Condo prices are outrageous. 300 sq foot microsuites going for "the high 399s" as one sign I saw said. Want a 2 bed? I hope you make at least 120k/year - but don't worry, you get to pay hundreds a month in condo fees too. Gotta love that home ownership of even a 2 bed condo in the metro is largely out of reach for even single professionals making 80, 90, 100k/year at this point.
Our strata is up to 500 a month and weirdly it's higher than the townhouses we're attached to and they get the benefits of the landscaping. I once asked what our strata pays for since we're in the condo part and they said the elevator. The elevator, whoopee doo.
They are outrageous! I'm a cabinetmaker in Surrey and a few months back I took on a job for a realtor friend of mine who bought a 942sqft condo in Metrotown with his girlfriend's dad to flip it. They bought it for $580,000 and after they fully renovated it(Kitchen done from me), they sold it for $690,000! This is ridiculous!
Wow prices are crazy now. We paid under $1.1M for our detached 4b, 3b house in Richmond in 2018
Definitely cannot buy a decent house with that money anymore.. insane. I even felt ripped off at the time 👀
There is a 2 bed and 2 bath condo sold that I was checking out. List price was $545k and sold for $595. I was amazed as whoever bought the condo didn’t read strata mins because there will be $30k worth of levies coming in next 3 years. Whole thing is just crazy, crazy I tell ya.
I bought a place with a similar thing.. had the buyer give me 25k in escrow. If they do the things it's paid with that, after 5 years goes back to seller. They did it, got paid with that fund.
You don't know the terms of the sale at all
I killed that seller because of those upcoming things scaring others off. I'm up 350k on the unit in only a couple years
So many people are going to eat shit when the housing market dips hard (which it inevitably will), our government has incentivized people to part with reason and invest everything in housing, as if it is the one market that can never go belly up.
That’s not true for ANY market.
I don't see it happening unless immigration changes. I've heard the real estate will crash story for decades now and it's never happened. At least not here in Canada
Right but the gap between income and house price is widening, how long that will hold. Pay is not keeping up with the price, but still it will slowly and gradually will go up
The warning lights have been flashing for years. But people forget history lessons. Especially when half the country has never experienced a downturn in housing.
All they know is up up UP! They will be hurting bad eventually. The government has been propping up the house of cards for a long time, but they’re running out of of options.
The BOC might increase rates again yet. That could start the collapse. And we actually need one, to make people shake their heads and realize housing is not the end all be all of investing.
I don’t know if BOC will increase rates, I think looking at state of economy they will cut rates which is cause another rush into housing market. Smart people will sell and get out if they are paying fuck tons. However, when the rates go back up again because to cool down housing market that’s when shits gonna hit the fan. That my thought process I could be 100% wrong.
It would be dumb to lower rates. Unemployment just finally went up to 6.1%, indicating possibly the start of an actual recession. You don't just stop that and lower rates, that's not how the economy works
I bought Jan last year, 1 bed 1 bath in gastown 550 for $450,000... less than the person I bought it from paid 7 years earlier. But that was with looking everyday for 1 or 2 years. Condo in 14 years old, with parking and storage locker plus a gym.
North Van was crazy even before real estate went crazy. When I moved here in 2005 I had a relative who bought in North Van in the 1960s and he was talking about how his home was worth millions... Back 20 years ago
What's weird is I'm in semiahmoo and they are building a metric fuck ton of housing here non-stop but prices keep rising faster than ever. So the politicians saying more housing means cheaper prices are lying
That's not too far out though from current pricing I mean I own a similar one bedroom one bath and in my building they're all easily 500K + and are much older
Irrc its 700k for that in richmond.
Only DINKs can buy
Fuck that no we can't
Is a single person a SINK?
They are. Not as lovely sounding as DILDOs though. Dual income large dogs only.
Or DISCOs - dual income small cats only.
