Vancouver's Real Estate Market

[Gucci Mane]

Originally Posted by Mr.HappySilp

Just to be clear he did make a good point. Is better to actually buy a house/apartment then to waste money on a getting a new car or getting that brand name purse, a new iphone , a new tablet etc etc......

this is different for everyone. for me personally, i just need a roof over my head. so i have no issues with renting a home and keeping the driveway full with cars that i want .

[blkgsr]

Originally Posted by GS8

Leaving Texas to come to Vancouver reminds me of the person who sells all their possessions and goes backpacking in a foreign country.

that's got to be the stupidest comment i have ever heard. have you actually ever traveled? and i don't to Vegas or Mexico

[tastic]

Originally Posted by Tapioca

Why did you leave Texas which is probably one of the better States economically? Vancouver has no jobs, unless you're in real estate or managing private wealth.
Posted via RS Mobile

I moved from Calgary to Houston to do a post-doc. Moved to Vancouver because I got an assistant professorship at UBC.

[iEatClams]

Originally Posted by sonick

CTV did a 2-part report on Rent vs Buy:

CTV Vancouver: Rent or buy: which is cheaper? | CTV Vancouver News
Vancouver housing dilemma: Is it better to rent or buy? | CTV Vancouver News

CTV Vancouver: Renting a home | CTV Vancouver News
Why renting a home instead of buying may boost your bottom line | CTV Vancouver News

This is just a horrible story that CTV does to pump real estate again.

No where does it lists the main advantages of renting. Such as reduced risks in case there is a correction, or the ease of giving a notice and moving out to find a better place or relocating to find a better job.

They barely discuss no prop tax and maintenance fees but instead talked about how expensive it is to rent and how hard it is to find good places to rent. They close it off by having a douchebag realtor telling everyone that now is the best time to buy.

Typical real estate pump story.

FCK CTV and fuck their stupid CTV commercials during the superbowl and nfl playoff football games. How many times have we seen a promo for top chef canada or some other stupid ctv shows, only to have CTV cut back to the game too late and we miss a play. IE. cam newton throws a pick to niners game and we miss it live because CTV decided to show one commercial promoting the CTV mobile app.

sorry end rant //

[duc_evo_sp]

Originally Posted by iEatClams

This is just a horrible story that CTV does to pump real estate again.

No where does it lists the main advantages of renting. Such as reduced risks in case there is a correction, or the ease of giving a notice and moving out to find a better place or relocating to find a better job.

They barely discuss no prop tax and maintenance fees but instead talked about how expensive it is to rent and how hard it is to find good places to rent. They close it off by having a douchebag realtor telling everyone that now is the best time to buy.

Typical real estate pump story.

FCK CTV and fuck their stupid CTV commercials during the superbowl and nfl playoff football games. How many times have we seen a promo for top chef canada or some other stupid ctv shows, only to have CTV cut back to the game too late and we miss a play. IE. cam newton throws a pick to niners game and we miss it live because CTV decided to show one commercial promoting the CTV mobile app.

sorry end rant //

Don't be mad bro.

People have to make their own decisions in life, even if you know they might be wrong. Telling people that they are making a mistake when they don't think they are makes them dislike you and it's their problem not yours.

I'll just wait awhile, bank will raise interest rates, people will make a choice about keeping their property or sell them at a loss. I am fine with this scenario.

Keep on buying Canada, leverage to your hearts content.

[iEatClams]

Originally Posted by duc_evo_sp

Don't be mad bro.

People have to make their own decisions in life, even if you know they might be wrong. Telling people that they are making a mistake when they don't think they are makes them dislike you and it's their problem not yours.

I'll just wait awhile, bank will raise interest rates, people will make a choice about keeping their property or sell them at a loss. I am fine with this scenario.

Keep on buying Canada, leverage to your hearts content.

Im not mad at people buying, just mad at ctv for being playing too many commercials.
Posted via RS Mobile

[GS8]

Well what does Tamara Taggert care? That dumb ass blond bitch makes enough to own 2 Vancouver properties with cash most likely.

Realtors have a vested interest to sell homes and they'll do it by whatever means necessary. It's already fairly easy mode by 'selling the dream' and 'buy / sell now because prices are hot'.

