805 6538 Nelson Avenue - r2212466 : Condos in Burnaby, Burnaby Condos : Burnabycondo.com

That's just crazy lol. And to make things worse I seen people lining up at the lobby waiting to get check it out......

Yeah, I mentioned it a few pages back. Basically, they want to apply the stress test to everyone.

Currently, it only applies to those who need CMHC insurance. Because of this, there's a huge spike in uninsured mortgages because people were borrowing from their parents or hokey 3rd party lenders to bypass the test. This will cut down everyone's borrowing power. With the current rate, if you were going to borrow $500k, you would need about an extra $500/month to pass the test.

Sell now

This has to be true for most cities in the world (well North America at least).

how much of an effect on cost tho...we'll wait and see.

Avalon 3 starts this weekend.

The one ppl will be crazy over is King George Hub - $299K for 443ft. Makes Park Boulevard (Concord) look cheap. PCI did build Marine Gateway and that's 2X people's money since it was done.

I do like Avalon and did Av 1 when it was $350K for 1BR. I'd take that over $1100/ft at Metrotown these days.
Lots of interest in assignment lately.

I'd look at anything around Royal Oak metrotown.

Where do you guys speculate housing / apartment prices will go if and when prime raises another 1.25% to like 4 - 4.25%?

The rental market is shit, so people are being forced to buy if they want to stay in Metro Vancouver. So, what higher interest rates will do is drive first-time home buyers to smaller units or units that are further away from the downtown core. 10 years ago, I would be laughing if someone told me that there would be lineups for condos in Port Coquitlam or King George.

Until first time home buyers and millennials start leaving Metro Vancouver in droves (by the tens of thousands), I just don't see demand for starter properties decreasing in the short term.

Ha^ that’s exactly what happened to me. Lived dt for 7 years but by the time I could pay off dept and save enough for my deposit the cost of buying what I wanted dt became too expensive. We had to push out to Kingsway and Boundary for my first condo. It’s not so bad though. Traffic getting in and out of downtown to Olympic Village would be a minimum of 10 minutes and max of half an hour on bad days. Commute now ranges between 15-20 minutes on Kingsway so, as far as i’m concerned, the difference is negligible.

I think a somewhat underated factor that goes along with the lack of rental housing as well as unaffordability in new builds is peoples unwillingness to move to different areas.

Vancouver and the LML is pretty well known as small circles and people stuck in their own little bubbles and i think this is a big contributing factor to both issues imo.

In the last 6 years I've moved 3 times from Surrey - Burnaby - Vancouver, got a taste of completely different hoods, and different commutes etc. after this experience i think i could move to almost anywhere and make it work. However, the vast majority of my friends, and acquaintances, whether they own or not, have not moved more than 10km from where they grew up or where they have lived for 10+ years.

I realize the difficulties in moving away from things like doctors, dentist, family members, etc. but it's all doable with a little elbow grease, in hindsight i would have targeted areas like port moody and the surrounding areas as a place to live as its a different vibe than your typical suburbia, and until recently, was somewhat affordable.

Then in Van you have bums that have no business trying to stay where they are, but they'd rather be broke as fuck and within a walk to commercial drive than ever even consider living in a basement suite in langley.

My wife's sister has a lot of down and outer friends, single mothers, etc. and they all cling on to living in Vancouver basically to a determent of their lives. Living with your child in basically a bunk house, sharing a room with a 7-8-9-10 year old child with a bunch of other bums paying wayyyy more than you would have to pay to get a 2 bed room suite somewhere eastward.

Metro Vancouver's expensive because of it's proximity from downtown Vancouver. Bricks and mortar's getting replaced by E-commerce. Eventually when more employers accept the fact that employees who don't have front-facing roles can do their jobs remotely and that they can reduce costs by doing so. You'll see changes. Heck if, there's jobs that offer comparative pay in the suburbs, I'd take it no questions asked. Working in downtown as well as the commute associated with it isn't exactly my cup of tea.

Many businesses and organizations are still resistant when it comes to remote work. There is also still value in face to face when it comes to business. Video conference technology will never replace face to face interaction.

People who have low earning jobs often have little choice but to stay where they are because they can't afford to commute. Cars are becoming increasingly expensive to own.

However, there are also people who are ignorant about neighbourhoods or areas east of Boundary.

You can look at it as resistance to change, but you can also look at it as desire for stability or difficulty with moving.

It is fantastic that you are capable of moving so many times over the course of a few years. But many people do not have that capacity or the luxury of doing so.

