Vancouver's Real Estate Market

[donk.]

Originally Posted by EvoFire

Don't understand why DST would be made the defacto time. Standard time is standard time for a reason. Why do I want it to start getting dark by 2 in the afternoon?

Because construction workers start at 6am

[JDMDreams]

I thought you're not allowed to start construction till 8 am?

[meme405]

Originally Posted by JDMDreams

I thought you're not allowed to start construction till 8 am?

No, you aren't allowed to make noise until 8. You can work whenever you want.

Also the noise thing applies only if you have someone around who's going to complain, lots of construction happens outside of where noise is a factor.

You know, something about a tree falling in the forest, and if it makes a noise...

[CivicBlues]

Originally Posted by EvoFire

Don't understand why DST would be made the defacto time. Standard time is standard time for a reason. Why do I want it to start getting dark by 2 in the afternoon?

cuz EnDlEsS SuMmEr DaYZ that's why!! Except summer is probably the worst time for me when it comes to getting enough sleep. Probably partially related to the heat but wouldn't put the sun setting at 9:30pm as a contributing factor.

[Great68]

Permanent standard time would lead to 4am sunrises in the middle of the summer. I know that wouldn't do me any favours for sleep

[westopher]

Originally Posted by EvoFire

Don't understand why DST would be made the defacto time. Standard time is standard time for a reason. Why do I want it to start getting dark by 2 in the afternoon?

You have it backwards. When we are in standard time it gets dark an hour earlier.

[mikemhg]

The states that made the approval was to move to a permanent DST, not standard time.

Standard time sucks. Keep DST all year, yes the kiddos will be in the dark for 30 minutes more in the morning when going to school. C'est la vis.

[SumAznGuy]

Going back to our original discussions.

For the last few months, there's been a few houses for sale here in my hood.
2 of them finally sold, 1 was taken off the market and the latest one to be listed is still for sale.

Asking prices ranged from $1.5 to $1.6.

All very similar houses. Kinda similar sized pieces of land and all within a 2 block radius.

The 2 houses that sold ended up selling for $1.35 but took months to sell.
The selling price is pretty much what the market was in 2021.

This is Pitt Meadows near Ospray Village.

[JDMDreams]

What's the assessment doe? Places out there is only assessed at around $900 and people still hoping for $1.3

[Hondaracer]

Seeing good properties still sell for like 80-90% of the craziness prices

People just aren’t getting that 30-40% overage on the garbage anymore. Prices haven’t really fallen off

[SumAznGuy]

Originally Posted by JDMDreams

What's the assessment doe? Places out there is only assessed at around $900 and people still hoping for $1.3

11217 SOUTHGATE RD PITT MEADOWS V3Y 2W3
Total value
$1,279,000
2022 assessment as of July 1, 2021
Sold for $1.387M

11262 BONSON RD PITT MEADOWS V3Y 2V3
Total value
$1,236,000
2022 assessment as of July 1, 2021
Sold for $1.35M

The Onni TH's down the street are asking $1.4M new.

[bcedhk]

there's a pressure cooker of couples and young families looking to get out of their condos in Vancouver and onto TH's anywhere in the Lower Mainland. I think we will expect to see TH's sell above asking for the next little while.

[snowball]

Originally Posted by Hondaracer

Seeing good properties still sell for like 80-90% of the craziness prices

People just aren’t getting that 30-40% overage on the garbage anymore. Prices haven’t really fallen off

Same observation here, good houses still moving but people aren't overbidding for the shit teardowns anymore.

[blkgsr]

Originally Posted by mikemhg

The states that made the approval was to move to a permanent DST, not standard time.

Standard time sucks. Keep DST all year, yes the kiddos will be in the dark for 30 minutes more in the morning when going to school. C'est la vis.

except DST it brutal for industries that start before 9am and are outside. ie Construction BC's largest industry.

i may be the only one that doesn't have an issue switching, who gives up fuck. it's better in the winter for work, and it's better in the summer for everyday life.

[Great68]

Originally Posted by blkgsr

ie Construction BC's largest industry.

