Vancouver's Real Estate Market

[Meowjin]

Originally Posted by 7seven

This, it really frustrates me when I constantly hear people complaining about not being able to afford living in Vancouver or that there is no money to be made in Vancouver.

Seems way too many people in Vancouver have the mentality that they just want stuff handed to them and they don't have to work hard, well guess what, if you have an Arts degree or no solid education or vocational training, of course there is no money to be made, stop complaining about being able to afford something and that there is no money to be made, look in the mirror, you only have yourself to blame in most cases. Go out there and improve and better yourself and situation.

I can tell you this from 1st hand experience, if you have the right drive or education/training or know how, there is so much money to be made in Vancouver. I'm constantly having trouble filling high waged/salaried positions in film production due to lack of qualified locals and those wanting to work the hours. One of my best friends has been having trouble the last year filling positions for his company in a large post production VFX house that opened in Vancouver last year. I have other associates and friends who are futures and equities brokers clearing solid 5 figures monthly because they're constantly out there working hard and a buddy who just started his own Investor Relations/Marketing firm a year and half ago who is now making money hand over fist.

Yes, its not easy for the average person, but nothing is stopping that average person from looking themselves in the mirror and deciding to work harder and to get the right training/educational background. In the right fields, there is a lot of money to be made in Vancouver.




On that note Alberta has most comfortable climate, not BC; Enviro Cdn | News1130

I have plenty of friends in the VFX/Art Industry (probably more than 10) and I can assure you they leave here because there is more money to be made in San Fran/LA.

They work for stuff like robot chicken, ILM and major design firms.

Theres money to be made but most people here don't know how to apply themselves.

I agree with you though, Arnold is my god and just reading his book should put the ideas like this into perspective.

My views on vancouver are the same. I've had a rough childhood and an even rougher adulthood so far. Vancouver isn't a home for me and I'm only recently finally learning to apply myself and I'm discovering what I like, what I love and what I need.

Warm Weather + Running my own business.

[quasi]

I can see why people leave, even what I do (estimating commercial projects) they pay way more money almost everywhere. Here it is an absolute race to the bottom but we stay.

[Iceman-19]

Originally Posted by quasi

There is some ways around this and I cannot remember the exact details if it was a gift or selling it for a dollar but basically transfer ownership to the kids a reasonable amount of time before you die. My wife went through this with when her mom was terminally ill and the house, bank accounts everything was either made joint or totally transferred to all the kids. They totally avoided any type of taxes or probate once the mother passed and moving money and assets around was seamless. Even the car was put in the kids name.

All the kids owned their own places at the time as well so the mothers house was not the primary residence for any of them. In their case they knew death was coming so preparing for it did help a lot financially.

Edit: One of the details that is coming back to me is if the difference in the value of property is higher at sale then when it was transferred to the kids they would have to pay capital gains on the difference.

If you could remember more about this, and PM me the details I would appreciate it, because I will be going through something similar.

[iEatClams]

Originally Posted by Gridlock

Completely to take this on a tangent, but its an idea I've had brewing for awhile.

So we have the ALR, the Agricultural Land Reserve to keep fields and such from being at the mercy of a developers whim. In reality, another step before a developer can plant condos instead of tomatoes, but thats not the point here.

I think there is a need for the ILR, or Industrial Land Reserve. Vancouver proper is becoming a bedroom community of itself. I think that is going to have a long term impact far more brutal than anything else that has happened.

As a for instance.

For those that know, in New West, off Columbia by the Petro Can, there is a shitty part of Kingsway, with a bunch of old buildings and such. The city, in infinite wisdom, coming off their famed office tower project wants to work on this area, and turn that area of Kingsway into a walkable neighborhood.

I immediately say bullshit. That area may be many things, but walkable, it ain't ever gonna be. A, we don't need another shopping district in New West...we have 5 or 6. And, without picking up a hammer, we already have a beautiful thing...industrial land. I see a place that actually has functional buildings with operational buildings, and instead of tearing the shit down, I want more. Picture an area that has places where you can work, own a shop, own a business, kind of Granville Island-esque and actually have people live AND work in New West.

