Vancouver's Real Estate Market

[imp>dom]

I'm about to have a situation with my townhouse strata. Hoping you guys can give me some opinion.

Bought this townhouse in Surrey and took possession today. Supposed to move into it but plans have changed and I now need to rent it out. The strata does not allow rentals. I do know probably a lot of people just rent it out regardless. But what kind of trouble will I be possibly facing?

[Tapioca]

Originally Posted by imp>dom

I'm about to have a situation with my townhouse strata. Hoping you guys can give me some opinion.

Bought this townhouse in Surrey and took possession today. Supposed to move into it but plans have changed and I now need to rent it out. The strata does not allow rentals. I do know probably a lot of people just rent it out regardless. But what kind of trouble will I be possibly facing?

If someone finds out and reports it to the strata council/strata management company, then you will pay a fine for each breach. There's probably a bylaw in your strata's bylaws that refers to the rental restriction. The strata property act stipulates a limit for bylaw infractions - I believe it's $200 per incident, but strata councils have the ability to lower the fines.

So, you're looking at a $200 per bylaw violation which likely means you'll have to pay a fine of $200 or less per month.

[Nlkko]

Originally Posted by westopher

If anyone needs a reason to kill themselves today.....read this LOL
How a Vancouver lawyer spends her $110,000 income - Vancouver Magazine
Now here, is the definition of living off of your parents like a leech, as opposed to a parent helping their children. Imagine advertising that shit?!

This just shows you how little things add ups fast when you don't budget. 20 here, 40 over there ended up to be 4k everywhere. The lawyer though, can save 1/3 of her income if she wants to. Pretty good.

[Hondaracer]

Originally Posted by Tapioca

You can save money by cooking, but if you want to eat well at home, it can cost serious money.

We like wild salmon and when they were on sale last month, we bought over 10 to keep in our chest freezer so that we could eat one per week over the summer months. Even though they were on sale, they weren't cheap at about 12-15 bucks per fish. Well worth it the price though.

It's the same if you eat lots of red meat or a bottle of wine once or twice per week (even cheap South American wineries). Even coffee gets expensive. We don't buy a lot of coffee when we're out as we like to make it at home, but we buy good quality beans (Ethical, SaltSpring Island) and make it on the French press every morning to take to the office. Stuff adds up fast. When we decided to commit to a Costco membership, it was both a blessing and a curse.

We spend about 12% of our monthly budget on food and dining out.

It's only my fiancé and I who we buy for, however we buy 95% of our food from and household goods from Costco without having a deep freeze. It may work out to be more $$$ in the end but the difference in quality of product heavily outweighs the price difference imo.

[rb]

Originally Posted by imp>dom

I'm about to have a situation with my townhouse strata. Hoping you guys can give me some opinion.

Bought this townhouse in Surrey and took possession today. Supposed to move into it but plans have changed and I now need to rent it out. The strata does not allow rentals. I do know probably a lot of people just rent it out regardless. But what kind of trouble will I be possibly facing?

I've heard of some strata's charging owners a few hundred dollars every few days in penalties if they rent out their units without permission. Imo, you really don't want piss them off especially if you're just moving-in should you have issues that you need them to address.

If you can prove it, you may be able to file for a hardship exemption

[hud 91gt]

Originally Posted by imp>dom

I'm about to have a situation with my townhouse strata. Hoping you guys can give me some opinion.

Bought this townhouse in Surrey and took possession today. Supposed to move into it but plans have changed and I now need to rent it out. The strata does not allow rentals. I do know probably a lot of people just rent it out regardless. But what kind of trouble will I be possibly facing?

Depending in your situation and how dire it is, your strata probably has a clause where if they deem it necessary due to financial or other issues they will allow you to rent it out. I forget the exact wording but I've seen it in a few strata documents.

[Ronin]

I eat out a lot but it's usually free or covered by the outlet I'm writing for.

Bringing your own lunch to work really shaves dollars off your budget, though.

