Vancouver's Real Estate Market

[Hehe]

I think with the whole insurance crap going on, I'm not sure if finding a condo/apartment is the wisest option in the longer term.

Assuming you want to have easy/quick access to Skytrain, just start looking along the skytrain lines. I might suggest a fixer-upper TH or duplex along the line (albeit further away).

[68style]

^ Oh yah sure, everyone with a $500k budget (hence why they are shopping for condos in the first place) will just up it to $900k+ no problem at all. Why didn't everyone think of that?

[cafe22]

Originally Posted by Xu.Vi

I've been living up SFU Burnaby for a few years and it's been wonderful. Great community and definitely falls within your budget. Great selection in terms of $/sqft and the views are amazing in every direction if you are fortunate to score one with. Wonderful hike / mountain bike trails and also an entire campus for walks. Also a really dope arcade bar that's only a 12 minute walk away. Traffic varies depending on when you leave home, but it rarely gets to the point of stop and go.

Any issue with the student renters though?

[Hehe]

Originally Posted by 68style

^ Oh yah sure, everyone with a $500k budget (hence why they are shopping for condos in the first place) will just up it to $900k+ no problem at all. Why didn't everyone think of that?

Brain is a wonderful thing when you use to think a bit what people say. Try it sometimes.

I said fixer-upper and further out of the town but along the Skytrain.

When you factor in the extra paid in insurance, strata fee... etc. A 500k in Joyce (which is basically at the border of Vancouver) vs. an older TH in Burnaby with about 600k (certainly available a quick look on realtor.ca) and if non-strata even better, rare but certainly exist... I don't think the out of pocket monthly payment is much favorable for the 500k condo in Joyce.

I honestly don't see a 500k condo in Joyce to be much nicer than a 600k old TH that's move in ready from a quick look on Realtor.ca. Not to mention the TH is usually bigger in size.

[Xu.Vi]

Originally Posted by cafe22

Any issue with the student renters though?

Not with my building nor the adjacent one that I know of. Many of the students here are pretty cool and mature for the most part. If I stay up past 1AM, I'll hear the resident "screamer" for an hour though lmao.You'd also be really surprised by the amount of non-students there are up here. It's a very big community with many families.

[SumAznGuy]

Originally Posted by Xu.Vi

Not with my building nor the adjacent one that I know of. Many of the students here are pretty cool and mature for the most part. If I stay up past 1AM, I'll hear the resident "screamer" for an hour though lmao.You'd also be really surprised by the amount of non-students there are up here. It's a very big community with many families.

I moved out of the community 1 1/2 years ago.
The area is definitely becoming a mix of families and student rentals.
My biggest beef is the irresponsible people that throw away house hold garbage in the public garbage cans as they walk to campus instead of the garbage bins in their building's garbage rooms.
Weekends are pretty quiet. Never heard any loud partying.
We loved how Nesters was a quick walk away and they selection has improved a lot, though their produce suck.
Driving downtown in the mornings wasn't bad except if you left a tad late as the traffic onto the second narrows bridge can get backed up.
The second biggest beef with SFU/Burnaby Mountain is that everything is lease hold.
That is the sole reason units there are more affordable.

[Hondaracer]

Where is this arcade bar at SFU?

[CivicBlues]

why are arcade bars still open at SFU?

[68style]

Originally Posted by Hehe

Brain is a wonderful thing when you use to think a bit what people say. Try it sometimes.

I said fixer-upper and further out of the town but along the Skytrain.

When you factor in the extra paid in insurance, strata fee... etc. A 500k in Joyce (which is basically at the border of Vancouver) vs. an older TH in Burnaby with about 600k (certainly available a quick look on realtor.ca) and if non-strata even better, rare but certainly exist... I don't think the out of pocket monthly payment is much favorable for the 500k condo in Joyce.

I honestly don't see a 500k condo in Joyce to be much nicer than a 600k old TH that's move in ready from a quick look on Realtor.ca. Not to mention the TH is usually bigger in size.

Cute.

I looked, there are a grand total of 2 "townhouses" in all of Burnaby under $600,000, 1 of them is mis-labelled and is actually a condo out by Highway 1 and the other one is 740 sq ft in size in a shit stain of a building. Yah I'd say the $500k in Joyce area is a lot nicer.

Besides that, you're missing the part where someone can magically be approved for $100k more than they were before, you think $100k extra mortgage is nothing to people?

Townhouses have massive strata fees and insurance issues too! Some are even higher than condo fees now. So what are you actually advising here? People overspend for no reason? Buy something even more expensive and in need of more repairs to avoid some "maybe" insurance premium rise? Good advice bro.

