Vancouver's Real Estate Market

[68style]

Hope you know a good drywaller up there with all the drunk and high knuckle draggers punching holes in walls every bender

[Hondaracer]

Originally Posted by Manic!

Have a cousin who moved here from India less than 15 years ago. Worked his ass off as a roofer and now owns 2 houses in Surrey. First house is now 100% rented main floor and a suite. The rent pays mortgage. The second house he bought is newer and way bigger. It has 2 suites and they cover the mortgage and he lives on the main floor with his wife and kids. he is killing it right now.


Forget a 5 million dollar house. 24 town homes for sale in fort st john for 3.6 million.

https://multifamily.ca/properties/grandview-townhomes

With the lower mainland becoming so expensive I can see more people moving to other parts of BC increasing prices.

You could work your ass off as a doctor these days and you couldn’t afford two homes.

[westopher]

Or honestly, even one.

[6793026]

41 yr old sales guy. Started working since 23. Bought apartment when I was 28 (old 1 bedroom built 1980s). Paid off 2021.
Can refinance apartment for a 400k lump sum downpayment, rental income and mortgage a bigger house.

41 doctor. Started working as a doctor 36. Even with no debt on schooling tuition; they can afford a mortgage 80% of home. 15% down.

Doctor can barely afford a $1M house due to the lack of downpayment even if their purchasing power is great.

who is really ahead... who knows.

[Manic!]

Originally Posted by 68style

Hope you know a good drywaller up there with all the drunk and high knuckle draggers punching holes in walls every bender

You need a handy man who is good enough for most things.

[underscore]

I know it's a way to get ahead or whatever, but to me the main draw of a house is not sharing my living space with anyone, in any way. If I'm going to have to worry about how much noise I'm making or having to listen to someone else then I may as well just buy a townhouse or apartment for less.

[Special K]

That $5.2 is interesting.

https://www.redfin.ca/bc/vancouver/1...home/155685016

Lot value is about $2-2.5M. I don’t think it cost another $2.5-3M to build that thing. Plus it’s a corner lot which is less desirable.

[Gumby]

Originally Posted by Manic!

You may not need it but why would you not take it?

Originally Posted by underscore

I know it's a way to get ahead or whatever, but to me the main draw of a house is not sharing my living space with anyone, in any way. If I'm going to have to worry about how much noise I'm making or having to listen to someone else then I may as well just buy a townhouse or apartment for less.

Underscore explains perfectly why I wouldn’t want the extra rental income from a suite in my principal residence (assuming I didn’t need it).

[Manic!]

Originally Posted by underscore

I know it's a way to get ahead or whatever, but to me the main draw of a house is not sharing my living space with anyone, in any way. If I'm going to have to worry about how much noise I'm making or having to listen to someone else then I may as well just buy a townhouse or apartment for less.

With the money saved with having no Mortgage he could buy a 3rd house. Rent the upstairs of the second house and use that to pay for a large chunk of the mortgage on his 3rd house. His 3rd house wouldn't even need renters.

[hud 91gt]

Originally Posted by Special K

That $5.2 is interesting.

https://www.redfin.ca/bc/vancouver/1...home/155685016

Lot value is about $2-2.5M. I don’t think it cost another $2.5-3M to build that thing. Plus it’s a corner lot which is less desirable.

I’ve heard this a couple times, corner lot=less desirable? What fricken world are you guys living in? Lol. Since when. Especially in the city with neighbours 6 feet away. Unless it’s cornered onto a busy street, the corner lot is way more desirable.

[westopher]

Nowhere in history has corner lot ever been less desirable. I actually laughed when I read that.

[GGnoRE]

Originally Posted by Manic!

With the money saved with having no Mortgage he could buy a 3rd house. Rent the upstairs of the second house and use that to pay for a large chunk of the mortgage on his 3rd house. His 3rd house wouldn't even need renters.

You speak of this like your cousin owning a 3rd rental/investment property is an awesome thing but this is exactly the type of behavior/mentality that we need to curb in the residential RE market. I respect your cousin's hustle and financial discipline but I'd much rather see his capital directed towards other sectors of the economy where people aren't struggling to secure basic living needs. If people weren't so crazy about owning 2nd, 3rd, 4th investment properties, maybe the renters of those investment properties could actually own their own home? Like, imagine if we were allowed to buy up hospital beds to the point where price per bed becomes unattainable for the average person and we can charge people rent when they're sick?

From Globe and Mail, https://www.theglobeandmail.com/busi...ng-in-ontario/:
"There’s new evidence to suggest that a minority of Canadian homeowners are amassing large amounts of residential real estate in Ontario and B.C. New data reveal that 15.5 per cent of individual homeowners own 31.1 per cent of all residential properties in Ontario as of 2019. In British Columbia, 15 per cent of individual owners held 29.1 per cent of the provincial housing stock."

From Global News, https://globalnews.ca/news/8754816/m...housing-stock/:
"New data from Statistics Canada shows multiple-property owners held between 29 and 41 per cent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020."

