BC, Open Topic, opinion, renting, supply

Where are the 3 bedroom condos?

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39 Comments

M- and MarKoz brought up this topic – Vancouver seems to be seriously lacking in affordable family housing.

There are lots of 1 and 2 bedroom apartments, but not much available for 3-4 bedrooms until you go to houses.  M- suggest the city requires more large units to be built to provide future homes for Vancouver families:

CoV could require condo developers to include a much larger percentage of 2-bed and 3-bed units in the towers that they’re approving, and require some of those units to have a more family-sized square footage. Maybe in exchange for higher density, to make it less controversial.

It won’t help much of anything today, but it will prevent today’s towers from becoming tomorrow’s ghettos.

My wife and I used to have an 800 sq.ft condo. It was too small for the two of us. Then we got a 1000 sq.ft apartment, and it was enough space for the two of us (we would have liked more, but it was good enough).

Then we had a kid.

The 1000 sq.ft unit slowly became too small for our family, so we’ve upgraded to a house (rental, of course).

We keep an eye on the condo/house markets, and there’s not much selection of 3-bed units out there, until you get into houses.

MarKoz adds:

When I went condo hunting I could find nothing similar. You would have marginal master bedrooms and second bedrooms the size of a closet. The master bathroom was usually huge at the cost of a smaller living room etc. All had fireplaces – a waste of precious wall space in a small unit. Stainless and granite with barely enough counter space to lay a pizza box. Closets were minimal as was out of suite storage.

I moved on to townhouses. 1200 square feet spread over 3 floors is worse than 800 square feet on one floor. So much space given over to stairs and landings.

Who wants these places? Apparently everyone but me. They sure are selling. In the US they have plenty of 3 bedroom units but I guess those don’t attract specuvestors like 565 sq ft one bedrooms.

 

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[…] -Why don’t you buy already? -Marketing! Buzzwords! -Record debt, but no worries -Include transportation costs -And maintenance costs -Toronto beats Vancouver in crazy? -Vancouver island buyer or seller market? […]

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M-

@mls watch #17: it sounds like your landlord may have won a sort of lottery. My coworker won this lottery a few years ago. Her family had bought a starter-home, with the intent to sell in a few years and buy something nicer. Then the neighbour sold to a developer, who didn’t properly shore up the ground while building a big new house. Once the house was built, it seemed their sump pump was running constantly, draining water out of the ground. Coworker’s foundation cracked, and the house started slumping– all the doors and windows were constantly getting stuck. Insurance gave her a check for $250K, the “replacement value” of the house. She liked her location, just didn’t like the house. So rather than sell and upgrade, she built new! And a big part of the construction cost was paid… Read more »

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space889

Toronto is starting to make Vancouver look tame….
c’mon Vancouver, you can’t let Toronto take the bragging rights of being the city where everyone willing to be a debt slave and offer over-asking to live in.

http://projects.thestar.com/race-to-rhodes-ave/

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fixie guy

@ 26 Loon: “The headline should be “Dave Madani talks strategic default” My vote is logical non sequiturs. The article starts with stgandard hand waving rhetoric: “A new Conference Board of Canada study says there’s no housing bubble about to burst and maintains Canadian are having no trouble handling their debt… … mortgage arrears are actually going down in just about every market across the country — making a U.S.-style meltdown unlikely. The percentage of mortgages in arrears is well under 1% in Canada.” While overpaying depends on the ability to overpay, it doesn’t mean prices can’t fall. A ‘tank’ with the stature of the Conference Board of Canada didn’t Google ‘underwater mortgages’? The Board’s arguments rest on the long discredited and false narratives of the American market being taken out by bad buyers instead of turning off the phony… Read more »

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Johnson

GT now says the rest of canada will do far worse than vancouver and Toronto.

Acknowledging HAM??

There is a reason he was once called “Turncoat Turner ” I guess.

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RFM

I just used the ‘death by a thousand cuts’ to describe the slowly-reducing price of a property. Then, I looked up what that means and really like this description of what is going to happen to the market: the way a major negative change, which happens slowly in many unnoticed increments, is not perceived as objectionable.

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Johnson

GT still hasn’t mentioned on his blog that HAM is a significant factor in the price runup.

His minions keep buying his bs. He’s good at something… Like getting people to sell their RE and invest the proceeds in his company.

Do you really think people are buying $1 million properties because of low interest rates and cmhc.???

The mortgage payments on a million are $5000/month after tax.

Its immigration plus HAM that are driving this bubble. Oh, another factor is immigrants that arrived several decades ago and lived elsewhere in canada are all migrating to the big cities.