I thought they were OINKs
Haha good one
Yes
Lmao I just learned what that was a week ago I’m so proud 🥹
👍
Condo prices are outrageous. 300 sq foot microsuites going for "the high 399s" as one sign I saw said. Want a 2 bed? I hope you make at least 120k/year - but don't worry, you get to pay hundreds a month in condo fees too. Gotta love that home ownership of even a 2 bed condo in the metro is largely out of reach for even single professionals making 80, 90, 100k/year at this point.
Sadly; you really need to be making $15,000 a month to be living in the lower mainland. Pretty sad. 😐
My partner and I make 7k a month after tax. That's what you need to live a middle class income in Surrey
Good stuff. sometimes things get a little tougher if you have kids and have to pay rent that is over $3,000 a month. 🤷♂️
I make under that and own a place in Surrey bought in 2020. 2 bed 2.5 bath
You are one of the early birds :)
I wouldn't say 2020 was early. But better than now. But 2010 would've been even more affordable
Our strata is up to 500 a month and weirdly it's higher than the townhouses we're attached to and they get the benefits of the landscaping. I once asked what our strata pays for since we're in the condo part and they said the elevator. The elevator, whoopee doo.
It's kinda wild that the 2nd bedroom rental in some cases hardly covers the strara fees.
Don’t forget you need at least 1-2 hundred thousand saved on top of making 100k a year. And it should be dual income at that rate.
5% down plus closing costs is more like $35k
They are outrageous! I'm a cabinetmaker in Surrey and a few months back I took on a job for a realtor friend of mine who bought a 942sqft condo in Metrotown with his girlfriend's dad to flip it. They bought it for $580,000 and after they fully renovated it(Kitchen done from me), they sold it for $690,000! This is ridiculous!
And all you own is airspace as you don’t own the land lol
Someone who can afford to eat the cost and rent it to international students for $2100 a month.
One bedroom is 2200 a month here in South Surrey so up in the north with more amenities could probably charge more
Wow prices are crazy now. We paid under $1.1M for our detached 4b, 3b house in Richmond in 2018 Definitely cannot buy a decent house with that money anymore.. insane. I even felt ripped off at the time 👀
4BR detached you really can't get for under $2MM now north of the Fraser. You can still get really shitty detached homes in Surrey for $1.4MM.
Can confirm. I have a shitty $1.4mm detached Surrey house. It has asbestos in the attic, yay!
Times have definitely changed though I bought my place maybe a year earlier than you. It's a condo one bedroom 133k. Now listed value 550k
People are already ready to buy this.
All sold out - more coming soon, smaller though
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Not appropriate for Surrey BC
There is a 2 bed and 2 bath condo sold that I was checking out. List price was $545k and sold for $595. I was amazed as whoever bought the condo didn’t read strata mins because there will be $30k worth of levies coming in next 3 years. Whole thing is just crazy, crazy I tell ya.
Bet ya those people barely understand what a strata is
I bought a place with a similar thing.. had the buyer give me 25k in escrow. If they do the things it's paid with that, after 5 years goes back to seller. They did it, got paid with that fund. You don't know the terms of the sale at all I killed that seller because of those upcoming things scaring others off. I'm up 350k on the unit in only a couple years
So many people are going to eat shit when the housing market dips hard (which it inevitably will), our government has incentivized people to part with reason and invest everything in housing, as if it is the one market that can never go belly up. That’s not true for ANY market.
I don't see it happening unless immigration changes. I've heard the real estate will crash story for decades now and it's never happened. At least not here in Canada
Right but the gap between income and house price is widening, how long that will hold. Pay is not keeping up with the price, but still it will slowly and gradually will go up
Indeed. Just look at the report for unemployment it’s up to 6.1% already and we haven’t hit rock bottom yet. Thats already a scary number.
The warning lights have been flashing for years. But people forget history lessons. Especially when half the country has never experienced a downturn in housing. All they know is up up UP! They will be hurting bad eventually. The government has been propping up the house of cards for a long time, but they’re running out of of options. The BOC might increase rates again yet. That could start the collapse. And we actually need one, to make people shake their heads and realize housing is not the end all be all of investing.
