Vancouver's Real Estate Market

[westopher]

Originally Posted by Eff-1

Great68 has a point though. The poor guy wants to reno his garage and he can't do it without going through all these hoops, and that's if he even gets permission. A homeowner doesn't have to worry about those things.

At the same time, I understand WHY those regulations are in place. At the end of the day, you're sharing a structure with a bunch of other randos. There has to be rules that govern this kind of thing so that one mofo doesn't do something dumb and wreck everyone else's home.

A homeowner had to pay half a million more at a minimum for that privilege at this point. It’s all bullshit, just in different ways.

[sdubfid]

Pie plates to distract the neighbors while you are building the wall.

[winson604]

Originally Posted by westopher

A homeowner had to pay half a million more at a minimum for that privilege at this point. It’s all bullshit, just in different ways.

Also in most cases if you fuck up your project it doesn't affect anyone else I.e. damages. But If you fuck up a project in a Strata lot it could potentially have huge impact to your neighbors.

[underscore]

Originally Posted by Eff-1

Great68 has a point though. The poor guy wants to reno his garage and he can't do it without going through all these hoops, and that's if he even gets permission. A homeowner doesn't have to worry about those things.

It's a double edged sword though. There's nobody to stop you from tearing into a job and ending up standing in a pile of carnage thinking "dear god what have I done?"

There's also nobody to stop your wife from coming up with DIY projects that suspiciously involve components too heavy for her to carry.

[Gerbs]

Originally Posted by Acura604

NO.. .wearing black underwear today - dried cum stains might freak the wife out when she does laundry..she might think i'm banging my neighbor.

I don't think anyone here thinks you're fucking anyone. Not even the wife

[ForbiddenX]

Originally Posted by Hondaracer

Close the door, build the wall, don’t show it to neighbours lol

Worst case you’ve got to tear it out. Not even worth mentioning to strata imo

I think this is exactly what I'm going to do after thinking about it more, i'm not taking anything down won't even be putting up a wall just putting some flooring so my feet aren't on concrete lol. Was even considering just the rubber floors to make things even easier but I think gonna go with laminate or vinyl.

Originally Posted by Eff-1

Great68 has a point though. The poor guy wants to reno his garage and he can't do it without going through all these hoops, and that's if he even gets permission. A homeowner doesn't have to worry about those things.

At the same time, I understand WHY those regulations are in place. At the end of the day, you're sharing a structure with a bunch of other randos. There has to be rules that govern this kind of thing so that one mofo doesn't do something dumb and wreck everyone else's home.

We were in a condo with a strata before but never really dealt with council since there wasn't a lot we wanted to do anyways. This time around trying to do things more by the book cause we do plan on staying here a bit longer and dont really want to be on bad terms with the strata council if I can help it. The exterior part was pretty clear so I emailed and discussed changing locks and the video doorbell (which they approved pretty fast). but there was no mention of the interior stuff so that's why I asked.

Originally Posted by Eff-1

To my knowledge, the Strata Property Act doesn't look at it that way. Changing walls/adding or removing rooms = changing the building's structure. It doesn't differentiate whether the walls are load bearing or not. I shouldn't have used the word "structural" just "structure".

Something I didn't mention earlier but there is also the issue of whether ForbiddenX is increasing the habitable area. That's a whole other can of worms. Habitable area defines your square footage which defines your strata fees (assuming the fees are calculated based on a % of unit entitlement).

If you're making changes that change the habitable area, you would have to change the unit entitlement and that requires unanimous approval at at AGM. Sounds like a nightmare.

I did some quick google research. Check this out. Bottom of page 11.
https://www.visoa.bc.ca/wp-content/u...ay-27-2018.pdf

Yea I'm thinking _just_ adding flooring doesn't make the space habitable. Def something I'll tolerate while working or gaming but not something I would consider habitable. There's still going to be the car, storage, etc everything else in there and no wall.

Originally Posted by Eff-1

The Strata Act says the following:


If you're adding walls, that falls under (a) because walls are structural.

