residential, attached, detached, commercial or anything else, especially as BOC announced looming interest rate hikes what are you noticing?
It really depends on where you are. Where I live house prices have gone up a little, but homes and higher end condos are still selling quickly. In another area where I invest, places seem to be selling quickly and prices have gone up a lot.
New to Real Estate · Vancouver, Canada · Member since 2022 · 9 posts · 4 votes
4y
Personally in the Greater Vancouver area Detached residential has been cooling down and staying on the market for 2weeks or more but condos and apartments are still getting 5+ offers over asking and selling within 1 week or 1.5 weeks on the longer end.
Hi everyone, Alicia Marks made a post on the general forum asking about any changes in the market. But it lacked any Canadian investor's insights and mostly contained comments from our fellow Americans. So let's see what is happening in Canadian Real-estate, whether residential, attached, detached, commercial or anything else, especially as BOC announced looming interest rate hikes what are you noticing?
I live in Fraser Valley, BC about an hour outside of Vancouver. I am Noticing huge drops specifically In the townhouse market I follow mainly. For example, comparable units selling 3 months ago were 900k, are now being sold for 790k.
There are pocket neighbourhoods that still have low inventory and high demand so those are being scooped up well over asking still… such as areas in Port Moody, North Van/East Van, however I feel most markets peaks were mid Jan-Feb.
My prediction is June we get another .5 rate hike, the summer will be quite slow with buyers waiting to see what happens to the market. There will be deals with bully offers that we as investors can now take advantage of throughout summer into 2023, let’s go!
Investor · Van Isle · Member since 2021 · 455 posts · 226 votes
4y
appears to be an uptick in new listings here on Vancouver island, over last spring. Sales pricing still well ahead of assessments. Appears Realtors have caught up to the market in terms of list price, with sales settling in around list. Gives the impression that price is retreating, but not yet. Still multiple offers in a continued sellers market.
Watching Edmonton, it appears that price increases that were first accepted, might be seeing some resistance now with arrival of spring listings. Their condo market, which really missed the surge, may resume its downward trend.
Rental Property Investor · Edmonton · Member since 2020 · 54 posts · 38 votes
4y
I am both local to, and an investor in Edmonton. My sister just bought a 3Bed 2Bath front attached house in a B neighborhood last week, she was looking for 3 weeks everything she looked at went into multiple offers and sold for over asking price. My sister in law listed their 2Bed 2Bath townhouse in a mature river valley neighborhood, it sold in 2 days for list price with multiple offers(bought for $160,000 in 2020 sold for $200,000 in 2022). Lastly a friend of mine sold his rear detached house in an A neighborhood about a month ago, built in 2008 for just under $400,000 sold 2022 for $500,000.those houses are in the west end, south central, and south west, respectively. I am not the most connected person, but is seems to still be a hot market in Edmonton.