2 bedroom rents up $41 per month
Here’s a interesting tidbit: looking at craigslist you might get the impression rent in Vancouver has doubled over the last year or two with asking rents of $3400 for a one bedroom suite downtown. CMHC stats sees things differently with the average 2 bedroom rent going up over the year from $1045 to $1086 with the vacancy rate edging up .1 percent in that time.
I was at a party recently where the subject came up and was a bit staggered by some of the numbers thrown around - they were far lower than I expected. One couple was paying $850 for a 3 year old townhouse near Main street, another was paying $550 for a bachelor suite in Kits. I’m assuming these are better than average deals, but what are apartments and houses renting for in Vancouver? What is the expectation and what is the reality?
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January 23rd, 2008 at 5:40 pm
January 23rd, 2008 at 5:40 pm
January 23rd, 2008 at 5:41 pm
The best way to find a place is to wait until a day or two after the first of the month and walk around the neighbourhood you want to live in. I was walking around the West End in the first week of January and spotted lots of fresh for-rents signs on apartment buildings. The places weren’t great deals but they were much better than Craigslist.
I have a number of friends living downtown in either bachelor suites or one bedrooms in older buildings. Their rents range from $800-900. Another friend with a small two-bedrooom pays $1050.
January 23rd, 2008 at 5:41 pm
I think those “deals” you mention are pretty accurate for anyone who spent some time looking and has been living at their current address for a number of years.
Craigslist has wildly optimistic amateur landlords, I don’t think there’s a lot of people paying those prices, at least not for long.
That being said, I think I have a great deal. It could easily be rented for $1300 today.
January 23rd, 2008 at 5:41 pm
January 23rd, 2008 at 5:42 pm
The building’s kind of old, but the bf just moved in and with a little ingenuity our apt looks fantastic.
The monthly cost of putting a roof over my head is now $450. This weekend we’re going to pick up a small dishwasher. Between that and the 4 washer/dryers available our basic needs are met.
I figure with expenses that low I’m as close to recession proof as you can get.
NOW life’s ideal
. I’m in a fabulous city. I pay ricidulously little in rent. My place looks fantastic, and it’s ideally located. I can save heaping big amounts of money. AND I have a great partner. 
No complaints about RE or anything else here! 
January 23rd, 2008 at 5:43 pm
The people who are advertising on Craigslist mostly purchased recently and therefore are not good at making such rational financial decisions.
January 23rd, 2008 at 5:44 pm
It does face Georgia so it’s loud.
I also agree that if you take your time ,and avoid craigslist, there are fair deals out there, before this I paid $1200 at the Lions (a block away in the west end), 16th floor, 590 sq ft, facing east but if you cranked your head left from the corner you could see north to the water.
A lot of the people who are paying higher rents won’t tell you that they have a poor credit history.
My wife and I both have average jobs and are around 30 so the rental pool must be pretty weak to have property management companies treating us like gold.
Right now there are tons of deals out there, Spectrum 1,2,3,4 have flooded the market, plus people are vacating rental units to move in to their first condo @spectrum, and vacating rentals elsewhere to rent at spectrum. With another 8 or 9,000 units coming to the market before the Olympics you have to wonder if what is really a high stakes game of musical chairs could be coming to an end.
That is presuming all of the suburbs don’t move downtown all at once to fill these newly completed buildings as tenants.
Does anyone remember when the tech boom was still in effect? Anyone who had the audacity to question whether they could go up anymore would be shunned and the rhetorical question “WHAT DO YOU THINK THE INTERNET IS GOING AWAY!??? ” would be hissed.
It seems like this is a good time to be buying tech stocks despite the “THE OLYMPICS THE OLYMPICS RICH PEOPLE FROM EVERYWHERE WHO HAVE NEVER HEARD OF VANCOUVER WILL ALL WANT TO MOVE HERE AND PAY $10 MILLION FOR A PLACE IN WHISTLER, 1 MILLION FOR A ONE BEDROOM DOWNTOWN AND $2 MILLION FOR A HOUSE IN DUNBAR1″
Anyone who doubts that Vancouver hasn’t been discovered by other wealthy countries should take a walk down Robson and then try to identify one nation that can afford these prices who’s not already represented.
January 23rd, 2008 at 5:44 pm
West of Denman 1 bedroom less that 1k.
January 23rd, 2008 at 5:44 pm
January 23rd, 2008 at 5:45 pm
As far as renting goes, people looking to rent will have to be alert and assertive, as good deals will disappear within hours. Vancouver is also facing a rental crunch, downtown apparently has some 1% vacancy and with the Olympics administraton, tourists etc coming, expect renting to
The good news for bears is that with the stock markets in freefall (all markets, Asia, Canada, Europe and US), don’t be surprised if we are at the very peak of our housing cycle. If Asian investors start to flip their condos back onto the market, it will snowball very quickly.
My personal belief is that this Epic Bull will be replaced by an Epic Bear. So, bad news for renters, but potentially good news for buyers.
January 23rd, 2008 at 5:45 pm
New duplexes the same size (or smaller!) in our neighbourhood are 600k, sometimes up to 700. Plus a strata fee. Frickin 3+ times our rent. No thanks.
Given the state of the markets today and last week, I think we may see a more reality based market sooner rather than later.
January 23rd, 2008 at 5:46 pm
We’re paying more than we’d like but found our options limited last fall, we needed bigger space but wanted to stay under $1700 - we wanted a view, quiet, insuite laundry, a dishwasher (bachelor had none of that). We love it up here but the commute for me sucks! 1 bus but it’s an hour each way door-to-door. Good thing I travel a lot & do some work from home so don’t have to commute daily.
I did take a look at MLS and found a suite identical to ours but 1 floor down listed around half a mill. I remember with 25% down, mortgage, maintenance, taxes the place would cost $3200 to own.
January 23rd, 2008 at 5:46 pm
Recently the building changed hands. The new owners paid 2.1 million for it, and need to raise the rents to cover their costs. Their strategy is cosmetic: if they repaint and put in stainless steel appliances, people will pay double the rents:
http://vancouver.craigslist.ca/apa/542326087.htm
Yes, you can pay $12,000 a year in rent more than I pay to use some stainless steel appliances that cost the landlord about $4000. Riiight. Currently, 3 out of the building’s 8 units are vacant, so I figure the new owners are just bleeding cash. I love it!
January 23rd, 2008 at 5:46 pm
I love how renters and owners in this town aren’t really speaking the same language any more:
renters : “I’m paying $xxx for my place. It’s pretty good deal and the money I save be renting can be used for something else”
Owner: “But I’m paying $2*xxx and when the Olympics comme I’ll be RICH RICH RICH!!!!”
Kind of funny really.
I had a friend working for Nortel back in the day. He wouldn’t sell his stock when it was at the top because of the tax implications.
We all know what happened. He’s kicking himself to this day that he didn’t get out while the getting was good. He felt he had all that money and it evaporated overnight.
The truth was, he had am asset that was subject to high price volatility and considerable risk, and his greed prevented him from seeing that with a cold, objective eye.
Krrsh and Dosh people like that are about to get a lesson. You place is worth the dollar amount you get the day you sell it, and not a penny more. Wait too long to sell, and… well you learn that wealthy feeling is just a feeling.
January 23rd, 2008 at 5:47 pm
I’ve never understood the appeal of the stuff, it gets fingerprinted up like no tomorrow.
I think the real winners in this bubble are the makers of stainless settl appliances and granite countertops.
January 23rd, 2008 at 5:47 pm
It’s funny how there have been more places built than requisite population growth and still there is a rental crunch. From my experience there are always basement suites available (not just the 5 year old Vancouver special “2 bedroom” suites that would cause insanity if lived in for more than 1 week). I think people will start compressing their living arrangements as unemployment ticks up. Not that it will definitely happen in Vancouver, but San Diego and Miami saw low vacancy rates and increasing rents through the peaks in their markets. Now their rental rates are falling along with property prices.
January 23rd, 2008 at 5:47 pm
Minus closing costs (which is one thing the bulls rarely take into account).
As for Nortel I had a friend at work who’s girlfriend’s father worked for them and apparently a VP told him that it was going to be huge. He, his girlfriend and the father were all living on bread and water so they could buy stock with every possible penny. He tried to convince me to invest but I explained to him that I would NEVER invest in a company on second hand information never mind fifth hand. He thought I was crazy and told me how he was going to get rich rich rich! (actually I suppose in that way he reminds me of SATV (is that YOU Chris?)). Anyhow he got laid off before Nortel went bust so I never heard how it turned out but I imagine he lost everything, fortunately for him he was in his early ’20s so he has plenty of time to recover.
January 23rd, 2008 at 5:48 pm
I really think it’s the auxilliary people who make money on real estate transactions: Banks make tons of money, mortgage brokers make money, real estate agents make money, lawyers make money, the CMHC makes money. There’s barely anything left for the poor buyer. This I know from personal experience.
I truly think it’s the dullards in the crowd who have literally bought up the hype. YOu can always tell from the craigslist entries who has bought in, and who expects to turn around and sell the same line of crap to some renter.
