Affordable housing/living

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Strangelove
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Re: Affordable housing/living

Post by Strangelove » Sun Jan 21, 2018 7:05 pm

RoyalDude wrote:
Sun Jan 21, 2018 3:53 pm
I'm looking at a renovation job in the Clark Park area Doc, the house is in terrible shape to put it niceoy, homeowner paid an arm and a leg for it and the reno he wants to do is around the $400,000 mark.
They want to sink $400K on a hundred year old house? :shock:
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Re: Affordable housing/living

Post by RoyalDude » Sun Jan 21, 2018 7:48 pm

Yes. And it's old, 100 years wouldn't be far off. One block east of Clark on 13th.
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Re: Affordable housing/living

Post by Strangelove » Sun Jan 21, 2018 7:57 pm

Is that a normal thing these days Dude?

Wouldn't it be wiser tear down/rebuild?
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Re: Affordable housing/living

Post by RoyalDude » Sun Jan 21, 2018 8:21 pm

Strangelove wrote:
Sun Jan 21, 2018 7:57 pm
Is that a normal thing these days Dude?

Wouldn't it be wiser tear down/rebuild?
Well the square foot price to build isn't what it used to be, especially in Vancouver where hearing its $275 a square for a basic mid range finishings home to $400 a square for high end. So if he built new, lots down there are skinny - 33' footers even less. 33' foot lot new builds are around 3,000 sq ft homes so do the math. Taxes and insurancexcxnd permit costs civil work is more on new builds but renovations are very expensive, especially to older homes. It's a tough decision. If your reno quotes are coining in around $600,000!- $700,000 then you should tear down. That area everyone' is doing Laneway homes which cost around $250,000 to $300,000 yup build. The beauty in Vancouver is they allow you to have lanehome and a basement suite, so you get two legal mortgage helpers.
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Re: Affordable housing/living

Post by Uncle dans leg » Sun Jan 21, 2018 8:24 pm

RoyalDude wrote:
Sun Jan 21, 2018 8:21 pm
. The beauty in Vancouver is they allow you to have lanehome and a basement suite, so you get two legal mortgage helpers.
How kind of them...thatll help bring your mortgage payment down from 20 to 10k a month
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Re: Affordable housing/living

Post by RoyalDude » Sun Jan 21, 2018 8:34 pm

Uncle dans leg wrote:
Sun Jan 21, 2018 8:24 pm
RoyalDude wrote:
Sun Jan 21, 2018 8:21 pm
. The beauty in Vancouver is they allow you to have lanehome and a basement suite, so you get two legal mortgage helpers.
How kind of them...thatll help bring your mortgage payment down from 20 to 10k a month
We'll can't respond to that but when you consider that the other municipalities won't allow you to have 3 legal suites on a lot it's a big deal
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Re: Affordable housing/living

Post by micky107 » Mon Jan 22, 2018 12:54 am

Richmond allows 3 and just pretend they don't see the other 2.
1 driveway, 10 cars.
"evolution"

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Re: Affordable housing/living

Post by SKYO » Mon Jan 22, 2018 2:10 pm

FOREIGN INVESTORS are getting scared with all the new rules putting in place.
A long time ago, a baseball player remarked: "If I owned a ballclub, I'd hire a $5,000 coach and a $15,000 scout."

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Re: Affordable housing/living

Post by Aaronp18 » Mon Jan 22, 2018 2:32 pm

SKYO wrote:
Mon Jan 22, 2018 2:10 pm
FOREIGN INVESTORS are getting scared with all the new rules putting in place.
Scared isn't the word, they are likely just holding off for a bit. People said the 15% non-resident tax would hurt, prices have gone up another 10-15% depending where you are.

Give it a few months for their brokers and lawyers to go through the rules and they'll figure out a way around them.

Condos are the hot commodity de jour right now. We bought a condo in White Rock as a pre-sale and completed right at the end of summer. Paid $470k for a 1 bed 1 bath ocean view. Listed it after the city said we couldn't short term rent it out and got pretty much nothing in the way of offers until last week. Have had 3 full price offers, cash offer came in yesterday with completion in 2 weeks and no subjects for $600k.

Done and done.

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Re: Affordable housing/living

Post by RoyalDude » Mon Jan 22, 2018 3:07 pm

It's condo city now. Detached homes have settled off quite a bit.

I guess all that foreign money sifting through the casinos is no longer contributing to the real estate gold rush in this city. Curious times right now. Can it sustain itself?
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Re: Affordable housing/living

Post by Reefer2 » Mon Jan 22, 2018 3:26 pm

Aaronp18 wrote:
Mon Jan 22, 2018 2:32 pm
SKYO wrote:
Mon Jan 22, 2018 2:10 pm
FOREIGN INVESTORS are getting scared with all the new rules putting in place.
Scared isn't the word, they are likely just holding off for a bit. People said the 15% non-resident tax would hurt, prices have gone up another 10-15% depending where you are.

