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06-02-2017, 03:32 PM
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#9901 | | My dinner reheated before my turbo spooled
Join Date: Oct 2002 Location: vancouver
Posts: 1,765
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Originally Posted by quasi  The biggest stress I have right now is not being able to find anyone qualified to help me out, we've been looking for months with zero success. | Same, finding someone in a trade that gives a flying fuck is next to impossible.
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06-02-2017, 05:06 PM
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#9902 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
Posts: 2,127
Thanked 829 Times in 407 Posts
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I'm in a conundrum right now.
Still looking to buy a 2 bedroom, haven't found much that we like with the low inventory levels. What we have liked, has gone for $40k to $70k over asking and we have been outbid.
Found a pre-sale unit in New West that has a floorplan that is exactly what we were looking for, with features that check most of the boxes. Only problem is that we would have to wait until 2019 for move-in, if there are no hold ups or delays. Obviously everyone is in different situations, but we would have to rent for 2 more years and wait for the building to be completed. Not ideal, but it also wouldn't be the end of the world.
From my understanding, if we bought pre-sale, we wouldn't get locked into a mortgage rate until the building was complete in 2019? And if mortgage rates go up, that would be an additional cost.
The other option at this point, is to wait out the summer and what comes on the resale market in August/September with hopes that there are less bidders.
Thoughts?
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06-02-2017, 05:09 PM
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#9903 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 36,404
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if you look on the last page my first post there i lost 50-70k in a 6 month span on a 2BR condo in a 31 year old building from January to today.
I'd say if you can afford it, i'd go with the presale personally, you may get a little more for your money if you can get a unit you like.
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Dank memes cant melt steel beams
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06-02-2017, 09:17 PM
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#9904 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Feb 2017
Posts: 195
Thanked 202 Times in 68 Posts
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Originally Posted by Hondaracer just never sign off on it.
Peeps moving into a new unit, pay me $50 an hour and i'll be your new 'friend' for your walkthrough lol | might take you up on this in a few months  | |
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06-02-2017, 09:24 PM
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#9905 | | My homepage has been set to RS
Join Date: May 2001 Location: New Westminster
Posts: 2,339
Thanked 357 Times in 165 Posts
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Fuck this market and the speculators.
Remember this site? https://vancouverpricedrop.wordpress.com/
This was the market before dirty Chinese money came to town.
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06-02-2017, 10:12 PM
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#9906 | | HELP ME PLS!!!
Join Date: May 2002 Location: vancity
Posts: 5,734
Thanked 722 Times in 364 Posts
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Originally Posted by quasi I hear you, it can be frustrating I'm just glad the scheduling stress isn't really mine to bare but I do feel bad for our foreman and my bosses. Don't get me wrong it's not like I don't have stresses there just different, meeting tight deadlines or missing something on an estimate and costing my company a bunch of money. The biggest stress I have right now is not being able to find anyone qualified to help me out, we've been looking for months with zero success. | I've found UrbanOne and PCL to be very competent construction managers and contractors. If that's the market or service you're looking for.
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06-02-2017, 10:16 PM
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#9907 | | I answer every Emotion with an emoticon
Join Date: Apr 2004 Location: Vansterdam
Posts: 7,965
Thanked 1,762 Times in 904 Posts
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Originally Posted by zyzzjr | 2. Thind (The kind of cramming an extra bed room into a space just so they can say it's a 3 bed room for x price!)
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"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!
GREG ADAMS!! GREG ADAMS!!"
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06-02-2017, 11:00 PM
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#9908 | | 14 dolla balla aint got nothing on me!
Join Date: May 2013 Location: Richmond
Posts: 619
Thanked 676 Times in 228 Posts
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Originally Posted by JDMStyo Rennie ppl already wrote and spoken for most of it. If you didn't write today or tmrw wait for rescission.
Most ppl got 1 out of 10 requests. Burquitlam or anything near Skytrain has been exploding as of late. 1BR under $400k is like scoring Jordan 11's (insert your favourite shoe) on Footlocker launch date. | I offered Monday when it was the deadline.
