[Burnaby] Gilmore Place | 214.8m | 64fl | Phase 1 Completed

[Alex Mackinnon]

Originally Posted by GilmoreStation

in 6 years, 1 bdr condos will rent for $2500/month

Where can I get a crystal ball with that clarity?

Heck, I barely trust the predictions of companies dividends on a 6 month timeline, let alone more than half a decade.

[e-clam9]

Gilmore Place sales open for public with 3% off starting this weekend :-)

[Galaxy]

Originally Posted by Alex Mackinnon

Where can I get a crystal ball with that clarity?

Heck, I barely trust the predictions of companies dividends on a 6 month timeline, let alone more than half a decade.

[e-clam9]

Gilmore place public sales started this weekend with 3% discount. Email said they still have 1 bedroom. I love incentive and discount. I guess it takes some time to sell so many stories.

[GilmoreStation]

The construction will finally start next week...
I heard the sales is going strong

[rofina]

Originally Posted by GilmoreStation

The construction will finally start next week...
I heard the sales is going strong

Exciting!

Thrilled to see this corner change!

[e-clam9]

Next to Gilmore Place has the AKimbo pre-sales with BIG buyer incentive. This building has very nice style, great companion to Gilmore Place.

[GilmoreStation]

Originally Posted by e-clam9

Next to Gilmore Place has the AKimbo pre-sales with BIG buyer incentive. This building has very nice style, great companion to Gilmore Place.

How come Akimbo is allowed to have 455sqft 1bdr units? I thought the City of Burnaby has a minimum requirement for minimum of 539sqft

$530K starting price for 455sqft is still really high even with the 10% discount

[Roller Coaster]

There are lots of development in burnaby have units smaller than 500 sqft as far as I know. Silver, The Park Metrotown, station squares and the recent Maywood all have <500 sqft units

Originally Posted by GilmoreStation

How come Akimbo is allowed to have 455sqft 1bdr units? I thought the City of Burnaby has a minimum requirement for minimum of 539sqft

$530K starting price for 455sqft is still really high even with the 10% discount

[jaykk3]

Originally Posted by GilmoreStation

The construction will finally start next week...
I heard the sales is going strong

Finally starting! I am excited to see how it will change that area

[e-clam9]

Originally Posted by Roller Coaster

There are lots of development in burnaby have units smaller than 500 sqft as far as I know. Silver, The Park Metrotown, station squares and the recent Maywood all have <500 sqft units

Maywood at Metrotown is $1000/sq.ft. and up; starting from $399K for its studio with 385 sq.ft., Jr 1 br with 465 sq.ft. to 535 sq.ft starting from $470K. Parking stall is $30K, storage is free if you get it this year. Next year is $50K for parking and $5K for storage. Each floor higher adds $5K !!!! (Gilmore Place is $3K each floor higher) All Studio and Jr 1br below 16th floor are not allowed to buy parking stall !!!!! I asked her how many parking stall in total, the rep did not want to tell me. I wonder...


But I notice that many recently built condo are starting to sell for less than the new pre-sales now... Burnaby has about 550 listings now and about half are around metrotown. More supply with less demand can pressure listed price. Both vacancy tax and speculation tax are pushing investors to either rent out their units or sell them. I wonder if we can see even better price and incentive next year.

[rofina]

Originally Posted by e-clam9

Maywood at Metrotown is $1000/sq.ft. and up; starting from $399K for its studio with 385 sq.ft., Jr 1 br with 465 sq.ft. to 535 sq.ft starting from $470K. Parking stall is $30K, storage is free if you get it this year. Next year is $50K for parking and $5K for storage. Each floor higher adds $5K !!!! All Studio and Jr 1br below 16th floor are not allowed to buy parking stall !!!!! I asked her how many parking stall in total, the rep did not want to tell me. I wonder...


But I notice that many recently built condo are starting to sell for less than pre-sales now... Burnaby has about 550 listings now and about half are around metrotown. More supply with less demand can pressure listed price. Both vacancy tax and speculation tax are pushing investors to either rent out their units or sell them. I wonder if we can see even better price and incentive next year.

More than likely yes. The amount of units still set to complete over the next couple years is crazy.

[e-clam9]

Originally Posted by rofina

More than likely yes. The amount of units still set to complete over the next couple years is crazy.

Yeah and agree.

In metro Vancouver, Oct. new pre sales units are 203% more than Sept., or 13.49% more than 10/2017. Condo sales dropped 32.2% comparing with 10/2017. Some analysts predicted a recovery by end of next year, and some said 2021. No one knows the future. Holding a property "long term" is still a good investment based on past history.

[whatnext]

Originally Posted by e-clam9

Maywood at Metrotown is $1000/sq.ft. and up; starting from $399K for its studio with 385 sq.ft., Jr 1 br with 465 sq.ft. to 535 sq.ft starting from $470K. Parking stall is $30K, storage is free if you get it this year. Next year is $50K for parking and $5K for storage. Each floor higher adds $5K !!!! All Studio and Jr 1br below 16th floor are not allowed to buy parking stall !!!!! I asked her how many parking stall in total, the rep did not want to tell me. I wonder...


