Vancouver's Real Estate Market

[Y2K_o__o]

Originally Posted by JDMDreams

Does any know know what the policy on bathroom ventilation fan is? I have a bathroom fan that is always on at low speed, and lately it's starting to make a squeaky vibration noise and it's annoying as fuck. It doesn't fully turn off even when the switch is off I'm assuming it's for some sort of constant ventilation. I took the grill off and looked at the unit, tried to blow out the dust and wd40 the moving parts but no luck. There's also no off switch inside either, only a switch that makes it spin faster. there's two sets of plugs that outputs from the power unit? With a speed switch into the blower motor. I've unplugged one set of the cables and the motor stopped.

Now it's there anyway to just bypass this constant on module? Or I just have to buy this specific unit again and replace it. The plugs and control box looks like it's for this specific motor. The brand on the motor is air king.

you need to find the timer that is controlling that exhaust fan, it may be hiding in the closet in any one of your bedrooms (at least that's where mine was hiding in my Townhouse)

they are used to ventilate your condensation within your house

if it's making noise, most likely the bearing is toasted or dry. If the bearing is visible to you, spread lithium / silicon grease, don't use WD40

[whitev70r]

Originally Posted by Hondaracer

Aqualinis are marketing condos in north van “starting at 400” which are lease holds

They are also doing one near Twassassen in partnership with First Nations ... On Boardwalk. https://www.ownboardwalk.com/condos/index.html

[supafamous]

Originally Posted by Acura604

.... never thought i'd see townhouses sell for $1mil+

This pricing can't be sustainable for the general population.

https://www.straight.com/news/photos...ng-for-1108000

$1m+ townhouses have been around for a LONG time. The North Shore has lots of 2000sf townhouses that are basically duplex/detached home in quality and function and those sell for well over $1m. The target market is the rich retiree who doesn't want to maintain a house anymore.

https://www.rew.ca/properties/358623...phy&sort=price - Here's a $10m townhouse in Vancouver.

[68style]

All the townhouses in my neighbourhood in Richmond have been either flirting with or just a hair over $1m for like 2 years now... tandem garage will be like $980k and side by side will be $1.1 been like that for awhile. When I bought my condo 10 years ago they were all ~$600k, but I was already reaching at $365k for my condo, could not afford by myself... oh wellz

[EvoFire]

Vancouver townhouses are almost all 1m+ for the last few years. A townhouse on the west side and reaching 2m.

[Liquid_o2]

Townhouses in Burnaby range from $1m to $1.7m as well. And I'm talking about older product too.

[Tapioca]

New tandem garage townhouses are over $1M in the Tri Cities.

End units/double garage units are in the $1.4M range now.

[Oscar_Binswood]

Just accepted a subject free offer with deposit attached on my 3 bed townhouse in South Surrey. 10 offers, 8 washed out at the million dollar mark. Bidding war between the top two offers. Settled at $1,140,000, second highest was $1,135,000.

Aside from a few small upgrades I have, a corner unit with the same floor plan sold last week for $970K.

Absolutely insane. 4 weeks ago, when I got the ball rolling to list, I figured the most I'd get was $930-940,000.

[blkgsr]

now my wife wants to buy a new house (coquitlam detached)...just great

we'd keep our current house as a rental though...

is there a way that the rental income on the original house can be written off as payment for the 2nd one so it's not taxed as much?

[Hondaracer]

Dont claim a portion of it? lol

BOC keeps rates the same baby, let this shit go go go!

[whitev70r]

Is this a good idea, you think? While on the one hand, multiple families can own a piece of this therefore cheaper on each family ...but the concern is driving up real estate prices even higher.

Vancouver mayor makes pitch to allow up to 6 affordable homes on a single-family lot



A new proposal by Vancouver mayor Kennedy Stewart aims to create up to 10,000 new, more affordable homes for middle-class households in single-detached neighbourhoods across the city.

It would permit up to six ground-oriented units on a single-family lot. Property owners would be given the option to convert or redevelop their large, single-detached houses into multiple stratified homes. This initiative, named “Making Home,” would start with 2,000 lots.

[Hondaracer]

This is no different than that shit i posted before their example just looks a little nicer. No one is going to want these things next door to them.

[GLOW]

i think tri or quadplexes are already really pushing it...6...it's an apartment at this point

[supafamous]

Originally Posted by whitev70r

Is this a good idea, you think? While on the one hand, multiple families can own a piece of this therefore cheaper on each family ...but the concern is driving up real estate prices even higher.

In most cases, land prices will go up anytime you allow more density but the cost of the land per sq ft of housing built goes down as you can spread the costs over more sq feet.

What Vancouver gets really, really, really wrong with these plans is that they only allow it in small areas so that that area suddenly gets WAY more demand driving prices even higher. If this (or other types of increased density) was allowed everywhere you'd likely see minimal to moderate lift in land prices. A small number of people hit the jackpot cause the value of their homes suddenly double/triple (see Cambie corridor) while that land value increase is passed onto the people who buy the new builds built on those torn down homes.

I'm a little bit skeptical of this particular proposal as the details aren't clear but I'm 10000000000000% for any increase in density in SFH land. We should be doing a bulk rezone of the entire lower mainland so that there is no SFH-only zoning allowed and that there are incentives to build denser housing so developers prefer to build duplexes, triplexes, row homes, and townhouses. Locate them in residential areas so they blend into neighbourhoods.

[6thGear.]

^^^^From an inside source I've been told Vancouver is in fact moving away from SFH zoning and into multi family zoning

[Euro7r]

As a car enthusiast, fuck these types of homes. Pisses me off when you got people hogging up the street parking all day. If I were a dickhead, would call bylaws all day to ding people for 3-hour parking time limit. With these types of potential new zoning, parking gonna be a bitch if you got like 6 units on one lot...

