Vancouver's Real Estate Market

[Gerbs]

Originally Posted by JDMDreams

^ you need min $200k down, which is highly unlikely to accumulate for a single person to have before 35. Unless you have a good partner or funds from parents. Plus how are you gonna pay for that $800k MTG, you need like $200k annual income to support that. And no outstanding debt either. so no Tesla or type RS

I'd have close to $200 - 275K down if I can sell my place for $650K+ so I was toying with the idea of upgrading. But wow that $4,200 payment @ 4%, $800K mortgage is hefty lol.

I imagine if I bought a 3 to 4 bedroom house in Calgary, I could probably live really cheap though. Renting the rooms near U of C for like $800 - 1,200 a room furnished.

Or maybe even buying a 2BR in Vancouver and trying to roommate out the other room for like $1,200 - 1,500? Idk seems hard

[JDMDreams]

But you have money from equity, that's why it's so hard cuz young people only want high end premium lyfestyle yo, ain't nobody want to live with low income housing. Without realising how expensive ownership is. Surrey 4lyfe, as I tell my friends bullets can't shoot upwards, so as long as you're in a high rise it should be ok

[Hondaracer]

Well and not to offend anyone but most people I know under 25 are completely useless when it comes to doing anything themselves.

You can’t buy an older home and not know how to paint a wall and expect just to pay someone to do everything lol

[Gerbs]

Originally Posted by JDMDreams

But you have money from equity, that's why it's so hard cuz young people only want high end premium lyfestyle yo, ain't nobody want to live with low income housing. Without realising how expensive ownership is. Surrey 4lyfe, as I tell my friends bullets can't shoot upwards, so as long as you're in a high rise it should be ok

The equity came from a $112K DP from Nov 2020, got the dip.

I think it's reasonably doable assuming you can live at home rent and expense free. I had a $36-40K/year job working F/T and doing school at night time over the last three years of undergrad which nets you close to $90K after taxes + 1 - 2 extra years of saving at a entry level professional job. I imagine most priviledged young peeps could save $100K +- student loans.

I had two friends who just bought at Surrey King George, it's like $900 - 1,000/sqft there. It ain't cheap no mo.

Originally Posted by Hondaracer

Well and not to offend anyone but most people I know under 25 are completely useless when it comes to doing anything themselves.

You can’t buy an older home and not know how to paint a wall and expect just to pay someone to do everything lol

That's me lol, I'd google it spend a few hours and if it's not doable or I have a chance of fucking something up. I'd offer to pay a friend to do it and justify that I could've spent that time working more.

[Hondaracer]

Lol fucking Christ, $1000 for king George

I’ve said this before but my dad is intimately involved in new construction in kind of a 3rd party capacity, all new builds, big builders like bosa etc.

I distinctly remember him telling me he thought $1000/ft in yaletown was insane/the tipping point. Now you’re barely buying in Whaley? Lol

If I had to pay $1000/sq ft to be in Whalley, I’d be out of here 100%

[JDMDreams]

The pricing doesn't make sense, I see units in dt for $700k why would you pay that outside of dt, you still get the complementary homeless people at your lobby

[sonick]

My buddy just closed on a 3 year old 2BR at Brentwood, asking was $1100 per sqft, actually closed below asking for just over $1k per sqft.

[Gerbs]

Originally Posted by Hondaracer

Lol fucking Christ, $1000 for king George

I’ve said this before but my dad is intimately involved in new construction in kind of a 3rd party capacity, all new builds, big builders like bosa etc.

I distinctly remember him telling me he thought $1000/ft in yaletown was insane/the tipping point. Now you’re barely buying in Whaley? Lol

If I had to pay $1000/sq ft to be in Whalley, I’d be out of here 100%

Might be bias, but from what I've seen in the last two years, most people between 23 - 30 don't have the financial knowledge to understand how expensive the market currently is because their short-term "goal" is a 1 or 2BR's. This goal is achieved via down-payment or gift from parents who bought a presale in the 2010-2014 bear market.

But my outlook for a 3BR+ is very bleak

[Tapioca]

Originally Posted by Gerbs

Might be bias, but from what I've seen in the last two years, most people between 23 - 30 don't have the financial knowledge to understand how expensive the market currently is because their short-term "goal" is a 1 or 2BR's. This goal is achieved via down-payment or gift from parents who bought a presale in the 2010-2014 bear market.

But my outlook for a 3BR+ is very bleak

Why do you need a 3BR+? Nowadays, most people upgrade to 3BRs when they partner up, have kids or need to accommodate their aging parents.

If you want a garage for your toys, just buy a narrow townhouse in the suburbs for like 800-900K. What was I saying about millennials not wanting to compromise? (and I'm a millennial myself).

[Liquid_o2]

I need a 3 bedroom because I just found out I'm having twins...

Wife and I are currently in a 1 bedroom

[6thGear.]

Originally Posted by Gerbs

I'd have close to $200 - 275K down if I can sell my place for $650K+ so I was toying with the idea of upgrading. But wow that $4,200 payment @ 4%, $800K mortgage is hefty lol.

