Vancouver's Real Estate Market

[JDMDreams]

How would that work? You pay an extra $130000 worth of taxes? No one is stupid enough to do that

[noclue]

Originally Posted by spacemanrick

I had an interesting conversation with a friend this week. His brother recently bought a new build condo in South Vancouver that was listed for $1,080,000. The realtor for my friend's brother said the developer was offering a $130,000 discount credit on the purchase of the $1,080,000 property. The $130,000 credit was made through a separate addendum to the purchase agreement so the sales transaction shows up as $1,080,000 on the purchase records and I assume MLS. How common is this done by developers to artificially inflate the selling prices of their properties on the MLS?

Its one of their bank covenants for construction loan for the developer. they have a set price. They can use an addendum to give discounts and get around it.

[PeanutButter]

Does anyone know the name of the development that is close to Burrard near kits? There are two huge towers going up there, but I can't find info on it. My google skills are shit.

[JDMDreams]

Is it the Indian ones?

[snowball]

Originally Posted by PeanutButter

Does anyone know the name of the development that is close to Burrard near kits? There are two huge towers going up there, but I can't find info on it. My google skills are shit.

Senakw

[CivicBlues]

Originally Posted by JDMDreams

Is it the Indian ones?

feather not dot.

[PeanutButter]

Thank you. I went to their site, but there's no info about purchasing them. Are they only for first Nations people? Does anyone have info on it

[whitev70r]

aren't they all rentals?

[supafamous]

Yep, all rentals for this development as it's 100% 1st Nations. I think the Jericho Lands project will have some that can be bought but even then it'll be a leasehold. 1st Nations ain't selling Whitey their land no more.

[Hondaracer]

Re the Jericho development:

https://vancouver.citynews.ca/2025/0...ing-emotional/

Love all the nimbyism ya fucking clowns. You guys have lived in an untouched pocket for generations and now when they develop the area that’s completely undeveloped and under utilized it’s “monstrous” lol fuck off.

Every other neighborhood had to absorb the same shit. Our neighborhood had very little engagement in terms of the nanaimo re-zoning plan and up and down Hastings etc. etc. we just all had to eat it, albeit it’s worked out almost exactly as I expected in terms of the gentrification of retail spots.

Boohoo, your 15 million dollar home 10 blocks away up Granville is going to be in proximity to a tower.

[JDMDreams]

I'm sure it's built by the dots as there's not enough feathers to build them.

Originally Posted by CivicBlues

feather not dot.

Also we're giving them to much money if they have money to build this themselves.

[JDMDreams]

And how dare boc hold rates. I think they are gonna have to pay catch up in June, cuz I don't see trade war resolved or get better by then.

[6793026]

I'm happy they held. You can't keep dropping like there's no tomorrow. Heck, you can drop .5 next time. For now and for the pause, we'll see.
I know they are indifferent, but also depends on which gov't gets elected. Let's see what happens on June 4. (next rate announcemnet)

[Eff-1]

I'm not sold on the plan for Jericho. Kind of feels like a copycat of Oakridge or Brentwood. Super expensive shoeboxes in the sky that not only will be unaffordable to most, it's not going ot be family-friendly housing.

Toronto way overbuilt shoebox condos over the past decade and now their condo market is a dumpster fire.

I definitely feel like that land needs to be developed. but at a glance it looks like the wrong way to go. That said, I haven't looked into details, these are all assumptions of mine based on the renderings.

[Hondaracer]

If you’re building purpose built rental buildings, it’s a huge risk for the developer.

As I’ve said before if you’re going to give all this slack to the First Nations in terms of just pushing through this development and being extremely lenient with a development like this compared to other developers who would -never- see a project of this scale approved, you better not be fucking bailing them out when this fails.

