Vancouver's Real Estate Market

[twitchyzero]

is that suggesting it's fair/reasonable those making under $35/h can't put a roof over their head?

who/what made it one of the most expensive markets in the world?

tell that minimum wage is for kids for the engineers who move here and don't have their credentials recognized

btw 65k/yr is not minimum wage, plenty of young people who grew up here make that, and this is rent not home ownership

[BIC_BAWS]

Originally Posted by SSM_DC5

And the noise + vibrations to the house due to aftermarket exhaust. Might be because my current house is old, but the windows shake and everyone knows when I get home.

+1 to this. When I first bought my E46, the first time I started it up in the garage. Everyone in the house thought it was an earthquake. Granted the garage is right under the kitchen LOL. Stock exhaust btw.

[Hondaracer]

Originally Posted by twitchyzero

is that suggesting it's fair/reasonable those making under $35/h can't put a roof over their head?

who/what made it one of the most expensive markets in the world?

tell that minimum wage is for kids for the engineers who move here and don't have their credentials recognized

btw 65k/yr is not minimum wage, plenty of young people who grew up here make that, and this is rent not home ownership

Because moving here and having your credentials not recognized is the responsibility of others

Like obviously it’s crazy but how can there possibly be affordable rent for minimum wagers when then vacancy rate is 0

[F3]

Originally Posted by twitchyzero

is that suggesting it's fair/reasonable those making under $35/h can't put a roof over their head?

who/what made it one of the most expensive markets in the world?

tell that minimum wage is for kids for the engineers who move here and don't have their credentials recognized

btw 65k/yr is not minimum wage, plenty of young people who grew up here make that, and this is rent not home ownership

Yes it's fair/reasonable to suggest that those making under $35/hr can't afford to live in a 2 bedroom by themselves. Get a roommate and you'll only need to make $17.50/hr, which is less than $37k a year.

[Traum]

Originally Posted by Badhobz

https://www.rew.ca/properties/R23615...e-vancouver-bc
https://www.rew.ca/properties/R23570...t-vancouver-bc

These 2 houses are right in the neighbourhood where I grow up, so I am quite familiar with the area. IMO, I'd pass on both of them for different reasons.

The area near East 49 right sits on some swamp-ish softer land. There is a good chance that the Vivian house might be on or close to these swamp-ish softer land. Last year or the year before, I've posted up a City of Vancouver engineering department drawing that shows all of the soft lands in CoV in this thread. If you look that document up, you'd be able to tell whether it sits on soft ground or not.

The Bobolink place is on a hill and right next to Elliot Street (a bigger street). You'll likely hear cars ripping up Elliot when going uphill. I think the Elliot bus also goes along Elliot, so you'll hear that too. Maybe it is just me, but I am not a fan of having my house on a hill.

That area of Fraserview is certainly very nice though, and the neighbour is good. If you are interested in that area, you'd really want to look at places immediately around Bobolink Park. Another very good area near by is the region bounded by Kerr, Rosemont, Butler, and 62nd / 63rd. That is a very nice area as well.

[fliptuner]

Just watched the vid for the Bobolink property.
"Beautiful crown molding throughout the home"
...standing in a room w/o crown molding

"Call me if you want any questions"

[Harvey Specter]

Originally Posted by Traum

These 2 houses are right in the neighbourhood where I grow up, so I am quite familiar with the area. IMO, I'd pass on both of them for different reasons.

The area near East 49 right sits on some swamp-ish softer land. There is a good chance that the Vivian house might be on or close to these swamp-ish softer land. Last year or the year before, I've posted up a City of Vancouver engineering department drawing that shows all of the soft lands in CoV in this thread. If you look that document up, you'd be able to tell whether it sits on soft ground or not.

The Bobolink place is on a hill and right next to Elliot Street (a bigger street). You'll likely hear cars ripping up Elliot when going uphill. I think the Elliot bus also goes along Elliot, so you'll hear that too. Maybe it is just me, but I am not a fan of having my house on a hill.

That area of Fraserview is certainly very nice though, and the neighbour is good. If you are interested in that area, you'd really want to look at places immediately around Bobolink Park. Another very good area near by is the region bounded by Kerr, Rosemont, Butler, and 62nd / 63rd. That is a very nice area as well.

The area around Fraserview Dr is amazing and probably the best neighbourhood in south/east Van. Wide roads, big lots and almost every home has a view. I know of a couple people who sold on the westside and moved to Fraserview.

Speaking of new homes, there was a teardown on Fraserview Dr. that sold for $2.2m at the peak. They're currently building and will probably be in it for well over $3m+ but the house has insane views and I assume they're building to live in because there's no laneway house. There's also a new house going up beside it and across the street.

[MarkyMark]

Originally Posted by Hondaracer

Should you be able to afford to rent in the most expensive real estate in the world if you make minimum wage? Minimum wage is for kids.

Would you be able to buy the house you live in based off your current wage?

[Alpine]

Originally Posted by Badhobz

we saw a few Vancouver properties yesterday and a lot of them had these "laneway homes" as mortgage helpers. Holy shit are they ever small! Why would anyone want to pay 2k in rent to live in those tiny ass closets? plus the parking is a god damn disaster.

This one house we saw looked pretty nice but got the basement rented out to a couple (1.6k a month) the laneway house rented out to another couple (2k a month) and a family of 4 living in the main house. All together they have like 8 cars to park.

