What conditions? I am pretty sure by the time it goes to public 80% is sold already.

Looking at this again, I can't see how those are attractive prices at all.

The Lighthouse (on Clark & Grant) is an older building that is much cheaper than this George development. The Station (on Moody between Spring and St. John) is a new-ish building selling for similar prices. Either of those options allows you to move in now, and all the deficiencies are already known.

The only benefit this George complex has over the Lighthouse or the Station is the townhouse with garage.

There's probably a good reason why that unit at the Lighthouse has been on the market for over 30 days. 782 SF vs 930 SF also explains the 100K difference in price.

The unit at the Station is less than 900 SF and is only 30K less.

The premier complexes in Port Moody are the Klahanies and Newport Village. When comparing George to the recent sales in those complexes, the prices at the former are quite reasonable for new construction.

The prices at the George are significantly under what the best units in Klahanie sell for, despite our units being 10 years older. Our tandem garage townhouses ~1375sf are selling $900K-$1M.

-Mark

We went to look at the Eternity development in Burnaby by Royal Oak/Kingsway 2 weeks back and it was a gong show inside. They had the Chinese radio station AM 1320 there as well, so on top of all the Chinese people inside, they decided it'd be smart to be screaming on the microphone about how great this development is. It was so loud that I couldn't even hear what the sales guy was saying and he was standing directly beside me.

Eternity has a good location though knowing dev personally they've sold/allocated all 1/2BR already last December. Don't hold your breath for anything below $700K last I checked.

Buying any units below 3rd floor I'd also walk the area too as there's a ton of industrial properties (automotive) in area and the wire/telephone poles are right outside your windows around 3-4th floor.

For Royal Oak and area - not bad. Though no AC in building 1 at $850/ft (IIRC) is a bit bonkers. With density going up in area, it's not a bad flip if you can manage to close on it next 2 years.

Wait...what?

Eternity is in such a shit location. The entire street that they're building on right now is full of shitty industrial buildings that nobody walks into. Right across the street is some car repair shop that looks like a chop shop straight out of a movie with the amount of rusted and old cars just littering the street.

They didn't allocate all their 1/2BR last December. We were there a few weeks back and there were lots of 1, 2, and 3 BR units available on the sheet as the sales person showed us while talking numbers.

Anyone seen/seeing the Avani Centre in Surrey? Going to some preview appointment this weekend and just wanted to get some additional thoughts on that project

https://www.avanicentre.com

First 7 floors are going to be a Hilton branded hotel and floors 8+ will be the residence. Access through the hotel or private entrance and you can purchase a gym/spa membership and use the hotel facilities.

AVANI
Should be a packed weekend - June 15-17. Less than 200 units available. $850/ft though isn't too cheap for a new developer (Virani). If King George Hub last year had 32K requests for 700 units this will fly. I know alot of R/E people that all picked up units at Hub which tells you something. With Langley LRT coming (5+ years) and Surrey growing and more affordable for young families, it's a good place to pick one up.
If you look at price sheet carefully $299K start is 350ft (no parking) and 3%+ assignment fee, it's one to likely hold to completion and sell.

5TH Avenue (marketing co) tends to blow out their projects hard and fast. Look at Township Commons (Langley) and Maverick (Surrey) lowrise. Should be similar end of June with Avani.

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Since we're on Surrey still... LINEA by Rize is probably nicer but won't be until July. At least they're a bit more creative with their themes on Goldhouse (Metrotown).
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re: Eternity, just relaying what I heard from someone who works there. Developer is super odd about timing as sell side agents had most of allocation back in Dec but no DS means no contracts. I just asked and maybe its some developer holdbacks - now selling at higher prices likely. There's only a handful of comparables of lowrise woodframes in Royal Oak area, namely some on Grimmer but those are 4-5 years old already and fetch $750/ft.

Forgot how much they're discounted but apparently they've only sold 3 of the 16 units and they're all upper units

The problem with Ward and so many other new floor plans is the significant lack of closet space for two people. And some of the "master bedrooms" look like they can barely fit a queen bed! Anyone currently living with 2 people in one BR apartment knows how important this can be.

Two level townhomes are generally less appealing to me. They sound big and cost more at 1000+ sq ft but the main living area including kitchen/living room (where you spend the majority of time) is never any bigger than what you find in a standard 1 br or 2 br condo. And the upper floor bedrooms are often tiny with lack of closets. Too much square footage is wasted on having stairs.

Some of the townhomes going up in North Van/Moodyville have decent floor plans that address these issues. They are however $1m plus.

Moodyville has larger lot sizes to work with, whereas, in East Van, you're working with a typical 33x120 lot. Stacked townhouses are pretty much going to be the norm for infill in Vancouver going forward. You'll only get larger footprint townhouses in former non-residential areas outside the inner suburbs.

From MLA canada: 70% of pre-sales released in May sold.

Quick update from AVANI (King George)...
Apparently assignment fee will be a staggering 50% for purchasers after June 25. Wow that's really taking a chunk (even more than Burrard Place and Jim Pattison's 25%) of the profit from speculators.

Or you can say it's a great strategy to blow out units this week when sales start for those that bought before June 25th.

long shot but any possibility a PMI can cover any month when your investment rental is vacant (down payment is 20%)

It depends... this is Mortgage Protection Insurance from big banks? It would help to know what bank you're with too, as they generally sell insurance from the big few as well (Manulife, Canada Life, etc).

I believe (from back when I was a big 4 bank) they cover only up to a certain amount (2018 figures is $3,000) up to $150K, on a list of job-interfering injuries.
Best to call your banker - who will then refer you to the subcontracted insurance company who REALLY handles claims.

https://www.cibc.com/en/personal-ban...lity-plus.html

Saw this article today and reminded me of your post:

Subdivision on North Van street divides community

Seems like sales of apartment is slowing down. Last year as soon as an apartment is listed it would get sold in a week or so. Now I am seeing some that's on the market for 1+ month longer.

Same thing happening in the Valley. I’m “waiting it out”.

Currently renting in a 2 year old condo since August if last year. In August 6 units sold, all within 5 days of listing. There’s currently 2 been up for 1-2 months, both of which have dropped 40k in price.

First time in years I've seen main roads in Vancouver littered with open house signs. Market is definitely cooling and it's going to get worst as rates go up and the NDP implements more RE cooling measures.

Went to check out Victoria by Mosaic in Burke Mountain yesterday and it was quite busy with all their 3 br townhomes already accounted for.

https://mosaichomes.com/property/victoria/

I think it was ~750k for 3br + den + 2.5ba and around 1550 sq ft. The place looked really nice, but the commute into Vancouver was far too long for what we wanted.

Mosaic builds a quality product too so you can rest *somewhat* assured in what you’re getting.

Man wish I had some liquidity where I could look for a rental property. Probably a primeeeee time to look for somthing in a 2 bedroom 8-12 years old with a good deprecation report as a rental property. Probably lots of negotiating potential

You can pretty much by the same product today throughout Burke Mountain for the same price. Polygon built several complexes of tandem garage townhouses on Burke over the last 5 years.

If you want to be closer to Vancouver with bus service to the Skytrain outside your front door, there are similar types of homes in Heritage Woods in Port Moody for under 800K.

Sad... slow down in market plus a new tower completed recently in my development, hindsight shoulda sold earlier :okay: