Vancouver's Real Estate Market

[Eff-1]

Originally Posted by BIC_BAWS

They did a security audit and found out that the developer cheaped out on a lot of stuff where it's a huge security concern.

This is common, all developers do this.

RCMP has told us it's common for thieves to target new builds because they know the security measures are often limited.

Our strata was repeatedly targeted by break-ins in the first year. Upgrading security was declared an emergency by the council and had to spend part of the CRF to make upgrades.

[quasi]

Not surprised on quality issues, residential construction goes so cheap unless you're one of those subcontractors that works on huge volume (like 15+ towers a year) it's not even worth doing. The guys working on these projects in the lower mainland (at least our trade) are the cheapest of the cheap which you honestly have to do to have any shot of getting the project done on budget.

We don't do a lot of it in the lower mainland like maybe 1 every 4 or 5 years and almost every time we do the owner of the company I work for is reaching into his jeans to finish the job because it's such a fucking shit show. I don't really understand why he bothers to be honest.

The island is usually better pricing but even that can be a challenge, we're currently finishing up 3 towers there right now two of them we'll probably get out even not making a dime one he's got to kick in over a million to finish......

I prefer commercial or hospitals, way less volatile than that shit show known as residential towers.

[Tapioca]

Late 90s and early 2000s is probably the sweet spot for housing here:
- Rainscreening
- Modern electrical
- Pex plumbing
- No asbestos
- Higher likelihood of plywood subflooring and sheathing
- More open layouts and larger windows

[fliptuner]

Last week, I spoke with a guy who bought a TH in PoCo this spring, that was an ex-growop in 2010. Because it was flagged as such, he picked it up 15% under market value. Not long after, BC Assessment contacted him, asking why he bought it so cheap. When he told them it was flagged as such, they said that it was recently lifted and and future sales need not note that, in its history. So basically his property value rose 15%.

Anyone know if this applies, across the board? My parents place is an ex-growop from the early 2000's and if this is true, would significantly increase their property value.

[Gerbs]

What is the maintenance on a fridge built into the wall lol

[Alpine]

Originally Posted by Gerbs

What is the maintenance on a fridge built into the wall lol

It's not the maintenance. Let's say something stops working and they need to check the back of the fridge. It's going to be very difficult to address since the fridge is built into your cabinets and they just can't slide it out. Also, good luck with your cabinets since they'll likely suffer some damage along the way.

[yray]

lol and good luck buying the same size again 10 years down the road

[Hondaracer]

Well the fridge had to get in there to begin with so there must be a couple panels which you can remove to access it.

[underscore]

^ depends if it was installed by someone who was thinking of that.

[Ludepower]

Originally Posted by yray

lol and good luck buying the same size again 10 years down the road

Rich people problems. Everyone is switching over to built ins for new builds.

Seamless, clean and modern looking.

[GS8]

I live in a 3 year old Bosa building. I'm the second tenant and in my time here, the quality has held up but I can't say if any repairs were done in the first couple of years and I've only been here just over 1 year. I also have one of those cabinet fridges. It fits seamlessly into the rest of the cabinets. It's hard to determine what comes out. Might require special tools. I don't know nor do I care. It's not me who'll pay when something inevitably happens to it.

These new layouts are comical and the builds overall are clinical and depressing. I wouldn't complain as much if they weren't overpriced for what you got. Each new tower going up is like a monolith from 2001. Crushing what lay dominant before.

Of course, being demovicted, I got to see both sides of it to which I found repulsive yet in line with conventional norms.

They build so fast, the quality will not hold up. Like new cars, appliances, etc, these new buildings won't age well and are probably designed to fail at the expense of the owners' pockets.

EDIT: These new builds are purpose built to be rental units. Let's not kid ourselves.

[Hondaracer]

Ironically (or not) when i worked at Trump the finishing quality was amazing..

Building high rises is pretty straight forward and for the most part all major builders have good systems in place which enables speedy builds as opposed to cutting corners etc.

While i dont work in construction anymore, high rises are very straight forward in terms of plumbing and electrical. Finishing details and final prep in things like levelling floors, etc. is where you will see the "rush"

I've said it before but unfortunately if you're buying a studio, 1BR, etc "lower end" unit within the build, even though you're paying rediculous prices, you're not going to get the finishing you'd expect for the price. And this is just due to the trickle down effect of taking lowest bids, cost overruns, etc.

[Tapioca]

Electrical and plumbing can be straightforward on paper since most buildings are now designed to maximize square footage rather than aesthetic needs.