Give it a few months for their brokers and lawyers to go through the rules and they'll figure out a way around them.

Condos are the hot commodity de jour right now. We bought a condo in White Rock as a pre-sale and completed right at the end of summer. Paid $470k for a 1 bed 1 bath ocean view. Listed it after the city said we couldn't short term rent it out and got pretty much nothing in the way of offers until last week. Have had 3 full price offers, cash offer came in yesterday with completion in 2 weeks and no subjects for $600k.

Done and done.
what are your thoughts if it was bought by a foreign owner?

Foreign owners and access to the Asian market has kept BC economy going for decades, while other provinces had recessions BC economy kept going.

Housing prices have increased many years, it was unaffordable for me in 1995 when I first purchased my first place and it is still unaffordable.

http://vancouversun.com/news/local-news ... g-to-study

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Re: Affordable housing/living

Post by Aaronp18 » Mon Jan 22, 2018 3:46 pm

Reefer2 wrote:
Mon Jan 22, 2018 3:26 pm
what are your thoughts if it was bought by a foreign owner?

Foreign owners and access to the Asian market has kept BC economy going for decades, while other provinces had recessions BC economy kept going.

Housing prices have increased many years, it was unaffordable for me in 1995 when I first purchased my first place and it is still unaffordable.

http://vancouversun.com/news/local-news ... g-to-study
I don't care who bought it! And I won't care who buys our house we built either. Money is money.

Have you claimed bankruptcy? Unaffordable is a relative term. Sometimes you need to start low and work you're way up the property ladder, actually pretty much all the time you do.

If you want to live in a city where the economy is very stable you won't be able to afford a single family home with land. No major city in the world allows this!

Start with a condo or townhouse outside the city, pay down principle for a few years, have the value of your home increase then when you sell you have equity to put into something bigger. And if you work hard your wages will increase along the way!

A big beautiful home is definitely not affordable for first time home buyers, but why should it be? Pay your dues, work your way up.

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Re: Affordable housing/living

Post by Reefer2 » Mon Jan 22, 2018 3:52 pm

Aaronp18 wrote:
Mon Jan 22, 2018 3:46 pm
Reefer2 wrote:
Mon Jan 22, 2018 3:26 pm
what are your thoughts if it was bought by a foreign owner?

Foreign owners and access to the Asian market has kept BC economy going for decades, while other provinces had recessions BC economy kept going.

Housing prices have increased many years, it was unaffordable for me in 1995 when I first purchased my first place and it is still unaffordable.

http://vancouversun.com/news/local-news ... g-to-study
I don't care who bought it! And I won't care who buys our house we built either. Money is money.

Have you claimed bankruptcy? Unaffordable is a relative term. Sometimes you need to start low and work you're way up the property ladder, actually pretty much all the time you do.

If you want to live in a city where the economy is very stable you won't be able to afford a single family home with land. No major city in the world allows this!

Start with a condo or townhouse outside the city, pay down principle for a few years, have the value of your home increase then when you sell you have equity to put into something bigger. And if you work hard your wages will increase along the way!

A big beautiful home is definitely not affordable for first time home buyers, but why should it be? Pay your dues, work your way up.
agree 100%, I have a fairly large Townhouse, 4 bedrooms, 2.5 baths, the only issue is location. With the area where I live growing like crazy, traffic has increased as well as noise but my place has doubled in price in the last 5 years. I do know that when I sell I am moving a little further out a) because of price and b) because of traffic.

I moved from a condo to a townhouse but will never buy a house, kids are older and both will be gone (even if I have to kick them out) in 8 years.

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Re: Affordable housing/living

Post by Blob Mckenzie » Mon Jan 22, 2018 8:01 pm

RoyalDude wrote:
Mon Jan 22, 2018 3:07 pm
It's condo city now. Detached homes have settled off quite a bit.

I guess all that foreign money sifting through the casinos is no longer contributing to the real estate gold rush in this city. Curious times right now. Can it sustain itself?
It is already flattening out. Average detached home in Poco is over 900 K but drive twenty minutes east to Maple Ridge and you can save 180 K. Looking at this from a purely myopic point of view I have no idea how my kids will be able to afford to live here in anything more than a 400 sq foot apartment.

I don’t think the bottom will fall out like a lot of negative nellies are predicting. There is still a ton of offshore money and rich Chinese and Eat Indian families pouring onto the Pacific Coast. The same negative nellies seem to grin with glee when they bring up nonsense about the bank of Canada raising rates substantially and people will be walking away from their houses en masse. Won’t happen, it would destroy the economy. These same dinks used to say there would be no CPP for anyone down the road either. M

This is San Fran north Dude get used to it. Somewhere in the next 8-12 years I’m off to the Okanagan or off to the Island.
TELL ME HOW MY ASS TASTES

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Re: Affordable housing/living

Post by Reefer2 » Thu Jan 25, 2018 9:23 am

Now Calgary is unaffordable.

When will this madness end?

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