Downtown Vancouver Updates

[Yume-sama]

It's also nowhere near as easy to *get* a mortgage (or any sort of credit, for that matter) in Canada, as it WAS in the USA.

I don't know where people are getting their money, but, evidently it's there.

The fact you actually have to strictly qualify is one of the main reasons why Canada stands tall as one the Countries whose banking systems did not collapse.

Which is also what is leading to the stronger dollar, people are buying OUR currency for once due to our economic stability.

Of course, the irony is that the high dollar could very likely contribute to future economic instability as the USA is our largest trading partner.

[Canadian Mind]

Diversity will be our freind in the future.

[BCPhil]

Originally Posted by mrjauk

Please point me to any place in the Lower Mainland where purchasing right now is cash-flow positive. In other words, where rent would cover mortgage expenses plus property taxes plus insurance and (if applicable) condo/strata fees. I can't find any.

Well, there is no single area where you can for sure buy cheaper than you can rent (if you have no down payment), but you have to look at the whole region. You can rent a 500 sqft studio in Yaletown or buy a 2br/2bath 1000+sqft condo (resale) in Surrey for pretty much the same cost per month (or even much less). It's up to you if your lifestyle is worth generating income for your landlord or if you would rather have capital assets in exchange for a commute. You can still get in on varriable closed mortgages which are tied to prime (thus quite a bit lower than current fixed offerings). For a $250K place with 10% down you are looking at about $1000 a month + strata. Taxes and insurance don't really factor in, home owner grants cover a majority of the property taxes on Condos (especially in Surrey) and condo owner insurance is typically less than taxes.

Originally Posted by whatnext

Yes, but its not as easy to walk away from a mortgage in Canada as it is in the USA (and that's a good thing). Also, if you stretch to make the payments now on a 5 year locked in at 4%, if that mortgage renews at 9% in 5 years and your income hasn't gone up appreciably and neither has the value of your place, you're in a bit of a pickle. I can't see these kind of prices as sustainable (barring massive inflows of foreign money). Time will tell, I suppose.

If it's a shot at home ownership vs a life of renting, you really have nothing to lose. If you think you can't afford the rates in 5 years, then that means you will be renting in 5 years anyway. If you are able to actually secure the mortgage now, then why not? Under normal conditions you'll be able to put lots towards the principle, especially if you make anniversary payments, so when you do go to refinance, if there is a huge difference in rates, the inflation on the value of your home and the amount you put towards principle will balance out. If the worst happens and you declare bankruptcy, and your credit is over, then you are stuck renting for the rest of your life, like you would be anyway. But if you think you can have good down payment saved and higher income in 5 years, then wait. But if you feel you are in a now or never situation, may as well try now.

[osirisboy]

There is a real estate thread/house prices this could all go in

[twoNeurons]

Originally Posted by BCPhil

Well, there is no single area where you can for sure buy cheaper than you can rent (if you have no down payment), but you have to look at the whole region. You can rent a 500 sqft studio in Yaletown or buy a 2br/2bath 1000+sqft condo (resale) in Surrey for pretty much the same cost per month (or even much less). It's up to you if your lifestyle is worth generating income for your landlord or if you would rather have capital assets in exchange for a commute.

Uhhh... isn't that like saying "If you rent in New York, it's more expensive than buying in Phoenix, so you should buy in Phoenix?"

If you're comparing renting vs. buying, isn't it better to compare mortgage rates and rents in the same area?

The comparison that one SHOULD be making is what would that 1000 sq. ft. condo in Surrey cost to rent?

If it's a shot at home ownership vs a life of renting, you really have nothing to lose.

You always have something to lose. Whether that be your $25,000 down payment ( 2 years free rent ) or worse.

Buying is always a calculated risk. Whether it's worth it or not depends on each individual, but saying "you can't lose" is a bit specious.

If you think you can't afford the rates in 5 years, then that means you will be renting in 5 years anyway.

Yes, renting... minus money you've lost, or the possibility of negative equity ( needing to pay for something you no longer own.

Overextending oneself beyond reasonable limits is rarely a good idea. Each person's situation is different, my friend.

Under normal conditions you'll be able to put lots towards the principle, especially if you make anniversary payments, so when you do go to refinance, if there is a huge difference in rates, the inflation on the value of your home and the amount you put towards principle will balance out.

Under [historically] normal situations, the renters and buyers are only separated by who can afford the down payment.

If the worst happens and you declare bankruptcy, and your credit is over, then you are stuck renting for the rest of your life, like you would be anyway.

What if you don't WANT to be stuck renting forever, with a black mark on your credit for the following 7 years? Wouldn't it be better to be patient and get in when buying makes more sense than renting?

But if you think you can have good down payment saved and higher income in 5 years, then wait. But if you feel you are in a now or never situation, may as well try now.

Sure, all investment is risk, but it's should be calculated, and should never be "do or die!" The question people should be asking shouldn't be "Can I afford NOT to?" It should be: "How much change can I weather?"

