Vancouver's Real Estate Market

[Great68]

Definately area dependent. House a few doors down from me just sold within 2 weeks of listing. I don't know what it sold for, but it was listed in line plus a small increase over what my next door neighbor's house went for last year.

[TouringTeg]

Originally Posted by 1337

My keys were recently stolen which had my fob, front/back door keys and mailbox key for my condo. Since then I have replaced my dead bolt for the front and back door and deactivated the fob. I reached out to strata for a replacement mailbox key in which they replied to me to reach out to Canada Post as they do not hold onto the spare key. I was told by CP that they only replace keys for mailboxes located outside the building. Strata is suggesting I seek a locksmith. I live in the Metrotown area. Does anyone have suggestions for a locksmith and what's the typical price? Thanks!

I had an investment condo (2010, 1 bed 1 bath) and our first crappy tenant left without returning keys. Instead of calling a locksmith my business partner watched some youtube videos on picking a basic lock. He picked the lock on our own mail box and we replaced it with a similar looking lock from Home Depot. It was pretty awkward telling people what we were doing as they walk in the front door of the building lol He was successful and saved us hiring a locksmith.

Sold our condo in Langford recently. The sale happened back in April but it closed Sept 1st as that is when our tenants were leaving. It was listed on a Thursday and had an accepted offer the following week. Subject to financing only and they had that done within two weeks. Listed for $299,999 and sold for $310k. Comparables on the same street are selling at about the same price or less. The closing worked for both parties.

It was painless on my side as we had already painted a year ago and no repairs were needed. My tenants were already leaving Sept 1st to move back to Alberta. I went to my notary for 15 mins to sign some paperwork and a few days later had an ETF with my funds. Keys were handed to our selling realtor.

I still have a rental house in Langford rented top and bottom. That will be more work in a few years as it has been painted and needs plenty of time and money.

The market is slowing here in Victoria and the number of listings is going up. Good ones that are priced properly are still selling.

[originalhypa]

^
That is pretty much how it should go. I'm surprised as to how many challenges people are posting up here. Maybe its an indication that there are a lot of folks entering home ownership blindly. Dangerous in a market as volatile as BC.

I knew the market wasn't sustainable about 4 years ago when the "dog" house near us finally sold. It had been on and off the market for years and never had much interest. The house was rough, and the property was a mess with easements, busy street entry, etc.

That same house sold once in 2014, and again in 2015, both times for high dollars. When those houses stop selling, I'll know its time to look at RE again.

That said, I lost out on another house in Whistler a few months ago. Another dog, although I knew $100k would do wonders for it. Long story short, we lost out on place over $5000. A seven figure offer, lost out over $5k. It was a funny deal though, with an offshore client..... fuken BC.

[Traum]

Originally Posted by originalhypa

That said, I lost out on another house in Whistler a few months ago. Another dog, although I knew $100k would do wonders for it. Long story short, we lost out on place over $5000. A seven figure offer, lost out over $5k. It was a funny deal though, with an offshore client..... fuken BC.

Don't look at it as you losing out on the transaction by a mere $5k. It is likely that there are other factors involved that somehow made the other offer more favourable than yours.

Did you include any subjects? Do you know how your proposed closing date was compared to the other offer? Maybe the other party offered a BJ on top of the transaction price, and you only offered a HJ?

Tons of things at play that we may or may not know.

[Mr.HappySilp]

Originally Posted by 1337

My keys were recently stolen which had my fob, front/back door keys and mailbox key for my condo. Since then I have replaced my dead bolt for the front and back door and deactivated the fob. I reached out to strata for a replacement mailbox key in which they replied to me to reach out to Canada Post as they do not hold onto the spare key. I was told by CP that they only replace keys for mailboxes located outside the building. Strata is suggesting I seek a locksmith. I live in the Metrotown area. Does anyone have suggestions for a locksmith and what's the typical price? Thanks!

I though the strata would help you. Anyways you don't really have to replace the dead bolt. You could taken it a keysmith and they can change something to it and give you a set of new keys for it.