[unit]

Originally Posted by Liquid_o2

How a full-time barista gets by in Vancouver - Vancouver Magazine

This one is the most depressing one I have ever read.

The girl eats out everyday but then finishes off with "I do put money in my savings account sometimes. I’m trying to one day save up enough money for a bed frame so I don’t have to sleep on a mattress on the floor.”

i don't understand how someone making barely minimum wage doesn't know about free banking.. $15 in bank fees? it's true, poor people make poor decisions.

[iPee]

lol she talks about being able to sniff out good deals yet she can't get free banking.

[GLOW]

maybe that was the best deal she thought was out there

[iPee]

I think the toughest part about saving is learning to live/spend within your means. All my friends make a lot more than I do, and it takes discipline to say no at times when they decide to go out/drink etc. Trying to keep up with them is just not a wise financial decision. Also cutting down on hobbies and just focusing on one or two instead of trying to do everything.

[IGTBAR]

Originally Posted by iPee

I think the toughest part about saving is learning to live/spend within your means. All my friends make a lot more than I do, and it takes discipline to say no at times when they decide to go out/drink etc. Trying to keep up with them is just not a wise financial decision. Also cutting down on hobbies and just focusing on one or two instead of trying to do everything.

What about having a couple nights where you stay in and invite your friends over and have drinks + communal dinner? It's much cheaper to buy your own booze, and that way you guys get to drink more and still hang out.

That being said, the challenging part is if you have a large group, having the space for someone to host. When everyone lives in small condos, hosting larger gatherings can be difficult.

[Mr.HappySilp]

Originally Posted by Nlkko

This just shows you how little things add ups fast when you don't budget. 20 here, 40 over there ended up to be 4k everywhere. The lawyer though, can save 1/3 of her income if she wants to. Pretty good.

she could easily bring her bill down to $2000 or less a month. But yea $300+ on wine and dine out. LOL I spend like $200 or less on food per month @@. Just buy what's on sale.

[westopher]

Jesus $200 on food per month? What are you eating? Mr Noodles twice a day?
If I were to eat at home 2 times a day every day I'd still end up spending 800 dollars a month on food for the 2 of us at the cheapest, but I do like to eat food with nutritional value.

[smoothie.]

Originally Posted by imp>dom

I'm about to have a situation with my townhouse strata. Hoping you guys can give me some opinion.

Bought this townhouse in Surrey and took possession today. Supposed to move into it but plans have changed and I now need to rent it out. The strata does not allow rentals. I do know probably a lot of people just rent it out regardless. But what kind of trouble will I be possibly facing?

it depends on your strata.

short term rentals less than a year in my strata fine you $500 every 7 days.

you better look it up.

[hud 91gt]

My biggest expense is food. I spend at least $30 a day, but I also tend to eat out a lot because honestly it's cheaper. I like meat, and I like vegetables. Both aren't cheap.

My life has no routine so it is tough to plan, but it's certainly my #1 area I could save some money on. My wine bill seems to be creeping up again, but going out for drinks seems to happen less so it all evens out in the end.

[VR6GTI]

Originally Posted by Mr.HappySilp

she could easily bring her bill down to $2000 or less a month. But yea $300+ on wine and dine out. LOL I spend like $200 or less on food per month @@. Just buy what's on sale.

200 OR less what in the hell

[fliptuner]

Originally Posted by Mr.HappySilp

I spend like $200 or less on food per month @@. Just buy what's on sale.

$6.67/day on food.

[XplatinumX]

Originally Posted by Mr.HappySilp

she could easily bring her bill down to $2000 or less a month. But yea $300+ on wine and dine out. LOL I spend like $200 or less on food per month @@. Just buy what's on sale.

Well with food expense at 200 I'll venture a guess that he probably still lives at home with the parents. Or visits the food bank a few times a month🤔

[iPee]

Originally Posted by IGTBAR

What about having a couple nights where you stay in and invite your friends over and have drinks + communal dinner? It's much cheaper to buy your own booze, and that way you guys get to drink more and still hang out.

