Vancouver's Real Estate Market

[Timpo]

Originally Posted by Mr.C

Houses.

Condos are probably a solid buy, but as I mentioned earlier in the thread, it seems like people here avoid condos like the plague.

Why?

[kr4l]

Because a house you're buying land which will always have more value than a condo, where you're essentially buying air

[westopher]

Well, actually when you are buying a condo, you are buying 4 walls, a roof, a kitchen, doors, sometimes a balcony, parking, a bathroom, etc.
Its funny because people talk about condos, people legitimately ask "why not buy a house? It will go up in value more"
No fucking shit but not everyone has 2 million dollars to start with..

[blkgsr]

then move out of the city of vancouver, everyone bitches they can't afford the house prices in Vancouver...move the fuck to the suburbs like the rest of us

[VR6GTI]

I purchased a condo, made money, i purchased a more expensive condo, made even more money, now i purchased a duplex. Hopefully the trend continues.
People these days expect a house to be handed to them. My sister in law refuses to move out because she cant afford a house. Shes now 28 still lives at home(mind you she has saved about 300k) But still she refuses to buy anything but a house and now waiting will make her live at home even longer. Its sad really.

[westopher]

Originally Posted by blkgsr

then move out of the city of vancouver, everyone bitches they can't afford the house prices in Vancouver...move the fuck to the suburbs like the rest of us

I'm not bitching by any means. I'm happy with buying my theoretical air. I can't maintain a house.

[dat_steve]

Originally Posted by westopher

No fucking shit but not everyone has 2 million dollars to start with..

yeah i get frustrated when people say shit like "condos are such a poor investment relative to houses bla bla bla" like they've got the finance savvy of Bill Gross, bank account of a Saudi prince, and crystal ball in their back pocket.

if you've got the capital and ability to finance a place, any place, good for you.

[hud 91gt]

Originally Posted by blkgsr

then move out of the city of vancouver, everyone bitches they can't afford the house prices in Vancouver...move the fuck to the suburbs like the rest of us

Unless you move to Chilliwack. I don't think anyone "starting out" can buy much of a house on their "own" right now... Well unless you lived with the 'rent's till yours 30's and saved 300k. haha. That's actually pretty impressive.

I feel bad for the younger generation who requires at least 4 years of school, along with the debt that goes along with that to get a career. Then somehow needs to come up with 80-100k to put down on a beginner property.

I was a thrifty adolescent and managed to save when I was young (I swear I must have a drug or hooker problem now, I don't know where my money goes). But I did that living in a place with $300 rent (Northern Manitoba) and paid off school expenses early. Be happy if you have a family which can help you out, as it's giving you a good 5-10 year jump on life.

[Tapioca]

Detached bungalows are going for nearly 600 in Maple Ridge. Our realtor's daughter just sold such a house and made almost 200K in just over 2-3 years. It was listed at 510K and sold for 580K.

This is Maple Ridge which used to be very blue collar. Now, you need a household income in the 6 figures and a significant down payment to buy a detached in Maple Ridge. I'm sure it's the same in other communities such as Langley and Abbotsford.

I think the ship has sailed for most people when it comes to buying a detached home in a near suburb. But to say that people should just move to far-flung suburbs, well, they're now reaching the thresholds of unaffordability.

With that said, it's still possible to find properties at prices you can afford in this market if you're aggressive and can see beyond quartz countertops and stainless steel appliances.

[melloman]

Originally Posted by blkgsr

then move out of the city of vancouver, everyone bitches they can't afford the house prices in Vancouver...move the fuck to the suburbs like the rest of us

Or I could live in my nice apartment 1 block from skytrain, walking distance to tons of fast food/restaurants/grocery stores, and not need to pay tolls to enter the city.

Spoiler!

Not everyone wants to move out to the suburbs, and not everyone wants to only put down 5% and have a mortgage that costs 75% of your monthly earnings.

[GS8]

Originally Posted by blkgsr

then move out of the city of vancouver, everyone bitches they can't afford the house prices in Vancouver...move the fuck to the suburbs like the rest of us

Is that why traffic gets worse and worse? Because people are/were priced out of the city they work in and now have to grind with thousands of others? All for the sake of completing that life goal of home ownership at the potential expense of compromising your lifespan? Or even your work-life balance?

Now of course, we're entering a roundabout of discussion about home vs. condo ownership but in my mind. The choice is yours (and your partner's) but as stated above, it will be harder for the next generation of people. More grads = more competition. Also, wages stagnating while everything else rises just puts more and more people in the lifelong renter's block. Not a bad thing as long as they can keep up with that slippery 8-ball. Who knows?

