Vancouver's Real Estate Market

[yameen]

Yup, I unfortunately waited in hopes it would go down but missed the boat. I finally said screw it and bought into the 1 year new wall centre towers by boundary and kingsway, 1bdr 520sqft above asking competing with 4 different offers. I was told there were 4 other offers which made me bid higher than what i originally wanted but i don't even know if this is true. in the end i just feel relieved that the hunt is over and that i'm in the market even though it may crash.

[G]

Originally Posted by yameen

Yup, I unfortunately waited in hopes it would go down but missed the boat. I finally said screw it and bought into the 1 year new wall centre towers by boundary and kingsway, 1bdr 520sqft above asking competing with 4 different offers. I was told there were 4 other offers which made me bid higher than what i originally wanted but i don't even know if this is true. in the end i just feel relieved that the hunt is over and that i'm in the market even though it may crash.

How much did you buy for if you don't mind me asking? I haven't really checked the market but I am thinking of listing mine for sale. Same development


Also, I am curious to know everyone's thoughts on the Royal Oak/Edmonds area?

[Mr.Money]

Can't they just keep pumping out condo's non-stop till the price becomes reasonable or nah

[68style]

^ that’s the claim from all the real estate agents!!! Not that they’re biased or anything! Lol

[welfare]

I'm sure developers share a stake in that opinion as well

[hotong]

Originally Posted by G

How much did you buy for if you don't mind me asking? I haven't really checked the market but I am thinking of listing mine for sale. Same development


Also, I am curious to know everyone's thoughts on the Royal Oak/Edmonds area?

I live in Royal Oak Area near burnaby south secondary. I love it, quiet and a lot of street parking.

[G]

Originally Posted by Mr.Money

Can't they just keep pumping out condo's non-stop till the price becomes reasonable or nah

The underlying question of affordability and housing prices was the main topic at this years Vancouver Real Estate Forum. There are lots of factors that contribute but no solutions seem viable.

- Pumping more supply doesn’t necessarily fulfill the demand. There’s other factors like rising construction costs in materials and labour which is becoming scarce. It also takes time to develop since there’s permits and a lengthy approval process.

A really cool panel during the forum was with the CEO of Translink where they debated the question of : Do you build a transit station first with condo towers to follow or so you build the towers first and then the station.

tl;dr for the event: everyone knows the problem, no one knows how to fix

[westopher]

Originally Posted by Mr.Money

Can't they just keep pumping out condo's non-stop till the price becomes reasonable or nah

When the same corporations, developers, real estate agents, and wealthy investors keep buying and holding (and having insider options to purchase before the public is allowed,) to control supply, it doesn't matter.
The process is flawed. As long as real estate remains as unregulated as it is for # of properties legally allowed to a single owner or company, they will control the supply, therefore controlling the value.

[Ch28]

We contacted a realtor regarding Gilmore Place and this was the special features list he sent back

• Tower 1 completes late 2023
• Tower 1 sold. First, Tower 3 sold second, Tower 2 sold third
• Strata fee: 45 cents/sqft
• Six elevators (separate elevators high/low floors)
• A/C
• Blomberg appliance package
• full-size Whirlpool washer/dryer
• nook is included (USB; phone)
• 9ft ceilings with a drop in the kitchen for spotlights
• closet organizers included
• fridge size varies depending on the size of the rooms
• Nu-heat in the master bathroom
• Colours: Dawson = limestone; Lougheed and Gilmore = marble
• $2000 upgrade for laminate in bedrooms
• carpet in the bedroom is 50% wool and 50% polyester
• UV-blocking white roller blinds on all exterior windows
• 25% deposit structure - 10%/5%/5%/5% - last deposit may be negotiable
• assignment fee unknown but will have to have 95% sold
• balcony in display unit will be larger
• Amenities: bowling, golf simulator, pool/hydro therapy pool/hot tub, sky lounge, multiple party rooms, indoor children's play area, meeting rooms, spin studio, guest suites for visitors, workshop, outdoor area with fire pits, BBQ and dining areas, green space, urban agricultural plots
• 21st floor and below does not get parking (cannot purchase); 21st floor and above get a parking stall

Parking in that area is going to absolutely suck ass

[yameen]

Originally Posted by G

How much did you buy for if you don't mind me asking? I haven't really checked the market but I am thinking of listing mine for sale. Same development


Also, I am curious to know everyone's thoughts on the Royal Oak/Edmonds area?

pm'd.

but why would you move from east vancouver to royal oak/edmonds? i have a friend that lives in edmonds and its development is amazingly slow compared to other parts of the tricities. they built the new kings crossing towers which might help increase activity but it's super dead and quiet.

only reason you would move from east van to east burnaby is if you're upsizing and can't afford vancouver otherwise i'd keep the unit you have in the wall centre tower.

