Vancouver's Real Estate Market

[Alpine]

https://www.zolo.ca/vancouver-real-e...st-23rd-avenue

Open house for this was packed with people. Anecdotal, but this will probably be gone in < a week. Seems to be a lot of buyers out there...

[twitchyzero]

busy open house =/= many offers

the place i got was packed but only ended up with 2-3 offers when others with less open house traffic got at least 6-8

it's nice and close to schools and highway,...and it might seem close to the amenities on grandview but if you're walking that's a big hill (i used to bike up/down rupert)...and condo's going up on that corner = awful street parking situation soon

[Gnomes]

Originally Posted by Alpine

https://www.zolo.ca/vancouver-real-e...st-23rd-avenue

Open house for this was packed with people. Anecdotal, but this will probably be gone in < a week. Seems to be a lot of buyers out there...

If you happen to go, check out their basement. They wont allow anyone see their basement suite during a private viewing I had 3 months ago due to not wanting to disturb the tenant. Upstairs is very well kept though.

As twitchyzero said, that condo is going up - busy construction no. Once it is done, my real estate agent told me it's going to have a few units for low income rental. Take that with a grain of salt

[Alpine]

Thanks guys, i knew about the rental condos going up at the corner and wasnt going to put an offer on it but still think it will go fast. Will see if im right or wrong!

[Gerbs]

Anyone have insight on what the average rental price is for a 2br 1 ba for a basement in South/East Vancouver?

[Hondaracer]

I’d say the range is probably between 1500-2500

We rent out out 1br/1ba 700sq ft “garden” suite for $1600/month and I’d say that’s a little low now

[Gh0st]

Originally Posted by 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.

Originally Posted by 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.

so damn true! my life summed up in these 2 posts lol! 100k salary aint shit. bought my first home in new west and sold that, working my way back closer to the city. (city boy at heart).

[winson604]

Originally Posted by Gh0st

so damn true! my life summed up in these 2 posts lol! 100k salary aint shit. bought my first home in new west and sold that, working my way back closer to the city. (city boy at heart).

Lol in my early 20's working for eBay at the time making $15/hr I was like yea this is pretty sweet. Fast forward to about 2009 when I went to the City I thought my $35/hr was sweet and often joked with a coworker that if we could get to $50/hr that we'd be happy and content. I can now say that $50/hr ain't shit

[6793026]

^ yes...
I had the same talk with people. Just stnadard of living is changing. Earning 100k a yr is and should be a very comfortable level. Average family income in BC is ~77k.. Think about it. FAMILY, so I had to set the bar low for a lot of people complaining.

Then there is the C-level talk. He said... do you know inflation of adjust 3% income a year is A WHOLE LOT to my bottom line?
average income for my workers is 55k and 3% for 220 workers.. that's a fucking 360k I got to account for each year.

And then there are those earning 14 bucks an hour, "younger" teen doing admin job, asked for a raise to $18. Asked why, because that's what she think she is worth...... that's an 8k raise......you're just an admin.....

[Hondaracer]

A lot of industries and jobs in the trades and whatnot are actually regressing in terms of pay as well.

When I was still in construction we’d occasionally contract out a small company to do things like the finishing etc. a couple of these guys told me they were making the same money, or less, per sq ft of install then they had 15-20 years prior lol. And that’s pretty much an accepted norm in the industry due to undercutting bids and that whole thing

[twitchyzero]

Originally Posted by 6793026

Then there is the C-level talk. He said... do you know inflation of adjust 3% income a year is A WHOLE LOT to my bottom line?
average income for my workers is 55k and 3% for 220 workers.. that's a fucking 360k I got to account for each year.

And then there are those earning 14 bucks an hour, "younger" teen doing admin job, asked for a raise to $18. Asked why, because that's what she think she is worth...... that's an 8k raise......you're just an admin.....

that's only an extra $600/mo
last i checked you probably need admin to function
maybe they're only worth min wage to you
i would quit asap if my employer/hr is too stingy to raise few bucks an hour

[Hakkaboy]

Originally Posted by twitchyzero

that's only an extra $600/mo
last i checked you probably need admin to function
maybe they're only worth min wage to you
i would quit asap if my employer/hr is too stingy to raise few bucks an hour

Going from $14 to $18 is over 28% raise. You're saying everyone should quit asap if they don't get an almost 30% raise for doing the same job as last year?

[Gerbs]

I think that person making $14/hour has a better chance of getting $18/hour finding a new admin position.

[zetazeta]

Had a good laugh reading some of the comments in the first few pages of this thread. All this talk of a bubble bursting in 2012 only for prices to skyrocket over the next few years.

[6793026]

Originally Posted by twitchyzero

that's only an extra $600/mo
i would quit asap if my employer/hr is too stingy to raise few bucks an hour

ONLY an extra $600/mth???? = $7200/ yr (8k cause employer has to increase match RRSP and various contributions). It's A LOT of money for any business to provide raises.

Do you know how much more REVENUE you have to help bring in for me justify such salary increase?

I was young and naive once and asked my boss (early 20s); his response was:
"You're a entry level worker, you help with processes. You help sales remove barriers by doing their dirty paperwork. You technically don't generate revenue...yet."

"Our top sales, have to earn revenue & maintain profit margin in order to get paid. For a sales rep to hit a $5k bonus in commission, they would need to generate a $500k deal with 4 pt margin. to put towards company's bottom line. When you understand how P&L works on deals, you'll know how raises / bonuses / commission works."

