Vancouver's Real Estate Market

[meme405]

Originally Posted by 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.

See this is the thing, I work on my car in my parking garage occasionally. In fact I actually wrapped 4 of the panels on my car in my parking garage.

However I draw the line at doing things like oil changes, or jobs where you have to take your wheels off.

Half the reason Strata's say they don't want people working on their cars, is that they don't want huge oil slicks in their garages, or people having their cars fall on top of them.

Originally Posted by 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

Is it common property? If so everyone is entitled to have a key.

We have a similar room in our building, it's not as large, but its a good size, and the access key is the same as the key to the garbage area. AKA everyone has access.

This is the type of behavior on the part of strata's I hate, when council uses their position to unfairly limit certain owners, and give special privileges to others.

We had a place in Coal harbour, which had a rooftop deck, well the penthouse owners didn't like everyone having access, so they eventually got on council and closed off the roof citing safety concerns and such. Fast forward two months later, the four penthouse units had lawn chairs and patio furniture setup on the roof, they were using it as one large private area, just for their units. I battled for the next two years to undo what they had done, and ended up selling the place before it was even fixed, no idea what happened with it. Probably still belongs to the PH's.

[sonick]

Originally Posted by meme405

See this is the thing, I work on my car in my parking garage occasionally. In fact I actually wrapped 4 of the panels on my car in my parking garage.

However I draw the line at doing things like oil changes, or jobs where you have to take your wheels off.

Half the reason Strata's say they don't want people working on their cars, is that they don't want huge oil slicks in their garages, or people having their cars fall on top of them.

Fair enough, and I understand that. I always keep things clean and on the DL, tidying up as much as possible. In the 1.5 years I've been there, I've had no complaints. Even from the building manager who is very diligent and we are friendly with, who would have probably gave us a heads up if there was a problem (she has in the past with other issues).

In the end, they have every right to enforce it, just a bummer is all.

[MarkyMark]

Like usual, give some people an inch and they take a mile, ruining it for everyone else.

[jasonturbo]

Originally Posted by SumAznGuy

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?

Did you want me to request their T4's? He needed to borrow 300$ because he doesn't have enough money to cover all his payments at this particular time. I know he took a few days off and went to Whistler, maybe that was all it took to put him behind.

I can tell you that her dad actually works two jobs, averages about 80 hours per week, one of which is union and one is private. I know he has a pension but the ex wife will get half of it. My GF's mom is also 60+ and has a net worth of 300K (100% in her condo) and only has 1/2 the dads pension to fall back on.

When the Dad has to work two jobs and still can't afford his half of three mortgage payments/condo fees even when two of the units have renters.. I would say there is a problem.

He also doesn't drink, gamble, or buy lots of shit, he's just massively extended on housing.

[Ch28]

Meet the wealthy immigrants at the centre of Vancouver?s housing debate - The Globe and Mail

Super long read but it gives good insight on the mainlanders that have integrated fairly well into the GVR

[Timpo]

Concord sues Vancouver for trying to sell land intended for low-rise housing
FRANCES BULA
VANCOUVER — Special to The Globe and Mail
Published Thursday, Aug. 18, 2016 9:51PM EDT
Last updated Thursday, Aug. 18, 2016 9:53PM EDT

Concord sues Vancouver for trying to sell land intended for low-rise housing - The Globe and Mail


Two women drift across False Creek on stand-up-paddleboards in Vancouver, British Columbia on August 11, 2015. Concord sold a piece of land here more than 20 years ago to be used for charitable, community purposes, but it was put up for sale in May.
(Ben Nelms For The Globe and Mail)

One of Vancouver’s biggest developers is suing the city for trying to sell off a piece of land that was originally intended for a low-rise housing project when Concord Pacific turned it more than 20 years ago.

The land 601 Beach Cres. was one component of millions of dollars’ worth of community benefits Concord provided through negotiations with the city as part of the company’s massive redevelopment on the north shore of False Creek.

The site, which the city put up for sale in May, is in a formerly derelict part of town, next to the Granville Bridge.


However, it is now positioned directly across the bridge from an eye-popping development under construction, Ian Gillespie’s Vancouver House. That cantilevered tower, designed by Danish architect Bjarke Ingels and marketed as a high-end residence, is expected to transform the neighbourhood.

But Concord says that the site, which is made up of half Concord land and half land from another source, was supposed to be used for charitable, community purposes.

As well, the suit says, the sale will cause Concord “irreparable commercial harm.”

“It was an expressed and/or implied undertaking of the city that the Concord Lands would not be used for development of high-rise market housing, a use that would compete with Concord’s own development plans for its other lands,” says the suit, filed by Concord’s lawyer, Howard Shapray.

The lawsuit also asks for an immediate injunction to prevent the sale.

Concord has offered to buy back the land at a fair market price.

The city was accepting offers for the land until last week.

City planning documents say that a building as high as 425 feet could be allowed.

City of Vancouver officials declined to comment on Thursday because the issue is now before the courts.

Concord Pacific also issued a statement saying it was limited in what it could say because of the legal case.

