Vancouver's Real Estate Market

[Traum]

Originally Posted by EvoFire

Property tax bill just came. Wooo! /s

Total for the year with property tax + city utilities is just shy of $9k fml. When we bought the place 3 years ago property tax was 6k for the year.

Crap, don't remind me! I am absolutely not looking forward to it at all.

But at least I paid like half of it back in Jan/Feb? So it should only be another $3.5 - $4k now.

[SSM_DC5]

Originally Posted by blkgsr

it's signature 23 with low kms, seems they're still in the low $40K range which is good. need to see about trade in depending where i get the new car from.

...

too rich and new for my budget. autozen estimates 32k-38k.

Originally Posted by EvoFire

Property tax bill just came. Wooo! /s

Total for the year with property tax + city utilities is just shy of $9k fml. When we bought the place 3 years ago property tax was 6k for the year.

6k

Originally Posted by Hondaracer

Wonder if you could tie an addendum into a rental agreement to cover 1/3 of any increase in property taxes..

RTB would probably be like Now you have to pay your tenant 12 months of rent

[JDMDreams]

I wonder instead of signing a rental agreement, can you do it under sublet? so no rtb coverage?

[RabidRat]

Would a listing agent get mad if I didn't accept any offers on offer night, and I insisted on leaving the listing up for even a few more months if need be?

Is there a limit to how many open houses I can expect them to continue doing, before they'll just tell me to go f myself?

This weekend will be the 2nd set of open houses for our old place, and offer day's Wednesday. Just planning ahead, in case the offers aren't any good.

[supafamous]

Originally Posted by RabidRat

Would a listing agent get mad if I didn't accept any offers on offer night, and I insisted on leaving the listing up for even a few more months if need be?

Is there a limit to how many open houses I can expect them to continue doing, before they'll just tell me to go f myself?

This weekend will be the 2nd set of open houses for our old place, and offer day's Wednesday. Just planning ahead, in case the offers aren't any good.

Generally speaking a good agent should know what your magic number is regardless of the list price so if the offers don't hit that mark they won't get upset you didn't take anything. They might advise you that your magic number is not realistic based on the offers though they probably would have told you before if they thought you could get your number or not.

During the open house process I'd expect a good agent to hint to interested opposing agents what it might take to get the deal done as well.

At the end of the day it's their job to do your bidding so it's not for them to get pissed off at your direction.

[6thGear.]

If your agent gets mad on offer night due to your decision, you should fire them.

[mikemhg]

Congrats West, sounds like you've been wanting to get a spot on the Shore for a while now, that's wicked.

[PeanutButter]

Realistically, you should be posting all of your offers here and RS should decide if you should sell your place, at what price, and with what subjects... Let's not forget, we're the experts here

I'll be expecting all offers posted to RS on Wednesday.

Looking forward to it. I love offer day!

[Hondaracer]

Our neighbor who bought the house of my wife’s child hood friend 2 houses down bought the house in 2017 for 1.3

Listed today for 2.2

Nice little return for 7 years. Nothing has been done since buying it besides paint

[JDMDreams]

7 years of property tax, interest and paint ain't cheap now will they actually get $2.2 at these rates is another question

[Hondaracer]

So on the last month there’s been about 8 listings within 2 blocks of me, both new duplexes and older homes. Every single one has sold in under 2 weeks, pretty crazy.

I typically keep an eye on the neighborhood driving around and walking and I feel like it’s a pretty good indicator of the general market

[JDMDreams]

I think detached homes will sell just on land value, due to the multiplex rules, every buddy guy will try to get land while they still can to rebuild.

Strata property is another story as there is just more supply. And more options to choose from.

[Gerbs]

Originally Posted by EvoFire

Many pages back there was discussions on roof top patios being prone to leaking. It's a headache you have to be ready to deal with. My brother's in-laws has a rooftop patio townhome they are going to sell in the coming month or so. It's right on Marine Drive in South Van so it may not be your top choice. They've had to deal with leaking issues from the roof and they've said fuck it and got it fixed themselves vs getting the strata to slowly deal with it.
.

There were 2-3 cool units at river district but mosquitos are bad there in the summer. So wrote that off.

[Razor Ramon HG]

Excuse me if it seems like a dumb question, but I'm looking into the tax situation for a potential multiplex on the family lot.

Am I right in assuming that we shouldn't have to pay any taxes under the following situation?

The existing lot (title is under my mom) is subdivided into three to accommodate three new units. Each lot is then transferred from mom to child. As this is a gift, it's non-taxable.

If a child currently owns a property elsewhere, they can sell it and be free of any capital gains tax as the propertly being sold is their primary residence. Then can then rent for how many months as necessary and move into the new property.

Am I missing anything?

