those shitty NDP, cracking down on foreign investments and money-laundering...how dare they :derp:

Keeping my house in pristine, show condition, sucks.

yupp, sure you can float it for say 1 yr, but then when interest rates goes up, it becomes extremely hard the 2nd yr. Wait for it... when people really want to cut their losses, then you go in and buy.

And if you have a baby crawling around, gotta mop the floor after each showing

I already had my place assessed, and have a heloc ready of xxK with my bank, ontop of additional savings.

My neighbor currently rented out his apartment, and he is nearly break even costs wise. Expect he moved back to his parents place to hoard cash.

Moreso curious for those that have gone through with it, how much stress is on your plate, if any, having two/three mortgages that are being paid off by someone else. Suggestions / reccomendations

Oakridge Presales starting soon for Westbank project. Went by on weekend to chat with them.

Vancouver
Westbank Oakridge $2500/ft to start. Yes you read it right. $10B in new developments, commercial / residential. 41st/Cambie corner will largely be re-shelled old structures but everything is largely brand new. 2023 completion for Tower 1/2.
Some towers almost look like SOHO buildings in Beijing/China... coincidence?

$1.3M for 1BR to start. Vancouver West.
Parking spot isn't even included! 10 year lease, valet only. Guess you better have a decent car!

MODE Wesgroup
River District phase 4.0 continues - OG Wesgroup starts the prices reasonable for Vancouver address but (really) Burnaby location. Marine Dr & Boundary (before) Area.
Highrise + AC + riverviews (Fraser River).
$500's to start, $950/ft.
VIP round now. 20% down, ASSIGNMENTS allowed (unlike Avalon 1-3)

Richmond
Paramount - selling really well - but smaller developer Keltic. Some rumours of owners quarrel. Across from Richmond Center.
$400's for a bachelor.
VIP event had hot strippers and MacLarens' parked outside apparently.

Galleria - forms & requests in. 2023 completion, 25% deposit standard per Concord. $1050/ft to start, big balconies.
No3 & Capstan way, home of new Skytrain coming to Richmond.

Brentwood
AKIMBO hot new presale by IMANI (did roofing for a lot of big developers) at corner of Dawson & Brentwood. Supposedly $850/ft below market for area. Highrise concrete + AC per standard. cheaper than SOLO and basically a block away. I like these type of boutique builds. They'd want to blow it out to get to their build milestones in this market.

MLA report in Oct indicated inventory coming on strong - 50% sold already so not exactly terrible yet. I am starting to see some assignments from 1-2 years ago at less profits though. PM me for questions/comments on new builds!

Lol $2500 sq/ft for fucking Oakridge? Jesus Christ

Lol is it made out of fucking diamonds?

https://i.imgur.com/alAx0zM.gif

your own piece of China in South Vancouver

me and the fiance recently did this, for me it was very stressful. had $60k profit from selling our small rental townhouse and had $60k in a heloc on our house we lived in. Bought a bigger house with a rental suite that we moved into. Had the first house rented out upstairs and separate basement suite. So had 3 sets of tenants to deal with and fix small issues that came up. the first house was breaking even paying off the mortgage and the tenants in the new house pay about half of its mortgage.

For us it is pretty stressful having almost 700k in mortgage and heloc between the 2 places and dealing with that many tenants. so we put the first house up for sale and just got an offer pretty close to asking. should be closing in the next 2 weeks and i can honestly say its going to be a huge relief once all the conditions of sale are met and we can knock that much off our plate. we both work full-time and i do a few side jobs as well, mostly small mechanic stuff so we dont have alot of free time to deal with that many tenants.

Lol, come next year you could probably buy a house in Vancouver for $1.3m.

I think even the filthy rich Chinese investors are smarter than that...1M USD starting for a non-waterfront apartment when things have steadily been declining?

I'm really no real estate or investment expert but I can't wrap my head around the price. I rather buy 4 properties in Richmond at $600 sq/ft lol dafuq even when I started seeing $1800 I was blown away and this is $700 more. Wow just wow

Wait... I thought people said rich Chinese didn't care about losses and are more concerned with getting their money out of China? lol

Just plain retarded. But perhaps they're banking on immigrants just wanting to park money.

Yeah but when there are about 10000 more avenues for that in the lower mainland that are between $700-1300/sqft that doesn't really make sense now. Its not like its the only condo development thats available for money laundering.

If you're also looking to buy property here for the sake of parking your illegal/corrupt money, then you're better taking that same amount and splitting it between multiple properties.

I thought westbank got screwed when they found that underwater aquifier and had to reduce the amount of buildings thus raising the asking price of the remaining ones.

But yeah, hard to figure out if this will sell with no parking at this price.

If I was a realtor. I would go with a chinese translator and stand outside that exclusive private VIP sale explaining they can buy brand new DT waterfront coal harbour condos right now instead of waiting 6 years.

I thought rich people are smart with their money. How do you possibly make money on this investment let alone break even.

I don’t doubt they will sell. People will think it’s going to be a Chinese eutopia with T&T and all your grocery needs at hand!

The crazy part is yea, you could be in Coal Habour..

Coal Habour is a ghost town far as i'm concerned how many seemed like empty houses 4 years ago when i was visiting there..


or people aren't stupid enough to spend 10 million on a Small little 4 bedroom complex building

At least Coal Harbour has the downtown appeal. What does Cambie have? A mall?

To each their own. The buyers for this one are probably super loaded anyways that they don’t care where it’s at lol.