Vancouver's Real Estate Market

[Razor Ramon HG]

Originally Posted by PeanutButter

$40k a year or $20/hour

If anyone makes that in Vancouver they surely live at home or have cheap ass rent (<$1,000). You can't even afford to own a house/condo with $40k: property tax, maintenance, etc.

You would need a dual income for sure if that's what you made in Vancouver. Pretty sad.

Even sadder when you realize with minimum wage, a standard 40 hour work week is $34,840 a year.

After taxes, you're taking home $2414 a month. And if your workplace is unionized (e.g. a grocery store) you're probably getting getting at least another 10% docked due to union fees.

Just barely over $1000 every two weeks, damn. A true reality for a lot of people, and I can't imagine living in Vancouver like that.

[carsncars]

I do not envy renters in this market.

My current tenant is leaving my place (2 BR/1 BA main floor of a house in Renfrew/Collingwood) so I'm looking for a new one. Posted for $3K/mo. I have people throwing offers of $3200+/mo. + 6 months paid up front. Some prospective tenants are very, very prepared (paystub, credit report, references, bank statement all provided up front) - I feel bad but the ones that aren't messaging with those things from the get go I'm basically ignoring...

[Hondaracer]

Raised my suites rent today for the first time, it’s been $1600 for the last 7 years since new, 700 sq ft “garden” suite in east van

My tenant can blame Donk when he said I’m just cutting them a cheque by not raising it lol

The 2% represents $32 starting in November..

[EvoFire]

Originally Posted by carsncars

I do not envy renters in this market.

My current tenant is leaving my place (2 BR/1 BA main floor of a house in Renfrew/Collingwood) so I'm looking for a new one. Posted for $3K/mo. I have people throwing offers of $3200+/mo. + 6 months paid up front. Some prospective tenants are very, very prepared (paystub, credit report, references, bank statement all provided up front) - I feel bad but the ones that aren't messaging with those things from the get go I'm basically ignoring...

How old/new is your house? And are you including any utilities?

[Badhobz]

Originally Posted by Razor Ramon HG

Even sadder when you realize with minimum wage, a standard 40 hour work week is $34,840 a year.

After taxes, you're taking home $2414 a month. And if your workplace is unionized (e.g. a grocery store) you're probably getting getting at least another 10% docked due to union fees.

Just barely over $1000 every two weeks, damn. A true reality for a lot of people, and I can't imagine living in Vancouver like that.

No wonder nobody wants to take up any entry level positions. Who am I gonna yell at now ?!

[Badhobz]

Originally Posted by Hondaracer

Raised my suites rent today for the first time, it’s been $1600 for the last 7 years since new, 700 sq ft “garden” suite in east van

My tenant can blame Donk when he said I’m just cutting them a cheque by not raising it lol

The 2% represents $32 starting in November..

That’s wayyyy too cheap. Should charge them 2600+ since that seems to be the going rate nowadays. Kick them out, say you’re moving in, then list at market rate afterwards.

I don’t see why you should give out charity… given how much you hate socialists

[carsncars]

Originally Posted by EvoFire

How old/new is your house? And are you including any utilities?

It's a 1955 build, nothing fancy by any means. No utilities (tenant pays central heat - gas, hydro). I would say it's a little bit more desirable because I'm saying the basement suite is unoccupied (I have my stuff stored there while I'm in Toronto) so more privacy, but still...

[Hondaracer]

Originally Posted by Badhobz

That’s wayyyy too cheap. Should charge them 2600+ since that seems to be the going rate nowadays. Kick them out, say you’re moving in, then list at market rate afterwards.

I don’t see why you should give out charity… given how much you hate socialists

Too much headache. And she’s a great tenant. Having the peice of mind of someone who isn’t a headache is such a big plus when you’re living above them

Honestly I’m sure I could get $2000+ for it but even that makes me feel a bit dirty lol..

While I’m not a charity, I’m also not so strapped for cash that I need to pull
Somthing like that

[donk.]