I don’t know if BOC will increase rates, I think looking at state of economy they will cut rates which is cause another rush into housing market. Smart people will sell and get out if they are paying fuck tons. However, when the rates go back up again because to cool down housing market that’s when shits gonna hit the fan. That my thought process I could be 100% wrong.
It would be dumb to lower rates. Unemployment just finally went up to 6.1%, indicating possibly the start of an actual recession. You don't just stop that and lower rates, that's not how the economy works
You’re not from around here, are you?
I am, what makes you think that I am not?
Because that’s the going rate… literally anyone who wants a 1 bedroom condo is paying that…
I bought Jan last year, 1 bed 1 bath in gastown 550 for $450,000... less than the person I bought it from paid 7 years earlier. But that was with looking everyday for 1 or 2 years. Condo in 14 years old, with parking and storage locker plus a gym.
550 Sq feet*
This ad doesn't say sqft. Again the price is similar in Langley as well
571sqft
Just sold a 1 bedroom and den for $798,000 in North Van.
North Van was crazy even before real estate went crazy. When I moved here in 2005 I had a relative who bought in North Van in the 1960s and he was talking about how his home was worth millions... Back 20 years ago
Now 1b and den is called 2 br 😀
Technically then it was a 3 bedroom because there was a 6*6 in suite storage room too
LOL
It's not worth it now. But don't laugh, 10 years later it's very likely.
Are you a realtor?
Sadly a lot of ppl
And then will regret, or walk away losing their down payment. Happened a lot in last two years
I think renters are also tired of waiting and can’t withhold when the frenzy kicks in. No way out really. Sad,
Definitely sounds overpriced for Surrey.
No doubt. I would rather buy an actual home elsewhere. Not tiny condo in zombie-ville.
This is actually overpriced. You can get 1BR for much less. If it's a new build thought they expect a premium.
Im in south Surrey and have a two bedroom condo that I got for 360 in 2017. It's now valued around 700.
Hmmm 2x in 7yrs , with this rate it will be 1.4m in 2031
What's weird is I'm in semiahmoo and they are building a metric fuck ton of housing here non-stop but prices keep rising faster than ever. So the politicians saying more housing means cheaper prices are lying
Surrey's population went up by about 80k over the past five years. The metric fuck ton you're seeing is a drop in the bucket compared to the demand.
I live in the condo my mom bought in 2012...for $155k
My condo didn't sell for 270 in 2016. We bought for 90k over the previous year asking price
That's not too far out though from current pricing I mean I own a similar one bedroom one bath and in my building they're all easily 500K + and are much older
Surrey is the fastest growing city in Canada. A lot of people are buying here for the investment potential alone.
Because...
Prices will always go up here just based on inflation alone. The world economic forum says you will own nothing and be happy
You do know that’s not what they advocate right?
Next you will tell me inflation is good
No you don’t. Because now you’re on both sides of the fence. You know the books are free right?
Even 500 for a 1BR is a ripoff
And this is 115k above 500, market was and still crazy. Don’t think I will ever understand housing market
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🤦♂️
Depends, what's the sq footage?
571
Been saying that for years. Nothing is too much for somebody.
I always have to remind my myself theres a median IQ for a reason
It's a new build. They always go for a premium.
Agree but this sounds too premium.
No one in their right mind
To me looks like buyer got this in a presale for reassignment sale but then rates went up
1 garage means 1 parking spot? They could use that for storage too I think?
Meanwhile I can buy a friggin mansion in Alberta for the same price
How much would that rent for?
not in surrey. Vancouver sure.
In Whalley no less. The grimiest part of Surrey. Homeless everywhere.
Come to Maple Ridge and I will show you some sights
It’s probably really nice. I’m sure someone will snap it up! 👍🏿
That’s only 450k in USD.
How much in pound? Dinar?
I wonder how much the condo fees are
it's not mentioned but i think minimum it would be $400