Whatever, my real estate agent informed me 6000 applicants applied for the units lol
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06-02-2017, 11:57 PM
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#9909 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
Thanked 3,731 Times in 1,322 Posts
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Originally Posted by DragonChi I've found UrbanOne and PCL to be very competent construction managers and contractors. If that's the market or service you're looking for. | I've done a lot of work for PCL they are one of my preferred contractor to work for. We've recently started doing some stuff for Urban One, I haven't dealt with them enough to get that first hand knowledge of how they work.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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06-03-2017, 12:57 AM
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#9910 | | My homepage has been set to RS
Join Date: May 2001 Location: New Westminster
Posts: 2,339
Thanked 357 Times in 165 Posts
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Originally Posted by winson604 2. Thind (The kind of cramming an extra bed room into a space just so they can say it's a 3 bed room for x price!) | 1. Westbank
2. Thind
3. Onni (the worst)
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06-03-2017, 01:01 AM
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#9911 | | i like gifs
Join Date: Dec 2001 Location: imgur
Posts: 27,179
Thanked 7,785 Times in 2,695 Posts
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I've heard of Onni buildings where the common area walls would have a bit of a give if you pushed on it.
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06-03-2017, 05:47 AM
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#9912 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jul 2006 Location: Vancouver
Posts: 5,120
Thanked 2,774 Times in 1,171 Posts
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Damnit now you guys have me all worried about the walkthrough for my upcoming presale handover.
__________________ Quote:
Originally Posted by HollyZ32 i look so damn white in all the pics! lol
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06-03-2017, 06:22 AM
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#9913 | | Rs has made me the woman i am today!
Join Date: Jan 2011 Location: Vancouver DT
Posts: 4,314
Thanked 2,796 Times in 915 Posts
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there should be a warning list for such shitty buildings.
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Fly Your Own Flag.
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06-03-2017, 08:04 AM
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#9914 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 36,404
Thanked 14,316 Times in 5,636 Posts
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Where can I upload a document and post a link here? I'll post up my walk through checklist again
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Dank memes cant melt steel beams
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06-03-2017, 08:24 AM
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#9915 | | My dinner reheated before my turbo spooled
Join Date: Oct 2002 Location: vancouver
Posts: 1,765
Thanked 640 Times in 242 Posts
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alot of the issues you won't even find in your walk through
Youll need to live in the space to find the serious or really annoying problems. Then youll have the issue of having the developer fix any problems. They have your money and some developers could careless or think your being to picky.
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06-03-2017, 11:12 AM
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#9916 | | I Will not Admit my Addiction to RS
Join Date: May 2014 Location: Home*
Posts: 513
Thanked 387 Times in 128 Posts
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06-03-2017, 11:51 AM
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#9917 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 15,296
Thanked 15,393 Times in 5,088 Posts
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I honestly don't think this market is ever going to crash... there's a virtually unlimited source of buyers... if you think about the fact that 1% of a country's population is what you'd consider ridiculously wealthy, given China's population of 1.4 billion, that's 14 million people that are, for all intents and purposes, so wealthy they can outspend most anyone else on the planet.
It's not going to end soon at all... when a group of people numbering half the population of Canada can out-spend any single person in Canada, we're fucked.
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06-03-2017, 12:55 PM
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#9918 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,567
Thanked 6,290 Times in 2,507 Posts
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Originally Posted by 68style I honestly don't think this market is ever going to crash... there's a virtually unlimited source of buyers... if you think about the fact that 1% of a country's population is what you'd consider ridiculously wealthy, given China's population of 1.4 billion, that's 14 million people that are, for all intents and purposes, so wealthy they can outspend most anyone else on the planet.
It's not going to end soon at all... when a group of people numbering half the population of Canada can out-spend any single person in Canada, we're fucked. | The (out)flow of people & money out of China depends on a great extent on how effective China's money outflow control is. It has been gradually becoming more effective, but as I have said before many times, when it comes out securing their own money, Mainland Chinese not only become extremely resourceful, they also have an unbending will to get it done, whatever it takes and however it takes.
The Canadian immigration and business policies are also partly responsible for the inflow of the ultra rich. With Trudeau in place and his close ties -- or at least, his willingness to bend over and lick some Chinese balls -- we're fxxked on that front too.
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06-03-2017, 12:56 PM
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#9919 | | I *heart* Revscene.net very Muchie
Join Date: Apr 2007 Location: Langley
Posts: 3,918
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It may not crash but it will definitely reach a point where it levels off. It will probably take strong government action to do so though, so I won't imagine it'll happen very soon, but it will happen.
