Vancouver's Real Estate Market

[originalhypa]

Originally Posted by stewie

I'm surprised things haven't escalated to that point yet.

As am I.....

All it would take is for a change in the squatting laws. All of these homes owned by offshore investors are just sitting there empty.

In California, if you pay the property taxes on an abandoned property for five years, the property becomes yours free and clear. That would ruffle some feathers in Shanghai, wouldn't it?

[CivicBlues]

Originally Posted by Hondaracer

There are more homeless people than ever in the lower mainland, and it’s not just whalley and the DTES, there are homeless people -everywhere- lately. They aren’t the ones that will eventually turn though, it will be your average person with a bit of a down payment and no place to live that will start throwing rocks through presentation center windows etc

It's much easier to continue renting, taking it up the ass with cost of living increases and bitch/moan about it in online forums

Or you can risk it all and get arrested and charged for a petty vandalism. Lose your job, family, friends when your dumb face gets plastered all over the 6 o'clock news.

[Scotsman]

There was this story recently on Global about all the people living in RVs now

https://globalnews.ca/tag/rv-living-vancouver/

[Mr.HappySilp]

Originally Posted by Scotsman

There was this story recently on Global about all the people living in RVs now

https://globalnews.ca/tag/rv-living-vancouver/

i haven't seen a RV at all. maybe they stay at a RV park, parking in the parks?

I mean where my parents live if you park one of these on the streets you are going to get a ear full and lot's of people are going to phone the city to get you out since there are hardly enough parking space for resident there. Where I live there are meters pretty much everywhere and no parking signs and they do tow your car away.

Honestly though I would rather rent a small bedroom than to live in a RV. I mean when you go on a date and they ask where do live? Yea I live in a RV or when friends/gf/bf wants to come over and chill..... Yea sorry but no room for anyone else but me. What about garbage?Cooking?TV?Internet?

[Tapioca]

Originally Posted by Mr.HappySilp

i haven't seen a RV at all. maybe they stay at a RV park, parking in the parks?

RVs are everywhere in the City of Vancouver. Glen Drive, the River District, Canadian Tire on Grandview are some hubs for RVs. I imagine by law enforcement in Vancouver turns a blind eye since homelessness is such a big problem in the city.

Other municipalities are probably not as lenient and tell motorhomes to move on.

[Mr.HappySilp]

Originally Posted by Tapioca

RVs are everywhere in the City of Vancouver. Glen Drive, the River District, Canadian Tire on Grandview are some hubs for RVs. I imagine by law enforcement in Vancouver turns a blind eye since homelessness is such a big problem in the city.

Other municipalities are probably not as lenient and tell motorhomes to move on.

I am pretty sure the resident would complain since there are already not enough street parking for them to use. I don't think people will have an issue if the RVs are park in a parking lot but not on resident streets.

[hud 91gt]

There is constantly some. Sort of van/RV outside my Gf's parents on the border of Kits/Point Grey since they live next to a park. Free parking without restrictions.

Last winter there was a Lexus SUV parked all winter with the car always running and windows fogged up. It was weird. Called that guy in. Haha but he remained for many more months.

[Hondaracer]

Def RV’s and mobile tiny homes in east van..been tempted to call a couple in

[Scotsman]

This reminds me about this story earlier this year

Housing 'Pickle': Old van renting nightly for $85 in Kitsilano | CTV Vancouver News

[Infiniti]

Commuting may cost more than avoiding a million-dollar Vancouver home: city expert

[lowside67]

Originally Posted by Infiniti

Commuting may cost more than avoiding a million-dollar Vancouver home: city expert

I love it... they simply added the estimated costs of commuting for 25 years to the price of the house to come up with the sensationalist headline.

Never mind the fact that you are not paying interest on your commute costs and don't need to qualify for your commute costs.

Dumb article.

-Mark

[originalhypa]

Originally Posted by lowside67

I love it... they simply added the estimated costs of commuting for 25 years to the price of the house to come up with the sensationalist headline.

Never mind the fact that you are not paying interest on your commute costs and don't need to qualify for your commute costs.

Dumb article.

-Mark

The argument against commuting goes beyond just simply financial costs. There is the time that you lose. My commute used to eat up ten hours a week. That's time I could have used to socialize, pick up a new skill, take on a hobby, or post hentai pron on RS.

I took a financial hit to keep my commute under ten minutes. That said, over the last 10 years my commute has become a lot busier. And that makes me road ragey.

[Tapioca]

Commutes aren't bad if you can find ways to make them productive.

I worked on my Masters while commuting on the West Coast over the last year. Now that I'm finished, I'm splitting my commute between driving and biking in.

Being stuck in traffic your entire commute is a lousy way to spend your day.

[Mr.HappySilp]

Originally Posted by Tapioca

Commutes aren't bad if you can find ways to make them productive.

I worked on my Masters while commuting on the West Coast over the last year. Now that I'm finished, I'm splitting my commute between driving and biking in.

Being stuck in traffic your entire commute is a lousy way to spend your day.

I spend my time on my skytrain taking a nap. Those 20 to 30mins naps really help. I also work early and get off early so I always get a seat.

[lowside67]

Originally Posted by originalhypa

The argument against commuting goes beyond just simply financial costs. There is the time that you lose.

Not disagreeing with that in the least. But the "method" of "estimating" that this "study" used to conclude that all houses "cost" $1MM+ is ridiculous. For example, people's value for their time to commute varies dramatically. People in the US seem to value their commute time at close to nil and 75-90 minute 1-way commutes are not unusual. For me, value of time above 30 minutes goes up exponentially commensurate with the drag on my energy.

