Vancouver's Real Estate Market

[Tapioca]

Originally Posted by MelonBoy

That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up

There are few places in Metro Vancouver that are building new detached homes. Boomers aren't downsizing in numbers previously anticipated, so there's a crunch in supply.

I used to think the same way about the condo market, but given what's happened over the last 2 years, I have stopped my faith in people's rationality. The market can remain irrational far longer than it should.

[winson604]

Originally Posted by MelonBoy

Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.

I live by PNE and I've noticed a fuck load of land assemblies on Renfrew and even just off Broadway. Nothing new though I guess it's been happening everywhere but when I start seeing it just a few blocks from me it sure hits home more. Oh well i'm leaving in 6 months anyway

[6o4__boi]

Pretty much the whole Broadway corridor along VanTech is up under some guy named Niko

Realtor rallies East Vancouver homeowners for $25-million land deal |

This guy can't even put his full name on a sign haha

Growing up in that area and going to tech, it's gonna be pretty depressing to see all the houses go

[Traum]

Originally Posted by Hondaracer

In theory, land assemblies should be making "homes" more affordable as the only way to increase affordability is to increase density. However, when a developer buys 5 houses in a row for 1.5-2.5 each, and then builds 10 units on the same land, they probably arent going to be selling the multi family units for 600-700.

Over the next 10 years will be interesting as both Brentwood and Lougheed developments are realized. an aditional 30-40 towers in those areas adding literally thousands of units to inventory.

IMO, any area that resembles Brentwood / Lougheed are gonna be in for some major infrastructure chaos. You have a shxtload of population all crammed into a densely packed area, and the supporting infrasture is just not there. There just in't enough road capacity, not enough public transit capacity, not enough community service support, etc. because our cities were not originally designed to support densities like that. Burnaby seems especially bad in this regard because they seem to just let any developer buy a small plop of land and build huge densities on it without taking any coherent community building plans into account. All sides directly surrounding Metrotown is like that too.

It's gonna turn into a total mad house...

[MarkyMark]

Traffic is already shit here I cringe at what it will look like in 20 years.

[Hondaracer]

i'd think they would be going the downtown Vancouver route eventually and not giving units parking spaces at all there in hopes of curbing vehicular traffic.

I posted up the proposed plan for lougheed and over the next 30 years there are going to be 25 new towers, we lived across from Lougheed at government/cardston and during rush hour it was a huge pain to get onto lougheed or even across to the mall. Lets see what happens when theres 20 new towers lol..

it sucks there too because the access to the highway isnt as drawn out as it is from Lougheed/Willingdon, you can back up quite a ways up willingdon going south and still direct traffic in terms of which direction youre heading. Right now the closest way to get onto the highway from Lougheed is gaglardi and there is only the single turning lane there going west on lougheed...

[CCA-Dave]

Originally Posted by Traum

IMO, any area that resembles Brentwood / Lougheed are gonna be in for some major infrastructure chaos. You have a shxtload of population all crammed into a densely packed area, and the supporting infrasture is just not there. There just in't enough road capacity, not enough public transit capacity, not enough community service support, etc. because our cities were not originally designed to support densities like that. Burnaby seems especially bad in this regard because they seem to just let any developer buy a small plop of land and build huge densities on it without taking any coherent community building plans into account. All sides directly surrounding Metrotown is like that too.

It's gonna turn into a total mad house...

You should see Squamish. Behind the house I was in, they allowed three homes to be torn down to build 75 or 98 townhouse units (can't remember the final number). The townhomes are being built without driveways, and the developer was required to do (or invest in) zero infrastructure updates to the roadways. Now, this is Squamish. Presumably you're moving there because participating in all the outdoor adventure stuff is important to you. Within a year or two you'll own mountain bikes, maybe kite boards, skis or snowboards, perhaps a kayak. Oh, and you'll need a truck. But the homes they build have garages which are too short to fit a standard sized pickup truck. 75+ units jammed into where three homes were, with zero thought or accounting to where people are going to park, or even how they're going to exit to get to work and back.

The other areas in Squamish where the townhomes have already been built are hilarious. Every side road/street looks like a used-truck dealership lot after 6pm. Truck after truck parked on the side of the street. They've been adding so much density that there is a parking problem in the downtown area. Businesses are ticked off that customers can't find anywhere to park, no one who lives down there can find anywhere to park...it's a real problem. The Mayor was on the radio early in the week and she said (I'm paraphrasing) that she didn't think council should be addressing the parking situation because we're all going to be flying drones in 20 years.