[officedweller]

From the Courier:
I wonder where those old Georgia Viaduct light standards went to?

http://www2.canada.com/vancouvercourier/news/story.html?id=79b12087-ffd6-47af-bb16-9894ea2337f4

Real estate developer ends works yard on waterfront
Cranes, trailers, portable toilets removed from False Creek site before Olympics

Mike Howell
Vancouver Courier


Wednesday, April 14, 2010


One of the city's biggest developers will cease to use a large chunk of its prized waterfront property in False Creek for a works yard.

Concord Pacific has agreed with city staff to keep its construction equipment off the four-acre piece of land east of the Plaza of Nations.

The decision was seen as good news by the False Creek Residents' Association, which has argued the site's prominent waterfront location is an inappropriate spot for a works yard. "It's a step in the right direction, for sure," said Patsy McMillan, co-chair of the residents' association. "We've written several hundred letters about it and had been bugging the city about it for four years. It was an ugly eyesore."

Construction cranes, trailers, building forms, portable toilets and various building material plugged the site.

Concord removed the equipment several months ago to create space for the Vancouver Organizing Committee for the 2010 Winter Olympics.

VANOC used the space to process spectators attending events in B.C. Place and GM Place for Olympic events. Concord moved its equipment to sites in Surrey and Richmond and planned to return some of it to the waterfront until the city intervened.

McMillan said she learned of the city's deal with Concord in a recent email from Brent Toderian, the city's director of planning. In the email, Toderian noted the property's proximity to the seawall and the stroll's popularity with residents.

"The livability, enjoyment and visual beauty of this transforming area, as the population and public use increases, is of significant importance to the city," Toderian wrote. "Even with a screened fence to mitigate street-level views, such views and at-grade experience would still be significantly impacted and the site is also visible from a number of taller buildings in the vicinity."

Matt Meehan, senior vice-president of planning for Concord Pacific, said the agreement with the city comes at a "low point" in the company's projects in the area.

"We don't really need it back at this point in time," Meehan told the Courier. "When we start construction again, obviously we're going to have some work going on down there."

Meehan is referring to Concord's future development of its 14-acre site, which includes the four-acre parcel in question, between the Plaza of Nations and Science World.

Meehan said residents' concerns about the works yard factored into the company's decision to keep the equipment off the site.

However, he said, the site may be used by dragon boaters for storing boats and accommodating large-scale events such as the city's marathon and Sun Run.

With B.C. Place closed for construction of a retractable roof, Meehan said Concord expects groups which normally rely on the stadium will turn to the company to provide space.

Vision Vancouver Coun. Geoff Meggs praised Concord for its decision to close its works yard, saying it removes a point of conflict with neighbours. "It was a big irritant for the neighbours--they used to call it the junkyard, the boneyard and so on," Meggs said. "I hope it opens the door to closer and better relationships between some of the neighbourhood groups around the edge of the site."

[email protected]

© Vancouver Courier 2010

[Smooth]

^ This should make hollywoodnorth pretty happy.

[osirisboy]

I walked by and noticed everything all gone the other day, wow what a difference.

[officedweller]

The Park Place (666 Burrard) application to add 60,000 sq ft to the site would have gone before Development Permit Board yesterday - anyone have any information on what is proposed?

[jlousa]

hmm I'm under the impression it's not going to the board until June 14th.

[jsbertram]

Originally Posted by officedweller

From the Courier:
I wonder where those old Georgia Viaduct light standards went to?

http://www2.canada.com/vancouvercourier/news/story.html?id=79b12087-ffd6-47af-bb16-9894ea2337f4

Quick!

Lets get the shoreline park &tc built before Concord Pacific wants to use it for storage while they build their condos near GM Place.

[officedweller]

Originally Posted by jlousa

hmm I'm under the impression it's not going to the board until June 14th.

Damn! Thanks - must have just seen the 14th

[trofirhen]

Originally Posted by osirisboy

There is a real estate thread/house prices this could all go in

Good idea; This topic is cluttering up THIS thread. Maybe suggest it to the moderators.

[hollywoodnorth]

Originally Posted by Smooth

^ This should make hollywoodnorth pretty happy.

HELL YES! my view is great right now no porta-poties and dead cranes for me

plus the space is WAY better suited to be used for the Sun Run, Dragon Boating, etc etc. So overall a win-win for everyone

Thank you Mr Toderian

[mr.x]

Are there any plans to renovate the exterior of the Queen Elizabeth Theatre? They spent a ton of money inside, but the main entrance outside looks quite bad...

[SpikePhanta]

Are they any plans to build a boat house on the shore?

On the Concord lands

[officedweller]

Originally Posted by SpikePhanta

Are they any plans to build a boat house on the shore?

On the Concord lands

Eventually there are plans to build a dock for dragon boats off the deck just north of Science World - but that won't be for a long time.

[vancityrox]

I don't know if anyone mentioned this but I saw that The Cirque du Soleils Kooza is coming to Vancouver from July 22 to August 15. Under the Grand Chapiteau at Concord Place.

More details here:

http://www.cirquedusoleil.com/en/shows/k...cid=touche/kooza/vancouver/bigboxcpc/msn

[officedweller]

Pic by me today - doesn't smell as much as last year - I think the rain is keeping the fumes down.

[paradigm4]

^ Wow! Busy busy. They closed down Howe?!