Vancouver's Real Estate Market

[GS8]

Originally Posted by westopher

Thats really not that uncommon, or unreasonable in this city. Try and get ahead without some help from your parents. Its not easy. Some people I know work 2 jobs so they can take care of their parents. Some people have kids young. Some people couldn't afford higher education. Some people didn't get lucky, or get any favours.
I've had a pretty good hand dealt in my life all things considered. I also understand not everyone has.

I've been living in Kamloops for 2 months for work and have seriously considered living here for good. The more I explore this city, the more it caters to me. There actually is lots to do provided you're more adventurous. It's going to be weird going back in a few weeks and feeling that suffocation I get from Vancouver.

The housing prices here

Then again, like with others in this thread, my life values are different and do not require leveraging myself directly to Chapter 11 just to own an overpriced patch of soon-to-be dried up grass and dirt with some shitty moldy oldy home attached to it.

[westopher]

Completely reasonable. For me, my career as a chef absolutely hinges on living basically either here, Toronto, Montreal or Quebec city so I'm a bit bound. I'd rather quit what I do and start all over than move to Toronto, and the other two cities while amazing just don't have the landscape or climate I love. It was a hard few years to get in a position where I(we) feel even sort of comfortable financially here, and while money isn't everything, if you are always stressed about money its impossible to be really content. Vancouver is a beautiful city, but for most people it really isn't "worth it."

[Tapioca]

If your career is not tied to the region and you have no skin in the game (e.g. equity), I see no reason for anyone to stay here.

[CRS]

Originally Posted by Tapioca

If your career is not tied to the region and you have no skin in the game (e.g. equity), I see no reason for anyone to stay here.

Proximity to family?

I know that this isn't necessarily a big value to some but it is a huge one for others.

[IfUCare]

Originally Posted by CRS

Proximity to family?

I know that this isn't necessarily a big value to some but it is a huge one for others.

Proximity to family is huge, i've been offered 40% more money to work up north. (I'm a Senior GIS tech).
While pondering the offer, my father needed emergency surgery. I wanted to be there for him. From that moment on i decided money isn't the end all be all. As long as i made enough for a roof over my head and food on the table. Then it's all good. When i'm gone, money has no value to me anymore. Why not enjoy the time on earth doing what i love? Making memories with the people i love. Nothing makes me happier then able to cook a meal for my family.

i've come to accept the fact that i'll never own a detached house or even come close. But any situation is what you make of it, you can be bitter or be happy about anything. It's great to own something, but don't over extend yourself to the point where you can't enjoy it.

[buhdeh]

I quite enjoy living in a bigger city and visiting Vancouver every 1.5 years or so. I'm not gonna lie though, if my parents and all my friends didn't live in Vancouver, I'd probably never go back.

[quasi]

My family (parents and sister) moved 1000's of km's away 3 years ago, only have my son, wife and her immediate family which she's not all that close with except her brother.

If the right opportunity presented itself I would move but it would have to be somewhere that's enjoyable to live it wouldn't be all about the money.

[4444]

Originally Posted by quasi

My family (parents and sister) moved 1000's of km's away 3 years ago, only have my son, wife and her immediate family which she's not all that close with except her brother.

If the right opportunity presented itself I would move but it would have to be somewhere that's enjoyable to live it wouldn't be all about the money.

more money in some shit hole is easy to deny, but there are loads of amazing places around the world. it's all about finding the right opportunity.

for those that leave, leaving family, it's tough, but that's life, tough decisions that take you places above and beyond.

life is for living and exploring.

[Armind]

Are there any new developments around new west area? Slowly starting to do research.

[Tapioca]

Originally Posted by Armind

Are there any new developments around new west area? Slowly starting to do research.

Here's a good place to start:

https://www.buzzbuzzhome.com/city/ca...ew-westminster

A friend of mine bought a 2-bedroom unit in River Sky for around 370Kish. It sounds like a deal, but beware that many of the 2-bedroom units in this building only have 1 bathroom.

