Vancouver's Real Estate Market

[Mr.HappySilp]

It seems with the marijuana being legalize there have tons of debate about weather strata should allow marijuana and the allow of growing marijuana inside the suites. Some people said it should be allow and others say it shouldn't. You then also have tenants saying is their right of freedom.

In my option I would treat the same as smoking cigarettes so you can't consume/grow marijuana in your apartment. Not only does it smell and the smells gets into the wall (the only way to completely get rid off the smell is basically rip the place apart), the smell will flow to the hallway, venting system and gets into your neighbour's place who might not like the smell and it might even start a fire. Is not your place you are just renting so if the landlord/strata doesn't allow it then don't do it or move into a place that does allow it. Now if people get eatables only then I am fine with it since there are no smell or anything.

I don't know I feel this issue wasn't research in details nor discuss enough when marijuana is now legal, more though should have gone into it.

[Hondaracer]

Stratas are either going to say the rules are the same for smoking or they are going to ban smoking all together within a building because the weed smoke is becoming a nuisance.

Imo cig smoke is way worse than weed smoke as it lingners and penetrates far longer than weed smoke. Someone could smoke a joint in a unit and a few hours later you may not be able to smell it. You Smoke a couple cigs in a unit and the smell is there for days. Hell, even on an construction site people smoking cigs inside a building being dry walled can stick around.

I know we mentioned this before but with tenant agreements you can put in addendums that when your tenant signs off on them they are (somewhat) binding and I think you could at least have your foot in the door with the tenancy board.

The tenancy agreement I have with my tenants (who I would never even worry about smoking or growing in the least) lays out conditions that absolutely no smoking of any substance, drug use, etc will be tolerated and if such occurs could be grounds for removal After one verbal and one written warning it would be grounds for removal.

As far as that goes, I still feel somewhat confident in adding those addendums to my agreement as opposed to leaving it wide open with just the general tenancy agreement.

[twitchyzero]

smoking and pets are legal
yet they are usually not renter-friendly

[Ludepower]

Stratas and landlords should have final say. I support legalization (heavily invested in weed stocks) but respect the rules.

[CRS]

Like the post so far, I also view smoking weed the same as smoking tobacco when it comes to Strata rules. Once weed is legal, there is absolutely no reason to view it any differently than smoking.

[Manic!]

Originally Posted by CRS

Like the post so far, I also view smoking weed the same as smoking tobacco when it comes to Strata rules. Once weed is legal, there is absolutely no reason to view it any differently than smoking.

But what if it is medicinal? You have a no smoking ban for the building but can you stop someone from talking there medicine?

[CRS]

Originally Posted by Manic!

But what if it is medicinal? You have a no smoking ban for the building but can you stop someone from talking there medicine?

Smoking weed isn't the only way to administer it.

[Mr.Money]

in a shitty suite i was living in Burnaby once they joined the kitchen fans together in the exit pipe and the other next door thought they were smart smoking with the stove fan on.


Reeked the fuck outta my suite till the landlord found out.

[twitchyzero]

Originally Posted by Manic!

But what if it is medicinal? You have a no smoking ban for the building but can you stop someone from talking there medicine?

then you wouldn't have any trouble getting your physician to advocate by calling/providing some documentation

[Nabatron]

Originally Posted by Selanne_200

Mortgage Broker chiming in here. What your broker meant when financing is approved is mostly a conditional approval, where it is still subject to various conditions such as docs review, employment verification and appraisal.
As others mentioned, unless your way over paid for the unit, the appraisal should come back fine. Worst case scenario, you'll have to come up with the difference as additional down payment. For example: Original approval amount was for 800,000 on a 1 million dollar unit(80% is max assuming you're not purchasing mortgage insurance). The appraisal comes back at 900,000. The max loan amount they'll lend you is now 80% of 900,000 which is 720,000, and the difference of 80,000 you will have to make up by making additional down payment.