Stocks, bonds etc on the other hand are MUCH cheaper to buy and sell, and you can diversify your holdings to tailor to your own risk / profit preferences. You can invest a while, then stop if you need more monthly cash flow, then invest some more.
Beware advice from the wealthy. They don’t like competition.
January 23rd, 2008 at 5:48 pm
Virtually all of it will be available for rent since the buyers have re mortgaged their own home to pay the exorbitant cost.
Prompton was accepting pets and renting 500 sq ft units for $1100 when they first started.
Note the part that says “make us an offer”
January 23rd, 2008 at 5:48 pm
Location itself is great, as it only takes 12 minutes to get downtown by skytrain.
We’re now moving to a nice 2br suite, away from East Van to North Van, slightly under 1200$ all included (www, hydro, heat…).
Our current shitty 1br apartment is now listed for 1000$.
January 23rd, 2008 at 5:49 pm
I see the same thing. My in-laws are renting their furnished sub-suite (it’s actually about 450sf on the 3rd floor of a commercial building) for $1200, and within an hour had 4 offers. It’s good times for landlords.
January 23rd, 2008 at 5:50 pm
The return on equity is negative.
Landlords can ask anything they want but they’re are not getting it.
Take a look at craigslist and you’ll see the same ads posted over and over again.
There are downtown units that have been available downtown since I started looking last November (electric avenue, hudson, cielo, spectrum).
Somebody may pay $1200 for a furnished suite for one month but it’ll be vacant for the majority of the year.
January 23rd, 2008 at 5:50 pm
When we looked for an apartment last year we found many overpriced places. Especially one building downtown called Firenze. All the owners there had just taken possession and were trying to rent tiny 2 bedrooms for $2000 or 1 bedrooms for $1500+.
January 23rd, 2008 at 5:51 pm
So… what’s up with Van and furnishes suites? Anyone??
January 23rd, 2008 at 5:51 pm
January 23rd, 2008 at 5:51 pm
January 23rd, 2008 at 5:52 pm
I arrived in vancouver from europe 3 years or so ago.
I started in September with one month in a youth hostel at jericho beach: 600$ It was a rat race to find a place. Usually 50 people at least for each add… I end up sharing a modern townhouse with 3 other student for 550 $ at McDonald and broadway for a year or so.
Moved to share an apartment with a friend for 2 month because at 4th and Arbutus he got the wickest view ever of downtown from kits.
Then moved to share a studio with the GF for 950$ (total) at 12th and Granville. Started to get even more addicted to the view from a high west facing floor.
We move from the cramp studio to a large 650 sqft 1 bedroom downtown. Same hollyburn professional no trouble tenant as the previous building. We pay 1200 (raised to 125oish in january) +75$ parking lot. It s a bit stiff but still reasonable. And the bonus is that we live basically one block off corner of robson and burrard. We got everything we need one block away: bars, restaurants, grocery, drugs (plus my beloved delivery guy
Bottom line 1: I m looking now and then on Craigslist to move to a cheaper place but I think I m addicted to my current box in the sky and don t mind too much so far to pay a small premium.
Bottom line 2: As soon as I can buy a 2 bedroom in downtown with view for 300ish and keep making/saving good money with my job, I m in. And I could even put 50% down.
PS: But I m not going to spend all my hard earn cash on a 500sqft shoebox. How can you people be SO dumb ????
Half a million dollars is a life long a surf, sex and coconut milk in a pacific island!!! NAh, I rather spend my life and my girlfriend life and our kid(s) serving Grande Lattucina sock juice at Shitbucksin order to live the dream at the 2nd floor of the Best building on earth watching rain droplets on the next concrete wall hahahaha
January 23rd, 2008 at 5:52 pm
January 23rd, 2008 at 5:52 pm
We haven’t seen the downside yet.
January 23rd, 2008 at 5:53 pm
January 23rd, 2008 at 5:54 pm
January 23rd, 2008 at 5:54 pm
No matter what you say good to see you back.On the rental issue there is a saying that”Foolish makes home and wise man live in them”.
The different between renters and owners, the owners return back to their homes and renter return back to their rental units.
Well,there are lots of diffrent figures are being represents which show the Value of place to be. I have found that Downtown & Gastown are most liveable,most convenient with lots more expensive futures, are expensive than the rest of B.C.
Rents goes up too often people only come too know that when they have to change their lease or nest for best of the best.
January 23rd, 2008 at 5:55 pm
January 23rd, 2008 at 5:55 pm
January 23rd, 2008 at 5:55 pm
Somehow wisemens does not exist without foolish people because if we don’t have a fools.
