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I don't know how burnaby or other cities will do it as a lot of the streets don't have back lanes. So no garage at all?
The parking requirements for a 4-6plex are light enough that they would just have parking in the front - on a 33' wide lot they could put 2 parking spots in which is what happens right now on lots that don't have a lane. On a 50' lot with a 6-plex you could put 4 parking spots out front.
For the lots which fall inside a transit oriented area (TOA) like mine they would end up building an underground parkade or have the first floor be parking like you see in townhouse developments.
Calling this a glorified "duplex" is really too much of a stretch. I know it has its own house number, but it is nothing more than a basement unit, and a tiny one at that.
If you have an old enough house and it's vaguely "heritage-y" you can stratify it and convert it into a duplex (or now even a 4plex). There's some density bonuses involved in going down this path but the costs are usually too stupid to consider.
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So, what happens in situations like this? Is there protection or insurance for buyers who put down a deposit?
The presale deposits are typically held in a trust or escrow account that the developer does not have usual access to. So the presale deposits are typically OK.
However, the presale buyers can still be screwed if there's no comparable priced unit on the market at the time they're suddenly having to seek out a new property again.
Calling this a glorified "duplex" is really too much of a stretch. I know it has its own house number, but it is nothing more than a basement unit, and a tiny one at that.
First you had side-by-side, then front/back... now presenting the up/down duplex!
a condo of that size in that area could potentially be 650-700k easily, and this doesnt have a strata fee. i think at around 750k it could be viable, but not at 930k.
That 1036 E14th 'duplex' ... or separate entrance main floor suite for sale at $930K ... all along, those would be mortgage helper rentals for the owner (presumably who lives upstairs). Wouldn't it be wiser to keep it that way? You'd still get like $2500/mth of passive income.
And down the road, you could sell the house in its entirety. Trying to sell just the upstairs with an owner down below .. that's just kinda strange. But these are weird times.
a condo of that size in that area could potentially be 650-700k easily, and this doesnt have a strata fee. i think at around 750k it could be viable, but not at 930k.
Our friends just bought a 900sq ft condo at main and 23rd and it was a million for a 20+ year old building. So pricing actually seems OK for this given everything
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Our friends just bought a 900sq ft condo at main and 23rd and it was a million for a 20+ year old building. So pricing actually seems OK for this given everything
Yes that area around main st is turning into a hipsters paradise. I can’t walk main st anymore without running into white guys in beards and Patagonia clothing. Looks more like Portland than Vancouver
People's dislike for basement suite is probably the sound transmission through the ceiling. Footsteps of people and pets, chairs sliding, etc.
I know people that are willing to pay $1,000+ of rent per month more to live in apartment than basement. Not sure if it's worth to pay that much more to shower and sleep lol.
Yes that area around main st is turning into a hipsters paradise. I can’t walk main st anymore without running into white guys in beards and Patagonia clothing. Looks more like Portland than Vancouver
Sounds like a description from 15 years ago. Hipsters aren't even really a thing they're aged out 40 year old tech bro parents. Plus wearing patagonia fleeces and drinking craft beer is just mainstream culture now.
a condo of that size in that area could potentially be 650-700k easily, and this doesnt have a strata fee. i think at around 750k it could be viable, but not at 930k.
But an apartment's strata fee would cover a good bit of rainy day funds for maintenance -- at least it is supposed to in a well-managed strata. Whereas with a detached, you're totally on your own as far as maintenance is concerned.
I know people neglect maintenance all the time, but there are things you can't cheap out on.
-from a home owner getting dinged to death by home maintenance costs
The presale deposits are typically held in a trust or escrow account that the developer does not have usual access to. So the presale deposits are typically OK.
However, the presale buyers can still be screwed if there's no comparable priced unit on the market at the time they're suddenly having to seek out a new property again.
Most developers (larger ones at least) will have access to deposits. They just need to have deposit protection insurance in place before they get a penny, so buyers are still "safe" via this policy.
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