Vancouver's Real Estate Market

[Badhobz]

ive seen quite a few of these houses in richmond that have tandem garage spaces and they are all under 30ft in length. That means you cant even fit 2 stinking corolla's in tandem. Only a normal size car and a smart car.

such bullshit, i dont know why they design it like this.

[donk.]

Why do you need a big garage when a developer can have a bigger bank account?

[supafamous]

Originally Posted by Badhobz

ive seen quite a few of these houses in richmond that have tandem garage spaces and they are all under 30ft in length. That means you cant even fit 2 stinking corolla's in tandem. Only a normal size car and a smart car.

such bullshit, i dont know why they design it like this.

Is that just limited by the depth of the building?

[GS8]

Originally Posted by JDMDreams

Master bed room has touching wall with another bed room will hear loud sex not that I can afford

The house or the sex?

[whitev70r]

Is this what's it's come to in YVR? $2650/mth for a 480 sq ft condo? Damn !!

https://www.facebook.com/marketplace...1313120126559/



And a typical 2 Bed, 2 Bath rental, 2 floor townhouse - $3950/mth, 1000 sq ft

https://www.facebook.com/marketplace...8670946357939/

[68style]

I dunno what anyone expects... even at those prices you cannot break even on a mortgage on a new build.

It's impossible without a crazy downpayment between the mortgage payments, strata fees, property taxes, insurance etc... and the whole situation is becoming impossible.

[Hehe]

Originally Posted by 68style

I dunno what anyone expects... even at those prices you cannot break even on a mortgage on a new build.

It's impossible without a crazy downpayment between the mortgage payments, strata fees, property taxes, insurance etc... and the whole situation is becoming impossible.

IMO the rent is going to go way higher.

The interest rate for a mortgage is at 6% range. Even if the market suddenly crash 30% overnight, your comment would still hold.

In RE, the general rule of thumb idea of equilibrium is that the rent is equal to roughly the mortgage payment with 20% down.

So, one could do their own math how far we are from the equilibrium. Yes, the RE of YVR is inflated. But it's going to take a while before the whole market correction come into play.

In the mean time, since the equity is not rising (price of RE), landlords are going to continue to rise their rent to justify their ROI.

And for a good chunk of people who bought into the market with fixed mortgage at sub 4% level, they are not going to sell because whatever they move, the cost of financing is so much higher. And since it's almost like bank is paying them to hold the mortgage, they are not in a hurry to do anything about it.

[TypeRNammer]

Originally Posted by snowball

Gonna need at least 40' length for a tandem driveway, no way is that the case for the laneway unless it's parking in the backyard as well lol.

Tentatively speaking, I can do tandem parking on my laneway once it's completed

Toss in some more paving stones and I could probably do a 3 car tandem

Could probably shove a 4th car on the main floor patio area

[EvoFire]

Originally Posted by TypeRNammer

Tentatively speaking, I can do tandem parking on my laneway once it's completed

Toss in some more paving stones and I could probably do a 3 car tandem

Could probably shove a 4th car on the main floor patio area

Tell me you are Asian without telling me you are Asian lol

[twitchyzero]

any reason why they dont just build sliding doors into walls if space is at sucha premium?

is it against code to have rooms with them?

[Oshiguru]

Originally Posted by whitev70r

Is this what's it's come to in YVR? $2650/mth for a 480 sq ft condo? Damn !!

https://www.facebook.com/marketplace...1313120126559/

https://scontent.fcxh3-1.fna.fbcdn.n...xw&oe=64C3E280

And a typical 2 Bed, 2 Bath rental, 2 floor townhouse - $3950/mth, 1000 sq ft

https://www.facebook.com/marketplace...8670946357939/

This is to they can list it as a "2 bedroom" or how someone can rent out the den as a second bedroom so they split the rent so its "affordable"

[buhdeh]

Originally Posted by JDMDreams

https://dailyhive.com/vancouver/opin...roy4WSFC-qZ-p8

This was posted a few days ago too. I've lived here pretty much all my life and I just don't see the appeal or hype of Vancouver anymore. Let alone the costs of being here. Getting a detached is pretty much impossible. Yet very much achievable on the island or Calgary or even parts of Toronto.

I'm in Toronto now and it's maybe just barely better than Vancouver on affordability. I will say though that the average office worker will have significantly better opportunities in Toronto. Pretty much everyone I know here seems to be like $300K+ household income families whereas in Vancouver, I don't really know anyone that I went to university with that are over $100K. I also don't know a single person in Toronto that rents out their basement as a mortgage helper either.

[Hondaracer]

No one I know in Toronto even has a basement

Wonder if it’s a code thing or sonthing because when we rented a house in Leselieville a few summers ago for a friends wedding we stayed in the bedroom in this “basement” of this home thay seemed like it was a converted root cellar

Fuck it was like 150% humidity down there water was dripping off the walls lol

[Tapioca]

Originally Posted by buhdeh

Pretty much everyone I know here seems to be like $300K+ household income families whereas in Vancouver, I don't really know anyone that I went to university with that are over $100K.