That being said, the challenging part is if you have a large group, having the space for someone to host. When everyone lives in small condos, hosting larger gatherings can be difficult.

Yea that helps for sure hosting we do that quite a bit. For me personally I cut it out for most of this year and focused on going to the gym and hockey etc, except the last two months where I let loose a bit more. I'm not a big beer drinker to begin with anyways so trying different beers and chill drinking is not really for me. I'd have to ask my friends are we chill drinking tonight or going all out and just save it for the times we going to get smashed. That's just me though haha.

[Ferra]

Originally Posted by fliptuner

$6.67/day on food.

easy

all natural peanut butter = $4/750g(4500calories/15days) = $0.27/day
canned tuna = $1/can, 2can/day = $2/day
brown rice = $4.50/2kg (7600calories/15 days) =$0.30/day
broccoli = $2.0/bunch/3day = $0.66/day
oatmeal = $2.50/kg (4000calories/10days) = $0.25/day
orange = $1/lb, 1lb/day = $1/day
banana = $0.67/lb, 0.5lb/day = $0.34/day
carrot = $2.0/lb, 0.5lb/day = $1/day
milk = $4/2L, 250ml/day = $0.50/day

Total = $6.32/day
2000 calories (16% fat, 62% carb, 22% protein)
(extra $0.35/day left for coffee bean)



That or you can buy burger king $2/10 pc nuggets and eat 30 nuggets a day.

[Nlkko]

Originally Posted by hud 91gt

My biggest expense is food. I spend at least $30 a day, but I also tend to eat out a lot because honestly it's cheaper. I like meat, and I like vegetables. Both aren't cheap.

My life has no routine so it is tough to plan, but it's certainly my #1 area I could save some money on. My wine bill seems to be creeping up again, but going out for drinks seems to happen less so it all evens out in the end.

Eating out is not cheaper when you take into nutritional value. Lots of carbs, fat, refined sugar and general junk.

For example, I eat lots of protein. My cooking is nothing fancy compared to somebody like westopher. And my protein source are cheap (not butcher grade) and bought on sale most of the time. I can easily clock 400-500 a month. The big months when I have to replenish stuffs like oils, spices then it can go a bit more.

Compared to eating out. A decent and comparable WholeFood/ Urban Fare meal which you can choose your protein, veg can be easily 15 bucks. Twice a day on budget probably 30-40 bucks. 30 days a months that' easily over $1000. See the discrepancy. You can save a lot of money just by eating in and be in full control of your diet and your body shape.

[westopher]

I'd say $500 a month for decent quality food is impressive, but doable. I am bound by needing to know exactly where my meat comes from which means I spend a lot on it. Eating local produce isn't cheap either, but it sure tastes better.
This brings up another point about the real estate. What are you sacrificing to be able to afford your mortgages?
If you are eating $200 of food a month, I guarantee your health is going to be one of the sacrifices.

[hud 91gt]

When I make a meal it's $30+, no matter what. I'll probably get a couple meals out of it, but it's not cheap. I love to cook.

I didn't mean for a comparable meal, I just meant for 10 bucks I can grab a plate of Thai, or a burrito and be pretty content without heading to the local grocer and grabbing what I need. Doesn't help my fridge isn't well stocked due to me being away so much.

My situation isn't really normal as I said I have no routine. Here a day, gone for 5. Back for 2/3. It's just all over.

[Tapioca]

Originally Posted by westopher

I'd say $500 a month for decent quality food is impressive, but doable. I am bound by needing to know exactly where my meat comes from which means I spend a lot on it. Eating local produce isn't cheap either, but it sure tastes better.
This brings up another point about the real estate. What are you sacrificing to be able to afford your mortgages?

$500 per month is easily doable for a couple because you can buy in bulk and waste less food. It's easier if you have a chest freezer and can buy your meat, fish, and fruit when they're on sale and in season.

We're currently on 1.5 incomes and while we still eat well, we are down to one car (for now) and we have put vacations involving a plane on hiatus to make ends meet. We are also paying for daycare, so it's a grind.