Vancouver's Real Estate Market

[Mr.HappySilp]

Originally Posted by twitchyzero

my agent (i'm in the market to buy) said there's listings coming up through his office

is there a conflict of interest? even if if it's a different agent but same firm?

Don't think is a conflict of interest. The new policy states there have to be different agents for the seller and the buyer didn't say anything about restriction from the same firm. I think you will be fine.

[Ludepower]

To have a fighting chance both partners need "real" careers with a combined income of 150k.

So girls...before you scope guys bank accounts...know hes already checking yours.

[Ludepower]

Originally Posted by yray

developers think it'll hit 2k

I think it's already hitting 2k for DT presales. Compared to other cities around the world we still have lots of room to climb.

It'll be very interesting to see what prices will be when they tear down the Georgia viaduct and develop the lands around the old edgewater casino.

Massive Plaza of Nations redevelopment and new Canucks practice rink approved | Daily Hive Vancouver

[sam0m0]

.

[JDMStyo]

Under the new June 15 dual agency rule that's fine.

Even agent receiving both (listing + selling) or more appropriately called sell + buying side is fine, as long as there's no representation (client) or deemed agency relationship. In recent years commission and renumeration of agents has come up repeatedly to point there's actually a form even if your agent refers to a buddy realtor for the buy side and gets 25-30%, they should be reporting it to the clients.

Of course, one side could be un-represented and in that case listing agent brings buyer would still get both commissions. I'd say that'll be more rare, who doesn't want more protection and one extra person (realtor) to sue if things go sour?

Exceptions do apply
Dual agency is prohibited under section 5-16 of the Rules. However, there is a very limited exception in section 5-17(1) of the Rules. A brokerage may engage in dual agency in respect of a trade in real estate if:

The real estate is in a remote location;
The remote location is under-served by licensees; and
It is impracticable for parties to be provided trading services by different licensees

https://www.recbc.ca/psm/agency-disclosure/

[yray]

Next step will be developers giving out and guaranteeing mortgages. Then it'll be a self propping industry and then bail out by the governments.

[Tapioca]

Originally Posted by Ludepower

To have a fighting chance both partners need "real" careers with a combined income of 150k.

So girls...before you scope guys bank accounts...know hes already checking yours.

Income is not the whole picture - overall credit worthiness and debt load are important as well. On the income side, earning potential and a strong professional network are more important in the long term.

Don't marry someone with bad debt, or poor credit. Marry someone who has good credit, a decent education, and is well connected.

[lowside67]

Originally Posted by Ludepower

To have a fighting chance both partners need "real" careers with a combined income of 150k.

So girls...before you scope guys bank accounts...know hes already checking yours.

True that. My fiance didn't come into our relationship with a bunch of money, but I appreciated that she had no debt, some savings, and an actual career (not to be confused with education that does not prepare you for a job).

I also agree that $150k/year sounds like a lot of money but really is not a number where you can live lavishly. We earn more than that and while we are comfortable, we still live in a 975sf condo and feel like a house is on the edge of our comfort zone financially.

-Mark

[Nabatron]

Just got back from Kelowna this weekend. Was checking out a few places outside of Kelowna in westbank. For developer built detached homes you could get a very nice home for around 750k taxes in. I mean this is no small chunk of change but if you compare those prices to prices of the lower mainland it is a steal.

[Hondaracer]

Originally Posted by Nabatron

Just got back from Kelowna this weekend. Was checking out a few places outside of Kelowna in westbank. For developer built detached homes you could get a very nice home for around 750k taxes in. I mean this is no small chunk of change but if you compare those prices to prices of the lower mainland it is a steal.

well i would hope so for a 5+ hour drive away from the coast

[Nabatron]

Yeah who needs the coast when you have lakes everywhere in the Okanagan lol...housing market is just going to go up there eventually..

[Gerbs]

Would make sense if your able to work remote / from home. Otherwise most corporate side jobs are in downtown

[68style]

I gotta say boys... I know it's pessimistic... but keep in mind I'm a bit older than most of you and I've seen what happens into people's 30's and early 40's... for anyone getting married nowadays in the culture we live in with smartphones/social media/internet in combination with how massively expensive life is here and how entrenched we are in our material assets (house/home/toys) you're almost a moron not to get a prenup. It really pains me to say it... but you wouldn't believe how many decent men I've seen torn apart in what they thought were solid "I don't need to worry anymore!" relationships. It's downright shocking, especially with how biased the courts are when things do take a shit and with Canada being a no-fault divorce system it doesn't even matter what the other person did or didn't do.