With the new skytrain it makes a bit more sense but the last thing anyone wants to see is some sort of govt. bailout on this project

Also seems to be a huge shortfall in market rate rentals with these new developments, which kind of lends itself to that oversupply argument. But then again, if you start putting below market rent units in developments like this people are going to lose their minds

[JDMDreams]

^^ I mean it's easier to balance the books if you don't pay taxes

[pastarocket]

Your thoughts on Vancouver city council approving this rezoning application for condos at East Broadway and Commercial Drive?



https://vancouver.citynews.ca/2025/0...aws-criticism/


A controversial housing development at one of Vancouver’s busiest transit hubs is one step closer to breaking ground.

On Tuesday, Vancouver City Council approved a long-standing rezoning application to redevelop the Safeway location at Commercial Drive and Broadway.


Local developer Westbank plans to build three high-rise rental towers above the Safeway, adding over 1,000 new rental homes with heights reaching up to 44 storeys.

But some affordability advocates believe the city is signing off on a future most residents can’t afford, with no below-market units and only 10 per cent priced at the “city-wide average” rental rate.

“These will be luxury suites, not affordable for the average Vancouverite, and certainly not for people who live in the East Van community,” said Paisley Woodward, spokesperson for a group called No Megatowers At Safeway.

“The fact there’s over 1,000 rental suites, and there is no affordability provision of any significance at all, is appalling,” Woodward added.

Under typical city policy, at least 20 per cent of new rental units should be priced below market. But the Safeway project is one of five being allowed under a pilot program that waives that requirement provided certain conditions are met, like building on city-owned land and including a substantial mix of family-sized units.


Sent from my iPhone using Tapatalk

[donk.]

1000 more units?
Good start, now approve another 200 complexes throughout the city to increase supply.

No affordability provisions? Woodward should start a construction company, make all the units affordable, then get back to us how long he stays in business.

[JDMDreams]

Yea get the fuck out. Everything has a cost, you bitch about homeless and no supply and people actually take the risk to build rental supply and you bitch that it has to be cheap for the poors, well beggars can't be choosers go make more money. People are here to do business to make money, if you want charity go ask ndp. Why don't you ask mcd to have charity poor people meals.

[supafamous]

Originally Posted by pastarocket

Your thoughts on Vancouver city council approving this rezoning application for condos at East Broadway and Commercial Drive?

https://vancouver.citynews.ca/2025/0...aws-criticism/

But some affordability advocates believe the city is signing off on a future most residents can’t afford, with no below-market units and only 10 per cent priced at the “city-wide average” rental rate.

“These will be luxury suites, not affordable for the average Vancouverite, and certainly not for people who live in the East Van community,” said Paisley Woodward, spokesperson for a group called No Megatowers At Safeway.

“The fact there’s over 1,000 rental suites, and there is no affordability provision of any significance at all, is appalling,” Woodward added.

I'm a bit surprised by the relaxation of the below market rental requirement BUT at the end of the day I'm in favour of more housing especially in a location like that. If there's anyone to blame for the lack of below market rental units it's the people who fought against the development for so many years. These idiots were harming themselves by fighting it. The spot is home to the busiest transit station in Vancouver - where else would you build dense housing? The fuck are they thinking?

[underscore]

I'm sure they can still make a shitload of money with "only" 80% of the units being above market rate.

[JDMDreams]

^^ last time I checked rents in lower mainland were dropping according to what ever research company and how they get the #s. It's a free market, stop trying to stick your dick in it like trump. People will pay what ever the market demands. They can't price one beds at $6000 a month as it will sit empty. This is econ 101 supply and demand.

And if they truly want more rental units they will get rid of the tenant protection bs, and capped rent prices not inline with property tax increases.

[Eff-1]

I'm glad they approved it. Then in theory, the people who are living in older stock but can afford newer and nicer places will move there. Thus freeling up the older, less expensive stock for others to move into.

The only downside here is that it's Westbank and the quality will be terrible, haha.

[JDMDreams]

^ it's a rental so it doesn't matter. Wasn't west bank supposedly going belly up?

[Harvey Specter]

Sheesh, another condo development. There’s already a shitload of condos on the market, and that’s not even counting presale units stacking. We’re likely heading in the same direction as Toronto, where there are so many units available that sellers can’t even give them away.