In the cases of your wife's sister's friends, time, money, and work demands can all be huge impedements to moving. Esp for a single mother, the demands of life can already be so draining that you have very little reserve capacity to actively plan for change.

lol i know people barely cutting it by living paycheque to paycheque but refusing to leave Van when moving away could give them breathing room on monthly costs, and i know for a fact that they don't have much in belongings so it's certainly not the moving

plain and simple, i'm finding a lot of people in my age range, 25-35, are for whatever reason afraid of commuting and living outside of Vancouver, or they feel like they have to stay in Vancouver...maybe it's a sense of entitlement, maybe they have a misconception of living outside of Vancouver, maybe it's just unfounded fear

case in point, we have a family friend looking to buy their first home...lived in vancouver all their lives, work in vancouver, have an upwards of 750k budgeted, wants a 2+ br or townhome as they anticipate having children in the near future...tells us how frustrating it is trying to find their ideal home in Vancouver. Looked absolutely dumbstruck when we suggested looking at Burnaby/New West or even the Tri-Cities like we told them to move out to the Wack or something

don't get me wrong, there are people who don't want to leave Vancouver and try their luck somewhere else because of reasons you pointed out

^ Bingo.

Commuting sucks for sure. But if you're not driving for an hour, transit or a combination of transit is not all that bad. People shit on the boomers all of the time, but our parents were at least willing to put up with long commutes or shitty houses because they did what they needed to do to provide for their children.

Mobility is somewhat difficult for non-traditional families: blended, co-parenting, single parenting, etc.. Moving to another city means children potentially lose a secondary support network of family and friends, and it means one parent will be losing access to their child. Unless the child's best interests are the primary factor in a move, it is generally frowned upon and could potentially result in a loss of custody. These non-traditional families are becoming increasingly common.

I'm your classic born in Van, worked and lived in Van my whole life, same as the wife. We had a kid, and we wanted to buy a place. Stubborn to stay in Van but we were flexible in looking into Burnaby and we did. We did look at Coquitlam and saw some really amazing units but we couldn't do the commute when we factored in that it wasn't just driving to and from work but it was driving the kid to the grandparents then to work and repeat. We finally found the perfect place in Van that just so happens to be exactly in the middle between both granparents, 10 mins drive in either direction. Additionally I'm only a 10-15 min drive from work and even if I had to go pick up the kid then go home my commute is no more than 25-30 mins tops even during rush hour. I'm so thankful that I get at least 2 additional hours per day with my wife and son instead of being in the car. For me that's completely worth paying more and gotten less sq footage than we could have got in Coquitlam and otherwise.

Let's be fair. They never had to deal with the traffic we have today. 20 years back, driving to Richmond was agreeable; traffic actually flowed. Now it's just unbearable. I don't even go there unless I have to. In the past five years, I don't think I've been there more than five times a year.

Maybe worse in Richmond? Traffic is better now on the #1 then it was 20 years ago, I used to make the commute in the 90's when we had job sites downtown and it's better now for sure.

While we are on the topic of traffic I am glad Moonbean might be kick of the office next election. His bike lane just sucks. Sure it MIGHT be helpful to people who live within 20mins of their work but to ingore other people who have no choice but to drive to work because they live in another city is just stupid. By closing roads for more bike lanes he cause more traffic jam for everyone even people who live in Vancouver. Our work is by a bike lane and even summer days I seen less than 20 bikes use it and I work at 7am so I can actually see if people are using the bike lanes to work.

Now he is saying he wants locals to be able to get in on pre sales apartments first. LOL. He have no authority to do that. It have to come from federal to pass such a law. What a clown.

It applies to non-CMHC mortgages too. Any term other than a normal 5 yr fixed mortgage.

Dont think market will be impacted too much, alot of people apply for terms other than 5 yr fixed alrdy, and are subject to this “stress-test”. The main people who wil be impacted are the first time home buyers who are trying to get into the market.

Not to mention using $50 million in city funds to create the arbutus greenway bike path in his back yard. BabyRage

Anyone up bright and early this Sunday morning? Heading out shortly to Coquitlam, PoCo and Port Moody to check out the areas to perhaps move in the near future from Kitsilano.

Areas to see, or avoid? I need a garage.

Port Moody: Heritage Woods.
Port Coquitlam: Fremont
Coquitlam: Burke Mountain, Maillardville

How does this affect those who are currently bought into presales that isn't completed till say after next year?