Luxury hotel to become a dorm

Looks like those basement mortgage helpers might have some competition soon if this plan goes through:

Downtown Vancouver Luxury Hotel to become International Student Housing

The 17-storey building will undergo a $37 million renovation and have 220 beds for international students come September, according to Global News; the company is eventually hoping to expand into Vancouver and Richmond and have beds for 5,000 post-secondary and high school students in nine different buildings.

The Viva Suites will be available from $900 to $2,500, depending on the amenities, location, and building, The Province reports. Some of the amenities available are a weight room, housekeeping, secured underground parking, and Internet. The suites will be available for daily, weekly, monthly, or yearly rental, with no long-term commitments required, states a company press release.

Read the full article here.

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Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

student visas are seen as a way to get residance. not as easy as buying it, but those days are gone.

history
Guest
history

The competition for international students is heating up. Why live in a house with an old white woman with over-extended mortgage, when you can live downtown in a swank hotel?

Oracle
Guest
Oracle

Christy and Harper commited to doubling foreign students from 270,000 to 540,000. Only rich can afford the tuition fees in excess of $30,000 per year. After graduation, one year of work get you PR via the new Canadian Experience Class Immigration stream.

$60000 for a two year program plus one year work > IIP.

Oracle
Guest
Oracle

From yesterday’s post.

Why is everyone concerned about $5 Million homes? I would never move to Vancouver, Burnaby, Richmond. Times change.

Suggestion for the young ones here. Educate yourselves in a field that qualifies you for a U.S. work visa. TN? Use the subsidized education while it lasts.

Then later, move to the USA. Heck I called to get a Dr appt today and secretary said my doc is in the states for a month…,said might start practicing there. WTF?

President Wu
Guest
President Wu

Fees should include drivers ed.

tedeastside
Member
tedeastside

thats pretty steep rent to live in a cold rainy boring small city with zero attractions

why would somebody chose to study in Vancouver when they could do it in California with cheaper tuition, cheaper housing, cheaper food, light years better entertainment and things to do…

dont know any rich people who would waste their time in vancouver

Interesting
Guest
Interesting
Panic hits Calgary’s luxury real estate as oil takes its toll The calls started coming into Thomas Keeper’s Calgary real estate office a week before Christmas. Oil executives, watching their company stocks plummet in the wake of plunging crude prices, were looking to sell their multimillion-dollar homes ahead of the new year, hoping to cash in before the panic reached the city’s housing market. “It was one of the busiest Decembers that I’ve ever had just because people were selling their homes right before the market was really starting to crash,” says Mr. Keeper of Tink International Real Estate, who specializes in Calgary’s luxury home market. “I’ve never had that happen. Who lists their home before Christmas?” Calgary’s housing market took a sharp downturn last month, with sales plummeting 35 per cent compared with the same time last year, while… Read more »
Interesting
Guest
Interesting
Panic hits Calgary’s luxury real estate as oil takes its toll TAMSIN McMAHON 18:18 EST Wednesday, Feb 04, 2015 ——————————————————————————– Advertisement Hide advertisment ——————————————————————————– The calls started coming into Thomas Keeper’s Calgary real estate office a week before Christmas. Oil executives, watching their company stocks plummet in the wake of plunging crude prices, were looking to sell their multimillion-dollar homes ahead of the new year, hoping to cash in before the panic reached the city’s housing market. “It was one of the busiest Decembers that I’ve ever had just because people were selling their homes right before the market was really starting to crash,” says Mr. Keeper of Tink International Real Estate, who specializes in Calgary’s luxury home market. “I’ve never had that happen. Who lists their home before Christmas?” Calgary’s housing market took a sharp downturn last month, with… Read more »
vangrl
Member
vangrl

So that house that I posted about in East Van that was listed in the beginning of January and sold within 10 days for 1.4 million is now up for rent on Craigslist….

