Vancouver's Real Estate Market

[68style]

I have posted before, but moved to Calgary and still had my condo with no mortgage in Richmond... I didn't even think about keeping it for more than a hot couple of minutes.

Vancouver is cooked for condos as an investment, your unit would need to appreciate 5% or more yoy to outdistance what you can do with monetary investments and I just don't see that happening anymore. THat said, you have other factors to consider ie: it's not your principle residence like mine was so you'd have cap gains tax if you sold it on top of the realtor fees... might not be a great scenario for you... but for me it made no sense once you laid the numbers out, I could do at BEST a 3% return after strata and other monthly costs even without a mortgage.

I'm not getting out of real estate totally, I like it, but not in BC... I got a condo coming up in Calgary end of year and will be looking in Saskatchewan next.

[donk.]

Saskatchewan? Did you not learn anything from me?

[68style]

Originally Posted by donk.

Saskatchewan? Did you not learn anything from me?

I learned what not to do

[PeanutButter]

Honestly, $300 under market rent isn't even that much.

As a landlord myself, asking for market rent from a solid tenant is silly.

The only times i've heard of landlords asking for more than the allowed amount is when the rent is like really low.

I'm looking for a tenant right now as my rental unit came up and i'm at least $300-400 below market rent because I want as many applicants as possible so I can pick and choose who I want.

That being said, it's not against RTA to ask.

Also, what is your advisor telling you to invest into? I would not be investing in real estate right now and I don't think it's a good idea to invest in the stock market on credit. The only investment I think I would invest on credit is a Mortgage Investment Corporation (MIC). If you can get a HELOC for 5% and find a MIC that pays 8-10%, I feel like MIC's are pretty safe. Even then, I probably wouldn't do it on credit.

[donk.]

[unit]

i think that's easy to say when you bought for cheap and the rent still covers all of the mortgage and then some. if you bought in say 2022 and locked into 5 years or something, then i think its safe to say anyone would want the maximum amount of rent possible. it's easier to be generous when you aren't losing money.

[JDMDreams]

What happened in Saskatchewan? Please enlighten us, weren't you buying a whole complex?

[Badhobz]

he married some native woman and she took all his money and left him destitute.

[rymack]

So i'm in between $500-$700 under market value for the area ( fairview). I give a range here because this condo is 500 sqft so its a little small for some.

I'm cash flow positive after property tax , insurance etc etc so I'm not crying poor by any stretch . It comes back to this is a investment and we do need to free up some cash for renos etc etc.

Advisor had mentioned a few things including a HELOC but if we are taking money out for a HELOC ostensibly we'd have larger monthly outflows and if we cant get more rent then we are tighter than before ( i know you can get HELOCS where you just roll over the interest/payment but that doesn't feel like a smart idea at this stage ).

[PeanutButter]

Originally Posted by unit

i think that's easy to say when you bought for cheap and the rent still covers all of the mortgage and then some. if you bought in say 2022 and locked into 5 years or something, then i think its safe to say anyone would want the maximum amount of rent possible. it's easier to be generous when you aren't losing money.

You're definitely not wrong.

If cash flow is tight, then I guess the only option is to just ask the tenant and be frank with them about the situation. Worst case she says, no. Best case she agrees to some sort of increase.

[noclue]

When I lived in YYC buying a condo in the prairies was financial suicide as there’s nothing but land in every direction to build more supply. Plus way higher condo fees. I knew people who bought in 2014 even after the oil bust and they still underwater or just broken even now.

[68style]

Maybe up in the oilfield areas??? Calgary city prices are up anywhere from 60-100% from 2 years ago

I'm not interested in condos in Saskatchewan tho

[donk.]

https://www.rew.ca/properties/8850-l...ive-burnaby-bc

What do you guys think is wrong with this property? Id guess upcoming levies

Probably one of the few sites in burnaby where you can get a dual garage townhouse for under 1mil. Those are usually further out in coquitlam / poco area

[noclue]

Originally Posted by donk.

https://www.rew.ca/properties/8850-l...ive-burnaby-bc

What do you guys think is wrong with this property? Id guess upcoming levies

Probably one of the few sites in burnaby where you can get a dual garage townhouse for under 1mil. Those are usually further out in coquitlam / poco area

Wont the SFU gondola go straight through that neighborhood?

[Mikoyan]

Originally Posted by noclue

Wont the SFU gondola go straight through that neighborhood?

Looks like right below the gondola line. They never caught the Sea to Sky Gondola cable cutter right? I wouldn't think it'd fall otherwise.

[donk.]

They are building a gondola? :O never even heard of this.
Dont see why this would be an issue although, they run silent.

[Badhobz]

until you hear the screams of the people falling from da gondola CUTTER!!!!

nice usage of people's tuition gays. instead of throwing it into additional educators, or programs, or even giving some back to the kids in bursaries, keep funnelling more retards up the mountain to grow your $$$$ pool.