Vancouver's Real Estate Market

[JDMDreams]

Surprisingly I know of three individuals who completed their purchases in the last month. These are all deals done post Coronas. I think buyers are still willing to buy as they see lower prices and interest rates. Keep in mind these units are all under $500k. At the end of the day ppl still need a place to live, whether they rent or buy, you can't just start living under a bridge. I guess if you foresee your income being stable going forward why not buy.

[Teriyaki]

Yea, also know some anecdotal cases where people are buying. Its not going to come to a screeching halt. Housing is a fixed need and there will always be circumstances where people need to move/sell/buy for different factors.

[iwantaskyline]

Do you guys also think the fact that BC is doing so well in containing the virus that people will from out of province will want to buy here even more?

[JDMStyo]

https://www.dropbox.com/s/681s29vcw4...FINAL.pdf?dl=0

Good insight from my former advisory group - 17% presales Mar/April sold - it's tough out there. 170+ townhomes are still slated for May 2020 and those are finding buyers still despite tougher markets.

Good deals/projects and well priced ones will be fine - but COVID19 has forced buyers to stay in. Buying anything, including real estate, for many is an emotional one especially for first homes. Seeing the unit and how you can fit in is a feeling difficult to replicate through virtual walkthrough and Matterports.

[BIC_BAWS]

Just went to three showings today in Maple Ridge.

1. Southwest Maple Ridge - the one that is back on the market after a year

Very nice neighborhood, nice house, everything seems to be done very well and put together. It feels a little small, but I guess that's typical for a house built in the 80s. Granted, it does have an unauthorized suite bringing in $1650/mo. That's good rental income, but the space downstairs could also be used for home office.

2. Southwest Maple Ridge - Just like a girl on Tinder, beautiful on the outside, disgusting on the inside.

None of the homes I went to were staged, but this one definitely needed it. It had a very dark vibe, I definitely didn't feel comfortable being in it. Might have been all the fish tanks and dark decor, or maybe it's cause the basement is unfinished and it straight up looks like every kid's nightmare. That's a hard pass for me.

SW Maple Ridge is definitely a very convenient neighborhood. Easy access to Lougheed and Golden Ears.

3. Albion - Very suburban neighborhood. Reminds me of South/West Vancouver. No driveways, all street parking. 15 minutes (during a good time) from Marv Jones Honda.

This was my favorite. It's a gorgeous house. Main had 2 large living rooms, kitchen is great for entertaining, which leads to an amazing patio. Upstairs had 2 smaller bedrooms with a HUGE master with WIC, full bathroom with 2 sinks and a hot tub thingy. Basement was finished with a recreation room and 2 larger bedrooms than the ones upstairs.

Definitely my favorite listing, minus the fact that parking in that neighborhood would be VERY difficult. I could potentially take out the patio and build a double garage instead if the city permits. But that sounds expensive.

I definitely felt like I was in CANADA, I didn't see a single non-white person all day.

Edit: Cause apparently Manic hasn't interacted with me enough on RS. My family is from Hong Kong. We live in Richmond. All my neighbors are Asian or East Asian. It is literally little China, everything is dense and there's Chinese food everywhere. In Maple Ridge, I didn't see any Asian cuisine, let alone Asian people.

[Manic!]

Originally Posted by BIC_BAWS

I definitely felt like I was in CANADA, I didn't see a single non-white person all day.

Don't worry we are coming to a neibourhood near you.

[Traum]

Originally Posted by BIC_BAWS

Edit: Cause apparently Manic hasn't interacted with me enough on RS. My family is from Hong Kong. We live in Richmond. All my neighbors are Asian or East Asian. It is literally little China, everything is dense and there's Chinese food everywhere. In Maple Ridge, I didn't see any Asian cuisine, let alone Asian people.

I have to say I don't like where this is heading -- and I am not talking about anything race / racism. Have you and your parents seriously sat down to discuss and realistically assess whether all of you would be comfortable with the changes and adjustments? Assuming that your shopping and eating habits still contain a meaningful portion of Chinese / Asian cuisine, moving out to Maple Ridge is gonna seriously throw that out of wack. Good sushi, Chinese food, bbt are at least 1/2 hour away in Coquitlam. Your mom doesn't drive, and the closest Superstore is 10 min away by car instead of 10 min on foot.

The last thing you want to do is to buy a place, only to find out that a lot of the supporting activities and associated "stuff" aren't working out.

[Tapioca]

I think Port Coquitlam is a good compromise between price, reasonable commute, and ethnic amenities. Detached homes can still be had under 950K - comparable with prices in Hammond or Albion.

[RiceIntegraRS]

Originally Posted by Traum

I have to say I don't like where this is heading -- and I am not talking about anything race / racism. Have you and your parents seriously sat down to discuss and realistically assess whether all of you would be comfortable with the changes and adjustments? Assuming that your shopping and eating habits still contain a meaningful portion of Chinese / Asian cuisine, moving out to Maple Ridge is gonna seriously throw that out of wack. Good sushi, Chinese food, bbt are at least 1/2 hour away in Coquitlam. Your mom doesn't drive, and the closest Superstore is 10 min away by car instead of 10 min on foot.

