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Saw a Lexus SUV with "LX WOLF" vanity plates at a grocery store in Whistler yesterday, I was tempted to gently caress with it somehow but I guess it might not belong to you know who.
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May 19, 2018 15:32
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Most Vancouverites support Empty Homes Tax, housing strategy quote:
It's gotta be pretty frustrating to Vision councillors and party to see that their policies are broadly popular with the electorate, but they're going to face a severe challenge in the next election because regardless of anything they did the party has become the main thing to blame for the whole housing crisis. I saw the COPE twitter account point out that they put forward the idea of an empty homes tax first. Too bad the rest of their platform that election was incoherent or the public would have voted for a single COPE councillor and we could have started implementing that idea earlier.
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May 19, 2018 16:22
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I was looking at bachelor apartments in Metro Vancouver on Padmapper. I don't think I saw one that started below $1,500 a month. gently caress this dumb city.
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May 19, 2018 19:43
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Fuuuuuckloads of "Price Reduced" signs showing up in Mt. Pleasant, counted half a dozen today while riding through. Granted it's probably either straight up a lie or reduced by like $50k on $1.2M, but hey, beats a never-ending rocket ride? 
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May 19, 2018 22:01
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THE BEATWEAVER posted:Fuuuuuckloads of "Price Reduced" signs showing up in Mt. Pleasant, counted half a dozen today while riding through. Whereabouts did you head through?
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May 19, 2018 23:25
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sitchensis posted:I was looking at bachelor apartments in Metro Vancouver on Padmapper. I don't think I saw one that started below $1,500 a month. gently caress this dumb city. Vancouver: Where overpriced rents meets a undersized job market.
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May 20, 2018 01:04
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etalian posted:Vancouver: Where overpriced rents meets a undersized job market. I don't even know if its undersized. There's "help wanted immediately: apply inside" poo poo posted on the storefronts of tons of retail/food shops, and at least for tech, tons of open positions on the usual sites and individual company job pages, it's just nobody wants to actually offer wages that let people afford the rent and still manage to save anything. Then all I hear is "boohoo, shortage of good workers". loving offer a reasonable wage for the region and watch the resumes roll in, you dumb greedy fucks.
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May 20, 2018 01:44
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Not even exaggerating I think I'd ask for a nonrefundable $2M housing stipend if you wanted me to move back to Vancouver.
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May 20, 2018 01:58
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With significant supply appearing and at the same time Airbnb regulations kicking in I have to believe this is going to have some effect on rental price market. In the Olympic Village there are three buildings completing and in Mount Pleasant the one at 7th/Main is completing as are the two near Kingsway and Broadway. The Rize building is nearly finished too. Just in the area I walk around in on a day to day basis that has to be over a thousand units or more that are going on the market for rent.
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May 20, 2018 03:03
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Just lol if you think any of those units will be renting for less than $2,000 a month
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May 20, 2018 03:25
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sitchensis posted:Just lol if you think any of those units will be renting for less than $2,000 a month They'll be market priced, but new market priced units means less rich people in competition for cheaper 80s era three story walkups just because it's literally the only thing available to rent.
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May 20, 2018 04:23
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A one-bedroom in my three-story walkup built in the 50s is going for $1675 a month, and the owner is a pretty sensible guy who generally bases it on market averages in the area (we're Fairview-adjacent). All the New Fancy Luxury poo poo is just gonna give him justification to ask for higher rents whenever a vacancy comes up.
Majuju fucked around with this message at 07:29 on May 20, 2018 |
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May 20, 2018 07:27
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^^^^that. Also loving LOL if you think over-leveraged homeowners who can only afford their mortgage by charging $2k for their leaky basement are going to to give up that and dissolve into bankruptcy just because there's a few less desperate faces at their next open house. Rents don't ever go back to normal unless the provincial government steps in, because rents are just as bad anywhere in the province except a few extreme outliers such as Port Hardy.
