JDMStyo, due to the continued increase price of pre-sales, do you see condos that were built in the past 10 years (or newer) increasing in price as well?

Or is the pre-sale market not directly affecting the re-sale condo market?

Was condo hunting with a friend a 2 months ago and yea condo market is really high. As long as it is within the 10 years range price have gone up a lot compare to the past few years.

My 12 year old condo in Langley had its assessment jump up 30% compared to last year.

Condos 10+ years ago in great locations are certainly UP as well. Look at most downtown units - $300K 1BR are now regularly selling for $600K. Metrotown and Surrey were similarly as well, Skytrain access and prices are up across Lower Mainlands. Those that are 20+ years are in a completely different market as wear/tear and assessments are starting to affect value.

Buying OLDER condos in great areas (low rise) ripe for demolition & rezone is a another common strategy. Bill 40 will help even older units get the 80%+ approval and densification needed for demolition and windup.
https://biv.com/article/2016/12/vote...al-under-new-l

A few on RS here bought at Wynwood. Those fortunate to get Wynwood Green (Coquitlam Vancouver Golfcourse units) were buying units of another windup. The owners of the previous lowrises received 70%+ premium on their assessment. If you bought $300K 1BR that you made $180K+ on your place upon Anthem's buy out.
Anthem successfully completes strata wind-up of Coquitlam complex ? urbanYVR

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Presales is completely separate from re-sale market. Though end users (residents of resales and rental cashflow investors) will always prop up the market. $600K 1BR downtown rents out all day at $2200/month. Those who had this from years ago with just $100-200K in mortgage is completely fine with cashflow here.

Financing is really where market gets impacted - most regular families can't afford $1.5M mortgages even with great DINK situations.

Big 4 banks can lend $1M now but super stringent. GDSR/TDSR ratios are firm 33/40% of your gross income and approved on 5.14%+ no discount 5 year mortgage rates so assure even a 2%+ interest hike will not tank the market.
Only smaller lenders can get equity mortgages through (Self declared income), but they can't lend out more than $1M, creating a perfect storm for most detached home.

Unless you have enough equity to buy $2M+ homes (most Van West and newer homes are $1.8M on 33 x 122 lots), it's not going to happen, so most young families are going to 2BR and even better, townhomes. Those who can stay with parents and wait out 2-3 years are buying ASSIGNMENTs and PRESALES to at least keep up the pace with increasing prices.

Most of our clients have help from family/parents on their down and hope to just get mortgage for the 60-70% upon completion of the units. Those who bought in 2-3 years ago are now $200K+ in equity versus their peers.

Interesting. Reason I ask, is that I purchased a 1 bedroom + Den in East Van 8 months ago. 7 year old building. Wondering if my unit is keeping pace with the madness of the pre-sale market, especially if we are looking to upgrade in about 3 years time.

I'm just waiting for news about Southgate. Looks to be an exciting project by a well known developer.

Looking for some advice. My brother lives in South Vancouver and would like to report his neighbor about 3 doors down for very unsafe and messy construction. 99% sure there is no permit as well.

My brother is generally a low key guy and would like to report this anonymously. There is a form on the city of vancouver website that allows for anonymous reporting. The only contact information you have to provide is an email address in case they want to follow up. His concern is that his neighbor can trace the complaint back to him.

Thoughts? I think he should just talk to his neighbor directly to clean his property up.

Why not make a throwaway email and report with that?

That. Man up and talk face to face.

Also, maybe i'm missing something but why does he care?

I'd care if my neighbours property was the equivalent of the city dump. But I agree, walk over there and ask politely. If he's a dick, be less polite. Then if that doesn't work start making his life difficult.

"unsafe and messy construction"

LOL. all you office people that sit in an air conditioned office all day have no clue how buildings are built.
Go pick up a hard hat, a safety vest, and walk onto ANY construction site. Let me know how many things you see wrong.

Welcome to reality.

Maybe thats a sign people in the construction industry should look long and hard at their practices. Disorganization wastes time. Time is money.

i can relate...the guys behind us left concrete bits in the backalley road surface, we had told to tell them to clean up after themselves
a month later they also took out our/neighbour cable that was running to the power line and left it dangling...fucking hell
mind you being in east van i'm used to seeing tons of houses going up...but these guys were simply not respecting the neighbourhood

If the streets are clean, sidewalks clear, and all mess is contained within their own property I think people should mind their own business in terms of new builds. I’ve dealt with enough nosey busy bodies in the past to know the majority of the time their wants and claims are unfounded.

Occasionally streets might get a little dirty, sidewalks might have some dirt or dust on em, ya gotta break a few eggs to make an omelette. Love people who live in relatively new houses who stick their nose into the business of a builder. Yea cause YOUR house just dropped from the sky right? lol..

I do agree though that if ongoing mess which is spilling into the street, people tossing cig butts around the site, not securing site on nights and weekends, neighbors have a bit of ground to complain. However, as mentioned above, go talk to the super and let them head your concerns and if they are worth anything they will address your problems.

