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08-21-2017, 09:48 AM
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#10376 | RS.net, where our google ads make absolutely no sense!
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Originally Posted by JDMStyo Quoted for truth.
Friends & Fam round / VIP is when you want to be. Prices go up if developers feel like they're selling out too fast.
Just heard today Langara Living (used to be Flamingos) on Cambie/57th is rescinding all offers and just paying 5% damages to all the buyers and delayed getting building permit to do so to get out. Probably reselling at $1200/ft and higher density...talk about an bad PR move. | I remember I was working on a Cressey tower in downtown more than 10 years ago and they had their development permit delayed by about year due to rezoning issues. They couldn't start the presale until they had their DP. One of their VPs told me the project made an extra $20M because of that delay.
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08-21-2017, 02:31 PM
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#10377 | I am Hook'd on RS
Join Date: Apr 2011 Location: Vancouver
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Can anyone refer me to a real estate agent that could potentially get me into presales for vancouver/Burnaby area? 350-550k range.
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08-21-2017, 09:23 PM
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#10378 | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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| Quote:
Originally Posted by milkStar Can anyone refer me to a real estate agent that could potentially get me into presales for vancouver/Burnaby area? 350-550k range. | 350k? Don't think that will ever happen in Vancouver lol. Try going to 450k at least even in pre-sale. Right now pre-sale is not about getting a deal but rather getting the unit you want.
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08-21-2017, 11:16 PM
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#10379 | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
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$300K was possible last year in Burquitlam. $600/ft.
There are still low rises in Surrey/Port Coq for this level but they'd complete in a years so you won't get too much of capital gain because of the short timeframe.
It really depends on your timeframe and whether it's for
1) living in
2) speculating investment.
For clients looking to do #1 - you'd want quicker completion generally as time is money and every month you're essentially paying someone else's mortgage in rent.
For #2 you'd want completion time pushed back, as the developer's basically lending you the money of the unit while it's being completed - potentially you'd assign for a profit at 3-5X leverage. This is where most people have made their $$ in the last 2-3 years for presales.
PM me if you need, HTH.
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08-22-2017, 08:17 AM
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#10380 | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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here's an honest naive question;
- i bought my house 7 years ago, enjoyed the profit, never looked into the condo market so i know very little about
is there still lots of money to be made in the presale and flip market? there must be alot of you still doing this so you must all think that prices and DEMAND are going to continue to rise
i'm looking for a good investment and considering this avenue, or even keeping it to rent out once complete if needed
what's the typical amount (percent i would guess) required for a deposit?
obviously nothing else is needed until closing correct? that's when the mortgage will kick in....now are you able to get a mortgage now that will start in 2-3 years locking in todays rates or do you need to get a mortgage down the road risking the higher rates?
i guess in my case i could always add it to my current mortgage at my current rate?
the other catch is i'd like to buy something and use my wifes first time home buyers option....how does that work if we want to rent it out? i guess it doesn't apply? or what if we do sell? if we sell before it closes how does that work? what about after it closes?
thanks
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08-22-2017, 09:10 AM
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#10381 | I have named my kids VIC and VLS
Join Date: Oct 2001
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since she is your wife and you guys already own a home i think she may not be eligible for that first time home buyers option? not 100% on that though.
in terms of a condo investment id say you have to have enough downpayment to make the rent pay a substantial chunk of the mortgage in order to have a worthwhile investment. Dumping a bunch of your disposable income into a rental properties mortgage probably isnt the best investment at this point imo
also im not sure how much money there is to be made on pre-sales anymore in terms of flipping assignment etc. when capital gains and everything is taken into account
oh to be 3 years ago again when i had the chance to buy a few townhomes for dirt cheap and didnt lol
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08-22-2017, 09:10 AM
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#10382 | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
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| Quote:
Originally Posted by blkgsr what's the typical amount (percent i would guess) required for a deposit? | Usually this is staged, starting at 5% quite early on in the process, with progress payments through the construction. By the time the building is close to completion, most developers will have required you to pay 20%, at which point people would usually then take a standard 80% mortgage to close. Quote:
obviously nothing else is needed until closing correct? that's when the mortgage will kick in....now are you able to get a mortgage now that will start in 2-3 years locking in todays rates or do you need to get a mortgage down the road risking the higher rates?
| Definitely cannot get a mortgage 2-3 years out and lock in the rates, 0 chance. Quote:
i guess in my case i could always add it to my current mortgage at my current rate?
| Yes, you could refinance your current house, but would end up paying interest on several hundred extra thousand dollars not needed for 3 years.