[Razor Ramon HG]

https://vancouver.citynews.ca/2024/0...ng-permit-hub/

The British Columbia government says a new online “hub” will speed up building permit processes across jurisdictions.

Premier David Eby says “slow and complicated” building permit processes have delayed housing development at a time when it’s urgently needed.

The province says the digital building permit system will be a “one-stop shop” for local building permits, and 12 municipalities and two First Nations governments are part of the first pilot phase of the new system.

Housing Minister Ravi Kahlon says the new system is unique in North America and aims to cut wait times for builders by standardizing requirements that suffer from inconsistencies in different communities.

Eby says builders have seen interest rates rise dramatically, and holding land while awaiting building permits creates a significant cost.

Kahlon says projects are sometimes held up for months as applications get passed around between builders and cities, while the two sides work on compliance with completion requirements.

https://news.gov.bc.ca/releases/2024HOUS0028-000817

Phase 1 participants who will be using the Hub include:
City of Burnaby
City of Campbell River
City of Kamloops
City of Langley
City of Maple Ridge
City of Nanaimo
City of North Vancouver
City of Surrey
City of Victoria
Cowichan Valley Regional District
District of Saanich
Town of Qualicum Beach
Musqueam Indian Band
Tsleil-Waututh Nation

[Hondaracer]

lol.. yea because First Nations bands are a real marker as to building a home when you don’t need municipal inspections, consultants, etc.

Clear up every other bottleneck before you just start spitting out BP’s..

[Traum]

I don't think you have missed anything, but I also think you wouldn't have to worry about capital gain taxes until the newly sub-divided units have their occupancy permits issued. At that point if you move into the newly built home, and sell your existing home, there is still no capital gain tax to pay -- you moved from 1 primary residence to another, and the old home is sold.

So then there is no need to rent.

If you keep the previous home, that becomes your investment home, and any capital gains you make from your previous home at that point going forward would be subjected to capital gain taxes.

Originally Posted by Razor Ramon HG

Excuse me if it seems like a dumb question, but I'm looking into the tax situation for a potential multiplex on the family lot.

Am I right in assuming that we shouldn't have to pay any taxes under the following situation?

The existing lot (title is under my mom) is subdivided into three to accommodate three new units. Each lot is then transferred from mom to child. As this is a gift, it's non-taxable.

If a child currently owns a property elsewhere, they can sell it and be free of any capital gains tax as the propertly being sold is their primary residence. Then can then rent for how many months as necessary and move into the new property.

Am I missing anything?

[Hondaracer]

Razor, are you actually “subdividing” the lot?

In my experience almost no one subdivides, as in, creating multiple individual legal addresses when it comes to land title etc.

Generally people just build a multiplex which has the single unique address, or slight variations of the address, but in terms of the title and zoning etc. for all intents and purposes it’s still just a single lot. And with that comes the 3rd party utilities such as hydro etc. which still continue to service your new arrangement as a single lot. Which, can add huge $$$ depending on what is required.

[Razor Ramon HG]

Originally Posted by Hondaracer

Razor, are you actually “subdividing” the lot?

In my experience almost no one subdivides, as in, creating multiple individual legal addresses when it comes to land title etc.

Generally people just build a multiplex which has the single unique address, or slight variations of the address, but in terms of the title and zoning etc. for all intents and purposes it’s still just a single lot. And with that comes the 3rd party utilities such as hydro etc. which still continue to service your new arrangement as a single lot. Which, can add huge $$$ depending on what is required.

I was under the impression subdivision of the lot was necessary. How would it work if one person were to sell their unit with the land title still under someone else?

[Hondaracer]

You sell your address, as part of an informal strata or however that works

In my recent work I’ve probably worked with 10-15 duplex/multiplexes and not one of them was actually subdivided. You can see this when you look at the E-assessment, pull up a duplex and 99% of the time it’s just the single lot with both units on it

[Eff-1]

5 months and 4 offers later, finally we heard today our latest offer was accepted. Lynn Valley, here we come. We're leaving our 5 year old ultra modern condo for a 50 year old vancouver special. It took $61k over asking, subject free, and it was close.

Wtf are we doing.

I gotta admit though, seeing our two year old run around the back yard during the showings is what convinced me to do this.

The very first thing i'm doing tomorrow is resigning from the Strata Council.

[unit]

wow grats f1! very happy for you

[Gumby]

Originally Posted by Eff-1

I gotta admit though, seeing our two year old run around the back yard during the showings is what convinced me to do this.

The very first thing i'm doing tomorrow is resigning from the Strata Council.

Seeing your kid run in the back yard was very rewarding, but I bet resigning from the strata council will be very satisfying too.

[68style]

Congrats man! RS reno meet hahaha hondaracer can project manage, disapprove of all our work

[GLOW]

congrats

here's how the resignation will go...

Spoiler!