But I notice that many recently built condo are starting to sell for less than pre-sales now... Burnaby has about 550 listings now and about half are around metrotown. More supply with less demand can pressure listed price. Both vacancy tax and speculation tax are pushing investors to either rent out their units or sell them. I wonder if we can see even better price and incentive next year.

Everybody has been sold the myth that property only goes up in value. Someone who is 20 now was a young child the last time property didn't appreciate at a decent clip every year. They don't know anything else.

Many of these projects are pitched to Chinese investors who are coming from a country that basically has two decades of capitalist experience. They riot in China now that some projects are selling below what buyers originally paid for them.

[WarrenC12]

New rules and oversight are coming in regarding pre-sale assignment. I wonder if any of these people signing up have an idea of what rules they are going to be held to. I suspect not.

[e-clam9]

Originally Posted by whatnext

Everybody has been sold the myth that property only goes up in value. Someone who is 20 now was a young child the last time property didn't appreciate at a decent clip every year. They don't know anything else.

Many of these projects are pitched to Chinese investors who are coming from a country that basically has two decades of capitalist experience. They riot in China now that some projects are selling below what buyers originally paid for them.

Yes, I am old enough to experience the very up and very down market. For now, it is much harder for Chinese to wire/carry/smuggle their money out of the country. China and Canada also started to share tax/bank/financial info between them for their citizens since 9/2018. Even Hong Kong realty market has been crashing last few months without these hot money. Then we have the foolish trade war against the whole world from the mad man in the white house. On top of that, almost all recently elected mayors in BC want to control housing affordability more and more in order to get votes. Our realty market trend will be back to the true local investment, demand and supply. We still take in many new immigrants each year, those should help the demand side. But it is harder to get mortgage with the added stress test. And the interest rate only has one direction and it is UP, UP, UP from the historical low level.... My 2 cents

[e-clam9]

Originally Posted by WarrenC12

New rules and oversight are coming in regarding pre-sale assignment. I wonder if any of these people signing up have an idea of what rules they are going to be held to. I suspect not.

I have not heard any new rule being approved yet but it was mentioned during the mayors election.

Currently assignment contract or purchase document can not just use a company name as buyer, they must show the owner's real name. The buyer must be present at the time of signing a pre-sale contract and show ID's. I guess this stopped some type of foreign investors... Correct me if I am wrong.

[rofina]

Originally Posted by e-clam9

Yeah and agree.

In metro Vancouver, Oct. new pre sales units are 203% more than Sept., or 13.49% more than 10/2017. Condo sales dropped 32.2% comparing with 10/2017. Some analysts predicted a recovery by end of next year, and some said 2021. No one knows the future. Holding a property "long term" is still a good investment based on past history.

Agree.

On a 10 year time frame I wouldn't worry about holding property.

If this is a spec buy to sell and flip? I would very much be weary.

Need to let the market clear the backlog of units set to complete, and correct to a point that adjusts for stress test and increased rates.

I suspect we have a 3 or 4 years of a down trending market.

[Cypherus]

Originally Posted by e-clam9

I have not heard any new rule being approved yet but it was mentioned during the mayors election.

Currently assignment contract or purchase document can not just use a company name as buyer, they must show the owner's real name. The buyer must be present at the time of signing a pre-sale contract and show ID's. I guess this stopped some type of foreign investors... Correct me if I am wrong.

The CRA has been issuing Requirements to Developers to keep track of assignments and if any person reported their capital gains or business income from the assignment of contracts to third parties. This article indicates CRA is assessing millions of dollars in unreported real estate flips. In my field, I see it is usually from a certain demographic who, are actually permanent residents, showing an ostentatious disregard for complying with Canadian tax law while driving BMWs and Mercedes. To conclude, nothing wrong with assignment flips or speculating; just report the income... There is a crackdown going on, in addition to higher interest rates, speculator tax, and slowing real estate economy. For those who buy in now, it may be a long term investment rather than short term as the Canadian real estate environment adjusts to this new reality. Gilmore assignments will likely be watched/scrutinized by the government so the game is over.

[Spr0ckets]

Originally Posted by Cypherus

The CRA has been issuing Requirements to Developers to keep track of assignments and if any person reported their capital gains or business income from the assignment of contracts to third parties. This article indicates CRA is assessing millions of dollars in unreported real estate flips. In my field, I see it is usually from a certain demographic who, are actually permanent residents, showing an ostentatious disregard for complying with Canadian tax law while driving BMWs and Mercedes. To conclude, nothing wrong with assignment flips or speculating; just report the income... There is a crackdown going on, in addition to higher interest rates, speculator tax, and slowing real estate economy. For those who buy in now, it may be a long term investment rather than short term as the Canadian real estate environment adjusts to this new reality. Gilmore assignments will likely be watched/scrutinized by the government so the game is over.

Yeah, that's probably not going to happen now (or is going to happen even less).

With that 'certain demographic's' home government now sharing financial information with the Canadian government and the corruption crackdown they're having in their home country, reporting your income to the CRA for them, they might as well just be reporting themselves directly to the corruption inspectors back home.

And right now, nothing sends a strong message like "disappearing" your highest paid actress for a couple of months over her failure to report income and pay taxes.