Vancouver's Real Estate Market

[Traum]

Originally Posted by Digitalis

Well what do you know? NDP actually fixed the rental crisis!

But people are still going to say that the NDP needs to go (and bring back the Lie-berals?)

[Acurapinoy]

Originally Posted by spacemanrick

I have been following another fully furnished 1,440 square foot condo for rent at the Cascina in Coal Harbor. Last week they were asking $4,500 per month rent and the monthly rent has now just been lowered to $4,200 per month.

These rental numbers make absolutely no sense and are bonkers for renting a $3,000,000 property. If my kids were older and out of the house I would sign a 1 year lease on this property in a heart beat. Why would anyone pay $3,000,000 (or even $2,000,000) for this property + pay $1,000 monthly maintenance + $600 monthly property tax when they could rent it furnished for $4,200 per month???


https://vancouver.craigslist.org/van...887576642.html

To be fair... most of us will never look into buying these types of property lol. The owner probably paid in dirty cash to hide the $ and just rents it out to prevent further tax and make little $ on the side.

[Alpine]

Originally Posted by Acurapinoy

To be fair... most of us will never look into buying these types of property lol. The owner probably paid in dirty cash to hide the $ and just rents it out to prevent further tax and make little $ on the side.

To add, we domt know what price they bought it for or if they even have a mortgage on it or what the owners net worth is.

[JDMStyo]

Long time no update on Presales/Assignment side!
Presales-VIP.com (moi) got mentioned in Bloomberg's Vancouver House article (no news is bad news right?!) and have been working on referral and cold emails from prospective clients last few weeks.

It's indeed a buyer's market now!

__

Burquitlam
KIRA by Woodbridge
small developer by Burquitlam Park / skytrain
1BR $490K start 600ft
2BR $599K start 750ft - 850ft
Lowrise 6 story woodframe building + parking. May be tough to get up in price based on how Simon 1/2 and Ragan West have fared in resales market

Metrotown Burnaby
Maywood Intracorp
$500s to start but smaller units 440ft no parking
2BR 2bath in the $800's range.
If I was looking at new condos in Metrotown area now I'd look at cheap assignments at station square - wrote offers on 2-3BR $800-900K range some some top floor penthouses can be had for $1.05. Beedie only allows local-local and foreign-to-foreign sales though. Yikes!

Sun Tower 2
Good district right along the Skytrain rails across from Metrotown
Basically same price as Tower 1 and people from T1 trying to assign as well for $650K for 1br while paid $550K range.

Brentwood Burnaby
ONNI Gilmore Place
3% discount + 3% bonus
$1000/ft

AKIMBO
This one is really struggling - not sure if it's the branding or marketing + overal markets but may not

NewWest
AMIRA (New West) by AlphaBeta
Lowrise 6 story build woodframe
1BR $400s
25% sold already in a week - suggesting there is still good room in the starter home category

Surrey
CENTRA
Highrise AC + parking starting from $300's
Selling quite well, only some high floor 1BR left in low $300s

ONE Central
1BR mostly sold out - remaining high floors only
15% deposit now dropped from 20%

Georgetown by ANTHEM
Selling really well tower 1 despite no A/C I think buyers are jumping on the masterplan community approach.

ASSIGNMENTS front opportunities
Getting in clients at below market and 2016-2017 prices for great condo/townhome units where some foreign buyers can't afford to hang on or get financing (there's always mezz debt at 10%) but at PTT + 5% GST that's easily another 7% added to their cost.
I've seen Station Square (Metro) brand new 2BR go for as low as $700K which is almost as cheap as new 1BR - and that would rent out for $2500+ giving a much more decent cap rate of 3.5%+ with $350 maint fee.

[TouringTeg]

Like Badhobz we are tired of tenants and listed our second rental property for sale. I haven't posted here in a while but always read and try to follow along.

Like my Realtor said Sunday, it is amazing how quickly the market has changed to a buyer's market.

Backstory: In 2012 my wife and I purchased our first house together in Langford (suburb of Victoria 30-40min drive to downtown) for $455k: 2010 build, 5 bed 3 bath (legal 2 bed suite). It was great to have the mortgage helper and we had one young couple in the suite for 6 years. They were awesome.

Rental condo: 2013 a friend and I had some money and created a partnership to buy a 2010 condo also in Langford 1 bed 1 bath and rent it out. Rents were low and it barely covered expenses the first few years. It wasn't until rents started rising in 2016 that we started to see a return. It was purchased for $236k and listed it April 2018 for $299,900. Sold for $310k with closing August 1st. Almost zero expenses over the course of ownership. Tenants provided written notice they were leaving August 1st. They maintained the place extremely well and had perfect furniture so it easily sold within 3 days.