Alternatively, you could take a line of credit on your house and not draw it, but lines are basically always based off of floating rates (related to Prime) and therefore if interest rates go up over time, which they are virtually guaranteed to, your cost of borrowing would go up here as well. Quote:
the other catch is i'd like to buy something and use my wifes first time home buyers option....how does that work if we want to rent it out?
| Quite sure that if you already own something and are married, she is not eligible for a first time home buyers credit. And even if she was, you'd have to live in it for a year.
Hope that helps,
Mark
__________________ I'm old now - boring street cars and sweet race cars. |
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08-22-2017, 09:28 AM
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#10383 | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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uh ok thanks guys....back to buying lotto tickets lol
or just buy one and pay taxes on the capital gains if i sell i guess?
is that was you guys are doing? or keeping them for rentals? is this not a viable option? don't see why not with the shortage of rental units.
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08-22-2017, 09:54 AM
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#10384 | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Feb 2017
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Originally Posted by milkStar Can anyone refer me to a real estate agent that could potentially get me into presales for vancouver/Burnaby area? 350-550k range. | Just to give you some reference - 470k starting in Coquitlam and New West for 1 bedroom and maybe a den.
My sister just sold a 2 bedroom brand new for 760k (Dawson & Willingdon).
The presales - 12-18 months ago were starting 450-550k for 1-2bdr in Brentwood area (We bought)
So there is absolutely zero chance you will get something in Vancouver. Unless you were looking for a 300sf studio then you can probably get one for 500k in vancouver lol.
do some basic research... go on rew and just browse around..subscribe to developers..go to showrooms...
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08-22-2017, 10:17 AM
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#10385 | I told him no, what y'all do?
Join Date: Aug 2006 Location: Vancouver
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Originally Posted by Hondaracer since she is your wife and you guys already own a home i think she may not be eligible for that first time home buyers option? not 100% on that though. | unless the rules have changed, i used my 1st time home buyer on my 1st house while my wife had a condo. but we were living in the house so i'm not sure if that matters.
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08-22-2017, 10:22 AM
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#10386 | Need to Seek Professional Help
Join Date: Mar 2003 Location: Vancouver
Posts: 1,091
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| Quote:
Originally Posted by blkgsr here's an honest naive question;
- i bought my house 7 years ago, enjoyed the profit, never looked into the condo market so i know very little about
is there still lots of money to be made in the presale and flip market? there must be alot of you still doing this so you must all think that prices and DEMAND are going to continue to rise
i'm looking for a good investment and considering this avenue, or even keeping it to rent out once complete if needed
what's the typical amount (percent i would guess) required for a deposit?
obviously nothing else is needed until closing correct? that's when the mortgage will kick in....now are you able to get a mortgage now that will start in 2-3 years locking in todays rates or do you need to get a mortgage down the road risking the higher rates?
i guess in my case i could always add it to my current mortgage at my current rate?
the other catch is i'd like to buy something and use my wifes first time home buyers option....how does that work if we want to rent it out? i guess it doesn't apply? or what if we do sell? if we sell before it closes how does that work? what about after it closes?
thanks | you could possibly be able to lock in a rate..my sister did for a place that closes I think 1-2 years away..you just have to talk to the right person and institution...she did this about 6 months ago..you pay a higher rate though..i think she paid like 3.5%?
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08-22-2017, 10:50 AM
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#10387 | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
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| Quote:
Originally Posted by GLOW unless the rules have changed, i used my 1st time home buyer on my 1st house while my wife had a condo. but we were living in the house so i'm not sure if that matters. | For clarity...
The BC First Time Home Buyer's would allow your spouse to claim it as long as she is not on title on the first house. However, it would require you to live in the new unit for a year to qualify. First Time Home Buyers' Program - Province of British Columbia
On the other hand, the Federal Home Buyer's tax credit is NOT eligible if you or your spouse has owned any real estate in the past 4 years. https://www.canada.ca/en/revenue-age...rs-amount.html
-Mark
__________________ I'm old now - boring street cars and sweet race cars. |
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08-22-2017, 10:55 AM
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#10388 | I have named my kids VIC and VLS
Join Date: Oct 2001
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Originally Posted by blkgsr uh ok thanks guys....back to buying lotto tickets lol
or just buy one and pay taxes on the capital gains if i sell i guess?
is that was you guys are doing? or keeping them for rentals? is this not a viable option? don't see why not with the shortage of rental units. | Gotta weigh the interest you will pay in floating the mortgage/HELOC during the time you own the place or the expected turn around for the assignment sale.