Now, the reason I bring this up, is development seems to mean "condos" we want condos. More and more. New West is right along side every other city building a bedroom community next to a bedroom community. You end up with competing factions against each other. We want a car free future(royal we. I certainly don't), we don't want to live next to an industrial area, so we force them out further and further away, so we need to use cars to get there.

Why can't there be a focus on the whole package?

It's called mix-used development, and vancouver needs more of that.

But a priority should be focused on industrial land, or light industrial land, not enough space for businesses, many businesses complain that the rental rates are high in Vancouver. Commercial and industrial vacancies are pretty low here too.

your right on the car thing, we have too many industrial parks that are located soo far away that theres no easily public transit routes that take them there.

Bottom line, we need more supply of commercial/industrial areas in places that are close to skytrains/public transit routes.

Example: the huge developments going up at Renfrew station, and sapperton and king george/ city centre.

I personally think they are under utilizing the area around the renfrew station as the floor area permitted could be a bit higher for some of them.

[iEatClams]

Originally Posted by Gridlock

Yeah ok what?


Why else do we have a problem? Because we went to a 40 year fucking mortgage people. It was 25 forever..then suddenly 40 years.

You have a problem.

It really annoys me when the fckers in the real estate industry say we shouldn't be dropping the amortization back to 25 years, and how the change in mortgage rules last year is causing this slowdown.

25 years is just moving it back to what it was originally. It boggles my mind that people would approve someone buying a 450 square feet condo and be paying it off for the next 40 years. Honestly, if you can't afford to pay off your property in 25 years, dont buy!

[4444]

Originally Posted by GLOW

been keeping an eye on prices in certain areas of east van and burnaby the past 6 months. seems like prices are not going down for the area/type of home we're looking at but it's the same properties sitting there going unsold. some are selling but not a lot...that's from what i've seen when we're looking around.

Takes a while - first volume of sales goes down (now and last 6 months), then inventory all of a sudden balloons, that's why prices start to tumble

We're in stage 1, I predict this spring will see an influx of inventory, then prices will be hit hard over the summer through end of 2013

But these are just my thoughts

[4444]

Originally Posted by Hondaracer

Ohh accounting, good thing no one is in that field..
Posted via RS Mobile

This just proves how clueless you are, I'm a designated accountant, and then some. Make 6 figures... Could make way more elsewhere and have many more opportunities elsewhere

[4444]

Originally Posted by Hondaracer

Gee...maybe because a few of my friends are realtors in the areas I speak of selling at 10-20% over assessed value in the area and all the properties I'm speaking of are as desirable if not moreso than the previously sold ones?

Shit though, how da hell would I know anything right?
Posted via RS Mobile

Realtors are probably making it up, they always want things to go up, it's the only way they stay afloat

I don't care what you say, the statistics are what matters, not your supposed realtor driven "facts"

[4444]

Originally Posted by 7seven

This, it really frustrates me when I constantly hear people complaining about not being able to afford living in Vancouver or that there is no money to be made in Vancouver.

Seems way too many people in Vancouver have the mentality that they just want stuff handed to them and they don't have to work hard, well guess what, if you have an Arts degree or no solid education or vocational training, of course there is no money to be made, stop complaining about being able to afford something and that there is no money to be made, look in the mirror, you only have yourself to blame in most cases. Go out there and improve and better yourself and situation.

I can tell you this from 1st hand experience, if you have the right drive or education/training or know how, there is so much money to be made in Vancouver. I'm constantly having trouble filling high waged/salaried positions in film production due to lack of qualified locals and those wanting to work the hours. One of my best friends has been having trouble the last year filling positions for his company in a large post production VFX house that opened in Vancouver last year. I have other associates and friends who are futures and equities brokers clearing solid 5 figures monthly because they're constantly out there working hard and a buddy who just started his own Investor Relations/Marketing firm a year and half ago who is now making money hand over fist.

