Vancouver's Real Estate Market

[PeanutButter]

Originally Posted by Alpine

Seems like it. I thought asking 2100 was fair or market rate as my unit is smaller (700sqft) and it’s an older house and those with brand new homes and larger basements/nicer features like radiant heating and taller ceilings were asking 2300-2500.

Pricing research for landlords is usually flawed.

Most landlords will look at comparables on marketplace, maybe look at 10-20 listings and then put their price somewhere they think is fair based on what they saw.

Because our supply demand ratio is so out of wack, that strategy always leads landlords to under price their rental. Just take your example, you had over 100 applicants, but the supply at $2300-2500 may only be like 20-30 units. Where are the other 80 people supposed to live?

I hate doing this because I believe housing is an essential thing, and "overpricing" the unit may seem predatory, but I'm not sure if it is.

It's so disheartening reading all of the applicants situations and then having to choose one that suits my needs. Renting out units is actually really depressing for me, especially when you do open houses and literally everyone wants the unit and you have to pick. people literally trying to bribe you to get the unit. It's horrible. Housing is a basic human right and so many label landlords as these greedy unfair people, which many are not.

[PeanutButter]

Just some anecdotal experience, definitely not general advice.

Young Western men - They tend to stay up late, play games, watch movies with good speakers, and have their friends over all the time as they are the cool guys with their own place.

Tradesman - Similar to above, but these guys are super chill. A lot of them have more than one car, so if parking is an issue you may want to consider that or at least ask them how many cars they have. They almost always have a truck of some sort.

Immigrant Indians - have money and rent is usually never an issue, but their food is very fragrant and they love to cook at home, so that can make the entire house smell. Also, they seem to love talking on the phone with their friends and family back home where the time zone is completely opposite, this can cause issues with noise late at night.

Couples getting married or married - Just remember they will probably be starting a family soon, nothing wrong with that, just something to think about it. Noise from baby/children etc.

My favourite renters right now are South American's, they are softer spoken, very quiet and pleasant, and quite respectful. Actually, most immigrants are like this from what I see. Immigrants typically don't know any RTB rules compared to Westerner's.

Because there are so many applicants, it's easier to get good tenants these days as you can usually get a feel from them during the process. And a lot of them do not want to cause problems because finding good housing is such an issue.

[EvoFire]

Originally Posted by donk.

As supafamous said, ask for bank details (even tho it's easy to fake)

Second would be personality in person. You can usually tell who is a wackjob degenerate, and who is trying to make it by a simple 5 min conversation.

Otherwise it is tough, you want to rent to these people, but it goes against the normal "what's their job, what's their credit"

I had an international student apply, no job, no credit. I asked her how she's going to pay, she whips out her phone, logs into her banking and proceeds to tell me daddy dumps in 50k every 6 months. Her bank account had 90k in it.....
Signed her up, one of the best tenants I've had.

She makes more than me, how come my wife isn't as successful

[Alpine]

Originally Posted by noclue

Don't they just pool money to show they have proof of funds, give it back after entering Canada, then live 10 people to a 1bed condo and go work some job to get PR and sponsor their family after?

Well given how much rental demand there is, if they don't have a good job here or if they don't speak English well, they might be forced into a 10 to a condo situation by default.

[Mikoyan]

Originally Posted by EvoFire

She makes more than me, how come my wife isn't as successful

Daddy doesn't mean it was her father.

[Alpine]

Originally Posted by PeanutButter

Pricing research for landlords is usually flawed.

Most landlords will look at comparables on marketplace, maybe look at 10-20 listings and then put their price somewhere they think is fair based on what they saw.

Because our supply demand ratio is so out of wack, that strategy always leads landlords to under price their rental. Just take your example, you had over 100 applicants, but the supply at $2300-2500 may only be like 20-30 units. Where are the other 80 people supposed to live?

I hate doing this because I believe housing is an essential thing, and "overpricing" the unit may seem predatory, but I'm not sure if it is.

It's so disheartening reading all of the applicants situations and then having to choose one that suits my needs. Renting out units is actually really depressing for me, especially when you do open houses and literally everyone wants the unit and you have to pick. people literally trying to bribe you to get the unit. It's horrible. Housing is a basic human right and so many label landlords as these greedy unfair people, which many are not.

Thanks for the perspective. Interesting to say the least.

And I completely agree that it is disheartening to read and reject all of these applications. But it's not feasible to bring in everyone for a 15 minute showing so I have to resort to some sort of ugly, quick & dirty way to filter through applicants... it's rough when so many are young families and probably good people just looking for a decent place to live.

[carsncars]

https://bc.ctvnews.ca/vancouver-deve...amed-1.6480476

- Developer markets townhome presale as concrete construction
- Meanwhile developer submits development application in 2019 specifying woodframe construction
- Now in 2023 developer notifies buyers that "due to unforeseen circumstances" the units will be built using woodframe construction
- No discount offered

...total bait and switch but given the presale contracts I've read, I wonder if the buyers really have any recourse...

[EvoFire]

Originally Posted by carsncars

https://bc.ctvnews.ca/vancouver-deve...amed-1.6480476

- Developer markets townhome presale as concrete construction
- Meanwhile developer submits development application in 2019 specifying woodframe construction
- Now in 2023 developer notifies buyers that "due to unforeseen circumstances" the units will be built using woodframe construction
- No discount offered

...total bait and switch but given the presale contracts I've read, I wonder if the buyers really have any recourse...