“The proceeding involves issues regarding building densities owned by Concord and agreements from 17 years ago that may be affected by the process,” the statement said.

“There are certain legal technical interpretations that need to be made to give certainty to the issues. We cannot comment further as the issues are being determined by the court.”

The notice of claim, filed earlier this week, also objects to the city’s offer, in its memorandum to potential purchasers, to sell of almost 60,000 feet of unused density that is left over from what is known as Area 1 of the Concord lands. The land is currently assessed at $8.1-million but would likely be worth more to bidders at high density.

Concord Pacific is the company that has been developing former industrial land on the north shore of False Creek since 1987, when the provincial government decided to sell the 67 acres after Expo 86 was held there.

It has since built about 10,000 units of housing that accommodate a population of more than 13,000. As part of the redevelopment, the company was required to provide land for schools, daycares, parks and social housing.

According to city policy, all mega-projects are supposed to incorporate 20-per-cent social housing, with the developer providing the land and other levels of government providing the money for construction.

That arrangement has been under stress since 1994, when the federal Liberal government ended its support for new social-housing projects. Since then, several sites on the Concord lands, designated for social housing, have sat undeveloped.

The land at 601 Beach is one of four parcels set aside just in Area 1, one of six designated sectors of the Concord lands.

[Timpo]

B.C. university students struggle to find housing in overheated real estate market
TARA CARMAN
(Vancouver Sun)
Published: August 15, 2016
Updated: August 18, 2016 6:56 PM

B.C. university students struggle to find housing in overheated real estate market


UBC's new 1,047-bed Orchard Commons residence is nearing completion. PHOTO BY DOUGLAS TODD

Thousands of students heading back to college and university who couldn’t get into residence are struggling to find housing in an increasingly hot rental market.

The University of B.C. has a waiting list of around 6,000 students for a spot in residence, said Andrew Parr, managing director of student housing and hospitality services. Officials won’t know the exact number until late September, but at this time last year there were 6,300 more students in need of housing than the university could accommodate, he said.

Parr expects that number to be down slightly this year because UBC will open a new 1,047-bed residence called Orchard Commons on the weekend.

Because UBC guarantees every first-year undergraduate a spot in residence, the demand is mostly from second, third and fourth-year students.

Demand for residence spots has increased in recent years both because the UBC student population is growing and because there are fewer and fewer affordable off-campus options, as homes with rentable basement suites on the west side of Vancouver have been torn down and replaced with homes without suites, Parr said. The few suites that remain are often unaffordable for students, he added.

“We do hear from students about affordability. That’s probably one of the things we hear the most about, and of course, access,” Parr said.

A quick look at online rental listings suggests students can expect to pay at least $800 to $900 a month for shared accommodation on the west side of Vancouver, if they are able to find a room. That compares with between $630 and about $850 for residence.

Across town on Burnaby Mountain, Simon Fraser University’s housing director describes residences as “beyond full.” Waiting lists for residence spots have skyrocketed to more than 800 this year from just 100 in 2014, said Tracey Mason-Innes, SFU’s director of housing and residence.

As housing in the region becomes less affordable, students are hoping to stay in residence longer, she said.

“It’s no longer first years, it’s everyone looking for housing. It used to be … people would just want to live here for their first and second years, but now everyone needs something.”

The housing shortage can also affect the university’s competitiveness, she added.

“If they can’t find housing, it can impact our applications and our enrolment. It’s a retention issue for us as a university.”

In Victoria, Green party MLA Andrew Weaver, who represents the Oak Bay-Gordon Head riding that is home to both the University of Victoria and one of the campuses of Camosun College, analyzed every Craigslist rental listing in the area on Aug. 9 with the help of his staff. He found 106 listings, of which 29 fit his “vaguely affordable cutoff” of less than $1,000 a month per person. This is concerning given that the University of Victoria alone enrols more than 21,000 students, but has just 2,300 residence beds and 180 family housing units, he said.

“With the start of the school year fast approaching, I am getting increasingly concerned about where the university and college students in my riding are going to live,” Weaver wrote in a statement.

[snowball]

Originally Posted by Ch28

Meet the wealthy immigrants at the centre of Vancouver?s housing$debate - The Globe and Mail

Super long read but it gives good insight on the mainlanders that have integrated fairly well into the GVR

Damn that was long but worth a read.

[twdm]

Originally Posted by Ch28

Meet the wealthy immigrants at the centre of Vancouver?s housing$debate - The Globe and Mail

Super long read but it gives good insight on the mainlanders that have integrated fairly well into the GVR

I bet you anything, none of the money they made in China was taxed by Canada.

[Hondaracer]

Originally Posted by meme405

See this is the thing, I work on my car in my parking garage occasionally. In fact I actually wrapped 4 of the panels on my car in my parking garage.

However I draw the line at doing things like oil changes, or jobs where you have to take your wheels off.

Half the reason Strata's say they don't want people working on their cars, is that they don't want huge oil slicks in their garages, or people having their cars fall on top of them.




Is it common property? If so everyone is entitled to have a key.

