Vancouver's Real Estate Market

[Gerbs]

Originally Posted by Ch28

Pandemic and unemployment really means nothing for people actively looking to purchase a home. They likely have the financing already in place, so it's just a matter of seeing something they love enough to go through with it.

That's kind of true, I don't know of any friends in senior positions and higher that got laid off recently. Mainly new interns / entry level positions / small businesses.

[Traum]

Originally Posted by Great68

Why would you change this unless something's faulty or you're reconfiguring/adding fixtures? Vancouver specials are newer than the era knob & tube and ungrounded systems.. It's not like there's an expiry date on loomex wire.

I seem to think that Poly B piping was fairly commonly used at some point in Vancouver's construction timeline, and they are prone to failure.

Having gone through 2 signficant water damage ordeals in 2 different homes, I can tell you that flooding / water damage is a major PITA. If the piping at your place is a known weak point, you definitely want to get it addressed as a preventive measure thing, instead of a reactive measure type of thing.

[Sw0op]

Originally Posted by Hondaracer

Ehh it’s a lot but if you can Reno a suite well enough to get $2000 a month that’s a nice income stream.

100k is a starting point though If you have to pay Somone to do the work

reno a suite to go from like $1500/month to $2k/month just cuz you spent like 30k in reno's?? it would really only make sense if youre in a high tax bracket and if you have had "difficulties" renting it out..you'll get teh cash back after like 10 years...its like building up those laneway homes..you pour $100-150k+ to build just so you can get $2k/month pre-tax...i guess in 5-10 years you'll be net positive...if we're still alive by then and if you havent oved

[mikemhg]

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.

This is a great post.

I have friends in the same boat that are minorities, and moved out to these communities.

You have to keep in mind, there is a homogeneous factor that a lot of these "Karens" and "Bobs" aspire to have in their communities.

If you have a thick skin, and can ignore all that, great for you, but keep in mind some people will treat you differently, and if you don't have the ability to deal with that, it'll be a difficult run for you.

[Hondaracer]

Originally Posted by Sw0op

reno a suite to go from like $1500/month to $2k/month just cuz you spent like 30k in reno's?? it would really only make sense if youre in a high tax bracket and if you have had "difficulties" renting it out..you'll get teh cash back after like 10 years...its like building up those laneway homes..you pour $100-150k+ to build just so you can get $2k/month pre-tax...i guess in 5-10 years you'll be net positive...if we're still alive by then and if you havent oved

Well both will also raise your property values on top of your short term rental income so there’s a benefit in that as well. There’s also major benefits in doing a major Reno on a basement suite because it gives you opportunity (if you’re smart) to address other issues within the home as you’re working on exposed areas that share common space )

Obviously the more you can do yourself the more value you get out of it. I spent about a third of what I would have had to pay someone to do over 2.5 years or so. Living through a Reno is a nightmare and I wouldn’t recommend it to anyone who had an option but at the end of the day we could still contribute to our investments, live a normal day to day life, and not have to cut back on our “regular” habits in exchange to living in a construction zone at times.

This is obviously completely out of the question for some on here especially when eve heard of S/O’s having break downs over non-stainless appliances

[Jmac]

Originally Posted by Traum

I seem to think that Poly B piping was fairly commonly used at some point in Vancouver's construction timeline, and they are prone to failure.

Having gone through 2 signficant water damage ordeals in 2 different homes, I can tell you that flooding / water damage is a major PITA. If the piping at your place is a known weak point, you definitely want to get it addressed as a preventive measure thing, instead of a reactive measure type of thing.

The insurance rate with Poly B was insane. The premium difference in the first year alone covered almost half the job of replacing it. I had it done before taking possession so I’d get the cheaper premium (also removing the wood stove which was another $150-$200/year insurance savings).

[bcrdukes]

I, for one, would never wish a flood or water damage to anyone. Having gone through one, and seeing my neighbours suffer the same fate within months apart, it's a painful experience.

