Vancouver's Real Estate Market

[kr4l]

Originally Posted by Sw0op

Not really..they were asking 1000/sq ft for the penthouse...you can get a brand new house for the same price they were asking located 10-15mins up in Burke mountain

Are you talking about square footage wise? Because yes, both can cost about the same at $1000/sqft but I’m sure the house would be larger. An extra 500 sqft would cost you half a million dollars

[Ch28]

Originally Posted by quasi

I hope my son stays at home for a long time, I wouldn't mind him going away for University just to have that experience but he'll be welcome back I like having him around.

If I made him pay rent it would only be to help him save, I'd put it away for him.

Good guy dad.

[winson604]

Originally Posted by kr4l

Are you talking about square footage wise? Because yes, both can cost about the same at $1000/sqft but I’m sure the house would be larger. An extra 500 sqft would cost you half a million dollars

This. Additionally 10-15 mins? Depending on what direction they're going that's an extra 20-30 mins each way on top of whatever their commute was already.

[Mr.HappySilp]

Originally Posted by winson604

This. Additionally 10-15 mins? Depending on what direction they're going that's an extra 20-30 mins each way on top of whatever their commute was already.

To be honest I still don't know who to blame for this, the city, translink or developer. You see tons and tons of apartments being built around major skytrain stations yet the roads, frequency of skytrains haven't change at all. The Canada line is already running over maximum capacity (during rush hour unless you get on at Richmond center you are going to have to wait a couple of trains before you can get on). Same thing is going to happen with the ever green line and the millennium line. And traffic (at least from what other people said) is a gong show leaving from Coq, Port Coq, Langely to Van. Yet with more apartments going up I don't see any improvement plan to our roads or transit systems. The new March 3 skytrains is to replace the one crappy Mark 1 we have so is not really increasing the frequency at all.

On a side note even though the Expo line is built during Expo is not as congested as the other skytrain lines overall (expect for broadway station). i guess the people who built the expo line back then actually plan for expandation and population growth.

[Hondaracer]

I don’t see the evergreen line being crazy congested just due to their being not the same concentration of multi family buildings along the line. At least for the time being

Lougheed station is going to be a shit show though

[Mr.HappySilp]

^^ I actually take the Skytrain from Lincon station (got an earlier shift so I am work at 8:30am so I leave around 7:30) And by the time the Skytrain gets to Coq station is pretty much 85% full already.


Part of the reason I think is at Coq center and Port Moody there is the West Coast express and also Park and Ride.

EDIT Coq center is also being redevelope starting Spring 2019. I think is a 10 to 15 year plan? Afterwards it will have more high raise than Lougheed mall or Brentwood mall.

[winson604]

Originally Posted by Mr.HappySilp

To be honest I still don't know who to blame for this, the city, translink or developer. You see tons and tons of apartments being built around major skytrain stations yet the roads, frequency of skytrains haven't change at all. The Canada line is already running over maximum capacity (during rush hour unless you get on at Richmond center you are going to have to wait a couple of trains before you can get on). Same thing is going to happen with the ever green line and the millennium line. And traffic (at least from what other people said) is a gong show leaving from Coq, Port Coq, Langely to Van. Yet with more apartments going up I don't see any improvement plan to our roads or transit systems. The new March 3 skytrains is to replace the one crappy Mark 1 we have so is not really increasing the frequency at all.

On a side note even though the Expo line is built during Expo is not as congested as the other skytrain lines overall (expect for broadway station). i guess the people who built the expo line back then actually plan for expandation and population growth.

Totally! A lot of friends who have been looking and or are looking often brings up Brentwood and while this area has some things going for it these friends are all drivers not transit users and I've been saying no fucking way. You see Lougheed now? Well guess what there are a ton of massive towers coming and the road will stay the same it isn't like Lougheed/Broadway will magically become 4 lanes each way.

[trip]

i made the terrible fucking mistake of turning east on boundary and lougheed during evening rush hour and was stuck in that fucking mess for 30-45 minutes before i even made it to willingdon.

[twitchyzero]

quick question about rental contract
what happens if the property is sold? it becomes nil under new ownership/landlord?

[CRS]

Originally Posted by twitchyzero

quick question about rental contract
what happens if the property is sold? it becomes nil under new ownership/landlord?

Still valid.

if you want to live there, make sure the seller gets the renter out before you take possession/close on the deal.

[Mr.HappySilp]

Originally Posted by CRS

Still valid.

if you want to live there, make sure the seller gets the renter out before you take possession/close on the deal.

Yup make it in the contract. Usually is two calendar months time. Leave this mess to the seller and not you.

