The BC Real Estate Discussion Thread

[Chicken.]

 

[taxi]

17 hours ago, Elias Pettersson said:

Yes, I agree.  $800k in the city is probably fantasy, but if you can get a fourplex unit in the suburbs for $800k then that should work for most people.  Alot of people are working from home now, so the need to live right in the heart of the city has diminished.  And for those that want to stay in the city, at $1.1 million they could probably squeeze that if interest rates dropped a bit.

 

Single family home builders would also get really busy all of a sudden building fourplexes, which would help with construction jobs and the economy as a whole.

 

I am surprised they didn't plan this 10-15 years ago.  It's a shame really.  We could have had thousands of these smaller homes already on the market and in the inventory cycle.  The government was too worried about foreign buyers 10 years ago, thinking if you stopped them from buying it would fix the mess.  They were wrong.  Ultimately, fixing this mess is by building more multifamily homes, thousands of them...

They didn't plan it 10-15 years ago, because a bunch of NIMBYs were going on about the "character of the city" and for, whatever reason, the flawed argument that more supply increases prices persists. Yes, building homes for $1.1 million won't help the very poor, but the other option is to just have a bunch of decaying basement suites that landlords won't fix. Overt time, increased supply does open up more supply for everyone. And at the end of the day, in a situation with low supply, money talks and the poor get outbid anyways.

[Warhippy]

3 hours ago, 6of1_halfdozenofother said:

If I'm not mistaken, the setting of tthis article is less in @Warhippy's neighbourhood and more in @stawns's neighbourhood...

 

https://globalnews.ca/news/9721516/lack-of-housing-hr-issue-north-okanagan/

 

 

This is actually Valley wide right now.  it is more a crisis than an HR issue.

 

The Okanagan is the exact place I factor in and speak about regarding corporate ownership and owned homes.  Every single available rental is literally short term.  6 month or straight Air BnB.  I saw a 2 bed 1 bath in penticton renting for $6000 a month through the summer, either outright or at X per day or XY per week.  

 

People will not even list the price of places anymore as they don't want the heat and hate they get

 

There is NOWHERE for people to live here.  Let alone pay the usurious rental rates of $1600+ per 1 bedroom where the average post tax income is less than $2500 per month when they will have to come up with a large damage deposit knowing they will be doing the exact same thing again 6 months down the road..

 

 

First image is an example of a corporate owned rental unit.

Second image of a studio suite in kelowna

3rd image is the $6k place in penticton (listing individual changed the price as it was getting heated)

 

Where are people going to live?  most of the interior health boards work force right now is being comprised of travelling nurses.  Health care professionals paid more than the normal full time staff PLUS lodging and meals to work here, thus driving the cost of health care up.  People can not maintain this.  It is literally unsustainable.  Go on to any air bnb listing or vrbo for penticton, vernon or kelowna and check out how insane it is.  Go on to facebook and type in the name of a city and rent.  You'll end up with options to join groups of people looking for or renting homes/rooms.  You'll see in short order how insane it is.

 

This is not just unsustainable; it is a death sentence.  Because the Okanagan is honestly still very much a service industry area.  Most of the jobs pay well seasonally; but after summer ends the money dries up and people start working 2-3 jobs JUSt to pay their rent.  When your work force can no longer live in the town they work in they are effectively no longer able to stay in the area at all.  Once they are pushed out; who will fill those jobs?  Where will TFWs or travelling individuals stay?  

 

It is a cascading effect.

[D-Money]

3 hours ago, Warhippy said:

This is actually Valley wide right now.  it is more a crisis than an HR issue.

 

The Okanagan is the exact place I factor in and speak about regarding corporate ownership and owned homes.  Every single available rental is literally short term.  6 month or straight Air BnB.  I saw a 2 bed 1 bath in penticton renting for $6000 a month through the summer, either outright or at X per day or XY per week.  

 

People will not even list the price of places anymore as they don't want the heat and hate they get

 

There is NOWHERE for people to live here.  Let alone pay the usurious rental rates of $1600+ per 1 bedroom where the average post tax income is less than $2500 per month when they will have to come up with a large damage deposit knowing they will be doing the exact same thing again 6 months down the road..

 

 

First image is an example of a corporate owned rental unit.

Second image of a studio suite in kelowna

3rd image is the $6k place in penticton (listing individual changed the price as it was getting heated)

 

Where are people going to live?  most of the interior health boards work force right now is being comprised of travelling nurses.  Health care professionals paid more than the normal full time staff PLUS lodging and meals to work here, thus driving the cost of health care up.  People can not maintain this.  It is literally unsustainable.  Go on to any air bnb listing or vrbo for penticton, vernon or kelowna and check out how insane it is.  Go on to facebook and type in the name of a city and rent.  You'll end up with options to join groups of people looking for or renting homes/rooms.  You'll see in short order how insane it is.

