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Relocating to the Right Coast

TylerG

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It's crazy to think that Bogger and Mrs Bogger have been out there for 3 months already, their house is still for sale folks, not sure why it's not been snagged up.
Someone on here must know someone who needs a property like this one:

 

snopro

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It's crazy to think that Bogger and Mrs Bogger have been out there for 3 months already, their house is still for sale folks, not sure why it's not been snagged up.
Someone on here must know someone who needs a property like this one:

I can see the problem right away…..This looks like a job for Team Senio Realty!🥇👨🏻‍🚒🤵🏻‍♀️
 

TylerG

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Nice house where no one wants to live? Price drop until sells? Or maybe shitty realtor? Market will determine price.
Price is down almost $100,000 since it went up. It's right at the lake. East side of Wabamun lake in moonlight bay.

Market has slowed I think
 

bobsledder

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Price is down almost $100,000 since it went up. It's right at the lake. East side of Wabamun lake in moonlight bay.

Market has slowed I think
Ya I don't know the market there but when I was kid my uncle had a place on that lake. I remember weeds and bugs lol
 

Cyle

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Market has slowed for sure, I got really lucky getting my 3 places sold before it happened. But there is a good amount of activity still. Gas prices probably aren't helping if people are looking at around an hour commute each way, I doubt many people would be willing to do that kind of commute 5 days a week regardless. I imagine a place meant to be a permanent home is a harder sale then a summer lake house though too. Don't get me wrong it would be awesome to live at the lake full time but 2 hours a day driving at least is a lot.
 

ABMax24

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IMO that's a fair price for that place.

Issue is the buyers have dried up. Given current interest rates, and Canada's new mortgage rules, a buyer would have to pass the "stress test" at 6.34% interest.

Assuming 5% down payment, an ideal max debt service ratio of 36%, and no other loans of any kind. The buyer(s) needs a minimum annual income of $149,800.

There's definitely lots of people that can afford a $700k home, but I think most of them took advantage of the low interest rates the past 2 years and bought during that time.
 

Cyle

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IMO that's a fair price for that place.

Issue is the buyers have dried up. Given current interest rates, and Canada's new mortgage rules, a buyer would have to pass the "stress test" at 6.34% interest.

Assuming 5% down payment, an ideal max debt service ratio of 36%, and no other loans of any kind. The buyer(s) needs a minimum annual income of $149,800.

There's definitely lots of people that can afford a $700k home, but I think most of them took advantage of the low interest rates the past 2 years and bought during that time.

Totally a fair price, but not too many people can afford that price for a second home, and I don't think too many who have to commute to Edmonton everyday would be willing to do so from that distance, so I think the market for it is quite small. Interest rates rising have cooled things off a fair bit but still plenty of higher priced sales happening.
 

TylerG

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Totally a fair price, but not too many people can afford that price for a second home, and I don't think too many who have to commute to Edmonton everyday would be willing to do so from that distance, so I think the market for it is quite small. Interest rates rising have cooled things off a fair bit but still plenty of higher priced sales happening.
Lots of people no longer have to commute. Lots of companies have moved to a virtual first work scenario! But valid point on the commute
 
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