Vancouver's Real Estate Market

[Alpine]

I went through the selling lrocess first hand bt just saying dude... having to give your wife an ultimatum to divorce you isint what i would call being in a carefree spot if you sell or not...

[quasi]

Originally Posted by Alpine

I went through the selling lrocess first hand bt just saying dude... having to give your wife an ultimatum to divorce you isint what i would call being in a carefree spot if you sell or not...

Why's that? I didn't really care either way if the house sold or not but now I want to take it off the market. It was my way of iterating to her that I'm done with doing showings and don't argue with me in my own sarcastic way. I mean I could have just said we're done but that's not my style. I also make the big decisions in my house, don't get me wrong my wife gets some input but at the end of the day I'm making the final decision on anything important.

[UFO]

I feel your plight. When we initially listed our condo 4 years ago, it sat mainly due to the timing of the listing Nov/Dec. Did a couple of open houses, went through maybe half a dozen private showings. It was disruptive AF especially with a 6 month old. We were obviously wanting to sell so we were flexible with the propsect of a private showing at any time but it was hard to 'live in' our home while it was still on the market, 80% ofnour crap was boxed and in off site storage, we didn't want to make a mess of what little stuff we had left at home. And all of this was in a better sellers' market (but before condos really took off about 2 years later). We took it off the market before Christmas, and decided to bridge loan for when we moved into our house the following February. Additional cost and hassle sure, but what is your life and convenience worth. When we relisted the following spring, our empty unit sold within 2 weeks.

Now having said that, your don't care if you sell or not attitude is a bit disingenuous. I get your point and what your motivation is, but you expect buyers to be fully committed with all their ducks in a row and to be presented with a clean no subject bullet proof offer. On the other hand you're nonchalant about whether you actually want to sell or not, so my personal opinion only you haven't really set any of the parties involved up for success and at the end of the day it's just a collosal waste of time for everyone, most importantly your own. So good call on pulling your listing.

[quasi]

Originally Posted by UFO

I feel your plight. When we initially listed our condo 4 years ago, it sat mainly due to the timing of the listing Nov/Dec. Did a couple of open houses, went through maybe half a dozen private showings. It was disruptive AF especially with a 6 month old. We were obviously wanting to sell so we were flexible with the propsect of a private showing at any time but it was hard to 'live in' our home while it was still on the market, 80% ofnour crap was boxed and in off site storage, we didn't want to make a mess of what little stuff we had left at home. And all of this was in a better sellers' market (but before condos really took off about 2 years later). We took it off the market before Christmas, and decided to bridge loan for when we moved into our house the following February. Additional cost and hassle sure, but what is your life and convenience worth. When we relisted the following spring, our empty unit sold within 2 weeks.

Now having said that, your don't care if you sell or not attitude is a bit disingenuous. I get your point and what your motivation is, but you expect buyers to be fully committed with all their ducks in a row and to be presented with a clean no subject bullet proof offer. On the other hand you're nonchalant about whether you actually want to sell or not, so my personal opinion only you haven't really set any of the parties involved up for success and at the end of the day it's just a collosal waste of time for everyone, most importantly your own. So good call on pulling your listing.

I totally hear what you're saying and I don't disagree. I think what's being missed is for the first 3 months of listings out of 70+ showings I think I turned one down because we we were out of town. I have two dogs, every time there was a showing I'd have to go to the house, tidy up and get my dogs out it was a 60 to 90+ minute process every showing. Occasionally you'd get those assholes that make an appointment for say 6:00 right when we'd normally eat dinner, not show up until 6:45 and in the mean time we've rushed home from work, been strolling around the neighborhood for an hour and they don't even have the decency to show up on time or call and say they are running late? This happened a bunch of times, that or they'd totally no show no call and you're walking around like a bunch of muppets waiting for them.

As time went on my attitude changed, eventually I was like why am I cancelling plans, rearrange my schedule, leaving work early to accommodate people that probably aren't going to buy anyway? I became jaded for sure, and that will continue in the future if I list again. The point I'm making is I'm tired of bending over if I list again in the future it will be on my terms and if I it doesn't sell on those terms it wasn't meant to be.

I'm not a hypocrite either, I'd never waste anyone's time in my world if you aren't 5 minutes early your late and I sure as fuck would never pull a no show.

