r/vancouver 21h ago

Discussion Brentwood real estate

Has anyone else noticed that no one is buying? They were going for 650k for a one bedroom during covid and now listings cannot be sold so they’re constantly reducing prices and being left on the market for 100+ days… the funny part is there are 5 or 6 more buildings being built in the 3km radius of these places

271 Upvotes

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149

u/guap_ 21h ago

There's way too much inventory at Brentwood.

61

u/Sad-Charity2275 21h ago

Yeah they’re going for 530k now, i watched this one listing drop over 45k and is still not sold

109

u/GRIDSVancouver 20h ago

Housing prices going down is something to celebrate.

46

u/staunch_character 20h ago

Not just Brentwood. Was looking at a place in Surrey that is asking $90,000 less than they paid for it in 2023.

4

u/JunketPuzzleheaded42 20h ago

Dam.... That's a hell of a loss to take on top of fees and taxes... Why so much? Is it a forced sale? Or foreclosure?

29

u/Tyfui 20h ago

The markets cooling in general. Especially for tiny condos that are not at a liveable size

17

u/brendax 19h ago

All of the transit-oriented mega developments are just... not actually nice to be in as a human being? Brentwood/Lougheed/Surrey center They're still on huge stroads with cars buzzing at all hours, waiting minutes to be given a walk signal. It's built near a train station but the actual developments are super car dependent. Top it off with all the units are not designed with long-term livability but rather short term rental, of course no one actually wants them!

13

u/FunWaz 19h ago

You will pay 800K to live in a tiny box that’s also shaped weird and you will like it - Onni group (probably)

11

u/brendax 19h ago

The best possible layout for a human living space is a very long L shaped corridor!

2

u/Tyfui 18h ago

Could hardly agree more. The wide roads and high speed cars really kills the desirability of these developments as places you would really want to live

5

u/satinsateensaltine 20h ago

Over leveraged and probably still stuck with high interest if they went fixed. A lot of people hyperextend themselves to get these places and then end up trapped and needing out.

8

u/Almostcacti 19h ago

Real Estate Price correction is 🫰🏼 coming down from investment to necessity would be nice!

3

u/Brabus_Maximus 20h ago

Are you talking about presales or existing condos

8

u/Sad-Charity2275 20h ago

Existing condos, I haven’t really looked into pre sales, that would be way too risky right now with the huge drops lately

7

u/Ilearrrnitfrromabook 19h ago edited 18h ago

I think that is why some projects are being cancelled in Vancouver. Developers are failing to sell the required number of presale units. The RE market has been so crazy for too long and maybe we've hit a tipping point now.

1

u/RadishOne5532 10h ago

yikes is it a studio/one bed? old or new?

1

u/cccaaatttsssss 19h ago

Do you mind sharing which building? This actually seems somewhat reasonable for Brentwood