Vancouver's Real Estate Market

[SumAznGuy]

Originally Posted by Traum

I've heard from a friend that land ownership can be very messed up even when you're looking at detached housing. She was looking at a duplex unit on Main or Fraser, and there is a laneway house on the plot of land where the duplex is as well. So 3 suites, basically, and each unit has their own respective owners. I don't even know how that is possible.

I've seen a few of those when I was in the market.
Can't remember the name of this, but I looked at one with 4 units on one piece of land.

[highfive]

^I think it's considered as a townhouse. Laneway house is the coach house.

[yray]

they are called quadplexes???

4 people strata

thats fucking fun

[Hondaracer]

Originally Posted by Traum

I've heard from a friend that land ownership can be very messed up even when you're looking at detached housing. She was looking at a duplex unit on Main or Fraser, and there is a laneway house on the plot of land where the duplex is as well. So 3 suites, basically, and each unit has their own respective owners. I don't even know how that is possible.

It’s called an informal strata I believe. Essentially you can do whatever you want as long as everyone agrees? I think..lol

[twitchyzero]

there's def few of those in east van...bigger plot of land and divided 4 ways...everyone parks on the street lol

i'd argue you'd have less privacy in a laneway house than a 1bdrm

[Hondaracer]

Originally Posted by twitchyzero

there's def few of those in east van...bigger plot of land and divided 4 ways...everyone parks on the street lol

i'd argue you'd have less privacy in a laneway house than a 1bdrm

- never have to deal with an elevator
- never have to be inside a parkade
-no directly connected neighbors
-private entrance


Some of the laneways which were added to a much older home aren’t great because a lot of the living area tends to face the existing home. But I find most they are putting up recently have been designed with privacy in mind

[fliptuner]

+ 3-4 sides with windows vs. 1-2

I'm in a rental suite right now and the LR is on the side of the house. Great for privacy, terrible for sunlight.

[Hondaracer]

Some of you guys seem like fucking vampires lol

Too many windows? Hellll nahhh

East facing? Helll nahhhh

West facing? Helllll nahhh

Lol

[twitchyzero]

having a separate entrance is good enough
i'd rather park indoors because i hate scraping ice

but i agree not paying strata, not waiting for an elevator (or for it to breakdown), and not having paper thin walls btw neighbours is great (even if most homes have mtg helpers anyways)

the biggest thing holding it back is the inability to sell it from the main house...the city says they want to address affordability issues, then they should offer a permit for these sales

[Hondaracer]

Hard to say but I would think in building a laneway you’ve got to at least break even in terms of the increase in value VS construction costs. But maybe not

[twitchyzero]

can you build a basement into a coach home? or at least have it for storage since you lose the attic space of a conventional garage

[Selanne_200]

As taken from CoV's website. But unless you have a giant lot, I don't see any good reasons to take away from the area on your main and second floor by adding a basement.

Are basements allowed in laneway houses?
Yes, basements are allowed. The floor area of
the basement counts toward the total allowable
floor area. Crawlspaces are also allowed, but must
be internally interconnected with the rest of the
laneway house.

[TouringTeg]

https://globalnews.ca/news/4917576/f...n-tax-hotline/

I was doing some digging after reading this story and found out where the BC Goverment is getting the address of the home owner. Notices are apparently in the mail to the address on file with BC Assessment. In my case I normally receive my Notice of Assessment by epost. Sure enough the address on my NOA is still my rental property as I lived there first and then purchased another home to live in. I never bothered to update the address since I receive my NOA via epost.

I have updated it to my current address. I don't know if it will go to my rental property or home now. I am giving my tenants a heads up it may show up in the mail.

You can declare online but the owner still needs the paper form as it includes two numbers that you need to complete a declaration. Also all owners must submit a declaration even if each owner is a spouse.

Anyway just a reminder to review and update your address with BC Assessment.

https://www2.gov.bc.ca/gov/content/t...nd-vacancy-tax

[winson604]

Originally Posted by Selanne_200

As taken from CoV's website. But unless you have a giant lot, I don't see any good reasons to take away from the area on your main and second floor by adding a basement.

Are basements allowed in laneway houses?
Yes, basements are allowed. The floor area of
the basement counts toward the total allowable
floor area. Crawlspaces are also allowed, but must
be internally interconnected with the rest of the
laneway house.

Don't quote me but I believe these so called "basements" are not true basements where you go down a flight of stairs like in a house but it's those where you go down like 3 steps to a lower level and that's your "basement". Could be wrong though.

[GS8]

Originally Posted by Hondaracer

Some of you guys seem like fucking vampires lol

Do you have any idea how easy it is to contract Porphyric Hemophilia and how annoying af it is to cure?

Spoiler!

I miss wasting my life on Oblivion

On another note, it's the final countdown till by home is leveled into dust

Met with a 'relocation specialist' and it turns out they'll pay 4 months rent at wherever I move to. Olympic Village closet here I come

[twitchyzero]

https://www.cbc.ca/news/canada/briti...ling-1.5004892

can we get those double digit drops already

[hud 91gt]

Skip the articles, read the source.

https://www.rebgv.org/market-watch/m...uary-2019.html

[spacemanrick]

I am not sure where I found this website but I find this website's listings of reductions by city by month quite helpful in tracking prices and very current and up to date. https://www.myrealtycheck.ca/

To offer some perspective this website shows the sales transaction prices for each property over the past 10 to 20 years (depending on the number of transactions) under "property insights". https://www.rew.ca/ . You have to register to get the insights on price history but that takes 1 minute and my email hasn't been spammed by them since I registered last month.

It is crazy seeing some condos that sold for $400,000 5 years ago asking for over $1,000,000.

[hud 91gt]

If you register it actually tracks sale prices, or is this an overall versus individual property prices? I didnt think that information was available u less you had a license?


My buddy is constantly spamming me with that website. It really is wild seeing how overpriced some people were dreaming of getting for their shitboxes.

[twitchyzero]

website's a clusterfuck compared to Zillow/redfin/trulia

[Hondaracer]

The real false flag? Properties like that which dropped 35% in the last year

All the while the “good” properties are still the same price as they were 2 years ago if not more. The market is weird that way in that the desirable properties hardly fluctuate at all

[spacemanrick]

Originally Posted by hud 91gt

If you register it actually tracks sale prices, or is this an overall versus individual property prices? I didnt think that information was available u less you had a license?


My buddy is constantly spamming me with that website. It really is wild seeing how overpriced some people were dreaming of getting for their shitboxes.

If you register, it for example when I enter in my own address shows what we paid for our house in 2006. For a house that my parent's owned it shows the actual sales transactions prices in 1997, 2003 and 2011.

Yeh I remember when we were looking at selling a few years ago whenever a house sold in the area we would have to call the realtor to find out the selling price. I am glad to see the monopoly on information the realtors had is being slowly weakened.

[GS8]

https://vancouversun.com/news/local-...lunging-market




Interested to see where this goes from here.

[Hakkaboy]

Originally Posted by GS8

https://vancouversun.com/news/local-...lunging-market


Interested to see where this goes from here.

I looked at those 2 twitter accounts mentioned in the article earlier this morning.

Damn, do they have a lot of time on their hands or what

[Liquid_o2]

Looks like they are trying to create panic in the market.