The reality is, it's no different than being had at the used car lot.

[VR6GTI]

Whats the hidden fees associated with these new buildings where you don't have to pay until 2016? Is that because the building will not be ready until 2016?

[Mr.HappySilp]

Originally Posted by VR6GTI

Whats the hidden fees associated with these new buildings where you don't have to pay until 2016? Is that because the building will not be ready until 2016?

If the building is pre sale (most like it won't be complete till say 2016) you have to pay a deposit (usually 20%).

How it works depends on the developer but typically once you buy the unit you have to pay 5% within 7 days of purchase, and then another 5% 6 months later and so forth. There is always some restriction to prevent you form selling it till the apartment is complete or near complete (ie can't sell till it is 1 months within completeion date, can only sell to family, or developer will charge 5% of the asking price etc etc).

There are advantages and disadvantages of buying pre sale so is up to you to decide.

Advantages
-Price might be cheaper
-you get to pick your unit you want first
-Get to pick the color scheme of your apartments
-Have to options to purchase extra parking spot or extra locker
-Get to rent it out for sure (since you are buying pre sale there are no starta so no rules yet)

Disadvangates
-Buying something you can see in person now
-Have to pay deposit which ties up your money
-Can't check build quality, view etc etc since nothing is build yet
-Don't know who your neighbour is or what type or person they are
-There is always a risk that the market will crash and you are still hook
-There is always a risk the developer go under

[VR6GTI]

^ thanks for the info
What i have found as a huge disadvantage to buying new is you have to pay both taxes which can easily be $15,000-$30,000. You gotta take that money into consideration when selling hopefully your place has gone up in value. Which is unlikely in his market.

[Mr.HappySilp]

Originally Posted by VR6GTI

^ thanks for the info
What i have found as a huge disadvantage to buying new is you have to pay both taxes which can easily be $15,000-$30,000. You gotta take that money into consideration when selling hopefully your place has gone up in value. Which is unlikely in his market.

Depends if you can get a deal. I got a decent on my apartment (2% off orginal price and $5k after completeion) Comes out to be about 285k plus tax which isn't too bad for the location of the apartment.

[xpl0sive]

my buddy bought a place pre-sale in a building that was going up right next to the skytrain. he got a place on the 7th floor, and was told he would have a view. well, he did get a view... of the skytrain. His apartment ended up being on the exact same level. If his unit was on the other side of the building, he would have a view... so he got screwed. Story of a pre-sale purchase gone bad

[m3thods]

Did your friend not know where the Skytrain was in relation to his potential unit before purchasing? Both Skytrain construction and condo construction require years of planning. I'm missing how your buddy wouldn't have been able to deduce that his view might be blocked by elevated transit.

I'm currently waiting for a pre-sale unit near a station on the Evergreen line. I knew the orientation of the unit in relation to the Skytrain path. Granted I chose a unit high enough to not have to worry about Skytrain, but at the time of purchase I still knew where the unit was slated to be, and where the Skytrain track was slated to be constructed on.

[xpl0sive]

It was tough to judge how high the 7th floor would be because when he bought there was just a hole on site. The building is also on a hill, so one side of the building looks considerably higher. Bottom line is that if he actually had a chance to look at the unit before he bought it he would see that shitty skytrain view.
Posted via RS Mobile

[blkgsr]

7th floor = 65-70' in the air give or take....not that hard to figure out

[m3thods]

Originally Posted by xpl0sive

It was tough to judge how high the 7th floor would be because when he bought there was just a hole on site. The building is also on a hill, so one side of the building looks considerably higher. Bottom line is that if he actually had a chance to look at the unit before he bought it he would see that shitty skytrain view.
Posted via RS Mobile

I can understand that.

But if I was in your friend's spot, I'd either try and get significantly higher (if it fell in budget and available) or insist on getting building plans from the salesperson (that information should be public and available). If it was like my purchase, you receive the approximate floor plans in a condo agreement.. If he received that within the 7 day grace period, he would've had a better idea how high up he would be in relation to street level and say "no" to his purchase agreement if it was remotely close to the proposed skytrain line.

But this is all after the fact. Hindsight is always 20/20.

[multicartual]

Originally Posted by iEatClams

This is just a horrible story that CTV does to pump real estate again.

