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Old 06-25-2023, 12:01 AM   #26726
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Still think Brentwood is dumb. No infrastructure to support the density, keep in mind it's not just Brentwood but Solo across the street and the other thing that's going up. Lougheed and Willingdon simply cannot handle the volume of traffic in that area, and the spillover to Dawson is brutal as well.

The layout of the whole thing is also stupid and I find it really hard to navigate the first time I drove through it. Gone through it 4 times now and still don't like it.



Coquitlam Center is BUSY. I went to visit some friends in Coquitlam 2 months ago and I was surprised how many ppl there were at the mall. People drive just as poorly but just sub in more white ppl. And that trail around the lake, wow that was just as amazingly busy. Though I must give it to the city of Coquitlam, they've done a good job.
Brentwood is one of those malls that looks great on rendering but when it came to reality, it is a total flop. Half the shops require people to walk outside (e.g. LL Bean). When the weather is shit, you have to walk long the edge of the mall or else you'll be exposed to the rain. Also, speaking of LL Bean, who the f*ck even shops there? I've passed by it maybe 3-4 times and there looks to be more staff than customers.

You know the mall is good when Uniqlo establishes a store there.
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Old 06-25-2023, 01:16 AM   #26727
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I parked at the lower level at Brentwood once and the funnel effect of the way the layers are laid out was freezing.

They want to do the same thing to Metrotown and make it a high street style area. What kind of dumbshit thinks that's a good idea in a city that rains 90% of the time in the winter.
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Old 06-25-2023, 08:04 AM   #26728
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same with oakridge. that new open air concept is horseshit. its gonna be FREEZING ass cold
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Old 06-25-2023, 08:23 AM   #26729
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you all want underground city with shops and tunnels that connect you everywhere ... like Toronto?

Or just the traditional mall like Metrotown where you can walk inside the mall.

What I really like to see is some retail around train stations like HK. Grab a pastry/bun, coffee, jump on train etc. 90% of our Translink stations are bare.
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Old 06-25-2023, 08:55 AM   #26730
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I'll take indoor malls like metrotown. Temperature controlled, don't have to deal with rain and snow. Even in Hong Kong, I stick to malls. Maybe I have a weak immunity system, but constantly going from hot and cold environments royally messes me up. Vancouver's not very walkable either. How many people here can survive long term without a car?
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Old 06-25-2023, 09:01 AM   #26731
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Uptown Shopping Center here in Victoria, which is one of these open air malls seems to do very well. It's probably more busy than both Hillside & Mayfair malls which are traditional indoor style.
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Old 06-25-2023, 11:02 AM   #26732
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Looks like prices in the 3-4 million dollar range are dropping down slowly. Some of the listings that were 3.3 - 3.5 are now 3.1ish.

Maybe that mortgage rate is finally having an effect.
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Old 06-25-2023, 11:25 AM   #26733
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I'm hoping the place I rent, the prices drop so I can buy in
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Old 06-25-2023, 11:33 AM   #26734
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I think if there is anywhere to have open air type malls in Canada it's here in the lower mainland.

Personally, I try and avoid shopping at retail locations but if I'm going to do it I head directly to the store I'm targeting, get in and get out so if I have to head outside to hit a store it's not really a big deal to me. My first choice is always online, only when I can't find what I want online do I head to the mall.
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Old 06-25-2023, 04:52 PM   #26735
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This is the scaffolding I’m talking about. Holy crap. Never seen such safety precautions.
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Old 06-26-2023, 05:54 AM   #26736
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The locals who complain are probably those who have lived in the area since the 1970/1980s when the Tri-Cities were truly a backwater that nobody west of Boundary Road cared about.
My parents are these people, my dad complains that in the 80's when they first moved to Coquitlam it took him 25 minutes to drive to work in Vancouver near QE park, and now it takes 50+ and up.

Well yeah dad, the population has increased several fold in that time? Not sure how he expects all those people to get around...
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Old 06-26-2023, 07:58 AM   #26737
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I think if there is anywhere to have open air type malls in Canada it's here in the lower mainland.

Personally, I try and avoid shopping at retail locations but if I'm going to do it I head directly to the store I'm targeting, get in and get out so if I have to head outside to hit a store it's not really a big deal to me. My first choice is always online, only when I can't find what I want online do I head to the mall.
Yah ... this is how I feel ... like the style of the mall at the airport (McArthur Glen) and some of the outlet malls in Seattle area. Just pick a nice day, when it is rainy season, go to Metro or Costco . Best of all worlds. I also try not to go to retail malls in general.
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Old 06-26-2023, 09:59 AM   #26738
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My parents are these people, my dad complains that in the 80's when they first moved to Coquitlam it took him 25 minutes to drive to work in Vancouver near QE park, and now it takes 50+ and up.

Well yeah dad, the population has increased several fold in that time? Not sure how he expects all those people to get around...
On Facebook community groups, that's all they complain about - traffic and new construction.

Definitely a lot of willful ignorance out there...
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Old 06-26-2023, 10:17 AM   #26739
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On Facebook community groups, that's all they complain about - traffic and new construction.

Definitely a lot of willful ignorance out there...
The Coquitlam community group is the worst, I joined when I first moved however left the group after a few months after getting nonstop bickering and complaining on my feed.
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Old 06-26-2023, 12:17 PM   #26740
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On Facebook community groups, that's all they complain about - traffic and new construction.

Definitely a lot of willful ignorance out there...
One of my hobbies include going to said groups, and calling them nimbys

Then they proceed to get upset and a FB war breaks out
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Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.