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06-03-2017, 01:17 PM
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#9920 | | I contribute to threads in the offtopic forum
Join Date: Jan 2005 Location: North Vancouver
Posts: 2,896
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Originally Posted by Rallydrv | This infographic makes a good point. Older gen already-home-owners don't understand that they too would be struggling in today's housing market even with their "hard work" and "ambition"
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06-03-2017, 02:34 PM
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#9921 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,567
Thanked 6,290 Times in 2,507 Posts
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Originally Posted by MarkyMark It may not crash but it will definitely reach a point where it levels off. It will probably take strong government action to do so though, so I won't imagine it'll happen very soon, but it will happen. | Isn't the regular single detached home market already kind of like that? Seems to me that I have seen quite a number of $1.7M+ older houses, along with a number of $3M (or near $3M) brand new houses being on the market for quite a few weeks, and they are still here.
Meanwhile, the sub-$1M townhouses / condo market is as scorching hot as ever...
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06-03-2017, 04:55 PM
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#9922 | | HELP ME PLS!!!
Join Date: May 2002 Location: vancity
Posts: 5,734
Thanked 722 Times in 364 Posts
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Originally Posted by Hondaracer Where can I upload a document and post a link here? I'll post up my walk through checklist again | dropbox
google drive
Microsoft Onedrive https://uploadfiles.io | |
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06-03-2017, 08:23 PM
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#9923 | | My homepage has been set to RS
Join Date: May 2001 Location: New Westminster
Posts: 2,339
Thanked 357 Times in 165 Posts
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Originally Posted by VR6GTI alot of the issues you won't even find in your walk through
Youll need to live in the space to find the serious or really annoying problems. Then youll have the issue of having the developer fix any problems. They have your money and some developers could careless or think your being to picky. | It was the worst 2 years of my life dealing with a shitty developer that didn't want to fix your problems. As someone said, buy something that's 2 years old.
1. deficiencies should be fixed by then
2. strata should be mature enough
3. don't have to pay tax (GST)
4. don't have to deal with the developer
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06-03-2017, 09:43 PM
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#9924 | | I contribute to threads in the offtopic forum
Join Date: Mar 2011 Location: Vancouver
Posts: 2,512
Thanked 2,169 Times in 959 Posts
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Originally Posted by nah It was the worst 2 years of my life dealing with a shitty developer that didn't want to fix your problems. As someone said, buy something that's 2 years old.
1. deficiencies should be fixed by then
2. strata should be mature enough
3. don't have to pay tax (GST)
4. don't have to deal with the developer | ^ This. I live in a duplex that I purchased new. It was a nightmare dealing with the deficiencies as the builder refused to resolve most of them (we talked with lawyers who basically said we were SOL). Our neighbour said they have a leak in the 2nd floor ceiling now (18 month old house) and the builder said he just wants to paint the stain rather than open it up and fix it.
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06-03-2017, 10:42 PM
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#9925 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
Posts: 4,968
Thanked 2,459 Times in 1,126 Posts
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Originally Posted by Liquid_o2 I'm in a conundrum right now.
Still looking to buy a 2 bedroom, haven't found much that we like with the low inventory levels. What we have liked, has gone for $40k to $70k over asking and we have been outbid.
Found a pre-sale unit in New West that has a floorplan that is exactly what we were looking for, with features that check most of the boxes. Only problem is that we would have to wait until 2019 for move-in, if there are no hold ups or delays. Obviously everyone is in different situations, but we would have to rent for 2 more years and wait for the building to be completed. Not ideal, but it also wouldn't be the end of the world.
From my understanding, if we bought pre-sale, we wouldn't get locked into a mortgage rate until the building was complete in 2019? And if mortgage rates go up, that would be an additional cost.
The other option at this point, is to wait out the summer and what comes on the resale market in August/September with hopes that there are less bidders.
Thoughts? | What's the difference in price between the pre-sale and the value of the condos you're bidding on? If the difference is small to nil, that pre-sale will cost you more once you factor in GST and the mortgage you will sign onto in 2 years. Interest rates have nowhere to go but up and in 2 years, you will most certainly pay at least 0.5% or more. That pre-sale condo will also likely be smaller than current units on the market and will be built and constructed more poorly than what you're looking at.
Another strategy you could employ is to buy a pre-sale at 15% down, then continue shopping for a better older unit. Keep 5%, apply for the BC HOME ownership program to bump up your own payment, and make an offer for an older unit you like. Assign the pre-sale to someone else before you have to complete the sale in 2 years and take the profit and pay off your BC HOME loan. Risky, but worth thinking about.
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