Vancouver's Real Estate Market

[Mr.HappySilp]

Originally Posted by SkunkWorks

This.

We're in an 800 sq ft 2 Bedroom and only have our stuff in one room. Getting rid of all our excess, barely used crap was one of the best things we've done.

Quality > quantity

... Minimalism does not apply to cars however as there are currently 4. Not as bad as fliptuner so that's a start

We do have way too much clothing and shoes and jackets. Also we got a ton of baby toys, baby accessories and baby strollers that my sister gave me (hoping to have a baby soon) and since my sister have 2 babies already so the hand me down went to me.

Originally Posted by Liquid_o2

What are people's opinions on purchasing a second parking spot?

I have a 1 bedroom + den unit in Vancouver. My thought process is that it won't raise the value of the unit from a resale perspective as most future buyers won't likely have 2 cars. I gave my wife our parking spot and have been renting another spot for the past year... still undecided if it is worth the $15,000 as an investment.

Depends which part of Van. If it is DT or near DT $15k for a parking is a steal. I would say evening having an extra parking actually will increase the value when you sell your apartment.

[hud 91gt]

It will definetly increase its value. DT parking is just becoming more scarce

[twitchyzero]

the thought of spending 15-20k for a stall where you cant work/even hook up the battery seems ludicrous to me but i understand it's the norm or even considered affordable these days

i wouldn't bother for a 1bed, 2bed then go for it...i'd argue if it's dt people are walking/transit so even less likely to have a 2nd car

[blkgsr]

my mortgage is up for renewal in May.

talked to a broker last night (my old broker is now president so he's moved on from handling cases such as mine i would imagine) and he's telling me the banks are looking for 2.89/99 for 5 year fixed. this was with moving approx $30K from my truck to the mortgage.

if not then maybe 2.79 5 year

what have you guys been seeing?

if i move the truck over i still plan on taking the whole truck payment and putting it towards the mortgage

[Hakkaboy]

Originally Posted by blkgsr

my mortgage is up for renewal in May.

talked to a broker last night (my old broker is now president so he's moved on from handling cases such as mine i would imagine) and he's telling me the banks are looking for 2.89/99 for 5 year fixed. this was with moving approx $30K from my truck to the mortgage.

if not then maybe 2.79 5 year

what have you guys been seeing?

if i move the truck over i still plan on taking the whole truck payment and putting it towards the mortgage

Here, read the past few pages to see what's being offered currently:

The Official Mortgage Rates Thread - RedFlagDeals.com Forums

[Hondaracer]

Originally Posted by Mr.HappySilp

We do have way too much clothing and shoes and jackets. Also we got a ton of baby toys, baby accessories and baby strollers that my sister gave me (hoping to have a baby soon) and since my sister have 2 babies already so the hand me down went to me.
.

In b4 your place is full of old margarine containers and news papers stacked to the ceiling

[Liquid_o2]

Originally Posted by Mr.HappySilp

Depends which part of Van. If it is DT or near DT $15k for a parking is a steal. I would say evening having an extra parking actually will increase the value when you sell your apartment.

1 bed + den on Fraser Street

I'm on the stance of twitchyzero, if it was a 2 bedroom, more likely that it can be a couple that has a kid. May have 2 cars.

[blkgsr]

Originally Posted by Hakkaboy

Here, read the past few pages to see what's being offered currently:

The Official Mortgage Rates Thread - RedFlagDeals.com Forums

thanks

looks like i should be more in the 2.59% range

[bcedhk]

Depends where you live. If the property is not near transit and it's a 2+ bed unit, you'll probably see lots of family looking for 2 spots.

15k is pretty cheap (that's less than $250/sq ft).

[Ch28]

15k for a parking spot is cheap. Every single new development we’ve gone to lately either doesn’t have enough info to offer a second parking spot for 2BR or they want 30-40k to purchase

[fliptuner]

Originally Posted by Hondaracer

In b4 your place is full of old margarine containers and news papers stacked to the ceiling

Lol. You mean Asian Tupperware?

[LuHua]

Originally Posted by JDMStyo

Presales Updates - market's alive again on resales and certain presales. Opening weekends are seeing 20-30% sold deals for well priced offerings.

Richmond:
Fiorella by Polygon - right across from Avanti/Aberdeen Skytrain and mall. Polygon's new 13 story highrise (Richmond height limitation) concrete AC highrise. I personally like it may even get one myself.
$850/ft in some cases, well below $1K ft for new builds in area. Hard to beat central location, Aberdeen foodcourt, central hub, AirBNB potential is quite good.
$450K 1BR start for 678ft A plan. Bit of a steal with amenities, Polygon and location. 50 sold on Sunday out of 160+ units.

___

Vancouver:
Park House - $1300/ft in Vancouver still going rate. May be tough but luxury market can hang a bit usually.

Burnaby
Sun Tower - chugging along. Tough offering but good location. I'm seeing and have done assignments on Goldhouse next door and quite like the exterior. Rize quality has been good on Independence and this new landmark-ish looking building should be very cool.
Highline Thind's next project after 3 towers (4 not yet sold) at Brentwood. $1K a ft for most part- nothing too exciting but if you don't like SUN Tower for whatever reasons this is another option. Practically next doors.
Personally I'd prefer Beedie/Anthem's station Square for Metrotown and/or Concord's next big one.