If you're doing anything that involves common pipes, wires, ducts, plumbing, etc that falls under (f) as those are all common property.

Under (g), the council has to insure anything that the developer installed, so that's original flooring, fixtures, etc.

So bottom line is yeah, you can't proceed without your Council approving the renovation.

But like I said, the council can't unreasonably deny your request. They might make you jump through a lot of hoops though.

My opinion is custom millwork isn't an alteration that would require strata approval. We put custom closets in our place and didn't notify the strata. They aren't structural at all.

The regulation I posted above is from the standard bylaws. A council can always change/amend the standard bylaws, so make sure you also read specifically what your bylaws say in case there is something more. i.e you might have a bylaw that says no hard floors are allowed, only carpets. Etc.. Stuff like that.

Yea I double and tripple checked the bylawys to make sure stuff like this was mentioned and there was nothing there. The only things that were explicit were things relating to the building envelope and common property.

And we also already did custom closets and didn't get approval... not sure why I thought it'd be different lol but I guess the stuff we want in the living areas would be more obvious.

[winson604]

Originally Posted by ForbiddenX

I think this is exactly what I'm going to do after thinking about it more, i'm not taking anything down won't even be putting up a wall just putting some flooring so my feet aren't on concrete lol. Was even considering just the rubber floors to make things even easier but I think gonna go with laminate or vinyl.



We were in a condo with a strata before but never really dealt with council since there wasn't a lot we wanted to do anyways. This time around trying to do things more by the book cause we do plan on staying here a bit longer and dont really want to be on bad terms with the strata council if I can help it. The exterior part was pretty clear so I emailed and discussed changing locks and the video doorbell (which they approved pretty fast). but there was no mention of the interior stuff so that's why I asked.



Yea I'm thinking _just_ adding flooring doesn't make the space habitable. Def something I'll tolerate while working or gaming but not something I would consider habitable. There's still going to be the car, storage, etc everything else in there and no wall.



Yea I double and tripple checked the bylawys to make sure stuff like this was mentioned and there was nothing there. The only things that were explicit were things relating to the building envelope and common property.

And we also already did custom closets and didn't get approval... not sure why I thought it'd be different lol but I guess the stuff we want in the living areas would be more obvious.

Also normal for you to fill out an indemnity form for even the simplest of work done.

[yray]

gazebo tent in garage without roof

as long as it's not bolted down, it's all good lol

[supafamous]

https://www.thebeaverton.com/2021/08...-millionaires/

It's satire but also not satire.

All the BS the party leaders are peddling is a bit infuriating - there's really nothing they can do when zoning prevents enough housing to be built.

[Euro7r]

A few years ago when I did a mortgage preapproval to see how much money I could borrow to determine what I could I afford (before the stress test stuff), the bank was able to approve pretty quickly with turnaround time.

Now I am indeed needing the money for mortgage, it's taken the bank over a week to approve (haven't fully approved everything). I'm not sure if this is normal considering now? I am dealing with HSBC currently and based on just purely work income I was offered $100K less than what I wanted for mortgage, so I told them okay, I have additional investment liquid assets and told them to give me more mortgage amount. They told me now I need to be in the wealth lending program as I am leveraging my assets to borrow more and that I will be dinged a rate higher than the current market rate for interest.

They approved the borrowing amount that I want, but haven't approved the rate I asked for. Haven't been in the mortgage game ever, so I don't even know if this is considered normal across all the big banks?

[JDMDreams]

Yes cuz you think you're the only one trying to buy a house? Everything is back up by slower processing times due to Covid. Also everyone and their dog is trying to buy a place while the rates are still low. You are literally trying to do a deal in middle of the busiest season as no one can go on vacation so they are just looking at houses to buy.

[SSM_DC5]

Originally Posted by Euro7r

A few years ago when I did a mortgage preapproval to see how much money I could borrow to determine what I could I afford (before the stress test stuff), the bank was able to approve pretty quickly with turnaround time.