Really?

Majority of people in my university educated circle make 100K+. It's a necessity nowadays if you want to own a detached house, even with significant help.

[bcrdukes]

Most older Toronto homes may not have a finished basement, and if they do, it's often unfinished. It's often related to taxes you pay to the city for liveable space, or something of that sort, plus a combination of code. You will see a lot of multi-million dollar homes in cities like Mississauga, Oakville, Richmond Hill, Markham etc. that have unfinished basements. I hope I am wrong.

[JDMDreams]

Toronto also doesn't really have garages so I dunno where people keep their cars, or back alleys. They keep their garbage cans on the front yard right in front of their porches and every one sits on their porches during the summer so it stinks.

But yea, it was just posted a while back where they listed the cost to build a new condo building on like first Ave and it was like $1100+ a sq at cost, not including any profit so how can rent or cost of a house to down. Land, materials, labour is all going up. Buddy guys don't work for free.

[EvoFire]

Originally Posted by twitchyzero

any reason why they dont just build sliding doors into walls if space is at sucha premium?

is it against code to have rooms with them?

I hate pocket doors with a passion. I get that they provide a way to create privacy without taking up space but with wall that's only two pieces of drywall there's no sound privacy anyways. Most pocket doors also don't glide smoothly, just shit overall.

[Gerbs]

Originally Posted by Tapioca

Really?

Majority of people in my university educated circle make 100K+. It's a necessity nowadays if you want to own a detached house, even with significant help.

I agree with him on the TO observation. 90%+ of the professionals in TO I know are clearing $100 - 300k+, with even higher earnings when they hit their 30's. Even the folks that are doing hair / nails are clearing low 100's with a little bit of cash on the side.


While in Vancouver the majority of folks clearing $120K+ are business owners, medical field, CPA/CFA's, bankers, software devs at Amazon, most red seal jobs. I'm surprised by the vast amount of people on the lower end of $60 - 110K in engineering, boutique consulting, software developers at small places, IT, manager+ level at marketing, tech sales, recruiting. Especially since a lot of these jobs were glorified when I was in Uni. But most people native to Vancouver also has 1+ properties from their parents giving them an extra $1-2.5k/month in spending money

[68style]

I only know one professional in Toronto and that's bcrdukes... and yes he's definitely clearing at least half a mill based on how soft his skin is

[radeonboy]

Originally Posted by Gerbs

But most people native to Vancouver also has 1+ properties from their parents giving them an extra $1-2.5k/month in spending money

I must be doing it wrong then - my parents get that allowance out of me instead of the other way around

[Eff-1]

I have workers on my team who live in both Vancouver and Toronto, so I have to hire in both markets for the same job essentially. Toronto people work harder. The pace of business is faster. They commute longer. Stay later. But socialize more too.

Vancouver is kind of the opposite of all of the above. We work hard, but not nearly as hard as Toronto.

For the same position with same experience, on average Toronto staff are paid 30% higher. But there are tradeoffs, as mentioned above.

[bcrdukes]

Originally Posted by 68style

I only know one professional in Toronto and that's bcrdukes... and yes he's definitely clearing at least half a mill based on how soft his skin is

You definitely have the wrong person

I'm barely scraping by in comparison to all of you on this forum.

[underscore]

Originally Posted by EvoFire

I get that they provide a way to create privacy without taking up space but with wall that's only two pieces of drywall there's no sound privacy anyways.

How is that different from every other door?

[Gerbs]

Originally Posted by radeonboy

I must be doing it wrong then - my parents get that allowance out of me instead of the other way around

Majority of east van grew up as poor immigrants but the housing market turned their 1990's $200-300K van special into a money printer. Depending on how many suites / bedrooms you have, they've been making $1.5 - 4k/month on their basement suites for the last 10+ years. It's crazy how their rental suites make more than their dayjobs as labourers, clerks, chefs at kents kitchen.

All that rental income + 50%+ savings rate = multiple properties for their kids. Waiting for my turn though, I'll take my free unit at Solo District anytime now. Idk why but they all seem to buy their kids condos at Brentwood/Metrotown. Now the prices there are same as Mount Pleasant / Downtown for new builds.

[Badhobz]

my parents lack of foresight and led them to buy a brand new apartment in 1994 instead of buying a slightly used Vancouver special / older home that was the same price. Their apartment is worth 900k now, but a equivalent house in the neighborhood is 1.6-1.8m aka double.

Pisses me off that my mom valued saving face more than having more space/land. Their condo cost them quite a bit over the years with their leaky condo at 60k, special levies, elevators, etc etc. All because she couldnt stomach living in an old house. That shanghainese ego of her is bullshit.