[Burnaby] City of Lougheed | Phase 1 Completed - Page 24

SkyboxInvestment · #**461** Posted **Jul 5, 2017, 1:09 AM**

Sales centre closing July 14. Just picked up some plans for Tower 2. Expect $800+ similar to Como/Clark. Should be interesting...tower 2 of 23 :p

VarBreStr18 · #**462** Posted **Jul 5, 2017, 3:30 AM**

Quote:

Originally Posted by SkyboxInvestment

Sales centre closing July 14. Just picked up some plans for Tower 2. Expect $800+ similar to Como/Clark. Should be interesting...tower 2 of 23 :p

Amazing Brentwood Tower 5 also going on sale in the fall, and now COL tower 2, isn't Shape competing with itself?

teriyaki · #**463** Posted **Jul 5, 2017, 3:51 AM**

Quote:

Originally Posted by VarBreStr18

Amazing Brentwood Tower 5 also going on sale in the fall, and now COL tower 2, isn't Shape competing with itself?

Theres more than enough craziness in the market to sell out both towers.

VarBreStr18 · #**464** Posted **Jul 5, 2017, 5:28 AM**

Quote:

Originally Posted by teriyaki

Theres more than enough craziness in the market to sell out both towers.

Many cant afford SFH, so they turn to town home and condos. Crazy thing they buy condo and leave them empty , hence pushing up condo price and yet not helping rental market. Too much spare money out there!!! this bubble got to burst.

Jebby · #**465** Posted **Jul 5, 2017, 6:03 AM**

Quote:

Originally Posted by VarBreStr18

Many cant afford SFH, so they turn to town home and condos. Crazy thing they buy condo and leave them empty , hence pushing up condo price and yet not helping rental market. Too much spare money out there!!! this bubble got to burst.

What's the vacancy rate for condos in Metro Vancouver?

VarBreStr18 · #**466** Posted **Jul 5, 2017, 7:12 AM**

Quote:

Originally Posted by Jebby

What's the vacancy rate for condos in Metro Vancouver?

Less than 1% I believe.
When my friend moved from Toronto last summer, she has to bid for a 1 bedroom condo , there were no less than 8 viewers bidding for the same condo.
She did not get it because she refused to overbid. It was $1800 for a 1 bedroom in Yaletown. She has to write a cover letter to represent herself. Sorry think we are derailing from this thread, got to stop here.

Pinion · #**467** Posted **Jul 5, 2017, 7:26 AM**

Quote:

Originally Posted by VarBreStr18

Less than 1% I believe.

That's the rental vacancy, not the condo vacancy. No one knows the latter, just see no lights on in Coal Harbour/Richmond/South Vancouver etc.

SkyboxInvestment · #**468** Posted **Jul 5, 2017, 9:04 AM**

Quote:

Originally Posted by VarBreStr18

Amazing Brentwood Tower 5 also going on sale in the fall, and now COL tower 2, isn't Shape competing with itself?

Pretty different offerings - Brentwood is now prime Burnaby vs the COL offering of Burquitlam (more affordable Brentwood) IMO.

Metrotown ($1200/ft) > Brentwood ($900/ft) > Burquitlam area ($800/ft)

ryanmaccdn · #**469** Posted **Jul 5, 2017, 2:19 PM**

Quote:

Originally Posted by VarBreStr18

Many cant afford SFH, so they turn to town home and condos. Crazy thing they buy condo and leave them empty , hence pushing up condo price and yet not helping rental market. Too much spare money out there!!! this bubble got to burst.

Why do people who've only lived in Vancouver for 5-10 years think there is a bubble, when those of us who have been told the bubble theory since 1999 laugh at them??

Jebby · #**470** Posted **Jul 5, 2017, 3:19 PM**

Quote:

Originally Posted by VarBreStr18

Less than 1% I believe.
When my friend moved from Toronto last summer, she has to bid for a 1 bedroom condo , there were no less than 8 viewers bidding for the same condo.
She did not get it because she refused to overbid. It was $1800 for a 1 bedroom in Yaletown. She has to write a cover letter to represent herself. Sorry think we are derailing from this thread, got to stop here.