Yes, its not easy for the average person, but nothing is stopping that average person from looking themselves in the mirror and deciding to work harder and to get the right training/educational background. In the right fields, there is a lot of money to be made in Vancouver.




On that note Alberta has most comfortable climate, not BC; Enviro Cdn | News1130

I agree with you, although your friends who are making loads of coin are more entrepreneurial, so that is kind of different

It's not what I earn, it's what I get for my money - I could earn more elsewhere and buy more with it - to me that's the problem. But ur right, most ppl have an entitlement problem - it's only going to get worse as our government give more and more away (look at Britain now - makes me sad)

[LiquidTurbo]

Experts Say No Real Estate Bubble In Vancouver - YouTube

[Iceman-19]

Id like to hear more valued opinions from diesel_test. He seemed to has this stuff figured, doesn't lay on all the educated mumbo jumbo like 4444 and others have. He tells it like it is!

[Ride]

Originally Posted by parm104

As for Vancouver's Waldorf Hotel closing...perhaps those who are upset about it now should have gone there more often to ensure that business was solid and that owners and lessees weren't loosing money. No one is going to give up their own money for years and years just to ensure a landmark property stays present while business is hurting. Head out to that street where the hotel is and look to your left and your right, you will see vacant buildings up for sale or lease because business simply isn't there.

Businesses can't afford to be in that area anymore and that's from the city raising property taxes, if the property taxes were reasonable then the rents would be reasonable to do business there. But it seems like it's happening in every area where the city know's there's a potential for development so the taxes start rising and owners are pushed to sell

[Jason00S2000]

Originally Posted by parm104

I'm not surprised why you don't understand the reasoning behind not giving your neighbour a chunk of your land to build a BBQ...it's because you don't own property and don't understand the value of it.

I think I value experience over finances. I'd rather have the experience of having a happy neighbor with a BBQ who has parties all the time, than to have to comfort of knowing I have 100% of my property intact.

[Jason00S2000]

Originally Posted by GLOW

don't forget chinooks...you can't believe how warm calgary gets with a chinook. feelsgoodman

Last time I was in Calgary, it was 31c and I was so wasted near the Bow river(?) or whatever, and then the next morning when my gf and I were flying out, it was snowing hard. Our Somalian taxi driver rapped along with Tupac perfectly!

[4444]

Originally Posted by Iceman-19

Id like to hear more valued opinions from diesel_test. He seemed to has this stuff figured, doesn't lay on all the educated mumbo jumbo like 4444 and others have. He tells it like it is!

Educated mumbo jumbo? I don't have my stuff figured out because I'm educated and can assess the situation without emotion? I should apologize for providing actual facts and analysis rather than Kool aid induced ranting?

[GLOW]

Originally Posted by Jason00S2000

Last time I was in Calgary, it was 31c and I was so wasted near the Bow river(?) or whatever, and then the next morning when my gf and I were flying out, it was snowing hard. Our Somalian taxi driver rapped along with Tupac perfectly!

They say if you don't like the weather in Calgary wait 5 minutes.
Posted via RS Mobile

[Hondaracer]

Originally Posted by 4444

Realtors are probably making it up, they always want things to go up, it's the only way they stay afloat

I don't care what you say, the statistics are what matters, not your supposed realtor driven "facts"

yea, cause the guy i get my facts from doesn't have 25+ properties up at any given moment right? give it a rest bud

[Gridlock]

Why is this becoming a pissing contest of who makes more money, knows more knowledgeable realtors, and in Jason's case, who can drink more in Calgary?

Can we not have a discussion on market indicators? A discussion of trends?

[noclue]

Originally Posted by Hondaracer

yea, cause the guy i get my facts from doesn't have 25+ properties up at any given moment right? give it a rest bud

ask him how long they've been on market, or price reductions and how many he sells per month.

not facts until you see numbers.

[nah]

Originally Posted by 4444

Takes a while - first volume of sales goes down (now and last 6 months), then inventory all of a sudden balloons, that's why prices start to tumble

We're in stage 1, I predict this spring will see an influx of inventory, then prices will be hit hard over the summer through end of 2013

But these are just my thoughts

Yup, a lot of people we know are waiting for the spring to sell thinking it'll be better. Too bad everyone else has that mentality...

