Vancouver's Real Estate Market

[SkunkWorks]

RS BBQ meet @ westopher's. Sign up:

1. SkunkWorks

[Armind]

RS BBQ meet @ westopher's. Sign up:

1. SkunkWorks
2. Armind

[MarkyMark]

Originally Posted by Armind

RS BBQ meet @ westopher's. Sign up:

1. SkunkWorks
2. Armind

Damn that's all that's allowed before it gets too cramped in there, maybe next time.

[westopher]

Shoebox it is, but its got plenty of room for cooking. Here was the first feast for 6 of us with the BBQs maiden voyage.
Untitled by Chris West, on Flickr
We just had to eat standing up

[GLOW]

entrance fee for westopher bbq meat is donation to his seat belt fund

[chunkster]

Originally Posted by westopher

Shoebox it is, but its got plenty of room for cooking. Here was the first feast for 6 of us with the BBQs maiden voyage.
Untitled by Chris West, on Flickr
We just had to eat standing up

Looks like we need to start a BBQ thread in the Food and dining section now!
St Louis cut Ribs and dinner look awesome!

[Armind]

I want ribs now.. damn you westopher!

[jasonturbo]

@westpher I do find it very interesting that Kits was too hectic for you... the GF and I go back and forth all the time on moving back to rural-ish North Van or Kits/LOLO/English Bay where we can have more of a "walking" lifestyle.

I worry if we move back to rural-ish North Van we will return to a very isolated homely lifestyle, not much is really walking distance so you end up living like you would in Edmonton, driving everywhere :s

On the other hand I worry that living in the more populated areas I will get sick of the people, just as we have living in DT Edmonton.

Tough decisions.

[Armind]

Vancouver rents on track to jump 20% in 2016 | Metro News

[westopher]

Jason we just hop the seabus to gastown and have all the best restaurants over there. Kits is kind of the same way. There is stuff there, but if you really are looking for something specific it's a bus ride away. The traffic getting in and out of kits was a daily anyuerism for me on my days off. Getting home from whistler took 3 hours instead of an hour and a half. I found myself ditching riding at Seymour because crossing 2 bridges just took too much time to make a couple hours worth it. Skipping hikes with my dog to walk around the neighbourhood because escaping was near impossible. Not to mention every time I wanted to go for a pint I had to compete for a spot to sit with fucking buddy guy bros that were covered in grease and Armani exchange tankinis. I've spent more time out of the house since I've moved to NV. The step counter on my phone is nearing 20k a day with all the walking I'm doing, and the car only comes out on the days off. It's all what you make of it. I regret not coming here sooner. It's definitely way sleepier and a negative when hoping for late night eats or activities, but I'm 31, married and happy to chill out a bit more often.

[UFO]

^ Welcome to suburban living!

[jasonturbo]

Story time

My GF's dad has lived in NVan his entire life, he works with special needs people and probably makes about 30$/hr, he has an ex-GF/business partner of sorts whom he owns a number of heavily leveraged properties with, I believe she makes her living selling some sort of Mary Kay shit, I doubt she breaks 60K/year based on her general appearance and habits etc.

Anyway, they own two apartments worth 400K each and a new townhouse worth about 650K, they rent the two apartments out and currently share the townhouse.

The other day her dad called us and needed to borrow 300$ to cover mortgage costs, he was ashamed but had no other choice than to ask.

W...T....F...

They've bought 2/3 of these places in the last 4 years.

People always point the finger at foreign buyers for everything, these two lower income local degenerates have three properties and can probably barely afford two of them. Boggles my mind, both of these people are almost 60 years old and have zero savings, whatever equity they have could be easily wiped out by a 10-20% correction in prices... I think they actually took out a heloc on the first place to get the down payment needed for the third place.

[westopher]

Patiently waiting for the globe and mail article that paints them as "victims of the new foreign buyer tax"
"North Van special needs worker loses home due to market downswing"
These are exactly the types of people who's poor decisions make them lose everything. When the market is up they call themselves investors but when the market drops all of the sudden they are a victim. You wanna play the game you better be ready to lose sometimes.

[Spoon]

Originally Posted by jasonturbo

whatever equity they have could be easily wiped out by a 10-20% correction in prices.

They'll be fine.

Spoiler!

Originally Posted by jasonturbo

I go on Rennlist occasionally (By the way, did I mention I drive a Porsche GT4, yes I'm very successful thanks for asking) .

[SumAznGuy]

Originally Posted by jasonturbo

Story time

Nice story but not a lot of substance.
A lot of "I thinks" but not much in actual facts.
So both in their 60's. Where did all the money go that they should have accumulated working for the past 30-40 years.

How much do they owe still on each unit.
How much are they getting back in rental income.
Sounds like he has a unionized job with a pension plan.

Do you even know the full story of why he needed to "borrow" $300?

[Timpo]

Originally Posted by Jmac

I was a "casual" public sector employee for 3 years and I worked well over 2000 hours each year. It's actually extremely common for "casual" employees at my work place to work as much as or more hours than the permanent full-time employees.

