Vancouver's Real Estate Market

[Badhobz]

Selling in this market is fine, you’ll get top dollar but unless you cashing out and leave GVRD, when you buy in again you’ll be taking a spanking. It’s all relative I guess.

[Harvey Specter]

Originally Posted by Badhobz

Selling in this market is fine, you’ll get top dollar but unless you cashing out and leave GVRD, when you buy in again you’ll be taking a spanking. It’s all relative I guess.

Exactly.

[van_driver]

Anyone dealt with tenants and RTB recently? Gave a 2 month eviction to tenant in February for May move out date, we re-negotiated as they needed more time and one of the tenants signed a mutual agreement to end tenancy for June 1st.

1 week later, they are disputing the 2 month eviction notice with the RTB. I've heard hearing dates can be 10+ months away when the RTB is backed up? Am I basically SOL if they decide they aren't moving till then?

[JDMDreams]

^^ cut the electricity, internet

[Manic!]

Originally Posted by van_driver

Anyone dealt with tenants and RTB recently? Gave a 2 month eviction to tenant in February for May move out date, we re-negotiated as they needed more time and one of the tenants signed a mutual agreement to end tenancy for June 1st.

1 week later, they are disputing the 2 month eviction notice with the RTB. I've heard hearing dates can be 10+ months away when the RTB is backed up? Am I basically SOL if they decide they aren't moving till then?

I think the wait times have improved. Whats your reason for a 2 month notice?

[The Producer]

Originally Posted by meme405

There was a house in Nvan for sale, under the condition that the current occupant who was like a 85 year old widow, could remain in the house rent free until he basically died or had to be transferred to a care home.

I dont remember all the details, but it was a ridiculous situation to buy into, basically wishing this old coot would die so you could have the house.

And I get it, most people will be like "well thats a terrible way to think about it", imagine this, you have to pay to rent somewhere else, while this old dude lives in the house you are paying a mortgage on. Might be cool for 6 months or a year, but as your costs rack up, your gonna wish some covid on that bish.

Not to mention the other disaster of like maintenance and that guy damaging shit in the house.

When I bought my current place, the owner was allowed to remain while paying me a small sum of rent, there was a time cap on how long he was able to stay. This became a disaster when it came to getting the keys, and dealing with the damages on the walls and shit he left behind. In the end while it worked out (by worked out I mean I basically took it up the ass on the whole thing), I wouldn't recommend on people using this type of tactic for closing a deal.

https://www.zealty.ca/mls-R2635883/1...-Vancouver-BC/

[donk.]

Originally Posted by van_driver

Anyone dealt with tenants and RTB recently? Gave a 2 month eviction to tenant in February for May move out date, we re-negotiated as they needed more time and one of the tenants signed a mutual agreement to end tenancy for June 1st.

1 week later, they are disputing the 2 month eviction notice with the RTB. I've heard hearing dates can be 10+ months away when the RTB is backed up? Am I basically SOL if they decide they aren't moving till then?

Scum tenant....this is what you get for trying to be nice and help them out

Hire a squatter to out squat the squatters if it goes downhill

Good luck on your journey, hope it all works out.

[meme405]

Originally Posted by The Producer

https://www.zealty.ca/mls-R2635883/1...-Vancouver-BC/

YES! Lol 73 years old. Dude is gonna live forever.

[G0rilla]

Originally Posted by van_driver

Anyone dealt with tenants and RTB recently? Gave a 2 month eviction to tenant in February for May move out date, we re-negotiated as they needed more time and one of the tenants signed a mutual agreement to end tenancy for June 1st.

1 week later, they are disputing the 2 month eviction notice with the RTB. I've heard hearing dates can be 10+ months away when the RTB is backed up? Am I basically SOL if they decide they aren't moving till then?

I sent in my order for direct possession (supposedly most high level urgency) due to my tenant not paying rent. I finished the final step of the process in mid Jan I still haven't heard back from the RTB yet.

[GIZZ]

This a-hole neighbour down the street had tenants evicted about 6 months ago. Apparently these old retirees were hoarders and a safety hazard, it was days of moving vans and a sheriff on site. Once they were out he yard sale'd lots of the leftovers. No idea how long the process was but it is possible to evict.

[Euro7r]

Took us about 3 months to sell my condo in River District, finally sold it. Ended up moving home to my parents with my wife, hibernate in the basement until we find a bigger place (detached). Didn't want to buy another place first, since it'll be insane carrying two mortgages. We started browsing and going to open houses the past few weekends, the options out there is limited as fuck with our budget. We want to stay with Vancouver/Burnaby only, our budget either gets us a new duplex without a rental suite or a pretty much run-down home with renovations to make it livable (just basically paying for the land).

