Vancouver's Real Estate Market

[Vansterdam]

had to double post here and the elections thread

[PeanutButter]

Originally Posted by donk.

600$ is 150k in buying power.

Hmm so assuming she doesn't need the $150k in buying power, I guess it won't be an issue.

[JDMDreams]

Most banks don't take every penny that you say you get from rent, most likely they will let you offset some of the housing cost. But you still have to prove it. She could try to do market rent in the appraisal.

[van_driver]

I don't think lenders will use it unless you show it in your taxes

[supafamous]

Originally Posted by PeanutButter

Hey RS,

When it comes to getting a mortgage...

My sister has a rental suite that is not authorized and she is not claiming it on her taxes.
Does it matter if she declares that income to her mortgage broker?

It's a super small studio that's pretty old and she's only getting $600 for it.

Do you think it'll make a big difference?

My thinking is she should just tell the broker so she can get a bigger qualification, it's not like CRA and the bank share that type of information.

What do you think she should do?

My bank (TD) only takes into account 50% of the rental income and I assume other banks do the same so $600/mo works out to only an additional $3600 in annual income which is a pretty small amount when it comes to mortgage qualification.

[twitchyzero]

looking to upsize renting single garage to double, unheated detached east van
what would be the current market $/sqft?

[ssjGoku69]

Originally Posted by van_driver

I don't think lenders will use it unless you show it in your taxes

To add to this:

The lender could use it depending on how well the loan notes are written since you can buy a new property or get lending to renovate existing property with an intent on renting out a suite. An estimate of market rent would be used if it isn't reported on the borrower's tax return.

[Harvey Specter]

Record breaking sale in South Van/Fraserview...$3.8m

2422 ANCASTER CRESCENT
Vancouver BC

Listing Date 2021-Sep-15
Sold Date 2021-Sep-18
Sale Reported Date 2021-Sep-29
Days on Market 3
Selling Price $3,800,000
Asking Price (Final) $3,888,000
Asking Price (Original) $3,888,000
Size of House 5,221 sqft
Price per SqFt $728
Basement Fully Finished, Separate Entry
Lot Size 0.16 ac
6,908 sqft
Lot Frontage 45 ft
Lot Depth/Size 137.89 ft
Age of House 2 years old
Property Taxes $9,332.67 (2021)
Ownership Interest Freehold NonStrata
PID 007-757-841

[supafamous]

That's one tacky looking home for $3.8m.

Originally Posted by Harvey Specter

Record breaking sale in South Van/Fraserview...$3.8m

2422 ANCASTER CRESCENT
Vancouver BC

Listing Date 2021-Sep-15
Sold Date 2021-Sep-18
Sale Reported Date 2021-Sep-29
Days on Market 3
Selling Price $3,800,000
Asking Price (Final) $3,888,000
Asking Price (Original) $3,888,000
Size of House 5,221 sqft
Price per SqFt $728
Basement Fully Finished, Separate Entry
Lot Size 0.16 ac
6,908 sqft
Lot Frontage 45 ft
Lot Depth/Size 137.89 ft
Age of House 2 years old
Property Taxes $9,332.67 (2021)
Ownership Interest Freehold NonStrata
PID 007-757-841

[68style]

Originally Posted by supafamous

That's one tacky looking home for $3.8m.

Looks awful, and only a 1 car garage attached to the carriage house?? Wtf

[hud 91gt]

Originally Posted by 68style

Looks awful, and only a 1 car garage attached to the carriage house?? Wtf

Not sure about this area, but CoV bylaws state a single car garage in your carriage house. It also takes up a good chunk of your limited SQ/
Footage.

I don’t like that style of house but I think you guys are over reacting. Haha.

[EvoFire]

Originally Posted by 68style

Looks awful, and only a 1 car garage attached to the carriage house?? Wtf

Lucky to even have a 1 car garage, many don't even have that.

[supafamous]

Originally Posted by hud 91gt

Not sure about this area, but CoV bylaws state a single car garage in your carriage house. It also takes up a good chunk of your limited SQ/
Footage.

I don’t like that style of house but I think you guys are over reacting. Haha.

COV zoning is that you have to have a single parking spot for a RS-1 lot - doesn't need to be in the laneway. Most homeowners opt to have an uncovered spot b/c on a standard 33' lot a garage results in the living/kitchen area being only about 8' wide. In this case the lot is plenty wide so the laneway is still pretty liveable even with a garage.