I imagine if I bought a 3 to 4 bedroom house in Calgary, I could probably live really cheap though. Renting the rooms near U of C for like $800 - 1,200 a room furnished.

Or maybe even buying a 2BR in Vancouver and trying to roommate out the other room for like $1,200 - 1,500? Idk seems hard

Your key word here is "IF" you can sell for $650k.

As for Calgary I'm told it's still multiple offers in that market usually 2-3 offers, nothing crazy

[van_driver]

May stats should show a big drop in sales when they come out next week

[Great68]

Things definitely seem to have slowed down.

We've been watching a couple houses here for my Mother in Law. She put an offer on one that was rejected (ask: 1.315, offer: 1.17) with no financing clause obviously, and the house is still sitting.

Another one that she was about to put an offer on but decided not to has been sitting at 1.08 for the last 3-4weeks. Apparently it had an offer early on that fell through due to financing.

[JDMDreams]

It goes in this order 3 parking space + > 3 bed rooms > can make do with one bathroom bed room, office/ toy room, wheel storage/ car parts room living room can just be a folding chair with a TV

[Special K]

Originally Posted by Great68

Things definitely seem to have slowed down.

We've been watching a couple houses here for my Mother in Law. She put an offer on one that was rejected (ask: 1.315, offer: 1.17) with no financing clause obviously, and the house is still sitting.

Another one that she was about to put an offer on but decided not to has been sitting at 1.08 for the last 3-4weeks. Apparently it had an offer early on that fell through due to financing.

Where are thesr houses below $1.4M?

[68style]

He’s on the island

[stewie]

Got my AGM papers in the mail yesterday. See that my strata fee is again increasing as expected. What are some of your guys' fees?

Mines going up to just shy of 500 now for about 950 sq/ft. Building is was built in late 90's in Langley and only has an amenities room. New roof/balconies a year prior to purchase, water pipes redone last summer, fee does include gas. Building is in great condition.

We plan on leaving next September and taking over my spouses parents house. Their mortgage is paid off and they currently live in downstairs suite and rent the top out - 4 br/3 bth, 2 above ground floors. Plan is to sell our place and "rent" from them until they're ready to one day move out and use the rent we've been giving them as a down payment.

But my original question is about strata fees and what your prices are, just so I can get a comparison and general idea of what it would be like elsewhere.

[Hondaracer]

Another half percent increase, pretty sweet

[MarkyMark]

Should be another half percent next month too

[Tapioca]

Originally Posted by stewie

But my original question is about strata fees and what your prices are, just so I can get a comparison and general idea of what it would be like elsewhere.

It really depends on how your strata funds improvements - through special assessments or building up the reserve fund.

When we lived in a strata townhouse complex, our strata council's approach was funding long-term improvements through the reserve fund. When we sold, we were paying about $350 a month. A townhouse complex has fewer things to manage - no HVAC systems, no elevators, very little amenities, and no parking garage. By contrast, an apartment complex has many more systems and common areas to maintain.

To be honest, $500/month for an apartment building is not unreasonable if your strata's practice is building a reserve fund.

[winson604]

Originally Posted by stewie

Got my AGM papers in the mail yesterday. See that my strata fee is again increasing as expected. What are some of your guys' fees?

Mines going up to just shy of 500 now for about 950 sq/ft. Building is was built in late 90's in Langley and only has an amenities room. New roof/balconies a year prior to purchase, water pipes redone last summer, fee does include gas. Building is in great condition.

We plan on leaving next September and taking over my spouses parents house. Their mortgage is paid off and they currently live in downstairs suite and rent the top out - 4 br/3 bth, 2 above ground floors. Plan is to sell our place and "rent" from them until they're ready to one day move out and use the rent we've been giving them as a down payment.

But my original question is about strata fees and what your prices are, just so I can get a comparison and general idea of what it would be like elsewhere.

$383 monthly, 4 year old building roughly $0.28/sq. Pretty standard Vancouver townhome, the new ones with the parking garage vs individual garages. That aside nothing fancy to maintain.

[Harvey Specter]

We're heeding towards 3%, RIP to anyone who purchased at the peak who was looking for a short term flip.

[EvoFire]

Originally Posted by Harvey Specter

We're heeding towards 3%, RIP to anyone who purchased at the peak who was looking for a short term flip.

I remember disagreeing with you that it would hike to 4%. I still don't think it's gonna hit 4% this year, but it's looking like it'll get pretty damn close.

Personally I think 4% would crater the economy, but hey what do I know. They are trying to fix inflation but interest rates only play a small part in it.

[Hondaracer]

A lot of these articles coming out where small business had to take out unsecured loans to get through the pandemic now they are fucked with the rate hikes.. damn

[Eff-1]

I caught this on social media this morning via a realtor and confirmed by a real estate law firm:

Developers are adding a new clause to the presale contract that says, generally speaking, if the "Building Constructing Pricing Index" rises by more than 4%, the developer has the right to raise the price by the amount over 4%.

Caution to anyone out there in the market, always read the contact carefully and/or have a lawyer review it for you to avoid getting burned later on.