Considering that water damage is a major source of insurance claims, the issue I would be concerned is the quality of the pipes in new construction. It may be UL listed stuff builders use, but the fittings and shut offs are where corners can be cut. Perhaps the grade of copper used at crucial points in the system could be a long term issue as well given the rising prices of copper.

[BlackV62K2]

https://bc.ctvnews.ca/overdose-preve...ncil-1.5153569

https://dailyhive.com/vancouver/vanc...ss-acquisition

+ They want to approve more tent cities.

Ffs, I cant wait for this dumbass mayor to leave along with the rest of the council. Thanks spending our tax dollars and turning DT Vancouver and surrounding areas into a cesspool.

Master plan to reduce housing price in this area cause no one will want to live here in the long run???

[GLOW]

@hondaracer i thought you were still in construction, just in the office

[Hondaracer]

Nah left the industry completely

[gilly]

Originally Posted by Tapioca

Late 90s and early 2000s is probably the sweet spot for housing here:
- Rainscreening
- Modern electrical
- Pex plumbing
- No asbestos
- Higher likelihood of plywood subflooring and sheathing
- More open layouts and larger windows

Mostly. I just bought a house in Poco. Built in 1998. It still had poly-b piping =(

[Tapioca]

Originally Posted by gilly

Mostly. I just bought a house in Poco. Built in 1998. It still had poly-b piping =(

That sucks. My understanding is that it wasn't removed from the code until 1998, though I figured most builders would have transitioned to Pex after 1996.

We're replacing our entire house with Rehau Pex right now.

[BIC_BAWS]

Originally Posted by Tapioca

Late 90s and early 2000s is probably the sweet spot for housing here:
- Rainscreening
- Modern electrical
- Pex plumbing
- No asbestos
- Higher likelihood of plywood subflooring and sheathing
- More open layouts and larger windows

Note on electrical, aluminum wiring is a pain in the ass. Even if you make it safe by a certified electrician, insurance still doesn't like that. Moral of the story, don't buy any place with aluminum wiring or if you are, rewire the whole thing from top to bottom.

[Doubl3_H]

Originally Posted by Tapioca

That sucks. My understanding is that it wasn't removed from the code until 1998, though I figured most builders would have transitioned to Pex after 1996.

We're replacing our entire house with Rehau Pex right now.

I hope the plumbers are using copper crimp rings, not the China pex black rings. Depending on the locations of the joints, the black rings are prone to corrosion if there's a heavy presence of humidity.

That's why I went with wirsbo pex and fittings for my whole house. Less chance of an un-crimped connection and the joints only gets stronger over time.

[Tapioca]

Originally Posted by Doubl3_H

I hope the plumbers are using copper crimp rings, not the China pex black rings. Depending on the locations of the joints, the black rings are prone to corrosion if there's a heavy presence of humidity.

That's why I went with wirsbo pex and fittings for my whole house. Less chance of an un-crimped connection and the joints only gets stronger over time.

We specifically paid more for a company that would use copper crimps and fittings and North American sourced shut offs to reduce chances of failure.

[Gerbs]

Does anyone have investment properties out in Langley or Calgary? Looking for rental units that cash flow.

[JDMDreams]

What do you mean by cash flow, it's gonna be tough as prices are high vs rental demand. how much are you spending to purchase it? I doubt you can get $1500 based on current situations without spending at least $400k and I would say $2000 is near top end, furnished in those areas unless you have more than one bedroom. Which again is tough if you have a small budget.

[Gerbs]

Originally Posted by JDMDreams

What do you mean by cash flow, it's gonna be tough as prices are high vs rental demand. how much are you spending to purchase it? I doubt you can get $1500 based on current situations without spending at least $400k and I would say $2000 is near top end, furnished in those areas unless you have more than one bedroom. Which again is tough if you have a small budget.

By cash flow, I am talking rent covering the mortgage, strata, condo insurance, vacancy, property tax, and utilities. More common in rural cities than A list cities. The closest thing I could find locally was in Kelowna. That's why I was wondering if anyone had properties outside of Vancouver. Was wondering if it's difficult to manage even with property management.

[m4k4v4li]

looking to purchase a property with significant other, we're currently living in my 1 bdr downtown and looking to move. I have about 55% of the assessed value paid off. I'm hesitant to sell as the assessed value has dropped $100k this year, many units are up for sale in same building and I'd take a significant haircut. Will banks lend a significant portion against a second mortgage?

need a bigger space and would like to leave downtown

for those that have been in similar situation or can provide insight:
would you
a) sell at a loss
b) finance a second mortgage and rent out existing property
c) rent out existing property and move into larger rental unit
d) stay in existing 1bdr for awhile longer and build up more equity
e) other