[Burnaby] City of Lougheed | Phase 1 Completed

[hollywoodnorth]

damn it is giving off a Kenny Rogers' Roasters vibe!

[madog222]

[wrong thread]

[VancouverOfTheFuture]

now thats one fancy looking SkyTrain!

[SpongeG]

the prime corner of Austin and North Road will be a TD flagship. At least that's what the poster says that just went up in the window.

[Repthe250]

If I didn’t hate these buildings enough before, I surely do now. Has anyone seen what the units are renting for? Studios are $2225, 1 bedrooms are $2850, 1+ den are $3100 and 2 bedrooms are $3850. Absolutely fucked. And for what? What convenience is worth that type of money? There is nothing fun to do in Lougheed. There’s no industry in Lougheed. There’s retail, restaurants, a Walmart and a shit load of dentist offices.

Pretty sad

[Klazu]

Ugh, those are some steep prices especially when those 2BR units are probably a measly 900 sqft in size?

Rents have really gone off the deep end in last few years with so many $5,000 units being offered in Burnaby alone. There is no way such units are renting en mass and those landlords must be paying hefty Empty Homes Taxes, I hope.

[SpongeG]

they are promoted as Luxury Rentals. Its quite insane.

[Klazu]

There is nothing luxury about 12 tiny units per floor with a view of another building at a spitting distance.

[giallo]

A 2 bedroom in Lougheed for $3850 just goes to show how unbelievably broken housing is in this metro region with zero plans to truly fix it. These prices are more expensive than most alpha cities with massive job markets and plenty of high salaries (think Paris, LA, Shanghai, Seoul and Tokyo). And that's to live in these city's centres, not some suburban TOD.

There's absolutely no justification for these kinds of prices in a mid-sized Canadian city with a small job market with low-to-mid range salaries. This situation is going to break the city and province at some point. People are just going to bail on BC in droves. If I was in Victoria, I'd be sounding the alarm, and telling cities to start rezoning their cities pronto unless you want the province to step in, and do it for you*.


*I believe Victoria has mentioned that they'd fix housing if the cities didn't do it themselves, but here we are - $3850 for a two bedroom in the suburbs.

[vanman]

^I believe the province has said that it will step in if cities don't approve enough housing, not that it can dictate the price of new housing.The province also just announced a fund to buy land for affordable housing projects around transit stations. Hopefully that will help in the long term. In the short term we are all fucked though.

[mcj]

Originally Posted by giallo

A 2 bedroom in Lougheed for $3850 just goes to show how unbelievably broken housing is in this metro region with zero plans to truly fix it. These prices are more expensive than most alpha cities with massive job markets and plenty of high salaries (think Paris, LA, Shanghai, Seoul and Tokyo). And that's to live in these city's centres, not some suburban TOD.

$3850 CAD is ~$2825 USD, that's equivalent to 2 bed rentals in LA suburbs that I can see on Zillow. It's really a North American rental problem rather than just a Vancouver one, rentals outside of BC in Canada are also similarly ridiculous for new builds. Even new builds in Thunder Bay, Ontario are going for +$2500/month.

[giallo]

Originally Posted by mcj

$3850 CAD is ~$2825 USD, that's equivalent to 2 bed rentals in LA suburbs that I can see on Zillow. It's really a North American rental problem rather than just a Vancouver one, rentals outside of BC in Canada are also similarly ridiculous for new builds. Even new builds in Thunder Bay, Ontario are going for +$2500/month.

Damn. Prices have gone up in LA a lot as well. Just last year, you could get a two bedroom in West LA for $2500USD.

What kind of places are you getting for $2500 in Thunder Bay? That seems extremely pricey for that city.

[mcj]

Originally Posted by giallo

Damn. Prices have gone up in LA a lot as well. Just last year, you could get a two bedroom in West LA for $2500USD.

What kind of places are you getting for $2500 in Thunder Bay? That seems extremely pricey for that city.

Yeah it is, you can get something older for less, and there's not many new build condos available in general. Everywhere is getting pricier and new build costs keep going up, the biggest issue is wages for most aren't following and that money is going into someone's pockets.

[Klazu]

It's both a supply and demand problem. Focus and all discussion has only been on supply and even there all attempts to make the situation better have failed. To me and many others, Vancouver has lost much of its appeal and snowcapped mountains only go so far to justify constantly lowering quality of life. I am not very optimistic about the future of Vancouver region.

[WarrenC12]

Originally Posted by Klazu

It's both a supply and demand problem. Focus and all discussion has only been on supply and even there all attempts to make the situation better have failed. To me and many others, Vancouver has lost much of its appeal and snowcapped mountains only go so far to justify constantly lowering quality of life. I am not very optimistic about the future of Vancouver region.

"Nobody goes there anymore, it's too crowded."

[SpongeG]

Considering the prices the rentals seem well occupied.

The podium of this whole phase is still behind a fence and is really hard to figure out how it is going to function and how many levels and hallways etc are there. The one Bank BOM space seems to have a large outdoor patio which is odd for a bank to have, and would have made a nice restaurant space.

[VarBreStr18]

Originally Posted by Repthe250

If I didn’t hate these buildings enough before, I surely do now. Has anyone seen what the units are renting for? Studios are $2225, 1 bedrooms are $2850, 1+ den are $3100 and 2 bedrooms are $3850. Absolutely fucked. And for what? What convenience is worth that type of money? There is nothing fun to do in Lougheed. There’s no industry in Lougheed. There’s retail, restaurants, a Walmart and a shit load of dentist offices.

Pretty sad

Don't know where you get your info from, last time I check it was $3075 for a 2 bedroom unit , and they get 2 months free.

[Metro-One]

That is insane!

Every time I start toying with the idea of returning with my family back to BC, I see something asinine like this.

FYI, I currently live in an urban area with a population of around 700,000 (think of a denser more compact Victoria to Nanaimo corridor), I live in a two bedroom + den apartment on the 6th floor, I’m a 7 minute walk from the nearest train station and have a shopping mall, restaurants, bars, a driving range, an aquarium, the ocean, and several local parks and shrines all within walking distance, and my monthly rent is……… $800 Canadian dollars a month, this also includes two parking spots!

Moral of the story, rental prices in Canada, BC and in particular the Vancouver area are completely fucked.

Given the difference in economy and pay and the fact it’s a new tower near Skytrain and shopping services, I could see a two bedroom unit rental being reasonably priced at $1100 a month.

For context, when I left Vancouver 10 years ago I was renting a basement suite near Oakridge (one bedroom) for $800 a month and my friend and his girlfriend in Yaletown were renting a one bedroom condo for $1500 a month.

Those were reasonable livable prices given average salaries.

The prices I’m hearing and seeing now seem completely out of whack and unsustainable.

Sometimes I wonder if the people in Vancouver and B.C. realized how ripped off they are.

[Repthe250]

Originally Posted by Klazu

Ugh, those are some steep prices especially when those 2BR units are probably a measly 900 sqft in size?

Rents have really gone off the deep end in last few years with so many $5,000 units being offered in Burnaby alone. There is no way such units are renting en mass and those landlords must be paying hefty Empty Homes Taxes, I hope.

888 square feet. Not even 900.

[Repthe250]

Originally Posted by VarBreStr18

Don't know where you get your info from, last time I check it was $3075 for a 2 bedroom unit , and they get 2 months free.

Right from their website. I’d spoon feed it for you but you clearly have access to their website if you’ve checked it before.