Going to have to do same for my apartment since it was a rental unit I feel it is safer to change the locks even though I have all the fob with me (as far as I know there are no missing fob).

Handed in all the doc to change the bedroom carpet to laminate flooring. Man the stuff you have to fill and provide to them is pretty insane. The strata manager is on vacation till monday. I email her and the strata management company a copy and everything they ask. I also went and drop a physical copy at the caretaker. Since I have to give them money for the move and get a new fob. I should have ask the caretaker for the reno since he does it too. I am sure if I hire him he would speed up the processing time (I am sure he wants to get paid sooner) Oh well.

[GS8]

EDIT: Yes I know this thread focuses on buying but some of us still reside deep on the other side of that fence.

Was able to acquire some interesting information regarding my soon-to-be-destroyed building.

Basically, our former owners had every intention of keeping the building. It's a 3 storey lowrise. All suites on the top floor were fully renovated. The first & second floors were half renovated (floors, walls, fixtures only). They would finish complete renovations next year. Last fall, they installed a $35,000+ boiler system.

Then came the building's latest property tax. The value of the tax was severely inflated and equivalent to that of a large Tower. Well the company didn't find that to be very reasonable as it was going to eat into the remaining costs needed to finish the renovations so they had no choice but to put it up for sale.

Just before my building was 'on sale', I noticed a couple of surrounding buildings had 'for sale' signs outside their premises. This coincides with land proposal meetings the city was having with the public over the past year that involved those same properties. The ideal goal being to consolidate portions of the land primarily occupied by old apartments and strip malls.

Well I got word back in June that our building was sold. 'Okay', I thought. Find out about the company and what they're doing for us yada yada. Throughout the summer, I see more for sale signs popping up. Some were sold. To who? That's right. The same company that bought ours. Basically, they'll buy all the land up and wait for the city to pass the motions required to consolidate the property lines so they can build whatever structures they want. Still a year or so away but I'll have to be out of my building by Dec of 2019 but I plan to move out sooner than that (here I go again). It'll be terrible for the people who have lived here for so long especially the seniors who are in their 70s though fully functional and independent. Some have been here for over 10 years and their rent is affordable but they'll get serious sticker shock when they have to leave.

So all this starts at the city level. Obviously it's legal. I guess whether it's ethical is up to subjective interpretation. It's not like people form my building can move next door. They're all going down including one that only stood for 9 years!

My building has no structural faults. It's simply being destroyed because it's in the way. So much for any sort of green initiatives. Wonder how much waste will be generated in the de-construction and re-construction of a couple of city blocks?

I'd honestly read up on all the candidates for your municipal election riding. Seems like anyone can throw their hat in the ring. Last thing we need are more soldiers for the underground money launderers, corrupt real estate agencies and bat shit lunatic speculators.

Side rant: I really hope those who spend day and night arguing about Trump can look to their backyard communities and have as much passion for them as they do for strangers thousands of miles away.

[Mr.HappySilp]

^^ You do know that it takes years and I mean years and years to get all the permits, docs, the go ahead light to build a large complex. If the developer needs to change the land use or need some rezoning permits it could even take longer. By the time to get all the paper work done it will be 5 years if they were lucky. Some of the low raise I see around town is like empty for at least a year waiting to be torn down.

It might be a waste to torn down buildings that's only 9 years old but they could build an apartment with a few hundred units to house a lot more people.

And that's how developer works. They start buying the land piece by piece and slowly wait for the permits. Coz the gov like to take things slow. I do feel bad for the seniors who have to move and now have to pay a much higher rent. I only hope they get a good compensation package or maybe the gov can even put them in care homes.

I always wonder what will the gov do with older apartments that's like 40 or 50 years old. We haven't really reach that point yet but it will one day. I mean those buildings can't be standing forever and the cost to maintain them will only get higher and higher each year. Will the gov have some plan force buildings over a certain time needs to be taken down and rebuild? Or they will be left to rot till the structure is not safe anymore then step in. What will happens to all those that's living there? I feel this is something the gov should looking into it as more and more high raise are being built it will come soon. Some buildings I seen in the market are around 20 years old (think of the older apartments around Joyce is been around as far as I remember). Some on them are in pretty bad shape.

