Vancouver's Real Estate Market

[Liquid_o2]

Agreed with the intersection at Yukon. Cars can't even make it through the light at Cambie because of the backups. I don't understand the "timing for buses" reasoning either, since there is no dedicated bus lane on Marine.

[Great68]

Originally Posted by Spoon

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.

Yeah but because it can't be written as an official subject or condition into the contract that the tenancy has to be terminated there'd still be no recourse for the buyer if the tenant is not actually booted by the seller before closing date. So it still becomes the buyer's problem should that tenant dispute, drag it out, whatever.

[twitchyzero]

Originally Posted by stump

Lights between Elliot and Boundary are not coordinated at all and is pretty frustrating.

why would they be sync'd? there's like a good mile or two between Elliot and Boundary.

you probably drive it daily so know more than i do on the subject but i thought new intersections like kinross are ped/left turning/right turning activated and not timed

it's a major arterial road like Kingsway, meaning crap-ton density of residential/commercial and less like Marine Way where it's just farmlands

there's a new light by the Norquay area near Gladstone st where the old Cambodian tire used to be, so expect more stop-go in Kingsway east van but at least they installed a left turn lane on gladstone from westbound

[GS8]

Coquitlam Centre area is really passionate to overtake the Richmond Centre area for largest concentration of retardation in the smallest concentration of land.

Same story. Traffic signals everywhere, lanes reduced to make way for bikes. Traffic is a mess. The Evergreen is useful but still need a car for most other tasks. Pipeline Road could use a widening. Glad I don't live in that area anymore. It takes so much time to travel a small distance and that's not even including rush hour.


The future development at Coq Centre won't help anything.

[TouringTeg]

Regarding selling (or buying) a property that is currently tenanted. I have been researching it as I plan to sell my rental house (tenanted top and bottom) in the next year or two.

I already sold a condo that was tenanted in 2018. In that case our tenants gave notice they were leaving and were really flexible with showings. They had nice furniture and always kept it clean and tidy. We had a buyer very quickly and sold it. We had our tenants sign a letter stating they would be leaving the property on X date so that we could provide this to the buyers. Just some extra piece of mind for the buyers.

In the case of my rental house, my downstairs tenants are clean and flexible but the upstairs are not flexible and don't want anyone in the unit when they are not present. They are also extremely messy and dirty so it will not go well. The upstairs could also use repainting.

Rather than evicting for landlord use of property, we plan to offer them money to find another place to live. At least 1.5 to 2 times the monthly rent. I have heard of this done successfully as it provides incentive to find another home with the knowledge that the house is for sale and they may be evicted anyway. It is so much easier to sell a vacant home that rather than deal with tenants are messy and difficult. Often tenants are frustrated or angry that they are being evicted and will not present your property in a positive way.

A buyer can request a seller end the tenancy for landlord use of property. Two months notice is required and the tenant receives one month free. As stated on the previous page it cannot be a requirement of the sale. It is simply a request.

https://www2.gov.bc.ca/gov/content/h...o-month-notice

[SumAznGuy]

Originally Posted by Great68

Yeah but because it can't be written as an official subject or condition into the contract that the tenancy has to be terminated there'd still be no recourse for the buyer if the tenant is not actually booted by the seller before closing date. So it still becomes the buyer's problem should that tenant dispute, drag it out, whatever.

While it can't be written into the contract, buyers use other conditions as a safety net.
Subject to inspection, subject to financing etc.

And now that the market is starting to slow down, buyers have more power so in the end, it's the seller's problem.

[Great68]

Originally Posted by SumAznGuy

While it can't be written into the contract, buyers use other conditions as a safety net.
Subject to inspection, subject to financing etc.

And now that the market is starting to slow down, buyers have more power so in the end, it's the seller's problem.

Since it takes 2 months minimum to evict a tenant for landlord's use, how would you use those subjects as a safety net for that?

When I bought my place I had 12 days to clear those subjects from when I placed my offer.

Even in today's market, I don't see sellers giving buyers 2 months to clear those subjects?

[stump]

Originally Posted by twitchyzero

why would they be sync'd? there's like a good mile or two between Elliot and Boundary.

you probably drive it daily so know more than i do on the subject but i thought new intersections like kinross are ped/left turning/right turning activated and not timed

i should have been more clear but I meant Elliot to Boundary and all the intersections in between. I'm not a traffic engineer but i imagine that if a car trips a sensor on a cross road, it can still be delayed for some time to keep intersections synced. Maybe not.