Definitely not seasonal.

yeah but it's still different.

say you get hurt or got really sick. You aren't really entitled for sick leave or anything.

also I don't think you'll be getting pension after you retire, no vacation unless you work, and it all adds up.
Things can change over years and they can decrease your hour to 10hours/week or something, and I know many people that had happen.

if 40hrs of work is available year long, that position should be considered as permanent full time, yet they will still label you as auxiliary/casual/seasonal so that they can let you go any time they want.

the prime example is lifeguards at recreation centres.
when the job is available year long, it should be considered as "permanent full time" or "permanent part time" yet they're labelled as "auxiliary"
same as receptionists at municipal hall, recreation centres, etc.

what tend to happen is employees will fight for hours, but they can't..because the employers will keep hiring new staff.

Maybe your situation was different, I don't know.

[bobbinka]

Obviously, but maybe not obvious enough, Tapioca's not talking about seasonal/casual employment. It should be pretty clear what he's referring to in the context of what he is talking about.

Timpo, if it pleases you... yes, seasonal/casual employment has many risks that would make it difficult to commit to buying a house.

[Mr.C]

Anecdotal evidence, but a couple of years ago we were looking for a house in the 2.5-3k/month rent range, and ended up in Richmond because there was basically nothing in that price range in Burnaby/Vancouver/North Van/West Van.

Nowadays, there are way more options. Odd. Same time of year, too.

[Timpo]

Housing prices could cost Richmond businesses their employees: chamber of commerce
Business group says Richmond housing supply is limited by ALR land and height restrictions from airport
By Liam Britten, CBC News Posted: Aug 16, 2016 4:17 PM PT Last Updated: Aug 16, 2016 4:17 PM PT

Housing prices could cost Richmond businesses their employees: chamber of commerce - British Columbia - CBC News


Homes in Richmond. The average price of a detached home in the city is $1.7 million, and the Richmond Chamber of Commerce is worried those high prices and long commutes could cost businesses their employees. (Volodymyr Kyrylyuk/Shutterstock)

Richmond's Chamber of Commerce says the cost of housing is so high, people who work in Richmond can't afford to live there and businesses are at risk of losing those employees.

The chamber conducted a survey of businesses in the city where 65 per cent of respondents said over half of their workers are commuting from outside the city and 60 per cent said housing affordability was a reason why.

"Not only are they losing employees, it's difficult for them to recruit talent," chair Rob Akimow told On The Coast guest host Gloria Macarenko.

"If they're looking at a position in Richmond, they might just look out in those communities of Tri-Cities, or Ladner or Tsawwassen [instead] ... especially if they have a young family."

The average price of a detached home in Richmond is $1.7 million, says the chamber.

While that's not a unique situation in the Lower Mainland, they say Richmond's supply is limited by 39 percent of the city's land being protected in the Agricultural Land Reserve and height restrictions because of the airport.

Commutes, they say, are made worse by Richmond having a few traffic bottlenecks as people try to get into and out of the island and because some employers — like the airport — draw in such large numbers of employees.

Akimow says local businesses want to see a solution, and in their mind, that solution is "Supply, supply, supply."

"Density is the key," he said. "We would encourage and advocate for all levels of government to continue to build our regional strategy with respect to affordable housing and densification."

[Nlkko]

Originally Posted by westopher

Patiently waiting for the globe and mail article that paints them as "victims of the new foreign buyer tax"
"North Van special needs worker loses home due to market downswing"
These are exactly the types of people who's poor decisions make them lose everything. When the market is up they call themselves investors but when the market drops all of the sudden they are a victim. You wanna play the game you better be ready to lose sometimes.

Same type of people in 2007. Did you guys know over 60% of Americans don't have savings over $1000? And 3 in 10 Canadians are living pay cheque to pay chequeu or spending more than they earn.

Personal finance is as old as the hill but most people haven't the slightest idea. They only care about driving that new German car, having that real estate regardless of how much debt they carry. It's not that people don't want to learn, they're just too greedy shit start coming up to their brains.

[minoru_tanaka]

Originally Posted by jasonturbo

People always point the finger at foreign buyers for everything, these two lower income local degenerates have three properties and can probably barely afford two of them. Boggles my mind, both of these people are almost 60 years old and have zero savings, whatever equity they have could be easily wiped out by a 10-20% correction in prices... I think they actually took out a heloc on the first place to get the down payment needed for the third place.

Agree. I think at least 57.09125% of the problem is locals trying to be Donald Trump

Originally Posted by westopher

Patiently waiting for the globe and mail article that paints them as "victims of the new foreign buyer tax"
"North Van special needs worker loses home due to market downswing"
These are exactly the types of people who's poor decisions make them lose everything. When the market is up they call themselves investors but when the market drops all of the sudden they are a victim. You wanna play the game you better be ready to lose sometimes.

almost there

Vancouver real estate: Family?s home sale marred in uncertainty by tax | Vancouver Sun

Spoiler!

COQUITLAM — Cardboard moving boxes are piled about the living room of an otherwise half-packed house nestled on a tree-lined residential street in a quiet Vancouver-area suburb — a scene frozen in time that the home’s owners blame on British Columbia’s controversial new tax on foreign buyers.