New old house: Meanwhile around 2015 my wife and I decided we wanted a house that was not in a fishbowl and was larger with no need for a tenant. We purchased a 1939 3 bed 2 bath (originally 2 bed 1 bath) in Saanich (10 mins to downtown) for $520k and have renovated bathrooms and added a proper (safe) deck. 2 car tandem garage and workshop with room for a car or three. Happy to stay here! Btw another party offered $536k but the sellers met us and loved our baby at the time and really liked the idea of a young family enjoying their house. They had lived there over 60 years!

Rental top and bottom: We kept our original house in Langford and rented it out top and bottom. The awesome basement suite tenants turned over. The new upstairs tenants were loud (kids, dogs, parties etc) and also moved in another person without telling us. We were able to evict at the time and they left. Next upstairs tenants were a new set of issues. Always had to be home for access, extremely messy, garbage on the floors, never cleaned, too much furniture. Almost looked like they had extra people staying there all the time. Mostly paid rent on time but often had to remind them. After downstairs tenants turning over again, and then current tenants breaking 1 year lease after 7 months we decided to sell. Upstairs tenants continued to create turnover and are paying well below market rate.

Time to sell: We were planning to sell Spring 2020 but with tenants leaving and a market that trails Vancouver (Van prices down 11% April 2018 to 2019 and Victoria around 5%) we decided to sell. With messy tenants who are difficult to work with that creates new issues. Upper tenants decide to find another place and if they can give early notice to leave June 1st. Excellent! 6 showings and first showing the realtor leaves the back door open by accident and their indoor cat escapes. Then tenants demand to be present for all future showings. 2 showings on Sunday and one of them put in a strong offer and quick close. We came to a deal with subjects (appraisal, inspection, finance) to come off May 24th. Close June 14th. (They informed us finance is already in place prior to initial offer. No house to sell as they sold already. List $669,900 and sold $658,000. Last summer my neighbor sold for $674k. House five houses down prior to that sold for $690k but was presented much better with fresh paint and owner occupied. Ours needs TLC.

1250 Parkdale Creek Gardens in VICTORIA: La Westhills Single Family Detached for sale (Langford) : MLS®# 410508

tl;dr: Had a string of revolving or bad tenants and we became fed up and list rental house for sale. Uncooperative tenants make for a challenging sale and expect to lose money. We are happy to sell our rental in a falling market. Timing the market is challenging when you have tenants.

[Mr.HappySilp]

^^ when I was looking for a 2bd apartment back in Aug one of the sellers have an uncoperative tenants as well. Basically he only allow showings on Wed between 7:30pm to 8:30pm and he have to be present. I doubt the owner can sell it with only one hour showings per week and in the evenings as well. Not the mention the tenant basically follow you whereever you go. Super annoying.

[Great68]

Oh man, glad I avoided the Westhills Lang-trap from day 1.

[twitchyzero]

i don't understand the too messy/too much furniture complaint unless you were trying to sell...most renters are renting for a reason

as long as they pay on time and leave it undamaged, i'd be content

but yeah having tenants when selling must be a pain

if only we had detached in coquitlam/new west for those kind of prices

[Badhobz]

i dont get the deal with coal harbor. those sea planes right in front ruined that place for me.

[TouringTeg]

Originally Posted by twitchyzero

i don't understand the too messy/too much furniture complaint unless you were trying to sell...most renters are renting for a reason

as long as they pay on time and leave it undamaged, i'd be content

but yeah having tenants when selling must be a pain

if only we had detached in coquitlam/new west for those kind of prices

I should clarify I cant do anything about the excess and oversized furniture but the floors are not swept, bathroom looks like it hasn't been cleaned in years and carpets all looked stained and damaged due to lack of cleaning. I wish it were undamaged.

I admit gaining access to do repairs and upkeep is a challenge and when tenants don't take care of the place it can go downhill in a hurry. I have to take some responsibility as landlord for not doing more maintenance in the unit.

[SFU_wmc]

Originally Posted by JDMStyo

AKIMBO
This one is really struggling - not sure if it's the branding or marketing + overal markets but may not

What kind of incentives are they giving out now? Heard they just released their 1bd few weeks ago. These weren't initially released?

Originally Posted by JDMStyo

Surrey
CENTRA
Highrise AC + parking starting from $300's
Selling quite well, only some high floor 1BR left in low $300s

ONE Central
1BR mostly sold out - remaining high floors only
15% deposit now dropped from 20%

Georgetown by ANTHEM
Selling really well tower 1 despite no A/C I think buyers are jumping on the masterplan community approach.

Which of these would you say is a better buy if looking for something in the low-mid 300's? Or any upcoming projects to look for?

[spacemanrick]

Originally Posted by Badhobz

i dont get the deal with coal harbor. those sea planes right in front ruined that place for me.

