Quote:
Originally Posted by Hemi-Cuda
We bought a house in Panorama last year for $550k, and I've been keeping an eye on listings around us on realtor.ca out of curiosity. Right now if anything gets listed for what we paid or below it gets snapped up almost immediately, and houses similar to ours are now listing anywhere from 600k-700k. There seems to be a lot of uncertainty about what "fair value" prices are right now
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Interesting. Are build costs around $200 - $300 sqft? That puts land prices at ~$40 per sqft in that area ($430/sqm). I've got inner city just north of downtown and the river at $150 per sq ft for land (~$1615/sqm on the high side). An extra $100k in a place like Panorama moves land price up $20/sqft on a 50ft x 100ft lot, or moves your rebuild costs up $50/sqft. In the inner city its more weighted towards land to go that much higher.
A dangerous game to up weight construction costs.