Despite a recent report from Central 1 Credit Union suggesting a rebound in Metro Vancouver’s housing market, there are still property owners losing hundreds of thousands of dollars on their investments.
Released last month, Central 1 tipped a turnaround in B.C.’s housing market — with both sales and prices jumping by 2021 — as long as interest rates stay low. However, for Twitter real estate watcher Mortimer, his online hobby of tracking losers in the local market has never been more active.Related 1 — 4891 McKee Place, BurnabyThis solid 1953 home on a very large 60-by-150 lot in Burnaby would have seemed like a good pick in May of 2016 when the owners forked out $1.9 million for their stake in Metro Vancouver. Then the former B.C.
— Mortimer November 29, 20192 — 3018 Burfield Place, West VancouverThis beautiful 3,100 square foot custom-built home was bought brand new for $3.347 million on April 19, 2016 — again, right at the wrong time. It just sold for $3.1 million, marking a $250,000 loss, plus expenses.Bought 2016 $3,347,400 2017 Assessed: $3,358,000#vanre pic.twitter.com/HvcMwpslSh
— Mortimer November 28, 20193 — 6210 Buckingham Drive, BurnabyAssessed on July 1, 2019, at $2.371 million, this older home sits on a 10,881 square foot lot and was bought on April 26, 2016 for $3.11 million. There’s a real theme here of people who bought in early 2016 and are now losing a lot of money.
As someone who spent 6 months looking for a sub $1.5m home in Vancouver I can assure you that that part of the market is hot with young professional families buying anything decent.
Are you paying Mortimer for use of their work in your article (that you neither researched nor wrote)? The frequency you use their Tweets as the news story flags you should be paying them.
THESE are all tear-downs to begin with. This home originally cost $37,300 That's a reasonable profit...
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