[hypediss]

anyone got experience with mosaic?

interested in one of their properties - was wondering if there's any bad rep in terms of build quality

[melloman]

Originally Posted by Armind

Are there any new developments around new west area? Slowly starting to do research.

Lots of stuff waiting for permitting, and the city slowly reviewing.
Looks to be 2-3 towers going up on Columbia St. between 8th and 2nd.

660 Quayside Drive is under review at the moment with a proposal of 3 towers right on the waterfront in the ground level parking lot next to River Market. (Where they are taking down the parkade)

Riversky2 is in construction on Quayside Drive.

And New West Tower 4 is under scrutiny right now yet has plans to build in the near future. (Corner of 10th and Carnarvon)

[adambomb]

I would totally buy if it was 666 Quayside drive. 4th floor too.


me chinese, me love numbers and chicken knees.

[westopher]

Originally Posted by adambomb

I would totally buy if it was 666 Quayside drive. 4th floor too.


me chinese, me love numbers and chicken knees.

It would probably be 44% less than the other units.

[adambomb]

Originally Posted by westopher

It would probably be 44% less than the other units.

I would hope they include a 14th floor. I would rent it to 4444. Then we could be neighbours and argue the merits of renting vs. owning until my head was completely grey.

[Armind]

So what would one have to consider when buying a condo?

I'm a newbie and am slowly trying to pick up knowledge as I am in no rush (deciding to rent vs. saving up for downpayment).

[westopher]

Well the main ones are location, size, and cost.
What is the balance you are looking for?
How long do you want to be there?
Condition, age and maintenance done on old condos.
Builder reputation on new condos.

[Tomu]

Originally Posted by Armind

So what would one have to consider when buying a condo?

I'm a newbie and am slowly trying to pick up knowledge as I am in no rush (deciding to rent vs. saving up for downpayment).

Well obviously it depends on what you want and if it fits your lifestyle (kinda goes without saying). But here are some things to look at. I recently just bought a new condo too so things are still fresh in my mind and I slowly gained new knowledge one step at a time. Below were some things I considered when I was hunting.

1. Size. Are you looking for long-term? Possibly start a family etc? Or just for yourself.

2. Location. Proximity to Skytrain/Canada Line station? Is nearby green space important to you? How's the neighborhood like? High crime rate?

3. Location part 2. Being too close to a station or the tracks can be bad too especially if it's a lower floor as you can expect noise. Also is view important to you? Make sure to do your research on the surrounding areas as there may be future tower developments that could potentially block your current view.

4. Amenities. Fitness room/sauna/pool/lounge/entertainment room? What about other in suite bonuses like air-conditioning, gas cooktop, kitchen island, walk-in closet etc.

5. How many units are in the building? The more units there are, the more people you would have to share the elevator with...it may be minor but still something to consider. Also, if the building has tons of one-bedrooms, then maybe there are more renters instead of actual end users? But I don't have statistics to back this claim up though...lol just a feeling.

6. Pet considerations.

I'm sure I missed a couple of key considerations but this should be a good start for you. Some may not matter to you at all.

Edit: I missed mentioning the age of the building and saw Westopher mention it as soon I submitted mine. Also just want to add that I jumped the gun a little and assumed you are looking at a high rise concrete building (which is what I purchased) so my bad. There are TONS of low rise 4-6 story condos all over the region too.

[Tapioca]

When you buy any strata unit, you're not buying just a unit - you're buying a share of the complex. I think when it comes to used condos, you really have to do your homework.

I would suggest going to as many open houses as you can in areas you're interested in to get a feel for the buildings. Also, get your hand on as many Form B's as possible so you can learn and understand how buildings are run, the common issues, and what are reasonable fees. You do not need to have a realtor to get your hands on this information - you can simply ask the selling realtor to email you the document package. If you're lucky, you will find depreciation reports which will give you good insight into how buildings are constructed.