There was a time where 50k profit on assignment flips was the norm but I'm not sure if it's so prevalent now..you'd think so since units are getting snapped up so quick but there's not much talk about it
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08-22-2017, 12:01 PM
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#10389 | Need my Daily Fix of RS
Join Date: Nov 2014 Location: Burnaby
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Originally Posted by Hondaracer Gotta weigh the interest you will pay in floating the mortgage/HELOC during the time you own the place or the expected turn around for the assignment sale.
There was a time where 50k profit on assignment flips was the norm but I'm not sure if it's so prevalent now..you'd think so since units are getting snapped up so quick but there's not much talk about it | As well as the Property tax will be full rate seeing as its not your primary residence.
The rent is also subject to Tax as its considered a Income.
And the profit gained on the sale will also be taxed at around 40 percent.
Only 15 percent if its sold under a corporation. |
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08-22-2017, 12:05 PM
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#10390 | I Will not Admit my Addiction to RS
Join Date: Mar 2004 Location: Argh
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not too sure about this but if he already has a place and used the FTHB already, and he wants a preconstruction.
Doesn't the new place when built qualify for the Newly built home exception instead which also saves on the PTT? can have one or the other but not both I think and both are for credit on the PTT?
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08-22-2017, 01:49 PM
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#10391 | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
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my house is only in my name and she's never purchased any property
the other thing i was thinking of was buying a place in kelowna (don't think penticton is busy enough) or kamloops even victoria to rent out
my wife just told me about a cowoker who just bought a place in victoria. 2 bedroom basement suite rented for $2000 and the upstairs for $3000. not a huge house either...i think they paid $800k?
that seems crazy for rent in victoria.
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08-22-2017, 04:31 PM
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#10392 | OMGWTFBBQ is a common word I say everyday
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What are your goals with respect to the rental property? Long term appreciation and equity? Or short term gain?
I don't think you can lose long term, particularly if the property is in a strategic location in Metro Vancouver. I feel that rental demand in Metro Vancouver (because let's face it - there's no shortage of renters in this town) will continue to be robust going forward, but you have to work out the numbers to see if you can carry the property in the short term.
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08-22-2017, 06:53 PM
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#10393 | Willing to sell body for a few minutes on RS
Join Date: Aug 2004 Location: Duncan, BC
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Originally Posted by blkgsr my house is only in my name and she's never purchased any property
the other thing i was thinking of was buying a place in kelowna (don't think penticton is busy enough) or kamloops even victoria to rent out
my wife just told me about a cowoker who just bought a place in victoria. 2 bedroom basement suite rented for $2000 and the upstairs for $3000. not a huge house either...i think they paid $800k?
that seems crazy for rent in victoria. | The rental market in Victoria is completely fucked. There are tradespeople with full-time jobs living in vehicles or on the street because there's no stock (as per local news reports and the mayor).
Thanks to AirBNB and speculation.
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08-22-2017, 08:44 PM
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#10394 | RS Veteran
Join Date: Nov 2001 Location: An Island
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^ Those numbers sound correct for Victoria. Nice 2 bedroom suites are around 2k now. My neighbour in Saanich has a 3 bedroom ground level for $1500 though.
I can offer some real world prices for rent in Langford just outside Victoria. A 15km 45 min drive during rush hour but must faster in off peak times.
I own three units in Langford. One house with legal upper and lower and a one bedroom condo. I've owned them both for 5 years and they both are making money. Two of them have new tenants moving in Sept 1st: 2009 condo: Purchase price $236,000, Current value $279,000
- 700 sq ft 1 bed 1 bath, one secure parking spot, rent will be $1300 per month 2010 house: Purchase price $455,000. Current value $655,000
- Lower unit, 750 sq ft, 2 bed 1 bath, ground level, one off street spot $1300 per month
- Upper unit, 1300 sq ft, 3 bed 2 bath, attached garage and small back yard. Rents for $1950 per month. This would be higher if it were back on the market.
