Vancouver's Real Estate Market

[kr4l]

Half your mortgage for your first year is like $8000 which isn't even that much for the amount you're paying for the unit. The down payment helps a lot with first time buyers but you're technically still paying for an over priced condo with no parking. They are very creative in making this sound like a sweet deal

[G]

Receive a purchase appointment yet?

Originally Posted by JDMStyo

https://dailyhive.com/vancouver/conc...e-easy-program



Draw took place already last weekend. 50 were picked - given the there are not 1BR + Den the 1BR plans are about 520sq ft, it's easily $700/sqft. No parking, those are likely not an option for 1BR units ($35K each).

Words on streets is there's 1300+ requests forms for only about 400~ units for Tower 1. Demand will likely spill to Tower 2.

Disclosure: I have unit request in myself so am familiar with project. Also am related to staff there.

[Alpine]

I am very surprised there are might only be 1300 request forms. Not as much demand as i initially thought...

[Liquid_o2]

For bankers, the smell of real estate profit in Vancouver is being overwhelmed by whiff of something worse | South China Morning Post

But hey, it's just supply and demand issues right?

[kunoman1]

Vancouver takes next steps on taxing empty homes | URBAN DEVELOPMENT INSTITUTE

“Vancouver housing is first and foremost for homes, not a commodity to make money with,” says Mayor Gregor Robertson. “We need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply at a time when there’s almost no vacancy and a real crunch on affordability. The BC government recognizes the need for more housing supply to address affordability and they can enable the best tool to help turn thousands of empty homes into rental homes. I’ve asked for the BC government’s urgent support to tax empty homes but the City needs to take action with or without other levels of government.”

[G]

Concord Brentwood: $386,900 starting low levels. No parking.

$890 per sq.ft. approx if you want parking + locker

[yray]

Originally Posted by kunoman1

“We need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply at a time when there’s almost no vacancy and a real crunch on affordability.

going down west point grey, Shaughnessy, point grey and dunbar

They are saying they will use bc hydro data... did bc hydro even consent to that.

[Alpine]

Originally Posted by G

$890 per sq.ft. approx if you want parking + locker

Wow... $890/sqft for the first tower, and i'm assuming the lowest levels too...

[G]

Originally Posted by Alpine

Wow... $890/sqft for the first tower, and i'm assuming the lowest levels too...

$890 is mid to high levels.

But maybe JDMStyo can throw some more input since they are related to staff.

[Liquid_o2]

$900 /sf for a condo in Burnaby

[Harvey Specter]

Fooking hell man...

$638,000 = $1166/sf
Elan Building unit 607 - 1255 Seymour Street, Vancouver

1 Bed
1 Bath
547 Sqft
2008 Built
$217.72 mnt. fees



607 - 1255 Seymour Street, Vancouver - 1 bed, 1 bath - For Sale | Condo In Vancouver

[Timpo]

Empty home tax coming to Vancouver
"Vancouver housing is first and foremost for homes, not a commodity to make money with."
CBC News Posted: Jun 22, 2016 11:56 AM PT Last Updated: Jun 22, 2016 1:55 PM PT

Empty home tax coming to Vancouver - British Columbia - CBC News


Vancouver Mayor Gregor Robertson announces the city will move ahead with plans to implement a tax on empty homes. (Farrh Merali/CBC)

Mayor Gregor Robertson has announced Vancouver will move forward on taxing empty homes as the affordability crisis grows larger and rental vacancy rates shrink to unprecedented lows.

"Vancouver housing is first and foremost for homes, not a commodity to make money with," he said. "We need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply at a time when there's almost no vacancy and a real crunch on affordability."

A preliminary report recommends Vancouver work in concert with the B.C. government to come up with a scheme to tax empty homes, but it says "the City is prepared to take action on its own in absence of provincial response."

Robertson said he wrote Premier Christy Clark last year asking for the province to support a speculation tax but hasn't heard back.

The city's report states the preferred option is for the provincial government to create and administer a new class of "residential vacant" property through BC Assessment. The designation would trigger the city to charge extra taxes on empty or under-occupied investment properties.

The second option is for the city to establish a new business tax for empty and under-occupied homes held as investment properties.

Premier Clark responded on twitter saying "We are reviewing your report and will respond quickly."

The current rental vacancy rate in Vancouver 0.6 per cent. A city-commissioned report in March estimated there are 10,800 homes and condos sitting empty in Vancouver, though the rate of empty homes has remained flat over the past 14 years and is in line with other Canadian cities. It's thought a high percentage of the homes that do remain empty are owned by foreign investors who do not live in or rent the units.

"We'll continue to pursue all possible options at city hall to create opportunities for people struggling to find home in Vancouver." said Robertson.

[westopher]

Originally Posted by Harvey Specter

Fooking hell man...

$638,000 = $1166/sf
Elan Building unit 607 - 1255 Seymour Street, Vancouver

1 Bed
1 Bath
547 Sqft
2008 Built
$217.72 mnt. fees



607 - 1255 Seymour Street, Vancouver - 1 bed, 1 bath - For Sale | Condo In Vancouver

Lol. Who the fuck buys shit like this?