To this day, 15 years later, I still keep my head down and work my ass off. My quota per year is $13 million and my normal product averages at $5k.

I must work in a SHIT industry cause I have ever received 8k / yr raises (specifically GVRD in BC.)

If you ask hourly earning wages employess, I have never seen one successfully asking for a 20+% raised.

[yray]

you get what you pay for

$14 for admin in todays wages

[dachinesedude]

Originally Posted by twitchyzero

that's only an extra $600/mo
last i checked you probably need admin to function
maybe they're only worth min wage to you
i would quit asap if my employer/hr is too stingy to raise few bucks an hour

you need to take financial accounting 101, ASAP

[Gerbs]

There's a lot of people who can do Admin work. If you won't do it for $14/hr, someone else will.

[Hondaracer]

Originally Posted by Gerbs

There's a lot of people who can do Admin work. If you won't do it for $14/hr, someone else will.

As with virtually any minimum wage work. People get butthurt when you say min. wage is for kids but it is, its not a living wage, it is literally the MINIMUM you can legally get paid lol..

I make the best big macs so i should demand 30% more! No one can make a big mac like i can!

[westopher]

What you aren’t recognizing is the entire fundamental of the creation of minimum wage was to ensure employers pay their workers a living wage that can provide basic necessities. That being shelter AND food. If you work full time, you should be able to afford to live, period. Whether you are flipping burgers, pouring shitty coffee or admin work.

[twitchyzero]

Originally Posted by Hakkaboy

Going from $14 to $18 is over 28% raise. You're saying everyone should quit asap if they don't get an almost 30% raise for doing the same job as last year?

yes in that specific case

it's vancouver, my survival > stingy HR/employer that want to risk a hardworking asset over a few bucks an hour

they want someone else to do it for go ahead and train someone else..because hiring/training etc. doesn't take time/lost opportunity costs/slow production right?

i dont' go apeshit on the barista/cashier when my drink is 10% smaller and 15% more expensive, why can't skills/services/experience become more valuable?

Originally Posted by 6793026

ONLY an extra $600/mth???? = $7200/ yr (8k cause employer has to increase match RRSP and various contributions). It's A LOT of money for any business to provide raises.

Do you know how much more REVENUE you have to help bring in for me justify such salary increase?

I was young and naive once and asked my boss (early 20s); his response was:
"You're a entry level worker, you help with processes. You help sales remove barriers by doing their dirty paperwork. You technically don't generate revenue...yet."

"Our top sales, have to earn revenue & maintain profit margin in order to get paid. For a sales rep to hit a $5k bonus in commission, they would need to generate a $500k deal with 4 pt margin. to put towards company's bottom line. When you understand how P&L works on deals, you'll know how raises / bonuses / commission works."

To this day, 15 years later, I still keep my head down and work my ass off. My quota per year is $13 million and my normal product averages at $5k.

I must work in a SHIT industry cause I have ever received 8k / yr raises (specifically GVRD in BC.)

If you ask hourly earning wages employess, I have never seen one successfully asking for a 20+% raised.

this isn't a knock on you. i assume it's your job to see only numbers/balance sheet...i hope team dynamics/relationships with the clientle etc is just as valuable if not even more so

Originally Posted by Gerbs

I think that person making $14/hour has a better chance of getting $18/hour finding a new admin position.

yep...you might be expendable, but there are also other employers who appreciate what you can bring

[twitchyzero]

Originally Posted by dachinesedude

you need to take financial accounting 101, ASAP

my point is, pay someone minimum wage and scoff at raises, then expect minimum efforts

i dont know what kind of work environment you're in and maybe it's not important in your field but that seems a pretty poor way to run a team if there are prima donnas....everyone's equal-- whether you're bringing in the revenue, cleaning up, or taking calls

how do you bring in clients if the front desk is not making calls for return business?

i know my office would cease to operate if the processing staff walked out...we would be drowning with so much shit backed up

what's the point of a rockstar front desk if the backend just quits and now the clients are asking where they went and have to regain trust again? is that worth rejecting a raise and finding new talent?

[Acurapinoy]

Honestly. Right now at the state of homes, groceries, etc. Any wage is tough to live on. But before the “boom” 15$ an hour is livable u can live off that and with a 300k townhome couple years back.. easilyyyyy. But it is what it is. This is why some would rather just rent “cheape4r” but br able to live freely rather than most going to mortgage

[supafamous]

Originally Posted by Gerbs

Anyone have insight on what the average rental price is for a 2br 1 ba for a basement in South/East Vancouver?

We rent out our East Van 2br 1ba for $1330 but it's a small unit but a nearly new house. Most go for around $1500-1700 in our area (around Kingsway/Rupert).

[dachinesedude]

Originally Posted by twitchyzero

my point is, pay someone minimum wage and scoff at raises, then expect minimum efforts

i dont know what kind of work environment you're in and maybe it's not important in your field but that seems a pretty poor way to run a team if there are prima donnas....everyone's equal-- whether you're bringing in the revenue, cleaning up, or taking calls

how do you bring in clients if the front desk is not making calls for return business?

i know my office would cease to operate if the processing staff walked out...we would be drowning with so much shit backed up

what's the point of a rockstar front desk if the backend just quits and now the clients are asking where they went and have to regain trust again? is that worth rejecting a raise and finding new talent?

not sure which field you are in but sales, janitors, and CSR's do not and should not have the same salaries

also, raises should be based on performance, dont expect a 28% raise for achieving the minimum requirements of your position