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To say there has been push back from the Port Moody massive about all this development is a serious understatement. A couple of things that weren't mentioned in this video but are worth bringing up.... - Schools: Port Moody Elementary is being replaced by a larger new school currently being built and should be opened in 2025 or so. Sounds great. Unfortunately it is already full and will not be able to accommodate anywhere near the population forecast in this video. You can move here but don't expect that your kids will get into the local schools. - Hospitals: Their is a general hospital in Port Moody. It is old, understaffed and FULL. A friend of mine recently spent 2 days in emergency because there was no bed available. This is a bigger issue than just Port Moody, however I can only imagine how bad things are going to be in a couple of years with this increase in population. Don't have an emergency. - Traffic: Port Moody is fast becoming a major log jam during rush hour. This was not the case when I moved here 8 years ago. But with the added population in recent years to Port Moody and surrounding areas it is becoming a serious issue. If you think that the Sky Train is an easy fix to that problem guess again. Trains are getting jam packed before they hit POMO station so don't expect to get a seat and with the coming population boom be prepared to wait for multiple trains before you get through those doors. - Parking: There is little to no parking in Port Moody and unlike the tons of development, there is no plans to add more parking. - Cost of buying a new "home" in one of these developments: From what I have seen so far the prices are varying. In one dev the starting price is at $800K, but another one I see has units starting at $500K. These are for sh!th@le appartments! What a joke. - Fact Check: In this video he mentions that it takes 45 min to drive to downtown Van during rush hour. Not sure what he's driving but for everyone else expect at least one hour of traffic. 45 min is about right for during work hours and the very quickest I have ever managed to do it is in 35min. That was after 10pm. Also those times are to central Port Moody and not to Belcarro or Anmore. Add on 15 - 30 if you live out there. Port Moody really is a great place to live but honestly I don't think the development plan has taken into account a lot of factors such as infrastructure to support a substantially larger population. I fear that the developments will turn a very special place in Vancouver into yet another sky rise hell, copy and pasted from the other nightmares already built in other Vancouver suburbs that used to be nice places to live. Real Estate agents and developers will have a field day while everyone else will watch what was once a beautiful town with character turn into another sh!tH@le. Sloooow clap.
First off... I love your handle name. Second, there is soooo much in what you said that I agree with. We may not agree on everything but I definately agree with most of what you have said. Thank you so much for taking the time to write all of that. I think there is good info and context in there for other people who watch the video.
The concept would work for commercial as well. But one thing that it does not take into consideration that would be required for commercial would be income potential and how that would impact the value of the property/land assembly.
Good morning, I enjoy your videos. I live in Iowa but have visited Vancouver since 1971. Just visited again 2 weeks ago and look forward to visiting again soon.
Not in this video. The issue with that is that over time those stats become out of date. But there are plenty of videos out there that cover those stats.
Thanks for the comment Miqueas - I know eh... I have lived here my whole life and I still can't say it right : ) You should here me say lager. I will work on that one.
Hi Mark. Amazing video. My girlfriend and I are moving to Vancouver in a few months and we are looking for a place to live. We are thinking about Vancouver's suburbs and not sure yet where to go. We are both into sports, in particular martial arts and my girlfriend does open water swimming. We are looking for jobs and a place to live and also looking on how to apply for a visa. We are looking into different agencies which can help us but if you know a good one please let us know. Also money is an issue in terms of location. Thank you in advanced for your help. Warm Regards. Jose
Hello Jose, I am happy that you got some value from the video. Thank you very much for the positive comments. As you mentioned that money will be an issue in terms of location, what you will find is that the further you get out of the city, the cheaper prices will be. The good thing is that there are lots of great locations outside of the city. If you have any specific questions, feel free to reach out to me directly - mark.parsons@exprealty.com
Thanks for the comment Mandy. That may be the case. However, as long as inventory remains low in relation to buyer demand, I feel it is unlikely we will see any further significant price drops... but only time will tell.
@@markparsons-trainingvideos4815 thanks again Mark! But isn’t Burquitlam/coquitlam a better area compared to the pre construction that are building in Surrey Whalley? And Burquitlam has better access to Burnaby and central vancouver? Please let me know if I’m wrong
@@jessyye-z5647 Hello Jessy, Many would agree with you that Burquitlam/Coquitlam is a better area, and yes it has better access to Burnaby & Central Vancouver, as well as an already active skytrain so it is more desirable, and this is why it will sells at a higher price. But as you were asking for an investment, I answered strictly from an investment perspective. From an investment perspective, purchasing a property before rapid transit comes to the area will likely yield the best return on your investment. I purchased property near the skytrain station before they were operating in both Coquitlam & Port Moody and when the skytrain arrived, properties within about a kilometer of those new stations now sell at a significant premium in comparison to properties that were of equal value prior to the arrival of the skytrain. With that said, I really do like the Burquitlam/Coquitlam area. There is a lot of new development happening there which will continue to support value in that market. Long term I would say both would be good investments.
