Vancouver's Real Estate Market

[Hondaracer]

Fair enough.

The more direct comparison I don’t really get is buying a Vancouver duplex for 1.2-1.4 when you’re right in the detached zone at that point.

Dem contractor grade stainless steel appliances doe

[Acurapinoy]

Yea. 900k for a townhome is just nuts to me. I'd be moving to okanagan with nabatron at that point lol

[Mr.HappySilp]

Originally Posted by Hondaracer

i know its not pennies were talking about but why would you buy a townhome in port moody for 900 when you could buy a detached with a suite in Burnaby for 1.2 to 1.4

like that is a lot of money in difference, but if you're getting 1500+ a month for a suite its a no brainer.. i guess qualifying for the difference is the hard part and taking on the greater burden of debt..

a detached property with mortgage helper as opposed to a strata townhome.. hard to beat

Other than financial issue it could also be the with the age of the house/townhome. Upper 800k + townhome in Port Moody is pretty new )built in 2016 and more recently) while a detached in Burnaby going for 1.2 to 1.4m is going to be 20+ years at least. Some people like newer place and with older homes you bet there is going to be things you need to replace/fix.

Is the same reason why people are willing to pay more for pre sale apartments or apartments within 5 years. Just less stuff to get fix.

[Hondaracer]

Outside of wanting “new” that makes almost zero sense strictly talking age of construction. And also investment and financially

I’d argue depending on the builder a 20/30/40 year old home is likely constructed better than a 2 year old townhouse in most cases. (See: overlapping bedrooms into neighboring units, fire stopping, “shared” attic spaces, etc etc )

Also the “upkeep” and maintenance required in a 20+ year old home, just replace that sentence with strata fee’s in a townhome. The only difference is you have to figure out the maintenance on your own as opposed to paying into a pool to pay overpriced trades to do shotty work

Paying 900k for a townhome and then paying 300+ a month into a strata, you might as well find that extra 200k, or move like Nabatron because fuck, you’re just flushing that money down the drain and paying for the bad owners upkeep essentially.

Pay 900k to raise a family in a townhouse where the renter next door has a home theatre with two 12” subs and smokes weed non stop, suhweeeeetttt...

Not saying Port Moody is all that way lol nor is it orovably like that where Tapioca etc live by the sound of it. But that can be the reality real quick in townhome developments

[twitchyzero]

home gurus,

got inspection report back from a home from the 1890s in another market

https://imgur.com/a/45u8qJu

how much am I looking in terms of cost to fix? the contractor situation there is very dire...it took 9mos for reno's at my family's home

it'll be a rental and the layout and location is superb but maybe I should just run for the hills?

[lowside67]

"In another market..."

How can we possibly answer a question of how much your repairs will cost without knowing where they are? Rates for contractors in North Carolina are very different than Vancouver.

It's just my opinion, but owning a house from the 1890s as a rental property seems a poor decision for being able to figure out with certainty what your future cash flows will be - the upkeep and maintenance on such an old house is certainly a question mark.

-Mark

[DA9ve]

Originally Posted by twitchyzero

home gurus,

got inspection report back from a home from the 1890s in another market

https://imgur.com/a/45u8qJu

how much am I looking in terms of cost to fix? the contractor situation there is very dire...it took 9mos for reno's at my family's home

it'll be a rental and the layout and location is superb but maybe I should just run for the hills?

1890s?!! unless you are getting a considerable deal. from the report there, looks like some significant structural issues from a lifted foundation. I am no builder/engineer, but if i saw that, i'd expect the seller to give me a significant deduction (at least half of the total costs).


also, that era is knob and tube electrical, dont know what market it is but you'd have some issues getting it insured.

if it were me? if seller doesnt deduct, i would move on...

[Traum]

Originally Posted by twitchyzero

home gurus,

got inspection report back from a home from the 1890s in another market

https://imgur.com/a/45u8qJu

how much am I looking in terms of cost to fix? the contractor situation there is very dire...it took 9mos for reno's at my family's home

it'll be a rental and the layout and location is superb but maybe I should just run for the hills?