I want whole piece of land, but I just don't want something that's like older than my parents 70-100 years old. Something 20-30 years old, shit is like $2M range now, can't find jack all in the $1.5-1.7M range. I really hate the homes that use air furnace, I prefer baseboard heating, but my budget can't afford the homes that aren't air furnace. The search continues.....

[sonick]

In my experience furnace is cheaper energy wise and more comfortable vs baseboard and easily converted to heat pump down the road.

[Fafine]

goodluck, nothing shows up on zealty with under 30 years old and under 1.875

[Hondaracer]

Originally Posted by Euro7r

Took us about 3 months to sell my condo in River District, finally sold it. Ended up moving home to my parents with my wife, hibernate in the basement until we find a bigger place (detached). Didn't want to buy another place first, since it'll be insane carrying two mortgages. We started browsing and going to open houses the past few weekends, the options out there is limited as fuck with our budget. We want to stay with Vancouver/Burnaby only, our budget either gets us a new duplex without a rental suite or a pretty much run-down home with renovations to make it livable (just basically paying for the land).

I want whole piece of land, but I just don't want something that's like older than my parents 70-100 years old. Something 20-30 years old, shit is like $2M range now, can't find jack all in the $1.5-1.7M range. I really hate the homes that use air furnace, I prefer baseboard heating, but my budget can't afford the homes that aren't air furnace. The search continues.....

If budget is your concern, baseboard heaters are not your friend.

[quasi]

Our first place was in floor radiant heating lived there 5 years, our second place was baseboard radiant heating lived there 13 years, current place is Forced air, been here 3 years and I prefer the furnace over all with the in floor radiant heating coming in second and the baseboard was the heat I liked the least.

The fact we could never have central air with the baseboard heater really sucked, didn't even know I would like air conditioning as much as I do and not sure I could even live in another place without it again.

[EvoFire]

I've lived in all 3 kinds. Maybe it's the way I am but I prefer radiant heat the most. I like furnace the least because of the way ducting works, you can hear everyone throughout the house. Maybe things are different on newer builds now but every old house with forced air, it's loud.

I have hydronic baseboard now. Worse of all worlds lol.

[Great68]

Each system has it's own strengths & weaknesses, but yeah hydronic baseboards certainly has the least strengths compared to others. This is how I see it:

Electric Baseboards
Pros:
- Dirt cheap to install compared to other systems
- Inherently get some level of individual zoning control.
- Nearly silent operation
Cons:
- Expensive energy cost to operate
- Passive airflow, slow thermal response
- Not possible to retrofit for cooling

Hydronic Baseboards
Pros:
- Easier capability to do individual zoning control (compared to force air)
- Less expensive energy cost than electric baseboards
- Have the capability to swap boiler for an AWHP, making energy retrofit a bit easier
- Nearly silent operation

Cons:
- Separate plumbing system throughout house (more expensive initial installation)
- More complexity (Pumps, valves, air bleeds etc), more things to go wrong
- Passive airflow, slow thermal response
- Not possible to retrofit for cooling

IMO Hydronic rad floor is basically the same as hydronic baseboards with added pro of having nice warm floor on your feet. The thermal mass increases and this could be looked at as both a pro and con. Pro in that it doesn't fluctuate much when it comes up to temp, but a con in that it takes longer to change temp (ie move setpoint up/down)

Forced Air System (Direct exchange Nat Gas or Heat Pump)
Pros:
- Fast thermal response
- Active airflow and filtered air (better air quality in house)
- Easy to retrofit for cooling
- Lower energy cost to operate over other systems

Cons:
- Need ductwork system, takes up more space in house (bulkheads etc), more expensive initial install
- Can't do zoning very easily (Although this only really becomes an issue in bigger houses)
- Louder operation than other systems (Although this has gotten much better with soft starting ECM variable speed motors)

[whitev70r]

Would this be a decent investment? Coquitlam area, older TH, end unit, 2 Bd + den, 2 bath, 1176 sqft, somewhat reno'd/upgraded, $416/mth maintenance. Exterior is a bit dated but .. Listed at $588K. What can you fetch for a 2 Bed + den rental - $2500-$2700/mth?

https://www.realtor.ca/real-estate/2...reet-coquitlam

[bcedhk]

I would make sure they have a healthy CRF and record of the building. the strata price seems low for a building of that age and condition.

