Vancouver's Real Estate Market

[Hondaracer]

Well yea.. cause people have no money

[JDMDreams]

Well all dem people's were just like Make EVERYTHING IN USA CANADA. Why are we supporting Communists and Russians

Originally Posted by Badhobz

We just had a big conference between all the port authorities last week and volumes are down ~35% since last year.

"Peak" season might not even happen this year as most warehouses are still full inventory bought during the pandemic and consumers have lost the appetite to purchase crap. We can thank inflation and high interest rates for this lack of demand.. now people are too worried to go into debt.

Shippers/importers and even carriers are talking layoffs if this trend continues.

What doesnt bode well for shipping, means the economy is stagnating and the jobs market is shrinking.

[Badhobz]

It’s so funny I was looking at “race ramps” for my car. They said they proudly make their products in the USA. They want 499 usd for these plastic ramps.

The crappy Canadian tire ones I just bought and consequently returned was only 59.99.

Globalization makes our lives livable. If we had to buy local we’d all be broke.

[bcrdukes]

Race Ramps are expensive AF but they have their purpose. I think Canadian Tire might have two versions - a low-profile version and a regular height. The low-profile gets you off the ground enough to jack it up, but not get under your car, unless it's a lifted vehicle of some kind, which yours is not haha

Experience/source: tried it myself on the Boxster

[yray]

Originally Posted by Badhobz

It’s so funny I was looking at “race ramps” for my car. They said they proudly make their products in the USA. They want 499 usd for these plastic ramps.

Globalization makes our lives livable. If we had to buy local we’d all be broke.

PROUDLY ASSMEBLED IN THE US OF A WITH GLOBAL COMPONENTS.

[quasi]

Originally Posted by Badhobz

trades will always be in demand as skilled labor is hard to come by. But retail, manufacturing, agriculture are all seeing downward trends for job prospects. Anything that we export, or import related fields arent doing so great vs last few years.

For sure, skilled labour is a real challenge right now and it's going to get worse before it gets better. Bidding on some of these large projects is kind of terrifying because there is a lot of concern that if you do win the award how are you going to man it or at what cost?

Commercial construction is going to be booming until at least mid 2025, after that I'm not sure what the outlook will be but guaranteed slammed for at least the next two years.

[unit]

it may not be as fancy as most of the houses shown here, but we got our offer accepted on the house we wanted. its in guildford which is an ideal area for both of us. i grew up in surrey so i like living there, especially guildford because its so multicultural. so glad we didnt give up and go for a luxury townhouse thats 3/4 as expensive. we even managed to get it under asking in this crazy market.

[westopher]

Congrats man.

[PeanutButter]

Guildford surprised me actually. It's probably one of the most diverse areas in Metro Vancouver. I wouldn't say one ethnicity dominates, it's pretty mixed. It's also nicer because there's no skytrain there and Guildford Mall is pretty nice too.

What was the asking, how much did you pay, and were there other offers? Seems odd you could get a place under asking.

[unit]

oh yeah the area has a mix of indian, filipino, vietnamese, white, chinese, etc..

they asked 1.3, we offered 1.26, we agreed on 1.275 subject free.

there were a few factors that helped us. the house is on a T alleyway, but the lights from oncoming cars don't shine into the house, so that's ok with me. also there is a bus stop across the street, but there's no sidewalk on our side, so i don't really see people hanging around the house being a problem. also it's near a somewhat busy street, so some people wouldn't like that. my gf used to live on the corner of kingsway and fraser where cops and ambulances sped down all day long, so these things are not a huge deal for us and they may have helped us to get the place for a good price. apparently another offer just came in after the buyer had countered, and they were ok with being a backup offer.

i've been watching the lower end of the detached market like a hawk so i know that literally every week houses are pushing 20-50k higher right now. of course it won't last forever, but the inventory is like non existent so the prices will still keep pushing up for a while imo. we saw a 30yo townhouse for $800k last week in guildford and there were 30 parties for the thursday open house and presumably 50+ for sat and sun. it's crazy out there!

[SSM_DC5]

When do we start seeing posts in here from you for the new place?
https://www.revscene.net/forums/7172...-today-11.html

[unit]

once my finances have recovered lol

[Gumby]

Originally Posted by unit

once my finances have recovered lol

Sorry to break it to you, but that never happens...

[EvoFire]

Originally Posted by Gumby

Sorry to break it to you, but that never happens...

