Vancouver's Real Estate Market

[quasi]

Originally Posted by Hondaracer

Lol..so I just went to look at this unit..what a disgusting build omg..

So.. you have zero yard, nothing. Unless you consider those little box hedges lining your entry sidewalk. The green space in front of your door is a common sump/drainage pit:



Not only that, you are the back half of a joint unit, the front half which faces out onto 49th. So you’re also the only unit in this development with a common wall:



(This is the side view from the side the picture is of above)



Other side where there is another entry either to this unit or the front one:



This unit that is actually on Killarney and completely detached is sold so I wonder what this one sold for



Lol what a completely garbage unit.. The quality of the overall build seemed fairly suspect as well given the age and the signs of mildew etc on the fascia and other random things that stuck out to me walking into the complex. Also I’m assuming this only has street parking as the only way to get to this unit is through the common spaces in between other units

The one on Killarney says it sold for $1,070,000.

1400sf? Pretty close to what I paid for my house in the hood I guess. It says it's a strata?

[Hondaracer]

You’d be out of your mind to pay anything close to asking for that unit.

It will likely be some mainlander or somthing that eventually buys it to use as a hotel or for their kids because in terms of a long term home that unit is a complete joke.

[quasi]

Originally Posted by Hondaracer

You’d be out of your mind to pay anything close to asking for that unit.

It will likely be some mainlander or somthing that eventually buys it to use as a hotel or for their kids because in terms of a long term home that unit is a complete joke.

Yeah, I know I live in the suburbs but that's close to what I paid for my fully remodelled 4 bedroom house with baker views and a 1/4 acre lot. I'll stay where I'm at.

[underscore]

Originally Posted by bcrdukes

Kelowna itself is slowly transforming as a tech hub for the Okanagan with tech companies and startups getting funding, surrounding itself around the university with partnerships with both the private and public sector. 5G will likely drive this growth, but this will take a bit of time given COVID etc.

[Gerbs]

Originally Posted by bcrdukes

Kelowna itself is slowly transforming as a tech hub for the Okanagan with tech companies and startups getting funding, surrounding itself around the university with partnerships with both the private and public sector. 5G will likely drive this growth, but this will take a bit of time given COVID etc.

Any new tech companies and startups that are starting there?

[bcrdukes]

Time will tell, but if you've been keeping up, Rogers partnered with the UBC in Kelowna and they are doing a 5G project with the City of Kelowna while opening a pretty big call centre there. I recall reading that their project with the City is mainly based around the 5G technology along with artificial intelligence and machine learning capabilities to better understand traffic patterns and the logistics industry within the Okanagan. I would hope that's a good way to get things going.

But to help out our friend underscore, Kelowna sucks, no tech company is starting up there, and there is no investment due to COVID and President Trump, along with the Chinese flooding the town with Mainlander mannerisms and BMWs. Worst place. Ever. [Disclaimer: Not being racist]

[underscore]

Much obliged

[blkgsr]

what's the average pricing for a single detach, nothing too new or fancy, just a good 2nd home to rent out and make some cash

what "areas" would be best to look at?

[blkgsr]

Originally Posted by Gerbs

If you're going to Vernon, go to Kelowna. The realtors there seem bearish of the near future with the multiple high rise developments. They think supply will outweigh demand. But it's hard to say.

There are a few units there that cash flow $200-300/month but are $350 - 450k, 2 to 3 bedrooms.

I'd be looking to get a single family house

something either to rent out complete or with a basement unit to rent out as well

the unit could be done as air bnb

[Gerbs]

Kelowna has an 8-month principle residence rule to allow for Airbnb. Otherwise, we'd be printing money with short-term rentals in the summer and winter over there lol.

[bcrdukes]

Some time last year, I was in Kelowna for a friend's wedding, and while driving along the highway, I came across an interesting business model somewhere between Kelowna/Vernon where it was basically a business park (if you want to call it that) where it was a row of warehouses dedicated to storing luxury vehicles with a club/lounge type setting.