I sure wish I bought a small condo in downtown Victoria instead. I would have seen bigger price appreciation and higher rent.
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Last edited by TouringTeg; 08-22-2017 at 08:54 PM.
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08-23-2017, 07:03 AM
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#10395 | I *heart* Revscene.net very Muchie
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both those sounds like they are covering the mortgage quite easily even at today's prices
what are property taxes like over there?
i want to be able to get something that's going to appreciate but more so "have someone pay my mortgage" and have that property pay itself off.....really if that's not the point then why take the risk i guess right?
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08-23-2017, 11:25 AM
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#10396 | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
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Originally Posted by Gh0st Just to give you some reference - 470k starting in Coquitlam and New West for 1 bedroom and maybe a den.
My sister just sold a 2 bedroom brand new for 760k (Dawson & Willingdon)
The presales - 12-18 months ago were starting 450-550k for 1-2bdr in Brentwood area (We bought)
do some basic research... go on rew and just browse around..subscribe to developers..go to showrooms... | Sounds like she bought at Dawson. We did quite a few there and it was marketed by MLA / MAC Marketing. Whole building sold out super fast. We get early access but was only able to get 2-3.
2BR 900sq ft 2BR and den lowrise by Amacon. Super fast completion - sold out in Oct, move in by July. And two parking spots.
Avg price 2BR $540K. 1BR $350K.
Brentwood now going for north of $950/ft for concrete highrise and easily $800/ft for woodframe lowrises. Up $200K in less than a year, lots of happy clients.
Next up in Brentwood:
Concord Brentwood Tower 3 + 4
SOLO District tower 3
Amazing Brentwood 5
Etoile by Millenium (more Holdom)
Gilmore Place (Onni)
Lumina tower 2
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08-23-2017, 11:32 AM
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#10397 | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Originally Posted by Jmac The rental market in Victoria is completely fucked. There are tradespeople with full-time jobs living in vehicles or on the street because there's no stock (as per local news reports and the mayor).
Thanks to AirBNB and speculation. | AirBNB maybe to some extent, but speculation is not a big factor over here. I don't see huge swaths of empty houses. My next door neighbor just sold his house, all of the people I saw in the viewings were young locals.
I think it's moreso just a general influx of people due to high desirability to live here.
Every week there seems to be a thread on Victoria's Reddit sub with "Hey I'm moving to Victoria! "
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08-23-2017, 08:32 PM
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#10398 | RS Veteran
Join Date: Nov 2001 Location: An Island
Posts: 14,400
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Originally Posted by blkgsr both those sounds like they are covering the mortgage quite easily even at today's prices
what are property taxes like over there?
i want to be able to get something that's going to appreciate but more so "have someone pay my mortgage" and have that property pay itself off.....really if that's not the point then why take the risk i guess right? | I haven't talked about lot sizes but here are approximate annual property tax bills before grant:
2010 house Langford: $2800
2009 condo Langford: $1200
Personal house in Saanich: $3075
__________________ Victoria Car Assessments - Condition assessments (test drive, photos, deficiencies and summary). RS member references available. IG @touringteg
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08-24-2017, 09:28 AM
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#10399 | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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My Taxes were $3036 (Before HOG) for my house on a 6500sq/ft lot in Saanich.
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1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
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08-24-2017, 09:45 AM
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#10400 | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Feb 2017
Posts: 195
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Originally Posted by JDMStyo Sounds like she bought at Dawson. We did quite a few there and it was marketed by MLA / MAC Marketing. Whole building sold out super fast. We get early access but was only able to get 2-3.
2BR 900sq ft 2BR and den lowrise by Amacon. Super fast completion - sold out in Oct, move in by July. And two parking spots.
Avg price 2BR $540K. 1BR $350K.
Brentwood now going for north of $950/ft for concrete highrise and easily $800/ft for woodframe lowrises. Up $200K in less than a year, lots of happy clients.
Next up in Brentwood:
Concord Brentwood Tower 3 + 4
SOLO District tower 3
Amazing Brentwood 5
Etoile by Millenium (more Holdom)
Gilmore Place (Onni)
Lumina tower 2 | Yup. Got the 2bdr Penthouse suite.
got few others in the area..madison..escala, ect.
looking to go in again if the price is right! DM me if you have a plug! |
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