-Mark

[Liquid_o2]

I don't understand how people can do long commutes. It not only robs you of time, but also takes a toll on your body since you are sedentary for that much longer.

[RiceIntegraRS]

Well u gotta look at other peoples points of view. Some people will gladly spend an extra hr - 1 1/2 hrs on the road a day to get to work (20-30hrs a month) than have a 400-500k plus mortgage just so they can live closer to work ($1800-$2200 monthly mortgage). Unless ur making over 150k a yr I can see why people will wanna do it. Obviously there's other variables like gas and taking advantage of what Vancouver has to offer but not everyone cares about that. I used myself as an example cause I bought a townhouse in surrey for 500k and I didn't wanna buy the same type of townhouse in Vancouver for a million. Made no sense for me dollar wise.

[Presto]

Originally Posted by Liquid_o2

I don't understand how people can do long commutes. It not only robs you of time, but also takes a toll on your body since you are sedentary for that much longer.

Time is everything. There's only so much of it in a day. For some people, that long commute is worth it. Not for me, I'm willing to make a little less to reduce my stress.

I've had the privilege of a short commute (6 min each way) for the past 10+ years. Before that, I had at least 90 min in traffic, commuting between Coquitlam and Richmond. Based on working ~230 days a year, that's 345 hours (14+ days) in traffic, every year. That's just wasted time, and not factoring other things like fuel and maintenance for the car. No thanks, for me!

[MarkyMark]

Originally Posted by Liquid_o2

I don't understand how people can do long commutes. It not only robs you of time, but also takes a toll on your body since you are sedentary for that much longer.

As opposed to getting home faster to sit and watch TV lol. It really comes down to the individual, someone will work 10 hours, drive home and still go to the gym, and others will be home a few hours earlier to sit and eat Doritos.

That being said, I'd want to kill myself if my commute ever became longer then 30 mins each way.

[Liquid_o2]

Originally Posted by MarkyMark

As opposed to getting home faster to sit and watch TV lol. It really comes down to the individual, someone will work 10 hours, drive home and still go to the gym, and others will be home a few hours earlier to sit and eat Doritos.

That being said, I'd want to kill myself if my commute ever became longer then 30 mins each way.

Yah, but the chances of wanting to go to the gym after an hour commute is less likely because you are exhausted. Some people may do that, but I bet the majority wouldn't.

I would gladly cut my living space by 1/3 to reduce my commute time by a significant amount. Currently, my fiancee's commute is 5 minutes, mine is 20-25 min depending on the bridge. When we were looking at places like Port Moody and Coquitlam to live in, we tried the commute after work once and those places were immediately nixed.

We also have to remember that not all people work in Vancouver. If people are looking for more space and a lower mortgage, it may be advantageous to see if there are work opportunities in the Valley within their industry. Being able to purchase a house, and have a short commute is where it is at.

[UFO]

Originally Posted by lowside67

For me, value of time above 30 minutes goes up exponentially commensurate with the drag on my energy.

+1

I did Coquitlam to Richmond for near 2 years. It was ok at first but the congestion got worse even over that stretch taking close to 90 minutes coming home. We also have 2 young kids to contend with, so my wife and I are both taking wear and tear thanks to them. Plus less available energy anyways as we work through our mid-30's.
My commute now is at most 30 mins. I get home only an hour earlier than previous, but this is a huge game changer in terms of making dinner, cleaning up after dinner, packing lunches, time with family, getting kids ready for bed, etc etc. Basically I've gotten an extra 20% post-work time by cutting my commute down

[Rallydrv]

right, u can make more money in the end. but can't make more time.



i got a place closer to mt. pleasant 5 years back, could have gotten bigger cheaper place in burnaby/NW or even south van,(marine drv) but the amount of time saved, not just to and from work but others. has been priceless

[GS8]

Time and Money: Very few of us can have both.

I used to spend 11 hours a week in my car doing a nasty commute. Working the banker hours didn't help. I felt myself turning to shit with all the sitting I was doing

Sitting in commute
Sitting at my desk
Sitting in commute
Sitting at home
Lying in bed

This takes a nasty toll on your body long term

Sitting risks: How harmful is too much sitting? - Mayo Clinic

But yes, people have different priorities. Many still value the pinnacle of life which is owning a DETACHED home. If it means living further away from work, then so be it. Life is all about sacrifice right? Especially with cost of living on the rise and kids not being cheap.

[JDMStyo]

Originally Posted by Gh0st

this!

Just to add maybe look at Var / Open and save the 3 month's interest expense (prepayment)

Source: former banker / current RE investor + RE insider

Montrose Square thing is insane. $299k one bedroom in this market will get you that though.

Back to presales market:

Tower 1 of Etoile (Brentwood/Holdom) area by Millennium sold out.
Tower 2 at $950/ft. 900 requests in one weekend for 250 units. Likely gone.

Downtown: Landmark on Robson speculated at $2,000/ft.

Downtown Eas/Falsecreek: Main & Second. Small builder but good corner. $1100/ft. Expected to well sell out. Walls move and murphy bed option ($6000). Everything on rollers - cuz you know 750 sq ft for two bed is pushing it

Townhomes around Kerrisdale I saw a launch by Oakwyn and some small Taiwanese dev - $1700/ft for 8 townhomes on 25th and West Blvd.

Low interest rate means stocks will go higher, and RE will go higher.
in NY ,California, friends that work in finance for billionaires are saying vacant lots these guys hold for fun went up 3X from $10 - 30M last few years. They don't even know what they'd buy if they sold so it's either hold or build.

[heleu]

Greater Vancouver home prices to drop 21 per cent by 2019: analysis

Thoughts on this? More doom and gloom prophesy that won't happen? Or an eventual reality?