 

This is not just unsustainable; it is a death sentence.  Because the Okanagan is honestly still very much a service industry area.  Most of the jobs pay well seasonally; but after summer ends the money dries up and people start working 2-3 jobs JUSt to pay their rent.  When your work force can no longer live in the town they work in they are effectively no longer able to stay in the area at all.  Once they are pushed out; who will fill those jobs?  Where will TFWs or travelling individuals stay?  

 

It is a cascading effect.

I have a family member that lives in Uculet. He works during the offseason, and has summers off. I asked him why he doesn’t AirBnb his place out for the summer, and he says he can’t. The town passed regulations that only areas that are zoned for it can do short-term rentals.

 

Seems like a potential solution for the Okanagan. Sure, these corporations that item these properties will cry fowl… …but screw them!

[bishopshodan]

@Warhippy

 

My boy wants your vote. 

Singh proposes moratorium on 'corporate landlords' buying up rentals

 

https://www.iheartradio.ca/ctv-news-content/ndp-leader-in-london-announces-plan-for-affordable-housing-1.19710894

[Warhippy]

45 minutes ago, bishopshodan said:

@Warhippy

 

My boy wants your vote. 

Singh proposes moratorium on 'corporate landlords' buying up rentals

 

https://www.iheartradio.ca/ctv-news-content/ndp-leader-in-london-announces-plan-for-affordable-housing-1.19710894

This needs to be shouted out by every politician and put on paper.

 

He won't get my vote because I think he's a spineless politician but I like that someone is bringing this up.

[bishopshodan]

7 minutes ago, Warhippy said:

He won't get my vote because I think he's a spineless politician but I like that someone is bringing this up.

Which party will?  I'm not a big Jag fan but I dont see many options. 

I dont know enough about him but I think the NDP'r David Blaikie has also had some good ideas on housing. 

[Warhippy]

15 minutes ago, bishopshodan said:

Which party will?  I'm not a big Jag fan but I dont see many options. 

I dont know enough about him but I think the NDP'r David Blaikie has also had some good ideas on housing. 

Blaikie is a GD gem.  I loved his take on housing and such from a few pages back.

 

Seems like a smart guy who knows what is really happening.

 

My vote is undecided.  I vote for the person not the party.  My local in the Okanagan is NDP Richard Cannings but he's wearing a bit thin because while he says the right stuff and means we'll he's been kind of non effective in getting anything done that needs to be done.

 

Sadly I think that my riding will overwhelmingly go to the upcoming conservative candidate who has yet to be decided but I have no decision made as of yet.

 

I would and will not endorse Singh though.  He spent over a year preaching about crap without a seat.  Leaving his party leaderless on the floor.  He craps on Trudeau every chance he gets but supports them without issue.

 

At this point the Cons will sweep in to power again and he'll be rendered entirely useless and unless he can actually get rough and hold the line feet to the fire and get crap in to legislation NOW not 4 years from now, he'll always be remembered as a prattling seat holder who held the title of kingmaker but let it rot in the corner by talking out of both sides of his mouth

[bishopshodan]

4 minutes ago, Warhippy said:

Blaikie is a GD gem.  I loved his take on housing and such from a few pages back.

 

Seems like a smart guy who knows what is really happening.

 

My vote is undecided.  I vote for the person not the party.  My local in the Okanagan is NDP Richard Cannings but he's wearing a bit thin because while he says the right stuff and means we'll he's been kind of non effective in getting anything done that needs to be done.

 

Sadly I think that my riding will overwhelmingly go to the upcoming conservative candidate who has yet to be decided but I have no decision made as of yet.

 

I would and will not endorse Singh though.  He spent over a year preaching about crap without a seat.  Leaving his party leaderless on the floor.  He craps on Trudeau every chance he gets but supports them without issue.

 

At this point the Cons will sweep in to power again and he'll be rendered entirely useless and unless he can actually get rough and hold the line feet to the fire and get crap in to legislation NOW not 4 years from now, he'll always be remembered as a prattling seat holder who held the title of kingmaker but let it rot in the corner by talking out of both sides of his mouth

Thank you.

I love reading your takes on things.

Jag has let me down too...but again I dont know what party is better. Your stratagy of  person over party is a good angle.

I'll stop the politcal talk now, just wanted to post as it refers to the housing issues/ 

[Down by the River]

Moved to Nanaimo from Port Moody. We have a 2,000 sq ft home, a nice backyard/frontyard, an unfinished two car garage that we turned into a family room/home gym. We aren't stressed about mortgage payments. 

 

We paid less than what we would have needed to pay for a 1,200 sq ft townhouse built in the 80s where you're paying $400 month to strata. 