[Acurapinoy]

Originally Posted by quasi

With both of my subject to sale offers I accepted we required them to do their inspection within 7 days most likely before they sold their house. The first one fell through due to financing before the inspection the offer I have right now did their inspection months ago. It basically came down to if their house sold ours sold, I wouldn't do a subject to sale any other way. Sucks for them that they have to pay out of pocket for inspection and they might not sell but that's their issue.

They didn't ask for any reductions after inspection, if they did I would have just walked away out of principal because I was pretty transparent with everything. Again it's nice to be in a spot where you don't really care either way if you sell or not.

If they did the inspections already then that atleast shows them they are serious so it might be worth it to extend again. Where is their house located at and whats the progress on it (are they getting offers/showings). My apologies if you’ve answered these already.

Another option is to tell them you will take it off the market then they can contact you if they are interested and you can do a private sale. You sell it to them for a little cheaper but you also save the fees. Win win

[twitchyzero]

that's why a balanced market is important

making the biggest purchase of your life within hours when you're fighting with 8 other offers?

dozens of house to choose from on the shortlist?

it's a draining process when it goes either way

[Alpine]

Prices have stabilized over the last few weeks and I am seeing accepted offers within 1 week of list again. If the property is listed at market price (which has been stable), you will receive an acceptable offer in a few days - week.

[6793026]

^ depending what price range. Apartment and townhouse are always hot, it's these big 2 - 4 million houses having adjustment issues.

[Harvey Specter]

Originally Posted by 6793026

^ depending what price range. Apartment and townhouse are always hot, it's these big 2 - 4 million houses having adjustment issues.

Exactly. Houses need to move and they're not. We're still in a downward trend and we haven't reached the bottom yet.

[nsmb]

Question for landlords...
Im looking at a short term 6 month rental and was given this list.

Rental Application (one from you, one from your wife please)
Proof of employment
60 Day Bank Statements
3 most recent pay stubs
Scanned passport or provincial ID
Rental Agreement (included, to get the ball rolling if all goes well)



60 Day Bank Statements and Scanned passport or provincial ID, is this really what people are asking for now? Or am i getting scammed?

[nah]

Originally Posted by nsmb

Question for landlords...
Im looking at a short term 6 month rental and was given this list.

Rental Application (one from you, one from your wife please)
Proof of employment
60 Day Bank Statements
3 most recent pay stubs
Scanned passport or provincial ID
Rental Agreement (included, to get the ball rolling if all goes well)



60 Day Bank Statements and Scanned passport or provincial ID, is this really what people are asking for now? Or am i getting scammed?

Blame the RTA.

This is the only chance for landlords to make sure that the people renting are legit. After the agreement is signed, you would need to literally kill someone to be kicked out. Even then, you would need to wait 3 months and not have be in the winter...

[6793026]

WOAH WOAH.. I'm a land lord and I ain't that anal.

3 most recent pay stubs & Scanned passport or provincial ID are all a bit too personal, also the 60 day bank statement is bullshit.

Pay stub is none of your business as to how much I make so I'm sorry I won't be providing you that.
I ain't giving you passport but I'm happy to give you my BCDL. If I do get into stage 2 of the rental, then you can take a picture.

I'm happy to tell you where I work, and you can verify my work date / HR / manager even if you have to but I ain't telling you how much I make.

As to nah, another way to kick someone out is for you to move into the unit (as a landlord)

[winson604]

^^
If I was a landlord however I would actually want to know how much you make to ensure you can afford it lol. If I'm renting my place for $2000/month and your paystub shows you're making minimum wage I probably ain't renting to you. Saying where you work doesn't really tell me anything other than you have a job. Even if it's a fantastic employer i.e. a Government job I don't know if you are the lowest on the possible food chain or what.

[Hondaracer]

Originally Posted by 6793026

WOAH WOAH.. I'm a land lord and I ain't that anal.

3 most recent pay stubs & Scanned passport or provincial ID are all a bit too personal, also the 60 day bank statement is bullshit.

Pay stub is none of your business as to how much I make so I'm sorry I won't be providing you that.
I ain't giving you passport but I'm happy to give you my BCDL. If I do get into stage 2 of the rental, then you can take a picture.

I'm happy to tell you where I work, and you can verify my work date / HR / manager even if you have to but I ain't telling you how much I make.

As to nah, another way to kick someone out is for you to move into the unit (as a landlord)

Don’t wanna show me your pay stub? Then I guess you don’t want to live here. lol

I’m not sure if I would ask for pay stub but I’d def want some sort of income verification when you’re renting a place that’s gonna cost you 20k+ a year

If you don’t want to provide what I’m asking, I guess you don’t get to the next phase.

