Vancouver's Real Estate Market

[Harvey Specter]

Originally Posted by Z3guy

DTES is where it is at. I work in the DTES....the landscape is completely changing. Heck, Main Street used to be a dump and now it is one of the hippest areas to live. Overpriced as well. Fraser and Knight between King Ed and Broadway are the next areas to blow up in Vancouver.

+1.

Main St. beyond 33rd has been transforming over the past few years into a hipster area. If I had the cash I would look to buy a house in that area to be used as a rental property.

The other area I see changing over the next few years is the Punjabi market area. Business is dying because the Punjabi population is shrinking in Vancouver with most EI businesses locating to Surrey. Most of the buildings are owned by EI business people and I'm predicting that we'll see condo developments going up in the near future. It's actually a prefect area for a nice condo project; it's right by Langara and the Skytrain station and the area itself isn't that bad.

[4444]

Originally Posted by Lord Disick

+1.

Main St. beyond 33rd has been transforming over the past few years into a hipster area. If I had the cash I would look to buy a house in that area to be used as a rental property.

The other area I see changing over the next few years is the Punjabi market area. Business is dying because the Punjabi population is shrinking in Vancouver with most EI businesses locating to Surrey. Most of the buildings are owned by EI business people and I'm predicting that we'll see condo developments going up in the near future. It's actually a prefect area for a nice condo project; it's right by Langara and the Skytrain station and the area itself isn't that bad.

Do you realize that this 'if we build it, they will come' attitude towards condos is a short term phenomenon?

Who is going to buy places in the Indian area? People who want to live in a condo, but at high prices required nowadays to build it, you'd might as well buy closer it cambie, kits or downtown

Vancouver is not special. It is not different. Currently, you build, they will buy works on 3% mortgage and a feel good hippy song time about real estate! this will all end soon, and it will end ugly - you can't just sprout off a neighbourhood and say 'ya, I see hipsters (most of which live paycheque to paycheque, so no buying real estate from these losers), I wish I could buy there'

Why don't u want to buy in Ladner, they've just released plans to build a replacement for Massey tunnel, that price will be built into real estate there before it gets built, buy now or buy never, this bridge will make mass development come to Ladner/tsawwassen.

If you believe a word of that last sentence,you're either an idiot, or a realtor (same thing) - in the Ladner/tsawwassen case, the fact it's tolled will kill any development, as will the fact that it's one of two significant bottlenecks, the other is still there, also, prices are already way too high there, so by 2017, prices will be lower than they are today

[sonick]

lol my rental manager got a letter from one of those realtors who spam condo units to use their services to sell. On the letter a photo with a big SOLD on it as "A similar unit that recently sold in your building, this could be you!"

Except the photo was of my apartment, ripped off from the MLS listing my rental manager put up when the landlord was thinking of selling.

[Gridlock]

Don't get me started on that stupid bridge.

I did some reading. Know when the last bridge/tunnel was built in Manhattan? 1960's. We've built 6 billion worth of bridge in the past couple of years, with another 3 billion here in 2017.

"Pave the Fraser. The 21st Century Solution"

It drives bad decisions on real estate. Wasn't the Goldeneye Bridge(come on, we should totally name it that) built solely so people could buy cheap houses in Maple Ridge? Why else would people buy in Maple Ridge?

The Ladner Tsawassen area is a beautiful little area with farms and communities and has been mostly forgotten in the last push of development...so let's build! Own your very own townhome in Burn's Bog! Nature trails that burn! Your cute little house used to be on land that fed Canadians. Novel concept.

We don't even need to look at other countries as an example, but look at Toronto. They have such a glut of condos on the market, that you can't sell existing stock for a decent price. Those people can't then buy up in to the next tier, and it will start to affect the entire real estate market.

[Gridlock]

Oh! The condo tower that we were being lured with?

Still flat ground. They leveled the house that was on part of the land more for liability reasons than anything, but not a hint of construction.

I'll be really surprised to see it start construction. This was the tower from pages back that was offering to rent your unit for you for 5 years, or give you a massive rebate on the purchase.

I personally wish they'd put something there, I manage a building down the road from it and hate seeing a vacant lot on my way to the building. Gives the street a Warsaw Poland feeling circa 1939.

[GLOW]

they run in to money problems and halted construction?

[sonick]

FWIW: Goldman Sachs warns on 'large correction' in Canada housing

[Gridlock]

Originally Posted by GLOW

they run in to money problems and halted construction?

I haven't checked in on it, but my guess would be that they may be having problems selling the required 80-85% of apartments required to secure the construction loan.

Why else would they be cutting 10's of thousands off the price, and renting out apartments for 5 years and making all the incentives to purchase over the summer?

All the New West towers were having problems getting to sold out status. The northbank tower(right next to skytrain) is starting to fit out the lower levels and they are still sending me e-mails telling me how great their views are.

[SumAznGuy]

Originally Posted by Gridlock

I haven't checked in on it, but my guess would be that they may be having problems selling the required 80-85% of apartments required to secure the construction loan.

China people don't want to live in New West. No problems selling out in Richmond and Burnaby.

I kid I kid

Actually, I was shocked to see the rental prices and how much people were trying to flip their units for in this building. Some units are as high as $720/sq ft.

Burnaby Apartments, Chancellor Apartment Development in Burnaby | Polygon

[falcon]

You can't compare Vancouver with New York. You can easily live on Manhattan and not ever have to leave. With the way our land is spread out we need bridges to connect everyone. The Golden Ears was a bridge long time coming... did you ever see the line ups for the Albion ferry? Hours.

