Vancouver's Real Estate Market

[Mr.C]

There are quite a few Brazilians investing real estate here too, and this just got published in a very pro-business site there:

Uma verdadeira bolha imobiliária se formou | Criando Riqueza

tl;dr Vancouver is horribly overvalued, if you have property there you should probably divest.

[josayeee]

Originally Posted by Spoon

I doubt there's a significant difference between public/private schools in terms of quality of education. However, assuming the student attending either schools has average or above average social skills, I absolutely expect them to be better connected in the future in a private school environment.

Unfortunately, not everything in life is about how smart you are. If you sell widgets for a living and have billionaire buddies vs a bunch of scrubs who are scraping by. I fully expect you to do better in life, money wise.

Private schools consistently top the Fraser Institute's rankings for BC Secondary Schools. I don't know why that is or much about the Fraser Institute just thought I'd put it out there.

It's been over a decade since I graduated from high school and most everyone I know from high school ended up with similar careers/earnings to that of their parents. In my office, three of the worst employees we've ever had were UBC grads. One of which was fired after 3 months because he just couldn't get it.

Shit happens in life and the school you attend doesn't determine how successful you will be in life. But....if I could afford it, I would want to put my kids in the best school possible.

[imp>dom]

What do u guys think about "pre-sale" on condos and apts? Do I need them to get in say a condo in Bby or Burquitlam?

[bcedhk]

Originally Posted by imp>dom

What do u guys think about "pre-sale" on condos and apts? Do I need them to get in say a condo in Bby or Burquitlam?

as in financially, or what?

lots of factors, but really is case dependent. for instance, here are some things that would come to mind for pre-sale

1. quality of the build.
2. any potential redevelopment that may happen around the pre-sale site that would affect the view, livability of the area? a lot of developments now are in phases so make sure you ask what the plans are like.
3. No clue who my neighbour is.
4. Potential delay of build.
5. that amazing rendering and model you see at the pre-sale site might not be what you expect in real life.
6. Have the commercial sites at the bottom been confirmed? I had a friend who bought a lower floor condo and the business that was on the ground turned out to be a pizza shop, so his flat smells like pizza during the summer when he opens his windows.

[4444]

Originally Posted by josayeee

I don't know why that is or much about the Fraser Institute just thought I'd put it out there.

Fraser Institute is a conservative (right wing) think tank.

all their reports are right leaning, so should be taken with a grain of salt (as should all reports / think tanks, etc.)

[unit]

bcedhk,

do you really get the chance to know who your neighbor is when you buy a developed condo either?

[SumAznGuy]

Pre-sales has its pros and cons.
Pro's, buy now and only need to come up with a small down payment (15-20%) and the rest will only come into play once it is near completion.
No need to get into bidding wars.
Con's, there is a gamble you may not be approved for financing, if you only have the minimum downpayment.
Have to wait to move in.
No idea what the final build will be like. How your view will be and if you will get any sun light. You get a rough idea of the floor plan but until you see it first hand, it is hard for some people to visualize.
In times of boom, like it is now, expect work to be a little shotty as they are trying to pump out units as fast as they can so they can move onto the next building.

Things to consider.
Initial strata fees are only suggested numbers by the developer. After a year or 2 when the strata council gets going, they may find that operating cost may be higher and may ask to raise strata fees at the AGM.
Low contingency funds. Not that big of a deal since it is new, but a concern.
No idea how well the strata council will run the place in the beginning so it is in your best interest to take part of all strata meetings to get a better idea of what is going on.

[sonick]

Originally Posted by unit

bcedhk,

do you really get the chance to know who your neighbor is when you buy a developed condo either?

You can get a good idea of the people living in the building by looking at things like the cars in the parking garage, condition of the garbage room, condition and cleanliness of the public areas, and reading the strata documents.

When I rented, my building had the following:

• Ferraris, GTRs, Porsches
• Bags of garbage left beside the bins even though dumpster wasn't full, large items left in the garbage room when they should've been hauled to the dump,
• Paint (and other animal-related) stained carpets, scuffed walls and knicked wall edges

The building I bought in has the following (approx same build year as the one I rented):

• Audi is probably the nicest car, otherwise new Toyotas, Nissans, and Mazdas
• Clean garbage room with hose to wash things out
• Well maintained public areas, recently re-painted/patched walls

Guess which type of people lived in the first building?

[dat_steve]

Originally Posted by sonick

Guess which type of people lived in the first building?

Messy. Messy people.

[GLOW]

Originally Posted by dat_steve

Messy. Messy people.

[Verdasco]

Originally Posted by sonick

You can get a good idea of the people living in the building by looking at things like the cars in the parking garage, condition of the garbage room, condition and cleanliness of the public areas, and reading the strata documents.

When I rented, my building had the following:

• Ferraris, GTRs, Porsches
• Bags of garbage left beside the bins even though dumpster wasn't full, large items left in the garbage room when they should've been hauled to the dump,
• Paint (and other animal-related) stained carpets, scuffed walls and knicked wall edges

The building I bought in has the following (approx same build year as the one I rented):

• Audi is probably the nicest car, otherwise new Toyotas, Nissans, and Mazdas
• Clean garbage room with hose to wash things out
• Well maintained public areas, recently re-painted/patched walls

Guess which type of people lived in the first building?

Rich cacausian people in the first, middle class asians in the second. toyotas, nissan, mazda , all japanese cars for the asians

[Dragon-88]

Originally Posted by SumAznGuy

Pre-sales has its pros and cons.
Pro's, buy now and only need to come up with a small down payment (15-20%) and the rest will only come into play once it is near completion.
No need to get into bidding wars.
Con's, there is a gamble you may not be approved for financing, if you only have the minimum downpayment.
Have to wait to move in.
No idea what the final build will be like. How your view will be and if you will get any sun light. You get a rough idea of the floor plan but until you see it first hand, it is hard for some people to visualize.
In times of boom, like it is now, expect work to be a little shotty as they are trying to pump out units as fast as they can so they can move onto the next building.