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May 20, 2018 09:05
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Majuju posted:A one-bedroom in my three-story walkup built in the 50s is going for $1675 a month, and the owner is a pretty sensible guy who generally bases it on market averages in the area (we're Fairview-adjacent). All the New Fancy Luxury poo poo is just gonna give him justification to ask for higher rents whenever a vacancy comes up. When the rezoning meetings for the controversial Rize building at Kingsway and Broadway were going on way back in 2013 I recall this was a big talking point. It's funny how it turned out that we'll never really know what impact Rize would have had on rents since the building was massively delayed and in the mean time there has been an incredible surge in rent prices due to years of ~0% vacancy and other factors. The building is maybe going to complete in the fall by the looks of it and investors will have had years of opportunity to to assign contracts and make hundreds of thousands in gains from appreciation from the time they initially signed on. THE BEATWEAVER posted:^^^^that. Hey I only said the new vacancy would have some impact on pricing, not that it'd create affordable housing for everyone. I'm in agreement that real affordable housing can only be created with government support. Vancouver vacancy has been at near 0% for so long I think the realistic outcome here is a pause in rent hikes. An increase in apartment building and vacancy caused landlords in Brisbane to start offering freebees and discounts to try to get a renter but their vacancy rate was 4.4%. Vancouver has a long way to go to get to there. The most significant new thing going on here that could finally result in Vancouver's vacancy rate increasing is that there are now demand side measures to ensure that these new condos are actually rented out. Vancouver has added the empty housing tax and strict Airbnb regulations are coming into effect. In the past new supply didn't necessarily mean an impact on vacancy because these units would reach long term renters. The best case scenario for Vancouver renters that I imagine in the short term, using that leaky $2k basement as an example, is that the affluent Hootsuite employee that would have rented that basement because they literally couldn't find anything else rents a $2500 apartment in one of these new buildings, and importantly with less demand for the lovely $2k basement you have less renovictions and rent increases for everyone else in existing housing. Maybe eventually the price drops to a mere $1800. Femtosecond fucked around with this message at 18:14 on May 20, 2018 |
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May 20, 2018 18:12
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bigger if it's hard to read https://i.imgur.com/2KRQFt0.png https://i.imgur.com/Y13gcXl.png Vancouver sun, Feb 2, 1980  e: professional positions(computer toucher, municipal planner, pollution control engineer) advertised around $25k/year when "$100k" was considered a high house price. only 4 times a professional's yearly pre-tax. around 15 times full time min wage. 15 times minimum wage right now is $379,500. e2: 4062 Beatrice street. Listed at $67,900 in 1980(10 times minimum wage), sold september 2007 $615,000(38.4 times minimum wage), sold april 2012 $1,226,000(59.8 times minimum wage) e3: Bachelor suites at 540 heimcken for $177/month, 31% of the income of someone full time at minimum wage. 2-3 bedroom apartments around $450/month. Powershift fucked around with this message at 13:03 on May 22, 2018 |
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May 22, 2018 12:19
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I blame the brainworms that somehow convinced people that Vancouver is a nice and good place to live.
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May 22, 2018 13:28
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lol 10% mortgage as a good thing. I think soon after this (1981?) mortgage rates spiked to 20% and the market imploded.
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May 22, 2018 16:29
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So I totes bought a house in Ottawa. Things got pretty stupid immediately after and it's appreciated by 20 percent since then, and I don't even take possession for a few more months. I'm still kinda terrified but if this thread has taught me anything it's YOLO. Unless the entire economy implodes Ottawa should be pretty isolated and it's been a rather stable market up until now. If things get so bad that I end up upside down or unable to afford it, I'll probably be killed by roving gangs anyway.
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May 22, 2018 17:29
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Femtosecond posted:lol 10% mortgage as a good thing. I think soon after this (1981?) mortgage rates spiked to 20% and the market imploded. Sept 1, 1981. Bank of Montreal is offering 19 3/4% interest on 1 year investment certificates. Home builders are still financing homes at 12 1/2%. no bank ads for mortgages anywhere. December 2 1982, back down to 12% investment certificates and 12 1/2% mortgages. Still, a 12.5% 15 year mortgage on a $80,000 house was more affordable then than 5% over 25 years on a $700,000 condo is now, with both essentially paying as much interest as principle. Math You posted:So I totes bought a house in Ottawa. Things got pretty stupid immediately after and it's appreciated by 20 percent since then, and I don't even take possession for a few more months. e:  it's free real estate! Powershift fucked around with this message at 17:34 on May 22, 2018 |
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May 22, 2018 17:32
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I mean, at least this time around there are rental buildings going up. On the downside, I've seen three 6-storey wood-frame rental buildings going up so far. Per baronjutter (who works as a fire inspector), those things are complete deathtraps. You also just know they're gonna be renting at luxury prices.
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May 22, 2018 21:31
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Lead out in cuffs posted:I mean, at least this time around there are rental buildings going up. Are these more dangerous than old construction? I've seen 4-6 floor wood frame construction all over the place for a while now, I don't even think twice about it.
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May 22, 2018 21:47
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Does BC still have laws/rules in place to ensure buildings over certain heights pass seismic requirements?
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May 22, 2018 21:59
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Twerk from Home posted:Are these more dangerous than old construction? I've seen 4-6 floor wood frame construction all over the place for a while now, I don't even think twice about it. The building code was changed in 2009. Before then 4-storey was the max, and even that was a 1988 change. I feel like baronjutter is the person to ask about more details, but I distinctly recall him saying it was a terrible idea. I've also noticed that the only six-storey wood-frame buildings I've seen (at least in Vancouver) have been rentals, not condos.
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May 22, 2018 22:08
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Lead out in cuffs posted:I mean, at least this time around there are rental buildings going up. I didn't quite go that far, they seem perfectly safe it's more how they will be in 20 years. It's still sort of "new technology" here building that high out of wood, the projects I've worked on had crazy bad amounts of settling for instance. From the developer/builder their impression that that when you add all the specialty hardware (it's not just building like 4 story woodframe but taller) and labour it's only a little cheaper than concrete but for a vastly inferior build quality. But a lot of that could have just been growing pains as no crews in town are good at it yet. That was a few years ago though so I'm curious what the big contracting companies feel about it now.
