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-   -   Vancouver's Real Estate Market (https://www.revscene.net/forums/674709-vancouvers-real-estate-market.html)

vash13 02-05-2021 10:56 PM
Quote:
Originally Posted by iambuRnz (Post 9017020)
I'll be following this thread in the next couple of months and will be using any tips you guys share in this thread. I'm afraid of the future costs in living in a high-rise condo and I don't think it will get any better especially of how many are/will be built in the next couple of years.

So, the search for a townhouse begins...
Gave up on looking for a detached house in this hot market. What's the point of having such low interest rates if you are having to out bid people 200k over asking price. Went for a pre sale in north vancouver (27 North). Great price for what I need for my two kids for at least the next 5 years. I get to live in the location I desire and can start planting down my roots and patiently wait for a time the detached housing market cools and there is more inventory to look at up here in seymour height or blueridge.

BIC_BAWS 02-05-2021 11:02 PM
Quote:
Originally Posted by dachinesedude (Post 9017025)
seems like everyone on RS are cash rich; buying million dollar houses with no subjects, jelly

where the middle class people at?
Unless everyone gets A lending, I wouldn't make this generalization across RS.

That said tho, as car guys, we always know how to make it work. My best friend (female) asked me how guys can afford to drop 5K+ on a handbag for their women. Well, if we can drop 4K on wheels, what's another grand? LOL

Sent from my SM-G781W using Tapatalk

68style 02-06-2021 12:20 AM
^ I don't know what kind of girls or guys you hang out with, but that ain't happening amongst anyone I know lol

If a girl told me to buy her a $5k handbag I'd be like "Okay brb" and never return... ain't no ass worth that kinda headache... next!

BIC_BAWS 02-06-2021 12:21 AM
^ wait this isn't normal? ... I mean I don't do this because I buy myself 4K wheels like a chump.. must explain why I'm single hehehe

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Gerbs 02-06-2021 12:39 AM
Seems like everyone here can afford SFH's haha.

I wanna join too.

SkunkWorks 02-06-2021 02:36 AM
I thought everyone on RS clears over 250k a year and only bangs 10s?

BIC_BAWS 02-06-2021 07:07 AM
^ Or 10s bang your car and you get a nice ROI iykyk

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JDMDreams 02-06-2021 07:39 AM
It's economics, Van will forever have low supply, so demand will be there. But then this pandemic and City of Van stupid laws has pushed all the ppl who can afford to buy homes out of it. So I'm not sure how it will be moving forward. If you think Van is bad try getting a townhouse in the suburbs, surrey Langley is easily over $1m for detached. Cuz all the younger crowd is getting older with family, cars and kids and wants to get the fuck out of bs Vancouver.

bcedhk 02-06-2021 08:10 AM
the issue is zoning and the pitfalls of the Acts and bylaws that have made development a snail pace.

Vancouver has enough land and old houses ready to deal with the supply issue. For a start, they should fast-track the development permit and rezoning processes. if they can cut the process time in half, we could see a lot of missing middle houses built in the next 4-5 years.

JDMDreams 02-06-2021 08:28 AM
^^ the new so called townhouses that they build by knocking down a few houses are absolutely shit. You pay $700 for the basement, park on the street, then the two floors above is like $900 with no real parking, they give you a open air stall in the back alley that's it. It's like renting for a million dollars.

bcedhk 02-06-2021 08:37 AM
Those multiplexes you are talking about do not provide enclosed parking to maximize their total floor area. To have enclosed parking for each units, you're going to be left with <850 sq. feet of habitable space/unit (assuming one parking space takes up roughly 160 sq ft).

Again, a zoning and bylaw issue.

GLOW 02-06-2021 08:54 AM
i could afford $4k wheels...but then i couldn't have a car to put it on Kappa

i actually knew a guy in school that did that. bought rims but no car for 'em EleGiggle

vash13 02-06-2021 09:13 AM
Quote:
Originally Posted by GLOW (Post 9017055)
i could afford $4k wheels...but then i couldn't have a car to put it on Kappa

i actually knew a guy in school that did that. bought rims but no car for 'em EleGiggle
LOL it's like buying furniture and no house to put it in.

Traum 02-06-2021 11:42 AM
Quote:
Originally Posted by bcedhk (Post 9017050)
the issue is zoning and the pitfalls of the Acts and bylaws that have made development a snail pace.

Vancouver has enough land and old houses ready to deal with the supply issue. For a start, they should fast-track the development permit and rezoning processes. if they can cut the process time in half, we could see a lot of missing middle houses built in the next 4-5 years.
Vancouver City Hall is the king of red tape. Everything is a PITA just bcos. FailFish

Richmond and Burnaby City Halls, by comparison, is far less troublesome.

