REVscene - Vancouver Automotive Forum

winson604 · 05-22-2022, 09:27 PM

Quote:

Originally Posted by Alpine

The townhome units at the base of a condo tower get hit the worst. They can be the size of a standard townhome (ie. 1100-1400sqft), but pay the standard condo strata rates. While a regular townhouse of that size might be $300/mo in strata, these units pay $700-1200/mo...

But that ain't really a direct comparison don't the townhomes within a condo get to use the condos amenities which almost always will be more than a standard townhome complex has to offer. Whether you use it or not is not anyone's fault but it's something you're still paying for none the less.

That aside yes it can be pretty fucking wild paying $0.70 + @ 1000 + sq.

Gerbs · 05-22-2022, 10:28 PM

Quote:

Originally Posted by JDMDreams

Your strata is killing you for a one bed

sell the veloster and get a $10k Miata??? Profit

It's pretty high but it is what it is if you want something in the 700ish sq ft range. I tried to buy a NA and ND2 miata, couldn't fit, knees couldn't clear steering wheel lol. Our contingency fund has around $1,100,000 or $5,300ish per unit. So we should don't have any special levies planned until 2032 for like $1,000?

carsncars · 05-23-2022, 06:27 AM

Quote:

Originally Posted by winson604

But that ain't really a direct comparison don't the townhomes within a condo get to use the condos amenities which almost always will be more than a standard townhome complex has to offer. Whether you use it or not is not anyone's fault but it's something you're still paying for none the less.

That aside yes it can be pretty fucking wild paying $0.70 + @ 1000 + sq.

It's a good point, but I'd point out that there are some things that a condo-townhouse doesn't benefit from (elevators, high-rise window washing, etc.).

They're an exception but there are some townhome communities that have condo-like amenities without having to pay condo-level fees, e.g. the way Klahanie in Port Moody is set up with a common "club house" building that all the stratas with access to pay to maintain, but are still separate stratas.

E.g. this 1400 sq ft. unit only has fees of $315: https://www.klahanieportmoody.ca/Act...-bc#viewdetail

There were some condo-townhome units I looked at, especially around Main/Broadway, Mount Pleasant, where the townhome was part of the podium and had like $800+ fees. Nice units but that alone was enough to deter me.

winson604 · 05-23-2022, 08:55 AM

Quote:

Originally Posted by carsncars

It's a good point, but I'd point out that there are some things that a condo-townhouse doesn't benefit from (elevators, high-rise window washing, etc.).

They're an exception but there are some townhome communities that have condo-like amenities without having to pay condo-level fees, e.g. the way Klahanie in Port Moody is set up with a common "club house" building that all the stratas with access to pay to maintain, but are still separate stratas.

E.g. this 1400 sq ft. unit only has fees of $315: https://www.klahanieportmoody.ca/Act...-bc#viewdetail

There were some condo-townhome units I looked at, especially around Main/Broadway, Mount Pleasant, where the townhome was part of the podium and had like $800+ fees. Nice units but that alone was enough to deter me.

The non benefits are definitely true but this is strata life. You can own a condo unit that doesn't come with a parking spot yet if a fix is needed via special assessment or otherwise you're still on the hook because you're part of the building. Not everything will always pertain to everyone. Unfortunately, that's just the reality and something we have to accept even if we don't like it.

As for condo like amenities yea it does exist and like you said an exemption as it's pretty rare. I just want a damn garage lol I live in one of those modern day Vancouver townhomes where they're stacked with another unit on top and the parking is underground sigh.

GIZZ · 05-23-2022, 02:38 PM

For most of us, a garage is a big deal. I found a condo in Van with 5 car parking, 3 of the spots in it's own self contained garage. But I wouldn't be able to stick my lift in there, and I'm sure welding isn't allowed. Doesn't matter anyway, they pulled it off the market.

68style · 05-23-2022, 07:36 PM

^ Thanks for sharing

hahaha

MarkyMark · 05-24-2022, 04:16 PM

Were within our 120 day mortgage renewal window now, what are peoples take on fixed vs variable rates at this time? We went with fixed last time but the fixed rates are sitting around 4% now so I'm trying to do a little research into which way to go.

JDMDreams · 05-24-2022, 04:24 PM

Variable? Still under 3 fixed is gonna be way over 4 and your payments will jump up

hud 91gt · 05-24-2022, 08:21 PM

The reason fixed is 4, is because variable is suspected to follow shortly. History shows in The end you will pay less with variable. Either way, prepare for 4%.

Saying all this, I’m on the island at my moms. A neighbouring development just went for sale to the public and 9/10 sold last weekend. Sure it’s lake front, but didn’t expect that so quick.

supafamous · 05-25-2022, 08:39 AM

I'm not risk adverse so if the spread is more than 1.25% then I'm going with variable even in this climate where we're anticipating more increases.

Gerbs · 05-25-2022, 09:16 AM

The fixed only made sense when rates were sub 1.5 - 3%. Otherwise Variable seems to always be the way to go.

Tapioca · 05-25-2022, 09:43 AM

Since most people here are aspiring detached home owners or are investors (i.e. looking to trade-up/sell before a 5-year term is up), the difference in the penalty to break a mortgage alone is the reason why you should almost always go with variable.

