Vancouver's Real Estate Market

[68style]

Originally Posted by tegra7

Anyone here own property over the border?

Hehe does

[68style]

Originally Posted by underscore

I imagine this depends on what you mean by "left the country." Are you talking for a couple years and then come back, or renouncing citizenship and never returning?

Not renouncing citizenship… but also probably not coming back to live again.

[Hondaracer]

According to that wealth calculator on the last page I’m within the top 98% for my age, and the top 96%+- overall…

Yet I chose the $5.99 cheese block over the 8.99 premium cheese yesterday feeling it was the best choice

[EvoFire]

Originally Posted by Eff-1

If someone has a track record of not remaining at a single job more than 2 years, I don't bother interviewing.

What industry are you in? Some industries are like that now, sales, tech, even accounting.

Originally Posted by westopher

What free student loans are you referring to?

Once upon a time they write off the student loans after 10 or was it 15 years. They got rid of that.

Originally Posted by supafamous

Depends on the line of work - in tech it's not unusual at all to job hop every 18-24 months. If you're in SF or any major tech hub it's practically expected that you job hop as it's the fastest way to get a raise and, in some jobs, you learn as much as you can by the time 24 months passes.

That said, I've interviewed enough people to have an idea when the job hopping is b/c the person sucks (or is a flake) or when it's because they had good opportunities. There's only so many companies in Vancouver that you can job hop to before you run out of options.

The stocks and bonus thing was starting to happen in Vancouver until the market took a dump from the end of QE and rates increasing. There's been a few high profile layoffs in North America and many companies have froze hiring altogether.

Amazon was getting outbid for talent(their shitty reputation may have something to do with it) and they nearly doubled their salary bands late last year - a L5 went from 180k max base pay to 350k max. Sure you aren't getting max base pay right awhile but it was showing the market trends. We were expecting the gravy train to continue and hit 200k+ next year for under 10 yr exp, but it looks like I may be staying at my current rate for the next 18 months.

There are still plenty of companies hiring, but the competition isn't as fierce as last year. WFH for all has opened up the market on both sides as there's a bigger talent pool to choose from and also more companies to pick from as well.

Originally Posted by KayC

I hope so too! In my industry, employers generally don't care. I mean, they look at my employment history before they reach out and if they question it, I just put it back on them for reaching out in the first place. That being said, the tech market now is taking a dump, with tons of layoffs happening in the states etc. So lets see where I will end up in the next few months

Some of those recruiters and hiring processes are just retarded. Not wonder why some managers complain they couldn't find anyone. I talked with a hiring manager who told me good luck and cut things off because I asked about compensation.

[supafamous]

Originally Posted by donk.

This thread is going far off topic, we need more flat roof complains, wrong color siding, and sub-par styling on 4 million dollar houses
yes you supafamous

https://www.zealty.ca/mls-R2696561/3...-Vancouver-BC/

Flat roof? Check
Questionable siding colour? Check
Sub par styling on a $4m home? I'm gonna say check.



Let's get back on topic boys.

[Gerbs]

Originally Posted by Hondaracer

Yet I chose the $5.99 cheese block over the 8.99 premium cheese yesterday feeling it was the best choice

This was the first year I chose that $8.99 grass-fed butter over the $4.99 unsalted no-name. Or the $20 Rib-eye over the $6-8 NY striploin

Peep income by age, I'd add $10 - 15,000 for inflation, since numbers on 2016.
https://www12.statcan.gc.ca/census-r.../index-eng.cfm

Originally Posted by EvoFire

Some of those recruiters and hiring processes are just retarded. Not wonder why some managers complain they couldn't find anyone. I talked with a hiring manager who told me good luck and cut things off because I asked about compensation.

Recruiter: Hi, are you free to hop on a call to discuss "Role A"?
Me: Sure
Recruiter: Why are you looking to job hop after 1 year at your job?
Me: You reached out to me?

To be fair, successful recruiters are raking in the cash, so I'm just a number to them.

[supafamous]

https://www.zealty.ca/mls-R2696018/4...-Vancouver-BC/

$7.2m and it's got a single garage that measures less than 11' wide.