I'd buy it at as a tear down (and then proceed to tear the existing building down and rebuild). But that also means you gotta have the $$$ to build a new home, which could be anywhere between $600k - $1M+ if it was in Vancouver.

Failing that, I'd just run.

[E-40six]

Originally Posted by Hondaracer

i know its not pennies were talking about but why would you buy a townhome in port moody for 900 when you could buy a detached with a suite in Burnaby for 1.2 to 1.4

like that is a lot of money in difference, but if you're getting 1500+ a month for a suite its a no brainer.. i guess qualifying for the difference is the hard part and taking on the greater burden of debt..

a detached property with mortgage helper as opposed to a strata townhome.. hard to beat

The wife and I did exactly that last year when we were searching.

900K townhome in Richmond or 1.2-1.3 new house in queensborough with a mortgage helper.

Don't regret the decision one bit, I hate having to deal with strata

[twitchyzero]

Originally Posted by lowside67

How can we possibly answer a question of how much your repairs will cost without knowing where they are? Rates for contractors in North Carolina are very different than Vancouver.

whatcom county

there are some listings with homes that still have knob & tube but not this one

Originally Posted by DA9ve

1890s?!! unless you are getting a considerable deal. from the report there, looks like some significant structural issues from a lifted foundation. I am no builder/engineer, but if i saw that, i'd expect the seller to give me a significant deduction (at least half of the total costs).


also, that era is knob and tube electrical, dont know what market it is but you'd have some issues getting it insured.

if it were me? if seller doesnt deduct, i would move on...

[Tapioca]

Originally Posted by Hondaracer

i know its not pennies were talking about but why would you buy a townhome in port moody for 900 when you could buy a detached with a suite in Burnaby for 1.2 to 1.4

like that is a lot of money in difference, but if you're getting 1500+ a month for a suite its a no brainer.. i guess qualifying for the difference is the hard part and taking on the greater burden of debt..

a detached property with mortgage helper as opposed to a strata townhome.. hard to beat

I agree with everything you've said. However, 1.4 million gets you an asbestos laden home in East Burnaby. A 900K townhouse in Port Moody gets you access to the waterfront, Brewers Row, Skytrain, a modern layout with high ceilings, and a neighbourhood that is primarily white and upper middle class.

Three words matter when it comes to real estate: location, location, location.

[quasi]

I looked at a house on Saturday that has had 3 accepted offers and all fell apart due to financing............

Don't people know what they can spend before they start looking?

[G]

Originally Posted by quasi

I looked at a house on Saturday that has had 3 accepted offers and all fell apart due to financing............

Don't people know what they can spend before they start looking?

I know right? My deal fell through cause the buyer couldn't get financing... But wouldn't you think they would know before they offer? smh

[kr4l]

My brother paid just over 1mil for his townhouse. I think it’s on heritage mountain. Close to the elementary and secondary school for his kids

[Acurapinoy]

Originally Posted by G

I know right? My deal fell through cause the buyer couldn't get financing... But wouldn't you think they would know before they offer? smh

The banks probably had someone assess the house before approving the financing and maybe it came back lower thanthan what they offered OR the buyers just flat out backed out of the deal (they might've found something else) and said they couldnt get financing.

[Hondaracer]

Originally Posted by twitchyzero

home gurus,

got inspection report back from a home from the 1890s in another market

https://imgur.com/a/45u8qJu

how much am I looking in terms of cost to fix? the contractor situation there is very dire...it took 9mos for reno's at my family's home

it'll be a rental and the layout and location is superb but maybe I should just run for the hills?

Those structural issues are major it seems.

An old house can be completely sound if the structure is untouched or has been worked on properly. A lot of those posts and whatnot in the attic could be big $$$

Then there’s the asbestos etc.

Our house was built in 1911 and we’ve probably sunk about 100k into it just replacing the knob and tube, building a suite, and doing our bathroom. The rest is as it has been for the last 40 years or so still. And that’s with myself probably putting in an additional 25-40k of sweat equity alone.