[Traum]

Originally Posted by GS8

Was able to acquire some interesting information regarding my soon-to-be-destroyed building.

Basically, our former owners had every intention of keeping the building. It's a 3 storey lowrise. All suites on the top floor were fully renovated. The first & second floors were half renovated (floors, walls, fixtures only). They would finish complete renovations next year. Last fall, they installed a $35,000+ boiler system.

Then came the building's latest property tax. The value of the tax was severely inflated and equivalent to that of a large Tower. Well the company didn't find that to be very reasonable as it was going to eat into the remaining costs needed to finish the renovations so they had no choice but to put it up for sale.

First thing I thought of when I started reading your post was -- that's exactly what is happening to those who are getting evicted around the Metrotown neighbourhood. I obviously do not know where you live, but I sympathsize with your situation as much as I do with those getting demovicted around Metrotown.

One thing that struck me as add though is -- why did the building owner not dispute the property tax hike? Granted, the disputing process is almost certainly worthless anyway. But for the property tax of your lowrise to be equivalent to that of a large tower -- either that doesn't make any sense, or the property tax of the said large tower would be even bigger.

It'll be terrible for the people who have lived here for so long especially the seniors who are in their 70s though fully functional and independent. Some have been here for over 10 years and their rent is affordable but they'll get serious sticker shock when they have to leave.

This point kind of hits home for me as well, since I have witnessed similar incidents happening in HK at a semi-personal level. Esp for the long time residents, the move is devastating because it is literally destroying the community and way of life that they have grown so accustomed to. I can't speak for your situation here, but in the one that I had some familiarity with, the neighbours have really grown to know the majority of other residents, and in some cases, the neighbours have grown to become an informal support network for one another. When people get displaced and dispersed, even when they have been compensated appropriately, the destruction of that community and the bonds that existed were really all gone. And along with it, that support network and way of life were all gone too.

One question that I've always had though -- for those who are renting, what sort of assistance is the new developer providing at all? Since the residents are renting, I personally don't see any legal obligations that might bind the purchasing developer to follow through on. They are obviously serving you with a ton of advanced notice. Does that mean you are SOL on the assistance front?

Best of luck with your apartment hunting.

[Mr.HappySilp]

Originally Posted by Traum

First thing I thought of when I started reading your post was -- that's exactly what is happening to those who are getting evicted around the Metrotown neighbourhood. I obviously do not know where you live, but I sympathsize with your situation as much as I do with those getting demovicted around Metrotown.

One thing that struck me as add though is -- why did the building owner not dispute the property tax hike? Granted, the disputing process is almost certainly worthless anyway. But for the property tax of your lowrise to be equivalent to that of a large tower -- either that doesn't make any sense, or the property tax of the said large tower would be even bigger.


This point kind of hits home for me as well, since I have witnessed similar incidents happening in HK at a semi-personal level. Esp for the long time residents, the move is devastating because it is literally destroying the community and way of life that they have grown so accustomed to. I can't speak for your situation here, but in the one that I had some familiarity with, the neighbours have really grown to know the majority of other residents, and in some cases, the neighbours have grown to become an informal support network for one another. When people get displaced and dispersed, even when they have been compensated appropriately, the destruction of that community and the bonds that existed were really all gone. And along with it, that support network and way of life were all gone too.

One question that I've always had though -- for those who are renting, what sort of assistance is the new developer providing at all? Since the residents are renting, I personally don't see any legal obligations that might bind the purchasing developer to follow through on. They are obviously serving you with a ton of advanced notice. Does that mean you are SOL on the assistance front?

Best of luck with your apartment hunting.

I used to live in metrtowon area (One of the new high raise that went up last year move out like last month). A co worker of mine who use to rent the low raise where my apartment were.

I mean he did get like a few months of free rent (I think at least 5 months) and he was given like 2 years notice in total. But that's basically it. He didn't own the place so the landlord just told him the building will be torn down and he should look for a new place. I guess you could try to fight and have the rental tenancy of BC step to see if all the rules are follow. if it is you are SOL. I remember seeing on the news some people refuse to leave even though they are just renting. I think in the end they basically got drag out by the police or something.