Given how baller folks in the Okanagan are with their luxury vehicles, boats and whatnot (looking at you, underscore) the place was leased out quite quickly. Demand exceeded their capacity, and the price per month was reasonable given the quality of the facility. Perhaps something to think about instead of just putting your money in residential housing. Most people can't drive their Ferraris year round in the Okanagan, so this is the kind of place where you'd cater to folks who have run out of space, or want to store their fun/weekend vehicles safely and in a clean facility.

Edit: I should add that the spaces were fully leased and committed for at least a year before the facility was fully built. I recall they were close to being finished with construction.

[blkgsr]

Ok so I'd just look at doing long term/normal lease renters then

[Hondaracer]

Originally Posted by Gerbs

Kelowna has an 8-month principle residence rule to allow for Airbnb. Otherwise, we'd be printing money with short-term rentals in the summer and winter over there lol.

Is this a bylaw or?

I’m also potentially looking at an investment property, more likely in Penticton though, so I’m wondering if the same applies there

[quasi]

Originally Posted by bcrdukes

Some time last year, I was in Kelowna for a friend's wedding, and while driving along the highway, I came across an interesting business model somewhere between Kelowna/Vernon where it was basically a business park (if you want to call it that) where it was a row of warehouses dedicated to storing luxury vehicles with a club/lounge type setting.

Given how baller folks in the Okanagan are with their luxury vehicles, boats and whatnot (looking at you, underscore) the place was leased out quite quickly. Demand exceeded their capacity, and the price per month was reasonable given the quality of the facility. Perhaps something to think about instead of just putting your money in residential housing. Most people can't drive their Ferraris year round in the Okanagan, so this is the kind of place where you'd cater to folks who have run out of space, or want to store their fun/weekend vehicles safely and in a clean facility.

Edit: I should add that the spaces were fully leased and committed for at least a year before the facility was fully built. I recall they were close to being finished with construction.

I bid on something like that here a few years ago, should be open now. Luxury automobile condominiums is how they market it.

https://thetroveclub.com/

[bcrdukes]

Yeah, exactly something like that!

[sdubfid]

Originally Posted by blkgsr

anyone have any insight on nanaimo or vernon for a rental investment property.

Anything specific you’d like to know?

[SumAznGuy]

Originally Posted by bcrdukes

Kelowna sucks, no tech company is starting up there, and there is no investment due to COVID and President Trump, along with the Chinese flooding the town with Mainlander mannerisms and BMWs. Worst place. Ever. [Disclaimer: Not being racist]

Oh man, we have been talking about Peachland. Close enough to Kelowna without being there.

That said, downtown Kelowna is messed up. It reminds me of DTES with all the homeless people.

So please don't go to Kelowna.

[Gerbs]

Originally Posted by Hondaracer

Is this a bylaw or?

I’m also potentially looking at an investment property, more likely in Penticton though, so I’m wondering if the same applies there

https://www.kelowna.ca/business-serv...t-term-rentals

Gotta pass Kelowna By-law then find a building that allows airbnb. If your unit is purchased prior to airbnb changes by strata. You can be grandfathered into being allowed to continue airbnbing.

[Manic!]

Originally Posted by bcrdukes

Some time last year, I was in Kelowna for a friend's wedding, and while driving along the highway, I came across an interesting business model somewhere between Kelowna/Vernon where it was basically a business park (if you want to call it that) where it was a row of warehouses dedicated to storing luxury vehicles with a club/lounge type setting.

Given how baller folks in the Okanagan are with their luxury vehicles, boats and whatnot (looking at you, underscore) the place was leased out quite quickly. Demand exceeded their capacity, and the price per month was reasonable given the quality of the facility. Perhaps something to think about instead of just putting your money in residential housing. Most people can't drive their Ferraris year round in the Okanagan, so this is the kind of place where you'd cater to folks who have run out of space, or want to store their fun/weekend vehicles safely and in a clean facility.

Edit: I should add that the spaces were fully leased and committed for at least a year before the facility was fully built. I recall they were close to being finished with construction.

