Vancouver's Real Estate Market

[Gerbs]

Idk if I am crazy to say this but $1,600/month in 2012 feels more expensive than $2,600 today lol.

I can't imagine paying $1,600 in 2012 wages.

[Tapioca]

Look at this:

https://twitter.com/vb_jens/status/1...11Ac7vNYA&s=19

Pretty significant increase in the local population of income earners in the top 10% over the last 5 years.

[bcedhk]

Looks like west van is getting all the poor folks! lol..

More like people who are reporting false incomes.

[westopher]

It’s a lot to do with the fact median age is 100 in west van. Plenty of 0 incomes for people with 30 million in the bank.

[vash13]

Originally Posted by westopher

It’s a lot to do with the fact median age is 100 in west van. Plenty of 0 incomes for people with 30 million in the bank.

On that note. I did a casual drive around the British properties last night with the wife. Why are so many houses up there for sale? I saw more sale signs than occupied houses. What's the deal?

[Hondaracer]

I think the properties has a lot more transient people who perceive that as the ultimate wealth where in reality the real money is down on the water.

[westopher]

Originally Posted by vash13

On that note. I did a casual drive around the British properties last night with the wife. Why are so many houses up there for sale? I saw more sale signs than occupied houses. What's the deal?

A lot of these people probably were small business owners, doctors, lawyers, etc, who have done well enough to buy a home in BP decades ago, but the 5,6, 10 million dollar windfalls for simply existing 30 years ago compared to today is too much to pass up. Even as a doctor for 25 years, your home could net you your entire careers earnings in a day. I’d take the condo here, whistler, Hawaii, and a Porsche at each of them with money left over, over the big house any day.

[Alpine]

Originally Posted by vash13

On that note. I did a casual drive around the British properties last night with the wife. Why are so many houses up there for sale? I saw more sale signs than occupied houses. What's the deal?

I think properties in the BP are sold/traded strictly on the reputation of the area. builders buy up old homes, tear them down and build nouveau Riche tacky monstrosities to sell to the wealthy/rich looking for a vacation/show off/temporary home.

[Badhobz]

Originally Posted by Gerbs

Idk if I am crazy to say this but $1,600/month in 2012 feels more expensive than $2,600 today lol.

I can't imagine paying $1,600 in 2012 wages.

2600 today could be a car payment lawl. That’s how much the lease is on my LC when I was trying to figure out if it’s better to pay cash or lease it. Sounds utterly insane to me to pay that a month and still owe 55k after 48 months.

[vash13]

Originally Posted by Badhobz

2600 today could be a car payment lawl. That’s how much the lease is on my LC when I was trying to figure out if it’s better to pay cash or lease it. Sounds utterly insane to me to pay that a month and still owe 55k after 48 months.

Still a lot cheaper than paying for a nanny for two kids =( full time.

[westopher]

Child care starts for me next month and 3 days a week it’s nearly as much as my mortgage. Can’t wait for my wife to be back to work though. This single income + mat leave money is much worse than that.

[Badhobz]

ah yes. thats why you parents are either all FILTHY RICH, or UTTERLY insane. I hope your kids realize just how much you are sacrificing for their futures.

Im way too much of a piece of shit to do something that altruistic.

[westopher]

Originally Posted by Badhobz

2600 today could be a car payment lawl. That’s how much the lease is on my LC when I was trying to figure out if it’s better to pay cash or lease it. Sounds utterly insane to me to pay that a month and still owe 55k after 48 months.

Wait what? That comes to 170k?!

[Badhobz]

Originally Posted by westopher

Wait what? That comes to 170k?!

yeah bro interest rate is 6.8% so thats 30k of interest + lease fees after 48 months.

thats why i was like HELL NAAHHhhhh

edit: still cheaper buying it now vs in sept when that 10% gst hits. thats why i didnt want to wait.

[Alpine]

A friend is renting their 5 bd house in North Van (just your average old house, not a new McMansion or anything)... They put up an ad asking for $5000 and they received 36 applications, with many applicants willing to put down several months in advance. $5000 a month in rent!!!

[Gerbs]

Interest rates seems to be non negotiable at most places now too.

On the other note, my new neighbour had 6 people pop out at 12PM and there's normally the same 3 people living there. The unit is a 1BR 550Sqft with barely any windows or balcony. One of the dudes is like 6ft 7 lol.

I wonder if they're sleeping 3 to 6 people in there at once. They're all Indian but don't look like students. Our building bans A/C as well so not sure how they survive inside lol

[Gerbs]

Originally Posted by Alpine

A friend is renting their 5 bd house in North Van (just your average old house, not a new McMansion or anything)... They put up an ad asking for $5000 and they received 36 applications, with many applicants willing to put down several months in advance. $5000 a month in rent!!!

It's more profitable to run multiple suites, but more wear and tear.

On Joyce, we have a few clients renting multiple suites for
- $2,500 upstairs (3BR)
- $2,200 middle floor (2BR)
- $800 per head per bedroom x 4 BR's
- Total $7,900/month x 12 = $94,800

You could sell your home for $1.8M toss into a 5% GIC and print = $90,000/year lol.