Originally Posted by carsncars

) - I feel bad but the ones that aren't messaging with those things from the get go I'm basically ignoring...

Nothing wrong with ignoring the plebs...

I have over 60 messages for my property as my tenants are moving out, and 50 of those messages are spam.

"Hi is this available?"
"Can I break the rules you listed as I have 4 dogs?"
"Is the rent negotiable?"
"Can I rent one of the rooms?"
"Can we move in next week?"



My ad now states "call or text only, messages/emails WILL NOT get a reply." And yet there are still 2-3 people a day that can't read, are robots, or data collectors.

If someone really wants your unit, like carsncars said, they will do everything they can and then some, including following basic instructions

[Great68]

Originally Posted by Hondaracer

Too much headache. And she’s a great tenant. Having the peice of mind of someone who isn’t a headache is such a big plus when you’re living above them

Honestly I’m sure I could get $2000+ for it but even that makes me feel a bit dirty lol..

While I’m not a charity, I’m also not so strapped for cash that I need to pull
Somthing like that

Pretty sure hobz was being facetious. Doing what he suggested would be a good way to have the RTB rule that you have to pay the tenants 12 months rent as compensation for wrongful eviction.

[Badhobz]

Yes and no. I understand his perspective on having a good tenant but you’re shooting yourelf in the foot here for no reason. It’s not like the new person paying 2500+ won’t be a good tenant either. But you follow your heart. When I was slum lord it was the same. We under charged them.

[JDMDreams]

No we demand $700 dollar rental units, you greedy fat cat land lord's, poor people unite!!

[68style]

All the renters crying just don't understand basic economics of living here.

I agree with them its not sustainable, but it's not because of landlords, it's because the lower mainland is totally fucked from a pricing perspective.

Even at these crazy rates, it's way cheaper to rent:
https://can01.safelinks.protection.o...%3D&reserved=0

But yah sure, someone else they don't know or the government itself should put half a mill or a mill of their own money down on a place for them so they can have somewhere to live. Makes total sense.

[PeanutButter]

Originally Posted by carsncars

I do not envy renters in this market.

My current tenant is leaving my place (2 BR/1 BA main floor of a house in Renfrew/Collingwood) so I'm looking for a new one. Posted for $3K/mo. I have people throwing offers of $3200+/mo. + 6 months paid up front. Some prospective tenants are very, very prepared (paystub, credit report, references, bank statement all provided up front) - I feel bad but the ones that aren't messaging with those things from the get go I'm basically ignoring...

What are some things you look for in renters? Do you have preferences? Couples, students, certain demographic? curious what you look for.

any stereotypes to avoid anecdotally?

[beatdownvictim]

Anyone know of how legal driveway ramps are in vancouver?
One side of my garage has a preetty steep drop. My model y scrapes the bottom. We just moved so uh not sure how the neighbours would react to seeing some ramps out.

Something like this https://a.co/d/5ebqpql.
For now can park both cars on one side but would still like to use the other half

[unit]

anything is ok until someone complains about it.
if you have to anchor into the concrete curb tho, if the city does care they could maybe issue a fine or warning, then ask you to repair it properly.

[Gerbs]

Originally Posted by JDMDreams

I thought ab price is already up

Just got back from AB to house hunt and sus out life there. Prices are already up, $775K new build sends you to the edge of calgary, so equivalent to driving from Van to Blaine in distance.

$700K can get you a nice 2000's house in outer skirts of NW / SW. Anything 2010 plus within 20-35 minutes of city centre (Aka something in Van/Burnaby) is $1.2M+.

The 1960's bungalow looking things are cheap though $500 - 650K for a easy fixer upper. But the areas look kinda sketch, but hey cheap housing, I'd live at DTES For $650K!

My friends from Calgary also complain about housing cost though, anything detached start home is close to $650 - 800K, so anything less than a $170 - 200K HHI is a bit of a stretch still. But they have tons of TH/Condos options in the $300K range, only downside is strata is like $500 - 1,200/month depending on size.