No where does it lists the main advantages of renting. Such as reduced risks in case there is a correction, or the ease of giving a notice and moving out to find a better place or relocating to find a better job.

They barely discuss no prop tax and maintenance fees but instead talked about how expensive it is to rent and how hard it is to find good places to rent. They close it off by having a douchebag realtor telling everyone that now is the best time to buy.

Not only that, but the lifestyle renting gives you access to!


I could barely afford to buy a shitty condo in Langley or Surrey even with saving up for a couple of years, but renting a sick Gastown studio loft with 20 foot ceilings and a nice view of the inlet? Hell yes!

[Mr.HappySilp]

Originally Posted by m3thods

Did your friend not know where the Skytrain was in relation to his potential unit before purchasing? Both Skytrain construction and condo construction require years of planning. I'm missing how your buddy wouldn't have been able to deduce that his view might be blocked by elevated transit.

I'm currently waiting for a pre-sale unit near a station on the Evergreen line. I knew the orientation of the unit in relation to the Skytrain path. Granted I chose a unit high enough to not have to worry about Skytrain, but at the time of purchase I still knew where the unit was slated to be, and where the Skytrain track was slated to be constructed on.

I suggest if it possible not to get it. The reason being even if your unit is high above the skytrain their will be constant noise from the train going in and out of station and when it is traveling. I went to several open house and some of them facing the facing the skytrain (Dawson st I think) even at 20lish floor you can still hear the skytrain as long as the windows are facing the direction of the skytrain.

[GLOW]

Originally Posted by Mr.HappySilp

Disadvangates
-Can't check build quality, view etc etc since nothing is build yet

to add to this, the general contractor might not use the same sub-contractors used to build the show room to build the actual building.

[Mr.HappySilp]

Originally Posted by GLOW

to add to this, the general contractor might not use the same sub-contractors used to build the show room to build the actual building.

LOL so true. Another trap I see is so many people goes into the show room and bought an unit happily expecting their unit to look the same.

LOL so many little tricks happen in the show room that potential buyers have no idea.

-In show rooms they usually have no ceiling or VERY VERY HIGH ceiling so it looks more comfy and bigger to the visual eyes.

-In place where there should be a wall or windows (IE near balcony) THEY DON'T PUT A WALL THERE instead they either extend the floor and then put some fake pictures to show you a fake view (they simply put tape to show you where the walls would be). That way it makes you feel your unit is actually bigger because there are no walls).

- Show rooms is always always very bright with lot's of extra lighting so it gives you a fake idea thinking your unit will be this bright as well and as we know the brighter it is the bigger the place feels like

-They use custom funtirune. All the couchs, tables, beds, coffee tables they use in the show room most of them is custom made to be a bit smaller than what you would find normally (especially if the show room is a one bedroom unit or studio). This gives you a feeling that even with all the funturine the place still seems very big and cozy.

-Show rooms always have the best upgrades to make it look good.

-Show rooms is always neat and tidy. Let's face it how many of us will actually keep our house as clean as those show rooms. Notice there isn't any jackets, pants laying around. Or 17 cups laying around the kitchen or have pots and pans everywhere? Notice int he bathroom in the show room they don't have towels, toothbrush, hair gel, hair dyer?

[GLOW]

best trick of all - they have girls dressed like they should be serving you at the cactus club to greet you in said show room

[Traum]

With the market slowing down a bit, I see enough apartment units outside of Vancouver and Richmond that are ready to move in or nearly ready to move in, and you'd be able to see how the unit actually looks like. I suppose this doesn't actually qualify as pre-sale, but often enough they'd still make some sort of promotional offer available to the buyers, be it free locker space, "reduced" pricing, etc. You get to see what the units look like, how the build quality and finishings are, and the unit is still entirely new. Compared to buying "blind", so to speak, this might be a better option than buying at pre-sale.

[sonick]

This is a pretty sweet calculator: Vancouver Housing Bubble

[GS8]

Originally Posted by GLOW

best trick of all - they have girls dressed like they should be serving you at the cactus club to greet you in said show room

They show me their tower

Then I show them mine

[Presto]

Also, initial strata/maintenance fees are ALWAYS too low. Expect to pay, at least, 25% more.