Vancouver's Real Estate Market

[CivicBlues]

Becoming snoozeville? Parts of the West Side perhaps, but it's never been exciting out there.

LOL @ comparisons to Vancouver vs Port Moody's excitement factor. Granted we are not Berlin, Tokyo, or NYC but come on. Keep drinking the Kool Aid...or should I say, your hop-tastic IPAs

[Hondaracer]

Outside of pockets of port moody you still need a car.

the vast majority of Vancouver you dont.

I get the hype, seems like a nice place, up and coming neighborhoods, decent access to surrounding areas. However, it's obviously not Vancouver.

Growing up in Fraser heights and then living with my wife in Burnaby i never got this thing where her friends in Vancouver would literally never come out to burnaby, even though its only a 25 minute drive or so, and we lived literally right beside lougheed skytrain station

fast forward to living in Vancouver now and i completely get it. I almost never go out to surrey anymore and if i do it might be once a week to visit my grandma.

Events, concerts, restaurants, etc. are still all in the city, and if you live outsite, you're still coming in for those things.

if you're homebody with 2 kids its one thing, but for couples with no kids or single people, you dont beat the city

[Traum]

Deal of the century in Kitsilano:

https://www.rew.ca/properties/R22934...e-vancouver-bc

asking $3,990,000

[Hondaracer]

in that state at least you probably save 50k on asbestos removal.

[kr4l]

Originally Posted by Tapioca

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.

I think it’s only a few minutes away from that. Pretty much the same thing. Possible a little bit bigger and a little higher strata fee

[Gerbs]

^

Thought offers were still flying. Even if it's a little bit under asking.

[Hondaracer]

I don’t recall how any of my mortgages were calculated in the past prior to the new rules

However, you buy that townhouse for 1.1, the strata is 360 a month. So how much overall do you have to qualify for? That’s another $4300 a year on top of property taxes etc.

On the flip side you buy the detached with a suite for 1.3 that generates $18,000 a year in rental income. For a bank I would assume the higher amount but with a revenue generator is more favorable?

[Hakkaboy]

Originally Posted by Hondaracer

I don’t recall how any of my mortgages were calculated in the past prior to the new rules

However, you buy that townhouse for 1.1, the strata is 360 a month. So how much overall do you have to qualify for? That’s another $4300 a year on top of property taxes etc.

On the flip side you buy the detached with a suite for 1.3 that generates $18,000 a year in rental income. For a bank I would assume the higher amount but with a revenue generator is more favorable?

Pretty sure that anyone that purchases a 1.1m townhouse in port moody, does not want a "morgtage helper" at any cost

[GLOW]

Originally Posted by yray

you snooze you lose, lots of young people moving there

I'd say Vancouver is turning into snoozeville.

so when will we start seeing port moody millionaire dude bros popping up

[Hondaracer]

Originally Posted by Hakkaboy

Pretty sure that anyone that purchases a 1.1m townhouse in port moody, does not want a "morgtage helper" at any cost

I don’t get it

[Traum]

Originally Posted by Hondaracer

On the flip side you buy the detached with a suite for 1.3 that generates $18,000 a year in rental income. For a bank I would assume the higher amount but with a revenue generator is more favorable?

I seem to recall my mortgage broker telling me that the bank doesn't look at potential income from a mortgage helper suite in the same house when they are running the numbers, so as far as mortgage approval / amount is concerned, it doesn't help.

[Tapioca]

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.

I don't live in Klahanie myself as I think a 900K townhouse is overvalued. But, I also understand why people want to buy in that community. When a buyer could literally save 200K by buying the same home 5 minutes up the road, it says to me that there are enough buyers out there who are falling for the hype.

Not laying it on thick - just stating what I see.

[RRxtar]

When we bought last year my broker said the lender will assume 75% (I think 75%) of the market value of the rental and add that onto your gross income which would bump up your qualifications. Eg 100k/ year household income. $20k/year rental unit. You qualify as of you had a $115k household income

[welfare]

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.

Diversity is fine and all but my God, it's just getting way too packed down there.
Was just there yesterday and couldn't believe the number of proposed condo developments going up in EV. All the rezoning and laneway homes. It's just nuts. I guess when you only go back every now and again it's quite a shock.
Didn't help that first is all torn up as well so Hastings and Grandview are both even worse than usual.

[welfare]

Double post

[twitchyzero]

east Van condos is not even on the scale of neighbouring Burnaby's
traffic is far from great but way better shape than on the north shore
I will agree that laneway means street parking are gonna see more buckets and passive aggressive notes

[1337]

Originally Posted by RRxtar

When we bought last year my broker said the lender will assume 75% (I think 75%) of the market value of the rental and add that onto your gross income which would bump up your qualifications. Eg 100k/ year household income. $20k/year rental unit. You qualify as of you had a $115k household income

Banks take rental income at 50%

[ImportPsycho]

Originally Posted by Traum

Deal of the century in Kitsilano:

https://www.rew.ca/properties/R22934...e-vancouver-bc

asking $3,990,000

https://www.google.ca/maps/place/257...4d-123.1637148


wonder what happened.
red house to the right looks worse than this house was

[Mr.Money]

i'm gonna guess a grow op house that turned pure moldy or meth lab.

[Eff-1]

We wanted a townhome intead of a condo badly but struggled with the decision. Our goal was a 2 bed/2 bath pre-sale and when we were looking at floor plans, we couldn't get over the small size of the main living areas of townhomes. At say $850 psf and $1.15M plus GST and PTT, a 1,350sq ft townhome would feel no different from our existing 650 sq foot apartment when sitting in the living room or cooking in the kitchen. The only difference is bedrooms are upstairs instead of being on the perimeter of your main living area, and you also get a 1 or 2-car garage. Then you look at the associated strata fees, and we said no way.

[Tapioca]

In my experience, the biggest upside of a townhouse is that you get your own front door. That makes a big difference when you're dealing with kids and their gear.

But the pricing for new build townhouses in Vancouver doesn't make a lot of financial sense - you're basically paying the price for the land without actually owning the land underneath you.

When we were in the market 2 years ago, the difference between a townhouse like ours and a house was over 500K so the pricing made sense. Now that the gap is closing, it makes a lot of sense for people to upgrade.

[Ludepower]

Yea the difference between a condo and TH isnt that much. Like hondaracer said..a detach with a mortgage helper eventhough it'll be an old house makes more sense.

Location is still most important. I dunno why people comparing port moody to Vancouver. I'll take an old east van house any day of the week.

[Mr.HappySilp]

Originally Posted by Ludepower

Yea the difference between a condo and TH isnt that much. Like hondaracer said..a detach with a mortgage helper eventhough it'll be an old house makes more sense.

Location is still most important. I dunno why people comparing port moody to Vancouver. I'll take an old east van house any day of the week.

Some Townhome (concrete Townhome attach to apartments) are selling close to detached home price (in the range of 1.2 to 1.4m). I just don't see why people would pay so much for a townhome that's smaller , have to pay strata fee VS a detached home in that price range......

[Ludepower]

I'm guessing they want a new home. You're still gonna have the noise and strata issues living in a TH.

If you have a 1 bed condo then the natural step would be a TH for the small family while it you have a 2 bed condo or TH... then a jump to a detach is with in striking distance.

[Eff-1]

Originally Posted by Ludepower

Yea the difference between a condo and TH isnt that much.

Comparing a 2 bed 2 bath condo to a townhome in the same complex, the TH was priced on average $250k- $500k more. That's a big jump in our books.