Harbourwalk Condos.BC house price is the most unaffordable in Canada. The house was sold on September 16, 2022, but the seller actually started listing as early as May 2021, with a first listing price of C $3.9998 million.Please Visit: Harbourwalk Condos to Get Your VVIP Registration Today!
And the price is already C $10,000 lower than when I bought it on May 9, 2016!
If the deal is completed in 2021, the luxury property seized by the investor at a high price will at least lose interest, commission and taxes.
Unfortunately, the 3.9998 million offer failed to impress buyers even in a frenzied market.
So, on February 22nd, 2022, the luxury house was listed for the second time at a price of C $3.998 million. A month later, on March 23, 2022, the seller lowered the listing price to C $3.798 million, a full drop of 200000!
However, this price still does not impress buyers, and it is already the highest point of the current round of rise in the warm real estate market.
On May 2, 2022, the Bank of Canada began an interest rate hike cycle, with sellers lowering their prices again to C $3.65 million.
Unfortunately, the imagination of sellers to cut prices has not caught up with the speed at which the market is getting cold. Even though the seller claimed the compensation, it failed to close the deal.
Finally, when the time came on Aug. 17, 2022, when the media widely predicted that the central bank would raise interest rates to 3.25% in September, the seller finally gave a sharp discount and listed the price of C $2.999 million. This is 1 million lower than the listing price on February 22nd, 2022!
February 22-August 17, only half a year, assets evaporated 1 million, the mood of the seller can be imagined.
On September 16, 2022, the mansion finally sold for 3.198 million yuan, saving the last face of the mansion.
But the house that the seller had laboriously held for six years ended with a paper loss of 812000.
However, some colleagues in RE Max said that this apartment lost 810000 yuan, but if you include six years of holding costs and transaction costs, the actual loss has reached 1.2 million!
It has to be said that Wensi has changed from a luxury residential area beloved by investors to the weakest regional market in Vancouver almost overnight. If the investor had spent $4.01 million on Langley and Suri in 2016, he might have made a lot of money by the time he first listed in 2021.
If you look at the valuation fluctuations of the house over the years, you can see that buyers are at the highest point in 2016 and sell at the lowest point in 2022. Therefore, it is an extreme case that led to this investment tragedy.
At present, it is not known why the seller cut meat on sale, it is estimated that the increase in interest rates caused by a surge in holding costs, or the seller suddenly encountered a financial crisis must cash out of the emergency.
Huang Sanshui stressed that this kind of meat cutting is not the norm, but the frequent occurrence of such trading cases is an early warning to the market.
According to the official data released by Statistics Canada recently, BC has the highest housing unaffordability rate in Canada, as high as 25.5 percent, while the housing unaffordability rate in Vancouver is 44.8 percent and 29.8 percent in the warm area with the highest housing prices in the province.
The so-called unaffordable housing means that no matter renting or buying a house, as long as the monthly expenditure on the property exceeds 30% of the income.
The editor thinks that according to this caliber, the data of Statistics Canada may be too conservative. Because there are many cases where housing expenditure accounts for more than 30% or even 50% of income, many people should move out of Dawen solely on their wages.
In about a week, we will be able to see the September transaction data from the Real Estate Bureau, and if pre-approved loan buyers fail to launch a small and best part of the volume and price this month, the market may be even more bleak after October.
Because the bank’s mainstream mortgage interest rate is likely to reach around 6% by the end of the year, many people will find that almost all of their monthly mortgage payments are interest, and this may last for several years.
As for buyers who do not have pre-approved loans, I do not know if they dare to bet that the Bank of Canada will soon open the channel to cut interest rates and quickly fall back to the level before the rate hike.
In social media at least, real estate agents who go long and short on Dawen Real Estate are neck and neck.