Things to consider.
Initial strata fees are only suggested numbers by the developer. After a year or 2 when the strata council gets going, they may find that operating cost may be higher and may ask to raise strata fees at the AGM.
Low contingency funds. Not that big of a deal since it is new, but a concern.
No idea how well the strata council will run the place in the beginning so it is in your best interest to take part of all strata meetings to get a better idea of what is going on.

Most pre-sales only allow you to purchase 1 parking space.. Need to save up anywhere from $10-20K for a second spot after move in date and no guarantees. For some this isnt a big deal, but for those who are looking to buy a place with their SO, parking is a big deal. Tip: When purchasing a pre-sale, have an addendum in the sale to state a price for a 2nd spot, also request it to be a large spot as there are different size spots. When we purchased our 2nd spot they wanted $15K, but luckly we had a addendum stating we get to purchase our 2nd (large) sport for $10K.



Within the first month of moving into my Condo, strata was raised by $20/month.

[SumAznGuy]

Originally Posted by Dragon-88

When we purchased our 2nd spot they wanted $15K, but luckly we had a addendum stating we get to purchase our 2nd (large) sport for $10K.

Had this talk with a co-worker and we ran the numbers.
In the long run, it may be cheaper to rent the spot than the buy it.
YMMV so it is something you'll have to research.

Same goes for storage lockers.
Renting it may be cheaper than buying one unless you have that much stuff and the unit lacks storage.

[Traum]

Originally Posted by SumAznGuy

Had this talk with a co-worker and we ran the numbers.
In the long run, it may be cheaper to rent the spot than the buy it.
YMMV so it is something you'll have to research.

How long of a "long run" are you talking about here?

I've been kicked out of my rental spot recently, and I can't believe how fxxking dusty / filthy the car gets from just parking overnight outside of my apartment complex. Makes me wonder if I am living next to a fxxking dust storm.

[GLOW]

same, it was cheaper in my friend's case to buy iirc

[Hondaracer]

Dem old buildings wit dem $25 a month spots

Oh yeaaaaaaa

[Porsche957]

+1 about the parking. The condo I live in now (vancouver) only came with 1 parking spot. It was 10k to buy the additional stall next to mine...I opted not to buy the second parking spot just because I don't plan on staying here too long..

So far no one has bought/rented that second stall! Fingers crossed it stays that way..!! I've had to double park on some late nights/early mornings haha -.-

A place I was looking at in coal harbour wanted something in the neighborhood of 25-30k for parking stall...crazy...

[Scotsman]

Originally Posted by 4444

Fraser Institute is a conservative (right wing) think tank.

all their reports are right leaning, so should be taken with a grain of salt (as should all reports / think tanks, etc.)

Originally Posted by josayeee

Private schools consistently top the Fraser Institute's rankings for BC Secondary Schools. I don't know why that is or much about the Fraser Institute just thought I'd put it out there.

Private schools also filter out the low academic kids (entrance testing / interviews) and special needs kids.

I would assume this greatly helps their test results as they are based on averages.

[SumAznGuy]

Originally Posted by Traum

How long of a "long run" are you talking about here?

I've been kicked out of my rental spot recently, and I can't believe how fxxking dusty / filthy the car gets from just parking overnight outside of my apartment complex. Makes me wonder if I am living next to a fxxking dust storm.

Need me to sub lease one of my parking spots to you?

[Adorkami]

Be careful with what they tell you at the pre sale. My building was supposed to have a level of parking for visitors and extra spots for sale, the developer kept them all and rented them out to nearby businesses.

[superdennis]

Renting Parking makes more sense if you're buying pre sales now...
Marine & cambie, spots are selling from $50k and up
False creek close to $70k
Burnaby projects are selling in $20k plus range
Really expensive now, not worth

[imp>dom]

Sorry if I didn't make the question clear... I meant for the groups of realtors that represent you when you buy new condos/apts. They claim that they can get you in before the public and be helpful in a market like today. What I want to know is do I really need them? Should I negotiate by myself without their help and try to get a few dollars off?

Appreciate you guys' inputs though!

[Spectre_Cdn]

You likely won't be able to get any discount on your own, especially in today's market.

You would use them to gain earlier access to the sales (more units to choose from) before they open to the general public.

The developer may offer a small discount if you work with them through a realtor because of their relationship with the realtor/brokerage.

[Bonka]

Originally Posted by imp>dom

Sorry if I didn't make the question clear... I meant for the groups of realtors that represent you when you buy new condos/apts. They claim that they can get you in before the public and be helpful in a market like today. What I want to know is do I really need them? Should I negotiate by myself without their help and try to get a few dollars off?

Appreciate you guys' inputs though!

http://www.revscene.net/forums/68221...ml#post8196477

If your only intention to use an agent on a pre-sale is to save some bucks, that is the only way, either through a commission rebate or through limited number realtor to client incentives (decorating allowance, % off, why).

[Tapioca]

The problem with renting a spot is availability. Most new buildings do not have spots that are owned by the strata corporation to be rented out by residents.

The going rate for a spot in our building is about 80/month. However, you'll be hard-pressed to find a spot to rent given the limited amount of street parking available. Depending on the cost of another spot, you may pay less on a monthly basis if you take on the spot as an upgrade and blend it with your mortgage.

Something else to consider is how the spots are assigned. Are they part of the strata lot itself? Are they under a separate lease that is assignable by the owner? Or do they form part of the common property?