Ill take my L shaped mcMansion any day of the week over the ones in east van. Plus they aint even cheap! listed at 2.8/2.9mil.

https://www.rew.ca/properties/R23615...e-vancouver-bc
https://www.rew.ca/properties/R23570...t-vancouver-bc

I've been looking at east van myself (definitely not in your price range). A rear lane has become a must as it's relatively cheap to put up a laneway house that you can rent out for 1.5k+ and recoup the construction cost very quickly. All new builds basically have laneway + basement rented out, and every house has a minimum of 3 to 4 cars now lol.

[twitchyzero]

Originally Posted by Hondaracer

Because moving here and having your credentials not recognized is the responsibility of others

Like obviously it’s crazy but how can there possibly be affordable rent for minimum wagers when then vacancy rate is 0

not a responsibility but just for sustainability sake we need people that work here be able to stay

we screwed up to still have a vacancy problem with so many towers that have gone up in the past 5 years

Originally Posted by F3

Yes it's fair/reasonable to suggest that those making under $35/hr can't afford to live in a 2 bedroom by themselves. Get a roommate and you'll only need to make $17.50/hr, which is less than $37k a year.

that study has stats on 1-bedroom and it's really not much better

remember, that's just the average. not olympic village/yaletown...but say coquitlam?

Originally Posted by Harvey Specter

The area around Fraserview Dr is amazing and probably the best neighbourhood in south/east Van. Wide roads, big lots and almost every home has a view.

fraserview is definitely nice and feels upscale but i think fraserview dr is a little close to sw marine dr

if i had a choice i would prefer south slope just a bit further east, quieter and has more trees

[Hondaracer]

Originally Posted by MarkyMark

Would you be able to buy the house you live in based off your current wage?

Yeap.

Although there’s a few things that make it that way which are in our favor, odd ball lot size, equity from 2 former properties we owned, 2 good incomes etc.

The difference between having 2 incomes and 1 is hundreds of thousands of lending opportunity though I obviously could not on my own.

[Harvey Specter]

Originally Posted by twitchyzero

fraserview is definitely nice and feels upscale but i think fraserview dr is a little close to sw marine dr

if i had a choice i would prefer south slope just a bit further east, quieter and has more trees

I had a rental property on Qualicum Dr a couple years back and you couldn't hear the traffic from Marine. I actually regret selling that house because it was a beautiful lot with a stunning view, prefect lot to build to live. It's also very rare you can find good lots with views for sale in that area because a lot of the old homes are owned by HK investors who bought in the late 90's and early 2000's and when a lot does come up it's usually done outside of MLS.

Having too many trees on your property can actually work against you if you're buying a old house which you might want to sell later. Developers don't want to deal with the headache that comes with tree removal permits.

Personally I'm not a big fan of Burnaby, one big reason is they have too many restrictions like no laneway homes which is a no go seeing how every new home in the region needs to have a laneway and basement suite so people can qualify. There's also those buyers who rather have a Vancouver address so that works against when you're ready to list.

[Mr.HappySilp]

Originally Posted by MarkyMark

Would you be able to buy the house you live in based off your current wage?

Not going to say much but as you can see a lot of RS have purchase their own home/homes already so I think the answer is yea. Also there are those that opt to rent and invest instead. So I think overall people on RS is doing pretty well.

[westopher]

More like people are doing well enough to get approved for a boat anchor of debt for their entire lives.
A six figure income in this city is the working poor if you aren’t subsidized by your parents.

[Badhobz]

It's true. Six figures isn't enough to really buy anything more than a crack shack in new west. If you want a big nest egg you need to start early and be extremely lucky.

I started with jack shit and invested all my student loan money (40k) in stocks back in 06. I was working my ass off paying my own way through school and basically bet my entire future on stocks. Got lucky with the market (thanks GM bailout) and was able to move on from there.

[hud 91gt]

A crack shack? What broker are you using? More like 600-800k approval if you have zero debts/payments. Won’t be getting a house with that unless you have a 50% downpayment.

Nm I can’t read. New West. Ha.

[JDMDreams]

I wonder if real estate prices will go back up now that all the Hong Kongers will move back to Van

[6793026]

^ i can't say necessary going back up, there are more action in the market and I've had more than 5 friends from HK who are moving back / considering to come back within the next 6 months.

[Harvey Specter]

I've read a lot HK millionaires are moving money to Singapore. I don't think Vancouver has the same allure for HK'ers like it had back in the early 2000's.

[68style]

^
Can confirm, there's a large wechat group of very wealthy real estate speculators that I like to watch/take information in from afar... at least 2 of the main guys in that group from HK have just recently decided to relocate to Singapore.

[quasi]

Originally Posted by JDMDreams

I wonder if real estate prices will go back up now that all the Hong Kongers will move back to Van

Someday, next year? next 5 years? next 10 years? Who knows

[Badhobz]

For all you guys who want to maybe own something, give this a try. Good for these guys to have such an idea but honestly you couldn't pay me to live in Ottawa.

Daily Hive: Canadian couple offering $1.1 million house for just $25 and a letter.

https://dailyhive.com/vancouver/otta...dollars-letter

[GS8]

Originally Posted by Badhobz

For all you guys who want to maybe own something, give this a try. Good for these guys to have such an idea but honestly you couldn't pay me to live in Ottawa.

Daily Hive: Canadian couple offering $1.1 million house for just $25 and a letter.

https://dailyhive.com/vancouver/otta...dollars-letter

If they get 50,000 entires, they'll earn more than what they put the house up for originally

[Badhobz]

Interesting.

The sellers need 50,000 entries by August 13 to be able to move forward with the contest

So if these guys don't hit that number then what. They'll refund everyone's money ?

[Alpine]

lol collect 50k entries, which adds up to more than the asking price of the house, then select the winner (who also happens to be your friend/fam member). Collect the 1.25M, then have your friend/fam flip it for below assessed, and split that with them!