[Hehe]

Originally Posted by 68style

Cute.

I looked, there are a grand total of 2 "townhouses" in all of Burnaby under $600,000, 1 of them is mis-labelled and is actually a condo out by Highway 1 and the other one is 740 sq ft in size in a shit stain of a building. Yah I'd say the $500k in Joyce area is a lot nicer.

Besides that, you're missing the part where someone can magically be approved for $100k more than they were before, you think $100k extra mortgage is nothing to people?

Townhouses have massive strata fees and insurance issues too! Some are even higher than condo fees now. So what are you actually advising here? People overspend for no reason? Buy something even more expensive and in need of more repairs to avoid some "maybe" insurance premium rise? Good advice bro.

We must be using different tools.



You want to talk specific examples, all the power to you.

What I was suggesting was simple. If by going out a bit, spend a tad extra (in purchase price) while not having to deal with the ongoing insurance problem/cost that MANY of condo buildings are facing, it makes more sense in the long run.

If you have an argument against that very specific statement, I'm all ears. I've been dealing with RE for the last 20years with my family (albeit mostly commercial or development) so I'm quite well-versed in the topic, and would love to see something I got wrong after 20yrs. But you are trying to say that I was suggesting him to go from a shoebox to a mansion, which I wasn't.

[Xu.Vi]

The bar is called "The Study". 4 Ping pong tables, a pool table, and some fun arcade games...very big space too. It's been closed since Covid so don't worry haha.

[buhdeh]

So how bad is the insurance issue for people to suggest paying 100K+ more for a “fixer upper” TH than a condo? Genuinely curious cause I don’t know. Does this only affect condos or also strata townhouses?

[Eff-1]

We looked at a lot of town homes (albeit ones costing more than $600k).

The main downsides for me was the main living area of a TH is often no bigger than a condo, and that's where you spend most of your time. Only difference is TH bedrooms are upstairs, as opposed to a condo.

In a building where strata fees are charged per sf, you're looking at $600 - $800 per month or more, on average, just for strata fees.

So we stuck with a decent sized condo. Less square footage than a TH, but similar size main living area, and much lower strata fees.

[Hehe]

Originally Posted by buhdeh

So how bad is the insurance issue for people to suggest paying 100K+ more for a “fixer upper” TH than a condo? Genuinely curious cause I don’t know. Does this only affect condos or also strata townhouses?

It varies building by building. But the problem is that insurers are getting more and more hesitant to insure buildings that met certain criteria. They'd either outright deny any coverage option, or ask for a significant increase (compare to before) with a HUGE increase in deductible.

But for many stratas, not having an insurance is not an option because many would lose the minimum requirement set by lenders.

The issue arise mainly in the way condo is structured. When you are trying to fix a core problem, unlike townhouses where it's unit by unit (and you tend to have less units in the same space), you have to fix the whole building or else it might spill into other floors in another date.

If you are looking into condos or really any strata units, you should DEFINITELY request their strata meeting minutes of the last few years as well as assessments, because in some of the buildings, it has gotten so bad that it simply got postponed but never fixed the problem because people simply can't afford to pay for it.

[Gerbs]

Originally Posted by JDMDreams

Under $500 for 2 bed room is tough. Joyce I would say is still best value in Van, as prices are still dragged down by the wall center units. And there is sky train. You might be able to stretch a larger one bed and den in the existing towers. Keep in mind you're getting concrete highrise and not wood frame.

I saw these listings within the low $400's range, sales history on these older units show that they're closing for around 3 - 8% below listing but I have no idea what how the building is doing. Strata is a bit high but if it's a 2bedroom and I can rent out the other room that's not a issue.



https://imgur.com/a/vgfOY3j

Originally Posted by Hehe

I think with the whole insurance crap going on, I'm not sure if finding a condo/apartment is the wisest option in the longer term.

Assuming you want to have easy/quick access to Skytrain, just start looking along the skytrain lines. I might suggest a fixer-upper TH or duplex along the line (albeit further away).

I think my holding period is around 5 - 7 years. My thought process would be to sell my place + SO sell her condo and we'll pool the money on a downpayment for a TH / entry level detached home. But I don't think we need to upgrade to something that big untill we consider kids and I don't see myself having kids till I'm mid 30's lol.

I can't qualify for a $600 - 800k duplex/townhouse in Burnaby, it'd be great if I could haha. But I don't think anyone is able to buy a property that expensive in their 20's without having help from family or a SO. I've also received recommendations that I stay on the lower range of the purchase price $400 - 450k since it's my first home. Who knows if I will move south or east for work later on.