[Eff-1]

Originally Posted by westopher

I get I'm gonna sound like a cunt here, but I can't imagine paying money for people to cook a steak and some sides. It's literally the easiest thing on the planet to make at home. Like, a baked potato and some shit ass feedlot Alberta sirloin is gonna cost me $50 at the keg, then some shitty ass Rickards red for $9 a pint, or I could grab a potato for $.99 and a dry aged strip from two rivers for $17 that is eleventy billion times better and have money left over for a 4 pack of superflux.
I get people don't do this for a living, but it takes 10 minutes to cook a steak, and 6 minutes to rest it. Buy a meat thermometer if you aren't confident. Pull it out 10 degrees Fahrenheit lower than you want it and rest it. I love going out for a meal, but there is nothing quicker and easier than a steak. I know atmosphere is part of it, but fuckin hell if Cactus or the keg offers that. Listening to Ke$ha or nickleback while I have my meal isn't my idea of ambiance.

After starting a family, a night out with my wife and baby for a $50 steak and garlic mash at the keg is without a doubt the best money I've ever spent in my life.

[ilovebacon]

Originally Posted by van_driver

Anyone dealt with tenants and RTB recently? Gave a 2 month eviction to tenant in February for May move out date, we re-negotiated as they needed more time and one of the tenants signed a mutual agreement to end tenancy for June 1st.

1 week later, they are disputing the 2 month eviction notice with the RTB. I've heard hearing dates can be 10+ months away when the RTB is backed up? Am I basically SOL if they decide they aren't moving till then?

There's another option you could try, get one of your family members to move in replacing their spot. However, they have already submitted a dispute, so maybe that could backfire..

[Great68]

Originally Posted by ilovebacon

There's another option you could try, get one of your family members to move in replacing their spot. However, they have already submitted a dispute, so maybe that could backfire..

The RTB is not dumb, an arbitrator would see right through that.

And, if that family member doesn't actually stay for 6 months you could be on the hook 12 months' rent.
(I've been reading a bunch of dispute resolution rulings and the RTB is not shy on awarding the 12 month compensation penalty to tenants...)

[carsncars]

Originally Posted by meme405

When I bought my current place, the owner was allowed to remain while paying me a small sum of rent, there was a time cap on how long he was able to stay. This became a disaster when it came to getting the keys, and dealing with the damages on the walls and shit he left behind. In the end while it worked out (by worked out I mean I basically took it up the ass on the whole thing), I wouldn't recommend on people using this type of tactic for closing a deal.

I actually had a similar arrangement but it worked out alright. Seller was in his ~80s and was awaiting a placement at a retirement home, so we contracted to rent back the basement suite to him (at a fair market rent) for up to 12 months.

I'd do it again, but I think meeting him (he seemed like a very reasonable guy) before writing it into the offer, and that it was only the basement suite helped tremendously. The extra cash in the first few months of ownership was nice and it was actually helpful to have him around to clarify some things around the house.

I don't know how much my willingness to write this into the offer played in the sale, but I did get it slightly under ask in Dec 2020/Jan 2021 (which was pretty peak craziness)

[CivicBlues]

Plus it's great insurance to have a guy in case you get caught up in the Mexican Cartel and need someone to gun down some of their contract killers

/Ozarks

[Alpine]

Originally Posted by Euro7r

Took us about 3 months to sell my condo in River District, finally sold it. Ended up moving home to my parents with my wife, hibernate in the basement until we find a bigger place (detached). Didn't want to buy another place first, since it'll be insane carrying two mortgages. We started browsing and going to open houses the past few weekends, the options out there is limited as fuck with our budget. We want to stay with Vancouver/Burnaby only, our budget either gets us a new duplex without a rental suite or a pretty much run-down home with renovations to make it livable (just basically paying for the land).

I want whole piece of land, but I just don't want something that's like older than my parents 70-100 years old. Something 20-30 years old, shit is like $2M range now, can't find jack all in the $1.5-1.7M range. I really hate the homes that use air furnace, I prefer baseboard heating, but my budget can't afford the homes that aren't air furnace. The search continues.....

Congrats on the sale and I don't mean to pop your bubble but I think you already know the answer to this.....

The last time something 20-30 years old on a standardish lot in Vancouver proper was 1.7m was 2019-early 2020 and that was when rates were ~2%. Even something older (ie. 40-50-year-old unrenovated Vancouver special) never really went below 1.3m in 2019.

Having gone through the exact same process during covid and having to settle for plan C or D, I can tell you that you are looking for exactly what everyone else is looking for (an "entry" detached home) and inventory will only continue to decrease as builders buy up lots to consolidate or build duplexes. Once you include school catchment/curb appeal/etc it gets even more difficult.

Best of luck in your search, but I advise you not to get too discouraged and continue to go to open houses and put in offers (even low balls) to gauge the direction and temperature of the market. If you do come across something that meets enough of your criteria, go all in right away, especially if the market is warm/hot. ~$50k-75k is "meaningless" in the grand scheme of things when it comes to buying a house in Vancouver. I regret not going all-in right away when I found something that checked off enough boxes. I should've spent the extra $50k.