I can tell you that the newer apartments these days most people doens't know each other and most of time they don't even care. I only know like a few people in my building since they are friend's friend or they live on the same floor and I happen to be around when they needed help. But otherwise everyone kept to themselves.

The new place I am moving to since to be more friendly. Maybe coz of the way the strata runs. They charge a $300 move in fee VS $0 in my old building. They also make you apply if you are renting your place out. I don't think they reject anyone but there is a process you have to follow which discourage short term rental or rental to students. I was actually surprise the Strata manger assistant can remember the names of the people living in the building.

[Mr.HappySilp]

OFF TOPIC
Find some contractors to do the work for my newly purchase apartment. Is going to cost me $2200(paint and labor included) to paint the place including the ceilings. Using almost the same color as the walls before. The place is around 820 sq ft in total. The painter said it will be done in a few days. Since he did the painting for my sister's apartment and mine my mom's place he said he already given us a discount. Seems a little high to me but I went ahead anways.

The cost to switch the 2 bedroom carpet (around 240sq ft) to laminate flooring is going to cost $1600 using underlay with IIC 72 AND STC 73 from a brand Elgin floors. Their Noises guard series. I wanted to use engineered hardwood floor but he said engineered hardwood floor scratch more easier than laminate and it going to cost a lot more. I always though engineered hardwood is better quality than laminate. He also claims he isn't ordering the material from China but from Canada so better quality. Talk to a few people that I know they say it should only cost $1400 to $1500 but since is an apartment they might charge more since they have to carry the stuff up and down and even though the area is so small they still need a day to work on it thus the higher charge. Also they need to have a business liscence and insurance so maybe that's why is also higher.

Any contractor here can give some suggestions?

[lowside67]

Originally Posted by GS8

Was able to acquire some interesting information regarding my soon-to-be-destroyed building.

Basically, our former owners had every intention of keeping the building. It's a 3 storey lowrise. All suites on the top floor were fully renovated. The first & second floors were half renovated (floors, walls, fixtures only). They would finish complete renovations next year. Last fall, they installed a $35,000+ boiler system.

Then came the building's latest property tax. The value of the tax was severely inflated and equivalent to that of a large Tower. Well the company didn't find that to be very reasonable as it was going to eat into the remaining costs needed to finish the renovations so they had no choice but to put it up for sale.

With respect - while property taxes are certainly going up based on appreciating land value, I bet that's primarily just a sob story they fed you.

What's the address? The property tax amount is publicly available for last year and this year - let's find out.

-Mark

[lowside67]

Unrelated - but today is the first day of opens for our condo in Port Moody:
https://www.rew.ca/properties/R23062...-port-moody-bc

-Mark

[Mr.HappySilp]

Originally Posted by lowside67

Unrelated - but today is the first day of opens for our condo in Port Moody:
https://www.rew.ca/properties/R23062...-port-moody-bc

-Mark

Grats!

[Hondaracer]

Originally Posted by Mr.HappySilp

OFF TOPIC
Find some contractors to do the work for my newly purchase apartment. Is going to cost me $2200(paint and labor included) to paint the place including the ceilings. Using almost the same color as the walls before. The place is around 820 sq ft in total. The painter said it will be done in a few days. Since he did the painting for my sister's apartment and mine my mom's place he said he already given us a discount. Seems a little high to me but I went ahead anways.

The cost to switch the 2 bedroom carpet (around 240sq ft) to laminate flooring is going to cost $1600 using underlay with IIC 72 AND STC 73 from a brand Elgin floors. Their Noises guard series. I wanted to use engineered hardwood floor but he said engineered hardwood floor scratch more easier than laminate and it going to cost a lot more. I always though engineered hardwood is better quality than laminate. He also claims he isn't ordering the material from China but from Canada so better quality. Talk to a few people that I know they say it should only cost $1400 to $1500 but since is an apartment they might charge more since they have to carry the stuff up and down and even though the area is so small they still need a day to work on it thus the higher charge. Also they need to have a business liscence and insurance so maybe that's why is also higher.