Actually one thing I've noticed for several of the intersections along Marine is that even cars making just a right turn onto Marine will cause the light to turn red. That makes no sense to me. I don't think it's because the crossroad is very narrow and the car just barely hits a sensor; it's actually meant to do that.

[Bonka]

Originally Posted by Great68

Yeah but because it can't be written as an official subject or condition into the contract that the tenancy has to be terminated there'd still be no recourse for the buyer if the tenant is not actually booted by the seller before closing date. So it still becomes the buyer's problem should that tenant dispute, drag it out, whatever.

On the purchase agreement the buyer needs to note what type of possession they want (ie: if tenanted, they can resume the tenancy or ask for vacant possession). Asking for vacant possession would then be a condition to be fulfilled by the seller. There are 2 parts to this. Having only one or the other would leave the buyer taking over the tenancy.

Part 1: The buyer would need to insert a termination of tenancy (evict) clause in the subjects as part of the purchase contract.

Part 2: The moment subjects are removed, the buyer would then serve official notice (separate addendum) to request the landlord (ie: owner) to have the tenant vacate by (anytime before possession, preferably at least 1 week before).

Of course if you're dealing with problem tenants, alternative arrangements will be necessary like what TouringTeg noted.

[Traum]

It seems to me that much of the River District east of Kinross is not move-in ready. If you think traffic is already bad right now, think how bad it'll get when people start moving in.

On the topic of purchasing a currently tenanted property, presumably for the new owner's personal use, I'd be surprised if the realtors assisting both the buyer and the seller don't have some tried-and-true standard procedures they can recommend to their clients so that the eviction responsibilities falls on the seller instead of the buyer. It is literally their duty to represent and protect the interests of their client, esp on the buying side.

[6thGear.]

Originally Posted by stump

i should have been more clear but I meant Elliot to Boundary and all the intersections in between. I'm not a traffic engineer but i imagine that if a car trips a sensor on a cross road, it can still be delayed for some time to keep intersections synced. Maybe not.

Actually one thing I've noticed for several of the intersections along Marine is that even cars making just a right turn onto Marine will cause the light to turn red. That makes no sense to me. I don't think it's because the crossroad is very narrow and the car just barely hits a sensor; it's actually meant to do that.

The lights from Kinross to Boundary are all sensor tripped thats why they aren't all timed and as for tripping the light while turning right, you should try turning right and see how fast traffic is still moving even with all those new lights. Car's are flying down that stretch doing 80+ hence why VPD constantly sets up speed traps at the TD Bank corner. But what right turners probably don't realize is that the sensor will actually cancel itself once the car inches forward and off the sensors.

[twitchyzero]

yeah i often see the crosswalk lights there turn from countdown back to 'walk'

[GS8]

https://www.theglobeandmail.com/cana...st-of-housing/

Another article emphasizing what people are doing. I remember an article years ago saying how even some doctors weren't able to afford a place here.

[Ludepower]

We have a supply shortage of housing anyways. Let then leave...millions of other immigrants wanting to take their place.

[Mr.HappySilp]

Originally Posted by GS8

https://www.theglobeandmail.com/cana...st-of-housing/

Another article emphasizing what people are doing. I remember an article years ago saying how even some doctors weren't able to afford a place here.

Dumb story. Tons of people who earn less than these two people are able to afford a place. Is all about planing ahead and compromise. There are people who work just above min wage yet they can afford a house. Maybe is farther out IE Surrey, Langley and not in Vancouver, Burnaby. Start small like an apartment then move to a Townhouse, Duplex. Once you move your own place you can save up. They simply want to live near where they work, right off the bat get a house right away.

[moldex]

Originally Posted by Mr.HappySilp

Dumb story. Tons of people who earn less than these two people are able to afford a place. Is all about planing ahead and compromise. There are people who work just above min wage yet they can afford a house. Maybe is farther out IE Surrey, Langley and not in Vancouver, Burnaby. Start small like an apartment then move to a Townhouse, Duplex. Once you move your own place you can save up. They simply want to live near where they work, right off the bat get a house right away.

Understanding our housing costs are ridiculous and accepting that is one thing. Thinking this shit is actually affordable and that a family making minimum wage can afford a house is another. Only a realtor would say something like that.

[westopher]

Originally Posted by Mr.HappySilp

There are people who work just above min wage yet they can afford a house.

13hr x 2 individuals @ 40 hours a week x2 = 4160/month before taxes
Approx $3100 monthly take home.
$1164 per month could be allocated to mortgage.
Where did your down payment come from making that much.
Where the fuck does a house in the lower mainland that was purchased in the last 15 years come with a $1200 mortgage. Thats less than a 200k mortgage.