[JDMDreams]

Yea but by next year I doubt gics will be this high..... So you're probably back to 2-3% a year once they finally admit the recession

[Gerbs]

lock that sweet 10-year

[6thGear.]

$5k to rent a house isn't that expensive given this time. My friend bought a new house in Surrey and rented out upstairs and both basement suites separately and that totaled $5500 a month. This was about 12 yrs ago.

[yray]

Originally Posted by Alpine

A friend is renting their 5 bd house in North Van (just your average old house, not a new McMansion or anything)... They put up an ad asking for $5000 and they received 36 applications, with many applicants willing to put down several months in advance. $5000 a month in rent!!!

Or airbnb the house for $1000 a night and have a basement suite to yourself

[Presto]

Court orders Surrey man to undo extensive home renovations made without permits

A Surrey man who repeatedly ignored orders to stop unpermitted construction work on his property is facing yet another one.

B.C. Supreme Court Justice Geoffrey B. Gomery issued his decision in the case of Amrik Singh and Dhami Enterprises Ltd. on June 24, but it wasn't published online until this week.

In the decision, Gomery gave Singh 90 days to demolish all of the unpermitted structures that he had constructed on the property, remove all of the unpermitted fill he had added to the land, and plant 16 trees to replace those he cut down without permits.

The illegal construction began shortly after Singh purchased the property on 82A Avenue in late July 2021, according to the decision. The work involved the expansion of both the main house and a shed on the property, "extensive landscaping," drywalling, electrical work and plumbing, according to Gomery's decision.

"He has deposited materials on the banks of Enver Creek, some of which has fallen into the creek," the judge added.

Singh did not seek or receive permits for any of the work, according to the decision.

By Aug. 5, 2021, the city had begun posting stop-work orders on the property, which Gomery noted "were taken down, probably by Mr. Singh or someone acting on his behalf, soon after they were posted."

City bylaw officers continued to note evidence of construction at the site, and in September 2021, the city applied for and received a temporary injunction from B.C. Supreme Court, prohibiting Singh and his agents or employees from conducting any more work on the site or occupying any structure on the property.

Work continued, however, according to Gomery's decision. On Nov. 17, a city official observed "arrangements" being made to pour concrete at the property.

"He spoke with Mr. Singh and reminded him that he was not allowed to do any work," Gomery wrote in the decision.

"Mr. Singh said that he would not. Later that day Mr. Lalari (a city official) attended and saw that concrete was being poured and spread by workers. Mr. Singh was present. Mr. MacLeod (the first official) arrived and saw that fresh concrete had been poured since his attendance that morning."

Singh was arrested for breaching the court order. His wife and child were also in the house and were escorted from the property, according to Gomery's decision.

"It was plain that they had been living there," the judge wrote. "There was food in the refrigerator and bed linens on the beds."

Singh was released from police custody with conditions, including that he abide by the terms of the injunction.

City officials continued to see signs that the home was occupied through spring 2022, as the city brought another court case against Singh seeking to make the injunction permanent and order him to undo the unpermitted work.

In his defence, Singh argued that he "never intended to violate" the city's bylaws or building codes, and that he was willing to resolve the matter out of court, according to the decision.

Gomery wrote that he did not accept the homeowner's assertion that he didn't intend to violate city bylaws, noting that Singh was "repeatedly made aware" of the rules and the injunction, but persisted in doing the work anyway.

"He deliberately chose not to comply with his obligations, probably in the hope that he could get away with non compliance by presenting the City with a fait accompli or possibly because he simply could not conceive that his actions would have consequences," the judge wrote.

Singh also argued that he was just continuing work on the property that had been started by the previous owner.

Gomery found that argument similarly dubious. He noted that a photograph of the property taken by a neighbour on July 21, 2021, showed that work had not yet begun.

"It makes no sense that the former owner would have undertaken substantial costly work in the five days before Mr. Singh acquired the property on July 27," the judge wrote. "What would it benefit the former owner?"

Gomery also noted that evidence arising during the hearing showed that Singh was still living in the home, despite this being illegal because the home has no occupancy permit, as well as a direct violation of the court's previous order.

Though the city initially asked Gomery to order Singh to apply for demolition, soil-removal and tree permits before completing the work of undoing the illegal construction, the judge found this approach to be lacking.

"In view of the history of this matter, I would anticipate substantial difficulties in monitoring compliance with such an order," Gomery wrote.

Instead, the judge settled on the order giving Singh 90 days to undo his illegal work. Gomery also awarded the city its court costs, and said he would have awarded special costs if the city had requested them.

"I want to say one more thing," the judge concluded. "Mr. Singh, you must leave the house. You must leave the house. You have been ordered not to occupy it. It is a contempt of court to be there. The city could have taken a much more aggressive position with you. Had it asked me for an order finding you in contempt of court, I would have had no choice but to find you in contempt, and the consequences would have been very serious."

[Badhobz]

where is this price drop people are talking about!? i looked at REW this morning and all the 2-4mil houses are still 2-4 and some of these hunks of junk have the audacity to go up to 3.4-3.7 from 2.9 before.

market correction my ass.

[Great68]

It's just waiting for the 10 year anniversary of this thread, Oct 3 2022.

[sonick]

4444 will return and say "told you so"