Any contractor here can give some suggestions?

Well 1400 or 1600 isn’t much of a difference if it’s somone you know. stuff like flooring carpet etc the pricing has a lot do to with the setup and just simply being there and doing the work. One room might cost $800 where a bedroom and closet might cost $900 just due to the time it takes to get he flooring, setup, and work. Once you’re laying floor the difference between 500sq ft and 800 might be a few hours.

Painting is expensive af for *virtually* unskilled Labour. You’re paying for convenience. Personally I’ll never pay somone to paint. I ducking hate painting but I’m not gonna pay $3 a sq ft to paint flat walls. Since you’re not changing color either if you did the painting yourself you’d probably be able to do it for under $400 as opppsed to $2200.

[Hondaracer]

Originally Posted by lowside67

Unrelated - but today is the first day of opens for our condo in Port Moody:
https://www.rew.ca/properties/R23062...-port-moody-bc

-Mark

Nice place. You biting my feature wall/headboard bro?

Jesus 699 though. All the power to ya I hope it goes over asking. As I’ve always said you want to be selling the best example and yours looks probably as good as it gets in terms of space. But fuck..watching HGTV and shows like “my lottery dream home” people in the states winning the fucking lottery and “we have a budget of $425,000!” And here we are just like regular condo in Port Moody at 699 with many priced in the same area

[Mr.HappySilp]

^^ is 2 bed and 2 bath and the place is really large. Although a bit older but if people want a bigger 2 bed apartment they will have to pick older apartment.

Some of the new development have 2bed and 1 bath for 750sq. Yup only 1 bathroom not even 1.5. Make the unit smaller so the price is lower overall but you are still paying $1000+ per sq ft.

[Mr.HappySilp]

Originally Posted by Hondaracer

Well 1400 or 1600 isn’t much of a difference if it’s somone you know. stuff like flooring carpet etc the pricing has a lot do to with the setup and just simply being there and doing the work. One room might cost $800 where a bedroom and closet might cost $900 just due to the time it takes to get he flooring, setup, and work. Once you’re laying floor the difference between 500sq ft and 800 might be a few hours.

Painting is expensive af for *virtually* unskilled Labour. You’re paying for convenience. Personally I’ll never pay somone to paint. I ducking hate painting but I’m not gonna pay $3 a sq ft to paint flat walls. Since you’re not changing color either if you did the painting yourself you’d probably be able to do it for under $400 as opppsed to $2200.

We painted our old place once. Never again. Way too tiring (it was like a house that's like 2000+ sq ft. I think the quote he give me was $2.5- per sq ft that's around 2k and then he needs to paint the ceilings which cost more. Oh well it should be done next week.

I always though hardwood install would cost more coz the material cost is more and also you actually need to be skill do it vs painting (as you mention unskill labour).

I just hope there isn't any *add on* feels they put on in the end......

[Tapioca]

Originally Posted by Hondaracer

Nice place. You biting my feature wall/headboard bro?

Jesus 699 though. All the power to ya I hope it goes over asking. As I’ve always said you want to be selling the best example and yours looks probably as good as it gets in terms of space. But fuck..watching HGTV and shows like “my lottery dream home” people in the states winning the fucking lottery and “we have a budget of $425,000!” And here we are just like regular condo in Port Moody at 699 with many priced in the same area

It's a pretty unique unit with a yard. It's appealing to both downsizers and those with young kids.

It will sell, even in a slowing market.

[Fafine]

Lol you get what you pay for, if you want cheap hit up home depot. They outsource their orders and I believe it's around 1.20? A sq ft for labor plus materials on top.

[Mr.HappySilp]

Originally Posted by Fafine

Lol you get what you pay for, if you want cheap hit up home depot. They outsource their orders and I believe it's around 1.20? A sq ft for labor plus materials on top.

Guess my price isn't too bad then 2.50 sq ft material included and he is painting the ceilings.

I should have taken trades instead. Sure makes a lot more money.

[Fafine]

Originally Posted by Mr.HappySilp

Guess my price isn't too bad then 2.50 sq ft material included and he is painting the ceilings.

