Vancouver's Real Estate Market

[Great68]

Originally Posted by JDMDreams

What happens in a case like this? Work safe pays out? Or sue the company?

Make Claim with worksafe, they pay the complensation. You can't actually sue your employer directly for injury on the job.

Worksafe would investiage and impose any penalties on the construction company should they find any violations/negligence etc.

[whitev70r]

Originally Posted by Great68

Kind of mixed here, those who buy houses to hold and immediately sell just banking on short term land value increase are a problem, but those who buy and do heavy renovations to properties which would otherwise be uninhabitable so are legitimate business in my view. They work that they're performing is in fact adding value, they're taking on financial risk in the process.

House was a complete "old granny special" a year ago

Agree ... love those home reno shows like Love It or List It!

[JDMDreams]

I don't know the prices of sanich but sounds steep for 1000sq? You are basically stuck with a 70 year old size and layout even though the skin is redone? Dunno about the piping and wiring.

[Great68]

Was a complete gut.

New Electrical (New 200A Service), new plumbing, new heat pump, new perimeter drains, all the finishings, new concrete driveway & pathways front, side & back. Significant work. Not a "paint and trim" lipstick reno.

The land alone is $800k

[68style]

No garage is a deal breaker to me on any place

[underscore]

Originally Posted by Great68

Kind of mixed here, those who buy houses to hold and immediately sell just banking on short term land value increase are a problem, but those who buy and do heavy renovations to properties which would otherwise be uninhabitable so are legitimate business in my view. They work that they're performing is in fact adding value, they're taking on financial risk in the process.

I've never heard of anyone who has done that, so I'd be curious what the ratio is between people reno'ing uninhabitable properties vs the ones just slapping a bunch of cheap cosmwtic changes in that aren't actually necessary.

[Great68]

I dunno, it's pretty common over here.
My immediate neighbourhood is mostly 50/60's boxes former elderly owners who have moved on, and most are pretty ripe for these sorts of full modernizations. There are two other down at the other end of my street getting the same treatment. My own house when I bought it was not AS overhauled (not a complete gut), but had some bigger ticket items done just before me: IE New 200A service, new wiring, New Roof, New Deck, etc.
I think people are realizing the potential of the area, average 2024 Assessment for Saanich was on a whole was -2%. My area was +4%. (Boo more property tax)

[PeanutButter]

Originally Posted by Great68

Make Claim with worksafe, they pay the complensation. You can't actually sue your employer directly for injury on the job.

Worksafe would investiage and impose any penalties on the construction company should they find any violations/negligence etc.

I would think you could sue the development company, the subcontracting company that owns and operates the crane, and even the crane operator.

[68style]

Originally Posted by underscore

I've never heard of anyone who has done that, so I'd be curious what the ratio is between people reno'ing uninhabitable properties vs the ones just slapping a bunch of cheap cosmwtic changes in that aren't actually necessary.

My parents neighbourhood is full of places like this... 1970's specials that haven't been kept up... technically habitable, but nobody would want to pay 1.6M for them... the house across from them the old guy had dementia for years and died in it and then a developer bought it for 1.4M, tore the house down and over the course of 1 year put up a (my opinion) ugly mansion with gates around it and this weird castle like dome on a round entrance pillar area... sold it for 2.6M... I'm sure they made a decent profit probably half a mill at construction costs at that time??

[Traum]

Originally Posted by underscore

I've never heard of anyone who has done that, so I'd be curious what the ratio is between people reno'ing uninhabitable properties vs the ones just slapping a bunch of cheap cosmwtic changes in that aren't actually necessary.

A plumber / handyman friend of mine actually did that during the pandemic. He bought a run down house from an estate sale, and proceeded to spend something like 16 - 18 months fixing most of the things himself, while hiring other contractors / companies for the big ticket items. And now the house became their investment property, with them being the landlord.

Another friend also in the construction business has bought an old timer house as their primary residence, and has ever since been doing major renos / upgrades to it himself, and with the help of his constructor friends one part after another. So far, I think both the attic and the basement got fully overhauled.

If either of them were to sell, they would rightfully deserve the significantly higher property value.

[Hondaracer]

Originally Posted by Traum

A plumber / handyman friend of mine actually did that during the pandemic. He bought a run down house from an estate sale, and proceeded to spend something like 16 - 18 months fixing most of the things himself, while hiring other contractors / companies for the big ticket items. And now the house became their investment property, with them being the landlord.

Another friend also in the construction business has bought an old timer house as their primary residence, and has ever since been doing major renos / upgrades to it himself, and with the help of his constructor friends one part after another. So far, I think both the attic and the basement got fully overhauled.

If either of them were to sell, they would rightfully deserve the significantly higher property value.

Those people are the devil though according to Reddit!!!!

People have no clue what Reno’s like that take lol. The amount of sweat equity your friends put in would likely never be realized in their gains, but by doing it yourself you’re really just paying yourself back with the equity gained.

Most people can’t change a light switch themselves. I have a few things in my own home that I did that were so over the top and weird I don’t think a contractor would even know what to charge for them

[carsncars]

Originally Posted by Hondaracer

People have no clue what Reno’s like that take lol. The amount of sweat equity your friends put in would likely never be realized in their gains, but by doing it yourself you’re really just paying yourself back with the equity gained.