Now I am indeed needing the money for mortgage, it's taken the bank over a week to approve (haven't fully approved everything). I'm not sure if this is normal considering now? I am dealing with HSBC currently and based on just purely work income I was offered $100K less than what I wanted for mortgage, so I told them okay, I have additional investment liquid assets and told them to give me more mortgage amount. They told me now I need to be in the wealth lending program as I am leveraging my assets to borrow more and that I will be dinged a rate higher than the current market rate for interest.

They approved the borrowing amount that I want, but haven't approved the rate I asked for. Haven't been in the mortgage game ever, so I don't even know if this is considered normal across all the big banks?

A friend was telling me about some recent changes in an attempt to make it a more even playing field.

How it was explained to me is that if you put more than 20% down payment, you'll be able to borrow less money.

[donk.]

On my last purchase, HSBC took 1.5 weeks more than the others to get back to me.

You are dealing with the hongkong and shanghai banking corp after all

You dont ask for a rate..... You ask for a mortgage, and the rate is whatever they tell you it is.
The only time you "ask" for a rate, is when someone else offered you a lower number, and you "tell" them your going with the other bank unless they match it.

[carsncars]

Originally Posted by donk.

On my last purchase, HSBC took 1.5 weeks more than the others to get back to me.

You are dealing with the hongkong and shanghai banking corp after all

You dont ask for a rate..... You ask for a mortgage, and the rate is whatever they tell you it is.
The only time you "ask" for a rate, is when someone else offered you a lower number, and you "tell" them your going with the other bank unless they match it.

My experience too. HSBC was happy to lower/match rate... once I had a letter from TD showing what TD was willing to offer. (I went with HSBC in the end due to some additional flexibility with their HELOC + $3K cashback they threw in.)

EDIT: That said I have to give HSBC credit on being very speedy with my mortgage. Approval within 2 days, documents to my lawyer a day after. Richmond No. 3 road branch.

[Euro7r]

I don't quite understand HSBC or maybe this is considered normal across all banks. So I was offered $350K mortgage just purely on income and no assets into consideration. They told me if I needed $450K, I would need to show I have some sort of assets (which I did). They were okay lending $450K now after taking into consideration my assets; however they said as I couldn't borrow $450K under their regular lending program, I needed to be in their wealth management program. The catch is I needed to be upcharged an extra 0.20% interest due to this. It doesn't quite make sense to me by borrowing an extra $100K would be charged more interest (also the fact I have a bit of assets). A bit confused....

Currently they quoted me 1.29% market rate + 0.20% upcharge = 1.49%; however, they were able to get me down to 1.39% (exception rate). When I checked on HSBC their variable rate went up to 1.39% compared to a few weeks ago, so not really exception rate lol?

[JDMDreams]

That sounds about right, from what I hear about HSBC they have a LOT of fine print. That's why you're able to get X deal.

[bcrdukes]

HSBC is not a charity and they certainly do not fuck around. They pick and choose their clients carefully, especially those who can or have the potential generate them revenue and know how to game the system in their lending practices. I don't have any beef with HSBC but tread carefully with HSBC. They aren't a normal bank.

[BIC_BAWS]

Who was looking for closets again? I keep getting this ad. Offer expires tomorrow though.



Sent from my SM-G781W using Tapatalk

[supafamous]

Originally Posted by Euro7r

I don't quite understand HSBC or maybe this is considered normal across all banks. So I was offered $350K mortgage just purely on income and no assets into consideration. They told me if I needed $450K, I would need to show I have some sort of assets (which I did). They were okay lending $450K now after taking into consideration my assets; however they said as I couldn't borrow $450K under their regular lending program, I needed to be in their wealth management program. The catch is I needed to be upcharged an extra 0.20% interest due to this. It doesn't quite make sense to me by borrowing an extra $100K would be charged more interest (also the fact I have a bit of assets). A bit confused....