We have a similar room in our building, it's not as large, but its a good size, and the access key is the same as the key to the garbage area. AKA everyone has access.

This is the type of behavior on the part of strata's I hate, when council uses their position to unfairly limit certain owners, and give special privileges to others.

We had a place in Coal harbour, which had a rooftop deck, well the penthouse owners didn't like everyone having access, so they eventually got on council and closed off the roof citing safety concerns and such. Fast forward two months later, the four penthouse units had lawn chairs and patio furniture setup on the roof, they were using it as one large private area, just for their units. I battled for the next two years to undo what they had done, and ended up selling the place before it was even fixed, no idea what happened with it. Probably still belongs to the PH's.

The workshop is available to everyone, However, to get a key you need to put down a $50 deposit. Which is understandable imo because there are a few large items such as band saw, lathe, hand tools etc which are common property within the work shop.

As well, people leave materials and their tools there from
Time to time, so the deposit really just ensures the building manager knows who has access.

Also I think for the most part it keeps people who will actually use it using it, not just a random person who thinks its a place to hang out or somthing

[meme405]

Originally Posted by Hondaracer

The workshop is available to everyone, However, to get a key you need to put down a $50 deposit. Which is understandable imo because there are a few large items such as band saw, lathe, hand tools etc which are common property within the work shop.

As well, people leave materials and their tools there from
Time to time, so the deposit really just ensures the building manager knows who has access.

Also I think for the most part it keeps people who will actually use it using it, not just a random person who thinks its a place to hang out or somthing

Oh well that makes complete sense. From the way you made it sounds earlier was like they only gave the key to 4 people, and those people were keeping it between each other.

You are extremely lucky your building has a shop with actual equipment like that you can use. Lathes are awesome, go spin yourself a bowl.

[Hondaracer]

lol, yea its kinda funny.. the band saw sure, it's pretty usefull

but a lathe? and like a big industrial one at that, one you'd find in a school wood shop etc. guaranteed it's from the beginnings of the building when people still loved making dowels for railings and bed frames etc. lol

[GLOW]

do you guys have/need special insurance for the shop or anything b/c you have tools where someone can lose a finger or whatever?

[Hondaracer]

there are disclaimer signs on the doors etc. so i'm not sure if that basically waives any legal action you could take

my fiance was the one who got the key, but i dont recall her saying that you had to sign any waiver or anything

[hud 91gt]

Originally Posted by Hondaracer

lol, yea its kinda funny.. the band saw sure, it's pretty usefull

but a lathe? and like a big industrial one at that, one you'd find in a school wood shop etc. guaranteed it's from the beginnings of the building when people still loved making dowels for railings and bed frames etc. lol

Where's your building and do you offer a notification service when one comes for sale? Lol

[hud 91gt]

Vancouver Housing Market Implodes: Average Home Price Plunges 20% In 1 Month - "The Market Is Devastated" | Zero Hedge


Obviously it's way too soon to see what's really going on, but people being overly cautious is definitely going to be the straw that breaks the camels back. A so called 5% decrease in foreign buyers shouldn't change that much.... But then there is those damn emotions from those invested....

[fliptuner]

In my area, over the last month, there's a 25% increase in listings but prices haven't dropped yet.

[Hondaracer]

met with our realtors on Wednesday, said for the most part single family home prices have not dropped at all, but sales have fell a bit

however, they both said that outside of the insanity of the last 2-3 years, August is always the slowest month traditionally, and if prices do not begin to fall or further fear enters the market, sales could be just as hot in mid sept/oct than they were prior to the tax.

[Gumby]

My parents are downsizing so they listed their house in Richmond (at a reasonable price) in early August - right after the new tax came into effect. With only a handful of showings, and only 1 lowball offer so far, it's been pretty quiet...

[Timpo]

Originally Posted by Gumby

My parents are downsizing so they listed their house in Richmond (at a reasonable price) in early August - right after the new tax came into effect. With only a handful of showings, and only 1 lowball offer so far, it's been pretty quiet...

But this new tax rule only applies to non-Canadian buyers though?

So I guess this just shows that Richmond's potential buyers were only non-Canadians.

I know it's nothing new, but still...interesting.

[GLOW]

Canadians I'm sure are waiting to see how this plays out. There's no reason for them to buy during this time of uncertainty unless it's to throw out lowball offers

[asian_XL]

having my cash ready to buy big houses in Richmond.

[Ronin]

Originally Posted by Hondaracer

The workshop is available to everyone, However, to get a key you need to put down a $50 deposit. Which is understandable imo because there are a few large items such as band saw, lathe, hand tools etc which are common property within the work shop.

As well, people leave materials and their tools there from
Time to time, so the deposit really just ensures the building manager knows who has access.

Also I think for the most part it keeps people who will actually use it using it, not just a random person who thinks its a place to hang out or somthing

Wtf a lathe?

Admit it, you were down there reinacting the scene from Ghost...

[IGTBAR]

Originally Posted by Ronin

Wtf a lathe?

Admit it, you were down there reinacting the scene from Ghost...

What you're thinking about, is a potter's wheel

[MG1]

^that................is...............so.......... .....funny.