The majority of EI builders though, good luck.

I was doing an inspection for the cable and telephone installation in a new house a few years back. I had to take a whiz, but there was no porta-potty on site. I asked the builder where the bathroom was and he pointed behind the house. I said "Uh, where do you go #2?"

His answer, "haha, same place buddy. Watch where you step"

:ahwow::ahwow::ahwow:

immmma thinking of selling our house in ricemond and moving to twassasssseeeesssaaannn.

https://www.rew.ca/properties/R22314...drive-delta-bc

specifically this one.

You guys think its a good buy for where its located ? Im not too too familiar with the delta market but i like the proximity to the beach/point roberts and it aint too bad for me to commute to work (deltaport/fraser surrey docks/downtown). The neighborhood seems nice but the god damn sloped driveway is gonna be hell for my maz. Not sure even with ramps will i be able to come down my own stinking driveway without smashing the nose to pieces.

https://s17.postimg.org/zd6cr1w27/17...f95f141d6a.jpg
https://s17.postimg.org/k4gfdapj3/25...364bb4d906.jpg
https://s17.postimg.org/9ue0e2f33/ac...3dec377019.jpg

Damn that's a nice place!

My #1 concern for places in Delta, esp in Ladner and Tsawwassen, is what the flood risks are. It looks like this address is not at the bottom of a hill, so I think the risks of flooing are relatively lower. But reaslistically, it is something you should ask your realtor / seller about.

The Messy tunnel / replacement is going to continue to be a mess for years to come regardless of what the provincial government decides to do. Your work trips to DT is gonna suck when you need to head to go there.

I just filled up at $1.71/L for some Chevron 94 over the weekend, so I am going to be very jealous of your gas fill ups once you accquire that place.

I drove through that area a few weeks back for my daughter's volleyball tournament. It really is a nice area. Reminds me of old Delta, before multiculturalism "changed" it.

Yeah, I went there :awesom:

can you not just add a bit of a filler on the curb so it's not so sloped or will nosey neighbours report that to the city?

I'm quite worried about that tunnel too. Most of the time it's a friggin zoo and one accident will lead me to miss any and all appointments downtown. Richmond at least has multi arteries to get in and out. Unfortunately with a limited budget of 2 million you can't get a nice big lot like this in Richmond with a 4000sq house.

If I get it, gas party at my house !!!

https://discourse-cdn.freetls.fastly...76f5fcbefb.gif

Don't know man. The opposite neighbor looks like he belongs in the son's of Odin. Gave me and the wife a pretty scary look. But that being said I'm sure he's a nice enough guy once you get to know him. I'm just worried any permanent installation will yield me fines

How bad is it pulling into the driveway nose first?

Planning to list a condo for sale this Thursday.

I own 206-844 Goldstream Ave with a business partner. It's a 1 bed 1 bath 2009 condo located in downtown Langford (a 25 to 50 min drive to Victoria depending on traffic). My business partner and I purchased it as an investment property and it has been rented since day one. Practically zero dollars in maintenance for the unit and the building which is pretty impressive. Just painted it in September so it looks fresh. Curious Comics on the ground floor and Tim Hortons across the street.

1 secure covered parking spot (not underground), no rental restrictions, one cat or dog allowed (up to 25lbs). Marble counter, stainless appliances etc. Our 2nd floor unit has a large terrace big enough for a large table and chairs plus BBQ and overlooks a small house with mostly grass.

By the Numbers:

206-844 Goldstream Ave, built in 2009.

Purchase price Feb 2011 was $236,000
Current assessment is $251,900
Most rentable 1 bed 1 bath in the area are selling around about the $300k mark so we plan to list at $299,900 on Thursday. Then look at all offers on Tuesday. Typical strategy.

Rents for $1300.00 per month (utilities not included) with a letter (notice) from tenants they are leaving August 31st. Before moving in one year ago we knew they planned to move back to AB August 31st so it was not a surprise.
Strata: $212.80 per month
Property tax in 2017: $1158.73

When we sell my expenses will include: realtor commissions (25% off due to long time client), fee to break mortgage of 3 months interest (approx. $1050), legal fees (approx. $1500), and capital gains. I plan to put the capital gain tax aside to pay next year.

I will share the listing this week and we shall see how it goes! This is the first property I have sold.

https://djwv1vs796km.cloudfront.net/...995971074.jpeg

Those are pretty low strata fees. How is the contingency fund for the building? I know when I was searching last year, a lot of buildings I looked at that had low strata fees had minimal contingency funds and lots of upcoming work required...

feel inept now when ex-landlord put up 20 yo lowrise 2 bed-2 bath steps from joyce station for 330k in 2015 and I turned it down...then again apts were flatlined in the years previous and thought with all the towers going up brentwood/metro may end up with a glut of inventory by now :okay: