Vancouver's Real Estate Market

[westopher]

Originally Posted by PeanutButter

Buddy of mine is living in a one bedroom apartment, paying $900 a month. He just broke up with his girlfriend and is looking for options. The break up was amicable and he said he's going to let her keep the unit so he's going to find a place on his own.

He said the minimum right now is about $2,500/month for something. He asked me if he should just rent or bite the bullet and buy a one-bedroom.

From what I can tell a $500k place would be like $3k in mortgage + strata + maintenance + internet + insurance, etc. So he's probably look at like $4k a month in expenses.

Does it even make sense to buy a place or just find a rental for $2,500. Numberswise renting seems like it's the play, am I missing anything here?

How much money does he make? Honestly at that point if I made anything less than 150k I'd just get the fuck out of here.

[JDMDreams]

Get back with the ex??? Free ass and $450 rent ??? Profit

[PeanutButter]

He probably makes just under $150k actually.

Yeah, he definitely loves her still, which is why he's letting her keep the place. he makes twice she does so he doesn't want to leave her crippled by rent. They have been together for two years too long as they just aren't the right fit. They have both acknowledged this and wanted to see if they could change, but they realized it's hard to change who you are.

I was pretty surprised at the level of understanding from both of them, they're quite grown up about everything.

There's no way he's leaving. His family is here, his parents are older, and his friends are here. Not easy to just get up and leave.

[westopher]

I mean, it depends how much value he puts on stability then. We could have rented for less than when we bought but I knew I never wanted to deal with moving again, unless it was my call. It seems a bit crazy for that big of a gap, as $1500 a month can do a lot for quality of life, but I don't think peoples decisions when it comes to something that emotional needs to be all that rational. It also depends on a down payment. If he's got a good chunk, which he should, that mortgage payment is much lower and also has much less wasted money on interest.

[Badhobz]

people making 150k and still renting.... sigh, fuck you vancouver...

all the while dishwashers and waitresses were buying vancouver specials back in 90's and 2000's

[Traum]

Originally Posted by PeanutButter

There's no way he's leaving. His family is here, his parents are older, and his friends are here. Not easy to just get up and leave.

To me at least, the simplest and best solution at this point is to just move back with the parents. It could be a short to medium term thing for him to figure out what he wants to do, and how he wants to do it, or it could be a longer term thing where he'd be able to look after his parents while he is there.

Esp with the current level of housing affordability, I honestly don't think there is any shame in going back to live with the parents, assuming that they can spare a room for him. But that's just me.

[donk.]

Originally Posted by Traum

To me at least, the simplest and best solution at this point is to just move back with the parents. But that's just me.

I wish I had your logic

You can't pay me to move back in with my parents

We got a dude at work, lives at home, never moved out, makes jman HVAC wage, the dude is ROLLING in bills. And by bills, I mean 20s 50s 100s kind of paper.

[Gerbs]

Originally Posted by donk.

I wish I had your logic

You can't pay me to move back in with my parents

We got a dude at work, lives at home, never moved out, makes jman HVAC wage, the dude is ROLLING in bills. And by bills, I mean 20s 50s 100s kind of paper.

Yeah, the idea of saving $20-35K and moving back with parents vs my own space. Very easy choice



aka I'm poor

[JDMDreams]

I mean if he can buy now suck it up and buy, then he can charge her rent and get free ass??? Profit.

People are just gonna fight for units when rates come back down. There's like no new supply being built right now, buddy guys are waiting to come every year.

[carsncars]

Originally Posted by Badhobz

people making 150k and still renting.... sigh, fuck you vancouver...

all the while dishwashers and waitresses were buying vancouver specials back in 90's and 2000's

My parent's tenant for >10 years now in Yaletown is a late 40's lawyer, paying $3500/mo. in rent for a 2 BR. One of my mom's friends, a Senior Manager at a mid size accounting firm (def. $200K+/year) also rents downtown, also between $3500-4000. Don't know what's going on in the lawyer's case - maybe they just aren't interested in owning - but in the latter case she said it's been hard to save the down payment.