[GLOW]

you have a point with electrical, if it's not knob & tube or alum, lumex is perfectly fine. i've seen some older specials, 70's, and wasn't comfortable with the work, anecdotal but you're right, if electrical is good for 30 years, it'll be good for another 30 untouched. problems generally occur when joe the baker tries to be a sparkie, fair enough...goes back to my stock vs molested comment

i'm not even worried about ungrounded systems, but if i'm tearing out walls, and doing the plumbing (which has to be on my mind, as copper a concern for me), why not do the electrical too? I dunno, if i'm dropping a say $750k on a house, $100k on a reno, and replacing lighting fixtures, etc. to make them current and sexy, why not spend the $10k+ and get wiring to current code. easy enough for me to say drop $10k i suppose. i never pulled the trigger in the end so maybe i shouldn't say...

plumbing...copper piping from the 80's with pin prick weeping holes...it was a concern on my mind looking at those older van specials...i come from electrical so i'm not as worried about that stuff, more annoyed when i see stuff that doesn't sit right with me...but plumbing and water damage scares the bejesus out of me...maybe it's just me staying in my lane i dunno...i mean i'd probably wait for something to be a catastrphic failure before i look on a full blow reno job as i'm a cheap-ass and not ballin' outta control

regarding those 'next gen box' east van builds, ya the grey pipe is no longer allowed. honestly i think the "fix" is that you decommission the radiant system and just pull new wiring for electric baseboard and call it a day. i think the insurance grim reapers are looming over those builds...my parents home fall in that bracket (also a concern when i was looking at homes).

and yes back to water damage, if you followed the news lots of condo insurance rates skyrocketed due to insurance claims. tough stuff to deal with as you get insurance companies fighting amounst owners for the pay out. I think builders will need to look more at smart valves that monitor and do an automatic shut-off upon loss of pressure/water flow. i've serveral companies shop their wares, unfortunately not cheap and their service fees are not ludicrous, but a little rich - definately not a charity. capital cost is the main issue. as a buliding owner it's easier to make those decisions as you're stuck with it. as a developer looking to cash out and disappear...

sorry for the long rant...had a few so i get talkative

[rymack]

Anyone have comments on Willoughby vs Walnut Grove? Looking to move out that way and trying to decide between a few houses out that way. I'm concerned about the amount of 5-6 storied condos going into willoughby. I like the walk-ability of the area but concerned about density for schools , traffic etc.

Walnut Grove seems nice but not alot of options for what we are looking for house wise.

[twitchyzero]

https://thinkpol.ca/2020/05/28/quest...cVDKISaZ4v_di0

realtor group says things are fine (for now?), CMHC said all the indicators point to a reasonable drop

wonder what will come of it in the next 6-12 months

[Hondaracer]

Originally Posted by rymack

Anyone have comments on Willoughby vs Walnut Grove? Looking to move out that way and trying to decide between a few houses out that way. I'm concerned about the amount of 5-6 storied condos going into willoughby. I like the walk-ability of the area but concerned about density for schools , traffic etc.

Walnut Grove seems nice but not alot of options for what we are looking for house wise.

Well they are almost the same area, just the highway is the dividing line.

If you are able to choose between the two Walnut grove is by far the no-brainer. Far less density, not a lot of potential for multi family growth, older established neighborhoods, etc. Etc.

Willoughby will likely turn into a ghetto over time as always happens with these insane explosions of high density multi family construction.

I’ve seen this first hand is “nicer” areas like Morgan creek/crossing etc. Where you’re building literally thousands of units within a 10 minute walk of multi-million dollar single family homes. All this brings is crime and the unsavoury types because people buy for investment and then rent to whoever will pay

[Tapioca]

My two cents - there's going to be some sluggishness in the condo market because there's a glut of completions coming online and prospective buyers of entry level condos are more likely to have been laid off or suffered economically in other ways from the pandemic.

Townhouses are probably a toss-up. I'm still seeing product move in my area if it's priced well and renovated. I bet those in those in condos with kids are looking hard at the supposed benefits of urban living as they're working on their kitchen tables with toys strewn all over the floor.

Prospective buyers of detached homes are likely those who have been unaffected by the pandemic. Detached homes are still moving in my neck of the woods too.

[donk.]

So im looking to buy a condo, i have contacted 3 realtors at this point. Each said they are interested in being my realtor

Two stopped replying after i sent them a follow up email
The last one said he would get back to me the following day and nothing.
Im in trades, and you would be laid off for that kind of customer service, if we cant take the work, we simply say so.
not sure what the deal is

Edit: thanks to those who sent me a mssg, will go up the list

Looking to buy in terminal/main area give 10km, 400k
Dont care if you are in vancouver, langley, poco, as long as you can submit the offers thats all i need.

Edit: theres about 20 listings under 400k within 10km of that area, make it 40 if you go under 450k. Never said i want a 5 year old 900sqft condo on the 40th floor

[RiceIntegraRS]

^Why am i not surprised.

[TOS'd]

What can be found at terminal/main area for 400k? Studio apartments?