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Many Franks

…and if you were wondering why our real estate friends are so willing to tack 8s onto things when it seems so transparent… Analyzing nearly 117,000 home sales between 2000 and 2005, researchers discovered that in areas whose share of Chinese residents exceeded the metro average, houses with address numbers ending in ‘4’ were sold at a 2.2-per-cent discount while those with numbers ending in ‘8’ were sold at a 2.5-percent premium. Four is associated with death in Chinese culture, and eight with prosperity. Not that other cultures don’t also indulge in “magical thinking” — just that theirs follow different traditions, such as “if I don’t buy now I never will”, “we’ll just find the money in our existing budget”, “let’s just rent out the basement to a bunch of exchange students”, “we can afford the monthly costs so let’s… Read more »

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Many Franks

Here’s an excellent article debunking the old 30%-of-income threshold for affordability, which generally favours the ‘burbs where land costs are less. The proposed alternative combines housing and transportation costs and looks for a 45% threshold. Well worth a read.

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patriotz

@23:

Executive summary: the bounce is over.

“Dallas and Denver are now less than 1% away from their recent all-time index highs.”

Neither Dallas nor Denver saw significant increases during the bubble. In inflation adjusted terms prices in Dallas are the same today as they were in 2000.

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MarKoz

Off Topic – WTF Department

The Canada Pension Plan Investment Board is going to finance residential real estate construction in China in partnership with China Vanke, the country’s largest residential real estate developer.

They interviewed the president of China Vanke on “60 Minutes” last year and he said that China had a real estate bubble.

I know I am taking a simplistic blanket view here and that some markets in China may have more potential than others but I can’t help feeling this is a bad idea.

http://www.theglobeandmail.com/report-on-business/international-business/asian-pacific-business/cppib-partners-with-chinese-residential-developer-in-250-million-deal/article17656231/#dashboard/follows/

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RFM

New York, March 25, 2014: Data through January 2014, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed that the 10-City and 20-City Composites rose 13.5% and 13.2% year-over-year. Twelve cities and the 20-City Composite saw their annual rates worsen. The 10-City Composite showed a slight uptick in its index level but remained relatively unchanged. The 20-City Composite, a broader measure of home prices, posted its third consecutive monthly decline of 0.1%. Twelve cities declined in January with Chicago decreasing 1.2%. Las Vegas led at +1.1% and posted its 22nd consecutive monthly gain. Despite recent advances, Las Vegas is still the farthest from its high set in August 2006 with a peak-to-current decline of 45%. Dallas and Denver are now less than 1% away from their recent all-time… Read more »

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King bob

Anyone ever look at prelude city homes? New build condo going up with a laneway 3br townhouse for 1.1 mill, yes, this is a laneway home going for 1.1 mil facing someone’s ass.

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Heard Herd selling

Oh man, the wife just got home from the gym, her friend who she works out with, got a call at hw gym and it was brief, she started to tear up, turns out their 1st open house this past weekend turned up zero offers, I guess they were expecting a few over.t hey bought in 2008 and want out, they are slaves to the bank and have had lousy tenants in the basement suite. And she tells the wife to keep hush hush. Ok bye time for me sweet dreams in my rental:-):-)

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Heard Herd selling

Looks like a townhouse I sold back in 2010, is now for sale at 15% less asking price, plus 2 others competing. :-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-):-) sore face from smiling, sore pockets from bulging cash wads. Time for me to go sleep very very well tonight

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mac

Son of Ponzi is on fire 2nite. Thanks.

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Heard Herd selling

@MLS watch… Wow if you think a old house requires constant work, try buying a new build that will last maybe 40 yrs, I won’t get started on condos. Developors build to profit over and over, build poorly, come back in 10-15 yrs and fix issuess = cha ching for developers, and debt for homeower

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mls watch

At some point I was thinking of buying a charming heritage house in Vancouver. Well, I am done with the idea. We started renting a SFH 2 years ago. For the past 12 months, the landlord has been bleeding money every month. It seems everything is reaching expiry date 🙂 We had 4 minor floods in 7 months !!! Boiler leaked, pressure controller broke, main sewer pipe clogged, pipes frozen by the cold. Not to mention changing the furnace electronics, plus $10 000 for major repairs on the deck and foundations. $5000 taxes per yr. There is newly built condo in the adjacent lot, and our house is now starting to sink, with major cracks appearing in the plaster. I will never, ever, buy an older home at Vancouver prices.

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pricedoutfornow

My spouse gets a lot of flack from coworkers who constantly jibe “Why don’t you BUY a place, why are you RENTING?” (like, ew!) And I constantly have our reply ready: We have two kids of different sexes and different age groups (toddler and pre-teen). We rent a 4 bedroom, 2 bathroom house in a good neighbourhood in the COV. Our rent ($2000 per month) is what we would pay for a 2 bedroom condo in the same neighbourhood. And we tried that before, when child #2 was an infant, we tried living in the 2 bedroom condo (also a rental) with all four of us. It was insane. The second bedroom had no room for a dresser, once the crib and bed were in place. We were constantly bumping into each as we passed in the hall. Two people… Read more »

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Son of Ponzi

Talked to my Cardiac Surgeon today.
He’s stressed out.
Bought 2 apartments on Pre-sale 3 years ago, and now has to take delivery
Expected to make a fortune flipping.
But now he’s stuck.
Prices are down, and there is a glut of rentals.
So worried, he’s afraid he may botch a triple bypass surgery and be sued.

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