[EvoFire]

Originally Posted by supafamous

https://www.zealty.ca/mls-R2696018/4...-Vancouver-BC/

$7.2m and it's got a single garage that measures less than 11' wide.

Call me shallow or whatever, but I like it. The single garage with laneway for a 7.3m house is dumb though.

[supafamous]

Originally Posted by EvoFire

Call me shallow or whatever, but I like it. The single garage with laneway for a 7.3m house is dumb though.

Other than the garage part I like it as well. It's pretty restrained, lots of light, thoughtful for the most part. It's near Kerrisdale which is where I'd live if I was rich.

The garage makes no sense though - the lot is big enough to allow for a laneway (the office/guest suite design is great) AND a nice sized single garage spot. Or just give me a triple so I can park the Cayenne, 911, and Miata.

[EvoFire]

Originally Posted by supafamous

Other than the garage part I like it as well. It's pretty restrained, lots of light, thoughtful for the most part. It's near Kerrisdale which is where I'd live if I was rich.

The garage makes no sense though - the lot is big enough to allow for a laneway (the office/guest suite design is great) AND a nice sized single garage spot. Or just give me a triple so I can park the Cayenne, 911, and Miata.

Is that your dream garage? Sounds awfully similar to my dream garage. Unfortunately I need to make do with the next level down right now (can't afford p cars)

[supafamous]

Originally Posted by EvoFire

Is that your dream garage? Sounds awfully similar to my dream garage. Unfortunately I need to make do with the next level down right now (can't afford p cars)

More dream than reality, a 911 or a 718 is in the future somewhere but will see how things shake out. No room for a Miata but I'd love to have something for silly summer fun so much.

[donk.]

Anyone here have a lift in their house? Or yall pilgrims?

I remember driving up heritage mtn a few years ago, this dude had his Miata on a lift, In his house.
Me, driving a 92 shitbox civic SI at the time, was mind blown, and made that my goal as an adult

Ps, I still don't have a lift, or a house

[Hehe]

Originally Posted by tegra7

Anyone here own property over the border?

I do, but mainly on the commercial side of things.

But do AMA as many things overlap really.

Originally Posted by 68style

Someone wanna make a job discussion thread?

For RE I am wondering, like someone such as myself where your condo is worth twice as much as when you bought it… and your mortgage is not far from being paid off… if you left the country, would you just keep it and rent it out and the troubles that accompany that? Or would you cut and run / invest the money? I feel like it’s a tough call, renting is definitely not risk free either bad renters OR building problems or the much vaunted earthquake we are supposed to have one day. There’s potential (though hard to believe!!) it could still go up even more in value too I suppose.

Smartly invested the monthly income probably isn’t that much less than renting. In fact, you’d only need to return 4% to match rental income.

Let’s not assume, for the sake of argument, that you need to sell it in order to fund living accommodations elsewhere.

The way I see this question would be more like winning a lottery. Would you take it all at once or on a 25yr installment?

It's generally best to just take it out all at once and do something with the money and forgo the future earning potential (in US-Style lottery winning, you get the full amount if taken the installments).

YVR's rent rate, although the highest in the country, is shitty against other places. A 1BR give you what? ~1400CAD net after all the strata, insurance... etc. Then CRA would take another piece. You'd be lucky if you are left with 1000CAD or 12000 a year.

And I think there are places with far less risk and better ROI.

Say a small size retail property in small cities in US can be had for less than 1M USD, which is ~1.3M CAD today. This is a property that pays easily 5-6% cap rate and even after US income taxes and whatever should still give you a good 4%+ or 40k USD per year net. That's before any potential future increase in values and rent would adjust to inflation.

And 40k USD a year should provide a regular living in most places around the world. Not luxury... but shouldn't be too bad either.

[Gerbs]

Does US commercial properties require you to pay for strata + property tax like in Canada?

[Hehe]

Originally Posted by Gerbs

Does US commercial properties require you to pay for strata + property tax like in Canada?

Freehold and NNN bro... No strata and property tax is paid by tenant.

[donk.]