[4444]

Originally Posted by Timpo

Empty home tax coming to Vancouver
"Vancouver housing is first and foremost for homes, not a commodity to make money with."
CBC News Posted: Jun 22, 2016 11:56 AM PT Last Updated: Jun 22, 2016 1:55 PM PT

Empty home tax coming to Vancouver - British Columbia - CBC News


Vancouver Mayor Gregor Robertson announces the city will move ahead with plans to implement a tax on empty homes. (Farrh Merali/CBC)

Mayor Gregor Robertson has announced Vancouver will move forward on taxing empty homes as the affordability crisis grows larger and rental vacancy rates shrink to unprecedented lows.

"Vancouver housing is first and foremost for homes, not a commodity to make money with," he said. "We need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply at a time when there's almost no vacancy and a real crunch on affordability."

A preliminary report recommends Vancouver work in concert with the B.C. government to come up with a scheme to tax empty homes, but it says "the City is prepared to take action on its own in absence of provincial response."

Robertson said he wrote Premier Christy Clark last year asking for the province to support a speculation tax but hasn't heard back.

The city's report states the preferred option is for the provincial government to create and administer a new class of "residential vacant" property through BC Assessment. The designation would trigger the city to charge extra taxes on empty or under-occupied investment properties.

The second option is for the city to establish a new business tax for empty and under-occupied homes held as investment properties.

Premier Clark responded on twitter saying "We are reviewing your report and will respond quickly."

The current rental vacancy rate in Vancouver 0.6 per cent. A city-commissioned report in March estimated there are 10,800 homes and condos sitting empty in Vancouver, though the rate of empty homes has remained flat over the past 14 years and is in line with other Canadian cities. It's thought a high percentage of the homes that do remain empty are owned by foreign investors who do not live in or rent the units.

"We'll continue to pursue all possible options at city hall to create opportunities for people struggling to find home in Vancouver." said Robertson.

will do shit all.

focus on eliminating the illegal flow of money into the country, irresponsible lending by banks, and the general sleaze that is the real estate market.

A tax of $10K on a $2M house won't deter someone when they are buying to launder money.

[Nlkko]

1100/sqft already. We're reaching Singapore territory soon. Hong Kong is a long way to go I think 11000/sqft or something retarded like that.

[GLOW]

Originally Posted by 4444

will do shit all.

focus on eliminating the illegal flow of money into the country, irresponsible lending by banks, and the general sleaze that is the real estate market.

A tax of $10K on a $2M house won't deter someone when they are buying to launder money.

why would they do that when they have their hand in the cookie jar

a $10k tax won't deter someone, but it'll add more spending money for politicians, maybe a bonus for themselves

[Timpo]

Trudeau to meet on housing affordability
By Eric MacKenzie
Thursday, June 16, 2016 5:02:39 PDT PM

Trudeau to meet on housing affordability | Vancouver 24 hrs


Prime Minister Justin Trudeau at a funding announcement in Burnaby at the SkyTrain operations centre with Vancouver Mayor Gregor Robertson and Premier Christy Clark. ERIC MACKENZIE, 24 HOURS

Prime Minister Justin Trudeau acknowledged Thursday that Metro Vancouver is facing a “significant crisis” in housing affordability, but added that lawmakers at the federal, provincial and municipal levels are “on it.”

“You can’t have roots in B.C. like I do and not know what your friends and neighbours and everyone seem to be talking about,” Trudeau said when speaking at the SkyTrain Operations Centre in Burnaby.

“I look forward to continuing the very positive and constructive conversations I’ve had with (Vancouver Mayor) Gregor (Robertson) and Premier (Christy) Clark and many different people throughout the Lower Mainland.”

Trudeau said he’ll also be hosting a Friday roundtable on the issue, meeting with “a broad range of experts and interested folks” to help find solutions to the rising costs of home ownership locally.

“This is an issue that is deeply, deeply relevant to folks here in the Lower Mainland, and we hear that, and we’re on it,” said Trudeau.

Robertson said he won’t be involved in that roundtable discussion but said it would be “an important meeting for the prime minister.”

“I’m sure he’ll get some candid feedback on the challenges we face in affordable housing here,” Robertson said.

Earlier this week, Robertson had renewed his call for a tax on unoccupied homes as a way of encouraging owners to add them to the city’s rental stock. He he’d like to see vacant properties pay “basically at a business tax level so that they’re paying their fair share.”

“They’re effectively used as a business holding and not a residence.”

[MarkyMark]

Yeah we'll see if anything comes of it, chances are all their ideas will be similar to the empty home tax, the government gets more money but nothing changes.

[invader]

Has anyone on RS recently taken their realtor license course?

[Gululu]

Originally Posted by westopher

Lol. Who the fuck buys shit like this?

local white parents buying for their mid-twenties daughter or son

[Digitalis]

Why would BC hydro need to consent? It's not like you consented to a smart meter or anything.

Originally Posted by yray

They are saying they will use bc hydro data... did bc hydro even consent to that.

[originalhypa]

Originally Posted by Gululu

local white parents buying for their mid-twenties daughter or son

Coming from a guy who drives a Ford, this is hilarious.

[UFO]

Fwiw mainlanders seem oddly interested in 'Murcan trucks. Lots of mainlanders rolling in F150's and the like in Richmond, even the new C-lais in Raptors

[flagella]

Glad I don't live there. Trucks and mainlander driving sound disastrous.

[Gucci Mane]

Originally Posted by UFO

Fwiw mainlanders seem oddly interested in 'Murcan trucks. Lots of mainlanders rolling in F150's and the like in Richmond, even the new C-lais in Raptors

and new mustangs.