Yes and those big mountains block out the sun in the morning and there are too many trees in Stanley Park that are too dark and green. Also on a sunny day the sea wall in front of the condo is too crowded with people walking and riding bikes. Don't get me started on the Vancouver harbor with boats and sea planes in front of your outdoor patio deck all day long. Also all the different restaurants on Robson, Denman, Gastown, and downtown are too expensive ..To each his own but there is a reason that the condos in Coal Harbor are some of the most expensive condos in Vancouver.

[Alpine]

Originally Posted by SFU_wmc

What kind of incentives are they giving out now? Heard they just released their 1bd few weeks ago. These weren't initially released?



Which of these would you say is a better buy if looking for something in the low-mid 300's? Or any upcoming projects to look for?

I heard Akimbo recently had a 10% off 1 day sale...

[twitchyzero]

in May?! horey shet things must be bad

[JDMDreams]

Any good town house presales? I saw Stanley green on FB with 5% down and no GST but my realtor said it might not fund.....

[TouringTeg]

After 12 days of waiting for subjects to be removed out rental house in Langford sold for $658k. Inspection was Tuesday and our buyers took their sweet time getting a deposit and releasing subjects today.

I seriously expected some games today like asking for professional clean or painting credit. Prices continue to drop on houses in Langford. Buyers market over here.

So happy it sold.

[Acurapinoy]

Originally Posted by TouringTeg

After 12 days of waiting for subjects to be removed out rental house in Langford sold for $658k. Inspection was Tuesday and our buyers took their sweet time getting a deposit and releasing subjects today.

I seriously expected some games today like asking for professional clean or painting credit. Prices continue to drop on houses in Langford. Buyers market over here.

So happy it sold.

Congrats! How much below asking was it. But atleast it’s sold now and 685k is still 685k lol

[Badhobz]

Ours sold too 1.02 million. There's an HSBC promotion right now for 3% interest on a high rate savings account. Gonna drop the cash in there for a bit.

Now to sell the Richmond house and move the fuck outtttt to the burbs.

[TouringTeg]

^ thanks for the heads up on HSBC promotion. Congrats!

It was listed for $669,900 and sold for $658,000. Last assessment $637,000. Really needs paint and carpets. Another house identical layout a block away sold yesterday for $661,000 but took 93 days. Ours is gone in 15 days after 12 days waiting for subjects to come off.

[Gerbs]

Any of you guys own rental properties in other provinces?

[68style]

^ I've been looking a lot in Calgary... rents in downtown are almost as high as Vancouver prices and the apartments are 1/3rd the cost... that said, I am unsure where Alberta sits on the landlord vs tenant argument... BC is so pro-tenant nowadays it's borderline dangerous to own a rental property here... but I'm not sure how the climate is in Alberta.

[TouringTeg]

My sister owns a rental property in Edmonton and lives in Victoria. Rented top and bottom. Rents have not recovered since the drop in oil prices. Tenants have options and the ones she has are often poor quality tenants.

Also house prices are not strong there either. She is selling and has an offer with subjects to come off Friday. She can't wait to be done with it.

That said Calgary is likely a better place to invest. I like that in Alberta the deposit is a FULL months rent.

[westopher]

I owned a place in Edmonton until 4 years ago when I purchased here. I bought it for 240k in 2008 for 240k, sold it for 260k in 2015. Renting was fine because I had family friends as tenants. Nothing about it other than that was ideal though. Condo fees are often double, or more than what they are here. The building management is a fucking racket there. If I would have sold it today it likely would have been back at the 240k mark. Their supply is massive and they continue to build. There are certain areas that are desirable near DT, UofA and Gmac, but everything else is stagnant and the vacancy rate is high. Not something I'd recommend.

[twitchyzero]

even a full months rent is typically not enough to cover damages
slumlording aint ez

[quasi]

The one subject to sale offer I had ended up falling through due to financing on their end. I've had two more offers both subject to sale, I've turned them down with no counter as they wern't willing to get off that clause.

I'm at the point now where I'd like to sell but honestly I don't GAF anymore hah. I was honestly expecting it to take some time but I think it's been longer than anticipated.

I really underestimated what a pain in the ass it is to do showing with 2 dogs, have to get their beds, crates, bowls and toys into the garage for every showing then bring them back in afterwards also have to get them out of the house for like 45-60 minutes each time. We've still been getting a lot of people through probably averaging 1 a day since we listed 5 weeks ago.

I made it clear to my realtor to not bring me anymore subject to sale offers as we're not interested and I've recently asked him to start screening for showings, if it's someone who has to sell their home first or is potentially interested in making a subject to sale offer please don't waste our time.

I've also made it clear at no point am I reducing my number, I'll negotiate some but it has to be in the ballpark. It may or may not sell, just going to ride it out and if it doesn't sell I've promised to let the wife do some renovations. The price is in the ballpark of what similar homes have been selling for in the area, not out of whack.

I will say my realtors have been doing their job, they have gotten a lot of traffic through the house.