Where are the 3 bedroom condos?

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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Son of Ponzi
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Son of Ponzi

# 13
very few Caucasian realtors in Vancouver West and Richmond Central.
Meet the new boys.
http://newcoast.ca/our-team

Ample Josh
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Ample Josh

Lots of HAM on the west side of Vancouver this weekend. Saw many open houses with Asian buyers all over the place. They were speaking Chinese only and in their interactions with the two Caucasian realtors I noticed very limited English language skills.

Most of the large mansions in Shaugnessy now are almost 100% HAM. The few times I’ve seen people around the grounds it was HAM. It’s amazing how 5 years makes such a big difference, it went from WASP to HAM in no time!

I can’t see this market falling with the large amounts of foreign money I’ve seen still here……I don’t notice any of them being particularly desperate to sell either.

Son of Ponzi
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Son of Ponzi

# 9
They are so small in Vancouver.
You are right. Europeans are bigger than Asians.

Johnny-boy
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Johnny-boy

Realtor Wu bought a $6 Million house for a client. Realtor Liu a bought $2.9 Million dollar house for a client.

Son of Ponzi
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Son of Ponzi

Germans who have memories of 60% of houses destroyed during WWII, which they rebuild brick by brick are appalled by the wanton* destruction of perfectly good housing stock in Canada.
* see also Wonton as in Wonton soup.

victoria
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victoria

The argument I have been hearing the past few years is that in Europe they live in apartments. They sure do. Some are very small (usually young people starting out). Many of the apartments are large and comfortable for families.

I lived in Paris for 15 years. I have friends that have 4 kids in an apartment. However many apartments in the city and burbs are large and comfortable and could support a family of 2 kids or more.

They are so small in Vancouver.

Son of Ponzi
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Son of Ponzi

The housing paradox in Vancouver.
Homeless people on the streets, and empty 10 room mansions.

Son of Ponzi
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Son of Ponzi

#3
I’m tired of white, straight people complaining.
Move to the suburbs and leave us be.

paulb
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New Listings 274
Price Changes 121
Sold Listings 145
TI:15407

http://www.paulboenisch.com

Heard Herd selling
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Heard Herd selling

Mega realtor Flyers lately, and a few cold calls, not to mention my old agent’s calling trying to get me to jumpbinto the market before the spring rush….LOL get a real job

patriotz
Member

My feeling is that if developers were required to build 3br condos many would likely be bought by groups of singles who would have higher incomes to qualify with than families. I also think that developers would design them so they could be de facto divided into smaller suites – we have see this already with 2 and even 1br units.

I think the only really effective way to get affordable housing for families in the core is though non-profits, which unfortunately governments aren’t big on supporting these days.

hello sailor
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hello sailor

3 bedrooms suggest ‘heterosexual’.. and vancouver? well.. c’mon.. it’s been ghey for a very long time…

BWilson
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BWilson
Burnabonian is right, supply of new condos is driven by pre-sales which is typically an investor driven model (not end-users). In today’s market the only possible way to get close to a reasonable return on your purchase is to buy small. From a renter’s perspective once you are able to pay more than $2000/month in rent your options really open up because there aren’t that many people in Vancouver who can pay those kind of rents. (makes you wonder who is buying!) Back in 2011 I effectively doubled my square footage by increasing my monthly rent from $1760 to $2335 (moved a total of 3 blocks into a slightly newer building). When you’re buying on a flat $/sq ft basis between the two units that’s a huge loss of yield. Of course these investors buying small right now are still… Read more »
Burnabonian
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Burnabonian

Because the 5,000 usable square feet per floor of a highrise will generate more revenue for a developer when it’s sold as 10 miserable, claustrophobic shoeboxes than as 3 or 4 livable family homes.