Coquitlam/Burquitlam
Bit of activity coming up here after Meridian was shelved.
Simon 2 Completion soon. Did some assignments here - $450-500K 650ft 1BR here quite appealing. Skytrain and rent it out as Jr 2br with big den.
Horizon 21 this is going to be one of those get it while you can deals of 2020 - small developer, before the area highway going onto IKEA Coquitlam. Bit of a hike from skytrain and mall but cheaper as a reflection.
SOCO Anthem's big offering - 4 towers like Station Square. Should do well and priced reasonably at $350K's starting for 400ft. Next to Hensley (previously sold out building by Cressey).


Surrey/Langley:
Alexander Square - hotly contested units at $299K for 1BR went fast - but the 2BR are struggling. Langley.
King George Hub 3 Likely won't launch at $299K but Rennie marketing knows markets and will be close to that to get the crowds in.

I was looking at SOCO, they apparently had too much interest towards the 1BRs and pumped a lot of the prices on them up by $50k

[JDMStyo]

Yup SOCO is selling fast around $800-850 range - it's besides the H mart and there'll be 5 towers. Let me know if you need more info as we get early access on North tower.

Horizon 21 I visited. All the 1BR are "reserved for VIP" and they'll keep some $299K for grand opening to public but it's going fast.
400ft + parking/storage realistiically in $350s - not bad. Lougheed/Blue Mountain corner so it's a bit farther but hard to beat $700ft in Coquitlam for highrise + AC.

__

As for mortgage Canada hasn't followed rate cuts in US but it's expected in 2020 so below 2.7% for 5 year fixed is what I'd aim for or wait a bit.

[shiesty]

Originally Posted by LuHua

I was looking at SOCO, they apparently had too much interest towards the 1BRs and pumped a lot of the prices on them up by $50k

Yeah I saw that too, they increased the prices by $50k on the 1bed + den units on the south tower. Wonder what the prices will be for the north tower

[Derpdidoo]

Has anyone seen the insurance rate hikes already in effect in the condo market? Our property manager says our insurance is going up 50% with some hefty deductibles (3 storey, 2011 built, no insurance claims). According to him most of his properties going up 50-100%. The high premiums are causing strata fees to go up significantly.

https://www.theloop.ca/ctvnews/insur...ciation-warns/

[Ch28]

Originally Posted by JDMStyo

Horizon 21 I visited. All the 1BR are "reserved for VIP" and they'll keep some $299K for grand opening to public but it's going fast.
400ft + parking/storage realistiically in $350s - not bad. Lougheed/Blue Mountain corner so it's a bit farther but hard to beat $700ft in Coquitlam for highrise + AC.

The location is a little so/so but the price seems pretty good for that development.

I sent Mike Stewart a few emails but that fucker never responded back and still sends me emails to reach out about other developments. Get the fuck outta here

[Alpine]

Originally Posted by Derpdidoo

Has anyone seen the insurance rate hikes already in effect in the condo market? Our property manager says our insurance is going up 50% with some hefty deductibles (3 storey, 2011 built, no insurance claims). According to him most of his properties going up 50-100%. The high premiums are causing strata fees to go up significantly.

https://www.theloop.ca/ctvnews/insur...ciation-warns/

We might see government intervention (aka ICBC) to help with this issue. But people need to live somewhere and most of us have a dream of owning our own home... so what can you do...

[Y2K_o__o]

Originally Posted by Derpdidoo

Has anyone seen the insurance rate hikes already in effect in the condo market? Our property manager says our insurance is going up 50% with some hefty deductibles (3 storey, 2011 built, no insurance claims). According to him most of his properties going up 50-100%. The high premiums are causing strata fees to go up significantly.

https://www.theloop.ca/ctvnews/insur...ciation-warns/

more and more insurance companies are not willing to insure for condo as they consider high risk due to lack of maintenance, water leakage, drainage block, and smoking fire claims

[Derpdidoo]

Originally Posted by Y2K_o__o

more and more insurance companies are not willing to insure for condo as they consider high risk due to lack of maintenance, water leakage, drainage block, and smoking fire claims

Aside from premiums skyrocketing this issue is causing more and more older condo buildings or buildings with existing claims to become uninsurable. No insurance means banks can't lend?? What about mortgage renewals?

https://bc.ctvnews.ca/mobile/insuran...iAc7-a7ObsYRyY

[Acura604]

on the topic of renting..

trying to rent out one of my properties and it clearly states no smoking no pets.

while i understand there's not much I can do to prevent both...why would someone show up to view the place with their fuckin' pitbull?

I asked her.. "you do know there is no pets"..and she was like "yes, but he's such a gentle guy wouldn't hurt a flea"..

fuckin' renters. I swear, the 'good' renters are long gone and/or tied down to a place...all we got left are the vagrants and idiots.

[Traum]

Ahh... the lovely stories of tenant screening...

I feel for you, man. So glad I don't have to put up with that crap anymore.

[bcedhk]

Originally Posted by Acura604

on the topic of renting..

trying to rent out one of my properties and it clearly states no smoking no pets.

while i understand there's not much I can do to prevent both...why would someone show up to view the place with their fuckin' pitbull?

I asked her.. "you do know there is no pets"..and she was like "yes, but he's such a gentle guy wouldn't hurt a flea"..

fuckin' renters. I swear, the 'good' renters are long gone and/or tied down to a place...all we got left are the vagrants and idiots.

you should tell her the place has fleas.

[twitchyzero]

ask for $1500 non-refundable fee on top of security deposit/half month rent upfront

i bought a place where the previous owner had multiple pets so idgaf

[Hondaracer]

Can’t legally ask for more than a months rent

Half the months rent for damage deposit, the other half for per deposit

[twitchyzero]

ah ok, yeah that's very limited
my rental's not in bc