[buhdeh]

Originally Posted by Armind

So what would one have to consider when buying a condo?

I'm a newbie and am slowly trying to pick up knowledge as I am in no rush (deciding to rent vs. saving up for downpayment).

Make sure you're aware of all the costs as well.

Monthly condo/maintenance fees
Potential for special assessments
Cost of buying a parking spot (this will also increase your monthly condo fees)
Cost of buying a locker (this will also increase your monthly condo fees)
Lawyer costs
Property transfer taxes
Condo insurance

And if you're living at home right now, prepare to start paying $100-200/month on stuff like internet, hydro, cable (if you need it), etc.

[smoothie.]

your mortgage amount is roughly 5x your gross salary.

20% down if you want to skip mortgage insurance

basically save ~80-120k for a down payment, then make sure you can afford all the month to month costs, and emergency funds.

if you can do all that, you're ahead of the game(sorta... hard to stomach), because monthly rent is more than the mortgage payment in all the buildings I've looked at.

[Tapioca]

^ I find that the affordability/payment calculator on Ratehub is pretty good for estimating your costs.

Most condos in the suburbs will come with at least one parking spot and storage locker. The other costs, such as lawyer fees and property purchase taxes, come with any property you buy. First-time buyers in BC get the property purchase tax waved unless 1) they do not live in the unit for at least a year or 2) the property price is more than $475,000. The only difference in closing costs for strata properties is that you have an estoppel certificate fee on top of your standard title insurance. The cost to close the purchase of a condo, provided that you can claim the property purchase tax exemption, shouldn't be more than $1200-1500.

Condo insurance is difficult to swallow, but it's an absolute necessity. Condo insurance premiums have doubled over the last decade and it's not going to get any better. After speaking to some insurance brokers, there are simply too many buildings going up with sub-standard quality. Water damage is a huge issue in buildings. It's not just due to owner negligence either (like hanging clothes hangers from sprinklers, for example). You have things like washing machines not being properly drained. Whatever you do, you have to make sure that your insurance policy covers the building's (strata's) deductable for various insured perils, such as water damage and earthquake damage. Most buildings have a $25,000 deductable for water damage meaning that if water damage is caused by your unit which affects common property (hallways, for example) and other units, the building's insurance will ask you to pick up the deductable. This is where your insurance policy would then kick in to cover the deductable. I've heard that some buildings with many incidents of water damage can have water damage deductables as high as $100K.

Something else that also comes with condo ownership in BC is almost all buildings will have baseboard heating (unless it's brand new with geothermal or some other central HVAC system). Baseboard heating can get expensive in the winter, particularly if the building has old windows or if the unit has a typical floor-to-ceiling window design. It wasn't uncommon for me to pay $100/month in the winter to heat a 9-foot ceiling unit with floor-to-ceiling windows.

[Mr.HappySilp]

http://www.vancitybuzz.com/2016/05/c...ate-vancouver/

Really do you need a reality show about Chinese real estate agent selling house to right chinese @@

[GLOW]

Vancity Buzz reached out to Focus Media, but the company was unavailable for comment at the time of writing.

just b/c it's vancity i'm thinking they sent an email to focus media 1 min before posting the article online

[Liquid_o2]

Originally Posted by Tapioca

When you buy any strata unit, you're not buying just a unit - you're buying a share of the complex. I think when it comes to used condos, you really have to do your homework.

I would suggest going to as many open houses as you can in areas you're interested in to get a feel for the buildings. Also, get your hand on as many Form B's as possible so you can learn and understand how buildings are run, the common issues, and what are reasonable fees. You do not need to have a realtor to get your hands on this information - you can simply ask the selling realtor to email you the document package. If you're lucky, you will find depreciation reports which will give you good insight into how buildings are constructed.

With how quickly units are selling these days, will the selling realtor even bother with sending the information package since most are selling with no conditions?