Went to some listing with tenants and man if the tenants want to make place as undesirable as possible they can easily. I think is better to kick your tenant out before you decide to sell your place. Some tenants are so anal about letting potential buyers take a look a place they set the worse schedule. Once I want to see this place but the tenants only allow viewing on every Wed between 7:30pm to 9:30pm. And they are there the whole time. Kinda of feel bad for the seller coz clearly the tenants is making is hard for anyone interested to view the place. Some tenants is also very messy or just straight out don't bother cleaning up the place. And people wonder why some landlord rather leave their place sitting empty or is very picky when choosing a tenant.

[Ludepower]

Tenants have too many rights. I'm dealing with a tenant that's purposely flooding my parents apartments and need a detailed binder case full of complaints before I can even go before the residential tenancy board.

[Mr.HappySilp]

Originally Posted by Ludepower

Tenants have too many rights. I'm dealing with a tenant that's purposely flooding my parents apartments and need a detailed binder case full of complaints before I can even go before the residential tenancy board.

And the new tenancy act makes it even harder to kick out your tenants. Basically once the contract is up (usually most tenants and landlord sign a one year lease) it becomes month to month as long as the tenants wants to live there. The only way to kick them out is to either use the place as your own, have relatives live in it or major reno. Even then the tenant have the right to object this and bring this case to the tenancy board. I think you also have to give them an extra month of notice and an extra month of free(not 100% about it).

I mean if the gov wants more people to rent out their units they should make it easier, less regulation for tenant, more protection for landlord and let the market determine the rent. Just last year tenants and some tenant protection agency complain about the rent increase was set too high from the gov, the gov back down and decrease the rent increase to 2%. LOL 2% doesn't even the cost of increase in strata fees, then there is the increase property tax, utilities fees, maintenance etc etc.......

[mikemhg]

We make this comment every day. We live right behind Brentwood Mall, so we've watched the construction from the get go here.

Their idea of infrastructure is adding a new traffic light to every conceivable block, That is literally their idea of "adding infrastructure". If you ever drive Lougheed, you will see the lights aren't even coordinated, making your commute an insanely long time for a very small subsection of road.

It's absolutely bizarre and infuriating.

Originally Posted by Mr.HappySilp

To be honest I still don't know who to blame for this, the city, translink or developer. You see tons and tons of apartments being built around major skytrain stations yet the roads, frequency of skytrains haven't change at all. The Canada line is already running over maximum capacity (during rush hour unless you get on at Richmond center you are going to have to wait a couple of trains before you can get on). Same thing is going to happen with the ever green line and the millennium line. And traffic (at least from what other people said) is a gong show leaving from Coq, Port Coq, Langely to Van. Yet with more apartments going up I don't see any improvement plan to our roads or transit systems. The new March 3 skytrains is to replace the one crappy Mark 1 we have so is not really increasing the frequency at all.

On a side note even though the Expo line is built during Expo is not as congested as the other skytrain lines overall (expect for broadway station). i guess the people who built the expo line back then actually plan for expandation and population growth.

[Great68]

Originally Posted by Mr.HappySilp

Yup make it in the contract. Usually is two calendar months time. Leave this mess to the seller and not you.

Actually per RTA it's illegal to make ending a tenancy a condition of sale of the property.

"Landlord's Use of Property

There are two ways a tenancy can be ended if, in good faith, the buyer plans to occupy the unit or use the property for another purpose:

1. The buyer submits a written request to the seller to end the tenancy before taking possession of the property (service of notice cannot be a condition of sale). Then the seller (or existing landlord) gives the tenant a Two Month Notice to End Tenancy for Landlord’s Use of Property
2. Once the buyer takes possession of the property, they can serve a Two Month Notice to End Tenancy for Landlord’s Use of Property
Unless a landlord (seller or buyer) serves a proper notice to end tenancy, the tenancy continues under the terms of the original tenancy agreement.

https://www2.gov.bc.ca/gov/content/h...anted-property

My next door neighbors had scenario #1. Previous owners had tenants downstairs, new owners asked previous owners to issue notice for owner's use of property, new owners had to allow existing tenants to live there for the two months after they took possession.

[Mr.HappySilp]

Originally Posted by Great68

Actually per RTA it's illegal to make ending a tenancy a condition of sale of the property.



https://www2.gov.bc.ca/gov/content/h...anted-property

My next door neighbors had scenario #1. Previous owners had tenants downstairs, new owners asked previous owners to issue notice for owner's use of property, new owners had to allow existing tenants to live there for the two months after they took possession.

But here is the issue with the new tenancy act once contract ends it automatically goes to a month a month base and unless the tenant wants to leave he can live there as long as he likes unless the owner wants to live there, or have family live there or major reno.