Hondaracer 02-06-2021 12:18 PM
When I was still in construction we probably built 15 custom homes while I was there. The one in Vancouver took almost 3 times as long as any other jurisdiction. My boss basically said never again after that and that house was basically a favour for friends of his who weren’t the typical client demanding a timeline etc.

Can’t imagine what it’s like to be a contractor building to suit. I guess that’s why most new builds are built by a developer and sold right away

EvoFire 02-06-2021 12:24 PM
Quote:
Originally Posted by dachinesedude (Post 9017025)
seems like everyone on RS are cash rich; buying million dollar houses with no subjects, jelly

where the middle class people at?
That is middle class in Vancouver :pokerface:

But seriously, because money is cheap (1.49%) the price of homes have skyrocketed. And sorry to let you know, 1m doesn't buy you anything in Vancouver. A townhouse is 1.5m easy.

Quote:
Originally Posted by JDMDreams (Post 9017051)
^^ the new so called townhouses that they build by knocking down a few houses are absolutely shit. You pay $700 for the basement, park on the street, then the two floors above is like $900 with no real parking, they give you a open air stall in the back alley that's it. It's like renting for a million dollars.
Those are horrible. I prodded around looking at them I can't deal with the shitty layouts because they are trying to squeeze as many units into the space of 3 houses as possible.

JDMDreams 02-06-2021 12:35 PM
I think the condo market is gonna pick back up this summer, cheap money is here to stay and lots of businesses have stabilized since everyone is essential. First time buyers have already been priced out of townhouses so they are stuck with condos pushing prices back up.

quasi 02-06-2021 12:47 PM
Quote:
Originally Posted by dachinesedude (Post 9017025)
seems like everyone on RS are cash rich; buying million dollar houses with no subjects, jelly

where the middle class people at?
I'm not smart or have a super high paying job like most the people here I got lucky getting into the market 20 years ago and let it ride. No word of a lie I only had to put less than 10K down on my first 3 bedroom townhouse. My kid on the other hand he's totally fucked.

On a side note what family income range is even considered middle class anymore?

JDMDreams 02-06-2021 12:56 PM
^^ not really your kid has bank of mom and dad lol, like at least 50% of first time buyers do

unit 02-06-2021 01:52 PM
houses go up, then th, then condos. the pressure trickles down

Tapioca 02-06-2021 02:43 PM
Middle class means an ability to live free of high interest debt and to save a bit of money for retirement - say 5-10% of after tax income. Today, that figure is now 75-85K in annual income.

I think these days, middle class in Vancouver is the ability to service housing costs for a 2 bedroom condo within the city limits.

rb 02-06-2021 02:54 PM
Just glad i'm not out there hunting for a home this time around. I think I may have some slight PTSD from this shit after buying my place in 2016 and bidding in a parking lot storage wars style lol

Godspeed to those that are searching for a place right now in this market

chinook79 02-06-2021 04:21 PM
I used to clear six figures before pandemic.. and still felt like I'm not close to middle class in this expensive city.

JDMDreams 02-06-2021 04:43 PM
All in on gme nok ^^ I've been hearing stories of lots of new millionaires. So maybe they are buying up the houses cash

jerche 02-07-2021 08:54 AM
Quote:
Originally Posted by FOREVER (Post 9016614)
Felt like I shot myself in the foot on this one...

Bought a pre sale unit and moved into it when it was completed. Claimed the new home buyer discount + newly built home incentive. Lived there for 2 years from 2018-2020.


Fast forward to today.. I receive a letter in the mail asking me to provide 2 or more of the following documents dated between jan 2018, feb 2018, march 2019 & jan 2019.



Home Insurance - foolish me didn't even know I had to get this LOL... got home/apartment insurance in April 2019 & 2020.

Home owner grant claim on the property - I have the receipts, but not the stubs zzz.

Moving bill, strata invoices - I was lucky that my strata manager was able to get my strata invoices and it has everything from March 2019 - now.

Online purchases delivered to your home - I sent everything to my parent's house since they lived 10 minutes walking distance away from the apartment or to work.

Telephone/Cable bills - I was able to retrieve this thank god. If you ever need statements beyond 18 months your provider should be able to pull this up on their end. (Can't comment if you hop between providers though)

Credit card/bank statements - I didn't bother changing my address since my parent's place was 10 mins away

Any personal mail that was mailed to the property during the first year of ownership, except BC HYDRO or FORTIS GAS bills. - This triggered me the most, but once again my fault for never changing my address. But the other thing is they wanted MAIL FROM 2 YEARS AGO WITH SPECIFIC TIME RANGES.



TLDR: Bought a pre-sale applied discounts/incentives/exemptions. Surprise audit letter comes in asking for specific information 2 years later. Struggled to acquire documents while panicking.



I will be submitting every document that I can though:okay:

Does this happen a lot? Did many of you get an audit for your first home years later? I can see a lot of ppl using their parents address for a lot of things since it's easier.


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