Vancouver Real Estate

[gentlepuppies]

Hey guys, I'm considering a move back to Vancouver from Toronto (where I've lived for the last 7 years). Out of curiosity I looked at a few condo listings in downtown Vancouver and Richmond, and they don't seem much more expensive now than in Toronto (avg 600-700k for a one bedroom downtown or a two bedroom in Richmond). In the last 3.5 years, my $400k Toronto condo is now $600k, and having more savings and income now, I was thinking of upgrading to something around $800k. Just hoping to get people's opinions on where the market is headed =)

[misher]

Originally Posted by gentlepuppies

Hey guys, I'm considering a move back to Vancouver from Toronto (where I've lived for the last 7 years). Out of curiosity I looked at a few condo listings in downtown Vancouver and Richmond, and they don't seem much more expensive now than in Toronto (avg 600-700k for a one bedroom downtown or a two bedroom in Richmond). In the last 3.5 years, my $400k Toronto condo is now $600k, and having more savings and income now, I was thinking of upgrading to something around $800k. Just hoping to get people's opinions on where the market is headed =)

Maybe consider a house in Richmond? Some are a mil or below a mil. I’d hate to spend near a mil on a condo. Also some cheap crap (possibly crack) houses in Vancouver.

Houses are much cheaper now so I don’t know why people bother to get expensive condos.
https://www.rew.ca/properties/R24070...wse&sort=price

[logan5]

Real estate in not my thing but from what I have gathered from here and other outlets, there is a bit of a down turn in the condo market In the City of Vancouver, condo prices are down 6.6% year over year, so maybe a good time to buy, or wait even longer?

There are a lot of units along the Broadway Corridor in that price range you are looking at (which in a Toronto context would be downtown).

A subway is going to built along Broadway in the coming years, so that will have a dramatic affect on things. The City is right now drawing up a new land use policy for the Broadway corridor which could see up-zoning of a lot of properties. I would be looking at Lower Fairview, which is all strata. This is where I think the City will do a major up-zoning.

[misher]

Originally Posted by logan5

Real estate in not my thing but from what I have gathered from here and other outlets, there is a bit of a down turn in the condo market In the City of Vancouver, condo prices are down 6.6% year over year, so maybe a good time to buy, or wait even longer?

There are a lot of units along the Broadway Corridor in that price range you are looking at (which in a Toronto context would be downtown).

A subway is going to built along Broadway in the coming years, so that will have a dramatic affect on things. The City is right now drawing up a new land use policy for the Broadway corridor which could see up-zoning of a lot of properties. I would be looking at Lower Fairview, which is all strata. This is where I think the City will do a major up-zoning.

Much more likely any upzoning will happen in C2 and C3-A zones. Rental won’t be touched and older RM-3 won’t be touched. Prices of C-3A land near stations goes from $1500-2000/sqft+ and will likely go higher.

[svlt]

What they said - stay near rapid transit, exist or future. Helps future proof your investment.

[nds88]

I agree, look for something near rapid transit, or you can speculate on an area that is supposed to have rapid transit built near it in the future.

IMO I would stay away from Richmond......I might be overly paranoid, but if there is an earthquake, say goodbye to your investment. I don't think insurance provides earthquake coverage in Richmond (although I could be wrong on this).

[whatnext]

Originally Posted by gentlepuppies

Hey guys, I'm considering a move back to Vancouver from Toronto (where I've lived for the last 7 years). Out of curiosity I looked at a few condo listings in downtown Vancouver and Richmond, and they don't seem much more expensive now than in Toronto (avg 600-700k for a one bedroom downtown or a two bedroom in Richmond). In the last 3.5 years, my $400k Toronto condo is now $600k, and having more savings and income now, I was thinking of upgrading to something around $800k. Just hoping to get people's opinions on where the market is headed =)

What are your interest, leisure activities.

[cairnstone]

There has to be Earthquake insurance otherwise you would not see the amount of investment and development

[Changing City]

Originally Posted by cairnstone

There has to be Earthquake insurance otherwise you would not see the amount of investment and development

Most insurance companies limit earthquake coverage for Richmond and Victoria. Some will cover the risk, but there will be a lot of unhappy owners if/when any significant earthquake hits.

[gentlepuppies]

Originally Posted by whatnext

What are your interest, leisure activities.

Snowboarding and frequent trips up the sea-to-sky corridor for outdoor stuff.

I don't intend to live in Richmond - I was only looking around there for my sister's first condo. It's gotta be downtown and water/mountain views for me.

As with my first condo, I'm hoping to score a deal at least 10-15% below market value haha. Hoping to get about 800 square feet corner unit with a decent sized balcony in a building with a decent view. I don't mind older buildings under 20 years old as long as they have floor to ceiling windows in the main areas, since I plan on renovating to get integrated appliances, waterfall island countertops and all that fun stuff.

[Sheba]

Originally Posted by gentlepuppies

Snowboarding and frequent trips up the sea-to-sky corridor for outdoor stuff.

I don't intend to live in Richmond - I was only looking around there for my sister's first condo. It's gotta be downtown and water/mountain views for me.

As with my first condo, I'm hoping to score a deal at least 10-15% below market value haha. Hoping to get about 800 square feet corner unit with a decent sized balcony in a building with a decent view. I don't mind older buildings under 20 years old as long as they have floor to ceiling windows in the main areas, since I plan on renovating to get integrated appliances, waterfall island countertops and all that fun stuff.

You should read real estate news, such as this: "The benchmark price of a condo across the region was $651,500, down 3.8 per cent year-over-year and down 0.2 per cent from October 2019."

Downtown Van is going to be $$$ expensive - north Burnaby and even North Van could be worth a look (but know that travel between downtown Van and the North Shore will be a pain).