That's misrepresentation? If they have all the marketing materials and the permits from the city, then it's an open and shut case? The permit was filed in 2019 and the marketing was in 2021, that's lying through their teeth in laymen terms.

[bcedhk]

This shows how useless and negligent the City, Real Estate Board and Realtors are to protect the buyers, who are the ones being shafted.

[westopher]

Those realtors involved got to collect a cheque for literally signing a sheet of paper there as well. Absolutely ZERO work involved in pre sales.

[Euro7r]

Supplier mislead customers and selling a product not as described, that should automatically void the agreement and entail the customer full refund. Imagine what else they are hiding without telling the customer.

[Badhobz]

So I have a newfound respect for realtors. Here's the list of bitch ass things i made him do

1) run to city hall and provide me with all the structural blueprints/drainage/electrical/ occupancy permits at his cost

2) come sit with us while the home inspector was there from 11:45am till 7pm. including listening to the entire run-through and jotting down the fixes we will need to present to the seller

3) negotiating with the seller and their agent for immediate remedies to the issues found by the home inspector. He was able to get a plumber to the property at 7pm last night

4) found us a cleaning lady who does 30 bucks an hour in Richmond

5) found us an interior designer

6) found us a contractor who can convert one of the rooms into a huge walk in closet

7) listen to my inane babbling about lousy ass kids, lousy ass ports, lousy ass government

8) help my wife measure and sort out furniture arrangement

9) bought sushi for us since we were at the house for so long

10) dealing with my bitchy ass wife in general. the man has the patience of a saint.

I must say, ive been shitting on realtors for so long but in reality, they provided us with a valuable service and professional expertise that facilitated this buy with little to no hassle.

[JDMDreams]

Well I mean you are rich China man, try that when you are buying a $300k box in slurry

[Badhobz]

i dont know why but it seems in general women realtors are more successful than men. All the top agents in Richmond are women. Bunch of annoying cunts that pester people none stop (i think i just answered my own question) till they buy or sell.

still regret not hiring that realtor who gives out bj's. I need one after that 10h+ day of inspection, run-throughs and plumbers.

[jing]

Sounds like a decent realtor, but in the grand scheme of things, a day or two of work to walk away with a $50k bag is well worth it

[underscore]

Guesstimating by the price of that other place you looked at the guy probably made $35k+ off that deal so you'd hope buddy is actually willing to be useful. For the same money you could probably hire a personal assistant for 6 months to do all that stuff too.

[blkgsr]

Originally Posted by Badhobz

still regret not hiring that realtor who gives out bj's.

haha what??

[donk.]

Originally Posted by blkgsr

haha what??

You gotta flip back about 20 pages, she's the real deal

[JDMDreams]

Yes for $35k you better be walking around all day with your tits out and bj

[6thGear.]

Originally Posted by Badhobz

So I have a newfound respect for realtors. Here's the list of bitch ass things i made him do

1) run to city hall and provide me with all the structural blueprints/drainage/electrical/ occupancy permits at his cost

2) come sit with us while the home inspector was there from 11:45am till 7pm. including listening to the entire run-through and jotting down the fixes we will need to present to the seller

3) negotiating with the seller and their agent for immediate remedies to the issues found by the home inspector. He was able to get a plumber to the property at 7pm last night

4) found us a cleaning lady who does 30 bucks an hour in Richmond

5) found us an interior designer

6) found us a contractor who can convert one of the rooms into a huge walk in closet

7) listen to my inane babbling about lousy ass kids, lousy ass ports, lousy ass government

8) help my wife measure and sort out furniture arrangement

9) bought sushi for us since we were at the house for so long

10) dealing with my bitchy ass wife in general. the man has the patience of a saint.

I must say, ive been shitting on realtors for so long but in reality, they provided us with a valuable service and professional expertise that facilitated this buy with little to no hassle.

So basically your agent is doing what they're supposed to do?

[Badhobz]

Its surprising for us. Hahahah

[twitchyzero]

nah that's definitely above and beyond
i wish i had one that found me cheap housekeeping and bought a meal lol

[Tapioca]

Parts of Europe are undergoing another heat wave and so are parts of the southern US.

The rest of BC is burning and is under severe drought.

Remind me again why the Lower Mainland isn't a desirable place to live and perhaps buy real estate, relatively speaking?

[westopher]

Because that also happens to us, it just isn't right at this moment?

[Badhobz]

Originally Posted by Tapioca

Parts of Europe are undergoing another heat wave and so are parts of the southern US.

The rest of BC is burning and is under severe drought.

Remind me again why the Lower Mainland isn't a desirable place to live and perhaps buy real estate, relatively speaking?

my realtor said exactly the same thing;

for the lower mainland, you can only expand eastwards. Vancouver/Burnaby/Richmond will always be the most desirable as its closest to the core and amenities that people seek.

Therefore the prices will always remain high and even if there is a dip in the market, it doesn't really drop, it just flatlines and then goes back up when the market picks up again.

In these 3 areas, the land is finite and basically recession-proof (unless there's an earthquake then I'm totally fucked).