Construction, Manufacturing and Utilities only make up BC's 4th largest employment sector:

[carsncars]

So my parents' condo strata is weighing a window wall replacement to one side of the building. This is a mid-00's building in Yaletown. The north-facing side of the building is having moisture intrusion issues with the window wall across multiple units.

The cost of window wall replacement is in the low 8 figures. For one side of the building. The strata has pitched this as an expected cost (although this will be a special assessment) and have quoted 20-30 years as the typical lifespan of window wall systems. The alternative is to try to externally re-seal the window wall (about 10-15% the cost of replacement), but the board is recommending replacement because it's "nearing expected lifespan" anyways.

Do you guys know if that is indeed true? If the lifespan of these window wall systems is truly 20-30 years, I feel like there's going to be a reckoning in 10-20 years as all these 2000's/2010's condo developments need their windows replaced...

[sdubfid]

For low 8 figures you can buy a lot of sikaflex and caulking guns and still have 9.9 million left over.

[Eff-1]

Originally Posted by carsncars

I feel like there's going to be a reckoning in 10-20 years as all these 2000's/2010's condo developments need their windows replaced...

I believe this to be true. The one that always comes to mind is TV Tower at Robson and Hamilton. It's basically all glass and one day those windows will need replacing and that's going to be mega expensive.

It's happening already at the Shangri-La condos. They are dealing with window warranty issues and replacements have been been quoted at $65M. Windows were supposed to have a 40 year lifespan (so should last until 2049) but 70% are failing prematurely. It's now a class action lawsuit.

[Presto]

https://globalnews.ca/news/9262632/m...ver-bulldozed/

A luxurious home in West Vancouver is now a pile of rubble after being a headache for both neighbours and the District for years.

The home on the 700-block of 20th Street was, according to a staff report in 2017, built without permits.

The home was also in violation of a number of stop-work orders.

District staff said they had found a list of construction deficiencies and neighbours complained of drainage problems that flooded adjacent properties.

The home was valued at $2.6 million in 2017.

After years of litigation involving the District, the owners and the lenders, the house was finally purchased by new owners who have now demolished the house with all the proper permits in place.

“After initial filing of the District’s petition, lenders on the property become involved in the legal proceedings and filed their own additional actions and foreclosure petitions in relation to the property,” the District of West Vancouver said in a statement.

“This ultimately led to foreclosure and sale of the property to a third party, who purchased with full knowledge that the District would require the offending structure to be removed. The result of these proceedings was that the District’s claim to have the original owner remove the structure became moot.”

Related article: https://www.ctvnews.ca/canada/vancou...home-1.3653573

[Alpine]

It's going to be the 2010/2020 version of the leaky condo debacle. I would be very concerned about owning one of these newer condos outside of the warranty period, with how developers are focusing so much on design and form over function.

[JDMDreams]

Aren't' apartments kinda as is. I've seen basically companies just gets created to build the project then they close after the project so basically there's no warranty and no one to sue.

[carsncars]

Stumbled across this talk from a UofT professor in doing a bit more research:

Glass-Walled Condos: Short-Term Durability and Long-Term Costs

These window walls sound like a headache in the making. It seems like their durability is also highly dependent on the quality of installation.

[GLOW]

nice presentation, he goes on rants like i do at work, except he's doing it publicly

[Hondaracer]

It’s a catch 22 because people are obsessed with “new designs” like Vancouver house etc. but then someone builds them and they are nothing but problems because local builders aren’t used to building these fancy buildings.

That’s why companies like Bosa etc. rarely take risks on these new designs because they know they can build a square tower properly.

Vancouver is a very hard place to build and will likely continue to get harder if temperatures continue to swing even more wildly than they have in the past. It’s pretty hard to design a window system for a place that gets 6 months of rain with the potential of -10 degrees lows and 40 degree highs lol

I don’t think it’s going to be an epidemic persay but you may get more and more broken seals and things like that where individual units will have to be replaced out of pocket

[westopher]

Temp swings in Vancouver are less than basically anywhere else in canada except for the island. The rain is obviously an issue. There’s other places in the world that make it work, so we should be able to. It’s just shitty developers with no accountability.