As for tastes, I lean away from this kind of home which I would describe as "BMW electric car" (it's even got the tasteless blue accent lights!). I like either west coast modern or craftsman (https://www.rew.ca/properties/357579...e-vancouver-bc or https://www.rew.ca/properties/342977...e-vancouver-bc)

[JDMDreams]

It sold for an Asian price $388 but then the house number is 2422 which is . But based on the design and furnishing it looks like typical buddy guy built it lived in it for a year and flip it afterwards.

[bcedhk]

Originally Posted by supafamous

That's one tacky looking home for $3.8m.

classic EI design and build quality. So many gaps and materials in one room. The living room probably sounds like an echo chamber.

Clear example of money can't buy taste

[PeanutButter]

I walk past that house on the regular. I think it looks better in person.

It seems "solid" if that makes sense.

it's right next to Oppenheimer elementary school, it's a good area and a corner lot.

I would say it looks better than the average EI home's I've seen.

[PeanutButter]

https://www.redfin.ca/bc/vancouver/2...home/155540068

- You might need a login to view

Looks to have two, two bedroom suites in the basement + laneway.

Exquisite location in desirable FRASERVIEW; must see this unique & magnificent 'White Castle on the corner'!
Just 1.5 yrs new 3 lvl beauty feats 4 generous sized bdrms up, extraordinary kitchen w/ luxury wok kitchen w/ 8 burner gas blue star commercial stove w/ double oven & infrared boiler, 2 SubZero fridges & freezer, Wolf gas cooktop, microwave & cappuccino machines. Bsmt has 4 bdrms(2sep. -2 bdrms suites)+home theatre rm.

Extensive use of limestone & concrete columns, huge permitted covered deck w/ bbq gas line, gated paved parking area+garage w/ EV plug, large 2bdrm & 1.5 baths laneway home. Lots of extras; glass rail lighted staircase, A/C, HRV, B/I closets organizers, steam showers+jetted tub, 3 separate laundries, family room & deck R/I for multi-media, Napoleon fireplace. Steps to Bobolink Park & more!

I hate how these new builds do not have a proper foyer.. Like what's the point of having such a grand entrance and then have shoes and coats everywhere.. so silly .

[mikemhg]

Not sure what people think, but it irks me big time that these building developers get free run of public artery streets, along with the said destruction of those streets.

I live near Brentwood, and the streets in this area, most notably Dawson, have turned into literal pothole nightmares as a result of all the construction of the buildings in the area.

Why do they not have a responsibility to ensure the streets they're utilizing are in good order? Some of the potholes on Dawson in particular where they have ripped up the street can cause some serious damage to a driving vehicle if you're not aware, some are unavoidable.

It bugs me that they city essentially allows them to do whatever the hell they want.

[TypeRNammer]

Originally Posted by supafamous

COV zoning is that you have to have a single parking spot for a RS-1 lot - doesn't need to be in the laneway. Most homeowners opt to have an uncovered spot b/c on a standard 33' lot a garage results in the living/kitchen area being only about 8' wide. In this case the lot is plenty wide so the laneway is still pretty liveable even with a garage.

As for tastes, I lean away from this kind of home which I would describe as "BMW electric car" (it's even got the tasteless blue accent lights!). I like either west coast modern or craftsman (https://www.rew.ca/properties/357579...e-vancouver-bc or https://www.rew.ca/properties/342977...e-vancouver-bc)

First link the home looks very well thought out in terms of design.

Now if can take those design cues and compress it into our future 1000sq laneway house....

[SumAznGuy]

Originally Posted by TypeRNammer

First link the home looks very well thought out in terms of design.

Now if can take those design cues and compress it into our future 1000sq laneway house....

Here's what I call an ugly reno job.

https://www.rew.ca/properties/360879...t-vancouver-bc

[Alpine]

Originally Posted by SumAznGuy

Here's what I call an ugly reno job.

https://www.rew.ca/properties/360879...t-vancouver-bc

What's so ugly about it? The colour palette (or lack thereof)? The materials chosen?

[Traum]

Me thinks the garage is absolutely lovely~

[SumAznGuy]

Originally Posted by Alpine

What's so ugly about it? The colour palette (or lack thereof)? The materials chosen?

I think everything. I'm not into the color they used on the outside, the glass on the balcony, zen front yard.

All makes me wanna throw up.

[JDMDreams]

I guess it doesn't match? I recall seeing that listing before. Like a 70s shell but you toss some ultra modern design here and there? The garage looks like it pretty much takes up the whole first floor. And the ground floor is useless.

[Great68]

My mother in law's place finally went on the market on Tuesday:

https://www.realtor.ca/real-estate/2...avenue-burnaby

Looking at the pictures you probably wouldn't believe that we filled a 30 yard dump bin to the absolute brim with junk coming out of that house.