[Iceman-19]

Originally Posted by 4444

Educated mumbo jumbo? I don't have my stuff figured out because I'm educated and can assess the situation without emotion? I should apologize for providing actual facts and analysis rather than Kool aid induced ranting?

Apparently blatent internet sarcasm easily escapes you.

[kiwee]

Question:

My boyfriend might want to sell his duplex in May of this year..it's in Burnaby close to BCIT. He's thinking of buying another property (but leaning more into apartment/condos) Do you think he should buy in Vancouver or continue to stay within the Burnaby zone? His property went up quite a bit..

[parm104]

Originally Posted by Jason00S2000

I think I value experience over finances. I'd rather have the experience of having a happy neighbor with a BBQ who has parties all the time, than to have to comfort of knowing I have 100% of my property intact.

Jason, I am obviously making judgements here and they're very surface judgements so they may not even be accurate. But, I don't think you know much about OWNING property whether it be cars, houses or other tangible items to make an accurate reflection on how different your experiences are from that of someone who would act the way I do, aka, not giving up my land to allow my neighbour to build a BBQ on it.

Of course, I acknowledge that you said that it is your value and that I cannot argue with. I respect your right to have your own value and express it, by all means. However, based on your experiences, which are VERY, VERY, VERY different from mine, you haven't got the slightest clue about how home owners in neighbourhoods treat each other and react with one another.

I have lived in the same neighbourhood for almost 24 years. We've had a few neighbours come and go but the relationship with new and past neighbours has always been the same. When one is going out of town for vacation, communicate with the other to let them know so they can take care of things that may need to be taken care of. When one of our neighbours is having a party that might get a little wild, a simple conversation prior to the party to let us know that they're having a celebration and that there may be a lot of cars, noise and people around, ensures that my relationship with my neighbours is golden. We are home owners as they are. We do not give up our land and DONATE it to one another and yet we still have a better relationship, I'm sure than you do with your one neighbour.

Frankly, I know the way you SAY you like to do things and the way you SAY you'd like the world to operate but that's simply because of your personal experiences. Perhaps you benefit personally, from having a system where you're allowed to take your neighbours property to build a BBQ and then allow to come over and eat hamburgers with you. But unfortunately, in the real world, we operate on the fundamentals of dollars and cents. We cherish families first and our neighbours second. We take care of our own and then we can look to help others that need a handout (aka the neighbour who poorly planned his house and now needs more space but doesn't have any.)

Originally Posted by Ride

Businesses can't afford to be in that area anymore and that's from the city raising property taxes, if the property taxes were reasonable then the rents would be reasonable to do business there. But it seems like it's happening in every area where the city know's there's a potential for development so the taxes start rising and owners are pushed to sell

You're probably right, I don't know much about Vancouver's property tax or housing market to make any judgement calls. But I can certainly say, that business has been hurting for the Waldorf for several years now and that doesn't have anything to do with property taxes. Even if your rent/lease is cheap, if you're not generating enough business, your eventually need to make a decision to move ways with your business.

[Jason00S2000]

Originally Posted by parm104

Frankly, I know the way you SAY you like to do things and the way you SAY you'd like the world to operate but that's simply because of your personal experiences.

I'm pretty much happy as fuck, and I intend to keep it that way. I feel bad for so many people out there that use their financial wealth as a metric to base their happiness upon.

Hey, that's so Vancouver, and I'll try my best not to judge.

[lowside67]

Originally Posted by Iceman-19

Id like to hear more valued opinions from diesel_test. He seemed to has this stuff figured, doesn't lay on all the educated mumbo jumbo like 4444 and others have. He tells it like it is!

Originally Posted by 4444

Educated mumbo jumbo? I don't have my stuff figured out because I'm educated and can assess the situation without emotion? I should apologize for providing actual facts and analysis rather than Kool aid induced ranting?

Oh god dude, you fail SO HARD. Internet Sarcasm > You.