Living in Greater Vancouver, Canada 6 months ago Hello Vanessa, I am happy you got value from the video. You can definitely have a copy of the spreadsheet. Either reply here with your email or email me at mark.parsons@exprealty.com and I will send it your way.
Thanks for the comment Carriantor. There is no direct answer for that. From peak prices, all markets are down... but it varies drastically from about 3.5% to as high as 30%. And as the ups and downs were so wild in most cases, in most markets, year over year, prices are still up. Depending on what location and property type you are referring to, the answer will be different. This is why I put together the Real Estate Market Watch stats so that you can find those answers for the area and property type you are looking to buy or sell in. You can access those stats here: realestategoals.org/market-stats If I can help in any way at all, do not hesitate to reach out.
Thank you for great update. Which one do you think creates more money within next 5 to 1o years:buying a 700k-800k condo in Coquitlam or buying a 850k single family with 2 kitchen in mission or chiliwack? which one grow more long term?
I am very happy you got some value from the video Houman. I love to here that you are thinking real estate in terms of 5 - 10 years out. In my opinion, this is how real estate purchases should be considered. There are always ups and downs, sometimes even wild ones like we have seen in recent years, but when you are looking 5 - 10 years out real estate becomes a much more safe and predictable investment that will yield great returns. With a time frame like that, I would say either direction you chose to go would end up turning out to be great investments for you. However, if you told me I had to choose, I would probably lean toward the single family home in Chiliwack. But again, over a 5 - 10 year timeframe, you will very likely do great with all of those options. If you would ever like to have a deeper conversation on the matter, do not hesitate to reach out. If you don't reach out, I can't help ; ) Mark Parsons EXP Realty 604-808-1827 mark.parsons@exprealty.com
Thanks for the comment Ali. You are definitely not alone in your expectations. What do you think will happen in the next 6 months? Right now as I see it there is a very mixed bag of markets, from buyers markets, to balanced markets, to sellers markets. It really depends on location and property type. There is not a "one size fits all" brush painting the market, at least for the time being. Overall prices are down from peak prices across the board. But that was expected as what was happening in the market was completely unsustainable. Thanks so much for the comment and I really appreciate your input into the conversation. All the best.
Thanks so much for the comment M.B. Although I disagree with your prediction, I do not claim to have a crystal ball. If that were to happen on top of the drops we have already seen, that would be unprecedented. But in many ways, were are in unprecedented times, so time will tell. My belief is that the new lows will remain higher than the old lows. Thanks again for the comment. I really appreciate your input into the conversation.
Thanks for the positive comment Setare. I am glad you got some value from the video. Rental rates are always changing. Here are some websites that can help you find rental rates in the area. www.zumper.com www.padmapper.com www.rentals.ca Hope that helps!
Traffic is ridiculous for sure in the daytime, especially downtown. I live near the Skytrain and don't drive anymore. Skytrain and West Coast Express is hella crowded during rush hour though. If you can work from home, by all means do so. Also if the summer heat waves keep going, look at getting air conditioning or have a vacation plan to be somewhere cooler.
Hi Mark, thanks for your super informative video! I would love to get a copy of the spreadsheet to calculate my home's potential. Could you please share it to me? Thanks and have a good one!
Absolutely Youlina, Thanks so much for the compliment. I am happy that you got some value from the video. Let me know the best email to send it to or you can email me at mark.parsons@exprealty.com and I can send it your way.
Thanks for the positive feedback Ramandeep. I am glad you saw some value in it. You can email me at mark.parsons@exprealty.com and I can send you access to the google drive spreadsheet.
Most things about a good Canada are not true, Including clean cities - beaches, and forests. It's a big lie. The first time I arrived in Vancouver in 2018, I was shocked. As soon as I left the airport door, I saw tissue, disposable glasses, and other garbage left in the city. The further I went, the more I saw them. Before I moved to Canada, I lived in Georgia, Armenia, Turkey, Serbia, The United States, and for a short time in Singapore, Malaysia, Indonesia, Turkmenistan, Azerbaijan, Netherland, Germany, and England, but I have never seen the amount of garbage that people leave in different Canadian cities. Toronto, Montreal, Ottawa, and Quebec are no less than Vancouver. I'm so sorry for Canada. Canadian and Canadian Governments don't care about this tragedy. I think everything that says about Canada as a clean and powerful culture is not true. You don't need to travel to Canada to see this. Just watch some videos about walking in downtown Vancouver, Toronto, Montreal, Ottawa, and Quebec. You will find the truth. Impossible for you to walk in a Canadian city and you don't see the dark side of that. Everywhere you will see garbage. You will never see this in Europe or the United States. This amount of waste is not even seen in Malaysian-Indonesian or Thailand cities. It is impossible for you to use public transport and not see a lot of garbage at stations or on the route. You will be surprised to find a lot of garbage even in the woods - by the rivers and on the beach.
You are so full of crap. But thanks for discouraging people to live here , we don't want more people here...Our beaches are meticulously cleaned and our forests are pristine as well.
Absolutely Claudia. I am glad you found the video valuable. Definitely you can have a copy of the spreadsheet. You can reply with your email or email me at mark.parsons@exprealty.com