 

If you can get out of the Mainland, do it. There are parks everywhere. Our dog is happy. Not being cooped up in a condo gives us things to do beyond just working from home. My only regret is not doing this sooner. 

[Alflives]

59 minutes ago, Down by the River said:

Moved to Nanaimo from Port Moody. We have a 2,000 sq ft home, a nice backyard/frontyard, an unfinished two car garage that we turned into a family room/home gym. We aren't stressed about mortgage payments. 

 

We paid less than what we would have needed to pay for a 1,200 sq ft townhouse built in the 80s where you're paying $400 month to strata. 

 

If you can get out of the Mainland, do it. There are parks everywhere. Our dog is happy. Not being cooped up in a condo gives us things to do beyond just working from home. My only regret is not doing this sooner. 

We went the other way. Sold the farm in the valley and moved to a condo in downtown. Yuk. Concrete horror. 

[Sean Monahan]

2 hours ago, Down by the River said:

Moved to Nanaimo from Port Moody. We have a 2,000 sq ft home, a nice backyard/frontyard, an unfinished two car garage that we turned into a family room/home gym. We aren't stressed about mortgage payments. 

 

We paid less than what we would have needed to pay for a 1,200 sq ft townhouse built in the 80s where you're paying $400 month to strata. 

 

If you can get out of the Mainland, do it. There are parks everywhere. Our dog is happy. Not being cooped up in a condo gives us things to do beyond just working from home. My only regret is not doing this sooner. 

I’ll be heading to Nanaimo in about a year when my girlfriend’s done school. I’m glad to hear a fellow mainlander has enjoyed the move. 

[bishopshodan]

Nanaimo is a great option.

Rapidly growing city on the Island which in general is attracting more people than ever.

 

Close friend just bought a 2bedroom this month in Nanaimo for 60k under asking at a price of $304k. I think that apt will be 500k within 5 years.

[The Arrogant Worms]

Just stay away from downtown Nanaimo.

[The Arrogant Worms]

I had a nice surprise.  Property taxes came in the mail.  Only  up $63.00

[bishopshodan]

8 minutes ago, The Arrogant Worms said:

Just stay away from downtown Nanaimo.

That goes for most cities these days unfortunately. I agree though, if you can stay from old town it is nicer. 

Nanaimo is going through fast growing pains.

If they dont get it together, they will be in the same state as Van. Still, a good place to invest.

[Guest]

On 5/27/2023 at 10:23 AM, Warhippy said:

This needs to be shouted out by every politician and put on paper.

 

He won't get my vote because I think he's a spineless politician but I like that someone is bringing this up.

I agree with you, for once  

[Guest]

On 5/27/2023 at 11:10 AM, Down by the River said:

Moved to Nanaimo from Port Moody. We have a 2,000 sq ft home, a nice backyard/frontyard, an unfinished two car garage that we turned into a family room/home gym. We aren't stressed about mortgage payments. 

 

We paid less than what we would have needed to pay for a 1,200 sq ft townhouse built in the 80s where you're paying $400 month to strata. 

 

If you can get out of the Mainland, do it. There are parks everywhere. Our dog is happy. Not being cooped up in a condo gives us things to do beyond just working from home. My only regret is not doing this sooner. 

Glad to hear it's worked out for you! 

 

Really wish I had the option, but I'm locked into my union job here and leaving here would mean giving up 7 years of seniority (that matters a lot) and benefits that accumulate with time.  How is the job market on the island for trades people?  

 

I'm currently looking into poly-amory so I can have 5 people split a house mortgage in Lower Mainland 

[Coconuts]

Nanaimo is nice to live in, maybe too nice as it draws folks from all over and makes it hard on locals. Yeah, I'm absolutely bitter but as a local it's been hard watching the housing market blow up over the last ten years or so. 

 

Why live on the mainland when you can sell, move, and buy up property with cash left over. I hate how it's become an easy investment for mainlanders, it squeezes out the locals.

[wiseupsucker]

On 5/27/2023 at 11:10 AM, Down by the River said:

Moved to Nanaimo from Port Moody. We have a 2,000 sq ft home, a nice backyard/frontyard, an unfinished two car garage that we turned into a family room/home gym. We aren't stressed about mortgage payments. 

 

We paid less than what we would have needed to pay for a 1,200 sq ft townhouse built in the 80s where you're paying $400 month to strata. 

 

If you can get out of the Mainland, do it. There are parks everywhere. Our dog is happy. Not being cooped up in a condo gives us things to do beyond just working from home. My only regret is not doing this sooner. 

Boy that would be great if we could all just leave our jobs and get one in the same Nanaimo and have the same luck you had. Reality dictates otherwise