I should have taken trades instead. Sure makes a lot more money.

Thats for laminate flooring price. 2.5 to paint walls including ceiling is cheap af lol. Is he doing mouldings and doors too?

[Mr.HappySilp]

Originally Posted by Fafine

Thats for laminate flooring price. 2.5 to paint walls including ceiling is cheap af lol. Is he doing mouldings and doors too?

No doors they are actually still pretty good. Mouldings looks ok. He is going to do some touch up for the mouldings and the door frame here and there. Nothing major. I guess he made enough money from my parent's and my sister's place. Not using any special paint just regular ones are good enough. At least that's what he recommended.

The laminate flooring still have to wait for strata approval which could take 2 weeks. The work itself is only day -_-

Might have to change the blinds/curtains later. They seem ok for now. That's going to cost at least $1000.

So yea anyone moving into an apartment other than painting any reno work needs strata approval first. I suggest doing the paper work ASAP. Once you move in it will be harder to get reno done. Even just changing the blinds/curtains strata bylaw states if have to have the same style and color.

[Traum]

I have also been told by multiple contractors that laminate flooring is generally more durable than engineered hardwood. But the biggest reason that I went for laminate instead of hardwood came down to costs -- laminate was $2.50 - $3/sq ft. Hardwood was $4.50 - $7/sq ft.

For laminate floors, I would also highly recommend this brand called "Eurostyle laminate flooring", available from Golden Trim:

Hardwood Flooring Vancouver BC - Golden Trim Vancouver Hardwood Floors Burnaby Richmond Canada
EUROSTYLE Laminate Flooring Vancouver - Premium European Laminate Floors - Flooring Vancouver BC

The Eurostyle laminate floors are made in Germany, and of very, very good quality. Multiple contractors have also recommended Golden Trim / Eurostyle to me, saying that they are one of the best places / products available.

In my experience, the Eurostyle laminate floors were far more water-resistant than typical laminate floors. Fluid spills have very little effects on them, whereas similar amounts of fluids would have caused other brands of laminate to bubble up. They are not going to stand up to a full on water leak / flood (yeah... ask me how I know... ), but they are at least more durable.

Originally Posted by Mr.HappySilp

The cost to switch the 2 bedroom carpet (around 240sq ft) to laminate flooring is going to cost $1600 using underlay with IIC 72 AND STC 73 from a brand Elgin floors. Their Noises guard series. I wanted to use engineered hardwood floor but he said engineered hardwood floor scratch more easier than laminate and it going to cost a lot more. I always though engineered hardwood is better quality than laminate. He also claims he isn't ordering the material from China but from Canada so better quality. Talk to a few people that I know they say it should only cost $1400 to $1500 but since is an apartment they might charge more since they have to carry the stuff up and down and even though the area is so small they still need a day to work on it thus the higher charge. Also they need to have a business liscence and insurance so maybe that's why is also higher.

Any contractor here can give some suggestions?

[quasi]

Originally Posted by lowside67

With respect - while property taxes are certainly going up based on appreciating land value, I bet that's primarily just a sob story they fed you.

What's the address? The property tax amount is publicly available for last year and this year - let's find out.

-Mark

Actually my friend who bought a McDonalds franchise had the exact something happen to him in Coquitlam. He budgeted 5% increase in taxes a year over the next 10 years. His taxes went up 150% in 2018.

They reclassified the space he's leasing based on the location, it got lumped in with all the towers in the area some how. He's spoken to his councilman the mayor and anyone who would listen and they all said that it's shitty that his taxes went up like that it wasn't the intention but the pots already been divided so he's SOL.

[lowside67]

Originally Posted by Tapioca

It's a pretty unique unit with a yard. It's appealing to both downsizers and those with young kids.

It will sell, even in a slowing market.

Ironically there are 3 units on the ground floor in my building listed - all three at 699. We have the most square footage (by about 80sf - the den and pantry which the others don't have) and the most private back yard.

Today we had our first day of opens, apparently about 25 groups through, a few came back for second viewings. Will be interesting to see tomorrow.

-Mark