[Mr.HappySilp]

Originally Posted by moldex

Understanding our housing costs are ridiculous and accepting that is one thing. Thinking this shit is actually affordable and that a family making minimum wage can afford a house is another. Only a realtor would say something like that.

Then you are wrong. Tenants who used to rent from my parents bought a house in Langley. Sure it might be farther and the house is not in the best shape. But if people like them making close to min wage while having 3 kids can afford a place then it shouldn't be an issue for a lot of people. Yea they might be working a full time and another part time. Couple I know work a full a time and also part time(both the wife and husband) during weekends and afford 2 apartments. They rent one of the apartments out and in the apartment they are living in they rented out the other room. If people are willing to make sacrifice they can make it work. I could easily rent my other room out easily but I opt not to since I rather have the place to myself. I am willing to sacrifice the renting income for a more comfy life and is a trade off I am willing to take.

[twitchyzero]

Happy, just because you made it doesn't mean everyone else above your pay grade will

just because some are willing to sacrifice and compromise on their quality of life, doesn't mean others should

most of the article is on people who moved here for school from ON, AB NS etc, but years into a career doesn't make financial sense to put roots down here, so they move away/back

i grew up in east van, some of my peers are happy with moving to langley, good for them but that's not feasible for me, whether to see family, or the usually 8am traffic

i also shouldn't have to skimp out on a vacation just because i want to pay the bank more interest

even if one can technically afford it, housing is sucha big mental drain...i shouldn't have to feel guilty about eating out on weekends

the article has one line for you...not every 37 year old wants a roommate

[hud 91gt]

What’s a roommate, when you had two for the previous 37 years saving for that downpayment (their parents). Lol.

[eclipseman]

Originally Posted by Mr.HappySilp

Dumb story. Tons of people who earn less than these two people are able to afford a place. Is all about planing ahead and compromise. There are people who work just above min wage yet they can afford a house. Maybe is farther out IE Surrey, Langley and not in Vancouver, Burnaby. Start small like an apartment then move to a Townhouse, Duplex. Once you move your own place you can save up. They simply want to live near where they work, right off the bat get a house right away.

I'll give you $50 if you can find me any couple (two individuals) making mimimum wage who can afford a house in greater Vancouver. (Does not include trailer parks or houseboats).

For the record, this current search shows only 7 houses under the price of $400k from Vancouver to mission (4 of which are houseboats).

https://www.realtor.ca/map#ZoomLevel...72725473715843

[Mr.HappySilp]

Originally Posted by eclipseman

I'll give you $50 if you can find me any couple (two individuals) making mimimum wage who can afford a house in greater Vancouver. (Does not include trailer parks or houseboats).

For the record, this current search shows only 7 houses under the price of $400k from Vancouver to mission (4 of which are houseboats).

https://www.realtor.ca/map#ZoomLevel...72725473715843

Already did. My parents old tenants did. Sure they both take on part time and bought a house langley with their 3 kids. They made it work one parent goes work graveyard while the others work during the day time so someone is always at home. Yea they don't go out for dinners or movies but that's how life is.

If you want something bad enough you will make it work. Talk about 2 professional can't afford a place well there is a guy who paid off his mortgage in 3 years and he make it work for him by working 7 days a week. People are just too lazy and doesn't want to put the extra effort in and just want things handed to them.

https://www.cbc.ca/news/business/sea...debt-1.3402026



I love to see these so call professional expense and see where they are actually spending their money on. Or rather people have different priorities and spend their money on something that they feel is more important (Yearly vacations, mods on their cars, yearly new cell phone, change their clothing quarterly, dining out weekly, daily starbucks, weekly movies.....) some of these expense might be small but they do all up.

[Ludepower]

2 people working minimum wage shouldnt be buying a place. They should be renting until they have actual careers. Happy I agree with you though about working harder and smarter.

[Gerbs]

I'd argue just because your income can cover a mortgage payment doesn't mean you should. I don't think you should be leveraging 50% of your take home income on just the mortgage. Unless your take home is like $15k a month.

[Gerbs]

Originally Posted by Mr.HappySilp

Already did. My parents old tenants did. Sure they both take on part time and bought a house langley with their 3 kids. They made it work one parent goes work graveyard while the others work during the day time so someone is always at home. Yea they don't go out for dinners or movies but that's how life is.

What year did they buy a house in Langley.