The guy I bought my place (detached, East Van) from? He was a janitor for the City of Vancouver... times have changed.

[carsncars]

Originally Posted by Gerbs

Yeah, the idea of saving $20-35K and moving back with parents vs my own space. Very easy choice

Lol my work contract in Toronto ends in December, my (excellent) tenant moved out of my Van place Oct 1.

I was actually considering leasing it out again on a 1 year and living with my parents for ~9 months when I move back for the sweet sweet rental income... ultimately didn't because I didn't wanna have to deal with an unknown new tenant while out of town, and felt like a dickish move to bring in a new tenant knowing I was 99% going to move them out in 1 year. Moving sucks. Moving is expensive.

[donk.]

Originally Posted by carsncars

My parent's tenant for >10 years now in Yaletown is a late 40's lawyer, paying $3500/mo. in rent for a 2 BR. One of my mom's friends, a Senior Manager at a mid size accounting firm (def. $200K+/year) also rents downtown, also between $3500-4000. Don't know what's going on in the lawyer's case - maybe they just aren't interested in owning - but in the latter case she said it's been hard to save the down payment.

The guy I bought my place (detached, East Van) from? He was a janitor for the City of Vancouver... times have changed.

You should ask both of them, as to their reasoning for not buying, and as to where all their money goes

[Badhobz]

Prostitutes and coke are expensive nowadays.

[68style]

Originally Posted by PeanutButter

He probably makes just under $150k actually.

Yeah, he definitely loves her still, which is why he's letting her keep the place. he makes twice she does so he doesn't want to leave her crippled by rent. They have been together for two years too long as they just aren't the right fit. They have both acknowledged this and wanted to see if they could change, but they realized it's hard to change who you are.

I was pretty surprised at the level of understanding from both of them, they're quite grown up about everything.

There's no way he's leaving. His family is here, his parents are older, and his friends are here. Not easy to just get up and leave.

Dude's being a doormat, gonna cost himself $25,000+ a year nevermind furniture and moving expenses being "nice" so she can keep her minimal cost place? Did you tell him there's no white knight award while some other dude's boning your ex in your old bed you probably also paid for? Lord almighty.

[Tapioca]

Originally Posted by carsncars

My parent's tenant for >10 years now in Yaletown is a late 40's lawyer, paying $3500/mo. in rent for a 2 BR. One of my mom's friends, a Senior Manager at a mid size accounting firm (def. $200K+/year) also rents downtown, also between $3500-4000. Don't know what's going on in the lawyer's case - maybe they just aren't interested in owning - but in the latter case she said it's been hard to save the down payment.

The guy I bought my place (detached, East Van) from? He was a janitor for the City of Vancouver... times have changed.

Lots of questions from these situations. Most people in their 40s who own property are in some type of long-term relationship.

If they're in their 40s and have climbed the corporate ladder, they had opportunities that they didn't take.

[JDMDreams]

Thoughts on the new air BNB restrictions? Basically communist Canada is restricting what you can do with your own house. We should have a house freedom rally

[Great68]

Technically the legislation still allows you to do with you want with your own house, you're free to airbnb a secondary unit within your primary residence.

You just can't run improptu hotels with your secondary properties anymore.

[Hondaracer]

As a direct result personally all I see it doing is making the prices of hotels etc skyrocket

GG affordable vacations

[CivicBlues]

So glad when we had pandemic travel restrictions we used the opportunity to rediscover and explore BC and Canada. Now domestic hotel prices can get fucked. Same with the US too, but 5x worse.

Also you never know with those guys in their 40s still renting - they might own another property outside Vancouver outright or a vacation home they'll fuck off to when they retire.

[Euro7r]

Originally Posted by JDMDreams

Thoughts on the new air BNB restrictions? Basically communist Canada is restricting what you can do with your own house. We should have a house freedom rally

Seems like a clown show by government idiots trying to make it seems like they are doing something to help the housing issue. In reality ain't really going to make a dent. It may put more LTR back into the market, but LTR rates ain't cheap nowadays.

