How about mount pleasant / broadway?

https://www.rew.ca/properties/449121...rty_click=map#

I'd do without the fireplace personally..

Edit: So i went to see how far affordability has dropped. As a first time buyer, my pre-qualified amount went from ~$480k to ~$400k.

And i thought i made decent money...that gets me a 500 sq ft box in surrey!

^I think that location is so much better and you get way better value. Not sure what the big deal with being downtown is... That area seems pretty good.

It'll be close to the new Broadway Line station going to UBC

I lived on e7th, mt pleasant, in an older dump two years ago.
Mt pleasant is nice area.
I would personally stay off Broadway, and a block north or east. The further you are off Broadway, the quieter it is. Same applies for any major roads.

I would also suggest paying the premium for a newer building with less sqft.
The older buildings tend to have older people, and some of those have some serious mental issues. This is from my personal experience only.
Furthermore, there will be less larger repairs, and less issues. Overall improving your quality of life.

Lastly, I don't suggest buying any wood construction unit, unless you are top floor

Damn

You're not alone. I have a couple first time buying clients and they're experiencing the same thing.

^^ it's all people not just first time buyer, cuz of the stress test. You're trying to qualify at at least 7%+ now. Like I mentioned before I'm surprised no one has bitched and it's not on the news. :pokerface:

The news is busy pumping the queens funeral for the next month

Sorry. I meant the pre-qualified amount from $480k to $400k.

Since no one seems to be buying real estate why don't we talk about renting it cause it's crazy out there:

https://www.facebook.com/marketplace...5114515630699/ - $3300/mo for a 660sf 1 bedroom by Metrotown.

https://www.facebook.com/marketplace...8828465528095/ - $2600/mo for 722sf 1 bed+den near Joyce.

https://www.facebook.com/marketplace...0724214019029/ - $4300/mo for 950sf 2 bedrooms by Metrotown

https://www.facebook.com/marketplace...7321727858167/ - $2680/mo for 680sf 1 bedroom by Brentwood.

Well there's gotta be demand if they're listing at those prices, if you can't afford to buy then rent, I heard you can live for free on Hastings. Those places are easily $600k plus places. So it's easy math $600k @20% down so mortgage of 80% = $480k at @25y 5.3% = $2891 a month. + Strata, property tax, transfer tax, utilities, insurance. It ain't a charity here. You can thank the Canadian gov for keeping the Russian war going = high oil prices, = high inflation = high interest rates. :accepted:

Less buyers = more renters
More renters = higher rents

Although those Facebook rentals are out to lunch.....
To me that looks like a bunch of people trying to "break even" on their purchase. I'd place bets that 3 of 4, of those are going to be vacant for 2 months +

10 year anniversary of this thread!

this is an interesting one

https://www.timescolonist.com/local-...action-5895572

to be fair - my understanding is that all new builds since 2010 have forbidden stratas from limiting rentals.

This would affect me personally. Our building currently only allow ~10 of our 80 units to be rented out. There is a hardship clause that allows for a few more. The wait list is about 5 years to be able to rent out your own unit.

The only real shitheads in our building are the renters. You can genuinely see the benefit of a owner occupied building in the way that it is taken care of. I suspect that if our building went to unlimited rentals, owner occupiers would quickly become the minority, and the feel of the building would change.

Rental limits are a double edged sword.

When we were looking to purchase our first home, the no rental buildings were all much nicer, cleaner, better maintained.
The flip side is the potential for value gain is lower, and the flexibility is lower.

We ended up buying in a no rental strata because that's how the eggs fell. It was a good few years.

Well how else can they increase supply, everything is so nimby and the city is so slow at upping density. Allowing rentals is actually good for property values, no one wants to buy an owner only building. Owners can be dicks too but usually it's the renter's = poorer crowd with no ownership in the building that causes trouble.

that's not true at all.

If I downsized to an Apartment this would be the #1 thing on the list of things I'd have to have.

My condo has a limited number of rentals (6, I think?), and it is awesome. We've never had a special-levy in the 16 years I've lived here because strata meetings are proactive on buildings maintenance and security. We don't have slumlords wanting to keep kicking the can down the road in hopes of bailing out before the levys.

Imo, removing strata rental restrictions is one of the only and quickest ways to take stress off of the rental market within a shorter timeframe. The solution isn't to simply just build more homes to solve overall housing affordability

Those new build rental market homes being touted in the media and city officials may be rent controlled but are still initial being offered at only slightly less than these currently insane market rates. Individual owners that own older units tend to be more realistic in terms of what they can rent for and less selective if the market is at normal levels.

I briefly managed a new affordable housing program for some new builds. Without saying too much, the system seems to be a bit stacked against people that are genuinely low-income, esp if they have a bad credit score. Any new affordable units coming online will never be really be affordable or even easily attainable for truly low-income individuals

Where I used to live by Lougheed mall we lived in 1 of 2 identical towers

Our tower did not allow rentals, the second tower was about 65% rentals. Eventually we were forced to lock the second tower out of all the amenities including gym, pool, saunas, workshop etc. not only were the majority of the renters treating the amenities poorly, the owners of the unit were almost unanimously behind in strata fees as well as voting down almost every amendment to the maintenance and upkeep of the property and amenities. It really forced the hands of the owners

I'm curious to know what that new lougheed rental tower from Shape will be like, the rental tower with the $2k studio rent.

At that price point, do people take better care of the property? or are renters just shitty no matter the price point?

I would think if you're able to afford those high rents, you have a certain level of decency, but maybe not?

Sir have you heard of China? Sprinklers = place to hang clothes:lawl:

Knowing how bad landlords operate and their tendencies to vote down all maintenance-related spendings, would it make sense for the province to amend the Strata Property Act to reduce their influence in AGM decisions? Say, for example, a landlord owner would only get 1/2 a vote, while a live-in owner would get the full vote at the AGM?

People are gonna bitch about how this is undemocratic and everything, but the fact that most people who have owned and lived in a strata property already know is -- there are too many cheapa$$ dickheads playing slump lords, and their cheapness / selfishness is dragging other legitimate owners down the drain along with them.

With Eby's coronation looking extremely likely, this is something BC residents should pitch to Eby and the NDP before the proposal becomes law.

Owners are occupying their own units, how would easing up on rental restrictions increase net supply?

It does help with the value but not really the net supply