Vancouver's Real Estate Market

[supafamous]

Originally Posted by Scotsman

For the City of Vancouver as PeanutButter pointed you, there is a 3 hr bylaw:

https://vancouver.ca/streets-transpo...lar%20vehicles

Section 17.6 (f): Between 8am and 6pm every day, do not park your vehicle for more than 3 hours in front of residential or commercial properties that you do not own or work at.

The 3-hour bylaw restricts non-resident parking to a maximum of 3 hours to allow daytime access for residents to their homes and for business owners and employees to their workplaces.

Exempted from this time limit are:

Emergency vehicles
Consular vehicles
Carshare vehicles
Vehicles with a SPARC placard, that may park in time-limited resident parking zones for 3 hours

So it is the city's property but they do give priority to the home owner and business (rightfully so).

Here's Burnaby's for comparison: https://www.burnaby.ca/services-and-...raffic/parking

Street parking is open to everyone and available on a first-come, first-served basis. You can legally park on a street unless there's a City sign that says otherwise. Here are a few things to keep in mind:

• The City doesn't provide Residential Parking Only Permits except near Burnaby General Hospital. This is to ensure the area is accessible to all residents and visitors.
• You can't save the parking spot in front of your home using cones, pylons or buckets.
• Visitors and non-residents can park in a legal parking space for 3 hours only, between 8 am-6 pm.
• Parking trucks and oversized vehicles

In Burnaby it seems to be written that if you are a Burnaby resident you can park anywhere and it's only non-residents that can't park more than 3 hours. I suspect it's enforced a bit tighter than that b/c my brother's tenant (in Burnaby) got a warning ticket for parking his car across the street from his suite.

[jcmaz]

Originally Posted by meme405

Lol, seriously. People with two car garages out here who couldn't even park one car in their garage if they wanted to. Fucking ridiculous.

My current apartment came with 2 parking stalls, and over the years I managed to buy two more for ~40k a piece.

Now that they have altered the parking situation down near Lonsdale Quay, those parking stalls are going to be worth their weight in gold if we ever sell this apartment. The only downside has been that the parking height is a little low, so my work trucks have been 50/50 over the years if they fit under the parkade, for any normal person 4 parking stalls will likely be over kill, or a god send.

There's a lot of people out there who fill their garages full of junk that they never use. I see them all the time when we work in their home. Old bikes, dusty Christmas decorations etc.. some guy's garage even had documents from many years ago. Don't even get started on attics and crawl spaces. Those places are like black holes

Let's be real, it's the hoarder mentality taking over.

[westopher]

Originally Posted by meme405

Lol, seriously. People with two car garages out here who couldn't even park one car in their garage if they wanted to. Fucking ridiculous.

My current apartment came with 2 parking stalls, and over the years I managed to buy two more for ~40k a piece.

Now that they have altered the parking situation down near Lonsdale Quay, those parking stalls are going to be worth their weight in gold if we ever sell this apartment. The only downside has been that the parking height is a little low, so my work trucks have been 50/50 over the years if they fit under the parkade, for any normal person 4 parking stalls will likely be over kill, or a god send.

Your place might be just what I'm looking for lol.

[quasi]

Originally Posted by jcmaz

There's a lot of people out there who fill their garages full of junk that they never use. I see them all the time when we work in their home. Old bikes, dusty Christmas decorations etc.. some guy's garage even had documents from many years ago. Don't even get started on attics and crawl spaces. Those places are like black holes

Let's be real, it's the hoarder mentality taking over.

Lol sounds like my garage atm. My wife doesn't like throwing shit away and im like toss it all. Her mom passed in 2007 ans she still hasn't went through her photos and won't let me toss them. I'm legit talking 100s of pounds of photos, boxes and boxes of them. They've come with us through two moves, done arguing about it.

[iambuRnz]

I think those 3-hour parking restrictions only apply if someone calls it in. I got a warning once when we had a jobsite near metrotown. The next day I parked 100ft down the same block.. nothing happened.

same in downtown.. all day free parking if you're lucky to get a spot.

[snowball]

Originally Posted by supafamous

Here's Burnaby's for comparison: https://www.burnaby.ca/services-and-...raffic/parking



In Burnaby it seems to be written that if you are a Burnaby resident you can park anywhere and it's only non-residents that can't park more than 3 hours. I suspect it's enforced a bit tighter than that b/c my brother's tenant (in Burnaby) got a warning ticket for parking his car across the street from his suite.

Maybe the tenant never changed his address. If you live on the block you're considered a resident. Nobody can claim a monopoly on the space directly in front of their house.

[supafamous]

'Fab 'Plexes ? Lanefab Design/Build

Going back to the discussion on the 6-plexes the folks at Lanefab have posted a bunch of theoretical 4-plex setups that could easily be converted into a 6-plex. It's at a higher density than I think the city has in mind and would require some adjustments but it gives an idea of what might be possible (I would support something this size).

[SumAznGuy]

Originally Posted by westopher

Your place might be just what I'm looking for lol.

You would have loved my TH.

27 ft deep side by side garage. I managed to park 4 cars and a motorcycle in there.

[westopher]

Ugh that makes me want to cry lol.

[68style]

^ mirin’ your cavernous hole

[ilovebacon]

Lanefab is going to be a bitch when it comes to parking spaces. I can sense lots of angry neighbours

[supafamous]

https://homefreesociology.com/2022/0...in-housing-bs/

Rather lengthy read that tries to debunk all the bullshit around whether we have a supply problem or not.