[twitchyzero]

cold storage

[BIC_BAWS]

Originally Posted by TOS'd

What can be found at terminal/main area for 400k? Studio apartments?

I did a quick search on REW for the Downtown East area. There's one apartment you can shave maybe 5% off (the COVID discount) of and get it down to maybe $418K. There's 3 apartments under 400K, Sequel 138 on E Hastings x Main, it's behind Fortune Night Club, you'll probably get robbed 8-10x a day there. Great place to be if you're a dealer, but you'll probably still get robbed LOL.

[GLOW]

that's what i was thinking, small box studio/micro units around hastings/main area. i think even the units in chinatown would cost more no?

[Twi7ch]

Probably why the realtors aren't very interested. Add another 150k to that 400k if you want to find anything decent in that area.

[Euro7r]

Originally Posted by donk.

So im looking to buy a condo, i have contacted 3 realtors at this point. Each said they are interested in being my realtor

Two stopped replying after i sent them a follow up email
The last one said he would get back to me the following day and nothing.
Im in trades, and you would be laid off for that kind of customer service, if we cant take the work, we simply say so.
not sure what the deal is

Edit: thanks to those who sent me a mssg, will go up the list

Looking to buy in terminal/main area give 10km, 400k
Dont care if you are in vancouver, langley, poco, as long as you can submit the offers thats all i need.

Edit: theres about 20 listings under 400k within 10km of that area, make it 40 if you go under 450k. Never said i want a 5 year old 900sqft condo on the 40th floor

Not here to offend you or anyone. But $400K give and take for Main/Terminal area, I did some "quick" research online and barely anything even comes up within that range in that area. Sure it's Covid and people ain't gonna get their asking with times like these, you might come across lucky and score something within your range;however, from an realtor pov, you aren't worth their time with that criteria. Maybe try moving your criteria more "east" with $400K...

[Ludepower]

You wanna live in one of the most desirable location around main station (mount pleasant, olympic village). Your dreaming with that 400k. No wonder why no realtor is calling you back.

Hastings and Main is what you'll get.

[Gerbs]

Originally Posted by donk.

Looking to buy in terminal/main area give 10km, 400k
Dont care if you are in vancouver, langley, poco, as long as you can submit the offers thats all i need.

Edit: theres about 20 listings under 400k within 10km of that area, make it 40 if you go under 450k. Never said i want a 5 year old 900sqft condo on the 40th floor

You do know that 10km from that area is almost BCIT if you go east or Richmond if you go south lol.

[TOS'd]

Originally Posted by donk.

So im looking to buy a condo, i have contacted 3 realtors at this point. Each said they are interested in being my realtor

Two stopped replying after i sent them a follow up email
The last one said he would get back to me the following day and nothing.
Im in trades, and you would be laid off for that kind of customer service, if we cant take the work, we simply say so.
not sure what the deal is

Edit: thanks to those who sent me a mssg, will go up the list

Looking to buy in terminal/main area give 10km, 400k
Dont care if you are in vancouver, langley, poco, as long as you can submit the offers thats all i need.

Edit: theres about 20 listings under 400k within 10km of that area, make it 40 if you go under 450k. Never said i want a 5 year old 900sqft condo on the 40th floor

10km radius for reference. This (re: selecting large radius) isn't like a dating app.

Also good luck finding a place! (not being sarcastic btw)

[underscore]

Originally Posted by mikemhg

This is a great post.

I have friends in the same boat that are minorities, and moved out to these communities.

You have to keep in mind, there is a homogeneous factor that a lot of these "Karens" and "Bobs" aspire to have in their communities.

If you have a thick skin, and can ignore all that, great for you, but keep in mind some people will treat you differently, and if you don't have the ability to deal with that, it'll be a difficult run for you.

It's not even just a racial thing, the Karens and Bobs (or their equivalents) want everything to be the way they prefer. They'll have issues with you having a car that's modified, or having more than one car, or heaven forbid a parts car.

My neighbourhood isn't even one of those cookie cutter communities and I've had bylaw called a bunch of times over the years by Karen and Bob for all kinds of stupid stuff (from an uninsured car having the bumper overhang the curb to not liking how a tree was trimmed) but never gotten a ticket for anything. I know I can't even begin to imagine what it would be like to be in a cookie cutter place and be a minority who is into cars.

[Hondaracer]

Call me a Bob but if you’re my Neighbor and you’ve got a car in pieces in your driveway and 3 others in the street I might have an issue with it.