The last thing you want to do is to buy a place, only to find out that a lot of the supporting activities and associated "stuff" aren't working out.

Pretty sure he will make a new thread after he buys a house bitching about the lack of Asian cuisine and his commute being way to far. But thats next years problem.

[bcrdukes]

This reminds me of a colleague who grew up in East Van, and then moved to North Burnaby a majority of the time, and eventually moved out to the sticks (same areas you are talking about.) This is over a period of 8 years and counting. I should mention said colleague is Asian, just so you can relate, and for context. The difference is said colleague does not live at home with parents anymore. I'll let BIC_BAWS decide if this is a good or a bad thing.

Since moving out to the sticks, all we hear is the following:

1. The commute sucks and takes too long
2. I have to work later and far more extra hours than everyone else (due to commute times)
3. I'm always stuck in traffic. There's never a good time to go to work and leave work
4. There's no Asian markets. I have to come in to Coquitlam, Burnaby, or Vancouver all the time.
5. I never get to see my parents anymore (who are still in Burnaby)
6. My friends never come visit me
7. Anytime my friends want to meet up for dinner or drinks, I have to come out to Vancouver
8. I have no social life anymore
9. I spend more on gas monthly than I do on food/groceries

I'm sure I'm missing a few more complaints we hear on a regular basis, but I think when I asked said colleague about the complaints above, ultimately the individual is not happy, and the only way to justify this is said colleague is not living at home anymore.

Having said all that, take this with a grain of salt. You may be more resilient than you may know.

[6793026]

Commute takes too long has always been the bitch ass thing people don't understand.

Unless you have a family of 4 or whatever, living at British Properties is a "dream" come true and yes you're investing on your kids to go to a school with minimal asian population.

If you both are social butterflies... you will not want to leave the asian zones.
Please talk to your sign. other to ensure set the expectations esp. when a) you move away from the parents zone b) no asian groceries storess....

[bcrdukes]

Originally Posted by hud 91gt

Pretty sure his wife finally took his loud keyboard. He’s just cruisin’ with a mouse.

The click might be too loud. May have to resort to a track pad integrated into the laptop or keyboard.

[welfare]

The commute thing really depends. The distance is further, yes, but the traffic is greatly reduced the further east you go.
It can take an hour to drive 30km in Vancouver going south to north or vise versa, but going east, you could clear 130km in that same hour.
Really depends on your route. As was mentioned earlier, best thing to do with a place you're really interested in is do a simulation drive.

[bcrdukes]

While I understand and can relate to welfare's recommendation, you also have to factor in the variables as your commute distance increases. Things like alternate routes, traffic jams, road work / construction, unforeseeable accidents, and if you want to dig even further, understand what traffic is like from historical perspective.

My commute to my primary office is 35KM each way (give or take + or - 5KM depending on the route) so that makes it about a 70KM round trip, and is about 45 minutes door to door. Throw in a random traffic accident on the 400 series highway, it easily becomes 1.5 hours or more. Yes, there are alternative routes, but the hundreds of thousand of other people are going to try to take those routes. My secondary office Downtown takes me 45 minutes (minimum) to get there door to door, regardless of method of transportation (car, public transit, bicycle etc.) One accident on any street or on the highway makes it a 2 hour commute. We're talking about 9KM each way.

I don't expect that a car is going to flip over and explode on Highway 1 like you would see in a Hollywood action film, but when things go wrong, it really tests your patience.

[fliptuner]

Have you looked at Tsawwassen?

[twitchyzero]

maple ridge yet no garage?

[quasi]

Cloverdale/Langley, I'm white but there are a lot of Asian grocery stores in the area. New Hannam Grocery Store opened about 8 months ago near Willowbrook, H-Mart on Fraser Hwy and about 196th and I heard the other day they are putting a T&T in Willowbrook Mall in the Old Toy's R Us I'm sure that will be operational by next year.

[twitchyzero]

asian choices or not, mission is a bit more isolated than langley though

[yray]

more asians in langley for sure

[JDMDreams]

I was looking at town houses in tawassen, the new builds, but I don't think I can survive the tunnel traffic, then through Richmond and Van as I work in Vancouver. Plus my realtor really didn't want me to get leasehold as they are tough sells down the line

[Alpine]

Originally Posted by bcrdukes

This reminds me of a colleague who grew up in East Van, and then moved to North Burnaby a majority of the time, and eventually moved out to the sticks (same areas you are talking about.) This is over a period of 8 years and counting. I should mention said colleague is Asian, just so you can relate, and for context. The difference is said colleague does not live at home with parents anymore. I'll let BIC_BAWS decide if this is a good or a bad thing.