We got pre approved for our place up to 750k the house we put an offer on was around 700k before taxes which gave us abit of room with the banks. We are putting down 20% of our sale down on our place plus another significant amount down from our own money to get the mortgage down. I don't see how the banks could see us an issue ect....just waiting for this stupid house appraisal is getting me stressed because shit has to get done by weds with us removing subject which are subject to financing and home insurance....

[Acurapinoy]

So all in all, your mortgage loan will be about 500k-550k. I don't see the appraisal coming in as a problem then unless the appraiser comes back and say there are no comparables somehow lol.

[JDMStyo]

Some presales update for a busy Sept.

Vancouver
IVY on the Park (UBC)
$614K starting for 450sq ft.
Leasehold land as we all know but proper Vancouver area code and nice neighborhoods of UBC village land. Some larger units floor price drops down to $800/ft. Not a bad highrise for rental investments etc.
1BR here will rent out $2000+ and more furnished all day.

Richmond
Polygons' Berkley House
80% and slight price drop on remaining units! First from a major developer I'd say. Though good area near Central city. $800/ft not a bad buy.

Paramount
Richmond Center / Brighouse area. Should be a hot development, though won't be cheap, I imagine at least $1000/ft.

Surrey
Park George
Easily $850/ft realistically if not $900/ft to start looking at how fast LINEA sold out in July. (2 weeks).
Concord Pacific name easily carries itself locally and in Asia (they sell them in HK/Singapore too).

AVANI Center
$299K one beds pricing likely going higher - private sale from Virani did well in July. Will see what it opens at soon. Surrey Central skytrain area.

New Westminster
It seems like BOSA's Pier West is struggling a bit above $1000/ft and quite understandable too given area.
618 Carnavaron
Right at main street New West above the skytrain corridor. Should be a hot one though smaller developer gives some hesitation. Rennie marketing it, should blow out fast esp at the pricing of $400's for 1BR. Esimating $800/ft

Ovation
Across few blocks away. Domus small builder turned bigger projects. 204 units 1-3 bedrooms.
$400s too for 1bed so likely around $800/ft price

[Hondaracer]

I like that 618 Carnarvon just from being in new west fairly frequently.

It's a good central location with up and coming amenities and new west going through a revitilization fairly quickly. There's still a lot of skids and whatnot around that area, but a new tower right there, if i had the dough i'd be definately considering it for a rental property.

People just up from the street there also on carnarvon are paying 1800-2200 for SHIT builds (terrible EI builders, i beleive the buildings are 309 and 318 Carnarvon) so you should be able to get a pretty penny for a tower right on the skytrain.

[Mr.HappySilp]

Originally Posted by Hondaracer

I like that 618 Carnarvon just from being in new west fairly frequently.

It's a good central location with up and coming amenities and new west going through a revitilization fairly quickly. There's still a lot of skids and whatnot around that area, but a new tower right there, if i had the dough i'd be definately considering it for a rental property.

People just up from the street there also on carnarvon are paying 1800-2200 for SHIT builds (terrible EI builders, i beleive the buildings are 309 and 318 Carnarvon) so you should be able to get a pretty penny for a tower right on the skytrain.

I though about getting into New West as well. But a few small things set me back. First there aren't any real meals or shopping centers near the skytrain station or close by any apartments (Think Nelson by Metrotwon, Coq center near all those apartments) is all within 5mins walking distance to a reasonable mall, supermarkets, skytrains etc etc.... Not to mention there are a ton of small stores nearby. I also feel traffic will be really bad in that area and it will take time to develope. Also New West still need a lot of clean up. Maybe it will be great in a few years or maybe it won't (Think of Surrey central and King George) nice apartments nearby but the area is still not that great.

[noclue]

Downtown New West has the worst noise polluters. Train freight yard, truck traffic, bus station, skytrain station, boat foghorn, on the flight path for YVR arrivals.

