Caper11
Active VIP Member
Saint John, New Brunswick
St. John’s, Newfoundland.
St. John’s, Newfoundland.
Relocating to the Right Coast
- Thread starter Bogger
- Start date
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- #63
you know what i meant. Always the Bogger. LOL
- Admin
- #64
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:
www.realtor.ca
Someone on here must know someone who needs a property like this one:
Check out this listing
1408 Moonlight Bay, Wabamun Lake, Rural Parkland County, Alberta T0E2K0
www.realtor.ca
snopro
Active VIP Member
I can see the problem right away…..This looks like a job for Team Senio Realty!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:
Check out this listing
1408 Moonlight Bay, Wabamun Lake, Rural Parkland County, Alberta T0E2K0
bobsledder
Active VIP Member
Nice house where no one wants to live? Price drop until sells? Or maybe shitty realtor? Market will determine price.I can see the problem right away…..This looks like a job for Team Senio Realty!
- Admin
- #67
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
Active VIP Member
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
Ya it aint the Shuswaps
ferniesnow
I'm doo-ing it!
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- beautiful, downtown Salmon Arm, BC
Location, location, location.....
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
Active VIP Member
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.
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.
- Admin
- #74
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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