As for the tunnel, that too needs to be replaced. There are accidents in it almost daily, the counter flow lane is garbage. It basically creates bad traffic going both ways now instead of just the one way with all the traffic leaving/coming to Richmond (depending on morning/night). I go to school in Ladner and if I leave at 4PM I'm sitting in traffic for an hour to get to #10. It's ridiculous.

Only thing I would add, would be in ADDITION to a bridge there needs to be some sort of light rail. There are so many people going into downtown from that area that it really makes sense. I would like to see a LTR of some sort from Bridgeport skytrain station with a stop in Steveston, Ladner, White Rock and Langley. Just that. Express. No stops every 30 seconds. Similar to what Toronto has. We need transit that brings people in from outlying areas quickly.

[dinosaur]

Originally Posted by SumAznGuy

China people don't want to live in New West. No problems selling out in Richmond and Burnaby.

I kid I kid

I'm cool with that.

I kid I kid.

[GLOW]

Originally Posted by SumAznGuy

China people don't want to live in New West. No problems selling out in Richmond and Burnaby.

I kid I kid

Originally Posted by dinosaur

I'm cool with that.

I kid I kid.

[SumAznGuy]

Originally Posted by dinosaur

I'm cool with that.

I kid I kid.

Originally Posted by GLOW

Haha. Time to post in Fight club about this.

Back on topic. I agree with what Falcon said, in that I never want to through the Massey tunnel during rush hour. I use to go to Pt. Roberts after work to pick up my mail, but the traffic was horrible so I ended up switching to using Blaine instead.

[dinosaur]

Originally Posted by SumAznGuy

Haha. Time to post in Fight club about this.

dems fightin' words, yo!!

[Harvey Specter]

This might be a repost but what do you guys think of the MC2 building on SW Marine? They have a few smaller units left.

[sekin67835]

Originally Posted by Lord Disick

This might be a repost but what do you guys think of the MC2 building on SW Marine? They have a few smaller units left.

do you want to live nearby a garbage collection facility and near lumber mills? The smell there gets bad during the summer. Just my two cents.
Posted via RS Mobile

[Harvey Specter]

Not interested in living there, looking for a rental unit.

[4444]

Originally Posted by Lord Disick

Not interested in living there, looking for a rental unit.

Can u just buy somewhere already, everything is a 'great investment opportunity, if I had the money' - I always respected your opinion based on some great posts, but now, not so sure.

[Harvey Specter]

Originally Posted by 4444

Do you realize that this 'if we build it, they will come' attitude towards condos is a short term phenomenon?

Who is going to buy places in the Indian area? People who want to live in a condo, but at high prices required nowadays to build it, you'd might as well buy closer it cambie, kits or downtown

Vancouver is not special. It is not different. Currently, you build, they will buy works on 3% mortgage and a feel good hippy song time about real estate! this will all end soon, and it will end ugly - you can't just sprout off a neighbourhood and say 'ya, I see hipsters (most of which live paycheque to paycheque, so no buying real estate from these losers), I wish I could buy there'

Why don't u want to buy in Ladner, they've just released plans to build a replacement for Massey tunnel, that price will be built into real estate there before it gets built, buy now or buy never, this bridge will make mass development come to Ladner/tsawwassen.

If you believe a word of that last sentence,you're either an idiot, or a realtor (same thing) - in the Ladner/tsawwassen case, the fact it's tolled will kill any development, as will the fact that it's one of two significant bottlenecks, the other is still there, also, prices are already way too high there, so by 2017, prices will be lower than they are today

That area is changing and like I said a lot of EI families are moving out. But in general I agree there's better opportunities outside of Vancouver.

I was looking at units in south Surrey and Langley, some really good deals out there but I don't see much of a rentals market and I don't see values of the units going up anytime soon because there's such a supply of units available. Every corner you turn you're seeing a brand condo development going up. And funny you mention Ladner, I have family friends who just unloaded agricultural land around the city hall area for just over $4 million to a Asian developer.

[JKam]

Originally Posted by sekin67835

do you want to live nearby a garbage collection facility and near lumber mills? The smell there gets bad during the summer. Just my two cents.
Posted via RS Mobile

just complain when the smell is too much, like the railroad's excessive noise

[sdubfid]

Originally Posted by Lord Disick

Not interested in living there, looking for a rental unit.

Have you done any math?

[GS8]

Originally Posted by 4444

Do you realize that this 'if we build it, they will come' attitude towards condos is a short term phenomenon?

^ This is definitely prefaced by...

Originally Posted by Generic Developer

If there are trees, we will knock them down and replant our environmentally friendly trees in a uniform pattern because landscape

They tore up a group of trees over behind my old neighbourhood. Those trees were a privacy barrier which separated that 'hood from the busy ass David Ave. Connector that runs behind. Now the trees are leveled and I see a sign that implies MOAR BUILDINGS!!! The area is tiny so I imagine it's going to be more anorexic townhouses.

Coshitlam

COSHITLAM

See what I did there?

[dinosaur]

Originally Posted by Lord Disick

Not interested in living there, looking for a rental unit.

Oh, so instead of bitching about the smell to yourself....you'd rather listen to your tenant bitch about it....if you could even find one in this saturated rental market.

[Harvey Specter]

Lol, you have to put up with the garbage smell or EI/Asian cooking smell in south Vancouver. Pick one.

[dinosaur]

Yeeeeeah, I'm not really sure comparing Asian/IE cooking "smell" to a fucking garbage dump is your most eloquent posts.

Do people really bitch about a "cooking smell"?