Real Estate

Vancouver housing bubble?

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  • Jul 21st, 2019 4:09 pm
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Deal Addict
Oct 7, 2007
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While the weather is agreeable, some annoying downsides of Vancouver are:
* level of literacy quite low for the size of our city
* anger and mean spirit among population quite high
* complacency of population is high with dictatorlike politics high but I think this is result of low literacy

No plans to leave the city yet but it is a little bit disappointing that we can't behave like respectful citizens living in a sophisticated society.
[OP]
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Dec 3, 2004
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Conquistador wrote:
Jun 8th, 2015 9:24 pm
I'm suggesting that if you'd used the thread title you have now from the outset you wouldn't have taken the heat you have.
And now it's changed, and we've moved forward. Cheers.
[OP]
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Listing I saw in Vancouver on Point Grey Rd: http://www.remax.ca/bc/vancouver-real-e ... 56073-lst/

Built in 1925, it's on a 33'x120' lot. Listed for $3.488 million. The realtor says that it has 3 suites in it (1 basement, 1 main floor, 1 attic). Combined they rent for $3,850 and it is "fully rented". That means an asking price of 905 times the rent price.
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Oct 7, 2007
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adamtheman wrote:
Jun 8th, 2015 9:43 pm
Listing I saw in Vancouver on Point Grey Rd: http://www.remax.ca/bc/vancouver-real-e ... 56073-lst/

Built in 1925, it's on a 33'x120' lot. Listed for $3.488 million. The realtor says that it has 3 suites in it (1 basement, 1 main floor, 1 attic). Combined they rent for $3,850 and it is "fully rented". That means an asking price of 905 times the rent price.
Are the three suites allowed? The City has distinct zoning where such density is allowed but typically a single house in an RS5 zoned neighbourhood is allowed to have one primary dwelling and one secondary suite with the City's permission.
Deal Addict
Jan 14, 2009
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Vancouver, BC
adamtheman wrote:
Jun 8th, 2015 9:43 pm
Listing I saw in Vancouver on Point Grey Rd: http://www.remax.ca/bc/vancouver-real-e ... 56073-lst/

Built in 1925, it's on a 33'x120' lot. Listed for $3.488 million. The realtor says that it has 3 suites in it (1 basement, 1 main floor, 1 attic). Combined they rent for $3,850 and it is "fully rented". That means an asking price of 905 times the rent price.
That's in a super rich area of the west side though. I would not be comfortable living there if you gave me a place in the neighbourhood (and made me live there) - surrounded by millionaires with nice cars.
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Apr 20, 2011
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Almost every home in vancouver has had two or three suites in it for many years . Nobody worried about it unless your tenants harass the neighbors
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zakarydoks wrote:
Jun 8th, 2015 9:51 pm
That's in a super rich area of the west side though. I would not be comfortable living there if you gave me a place in the neighbourhood (and made me live there) - surrounded by millionaires with nice cars.
Nice cars and a fancy house make you uncomfortable ?
[OP]
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choclover wrote:
Jun 8th, 2015 9:48 pm
Are the three suites allowed? The City has distinct zoning where such density is allowed but typically a single house in an RS5 zoned neighbourhood is allowed to have one primary dwelling and one secondary suite with the City's permission.
I doubt three suites are allowed, or that the suites are legal. Yet no one seems to care, and it seems totally acceptable to have illegal suites in Vancouver. Realtors don't even try and hide it anymore in listings (they used to use terms like 2+2 or "2 kitchens"). The city isn't likely to crack down on the illegal suites because it would only serve to reduce the supply of affordable housing. If you drive down most streets in Vancouver, you'll see both sides packed full with cars. There's never anywhere to park anymore because of all the illegal suites. Some houses on a 33' wide lot might have 3 or 4 cars associated with it. I know some streets have tried to fix this problem by giving out "parking passes". Each house gets a certain amount of parking passes.
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Jan 14, 2009
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popbottle wrote:
Jun 8th, 2015 9:53 pm
Nice cars and a fancy house make you uncomfortable ?
Uncomfortable is not the right word, but like how you don't drive a Lexus LS on a bank teller's salary. It will be great to own in that neighbourhood but only if it fits you know.
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zakarydoks wrote:
Jun 8th, 2015 9:59 pm
Uncomfortable is not the right word, but like how you don't drive a Lexus LS on a bank teller's salary. It will be great to own in that neighbourhood but only if it fits you know.
Do you mean that if you drive only a $30,000 car instead of an $80,000 car there it would make you feel shy?
Deal Addict
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popbottle wrote:
Jun 8th, 2015 10:04 pm
Do you mean that if you drive only a $30,000 car instead of an $80,000 car there it would make you feel shy?
No - but when you tell people you live in Point Grey they will automatically make assumptions about you income/wealth.
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zakarydoks wrote:
Jun 8th, 2015 10:10 pm
No - but when you tell people you live in Point Grey they will automatically make assumptions about you income/wealth.
oh that. it makes sense now. yes people might be confused.
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Feb 5, 2010
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For those in Vancouver that can chime in, what is a typical price difference in those expensive condos 500k-1M in the city for those with a parking space and those without? Just curious on the impact of having the parking spot versus not having one.
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Abel4Life wrote:
Jun 9th, 2015 12:04 am
For those in Vancouver that can chime in, what is a typical price difference in those expensive condos 500k-1M in the city for those with a parking space and those without? Just curious on the impact of having the parking spot versus not having one.
It can make some level of difference but not a lot. You can take a look at www.realtylink.org and look at some examples. That site is for Metro Vancouver so you don't have to wade through thousands of unrelated listings.
Deal Addict
Oct 7, 2007
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popbottle wrote:
Jun 8th, 2015 9:51 pm
Almost every home in vancouver has had two or three suites in it for many years . Nobody worried about it unless your tenants harass the neighbors
Are you saying that if the tenants are a nuisance, there is a risk that the neighbours will report the situation to the City?

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