[JDMDreams]

I'm not sure where you guys are getting the numbers for strata fees, condos are easily $400+ a month for anything bigger than 600sq, all the town houses I've looked at under the $700k price range has strata fees between $200 to $300. And I'm getting something twice the size, more bed rooms, private garage plus lower insurance costs.

Once you get into 2+ bedroom apartments town houses are the way to go.

[Tapioca]

Our property management company was successful in renewing insurance for our 80-something unit townhouse complex today. Our sewer backup coverage deductible went up to 50K from 25K, which I understand is pretty typical. Our total premium also doubled, but at least we have insurance coverage for another year.

[TOS'd]

Originally Posted by Gerbs

I saw these listings within the low $400's range, sales history on these older units show that they're closing for around 3 - 8% below listing but I have no idea what how the building is doing. Strata is a bit high but if it's a 2bedroom and I can rent out the other room that's not a issue.



https://imgur.com/a/vgfOY3j

Those seem pretty affordable, haha. Maybe I should move back west.

[lowside67]

Originally Posted by JDMDreams

I'm not sure where you guys are getting the numbers for strata fees, condos are easily $400+ a month for anything bigger than 600sq, all the town houses I've looked at under the $700k price range has strata fees between $200 to $300. And I'm getting something twice the size, more bed rooms, private garage plus lower insurance costs.

Once you get into 2+ bedroom apartments town houses are the way to go.

Our 1000sf 2BR in Port Moody was ~$320/month in strata fees when we moved out last year.

-Mark

[Hondaracer]

Originally Posted by Tapioca

Our property management company was successful in renewing insurance for our 80-something unit townhouse complex today. Our sewer backup coverage deductible went up to 50K from 25K, which I understand is pretty typical. Our total premium also doubled, but at least we have insurance coverage for another year.

What was the premium double worth?

[TouringTeg]

Small sample but single family homes are moving quickly in Victoria. Kind of surprising the market is still hot.

Day 1 this was listed there were 7 showings and 2 offers over ask. Ask was $835k and offers were $890k zero conditions and $895 subject to inspection. They took the $890k zero subjects.

https://www.realtor.ca/real-estate/2...-saanich-gorge

[Eff-1]

Originally Posted by JDMDreams

I'm not sure where you guys are getting the numbers for strata fees, condos are easily $400+ a month for anything bigger than 600sq, all the town houses I've looked at under the $700k price range has strata fees between $200 to $300. And I'm getting something twice the size, more bed rooms, private garage plus lower insurance costs.

Once you get into 2+ bedroom apartments town houses are the way to go.

In a typical condo/townhome combined strata, let's say strata fees are $0.42 per square foot. On a typical 1 BR, that's $250 - $300 per month. On a 1500 sq ft TH, that's $630 per month.

For stratas with only townhomes, you might find lower fees per square foot because the operating costs might be lower (i.e. no elevator maintenance, cleaning services for hallways, etc).

Buddy of mine lived in a TH and a few years ago, when all the roofs and windows needed replacing/rainscreens, each unit was charged almost $100k special levy.

Condos or townhomes, nothing is perfect.

[Traum]

Originally Posted by Eff-1

Buddy of mine lived in a TH and a few years ago, when all the roofs and windows needed replacing/rainscreens, each unit was charged almost $100k special levy.

Condos or townhomes, nothing is perfect.

As a dumba$$ question because I don't know any better, how much would the same roof + windows replacment cost for a detached home on a standard lot (33' x 122') cost?

[Eff-1]

Originally Posted by Traum

As a dumba$$ question because I don't know any better, how much would the same roof + windows replacment cost for a detached home on a standard lot (33' x 122') cost?

A roof is probably $20k and windows maybe $15k?

If I recall correctly, the town home complex that charged $100k did all the roofs, windows, new siding, rainscreen, and somehow all of that ended up being close to $100k per unit. 96 units total, built in the late 70s.

[underscore]

Originally Posted by Traum

As a dumba$$ question because I don't know any better, how much would the same roof + windows replacment cost for a detached home on a standard lot (33' x 122') cost?

Depends on the specifics of the house, my house has a multi level roof that was cedar shake roof that we replaced with normal shingles which cost $9k. For the windows we did all of them (I think 17 total) along with the front door and a rather large sliding glass door, with extra sound & thermal blocking on the bedroom windows for $18k. The doors were quite pricey so expect a lot less if you're just doing normal windows.