[Nabatron]

appraisal finally came in today! Mortgage broker said everything looks good....I was pumped then he says he has to go back to the lender to make sure they are happy with my current income verification. Shit is a fucking pain in the ass run around with all these things from a bank.....causing me a ton of grey hairs and we aren't even living and paying the mortgage off yet lol

[Energy]

Haha you have to jump through all those hoops. I'm sure you'll be fine in the end.

[lowside67]

So we have an accepted offer on a detached house in the tri-cities and now need to list our 2BR condo in Port Moody. No subject to sale on our house purchase, so it will be interesting to see how this all plays out... freaking out a little, but keeping the condo and renting it out is a viable "worst case" scenario.

-Mark

[CharlesInCharge]

I recently found out about the 'golden ratio' that appears in nature (ie. first rectangular bone finger compared to the larger second) but is also used by designers of all types.






Im told that these ratios are also found in commodity trading trends in which I Googled real-estate charts.

The following site came up from 2016 predicting that prices would peak soon and bottom out at 2025. I wonder if they correctly applied the ratio.
Elliot Wave



latest figures
https://i.imgur.com/fhTtPZC.jpg

[twitchyzero]

nice upgrade!

[Mr.HappySilp]

Originally Posted by lowside67

So we have an accepted offer on a detached house in the tri-cities and now need to list our 2BR condo in Port Moody. No subject to sale on our house purchase, so it will be interesting to see how this all plays out... freaking out a little, but keeping the condo and renting it out is a viable "worst case" scenario.

-Mark

Why would it been a worst case scenario? If you can afford both places I say do it as long as the rental income for the apartment covers for itself you aren't losing anything. My sister have been renting her townhome since she got it like 10 years ago? The rent covers everything and is like 60% paid off already.

[lowside67]

Originally Posted by Mr.HappySilp

Why would it been a worst case scenario? If you can afford both places I say do it as long as the rental income for the apartment covers for itself you aren't losing anything. My sister have been renting her townhome since she got it like 10 years ago? The rent covers everything and is like 60% paid off already.

The rental income definitely would not cover everything and perhaps more importantly, given the position in the real estate cycle, I definitely am seeking to minimize our exposure to real estate.

I am willing to make the jump from a condo to a house as it's our principal residence and fits our needs, but in general I think this is a very risky time to be taking more exposure. Hopefully that makes sense.

-Mark

[Mr.HappySilp]

I think as long as you don't plan to sell the place in the next 6 to 8 years it will be fine. Even if the price drops and you don't sell it you aren't taking a lost. Is when you actually sell your place if you make or lose money that's what it counts I think.

However, I doubt price will double in just a few years like for the past 4 years. From what I saw basically price start going up like crazy around Mid to End of 2014 and up till late 2017 to early 2018 (at least in the condo market). Where price more than double during that period.

[Traum]

Originally Posted by lowside67

The rental income definitely would not cover everything and perhaps more importantly, given the position in the real estate cycle, I definitely am seeking to minimize our exposure to real estate.

I'm surprised to hear that, Mark. Between helping my parents manage their rental apartment, and later my own over the past 10+ years, we've never had a situation where the rental income wasn't able to cover our costs. The only exception was when my parents decided to put in some extra money to pay down the mortgage, but that was purely something they chose to do, instead of being required to do.

Density in the Tri-Cities is definitely going up though, and I know great efforts have been expended to increase density in Port Moody, so I understand your concerns to minimize your RE exposure in those areas.

[Hakkaboy]

Originally Posted by Traum

I'm surprised to hear that, Mark. Between helping my parents manage their rental apartment, and later my own over the past 10+ years, we've never had a situation where the rental income wasn't able to cover our costs. The only exception was when my parents decided to put in some extra money to pay down the mortgage, but that was purely something they chose to do, instead of being required to do.

Density in the Tri-Cities is definitely going up though, and I know great efforts have been expended to increase density in Port Moody, so I understand your concerns to minimize your RE exposure in those areas.

it depends on how much he paid for the condo. If he bought it 10 years ago, then I can see rent covering the costs. If he just bought fairly recently, then his mortgage is going to be a lot more than if he bought the same condo 10 years ago