So how does that fit into your last post where you said:

Quote:

Originally Posted by VarBreStr18

Many cant afford SFH, so they turn to town home and condos. Crazy thing they buy condo and leave them empty , hence pushing up condo price and yet not helping rental market. Too much spare money out there!!! this bubble got to burst.

VarBreStr18 · #**471** Posted **Jul 5, 2017, 3:31 PM**

Quote:

Originally Posted by Jebby

So how does that fit into your last post where you said:

Everybody buying condo instead of SFH, hence more demand pushes up price.
The accompanied story is to illustrate how tight the rental market is when condo are left vacant instead of adding to rental stock.

Jebby · #**472** Posted **Jul 5, 2017, 4:18 PM**

Quote:

Originally Posted by VarBreStr18

Everybody buying condo instead of SFH, hence more demand pushes up price.
The accompanied story is to illustrate how tight the rental market is when condo are left vacant instead of adding to rental stock.

But you just said it's less than 1% vacant condos...

Even if it's 5%, that's still not a huge number of vacant condos if 95% are owner occupied or on the rental market.

Vin · #**473** Posted **Jul 5, 2017, 4:27 PM**

Think about a SF house with 5 bedrooms, having a 3-person family living in it, using 2 bedrooms. Wouldn't that be much worse than having a single empty 1-bedroom condo for the non-utilized space?

If I live in a 2-bedroom alone and own another 2-bedroom condo for investment, logically, am I worse off than an old widow living alone in a 6-bedroom mansion?

My point is, SFHs are the worst when it comes to contributing to unaffordability and low vacancies, not condos.

Phoenix88 · #**474** Posted **Jul 5, 2017, 9:08 PM**

Quote:

Originally Posted by SkyboxInvestment

Sales centre closing July 14. Just picked up some plans for Tower 2. Expect $800+ similar to Como/Clark. Should be interesting...tower 2 of 23 :p

How do the plans look compared to Tower 1? COL will be pretty nice once the community starts being built up. I think the area has a lot to offer.

Any ideas how much lower / higher floor units in tower 1 sold for?

VarBreStr18 · #**475** Posted **Jul 5, 2017, 9:38 PM**

Quote:

Originally Posted by Jebby

What's the vacancy rate for condos in Metro Vancouver?

think I misunderstood your question.

I said less than 1% vacancy for rental condo whereas you want to know unoccupied condo vacancy rate.
got me scratching my head for a while about your response

Caliplanner1 · #**476** Posted **Jul 5, 2017, 11:49 PM**

Quote:

Originally Posted by ryanmaccdn

Why do people who've only lived in Vancouver for 5-10 years think there is a bubble, when those of us who have been told the bubble theory since 1999 laugh at them??

....maybe that's because this (extended?) "bubble" is global in its deceptively benign economic nature/market force underpinnings????

GilmoreStation · #**477** Posted **Jul 6, 2017, 12:10 AM**

It's all dependant on interest rates, baby!

Cypherus · #**478** Posted **Jul 6, 2017, 1:54 AM**

Quote:

Originally Posted by GilmoreStation

It's all dependant on interest rates, baby!

No it's not. Lots of foreign capital still pouring into the province from Canadian permanent residents, regardless of interest rates. In my job, I have access to FINTRAC data. Permanent residents or landed immigrants are the ones who have money pouring in from their overseas businesses or from family wealth originally generated overseas. They see Canada as, in most cases, a safe haven from the Chinese government and will speculate their investments. On top of that, permanent residents are acting as agents for family members residing overseas to buy properties in BC on their behalf, adding more capital into the real estate market over and above what the permanent resident has for wealth. These people have been driving up prices since the 90s - not your family of four household making $120,000 a year family income. The foreign buyers tax never worked from the get go.

Caliplanner1 · #**479** Posted **Jul 6, 2017, 3:09 AM**

Quote:

Originally Posted by GilmoreStation

It's all dependant on interest rates, baby!

Basic international economic theory suggests that the massive inflow of foreign capital can have the effect of driving down local interest rates!

VarBreStr18 · #**480** Posted **Jul 6, 2017, 3:10 PM**

Quote:

Originally Posted by Caliplanner1

Basic international economic theory suggests that the massive inflow of foreign capital can have the effect of driving down local interest rates!

How do? I never too economics 101.... seriously