Quote:
Originally Posted by Gerbs
I think as long as your unit falls in this criteria, it's not gonna drop much and sells quickly
- $450-650K / $660-750K
- 600-750 sqft 1BR or 850 - 1,000 2BR
- Van/BBY
- 2 parking+
- Older units
or
Older TH's under $1.1-1.2M + garage + 3-4BR+
These units are very livable despite older + still affordable for top 20-30% percentile DINKs or top 10% SINK.
It's the retards holding onto new and shiny stuff that are getting owned. The area they bought is also pretty shitty for the price like Surrey, East Brentwood, Deep South Richmond, Edmonds, Coquitlam.
- 2BR's 700sqft for $775-900K, I have 2 friends with this pre-sale in Surrey, complaining they're gonna take a $100K+ loss, why did you pay $1,200/sqft for a 2028 completion in surrey
- 1BR 455-510sqft for $650K-750K
- All 3BR's
- $1.9-2.2M+ Duplexes Also they bought in
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The bolded part highlights one of the key differences between an older unit vs a newer one.
Those sizes would be a 2br and a 3br in anything built the last decade, except for some of the high end units (I looked at a presale around Langara back in 2015, 1.3m 1500sqft 3br + den, 2 parking with option for 3rd)
The difference is, the older units are built to be SFH replacements. Whereas nowadays units are built to a price/size/amenity desires. For new immigrants coming from Asia, the small size doesn't pose to be a problem, for everyone of us here who's lived here for 20 years, these new units are terrible.
Here's another difference. Our interior design and construction is still trying to catch up to the new smaller footprints. In HK, my relatives would be custom building all the cabinets and furniture to fit whatever wonky needs or footprint requirements there are, Vancouver local industries aren't built for that. Then there's the huge cost gap, things can be done much cheaper in Asia. My relatives would drop 500k HKD for an all custom reno in a 500sqft condo. You'd probably have to drop 500k CAD to get a all custom reno job in Vancouver for a 2br condo.