[Hondaracer]

Blomberg appliances and Whirlpool washer dryer lol.. its like use another low end manufacturer people arent familiar with to make it seem more high end..

Also please dont tell me people are dropping the ceiling in the kitchen again to give that ambiance feel.. uhg.. welcome to 25 years ago.

[Ch28]

Originally Posted by Hondaracer

Blomberg appliances and Whirlpool washer dryer lol.. its like use another low end manufacturer people arent familiar with to make it seem more high end..

Also please dont tell me people are dropping the ceiling in the kitchen again to give that ambiance feel.. uhg.. welcome to 25 years ago.

How would you rank appliance brands from best/good/decent/poor?

We're looking at another development that also has a 30" SS "Blomberg appliance package"

[Traum]

Lemme just add to the sentiments that Whirlpool makes some of the shxttiest household appliances. We've had 2 sets of their washer / dryers in the past, and they were absolutely horrid in terms of functionality and reliability.

We wouldn't have purchased that 2nd set after our 1st experience with them, but at the time, that was the only inventory available and we needed something right away.

[originalhypa]

Originally Posted by Ch28

We contacted a realtor regarding Gilmore Place and this was the special features list he sent back

Spoiler!

• Tower 1 completes late 2023
• Tower 1 sold. First, Tower 3 sold second, Tower 2 sold third
• Strata fee: 45 cents/sqft
• Six elevators (separate elevators high/low floors)
• A/C
• Blomberg appliance package
• full-size Whirlpool washer/dryer
• nook is included (USB; phone)
• 9ft ceilings with a drop in the kitchen for spotlights
• closet organizers included
• fridge size varies depending on the size of the rooms
• Nu-heat in the master bathroom
• Colours: Dawson = limestone; Lougheed and Gilmore = marble
• $2000 upgrade for laminate in bedrooms
• carpet in the bedroom is 50% wool and 50% polyester
• UV-blocking white roller blinds on all exterior windows
• 25% deposit structure - 10%/5%/5%/5% - last deposit may be negotiable
• assignment fee unknown but will have to have 95% sold
• balcony in display unit will be larger
• Amenities: bowling, golf simulator, pool/hydro therapy pool/hot tub, sky lounge, multiple party rooms, indoor children's play area, meeting rooms, spin studio, guest suites for visitors, workshop, outdoor area with fire pits, BBQ and dining areas, green space, urban agricultural plots
• 21st floor and below does not get parking (cannot purchase); 21st floor and above get a parking stall

Parking in that area is going to absolutely suck ass

The developers are slipping their dicks down the throats of every buyer there, and these betas are thanking them for it.

A fool and his money are soon parted...

[Hondaracer]

Blomberg is like a euro manufacturer of low-mid grade appliances, they have some higher end stuff but any contractor isnt going to use any models that equal diminishing returns.

Personally for lower/mid grade appliances i like Kitchenaid, we bought a whole kitchen from them through bestbuy, Fridge, gas range, dishwasher, they have varrying levels of quality as well but i've been very satisfied with ours, they look a little more "high end" than most in their price range and they arent just filled with bullshit features and clutter for dials and knobs

with lower/mid range stuff just do your homework and pick your poison. Bestbuy product service plan is actually excellently priced, and i havent had to use it yet but for the price its actually completely worth getting now.

If you're getting into the range of $4000 ranges though you might as well bite the bullet and get into the Wolf etc.

Not many developers let you do this, but if it was up to me, i'd probably get credit back on all appliances and purchase my own where possible, even if you get 2000-3000 back you could probably get some value in using that money towards some better stuff.

[Mr.HappySilp]

Originally Posted by Ch28

We contacted a realtor regarding Gilmore Place and this was the special features list he sent back

• Tower 1 completes late 2023
• Tower 1 sold. First, Tower 3 sold second, Tower 2 sold third
• Strata fee: 45 cents/sqft
• Six elevators (separate elevators high/low floors)
• A/C
• Blomberg appliance package
• full-size Whirlpool washer/dryer
• nook is included (USB; phone)
• 9ft ceilings with a drop in the kitchen for spotlights
• closet organizers included
• fridge size varies depending on the size of the rooms
• Nu-heat in the master bathroom
• Colours: Dawson = limestone; Lougheed and Gilmore = marble
• $2000 upgrade for laminate in bedrooms
• carpet in the bedroom is 50% wool and 50% polyester
• UV-blocking white roller blinds on all exterior windows
• 25% deposit structure - 10%/5%/5%/5% - last deposit may be negotiable
• assignment fee unknown but will have to have 95% sold
• balcony in display unit will be larger
• Amenities: bowling, golf simulator, pool/hydro therapy pool/hot tub, sky lounge, multiple party rooms, indoor children's play area, meeting rooms, spin studio, guest suites for visitors, workshop, outdoor area with fire pits, BBQ and dining areas, green space, urban agricultural plots
• 21st floor and below does not get parking (cannot purchase); 21st floor and above get a parking stall