Currently they quoted me 1.29% market rate + 0.20% upcharge = 1.49%; however, they were able to get me down to 1.39% (exception rate). When I checked on HSBC their variable rate went up to 1.39% compared to a few weeks ago, so not really exception rate lol?

Maybe time to consider another bank or get a broker?

I had little trouble working with TD to get what I wanted - I was borrowing a lot more money ($1.65m) but it had none of the BS that you're getting from HSBC. For the most part I found my TD advisor to be surprisingly cautious (explained every risk to me) when I knew what my plans were and was ready to plow through.

[Euro7r]

Originally Posted by supafamous

Maybe time to consider another bank or get a broker?

I had little trouble working with TD to get what I wanted - I was borrowing a lot more money ($1.65m) but it had none of the BS that you're getting from HSBC. For the most part I found my TD advisor to be surprisingly cautious (explained every risk to me) when I knew what my plans were and was ready to plow through.

That is my thought as well. Whether I borrow $350K or $450K, the rate should stay the same, it's the amount I am able to borrow that usually would fluctuate depending on your income/assets. Never heard of if you borrow more you gotta pay a upcharged "premium rate" versus regular rate.

I contacted CIBC today and base on preliminary conversations, they are willing to offer around 1.23%. I'll use that to see if HSBC can beat it.

[lowside67]

Originally Posted by Euro7r

I contacted CIBC today and base on preliminary conversations, they are willing to offer around 1.23%. I'll use that to see if HSBC can beat it.

Love it... HSBC has been a complete pain in the ass, isn't giving you good pricing, etc. You reach out to a competitor who gives you a good rate and instead of rewarding them with your business, you go back to your abusive relationship and give them a second chance...

-Mark

[Hakkaboy]

Originally Posted by Euro7r

I don't quite understand HSBC or maybe this is considered normal across all banks. So I was offered $350K mortgage just purely on income and no assets into consideration. They told me if I needed $450K, I would need to show I have some sort of assets (which I did). They were okay lending $450K now after taking into consideration my assets; however they said as I couldn't borrow $450K under their regular lending program, I needed to be in their wealth management program. The catch is I needed to be upcharged an extra 0.20% interest due to this. It doesn't quite make sense to me by borrowing an extra $100K would be charged more interest (also the fact I have a bit of assets). A bit confused....

Currently they quoted me 1.29% market rate + 0.20% upcharge = 1.49%; however, they were able to get me down to 1.39% (exception rate). When I checked on HSBC their variable rate went up to 1.39% compared to a few weeks ago, so not really exception rate lol?

350K was probably the max they would lend you based on your income, and now you want to borrow an additional 100K which means it's riskier for them to lend you 450K vs 350K. Your income is still the same, you will be paying off your mortgage payments from that same income (unless your assets are income generating), so banks charge more for higher risk, just as you would expect a higher return rate for taking on more riskier investments.

Maybe your income just isn't high enough from HSBC's viewpoint, but another lender might view that differently.

The funny thing is that they (HSBC) do charge less interest rate for taking on a higher ratio mortgage (for putting less than 20% down), but I guess you're just at their limit

[Wormiez]

If you want timely service for a regular consumer, HSBC isn't the bank known for this. Try Van-city or Scotia Bank.

[Euro7r]

Originally Posted by lowside67

Love it... HSBC has been a complete pain in the ass, isn't giving you good pricing, etc. You reach out to a competitor who gives you a good rate and instead of rewarding them with your business, you go back to your abusive relationship and give them a second chance...

-Mark

I know LOL. HSBC were the ones that were like, "well if you have offers from other banks, we'll look at matching and beating it, if you can show us proof you have other offers"

[Manic!]

A new company in the US that buys houses, splits them into 8 pieces, and sells them to 8 people. Each person has the house for 44 nights max 14 nights per stay. The company has already reached unicorn status and plans to expand internationally. They claim they are not a time-share company. Some people are pissed. The houses seem overpriced to me.

https://www.npr.org/sections/money/2...o-corporations

https://www.pacaso.com/