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May 22, 2018 22:25
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Lead out in cuffs posted:
This is not true, I could name literally 50 wood frame condos built in the last five years. (Please don't ask me to though)
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May 23, 2018 00:36
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Yeah any new condo 6 floors or less are going to be wood, from what I've seen going up everywhere as I commute. The stuff on Broadway has a concrete first floor for commercial, then wood above.
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May 23, 2018 02:18
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Remind me again why they allow 6-storey wood frame buildings? Stupidity, or avarice?
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May 23, 2018 02:26
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I live on the first (wood) floor of a wood-frame building (two stories total, cement parkade underneath me) and holy crap would I not want to live on the sixth 
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May 23, 2018 02:29
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PT6A posted:Remind me again why they allow 6-storey wood frame buildings? Stupidity, or avarice? It's cheaper at a time when construction costs are really high, and many civil engineers were involved in the code changes that allowed this. It's not obviously unsafe in the short term. As Baronjutter mentioned, it's the long term that is an unknown.
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May 23, 2018 02:35
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HookShot posted:I live on the first (wood) floor of a wood-frame building (two stories total, cement parkade underneath me) and holy crap would I not want to live on the sixth This development on Marine always sticks out when I think of it. 
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May 23, 2018 02:35
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3rd floor of a 4 floor wood condo building here. We rented it because the unit is very large for a new build. We regret it due to the noise. Soundproofing doesn’t do poo poo when people walking above you rattles your light fixtures.
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May 23, 2018 02:41
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Cold on a Cob posted:3rd floor of a 4 floor wood condo building here. We rented it because the unit is very large for a new build. We regret it due to the noise. Soundproofing doesn’t do poo poo when people walking above you rattles your light fixtures. Yeah, that's what I'm thinking. I don't believe it's recklessly unsafe or anything, but it must be horrid to live in.
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May 23, 2018 02:44
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Twerk from Home posted:It's cheaper at a time when construction costs are really high Ah, so, avarice. Good. You could've saved time by indicating that directly.
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May 23, 2018 02:45
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In 40 years the floors will probably all be on an angle. Although I’m not sure if they have a lifespan that long.
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May 23, 2018 03:07
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cowofwar posted:In 40 years the floors will probably all be on an angle. Although I’m not sure if they have a lifespan that long. Apparently almost immediately the floors settle all lumpy.
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May 23, 2018 03:40
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In every 6 story wood frame I've been involved in the walls and ceilings were extremely cracked to the point of chunks of drywall needing to be replaced, not just patched with mud, before construction was even finished. Guys were telling me they were seeing about 5 years of settling happen in 5 months and they were paying a fortune constantly calling the drywall guys back to the building for repairs before and after occupancy. Once again I don't know if this is something unavoidable with 6 story wood frame or just that local crews are still learning all the tricks. Also, you absolutely can have good soundproofing in a wood frame building, they just don't do it because it costs more and idiot condo investors don't want to pay 5% more for their condo even if it means not being able to hear your neighbour gently caress. The problem is that if you build the building to a quality where settling isn't a huge problem, where soundproofing isn't a huge problem, where the general build quality is actually good, you end up not saving that much over concrete.
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May 23, 2018 03:52
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Yeah, my place was built in 1988 and the soundproofing is actually really good, we generally don't hear the upstairs neighbors unless they're vaccuuming or their anxiety-ridden dog is barking at the door, and even then we can barely hear the dog. The only time we've really heard them was one day when their teenage daughter had a huge party. I've literally never heard our next-door neighbours.
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May 23, 2018 04:03
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Femtosecond posted:
So the 500 sqft Chinatown hipster condo has now been relisted at the "bargain" price $509,000. We're almost under $1000/sqft! We've gone from $559 to $539, then off market and now $509. Almost 10% off. Regarding Airbnb so far it looks like enforcement is.... bad. #vanre has been having a field day finding hosts with business licenses that are listing multiple units, which should not be allowed.
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May 23, 2018 06:10
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Meanwhile the Airbnb licensing regulations are doing about as well as everyone was expecting, with no enforcement and fake license numbers popping up in listings: https://twitter.com/FIVRE604/status/999137334334386177 or realtors illegally renting a house they're also selling: https://twitter.com/mortimer_1/status/998760211753009152 Majuju fucked around with this message at 06:17 on May 23, 2018 |
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May 23, 2018 06:15
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The City's regulations seemed straight forward and strict so I honestly thought they were serious. I don't know who is loving up here, whether it's on the City or Airbnb's side. If Airbnb is allowing people to enter a business license on multiple properties then that's on them. Less Airbnb in this E Georgia condo building then the 20% I found last time I checked but some obvious problematic ones there, like this guy who has clearly bought two units just to run as a virtual hotel. https://www.airbnb.ca/rooms/17282580?location=Chinatown%2C%20Vancouver%2C%20BC%2C%20Canada https://www.airbnb.ca/rooms/11396241?location=Chinatown%2C%20Vancouver%2C%20BC%2C%20Canada I'm going to report him.
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May 23, 2018 06:28
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