An electrician and I replaced the top two floors of knob and tube and added a bunch of lights and plugs etc. we did it without permits so time and money is saved there. However, with only him and I it still took about a month and cost about 15k

Old houses, shit adds up quick

[Mr.HappySilp]

Originally Posted by quasi

I looked at a house on Saturday that has had 3 accepted offers and all fell apart due to financing............

Don't people know what they can spend before they start looking?

Originally Posted by G

I know right? My deal fell through cause the buyer couldn't get financing... But wouldn't you think they would know before they offer? smh

Originally Posted by Acurapinoy

The banks probably had someone assess the house before approving the financing and maybe it came back lower thanthan what they offered OR the buyers just flat out backed out of the deal (they might've found something else) and said they couldnt get financing.

Could be the case buyer didn't even try to get a mortgage or they have a ball part idea how much they can borrow but not the exact figure. Of as Acurapinoy said some people put the financing subject just in case they find something else better or they want to read over the minutes and if they find something they don't like they can back out or use it for bargin power.

When I put in my subject I put finanicaling as well but I don't need it. When the buyer came back with and decline I could easily remove the financial subject what makes them feel much better is accepting my offer vs others who needs financing.

[Traum]

Originally Posted by Hondaracer

i know its not pennies were talking about but why would you buy a townhome in port moody for 900 when you could buy a detached with a suite in Burnaby for 1.2 to 1.4

a detached property with mortgage helper as opposed to a strata townhome.. hard to beat

Was just browsing at Realtor.ca and found this -- asking $1.4M in Vancouver, with a BC assessment value of $1.369M, and there is a basement suite as well:

https://www.realtor.ca/Residential/S...olumbia-V5R3H6

https://www.bcassessment.ca/Property...AwMDAwMzhXRA==







Seems like a pretty solid deal if the financing can be done, and 41st & Clarendon is not a shady area by any stretch at all. From what (little) that I know, it seems to be a solidly middle class area as well?

In today's climate, you can probably close with an offer a touch below the BC assessment price? Port Moody (or many places in the Tri-Cities) is nice, but why wouldn't I want a detached like this over a $1M townhouse in Port Moody / Tri-Cities?

[kr4l]

Originally Posted by Traum

Was just browsing at Realtor.ca and found this -- asking $1.4M in Vancouver, with a BC assessment value of $1.369M, and there is a basement suite as well:

https://www.realtor.ca/Residential/S...olumbia-V5R3H6

https://www.bcassessment.ca/Property...AwMDAwMzhXRA==







Seems like a pretty solid deal if the financing can be done, and 41st & Clarendon is not a shady area by any stretch at all. From what (little) that I know, it seems to be a solidly middle class area as well?

In today's climate, you can probably close with an offer a touch below the BC assessment price? Port Moody (or many places in the Tri-Cities) is nice, but why wouldn't I want a detached like this over a $1M townhouse in Port Moody / Tri-Cities?

A few reasons using your example,

- it’s an extra $400k
- It’s super dated while my brothers place is modern, like new
- proximity to work
- promixity to schools
- it’s quiet
- he doesn’t want a tenant

I think he overpaid for his townhome, but he needed a place for his growing family and wanted to stay in Port Moody / Coquitlam. The more I visit him, the more I realize how much better of a city it is to raise a family compared to Vancouver

[Tapioca]

Originally Posted by kr4l

A few reasons using your example,

- it’s an extra $400k
- It’s super dated while my brothers place is modern, like new
- proximity to work
- promixity to schools
- it’s quiet
- he doesn’t want a tenant

I think he overpaid for his townhome, but he needed a place for his growing family and wanted to stay in Port Moody / Coquitlam. The more I visit him, the more I realize how much better of a city it is to raise a family compared to Vancouver

I imagine that he bought something like this?

https://www.rew.ca/properties/R22711...roperty_search

It's a lot to stomach for a strata townhouse, but my in-laws purchased an end unit in this complex and you can't beat the sunsets or the views. For comparison, a house across the street from this unit on Sycamore Drive is nearly $1.6 million: https://www.rew.ca/properties/R22843...roperty_search

Like I said earlier, the median household income for families with children in Heritage Woods is 160K. When you have a family, there are reasons why people would choose to live in a community such as this one.