This is unchecked capitalism rearing its ugly head.

[SSM_DC5]

Originally Posted by hud 91gt

I’ve heard this a couple times, corner lot=less desirable? What fricken world are you guys living in? Lol. Since when. Especially in the city with neighbours 6 feet away. Unless it’s cornered onto a busy street, the corner lot is way more desirable.

Feng Shui says no.

My friend bitches every snow fall for the amount of sidewalk he needs to shovel for being a corner lot.

[TOS'd]

Originally Posted by Special K

That $5.2 is interesting.

https://www.redfin.ca/bc/vancouver/1...home/155685016

Lot value is about $2-2.5M. I don’t think it cost another $2.5-3M to build that thing. Plus it’s a corner lot which is less desirable.

Originally Posted by SSM_DC5

Feng Shui says no.

My friend bitches every snow fall for the amount of sidewalk he needs to shovel for being a corner lot.

At least this specific lot is corner to a laneway and it doesn't even have a sidewalk on the boulevard side, haha

[hud 91gt]

Originally Posted by SSM_DC5

Feng Shui says no.

My friend bitches every snow fall for the amount of sidewalk he needs to shovel for being a corner lot.

…and I bitch every time I have to clean windows, I wish I didn’t have them.

[donk.]

Originally Posted by hud 91gt

…and I bitch every time I have to clean windows, I wish I didn’t have them.

Someone already found the perfect unit for you


https://assets-listings.rew.ca/brc_i....1&w=560&dpr=2

[JDMDreams]

Corner lots are fun until a Mustang plows into your house, like that corner House at 41 and Rupert

[underscore]

Originally Posted by Manic!

With the money saved with having no Mortgage he could buy a 3rd house. Rent the upstairs of the second house and use that to pay for a large chunk of the mortgage on his 3rd house. His 3rd house wouldn't even need renters.

Sure, but after how many years of sharing a space and having to deal with managing tenants and their bullshit? I'm sure it's fine for some people, and for some it's the only way to make home ownership work, but if I'm buying a house for 4 million dollars I want to be able to let my kids bang around or watch the bank scene in Heat at the proper volume without having to worry about someone below me complaining.

[SumAznGuy]

Originally Posted by SSM_DC5

Feng Shui says no.

My friend bitches every snow fall for the amount of sidewalk he needs to shovel for being a corner lot.

And extra grass to mow. I need to invest in a riding mower.

Originally Posted by hud 91gt

…and I bitch every time I have to clean windows, I wish I didn’t have them.

But I am grateful I have 1 less neighbour to deal with.

[SumAznGuy]

Originally Posted by JDMDreams

Corner lots are fun until a Mustang plows into your house, like that corner House at 41 and Rupert

I laugh at the owner of the house on Knight st where the road curves a little as you head to knight st bridge.
I can't remember how many times the fence was taken out and a few times the car hit the house as well.

[quasi]

Originally Posted by underscore

Sure, but after how many years of sharing a space and having to deal with managing tenants and their bullshit? I'm sure it's fine for some people, and for some it's the only way to make home ownership work, but if I'm buying a house for 4 million dollars I want to be able to let my kids bang around or watch the robbery scene in Heat at the proper volume without having to worry about someone below me complaining.

I agree, could never do the rental thing myself even when I had a house with a suite in it I never rented it out. My privacy is more important than money, it's why when I bought my last place 40 foot cedar trees at the edge of my property and a super private back yard were the selling feature for me. I do realize I'm lucky in the sense that with the price of homes currently that isn't an option for many.

[Great68]

Originally Posted by underscore

Sure, but after how many years of sharing a space and having to deal with managing tenants and their bullshit? I'm sure it's fine for some people, and for some it's the only way to make home ownership work, but if I'm buying a house for 4 million dollars I want to be able to let my kids bang around or watch the bank scene in Heat at the proper volume without having to worry about someone below me complaining.

Yeah some of us are just not built for co-habitating with strangers. I'm one.
I absolutely hated it in the 5 years I spent renting.
I count my blessings that I can afford my house without rental income, and even if I had a suite capable of being rented I wouldn't do it. I really wouldn't care how much money I would be missing out on.

But I totally get that there's others out there who don't mind, some even prefer it. That's the thing about people, we're all different.

[supafamous]

Originally Posted by SSM_DC5

Feng Shui says no.

My friend bitches every snow fall for the amount of sidewalk he needs to shovel for being a corner lot.

https://goo.gl/maps/VU4rU5cCNJqLyPLu8

This was my last house which was a corner lot and I hated maintaining the city owned lawn. I had lots of street parking that my neighbours left for me to use but it was a relatively busy side street so lots of cars going by at all times of the day/night. I give it a neutral rating for a corner lot.

I much prefer the lots that face into a park or into a really good fried chicken joint.

[Hondaracer]

Every month when I get that sweet suite money, I kinda forget about the downsides lol

[68style]

I know a sugar baby who feels the same way about her 70 year old bf