All you can do is try your best at what you're good at and hope for a positive outlook. If not, there's no shame in running back to your parents if it means avoiding a life of 50 hour work weeks while living in a shelter at nights.

[Hondaracer]

I think eventually, as has been discussed, the answer will turn to increase in density.

[SumAznGuy]

Originally Posted by Hondaracer

I think eventually, as has been discussed, the answer will turn to increase in density.

Wife was doing some research on some up coming builds in Burnaby and that is what the city of Burnaby has been doing since 2014 and maybe even before then.
To get approval, the builder was required to include 30 low income units which became sub $200K studio/ $300K 1 bedroom units and to build higher density family units.

I believe the City of Vancouver is also doing the same thing. I believe Lowside67 did some research on this topic many moons ago and the city was pushing out many towers in that SFC area where the old BK use to be and around there.

Take a drive around Cambie from Marine drive towards down town and cut across King Ed. You see a lot of digs and signs for more towers, low raise condos, and townhouses.

[iwantaskyline]

What are the cons to buying a pre-built condo?

[Digitalis]

The ability to scroll back and read apparently.

Originally Posted by iwantaskyline

What are the cons to buying a pre-built condo?

[Tapioca]

Originally Posted by iwantaskyline

What are the cons to buying a pre-built condo?

- You don't get to see the finished product before you buy.
- Floor plans are more efficient, but really just smaller. Smaller rooms, smaller kitchens, smaller everything.
- Strata takes a while to get its legs (I'd say 3-4 years of operations), so your fees will rise year over year until the strata and property management company understand how to run the building and surrounding property.

[Spectre_Cdn]

Does anyone have recommendations for realtors and lawyers experienced in the process of purchasing a presale?

[SumAznGuy]

There's nothing too special about pre-sales.
Mostly just standardized non-english major written contracts.
So most realtors can take care of things.

There are also quite a few realtors on RS, can't hurt to give them a jingle.

Am I allowed to just out the realtors that I know of on RS?

[Expresso]

^ do it!

Do commissions come out of pocket from the developer if a realtor is involved?

[winson604]

Originally Posted by iwantaskyline

What are the cons to buying a pre-built condo?

Cons
- may not get approved for mortgage on completion
- strata and build quality a question mark
- if market falls while you wait for construction to finish you may end up paying more b/c you already locked into a price
- you have to pay GST

Just to name a few

[westopher]

Talk to Stook. I want him to buy more porsches and live vicariously through him, not to mention he's a nice guy.

[sam0m0]

Personally I prefer to not have a realtor for presale as they won't be able to help you too much. Instead I bargained and said since I didn't bring a realtor I wanted some free upgrades (most condos have upgrade options, flooring,appliances,lighting etc) since they aren't paying them the commission.

I went with a notary instead of a lawyer, its cheaper around 800 while a lawyer will cost over 1k.

[SumAznGuy]

Originally Posted by Expresso

Do commissions come out of pocket from the developer if a realtor is involved?

On the one that I was looking it, commissions come out of the developer's pocket.
If no realtor is used, commission goes back into the developer's pocket.
Buying realtor's commission is something like 2.55XXX% on the first $100K
1.5XXXX% on the rest.

Originally Posted by winson604

Cons
- may not get approved for mortgage on completion
- strata and build quality a question mark
- if market falls while you wait for construction to finish you may end up paying more b/c you already locked into a price
- you have to pay GST

Just to name a few

Point #1 is important.
While this isn't the same for every build, a friend bought one that isn't ready till 2018.
Within 7 days, they had to come up with 10% down and another 5% before the city approved the building permit.
The builder will not apply for the building permit until 50% of the buildings have been sold.
So when the building is near complete, the buyers will need to make sure they have enough $$$ or borrow enough to cover the remaining 85%.

[Harvey Specter]

Originally Posted by Spectre_Cdn

Does anyone have recommendations for realtors and lawyers experienced in the process of purchasing a presale?

I used Amar Pal to get a unit at the Arc, very professional and on the ball. He was the only Realtor that was able to get me in for the presale, my main Realtor I use couldn't get any info for me. Give him a look.

[VR6GTI]

When i went to buy my pre build, they said no discounts on anything. Me and my friend went in with 2 deposits and asked for 15k off each unit. They told us to walk. We couldn't get a dime off asking price from the developer. They said the market is so hot right now the asking price will be 30k above what they are asking next week. Although i thought it was all a scam it was true.
We thought the answer would be go in with a realtor and let him negotiate, again we were told kick rocks. In the end, the realtor gave us each 8k back from his fees. The few units that were left were raised 30-50k in the coming weeks and are now sold.