Now why would someone do that? Even if they put down a $400,000 deposit, and got a 2.79% mortgage rate on the remainder, they still wouldn’t fully cover the monthly costs. And that’s assuming they get $4000 rent, which seems absurd to me.

http://vancouver.craigslist.ca/van/apa/4877237081.html

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@9

4k/month for an ancient small house in east van. good things you guys didn’t buy a place, renting is so awesome!

this blog was created in 2005. if you bought then, half your mortage would be paid off by now.

Jimmy
Guest
Jimmy

vangrl,

$4,000 per month x 12 month minimum = $48,000 commitment to rent this place on Prince Edward Street (near 33rd ave) which faces the cementery. Wonder how many people are lining up to sign the lease?

Oracle
Guest
Oracle

Sold. No conditions. $5000 over asking since the buyer came through my agent so wanted some of his commission :).

$105,000 Gross over 6 months minus stuff like 3 month penalty etc.

Now I read that prices have gone up by $100,000 in Vancouver over the last 2 weeks! “Even GT says he’s given up”.

Wow.

There will be a day of reckoning. Either class wars or a RE crash.

Oracle
Guest
Oracle

Watch Paul B’s numbers today.

How many at over asking price?

history
Guest
history

#9

https://www.awesomestories.com/asset/view/Stock-Market-Crash-of-1929-Part-3

‘When people – like Groucho Marx – questioned how prices could just keep going higher, they were told that America was now part of “a global market.” ‘

ostritch
Member
ostritch

Vangirrl,

Why do the bears keep asking that same damned question? There is only one answer. Look around! Global money moves.

If you don’t like that why not just phone the number on the ad and ask questions. I’m sure you’ll be able to suss who bought it.

patriotz
Member

@10: “4k/month for an ancient small house in east van”

Or… $4K/month for a big new house in Kerrisdale! Decisions, decisions.

http://vancouver.en.craigslist.ca/van/apa/4870113340.html

Simon
Guest
Simon

Bullx3,

Half my mortgage IS paid off. It just happens to be sitting in U.S. and European equities right now.

Randy Randerson
Guest
Randy Randerson

So what will stop this hotel turning into affair/prostitute central?

Sounds like a bad idea.

vangrl
Member
vangrl

well I know it wasn’t purchased by a Chinese family because there is a cemetery right across the street.

I know it wasn’t purchased by a young successful couple with a combined income of $300,000 who could only afford a home on the East side, because the person who bought it isn’t planning on moving in.

I can only guess that it was bought be an investor that doesn’t mind subsidizing the payments because they believe that house prices are going to increase.

And i guess it may increase, assuming rates stay low, but it astounds me that people even still look at Van real estate as a wise investment decision. The risks right now seem really high to me, and obviously to many others.

vangrl
Member
vangrl

#17

haha that’s awesome!

Marco
Guest
Marco

But you can rent out the basement suite yourself on that 4000/month

“Downstairs has 1 bedroom suite you can rent out or use for your family”

Would that make you a sub landlord? Haha

Whistler or bust?
Guest
Whistler or bust?

“If oil does continue to stay where it is, I would say by the spring you’re going to see a lot of buyers out there trying to take advantage of the fear in the market,” said Sotheby’s Canadian president and chief executive Ross McCredie.”

I would say in oil stays where it is there will be no buyers and a heck of a lot more sellers Chief Realtard.

@ostrich
Guest
@ostrich

Garth Turner calling it in. “He gives up”.

They’ve allowed so much foreign money here and pushed up RE.

Two ways out of the mess. One is keep the immigration floodgates open. The second is devalue the dollar and inflate our way out.

These bears have no fucking clue what’s going on. They have been wrong for 10 years running. A lot in Vancouver is close to $2 Million. You really think the powers that be will let it fall to $1 Million?

@ostrich
Guest
@ostrich

$2 Million is $50,000 after taxes for 40 years at zero percent interest.

You will have a landlord class and a worker class.

Make no mistake. Down vote all you want because you will get what you deserve based on the decisions you make. But remember one thing, rents will be going up. If you don’t believe this, you will pay for the rest of your life unfortunately.

would-be buyer
Guest
would-be buyer
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