The tenant also the sign the lease with the old landlord not with the new landlord so why should the new landlord be responsible for the tenant.

For one of the units that I put in an offer I specifically said the the current tenant needs to gtfo when I move in. But I did set the completion date a few months ahead to give the buyer time to kick the tenant out. No way in hell I am getting involve with kicking out tenants.

What if I take possession and the tenant decides to be an asshole and not move? Why should I deal with this mess?

[Hondaracer]

You can amend the agreement when it goes to month to month. The tenants just have to sign off on it. At that time you can add addendums etc to the existing contract and have the tenants initial the changes and you’re set.

[Great68]

Originally Posted by Mr.HappySilp

What if I take possession and the tenant decides to be an asshole and not move? Why should I deal with this mess?

You're buying a tenanted property, that's the risks. I don't like it either, but I'm being objective and the law is the law.

[Great68]

Originally Posted by Hondaracer

You can amend the agreement when it goes to month to month. The tenants just have to sign off on it. At that time you can add addendums etc to the existing contract and have the tenants initial the changes and you’re set.

Yeah, that's a bit of an uphill battle because no tenant is going to agree to anything that simply places additional limits and/or fees. You better also have something in the amendments that sweetens the pot for them.

[Spoon]

Originally Posted by Great68

You're buying a tenanted property, that's the risks. I don't like it either, but I'm being objective and the law is the law.

I think you're reinforcing his statement that the buyer should let the seller give the tenant the boot prior to the purchase. The seller can create whatever lie he wants (inlaws moving in, huge reno). Just don't make it your own problem.

[Sw0op]

Originally Posted by kr4l

Are you talking about square footage wise? Because yes, both can cost about the same at $1000/sqft but I’m sure the house would be larger. An extra 500 sqft would cost you half a million dollars

Nope, price wise.

Actually I just google mapped it and you don’t even need to drive 10mins to get a brand new house for the same price this lent house unit was asking

[kr4l]

Originally Posted by Sw0op

Nope, price wise.

Actually I just google mapped it and you don’t even need to drive 10mins to get a brand new house for the same price this lent house unit was asking

What’s the price / size of the penthouse you saw? I don’t know the area that well but a quick mls search for new homes in that area still fetch $1.5 minimum

[Hondaracer]

Originally Posted by Great68

Yeah, that's a bit of an uphill battle because no tenant is going to agree to anything that simply places additional limits and/or fees. You better also have something in the amendments that sweetens the pot for them.

In my case my tenants didnt want to sign another year lease due to potentially opportunities back in the states, all i did was add an addendum after the legalization of MJ that no growing of plants would occur in their suite.

Nothing too crazy but little stuff like that can go a long way in the wrong circumstances lol

[stump]

Originally Posted by mikemhg

We make this comment every day. We live right behind Brentwood Mall, so we've watched the construction from the get go here.

Their idea of infrastructure is adding a new traffic light to every conceivable block, That is literally their idea of "adding infrastructure". If you ever drive Lougheed, you will see the lights aren't even coordinated, making your commute an insanely long time for a very small subsection of road.

It's absolutely bizarre and infuriating.

I take Marine Drive every day and it is brutal as well. City built 3 more intersections on Marine drive just between SE Marine turn off and Boundary because of that new development along the river. Lights between Elliot and Boundary are not coordinated at all and is pretty frustrating.

Also that new intersection at Yukon and Marine drive. Holy shit, that one is so stupid as it is not synced with the one at Cambie which results in massive backups all the time. I filed a ticket with Vancouver about that one and the response was that it was timed for buses which is BS because buses will get stuck in the traffic as well!

I was bored one day at work so I counted all the intersections along Marine drive from Arthur Laing to Boundary and it was something like 30 lights in 10 km.

So much for being a major arterial road. I'm sure someone in Vancouver engineering is thinking of removing one lane to create bike lanes.

[Mr.HappySilp]

Originally Posted by stump

I take Marine Drive every day and it is brutal as well. City built 3 more intersections on Marine drive just between SE Marine turn off and Boundary because of that new development along the river. Lights between Elliot and Boundary are not coordinated at all and is pretty frustrating.

Also that new intersection at Yukon and Marine drive. Holy shit, that one is so stupid as it is not synced with the one at Cambie which results in massive backups all the time. I filed a ticket with Vancouver about that one and the response was that it was timed for buses which is BS because buses will get stuck in the traffic as well!

I was bored one day at work so I counted all the intersections along Marine drive from Arthur Laing to Boundary and it was something like 30 lights in 10 km.

So much for being a major arterial road. I'm sure someone in Vancouver engineering is thinking of removing one lane to create bike lanes.

Nope they need to lanes. One bike lane on each side.