[Acurapinoy]

Originally Posted by Traum

Was just browsing at Realtor.ca and found this -- asking $1.4M in Vancouver, with a BC assessment value of $1.369M, and there is a basement suite as well:

https://www.realtor.ca/Residential/S...olumbia-V5R3H6

https://www.bcassessment.ca/Property...AwMDAwMzhXRA==







Seems like a pretty solid deal if the financing can be done, and 41st & Clarendon is not a shady area by any stretch at all. From what (little) that I know, it seems to be a solidly middle class area as well?

In today's climate, you can probably close with an offer a touch below the BC assessment price? Port Moody (or many places in the Tri-Cities) is nice, but why wouldn't I want a detached like this over a $1M townhouse in Port Moody / Tri-Cities?

Damn. Even at below asking...id be scared to take that property on. I'd probably have to settle somewhere in Surrey or the fraser valley somewhere and take a hit of being outside Vancouver especially at 1.4 haha

[quasi]

Originally Posted by Acurapinoy

The banks probably had someone assess the house before approving the financing and maybe it came back lower thanthan what they offered OR the buyers just flat out backed out of the deal (they might've found something else) and said they couldnt get financing.

Originally Posted by Mr.HappySilp

Could be the case buyer didn't even try to get a mortgage or they have a ball part idea how much they can borrow but not the exact figure. Of as Acurapinoy said some people put the financing subject just in case they find something else better or they want to read over the minutes and if they find something they don't like they can back out or use it for bargin power.

When I put in my subject I put finanicaling as well but I don't need it. When the buyer came back with and decline I could easily remove the financial subject what makes them feel much better is accepting my offer vs others who needs financing.

It could be either of those for sure, or maybe it has to do with the changes to the lending making it harder to qualify.

This is the house, it's def been renovated but look at difference between the Provincial assessed value and asking price I realize assessed value isn't the whole picture.

https://www.realtor.ca/Residential/S...olumbia-V3S7J8

https://www.bcassessment.ca/Property...AwMDA3OFBKQQ==

[Traum]

Damn... Looks like a really nice place. I wonder how much those accepted offers are...

It also makes me wonder why the heck am I staying in Vancouver...

Originally Posted by quasi

This is the house, it's def been renovated but look at difference between the Provincial assessed value and asking price I realize assessed value isn't the whole picture.

https://www.realtor.ca/Residential/S...olumbia-V3S7J8

https://www.bcassessment.ca/Property...AwMDA3OFBKQQ==

[CivicBlues]

Originally Posted by Tapioca

I agree with everything you've said. However, 1.4 million gets you an asbestos laden home in East Burnaby. A 900K townhouse in Port Moody gets you access to the waterfront, Brewers Row, Skytrain, a modern layout with high ceilings, and a neighbourhood that is primarily white and upper middle class.

Three words matter when it comes to real estate: location, location, location.

Laying on the sales sauce a little thick don't ya think? Seems like every post from you lately is plugging the neighbourhood you bought in.


I dunno, maybe some people value diversity in their community, or think Port Moody is snoozeville? To each their own I guess.

p.s. I can't be the only one that thinks most craft beer is overpriced hipster swill.

[yray]

Originally Posted by CivicBlues

Laying on the sales sauce a little thick don't ya think? Seems like every post from you lately is plugging the neighbourhood you bought in.


I dunno, maybe some people value diversity in their community, or think Port Moody is snoozeville? To each their own I guess.

p.s. I can't be the only one that thinks most craft beer is overpriced hipster swill.

you snooze you lose, lots of young people moving there

I'd say Vancouver is turning into snoozeville.