Variable = 3 months of interest to break

Fixed = interest rate differential which can be significant given the average mortgage these days.

carsncars · 05-25-2022, 01:23 PM

Quote:

Originally Posted by Tapioca

Since most people here are aspiring detached home owners or are investors (i.e. looking to trade-up/sell before a 5-year term is up), the difference in the penalty to break a mortgage alone is the reason why you should almost always go with variable.

Variable = 3 months of interest to break

Fixed = interest rate differential which can be significant given the average mortgage these days.

On that note, not that I'm looking to sell anytime soon, but out of curiosity...

I'm on a 5 year fixed mortgage with HSBC that ends in 2026 at 1.49% with 3.10% discount - let's say I'm 1 year in for simplicity. Their current posted 4-year rate is 4.64%.

By my calculations, the IRD is negative? So would my penalty just be 3 months' interest? Wowa's calculator seems to agree...

I guess I should ask HSBC to know for sure but it's just a hypothetical question for me.

Liquid_o2 · 05-25-2022, 02:22 PM

You can also port your mortgage rather than breaking it. But that is only if you sell your current place and move it to a more valuable property.

I just closed on our mortgage renewal today. 2.79% on five year fixed. We have it written from the lender that we can port the mortgage as we are likely to move in the next year or so.

6thGear. · 05-25-2022, 02:45 PM

Quote:

Originally Posted by carsncars

On that note, not that I'm looking to sell anytime soon, but out of curiosity...

I'm on a 5 year fixed mortgage with HSBC that ends in 2026 at 1.49% with 3.10% discount - let's say I'm 1 year in for simplicity. Their current posted 4-year rate is 4.64%.

By my calculations, the IRD is negative? So would my penalty just be 3 months' interest? Wowa's calculator seems to agree...

I guess I should ask HSBC to know for sure but it's just a hypothetical question for me.

It's higher of the 2 that your penalty is based on.

JDMDreams · 05-25-2022, 02:48 PM

Where did you get at year fixed at 2.79? Most big banks should be over 4% even for 2 years by now

PeanutButter · 05-25-2022, 03:15 PM

Quote:

Originally Posted by Tapioca

Since most people here are aspiring detached home owners or are investors (i.e. looking to trade-up/sell before a 5-year term is up), the difference in the penalty to break a mortgage alone is the reason why you should almost always go with variable.

Variable = 3 months of interest to break

Fixed = interest rate differential which can be significant given the average mortgage these days.

Dang, do people really have a three year timeline to upgrade???
My down payment and financial portfolio need at least 10 years before I can upgrade.

Liquid_o2 · 05-25-2022, 03:27 PM

Quote:

Originally Posted by JDMDreams

Where did you get at year fixed at 2.79? Most big banks should be over 4% even for 2 years by now

First National. We locked in the rate towards the end of February, needed to close by May 25. Cut it a bit close haha.

Tapioca · 05-30-2022, 07:47 AM

Quote:

Originally Posted by PeanutButter

Dang, do people really have a three year timeline to upgrade???
My down payment and financial portfolio need at least 10 years before I can upgrade.

We upgraded before our mortgage term was over, but it required a few things to happen: new jobs/promotions, favourable market timing, and flexibility in property type/age and location.

I get the sense that many millennials aren't really that flexible with respect to location and the type of property they're looking to upgrade to.

supafamous · 05-30-2022, 10:01 AM

https://twitter.com/eastvanbuilder/s...vTOuONDuwaL1Ug

Nice Twitter thread on the costs of building a house on Vancouver.

tl;dr - No surprise that a new build costs about a million dollars in Vancouver.

Hondaracer · 05-30-2022, 10:23 AM

Don’t really love his breakdown. Saying individual items like sidewalks and exterior stairs are X amount. This would all be taken care of by a framer, or buy a form guy building and pouring everything at once.

I’ve never seen billing for interior finishing as a per door type thing, etc.

GLOW · 05-30-2022, 10:42 AM

i guess he's looking at it based on a building element format vs a $/sf or divisional breakdown. i hate how it's in like paragraph form vs an easy table or bullet form. but then again i don't use twitter so i don't know what you can/can't do.

he's scoped out a lot of the soft costs though

highfive · 05-31-2022, 09:05 AM

Quote:

Originally Posted by Hondaracer

Don’t really love his breakdown. Saying individual items like sidewalks and exterior stairs are X amount. This would all be taken care of by a framer, or buy a form guy building and pouring everything at once.

I’ve never seen billing for interior finishing as a per door type thing, etc.

same...$40k for cabinets? built ins too? and for east van homes with 2 kitchens + baths + extras? no way...

Gerbs · 05-31-2022, 09:21 AM

Quote:

Originally Posted by Tapioca

We upgraded before our mortgage term was over, but it required a few things to happen: new jobs/promotions, favourable market timing, and flexibility in property type/age and location.

I get the sense that many millennials aren't really that flexible with respect to location and the type of property they're looking to upgrade to.

I noticed from my social circle the millennials and Gen Z's are heavily adamant on new builds. 2015+, with some giving for 2010+ if closer to city centre. But I think that's because their parents are paying the down payment so they get the final say on the place because they have to like it.

Just curious, did anyone here buy a $1M+ property without any prior equity? If you did how do you do it. The monthly payments are so high @ 4-5% interest.

JDMDreams · 05-31-2022, 09:41 AM

^ 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