[PeanutButter]

Originally Posted by 68style

Dude's being a doormat, gonna cost himself $25,000+ a year nevermind furniture and moving expenses being "nice" so she can keep her minimal cost place? Did you tell him there's no white knight award while some other dude's boning your ex in your old bed you probably also paid for? Lord almighty.

He's definitely not a doormat. He's a very calculated person.

Also, why would he care if someone is boning his ex-gf? Out of the two of them, he's definitely the prize. She's only getting older and her value is going down. My guy is only getting better and his stock is going up. The only negative to his situation is that it took him two years to actually call it quits.

It's okay to have compassion and empathy for other people. If he wants to be the "nice" guy, I don't see a problem with it. He doesn't have a lack mentality. He knows he's moving onto bigger and better things. I think people need to shift their mindset from your line of thinking and look at the opportunity he has now.

He's free as a bird. His life is only going to get better. He's a 35 y.o single good looking man who makes close to $150k a year and his income will continue to increase. If you have to pick a winner, it's most definitely him. Without question.

[PeanutButter]

Originally Posted by JDMDreams

Thoughts on the new air BNB restrictions? Basically communist Canada is restricting what you can do with your own house. We should have a house freedom rally

Hmm.. the only thing I see that has changed is the fine is up to $3,000 per day from $1,000.

"The legislation limits short-term rentals to within a host's home, or a basement suite or laneway home on the property where they reside. "

^This has always been the restriction. The people who airbnb condo's have always been in violation of the rules, this hasn't changed. You could only use airbnb on your principle residence, this was always the case.

[Great68]

You're right, some municipalities like Vancouver and Victoria already had these sort of restrictions (technically). The difficulty is in enforcement.

But apart from the increase in fines, this automatically expands the restrictions to other municipalities with few exceptions, establishes a dedicated compliance and enforcement unit, and establishes a host registry. That enforcement part is seriously getting ramped up.

[EvoFire]

Originally Posted by JDMDreams

Thoughts on the new air BNB restrictions? Basically communist Canada is restricting what you can do with your own house. We should have a house freedom rally

Originally Posted by Great68

Technically the legislation still allows you to do with you want with your own house, you're free to airbnb a secondary unit within your primary residence.

You just can't run improptu hotels with your secondary properties anymore.

One of the things that AirBnb allowed was having 4 families all rent a house together on a large get together trip. We once rented a 5 bd house in Kelowna because there were 4 couples traveling together. This will throw that whole thing out the window and renting a hotel just isn't the same without the shared space to hang out.

Originally Posted by PeanutButter

He's definitely not a doormat. He's a very calculated person.

Also, why would he care if someone is boning his ex-gf? Out of the two of them, he's definitely the prize. She's only getting older and her value is going down. My guy is only getting better and his stock is going up. The only negative to his situation is that it took him two years to actually call it quits.

It's okay to have compassion and empathy for other people. If he wants to be the "nice" guy, I don't see a problem with it. He doesn't have a lack mentality. He knows he's moving onto bigger and better things. I think people need to shift their mindset from your line of thinking and look at the opportunity he has now.

He's free as a bird. His life is only going to get better. He's a 35 y.o single good looking man who makes close to $150k a year and his income will continue to increase. If you have to pick a winner, it's most definitely him. Without question.

Peanut Butter is falling in love with this newly single dude and wants a piece of that successful good looking ass

[Badhobz]

Originally Posted by PeanutButter

He's definitely not a doormat. He's a very calculated person.

Also, why would he care if someone is boning his ex-gf? Out of the two of them, he's definitely the prize. She's only getting older and her value is going down. My guy is only getting better and his stock is going up. The only negative to his situation is that it took him two years to actually call it quits.

It's okay to have compassion and empathy for other people. If he wants to be the "nice" guy, I don't see a problem with it. He doesn't have a lack mentality. He knows he's moving onto bigger and better things. I think people need to shift their mindset from your line of thinking and look at the opportunity he has now.

He's free as a bird. His life is only going to get better. He's a 35 y.o single good looking man who makes close to $150k a year and his income will continue to increase. If you have to pick a winner, it's most definitely him. Without question.