Still reeling after 2 years

[68style]

For 1.275 range... I would probably go a little farther away?

https://www.realtor.ca/real-estate/2...4-street-delta

I'd much rather go detached at the $1M+ range... bit of paint and reno work but no strata BS and your own property

[Hondaracer]

I’d much rather live in guildford than Delta

Going to Vancouver or say the north shore from Delta is such a headache, like an hour with no traffic. My wife’s cousin lives by Krispy Kreme and from the PNE it’s 45+ with zero traffic. Don’t care for the area at all unless you’ve got everything there you need

Albeit I grew up in Fraser heights so I know how valuable the proximity to the highway can be

[J____]

Originally Posted by Hondaracer

I’d much rather live in guildford than Delta

Going to Vancouver or say the north shore from Delta is such a headache, like an hour with no traffic. My wife’s cousin lives by Krispy Kreme and from the PNE it’s 45+ with zero traffic. Don’t care for the area at all unless you’ve got everything there you need

Albeit I grew up in Fraser heights so I know how valuable the proximity to the highway can be

Currently in central richmond but so sick of strata. Want to go detached again, but budget is 1.8mil because I don't want to take on a mortgage. Been looking at Fraser heights, south surrey (white rock area), Grandview Heights, and Richmond (Ideally would love richmond for the convenience, but stretching it thin because its so expensive now).

how is living in Fraser Heights? Good place to raise a kid?

[Hondaracer]

Has some of the best public schools I believe, very highly rated as well as pacific academy if you’re into private. It’s very family oriented but I’d say much less so than when I grew up there but it’s still pretty nice my parents and some friends still live there

The demographic is probably 70%+ Korean now

[unit]

I went to fraser heights when it was a brand new school. Honestly its top notch, or at least was. That was over 20y ago. Back when i was there it was 50% white, 20% taiwanese, 10% korean, and 20% other. It had some of the best public school teachers. It stole the best teachers from North Surrey and Johnson Heights when it opened. Assuming it hasnt changed that dramatically, FH is a fantastic place to raise your kids. People are constantly going for walks all over the neighborhood and saying hello to each other.

[J____]

Originally Posted by Hondaracer

Has some of the best public schools I believe, very highly rated as well as pacific academy if you’re into private. It’s very family oriented but I’d say much less so than when I grew up there but it’s still pretty nice my parents and some friends still live there

The demographic is probably 70%+ Korean now

Originally Posted by unit

I went to fraser heights when it was a brand new school. Honestly its top notch, or at least was. That was over 20y ago. Back when i was there it was 50% white, 20% taiwanese, 10% korean, and 20% other. It had some of the best public school teachers. It stole the best teachers from North Surrey and Johnson Heights when it opened. Assuming it hasnt changed that dramatically, FH is a fantastic place to raise your kids. People are constantly going for walks all over the neighborhood and saying hello to each other.

thanks for the insight, will def consider the area.

[unit]

yeah now saying that, i realize there is a shortcoming with the school, and it's that it was never designed to be a big 2000+ kid school. when i was in gr 12 it probably had 1200 students. because of this, it didnt really have as many programs as a big school. for example, less languages to choose from, less extracurricular activities, less AP courses, etc...

[Hondaracer]

$2800 a month for a 1br in Vancouver lol.. good luck

https://vancouver.citynews.ca/2023/0...rocket-report/

[Gerbs]

The friends that I know that pay $2,500+ rent are splitting it half and half with a friend / SO. Makes it super affordable at $1,250-1,700/month.

Solo living folks that got evicted moved to Kingsway low-rise condos / Studio's at $1,900 - 2,100.

Either way, if people make it work rent prices will remain the same.

[Hondaracer]

We are normalizing immigrants and refugees living 4/5/6 people in a 1 or 2br. This constant push for immigration year after year will just further these situations. Whether it’s immigration or whatever you want to say is the cause, more people = more demand = higher prices

It’s one thing to say, the mindset of considering a “home” being a detached single family home needs to change.

It’s a completely different thing to say now you should live with your uncle and your parents and that’s the norm.

[Euro7r]

Originally Posted by Hondaracer

We are normalizing immigrants and refugees living 4/5/6 people in a 1 or 2br. This constant push for immigration year after year will just further these situations. Whether it’s immigration or whatever you want to say is the cause, more people = more demand = higher prices

It’s one thing to say, the mindset of considering a “home” being a detached single family home needs to change.

It’s a completely different thing to say now you should live with your uncle and your parents and that’s the norm.

See this mindset everyday, where people complain they can't afford a home, but who said the home needed to be a house? Then we build condo's, then these same people will complain why would I pay $500K for a fucking shoe box. Ummm okay, so you can't afford a house, but don't want to pay for a shoe box lol.