^ And if the property is currently on a gross lease, you turn it into triple net on lease renewal of your newly acquired tenants

Resulting in more income
Resulting in increased property value

[Hehe]

Originally Posted by donk.

^ And if the property is currently on a gross lease, you turn it into triple net on lease renewal of your newly acquired tenants

Resulting in more income
Resulting in increased property value

Most commercial leases are either NN or NNN, I've yet to see anything that's not. There are some short-term lenses that don't do that, but it's essentially the same as their lease rate would be very high.

[TOS'd]

No Nut November?

[Tapioca]

Originally Posted by EvoFire

Call me shallow or whatever, but I like it. The single garage with laneway for a 7.3m house is dumb though.

It's a nice house and the value is in the larger than average lot in the City of Vancouver. The buyer for this house is likely an EV owner with a stable of high-end road bikes.

Sometimes I wonder why a site with car enthusiasts is so obsessed about owning a suburban-style house in the City of Vancouver, which is only going to become more dense and less vehicle dependent going forward. The Vancouver that existed in the 80s and the early 1990s, where everyone drove their shitbox Civics, Integras, and Corollas to school and to the Big Bamboo and Richards on Richards is gone. All of these people on RS with their M and P-cars with 500+ HP, go from stoplight to stoplight in the City of Vancouver...

[hud 91gt]

Possibly the most unintelligent and true post you’ve ever made. I still don’t get how a car enthusiast would want to live in Vancouver unless they owned a Tesla…

Saying that, does anyone know how to build a batcave under their 33’ lot house? That Langley house posted a few pages back is looking pretty nice.

[blkgsr]

Originally Posted by Gerbs

If you leave Canada, there's a 25% non-resident withholding tax to start. Your question depends on your risk tolerance and expected return on real estate vs stocks.

can you explain this one a little more?

if i sell my house and move overseas i have to pay tax? i must have misunderstood

[68style]

Originally Posted by Hehe

Most commercial leases are either NN or NNN, I've yet to see anything that's not. There are some short-term lenses that don't do that, but it's essentially the same as their lease rate would be very high.

Who do you use for your mortgage/loans in USA? It seems like, at least for residential, getting a mortgage as a foreigner to the USA is pretty difficult or costly... a heft % more required for downpayment or much higher interest rate or combination of both? Even up here requirements for commercial are way more stringent than residential where the mortgage is concerned.

Anyone that seems to do it from Canada is doing both... and the USA side I can understand lenders down there don't want to deal with most of us because they don't have much on us if we were default.

[Traum]

Originally Posted by supafamous

https://www.zealty.ca/mls-R2696561/3...-Vancouver-BC/

Flat roof? Check
Questionable siding colour? Check
Sub par styling on a $4m home? I'm gonna say check.

Damn...

Looking at this aerial (drone?) photo, I can't help but think how these 4 houses should really have stayed as 2 lots with just 2 bigger houses, with a lot more space inbetween. Kitsilano / W. Point Grey is a nice neighbourhood, and this is a nice house (minus the flat roof). But at $5M for a 33 ft frontage home?

Damn...

[westopher]

Because some of us like cars but don’t make it our entire identity. Vancouver has things that other places don’t offer like proximity to Whistler, music, arts, food, ocean, etc that you can’t get anywhere else in canada. We’d still like to be able to enjoy multiple interests.

[Tapioca]

Originally Posted by hud 91gt

Possibly the most unintelligent and true post you’ve ever made. I still don’t get how a car enthusiast would want to live in Vancouver unless they owned a Tesla…

Saying that, does anyone know how to build a batcave under their 33’ lot house? That Langley house posted a few pages back is looking pretty nice.

Haha, good one.

Like nostalgia hits hard... And I know the Vancouver postal code means a lot, deep down, to a lot of people. The suburbs scare certain people, I guess.

If you need to be close to an office downtown, then I can see the desire to live in Vancouver proper. Vancouver's bike infrastructure is pretty damn good - might as well spend a few G's on a road bike and gear and get your thrills that way rather than complaining about city politicians not wanting to make decisions that return Vancouver to the sleepy town it was in the 1980s.