1.Wisemens won’t take a birth in homes.
2.They can not comute from city to city.
3.They must buy their own homes which they don’t like to be fool them self for.
In fools category, we need some land,developers,city planners,architectures,engineers,buyers,construction material,genral labourers and risk the whole process in bad weather and up side downs.that way we can accomodate a wiseman than wisemens,so some one need to be fool first rest are present,I mean wisemens are in action.
January 23rd, 2008 at 5:56 pm
after that we only rent from property companies…
January 23rd, 2008 at 5:56 pm
This has to be the worst time for landlords since 1982.
January 23rd, 2008 at 5:56 pm
January 23rd, 2008 at 5:57 pm
You know the owner has to give you a LOT when they want to kick you out without cause. First off he can only give you notice AFTER the place has been sold.
- 2 months to move out.
- 1 month’s rent. (or you may withhold your last month’s rent)
- You can give 10 day’s notice at any time in the 2 months and move out early. The landlord must only charge you for the time you spent living there and must STILL give you a month’s rent.
http://www.rto.gov.bc.ca/content/rights … fault.aspx
January 23rd, 2008 at 5:57 pm
January 23rd, 2008 at 5:57 pm
Even for you that was babbling. I’m impressed.
I note in the fools category you’ve placed every single person who MAKES money from the construction of housing. The “wisemen” are the ones who pay too much and take on all the risk.
Given your definitions it’s unsurprising where you stand on the housing market. The more money people pay for housing, the “wiser” they are, and it’s better to own a home then make investments in the stock market.
Just out of curiousity where are you from? Are there a LOT of people from your home country living in Van? I really *really* hope so.
January 23rd, 2008 at 5:58 pm
He claims to have grown up here. It’s entirely possible, I’ve met a couple of people who are locally educated and have his level of English skills.
When you add in his terrible logic and thinking skills it becomes entirely possible that English might actually be his first language because if he’s ESL it only explains the horrific language skills. Personally I think he did way too much amyl nitrate in High School.
January 23rd, 2008 at 5:58 pm
If that’s the level of education you get in BC then it would explain everything about Krrish, including his appaling provincialism.
If Krrish is representative of the local bulls it would also explain the RE market, come to think of it. I don’t know anywhere else in Canada where this kind of irrationality exists.
Even in Toronto, where there is a real “center of Canada, nobody else matters” mentality doesn’t have as irrational a RE market as BC.
Krrish, did you REALLY grow up here? No offense buddy but I figured you were had to be somewhere else.
Still, we’ve passed the peak. All those headlines about the collapsing stock market pretty much nailed the RE market. There’s no money left to pump into BC, and any foreigners who bought in should pretty much have to cash out all at once.
I swear if this doesn’t do it, I’m heading somewhere else.
January 23rd, 2008 at 5:59 pm
The new landlords gave 2 month’s notice - i moved early because they started building and the hallways and outside areas became a mess. They were coverting all the 750 sqft one beds to 2 beds, adding the obligatory granite and stainless stuff.
The tenants discovered (after many of us had moved) that they didn’t have the permits to begin construction and therefore had no right to issue us evition notices. There is now an official STOP WORK notice (from the City of Vancouver) on the front door of the building.
Given that they illegally issued me with 2-months notice, still haven’t given me my one month’s rent, returned my damage deposit and interest, do you think i have a case just to go to small claims court and avoid the RTO process? Could i claim damages for the illegal eviction (i.e. 2 month’s rent)? Any thought out there?
January 23rd, 2008 at 5:59 pm
January 23rd, 2008 at 6:05 pm
Why do you prefer small claims court over the RTO?
Were opening and closing inspections done?
Is it more than fifteen days after you moved out?
With my former landlord, I simply reminded him that if I filed, he would have to pay double my damage deposit. Suddenly, he was in a hurry to get my money to me.
Oh yeah, I forgot to report him to the CRA. Gotta do that soon.
January 23rd, 2008 at 6:07 pm
Right now I’m paying 700 a month living in richmond at the same place i’ve been living at for the past 7 years right now. I’m contemplating moving out since my bro is getting married, but I’ll wait a bit and see how it works out with the housing market.
January 23rd, 2008 at 6:07 pm
Eviction notice can’t be issue other than for unpaid rents and miss behaviour where tenent is pain in the a$$ for other for peace,Your case is based on moving notice once you have accepted that’s it.
If your case is other than the above still there is no otherway unless you get through rto.there is lots of paper work involved,some appointments mailing and delivering docoments, process can take atleast a month, then another month through lower court but your case is weak because you are out already.
January 23rd, 2008 at 7:04 pm