I've lost count how many times I've seen a good man work his tail off, get married, have 2 kids in good faith, continue to work hard to afford nice amenities and a nice house here, spend late hours busting his ass only to come home and find another guy busting a nut into his wife because she said he wasn't around to pay enough attention to her (duh!! Working!) or she saw another version of a life she liked better through social media............. and now he loses half of everything, she stops working because of "stress" and he loses most of his paycheque in spousal support and kid payments for the rest of his life? It's fuckin robbery... you gotta protect yourself nowadays. I did a prenup when I got married, wouldn't have done it without one.

[Tapioca]

You don't need a prenup to mitigate your risk - you need to find a partner who has as much to lose as you in the event of a divorce. If you're a career driven guy, then find a woman who's your equivalent. If you're worried about a woman keeping the house, the law is on your side. In BC, you now keep property you owned before you entered into a common law or marriage.

Men run into problems when they marry women whose lifelong goal is to stay at home and have kids.

[unit]

id definitely get a prenup. it just makes no sense that you'd split what you had before you even got into the relationship once the relationship is over.

my gf has a lot of family money and we've already discussed it and i'm totally fine with getting a pre-nup if we get married.

[Blueboy222]

If You Want a Prenup, You Don’t Want Marriage.

What you're basically saying is you don't have any trust or faith in the relationship with your significant other.

"hey baby lets get a prenup." HOW romantic

You're more likely to ruin your relationship with this pessimistic idea.

[Ludepower]

I'm told prenups dont even work anyways. Having kids and a good lawyers can void it easily.

[Great68]

Just hit 17 years together with my wife.

Gotta get yourself a good woman.

[MarkyMark]

Every miserable old divorced guy I know got screwed because of having kids. Not sure what kind of prenup protects you from child support.

I notice a lot of them like to hide that they were a piece of shit husband when they tell their sob story though, either cheating themselves or just drunks who would rather go out with the boys every weekend instead of doing the family thing.

[GS8]

[Hondaracer]

No kids no probs

[Harvey Specter]

New-home presales plummet in Lower Mainland

The rate at which presale condos and townhomes are being snapped up has plummeted across Greater Vancouver and the Fraser Valley – especially in downtown Vancouver, according to a July 18 report by a real estate marketing company.

MLA Advisory, the research arm of marketing firm MLA Canada, said in its mid-year report that the absorption rate of newly released presale units in June 2018 across the Lower Mainland was just 50 per cent, compared with 94 per cent in January this year. The monthly absorption rate is the proportion of units that are both released and sold within that month.



Overall, from January to June inclusive, 74 per cent of the 7,753 presale unit released in the Lower Mainland were sold. However, the pace of sales is slowing, with 79 per cent sales in 2018’s first quarter, and 69 per cent in Q2.

MLA said the more modest pace of sales was good news for homebuyers and the industry.

“The current pre-sale landscape is shifting from its once unsustainable, hyperactive growth to a balanced, more normal market,” said Suzana Goncalves, chief advisory officer and partner at MLA Canada. “This is good news for everyone to ensure more modest and realistic price growth, more choice for consumers and the need for higher quality product from the industry. The economic fundamentals including low interest rates, steady employment landscape, and continued demand to move to our sought-after city will allow for a steady shift into a balanced market.”

Read more @ New-home presales plummet in Lower Mainland

And City of Vancouver is looking to allow for larger laneway homes...

An amendment to the laneway homes policy to permit larger, more livable homes. In addition, proposals will no longer to be reviewed by a board, but can be approved of by staff, like most other buildings.

https://council.vancouver.ca/2018071...2by-law-ZD.pdf

[twitchyzero]

i wonder if duplex and laneway homes will just merge (being able to sell your laneway detached)

[Hondaracer]

^ I believe that is already in the works?

The current regulations for laneways are pretty tough, especially requiring a parking spot, as that eats up a tonne of space.

As I type that though the thought of “not in my backyard!” Pops in my mind however because we do not have any parking and rely strictly on street parking which has been getting more difficult in recent times (even though our block is specifically parking for THAT block)

311 has excellent parking attendants though :O

[jasonturbo]

Originally Posted by MarkyMark

Every miserable old divorced guy I know got screwed because of having kids. Not sure what kind of prenup protects you from child support.

I notice a lot of them like to hide that they were a piece of shit husband when they tell their sob story though, either cheating themselves or just drunks who would rather go out with the boys every weekend instead of doing the family thing.

My understanding is that you cannot avoid child support via prenuptial agreement.

As a general statement, prenuptial agreements are generally most effective at preserving the net worth that you had at the time the agreement was signed. Everything that happens after the agreement is signed can come into question in a contested divorce, regardless of the assumptions that were made with respect to the future when the agreement was signed.

This is why prenuptial agreements should be renewed on a regular basis, for instance, annually.

Of course there are always exceptions... and I'm not a lawyer that practices family law... so assume the above statements to be completely incorrect.