[punkwax]

I’d tell anyone asking to see my actual bank statements to pound sand though. That’s a joke.

[roastpuff]

Originally Posted by punkwax

I’d tell anyone asking to see my actual bank statements to pound sand though. That’s a joke.

My brother just rented in Long Island for $4.7K/month, and he had to show bank statements/pay stubs that was 40x in excess of the monthly statement. I can see Vancouver doing that in the future.

[winson604]

Originally Posted by Hondaracer

Don’t wanna show me your pay stub? Then I guess you don’t want to live here. lol

I’m not sure if I would ask for pay stub but I’d def want some sort of income verification when you’re renting a place that’s gonna cost you 20k+ a year

If you don’t want to provide what I’m asking, I guess you don’t get to the next phase.

Totally, even if it isn't specifically your pay stub I need to see something to verify that you have a job, how long you've been there, and how much you make. a Employment letter would be most welcome just like the one you have to provide to a bank if you were to get a mortgage. It's a lot of risk renting to someone you don't know the least you can do is prove to them you can afford it.

[Hondaracer]

Also anyone can give some BS reference from a friend or somthing saying they are the owner of the company, boss etc. without doing a tone of ground work it’s pretty hard to verify where as pay stubs or a ROE is at least a bit harder to fake

[JDMDreams]

Pay stub means nothing, yea you have income. But what if your account is always in - over draft and you're bouncing payments from money Mart loans

[Bonka]

Income verification and bank statements do go hand in hand as income and expenses of an individual is not mutually exclusive.

It use to be where if a tenant was renting, making sure rent is paid was top of mind, even if they had to go without food. These days it could be a crapshoot, especially with COL in mind. It's prudent for the landlord to mitigate risk during the screening process.

[Hondaracer]

I found in my screen process that asking for pre-dates Cheques usually weeded our some of the seedier people. Imo if you cant get Cheques there may be bigger issues lol

Our current tenants just use e-transfer but it was discussed after the fact

[SumAznGuy]

Originally Posted by 6793026

As to nah, another way to kick someone out is for you to move into the unit (as a landlord)

With the new RTA rules, you have to prove you are moving in. You lose, tenant gets 12 months of rent.

Seen ex tenants who stalk CL or drive by the place daily to see if the owner moved back in or if they are trying to get more rent etc...

[Mr.HappySilp]

Originally Posted by 6793026

WOAH WOAH.. I'm a land lord and I ain't that anal.

3 most recent pay stubs & Scanned passport or provincial ID are all a bit too personal, also the 60 day bank statement is bullshit.

Pay stub is none of your business as to how much I make so I'm sorry I won't be providing you that.
I ain't giving you passport but I'm happy to give you my BCDL. If I do get into stage 2 of the rental, then you can take a picture.

I'm happy to tell you where I work, and you can verify my work date / HR / manager even if you have to but I ain't telling you how much I make.

As to nah, another way to kick someone out is for you to move into the unit (as a landlord)

Blame the RTA. They made it almost impossible to kick a tenant out (is like the chance of winning lottery even the free ticket) with the new policy. The only want for landlord to weed out the bad ones and those who actually can pay is to ask for more personal info. A lot of bad tenants don't have those Paysud and is not ok with you getting their ID.

Parents used to rent out the basement and we never really check their paysud. Now when co workers rent out their place they do check paysud, income and ID. They also check for credit checks. I think when my sister rented her Townhouse one dude makes a ton of money really good on paper but after the credit card, he had several credit card and doesn't seem to be pay it off, with a loan and is also paying for child support to his ex wife. He could barely afford to rent the townhouse so we didn't pick him in the end.

[twitchyzero]

Originally Posted by 6793026

none of your business as to how much I make so I'm sorry I won't be providing you that.

but I ain't telling you how much I make.

lol the landlord isn't asking for your medical history

i use transunion smart move....ask tenants to cough up $40 for the application to prove they're responsible adults

i worry less about credit score but you better be minimum 3x income to rent sustained before i even consider accepting

Originally Posted by Hondaracer

Also anyone can give some BS reference from a friend or somthing saying they are the owner of the company, boss etc. without doing a tone of ground work it’s pretty hard to verify where as pay stubs or a ROE is at least a bit harder to fake

linkedin, etc. makes it dead easy to verify a number

i dont even bother calling, but i want to make sure there's verifiable references that have known the applicants for a long time

[Badhobz]

the rental game sucks big time. Im so glad we arent in that business anymore.