Since moving out to the sticks, all we hear is the following:

1. The commute sucks and takes too long
2. I have to work later and far more extra hours than everyone else (due to commute times)
3. I'm always stuck in traffic. There's never a good time to go to work and leave work
4. There's no Asian markets. I have to come in to Coquitlam, Burnaby, or Vancouver all the time.
5. I never get to see my parents anymore (who are still in Burnaby)
6. My friends never come visit me
7. Anytime my friends want to meet up for dinner or drinks, I have to come out to Vancouver
8. I have no social life anymore
9. I spend more on gas monthly than I do on food/groceries

I'm sure I'm missing a few more complaints we hear on a regular basis, but I think when I asked said colleague about the complaints above, ultimately the individual is not happy, and the only way to justify this is said colleague is not living at home anymore.

Having said all that, take this with a grain of salt. You may be more resilient than you may know.

There is so much truth to this. I grew up in East Van, lived near Downtown for a few years, sold the condo and I've been renting in Coquitlam for the past 8 months. We just bought a house in West Coquitlam because we were set on a couple of requirements that we could not afford in Van or BBY.
1. Coquitlam is as far as I could go in terms of commuting to work (1 hour each way).
3. True. I've been able to shift my hours a bit later to skip some of the traffic.
4. Thankfully there are lots of Asian markets in Coquitlam.
5. Mom in East Van. I see her twice a week.
6 & 7. Yes, if I want to meet up with friends, 80% of the time we have to drive out to Van. Dinner downtown becomes an event.
8. Now socializing with the neighbors whenever I can when I spend time in the yard, walking the dog, etc.

[bcrdukes]

Thanks for sharing for the benefit of others. A few follow up questions:

1. Are you happy with the move to where you are? I assume you are living with a significant other since you used the term "we."
2. Where are you commuting to?
3. Is the commute tolerable?

I can relate to the Coquitlam part because my grandmother lives out that way, and thankfully, her home is on a transit route, with the bus stop literally up half a block from her house. The bus takes her straight to Coquitlam Centre so Asian groceries aren't far away. She can't drive anymore due to cataracts and recognizes that given her age and physical impairments, she gave up driving, so we are happy about that.

My aunt and uncle bought a place several years ago closer to Pitt Meadows, and they are hating it. My grandmother lived with them for a short period, but after not having access to T&T and other related Asian grocers, she threw in the towel and was like and said peace out, retards. I don't think she's gone back since.

[68style]

It doesn't help that people in Vancouver suck for getting together... particular ones who live in Vancouver proper... if they don't bail last minute, bridges are like foreign fucking objects to them... they will not cross them... you always have to go to them. It's ridiculous and I didn't even notice it that much until I had friends from other parts of Canada comment on it hahaha they actually call it a "pulling a Vancouver" in other provinces if people back out of shit last minute, that's how prevalent it is

[Alpine]

Originally Posted by bcrdukes

Thanks for sharing for the benefit of others. A few follow up questions:

1. Are you happy with the move to where you are? I assume you are living with a significant other since you used the term "we."
2. Where are you commuting to?
3. Is the commute tolerable?

I can relate to the Coquitlam part because my grandmother lives out that way, and thankfully, her home is on a transit route, with the bus stop literally up half a block from her house. The bus takes her straight to Coquitlam Centre so Asian groceries aren't far away. She can't drive anymore due to cataracts and recognizes that given her age and physical impairments, she gave up driving, so we are happy about that.

My aunt and uncle bought a place several years ago closer to Pitt Meadows, and they are hating it. My grandmother lived with them for a short period, but after not having access to T&T and other related Asian grocers, she threw in the towel and was like and said peace out, retards. I don't think she's gone back since.

1. I think I'm at peace with it. I never thought about living "so far" from Vancouver but we just couldn't make the finances work (or we were too picky with our requirements - ie. location, # of bedrooms, sqft, t-intersections, slopes, etc). We spent over 8 months being outbid in multiple offers situations and watching the prices go higher and higher (for what we were looking at, prices have increased by 5-10% since selling our condo in July 2019) so we just gave up on Van & BBY. Definitely helps to have been renting out here for the last 8 months and my boss grew up in the same area so he's been giving me a lesson on which areas to look at and which areas to avoid.
2. Commute is to South Granville. About 45mins to 1 hour each way.
3. Commute is tolerable (used to be 30 mins from Olympic Village), although at times I wish we had bought a Tesla instead of a WRX lol.
4. We'll probably be taking my mom in at some point in the future. Funny thing is, the first thing she asked me was if there were any Asian grocery/herbal stores too lol.

I will add that my current area reminds me a lot of East Van when I was growing up. Kids everywhere, well maintained lawns & houses, holiday decorations, neighbours out and about, chatting with each other... there's a real community vibe. When I visit my mom in East Van the entire street is packed with cars, very few kids or families anywhere, houses and lawns are not maintained, etc. It's completely lost that community/family vibe it had when I was a kid. SHIT i'm turning into my dad lol.

[bcrdukes]

WRX