[supafamous]

Originally Posted by Euro7r

As a car enthusiast, fuck these types of homes. Pisses me off when you got people hogging up the street parking all day. If I were a dickhead, would call bylaws all day to ding people for 3-hour parking time limit. With these types of potential new zoning, parking gonna be a bitch if you got like 6 units on one lot...

On one hand parking minimums result in much higher building costs b/c they either have to dig a hole for parking or they end up having to build less housing. Research shows that A LOT of enclosed parking isn't actually used for parking cars either because the house lacks storage or people don't own cars.

On the other hand if you don't have parking people are forced to fight for on street parking which is a free resource that only car owners get to benefit from. I'm pro-paid parking.

I've heard of proposals that allow garages to be built in a way that allow it to be used for either housing, storage or as a garage but I don't think anything has really moved forward there. The other alternative that comes up is to have covered parking (carports) - this turns out to be surprisingly popular and useful.

[Liquid_o2]

6 units on one single-family lot could end up being a disaster in the long run. Sounds great in practice as it makes many new "homes" for people - but so many potential negative consequences. How big are these units? 600 SF each? Additional 4 to 6 cars parked on the street. Does the home now need to be stratified? Lets say you can sell each unit for $1000 per SF. Now that entire home with 6 units has a $3.6 million value, pushing up single family home values even higher.

[68style]

What’s the diff between apartments and this? I think long term they’d be happy if it pushed the price of a property up to $3.6M cuz developers are gonna be like sweet I can sell a 6 unit house for way more than a single family home, I’m buying up land and doing that… in the end it’s exactly what they want — more homes for more peope and way more property tax revenue for the city. Win win for them.

Parking hasn’t been a concern for years, office buildings are built purposely with too little so they can meet LEED certifications and apartments in GVRD have been sold without parking stalls included for years now.

It sucks because our transit system blows chunks and isn’t there for most people despite the lack of parking options but this isn’t new.

The era of telling people you want a yard for your dog and a garage to work on stuff has come to an end in Vancouver, progress = living on top of each other. Hooray for progress.

[donk.]

Originally Posted by blkgsr

now my wife wants to buy a new house (coquitlam detached)...just great

we'd keep our current house as a rental though...

is there a way that the rental income on the original house can be written off as payment for the 2nd one so it's not taxed as much?

If you want to save taxes, stay in #1, buy #2 with HELOC / mortgage, and rent it out.

Anything that interest, and expenses, can be written off vs rental income

I've never heard of what your trying to accomplish, I don't think you can uno reverse the system

Maybe a gypsi accountant can find a loophole

[donk.]

Originally Posted by Hondaracer

This is no different than that shit i posted before their example just looks a little nicer. No one is going to want these things next door to them.

No one wants to live in a 540sqft condo, or pay 1.3 for a teardown, but they do it anyways

Just add this onto the list!

[PeanutButter]

Originally Posted by blkgsr

now my wife wants to buy a new house (coquitlam detached)...just great

we'd keep our current house as a rental though...

is there a way that the rental income on the original house can be written off as payment for the 2nd one so it's not taxed as much?

Hondaracer gets it... haha

If you make your current house the rental, refinance as much as you can, then you can write off the payments against your rental income of the house.


On a side note, the fact you can buy a detached while keeping your current house... "Go little rockstar". That's really impressive. Congrats to you and your family. That's my goal hopefully 10+ years down the road. Keep our current place as a rental and upgrade into a bigger place.

May I ask how long you guys had your current place for?

[DA9ve]

Originally Posted by donk.

No one wants to live in a 540sqft condo, or pay 1.3 for a teardown, but they do it anyways

Just add this onto the list!

for reference, i dont think a standard lot teardown is 1.3 anymore...

[EvoFire]

Originally Posted by DA9ve

for reference, i dont think a standard lot teardown is 1.3 anymore...

donk's takes aren't wrong despite being a little hot at times, but his numbers seem a few years out of date.

[supafamous]

Originally Posted by Liquid_o2

6 units on one single-family lot could end up being a disaster in the long run. Sounds great in practice as it makes many new "homes" for people - but so many potential negative consequences. How big are these units? 600 SF each? Additional 4 to 6 cars parked on the street. Does the home now need to be stratified? Lets say you can sell each unit for $1000 per SF. Now that entire home with 6 units has a $3.6 million value, pushing up single family home values even higher.

The land that SFH is on accounts for somewhere between 70-80% of all land (for housing) in Vancouver (source: https://viewpointvancouver.ca/2021/0...e-is-underway/) and similar amounts in other Greater Vancouver cities so unless cities change basic rules on minimum lot sizes for SFH the price for a SFH will always go up one way or another as there is no other land available for building homes. The grand bargain for the past 40 years has been that politicians won't touch SFH land and will squeeze everyone else into condo buildings - that grand bargain is why we're here in a market where no one making less than 200k can get a detached home much less a decent sized home.

Don't fixate on the value of the lot - what matters is how many more units of housing we're creating and how we're getting more value out of the lot by building more units of housing. Hopefully the proposal allows for a fair bit of density - say 5000sf for 6 units. It would be a failure if we cap it at the current SFH cap which is 3400sf for a standard lot.

Let's also not assume that each unit equals another car on the road - take a walk through parkade in the Joyce area or through Norquay and you'll see lots of unused parking. People in small homes are frequently not getting cars. Most of the stacked townhouses in Norquay have 8-9 units but only 5 spots yet there's usually only 2-3 cars parked and there's plenty of street parking left.