Parking in that area is going to absolutely suck ass

In terms parking it isn't so bad once people get use to it. There are no parking stalls for 10th floor and below in my building. Most people have 2 cars or more. For the first little while they would park at the visitor parking (which is always full) but that was clean up because they do check and if they notice the same cars are always parking there it gets tow. Now the visitor parking is pretty empty. People would always park at an empty spot in the resident parking. Some people used to park at mine all the time. I think I complain enough and he actually got tow. In terms of side streets it seems ok is still pretty decent you can still parking but it will be a few blocks away.

Originally Posted by Hondaracer

Blomberg appliances and Whirlpool washer dryer lol.. its like use another low end manufacturer people arent familiar with to make it seem more high end..

Also please dont tell me people are dropping the ceiling in the kitchen again to give that ambiance feel.. uhg.. welcome to 25 years ago.

I think for appliances the less function the better. Just get the most basic model and it will last a long time. I mean all a stove does is cook and bake why do we need a computer and LED panel to tell us what temperature it is on? Or why do people need a fridge with WiFi built in to tell you in real time how's the air flow like? The more tech you add to an item the easier it is for it to brake.

[Hondaracer]

They put in all those added features so they break quicker like you said.

I used to work out of white rock in some olddddd homes, some of these elderly residents have dish washers from 25 years ago still working fine today.

A complex we built about 6 years ago had Samsung dishwashers, 35 of them of the 100 were replaced in the first year..

[Tapioca]

Originally Posted by Ch28

How would you rank appliance brands from best/good/decent/poor?

We're looking at another development that also has a 30" SS "Blomberg appliance package"

Whirlpool, KitchenAid, Amana, and Maytag are all Whirlpool Corporation brands. The good thing about these is that you can buy parts off the shelf when something breaks (it will). With other brands, such as LG, you have only the manufacture to source parts from and arrange repairs.

When it comes to appliances, brands are good at one or two things.

Fridge - LG has the quietest compressors and best interiors, but potential issues with service
Range - dependent on the technology - smooth top, induction, gas
Dishwasher - Bosch is a good middle brand, while Miele is tops
Washer/Dryer - Speed Queen or Miele have proven to be the most reliable. Samsung seems to have a decent reputation for their front load models.

[jing]

$2k to upgrade to laminate in the bedroom... WTF. Doesn't seem worth the premium unless you want the exact same flooring throughout. We have a nice engineered hardwood in our place but didn't like the shitty carpet in the bedroom and walk in. Cost us less than $1400 installed with acoustic underlay and levelling for mid to high quality German made laminate.

[Hondaracer]

$2000 is $6/sq ft if you have a 300 sq ft bedroom

[westopher]

300 sq/ft bedroom? Isn't that much larger than they will be in these places? You know better than I do, but I thought in a 600 sq/ft apartment it would be closer to like 175-200

[Hondaracer]

Yea just saying as reference. Odds are in a sub 1000 sq ft place you ain’t getting a master that’s 300sq ft, no way.

So it’s more like 9-10 a sq foot which is like ultra high end flooring for the most part lol

[twitchyzero]

realtors aren't regulated? don't they have certification exam and have a board?

or there's just way too many loopholes and everyone looks the other way?

[westopher]

They are regulated, but it’s clear that they treat their fines as the joke that they are. The fact these homes can be 80% sold out before even being offered to the public is no different than insider trading. It’s all just people with all the money changing the rules of the game to suit them.

[Ch28]

Originally Posted by Mr.HappySilp

In terms parking it isn't so bad once people get use to it. There are no parking stalls for 10th floor and below in my building. Most people have 2 cars or more. For the first little while they would park at the visitor parking (which is always full) but that was clean up because they do check and if they notice the same cars are always parking there it gets tow. Now the visitor parking is pretty empty. People would always park at an empty spot in the resident parking. Some people used to park at mine all the time. I think I complain enough and he actually got tow. In terms of side streets it seems ok is still pretty decent you can still parking but it will be a few blocks away.

You're in a different neighbourhood, though.

The Lougheed/Gilmore area has no residential areas anywhere close to where the complex is being built. Everything in that area is already metered parking, so what happens when you have 20 floors worth of residents trying to find parking?