[68style]

??? This was not my experience at all. I check listings for Calgary every day and there are tonnes of newer build or freshly renovated houses <$800k within 20 minutes of the city centre. $800k is high end for new builds in the NW like 30 minutes out (Tuscany).

Was also just there in person around Canada Day.

I think your driving times are what's off. My best friend lives in Bears Paw... which is as outskirts of Calgary as you can get in the NW... and that's 28 minutes from the centre of downtown. Tuscany is 20-25 minutes max. I think you are maybe looking within 10 minutes? Even then, Brentwood and stuff just other side of the river are nice and not anywhere near $1m+ unless you are looking at luxury homes

[TOS'd]

Originally Posted by Badhobz

That’s wayyyy too cheap. Should charge them 2600+ since that seems to be the going rate nowadays. Kick them out, say you’re moving in, then list at market rate afterwards.

I don’t see why you should give out charity… given how much you hate socialists

He needs to charge at least more than $4,166.67/month since an extra 50k would not improve his quality of life that much.

[Euro7r]

For rent out to say close friend or family member, do you guys still prepare a RTA form to make it "official/legit", or do some of you just write out a simple terms on paper with the basics and just sign off type deal? Have family member that doesn't know lick of English, and want to rent out to family friend kid. I just said just write out basic shit on a piece of paper in your own language LOL. Never been in such situation, so thought I ask if there's any "cons" in doing that.

[Hondaracer]

Originally Posted by Euro7r

For rent out to say close friend or family member, do you guys still prepare a RTA form to make it "official/legit", or do some of you just write out a simple terms on paper with the basics and just sign off type deal? Have family member that doesn't know lick of English, and want to rent out to family friend kid. I just said just write out basic shit on a piece of paper in your own language LOL. Never been in such situation, so thought I ask if there's any "cons" in doing that.

When we went to Europe we had a friend stay at our place for 4 months and we had her fill out an entire RTA agreement as well as signing off on addendums.

What you’re doing with your family member there is basically just the most absolute basic agreement possible under the tenancy act. I looked into this before as our neighbour rented his place based on a hand shake and cash every month and even a verbal agreement with nothing in writing is to be assumed as the basic RTA

[Traum]

Another vote for formally drafting up a simple RTA form. You can just use the pre-made one from RTB, and add a minimal amount of stuff to suit your specific needs.

When $$$ is involved, always put things in black and white.

[SSM_DC5]

Use handwritten in their native language, don't mention RTB. Then cross your fingers that if something goes wrong they don't know that RTB will still help them.

[snowball]

Originally Posted by Euro7r

For rent out to say close friend or family member, do you guys still prepare a RTA form to make it "official/legit", or do some of you just write out a simple terms on paper with the basics and just sign off type deal? Have family member that doesn't know lick of English, and want to rent out to family friend kid. I just said just write out basic shit on a piece of paper in your own language LOL. Never been in such situation, so thought I ask if there's any "cons" in doing that.

If it's my own sister I wouldn't do RTA but if it's a family friend's kid, hell yeah RTA it up

[PeanutButter]

Originally Posted by Euro7r

For rent out to say close friend or family member, do you guys still prepare a RTA form to make it "official/legit", or do some of you just write out a simple terms on paper with the basics and just sign off type deal? Have family member that doesn't know lick of English, and want to rent out to family friend kid. I just said just write out basic shit on a piece of paper in your own language LOL. Never been in such situation, so thought I ask if there's any "cons" in doing that.

We had to go to the RTB for my uncles unit, he only had a verbal contract with his tenant who stopped paying rent. At the hearing, my uncle had a diary of payments, dates, notes, and that was good enough to show evidence of a contract, payment, etc.

You don't need to use the official RTB forms to make the tenancy legitimate. As long as it shows the basic information. Even without it, the tenant has all the rights the RTB affords them, contract or not.