I'm convinced every city council is just hungry for more tax dollars so they can waste it in more ridiculous ways than the council before them.

[Hondaracer]

that sucks cause with proper planning squamish could have developed into an excellent community

[MarkyMark]

Parking seems to be an issue everywhere. There are some cul-de-sacs in my area and it's a mess. Some houses have 6 cars jammed in their driveway, hanging out blocking the sidewalk. Cars are parked bumper to bumper along all the curbs. They are nice houses but it really makes the area look ghetto as fuck.

[Tapioca]

Parking an issue in Metro Vancouver because there are more people here and people feel that they need to own more than 1 vehicle. There aren't enough homes to house poeple, so people are renting basement suites and laneway homes.

With respect to Brentwood and Lougheed, Mayor Corrigan has been on the record as saying that they allowed high density in those areas so that low density, detached neighbourhoods could be preserved with minimal increases in property taxes. People who live in condos tend to be younger, transient, and less likely to vote in city elections, so he and his council made the politically sound choice. Obviously, people who use those corridors suffer.

[Traum]

Originally Posted by CCA-Dave

You should see Squamish.

...

The other areas in Squamish where the townhomes have already been built are hilarious. Every side road/street looks like a used-truck dealership lot after 6pm. Truck after truck parked on the side of the street. They've been adding so much density that there is a parking problem in the downtown area. Businesses are ticked off that customers can't find anywhere to park, no one who lives down there can find anywhere to park...it's a real problem. The Mayor was on the radio early in the week and she said (I'm paraphrasing) that she didn't think council should be addressing the parking situation because we're all going to be flying drones in 20 years.



I'm convinced every city council is just hungry for more tax dollars so they can waste it in more ridiculous ways than the council before them.

Increasingly, I'm having this urge to run for city council just to bring some everyday common sense back into the municipal level. But without political affiliations, you don't have the funds to campaign, and without the campaign, you can't get your platform out and win. And then the higher level you go, the more ridiculous it becomes without a political party.

I honestly don't know why it is so difficult for city councillors and mayors to act in the interest of local residents. In my past dealings with municipal governments, they always seem to cater to business and commerce far more than they do to residents. And yet residents are the ones that make the choice to elect them into office...

And then these mayors keep on getting voted back in. How many years have Corrigan been mayor in Burnaby now?

[6o4__boi]

lmao Corrigan has been Burnaby's mayor since 2002

[Mr.HappySilp]

Lot's of pre sale units now don't allow buyers to buy a parking spot even if they want to. Some don't allow one bedroom apartments to have parking or you need to buy above a certain floor to have the option to get parking.

I think the reason why the gov is doing very little about the parking issue is they are hoping with some much grid lock people get annoy enough to give up driving and stick to pubic transit. The issue is public transit stinks in Van. Is fine if you live near a skytrain and your work place is also near skytrain. Otherwise driving is always better. Add to the fact there are still tons of area in Vancouver that isn't transit friendly or accessabile. Vancouver is known for our outdoor activities and to get to these outdoor activiates you need to drive.

Public transit works in other cities because that's the lifestyle. It is the norm to take the bus, ride the subway and driving is a luxury. Add to the fact is actually faster and easier to get around with public transit (IE HK, China, Korea, Japan, Thailand etc etc...). Not in Vancouver though.

[iPee]

Originally Posted by winson604

I live by PNE and I've noticed a fuck load of land assemblies on Renfrew and even just off Broadway. Nothing new though I guess it's been happening everywhere but when I start seeing it just a few blocks from me it sure hits home more. Oh well i'm leaving in 6 months anyway

I grew up in the PNE area, but lived downtown the last 2 years and moved back this year. During my time downtown I'd come home to work on my car or grab my gear to play hockey. This was usually at night time so I never really noticed what the area looked like. The first day I moved home I thought I was in a completely different neighbourhood lol.

[Mr.HappySilp]

Originally Posted by 6o4__boi

lmao Corrigan has been Burnaby's mayor since 2002

I don't believe anyone else have try to run for mayor in BBy other than Corrigan? But I could be wrong though.

[Traum]

Originally Posted by Mr.HappySilp

I don't believe anyone else have try to run for mayor in BBy other than Corrigan? But I could be wrong though.

I am not familiar with the Burnaby political scene, but I am sure there are always competitors to challenge him at every municipal election. Whether they are worthy competitors, or whether these competitors have enough financial / political backings to support them is another story.