We have this in Parksville. https://www.guygarages.ca/

[underscore]

Originally Posted by bcrdukes

Some time last year, I was in Kelowna for a friend's wedding, and while driving along the highway, I came across an interesting business model somewhere between Kelowna/Vernon where it was basically a business park (if you want to call it that) where it was a row of warehouses dedicated to storing luxury vehicles with a club/lounge type setting.

Given how baller folks in the Okanagan are with their luxury vehicles, boats and whatnot (looking at you, underscore) the place was leased out quite quickly. Demand exceeded their capacity, and the price per month was reasonable given the quality of the facility. Perhaps something to think about instead of just putting your money in residential housing. Most people can't drive their Ferraris year round in the Okanagan, so this is the kind of place where you'd cater to folks who have run out of space, or want to store their fun/weekend vehicles safely and in a clean facility.

Edit: I should add that the spaces were fully leased and committed for at least a year before the facility was fully built. I recall they were close to being finished with construction.

Don't look at me man, I drive shitboxes that have my neighbours calling bylaw

Toy storage is getting pretty big here though, I know of two big storage yards for RVs and a huge facility for storing boats just in West Kelowna along the highway. Even regular storage facilities have zilch for availability every time someone I know has needed one.

[blkgsr]

Originally Posted by sdubfid

Anything specific you’d like to know?

area of the city that would be good to look at to start off.

realistic rental rates etc

[sdubfid]

Originally Posted by blkgsr

area of the city that would be good to look at to start off.

realistic rental rates etc

I would avoid near downtown Vernon and along 24th Ave towards okanagan landing. Lots of homeless problems. The further from downtown the better things get.

Comparable houses are at least 100k cheaper in Vernon than kelowna. Rent prices are not much less than kelowna. House with a suite is the best bang for buck in my opinion. Would bring in minimum $2600-3000 between both units and you can find for $400-450k with patience. 20mins to silverstar skiing and biking, 1hr to Kamloops, close to revelstoke, 40mins to kelowna airport. 3.5-4 hours to Vancouver.

[bcrdukes]

blkgsr - we want a monthly fee of your rental income so be prepared to cough it up

[chinook79]

I have a RE deal that's closing in just over a month and half. all subjects have been removed, and it's undeveloped land. Buyer is requesting us to sign consent form for city so that he can start working on getting permits to develop the land. The property was sold heavily discounted at more than 30% below assessed value. I have no legal obligation to sign the form other than good-will to help buyer get started working on the property.
The risk I can think of by signing consent form is that since buyer hasn't paid full price, there could be issue rising if he finds anything that may impact value of the land. There is no reason to believe that there is any issue with land, but since it has never been developed, it's not an impossible scenario.
Buyer already demanded lowering price once after offer has been accepted on the ground of extra work required than expected prior to removing their subject, and the deal almost broke off.
Would you be signing consent form in my case?

[Wormiez]

Originally Posted by chinook79

I have a RE deal that's closing in just over a month and half. all subjects have been removed, and it's undeveloped land. Buyer is requesting us to sign consent form for city so that he can start working on getting permits to develop the land. The property was sold heavily discounted at more than 30% below assessed value. I have no legal obligation to sign the form other than good-will to help buyer get started working on the property.
The risk I can think of by signing consent form is that since buyer hasn't paid full price, there could be issue rising if he finds anything that may impact value of the land. There is no reason to believe that there is any issue with land, but since it has never been developed, it's not an impossible scenario.
Buyer already demanded lowering price once after offer has been accepted on the ground of extra work required than expected prior to removing their subject, and the deal almost broke off.
Would you be signing consent form in my case?

Your not obligated and it would not be in your favor to allow buyer to begin the permit process. Even though subjects are removed, what if the city permit requires an environmental or a storm-sanitary analysis. Having more data, the buyer can use this all against you and collapse your deal.

A month and a half in waiting is nothing when it often takes 6-12 months for permits.

This couple here would have backed out of their new house purchase if they knew of the city's storm drain requirments....
- https://www.cbc.ca/news/canada/briti...rain-1.5771988