Most people can’t change a light switch themselves. I have a few things in my own home that I did that were so over the top and weird I don’t think a contractor would even know what to charge for them

I did a cosmetic (lipstick) reno on my untouched-from-1970 kitchen during the pandemic. Out of necessity - nobody had any cabinets in stock, supply chain issues, etc. etc. Even just being a superficial reno it was a lot of work. Like an additional part time job kind of work. I'm sure part of it was because I am a home reno noob and there was lots of learning, but still, it's not like it was a one-weekend project.

To do a cosmetic update on an entire house is not a trivial amount of work and I agree with others saying that there's value add there. What is that work worth? I don't know but I guess the market decides.

EDIT: May as well brag a bit, here's the product of a pandemic's summers worth of evenings and Saturday afternoons. At least it was a break from WFH Zoom hell:

[EvoFire]

Originally Posted by carsncars

I did a cosmetic (lipstick) reno on my untouched-from-1970 kitchen during the pandemic. Out of necessity - nobody had any cabinets in stock, supply chain issues, etc. etc. Even just being a superficial reno it was a lot of work. Like an additional part time job kind of work. I'm sure part of it was because I am a home reno noob and there was lots of learning, but still, it's not like it was a one-weekend project.

To do a cosmetic update on an entire house is not a trivial amount of work and I agree with others saying that there's value add there. What is that work worth? I don't know but I guess the market decides.

EDIT: May as well brag a bit, here's the product of a pandemic's summers worth of evenings and Saturday afternoons. At least it was a break from WFH Zoom hell:

You kept that brown fridge? And it looks like the fridge barely fits under the cabinet.

[68style]

Fantastic job man, colour choices are on point. Appliances can just be pulled out/swapped any time.

[carsncars]

Originally Posted by EvoFire

You kept that brown fridge? And it looks like the fridge barely fits under the cabinet.

Yeah, there's maybe 3-5 mm clearance under the cabinet. I actually was going to replace the fridge but the sales guy said I'm better off keeping the fridge until it dies as it may outlast any new fridge I buy (? worst sales guy ever).

[PeanutButter]

Is the flooring the same or different? The lighting makes it look like it's different, but it also looks the same?

[carsncars]

Originally Posted by PeanutButter

Is the flooring the same or different? The lighting makes it look like it's different, but it also looks the same?

Same flooring. First photo was the RE listing where they cranked the saturation to make the cabinet veneer look warm, it was actually a much more unpleasant shade of brown. Second photo is truer to life.

I would’ve rather ripped out the cabinets and replaced them with IKEA SEKTION but COVID. So it’s just the old doors but I added the trim and painted them all.

[snowball]

I actually really like the fridge, if you had modernized your kitchen I would've said get some stainless, but now this looks more like a dark academia aesthetic vibe. And hell yeah it's true what they say about old appliances, keep using it if works!

[donk.]

Originally Posted by snowball

I actually really like the fridge,

X2

[carsncars]

Originally Posted by snowball

I actually really like the fridge, if you had modernized your kitchen I would've said get some stainless...

When the entire kitchen was brown I was thinking 100% the fridge would have to go. Once things were less brown overall, I'm pretty fond of how it complements the cabinet colour and dark bronze hardware.

Originally Posted by snowball

...but now this looks more like a dark academia aesthetic vibe.

Thanks, I'm happy with how it came out aesthetically. Everyone told me not to do blue cabinets but now it's done, even my realtor friend thinks it'll have buyer appeal over the usual IKEA white cabinets.

Honestly, spending $15K+ on a full new kitchen for this place probably would've been a waste when this'll probably be the last kitchen update this house gets. Busy street in Joyce/Renfrew Heights area, so it's probably headed for a teardown and rebuild eventually.

[Badhobz]

Sigh even that kinda cosmetic upgrades cost a fortune. 15k ! Jesus. All house related crap is big bucks.

I remember a buddy of mine didn’t get new cabinet doors but instead just got his old doors repainted professionally. I think that set him back like 2k vs 10k for new doors.

[SSM_DC5]

Any of you try claiming the Multigenerational Home Renovation Tax Credit? Or perhaps someone you know that went through the process?

https://www.canada.ca/en/revenue-age...ax-credit.html

[SSM_DC5]

Originally Posted by Badhobz

Sigh even that kinda cosmetic upgrades cost a fortune. 15k ! Jesus. All house related crap is big bucks.

I remember a buddy of mine didn’t get new cabinet doors but instead just got his old doors repainted professionally. I think that set him back like 2k vs 10k for new doors.

Cabinet guy told me that it's the doors that drive up the cost. The boxes are cheap like $50.
That small kitchen probably shouldnt be 15k though. For around 15k, I did 1 kitchen + 3 bathrooms where I did new doors, new counters, new handles, change to soft close hinges.

[bcrdukes]

carsncars - Nice reno!

Which massage chair make/model is that in the background? Looks like a Panasonic to me, but hard to tell.

[carsncars]

Originally Posted by SSM_DC5

For around 15k, I did 1 kitchen + 3 bathrooms where I did new doors, new counters, new handles, change to soft close hinges.

That's not bad. I'm looking at doing the basement kitchen right now + 2 bathrooms. I'm not sure I have the energy in me to DIY again, but finding a good contractor also seems like work in itself.

Here's what my basement bath looks like right now : love the avocado coloured toilet/bathtub/sink