It's the same thing with Malcolm Brodie -- he's been the Richmond Mayor since forever. But at least I can see some reasons for Brodie to remain in office -- Richmond City Hall operations are actually sensible, and has far fewer red tape than, say, CoV. And of course, Brodie is reaping in the votes from the Chinese boom too.

[6o4__boi]

iirc he hasn't been seriously challenged since that very first election he's been in

he's pretty much cruised through every elections and barring a major fuck up, he's pretty much guaranteed to be mayor for as long as he wants

[Tapioca]

So, it appears that people are still willing to overpay for strata properties:

116 100 Klahanie Drive - Monet Tyler

Twitter

[lowside67]

Klahanie is going mental - there was a ground floor apartment unit listed in 701 Klahanie that was $569k for a 980sf unit and it apparently sold in the 600s. We live here and I want a garage badly, but that townhouse that just sold for $911k literally doesn't even have grass and has a single garage - brutal.

Mark

[Tapioca]

Klahanie is the Kits of the Tri-Cities: dogs, growlers, and beards. Port Moody is a good spot, but the prices in that area aren't really justified. Then again, you could pretty much say that about every area of Metro Vancouver.

[604STIG]

I've lived in Burnaby almost my entire life. I've always liked the methods that Mayor Corrigan uses in Burnaby, he uses the private sector to get public infrastructure built which means steady taxes for the residents. ie. he approved Bossa's application for a tower but also required them to build us a new public library

[godwin]

It is harder than just running for the position you want right off the bat especially in any urban area. Basically you have to work your way up.. from PTA, School board, municipal than provincial. Unless you live like in the interior or up north, but I guess they don't have to worry much about municipal matters! It really helps if you are a lawyer in the area too, especially since a lot of the times getting things done has to do with changing the interpretation of the law and convincing the city your point of view.

eg Christy Clark cut her teeth at SFU. Fin Donnelly started at municipal but he had made a name for himself swimming down the Fraser. Brodie, Campbell, Corrigans are all lawyers.

You have to build the network of local activists to help you. It takes a lot of time and effort.

I know a few former cabinet members that took out second and third mortgages on their homes to finance their campaign.. (they get part of the money back eventually from tax rebates).

Originally Posted by Traum

Increasingly, I'm having this urge to run for city council just to bring some everyday common sense back into the municipal level. But without political affiliations, you don't have the funds to campaign, and without the campaign, you can't get your platform out and win. And then the higher level you go, the more ridiculous it becomes without a political party.

I honestly don't know why it is so difficult for city councillors and mayors to act in the interest of local residents. In my past dealings with municipal governments, they always seem to cater to business and commerce far more than they do to residents. And yet residents are the ones that make the choice to elect them into office...

And then these mayors keep on getting voted back in. How many years have Corrigan been mayor in Burnaby now?

[godwin]

Corrigan's methods work if you already own a property in burnaby.. but for renters.. who are barely making it, not so great.

Originally Posted by 604STIG

I've lived in Burnaby almost my entire life. I've always liked the methods that Mayor Corrigan uses in Burnaby, he uses the private sector to get public infrastructure built which means steady taxes for the residents. ie. he approved Bossa's application for a tower but also required them to build us a new public library

[604STIG]

Originally Posted by godwin

Corrigan's methods work if you already own a property in burnaby.. but for renters.. who are barely making it, not so great.

Property affordability isn't a localized phenomenon to just Burnaby. Not sure i'm understanding what your actually saying or what should be changed?

[godwin]

High rent is not a localised phenomenon but Burnaby has the highest development next to Surrey, next to Central Park and on the Kingway corridor. A few students of David Ley @ UBC Geography did their masters and PhD thesis on the changes on Kingsway.

There are plenty of things Corrigan can do. Just tell developers to set aside 5% off any building more than 30 stories for low cost housing (even the ugly ones). A few of those tall buildings (eg the new Gilmore development) will replace the housing stock in those low rise and low density apartments.

The on going thing has always been Corrigan is on labour / traditional side of NDP. As long as Liberals are in power, he refuses play ball and say housing is solely province's problem. Compare him with Robertson which is on the other side of NDP. Robertson compromises a bit and he get a few more housing done.

Originally Posted by 604STIG

Property affordability isn't a localized phenomenon to just Burnaby. Not sure i'm understanding what your actually saying or what should be changed?