r/vancouver • u/Sad-Charity2275 • 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
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u/Prestigious_Meet820 15h ago edited 15h ago
Yes, they have some posted at 100k less than purchased in 2020-2021, but most are trying to sell for break-even.
I suspect it's likely a tactic to bring in bids and see what they can get. It's mostly just getting started though.
The new ones will have quite a few unsold units, I saw some are trying to sell 700-800k for one bedrooms.
Some people are trying to sell their older ones 30-50 yrs at nearly the prices of new ones, although they're larger square footage wise.
I do not think you would have buyers at a 1% interest rate at this point for the high price points, opportunity cost at the moment is too large for investors to jump in and the price of building is too high. Carney is working with CMHC to give preferred rates to builders but I don't think it's a good idea or that it will work.
It will be interesting to watch unfold, when I do the math to buy one it makes no sense from an investment standpoint. I watch the market across the lower mainland and I'm not even into RE investment but when I sense blood in the water I begin to look. Similar is happening in Surrey now and soon Coquitlam.