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Old 06-26-2023, 03:38 PM   #26741
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My dad has always pointed this out to me.. Think of the average person, think about their education, think about their morals, think about their socioeconomic status, think about their common sense, etc...

Then realize that 50% of the population is below that average and when people do silly things, it really isn't that surprising.

His take is, don't let those people bug you and just be more positive.

The fact that you're involved in this real estate chat on an Internet forum already puts all of you above this average.

Real estate is probably the easiest vehicle to increase your net worth, second to that would be the stock market. So if you can't get your hands on real estate, I hope you're investing in the stock market. I'm hoping to see all of you in 20 years sitting pretty with either a nice equity gain in your real estate or in your stock portfolio.
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Old 06-26-2023, 03:58 PM   #26742
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My dad has always pointed this out to me.. Think of the average person, think about their education, think about their morals, think about their socioeconomic status, think about their common sense, etc...

Then realize that 50% of the population is below that average and when people do silly things, it really isn't that surprising.

His take is, don't let those people bug you and just be more positive.

The fact that you're involved in this real estate chat on an Internet forum already puts all of you above this average.

Real estate is probably the easiest vehicle to increase your net worth, second to that would be the stock market. So if you can't get your hands on real estate, I hope you're investing in the stock market. I'm hoping to see all of you in 20 years sitting pretty with either a nice equity gain in your real estate or in your stock portfolio.
Was your dad George Carlin, or did he just steal that from him lol

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Old 06-26-2023, 05:43 PM   #26743
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Haha, damn. Maybe he did. I'll have to ask him.
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Old 06-26-2023, 07:39 PM   #26744
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No. George Carlin stole it from peanutbutters dad.
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i hate people who sound like they smoke meth then pretend like they matter.

Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?


Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.

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Old 06-27-2023, 06:45 AM   #26745
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Brentwood is one of those malls that looks great on rendering but when it came to reality, it is a total flop. Half the shops require people to walk outside (e.g. LL Bean). When the weather is shit, you have to walk long the edge of the mall or else you'll be exposed to the rain. Also, speaking of LL Bean, who the f*ck even shops there? I've passed by it maybe 3-4 times and there looks to be more staff than customers.

You know the mall is good when Uniqlo establishes a store there.
Yeah this. I split my time between Toronto and Vancouver and I just visited Brentwood for the first time in forever. It looks so nice until you're actually there and find out it's actually a pretty shitty mall. It's not even worth the time navigating to the "outside" stores.

It's like everyone just goes there for the food court which isn't even anything special. 75% of the mall still looks unfinished and ghetto. I assume they plan to renovate the 1980s side of the mall at some point.
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Old 06-27-2023, 08:59 AM   #26746
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^ the division between the new part and the old is drastic. So you can only imagine the store owners in the old part will eventually want out. I don't know what the next phase plan is for that mall ... but it just highlights how dated it is.
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Old 06-27-2023, 09:56 AM   #26747
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In conclusion, we are just cranky old men who hate being outdoors lol.
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Old 06-27-2023, 10:45 AM   #26748
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Informative post from Reddit today. Breaks down the math.

Quote:
If you wanted to build a rental apartment building in Vancouver today, what rent would you need to charge for rent? Right now, we are looking at a site off 1st Ave in Vancouver.

The site is ready to go, with development permit, PLA and building permit pending. Site cost is $310/sqft.

Construction costs are estimated at $465/sqft.

All other costs are at $230/sqft (that’s consultants, taxes, levies, interest reserves, contingencies etc.).

Total cost for the project is at $1,005/sqft, or $68million.

Common loan-to-value for multifamily rental real estate is 50/50. So, debt would be $34million.

Plug that into a financial calculator with the following assumptions:

N: 360 (30yrs)… payments per year: 12… compounding per year: 2… CMHC commercial mortgage rate sub bank prime: ~6%... present value of loan: $34M…. future value: $0… compute the payment: $202,000 per month.

Or approx. $2,400,000 per year. CMHC will require a 1.20 debt service coverage ratio. So, we would need to have net operating income of $2,900,000. This would deliver a 1.47% cash return and a 4.2% cap rate. Since it’s new construction, the cap rate is higher than resale market (averages around 3%). Keep in mind, GIC’s today will deliver a stronger unlevered return than a Vancouver apartment building.

A building this size will cost approx. $600,000 per year to operate.

So, a total annual required rent of $3,500,000. This is for 96 units, with a mixture of 1beds, 2beds and studios… it would need an average rent of $3,000/month.

The two beds would need to rough out around $3,800/mo and the studios around $1,800/mo.

This is just to make a CMHC deal financeable. Good luck in the wild today, Vancouverites!
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Old 06-27-2023, 11:25 AM   #26749
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^^^ but would someone think of the poor people, have to hand out affordable units at $700 a month. How's the new immigrants gonna work at super store and afford $1800 a month
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Old 06-27-2023, 11:33 AM   #26750
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https://www.cbc.ca/news/business/inf...-may-1.6889725

Quote:
The mortgage interest cost index rose 29.9 per cent. That's the fastest pace on record, and it's happening because the Bank of Canada has been aggressively hiking its lending rate in an attempt to cool demand.

That's been a direct hit on anyone with a variable rate mortgage, where the cost of servicing the loan has been skyrocketing all year. Even fixed-rate loans are having to renew and lock in at much higher rates than they were paying before.

More expensive mortgage costs are the single biggest factor influencing the inflation rate, the data agency said. If mortgage costs are stripped out of the numbers, Canada's headline inflation rate would have been 2.5 per cent. That's down from 3.7 per cent in April.
And the solution will be to....raise interest rates?
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