“A friend of mine was looking to move up but he was not able to find a buyer.”

“Just came back from a Chinese New Year vacation in Vancouver. From folks I talked to, Vancouver’s market has been falling quick. My cousin’s house near Boundary Road was assessed at 1.1x million last year. Last month he received a reassessment from the city and it is now valued at 850k. A friend of mine was looking to move up but he was not able to find a buyer. The seller of the house my friend was looking to buy also delisted his property because he couldn’t find a buyer.”
Reader 66 at greaterfool.ca 16 Feb 2013 12:06am

8 responses to ““A friend of mine was looking to move up but he was not able to find a buyer.”

  1. Haven’t been hearing much chatter on RET about over askings, yet..,

    Got an admission from [redacted] that things are slow. It’ll turn around, grey skies are gonna clear up!

  2. My mom’s townhouse in Pitt Meadows, which she has put 75K of uogrades into sits unsold at 45K below the last sale in this complex in early 2012. Whoever thinks prices are down 6% doesn’t know what’s happening on the ground. Try 15-20%, and more in some places.

    • I see this around me – the homes are sitting unsold and then instead of lowering the price people somehow decide (may be with the help of their RE agents?) that in order to sell they need to put some extra money into the house – so the sign For Sale is taken down and the renovation/landscaping starts – floors and windows are changed, the trees are planted etc. May be if you mom simply had her TH price powered by these 75K initially, it would have been already sold…

  3. The Poster Formerly Known As Anonymous

    The condo building next door had two for sale for at least a year, maybe longer. Signs disappeared when the mini-digger and crew arrived to dig out the front and re-waterproof what was obviously leaking into the lower floor suites. It is a 1990s condo building. I know why those listings were pulled…. they are coming back, that’s for sure.

    Meanwhile, our 1960s era building stands dry and proud…

    • “…our 1960s era building stands dry and proud…”
      That’s because at that time the infamous pressed-dust-boards were not invented yet. Any light rain destroys such “material” in matter of days.
      Even high humidity (is it Vancouver?) destroys the boards back to dust very quickly. Shame, shame, shame…

  4. What!? Who wouldn’t want to live in the Eden that is Boundary Road? A pearl beyond price….

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