This chart is helpful - shows we're making less homes than ever before as a percentage of our population. You may look around and think there's tonnes of housing being created with all these cranes etc but it's an illusion - it's nowhere near enough for basic population growth.

[EvoFire]

Originally Posted by supafamous

'Fab 'Plexes ? Lanefab Design/Build

Going back to the discussion on the 6-plexes the folks at Lanefab have posted a bunch of theoretical 4-plex setups that could easily be converted into a 6-plex. It's at a higher density than I think the city has in mind and would require some adjustments but it gives an idea of what might be possible (I would support something this size).

These look like those 60's and 70's multi dwelling boxes on Main street that stretches from the 30 aves down to the 60's

[Alpine]

Originally Posted by supafamous

https://homefreesociology.com/2022/0...in-housing-bs/
This chart is helpful - shows we're making less homes than ever before as a percentage of our population. You may look around and think there's tonnes of housing being created with all these cranes etc but it's an illusion - it's nowhere near enough for basic population growth.

I'll add this: 40 years ago it took ~1 week to get permits and ~2 months to build your standard house on a standard lot (a Vancouver special). Now it takes 1-2 years to build your standard house on a standard lot.
Yes, building codes have changed & improved, but our codes are long past the point of diminishing returns. We need to simplify and accelerate the building process.

[Great68]

Originally Posted by Alpine

I but our codes are long past the point of diminishing returns. process.

Need those triple glazed windows!

[carsncars]

Anyone know how BC Property Assessment updates its "Improvements" value? My home was purchased last year (2021), and I definitely painted the interior, painted cabinets, etc. but nothing requiring permits (didn't even update flooring). I'm not sure what made them decide to double the improvements value:



Not that it matters. Probably wasn't worth appealing and the deadline's passed anyways. Just curious.

[Great68]

It's basically just worth of the building materials of your structure. My "buildings" value went up as well even though I did nothing.
You'd see an even bigger increase if you actually did permitted renos.

[Eff-1]

Every year we have to get our strata appraised for construction costs in case it has to be rebuilt. The appraisal goes to our insurance company and they factor that in to our strata insurance policy. Let me tell you every year it goes up and up and up and up.

[carsncars]

Interesting. The neighbouring properties of similar age haven't had as significant increases in Improvements value - part of my was wondering whether BC Assessment would look at like the MLS photos and notice the floor was done or appliances updated or something, but I doubt they have the time!

[Hondaracer]

I legit wonder if they figure since it sold, you at least know it was cleaned/not filled with garbage lol

[6thGear.]

Originally Posted by carsncars

Interesting. The neighbouring properties of similar age haven't had as significant increases in Improvements value - part of my was wondering whether BC Assessment would look at like the MLS photos and notice the floor was done or appliances updated or something, but I doubt they have the time!

Great68 is correct. They base it on if your structure is destroyed how much would it cost to rebuild exactly materials+labor. Its called replacement method of appraisal. Also BC assessment is software generated not some person going around physically looking

[Liquid_o2]

Anyone know what approximate fixed rates are right now for renewals? My mortgage broker is trying to get me into a 2.79% 5-year fixed with First National. Need flexibility as we will likely need to break or transfer our mortgage to a new property in the next few years.

The deal doesn't seem that attractive, especially to break my current mortgage with TD (more than six months out, but less than a year, so we would have to pay 3 months interest).

Am I getting a raw deal?

[supafamous]

Originally Posted by Liquid_o2

Anyone know what approximate fixed rates are right now for renewals? My mortgage broker is trying to get me into a 2.79% 5-year fixed with First National. Need flexibility as we will likely need to break or transfer our mortgage to a new property in the next few years.

The deal doesn't seem that attractive, especially to break my current mortgage with TD (more than six months out, but less than a year, so we would have to pay 3 months interest).

Am I getting a raw deal?

2.79% sounds about right for a fixed right now. What's the penalty? Most fixed mortgages are BRUTAL to break. With variable available for as low as 1.1% and penalties being easy for variable I'd go variable 100% if I knew I was going to break my mortgage during the term.

[6thGear.]

Originally Posted by Liquid_o2

Anyone know what approximate fixed rates are right now for renewals? My mortgage broker is trying to get me into a 2.79% 5-year fixed with First National. Need flexibility as we will likely need to break or transfer our mortgage to a new property in the next few years.

The deal doesn't seem that attractive, especially to break my current mortgage with TD (more than six months out, but less than a year, so we would have to pay 3 months interest).

Am I getting a raw deal?

Mortgage brokers get the most commission out of 5yr terms just fyi if he/she is pushing for that term.

[Tapioca]

Originally Posted by Liquid_o2

Anyone know what approximate fixed rates are right now for renewals? My mortgage broker is trying to get me into a 2.79% 5-year fixed with First National. Need flexibility as we will likely need to break or transfer our mortgage to a new property in the next few years.

The deal doesn't seem that attractive, especially to break my current mortgage with TD (more than six months out, but less than a year, so we would have to pay 3 months interest).

Am I getting a raw deal?

Go with a variable. You're looking at around a 1.4% spread between what your broker quoted you and a variable un-insured mortgage at one of the big banks right now.

Since you're renewing as well, get a HELOC/re-advanceable mortgage so you can draw upon it when you need to close on your next home. You don't know what the market will look like when it's time, but I would bet that the market for ground-oriented homes will continue to face supply constraints, which means that you will need as much flexibility in terms of financing and closing dates.