The in-transition state of the home in Coquitlam has been the status quo ever since its owners learned the house’s sale, which they understood was a done deal, was thrown into question by the tax.

The couple is at risk of losing an $80,000 deposit they made to purchase a smaller duplex further east in the city, and reneging on the real estate contract would also open them up to being sued.

“We feel like we’ve been let down,” Heather Nyberg told reporters Tuesday in the family’s small backyard as the couple’s two young children, aged one and three, played together in the grass.

“I just feel really disappointed that our family and many, many others like ours are being affected by a poorly planned tax that’s unfair because it’s retroactive.”

The B.C. government has said the 15-per-cent tax is aimed at addressing skyrocketing real estate prices in Metro Vancouver, the province’s most densely populated region. The levy came into effect Aug. 2, days after it was announced, sparking a frenzy of last-minute activity as buyers and sellers rushed to close deals.

The couple sold their home earlier this year, but the deal isn’t slated to close until Sept. 15.

Nyberg said the people who agreed to buy their property had originally provided a local address, but that shortly after the tax was announced she and her husband discovered they were based in China.

She said the buyers’ real estate agent won’t reveal whether the clients are foreign but has floated the idea of the couple helping to pay part of the 15-per-cent tax. The confusion has created additional uncertainty around the deal, Nyberg said.

Housing Minister Rich Coleman said in an email that the initial adjustment period may be difficult, but the tax will eventually reduce demand from foreign investors until supply catches up to local needs.

“This transition period is expected to be short-lived, and over the long term the additional property-transfer tax will help to ensure British Columbians can continue to raise their families in Metro Vancouver communities,” he said.

Nyberg’s husband Dan Zimmermann said the new law has put the couple under a lot of strain and uncertainty, which defeats the purpose of selling it in the first place.

“All we wanted to do was reduce the stress and reduce the size of our mortgage, and all of that’s been thrown up in the air now,” he said, adding that the change was also designed to allow them to spend more time with their children.

“We made the best decision with all the information we had at the time and that’s all we can do.”

Nyberg said if the sale of the home they bought three years ago falls through, they would likely have to back out of buying the new property because they can’t afford two mortgages.

“I’ve stopped packing. I don’t want to move into a duplex then move back three days later. Until we get more information we can’t really make a plan,” Nyberg said. “We are just really stressed out.

“We’d been doing these weekly drive-bys of our new place so my son can get used to it. We’re really excited to join a new community where there are more families. We had been setting up our lives to move and now we don’t know what’s going on.”

Jodie Wickens, an Opposition NDP politician who represents the area in the legislature, said she receives dozens of calls and emails every day from people affected by the tax.

“I think that families that entered into a contract with an understanding shouldn’t be unfairly penalized,” she said.

“To be impacted by this bill in such a negative way is unfair and unnecessary. It’s not putting British Columbians first at all. It’s a reactionary way to deal with bad headlines.”

[winson604]

Originally Posted by Timpo

yeah but it's still different.

say you get hurt or got really sick. You aren't really entitled for sick leave or anything.

also I don't think you'll be getting pension after you retire, no vacation unless you work, and it all adds up.
Things can change over years and they can decrease your hour to 10hours/week or something, and I know many people that had happen.

if 40hrs of work is available year long, that position should be considered as permanent full time, yet they will still label you as auxiliary/casual/seasonal so that they can let you go any time they want.

the prime example is lifeguards at recreation centres.
when the job is available year long, it should be considered as "permanent full time" or "permanent part time" yet they're labelled as "auxiliary"
same as receptionists at municipal hall, recreation centres, etc.

what tend to happen is employees will fight for hours, but they can't..because the employers will keep hiring new staff.

Maybe your situation was different, I don't know.

Public sector worker here. AUX at my work can often work up to 40hrs (RFT like myself is 35hrs) but you're right, it ain't the same. Despite the fact AUXs can work more hrs and also getting paid in lieu of I think 16% extra they have no sick time, no VAC time, no benefits and that 16% is supposed to cover it all. If you do the math compared to a RFT they actually need to be getting well over 20% in lieu of to be equal. Plus for periods they may get full time hrs but they can just as easily drop back down to 20 something hrs if we're slow. Additionally, I don't believe they start contributing to a pension until they are RPT at least but I could be wrong.

[Hondaracer]

Fuck..need to get in on dat public sector

[sonick]

Damn, property manager finally caught wind of people doing car maintenance in the parkade and issued a general notice.

I've been doing basic oil and coolant changes every few months, but there's a guy that does suspension and brake work on his two beaters seemingly every other week (seriously who puts that much effort into an old Saturn?)

I think the thing that broke the camel's back was when a new resident started modding his cars on a weekly basis; a few days ago they were spraypainting their rims over the weekend, stinking up the entire garage.

Pretty much ruining it for the rest of us. #stratalife.

[Hondaracer]

We've got a workshop/paint room in our building, each room is approx 20X50 and only 4 people in the entire building have a key lol

Doing painting/wood work at all hours ftw