Real Estate Talks

But wait, I thought rents were tied to incomes?
Is there really that much overbuilding? I'm not so sure...

As of now, there is an available supply of rents due to overbuilding and proliferation of homes converting lower levels into suites... Can't add 50K/year to our population without having some pressure on our housing supply.

But wait, I thought rents were tied to incomes?
Is there really that much overbuilding? I'm not so sure...

Based on what some of my friends are getting, the west side looks horribly "undervalued" from a rental perspective. They're on "subsidy" courtesy Her Majesty's Royal Cohort of Speculator/Land Hoarders.

I'm grateful none of my hard-earned tax dollars are involved.

Try renting 1500 sqft and see what you'll pay.

Try renting 1500 sqft and see what you'll pay.

That's the thing, though. They're paying $2K/month for a 2-floor 4BR 10-year-old west of Oak. Owners not in town, want "hands-off" tenants who won't trash the place. Whatever the situation, however temporary, that's a "subsidy" for the tenants. An equivalent property is well north of $1MM.

in some areas yes, in others no. I would expect to see rents falling in oversupplied downtown/west end, Kits, city hall/fairview - and rising in undersupplied Fraser, Main, Commercial Drive. But this is just a theory...

in some areas yes, in others no. I would expect to see rents falling in oversupplied downtown/west end, Kits, city hall/fairview - and rising in undersupplied Fraser, Main, Commercial Drive. But this is just a theory...

No chance imo. The opposite will be the case.

Downtown/west end, Kits, city hall/fairview have greater supply because of greater density, which in turn exists because they are more desirable areas - more people want to live there. Hardly any surpise there. All things being equal the majority would choose the former over the latter to live in.

Main St tries hard but is no Gastown, Yaletown or West End, and I for one dont particularly like the vibe of the place. I wouldnt entertain Main (and that's not even taking into account the painful number 3, surely the most overcrowded and miserable transit route in all Vancouver), wouldn't entertain Main, Commercial or Fraser over downtown or anything west but maybe thats just me.

just listed today. Any thoughts on eventual selling price?

2723 5TH AVE W
MLS® V907746
$1,089,000
lot size 33x120
Zoning RT8
house size 1700sqft

Explore the restoration potential that abounds in this pre-1930 raised bungalow. There is rich patina to the fir floors that have been protected for many years by wall to wall carpeting. High ceilings that are found in most of the house were cosmetically lowered in the living room and formal dining room (a 1970's trend). The two bedroom seem to have been untouched and have all original casements, hardware and high baseboards. This semi-corner lot allows an inordinate amount of sunlight in the main living areas, especially when compared to other homes. Downstairs is a bright 2 bedroom self contained basement suite with 8 foot ceilings. Prime Kitsilano location with RT8 zoning and may make a good lane way housing candidate.

just listed today. Any thoughts on eventual selling price?

2723 5TH AVE W
MLS® V907746
$1,089,000
lot size 33x120
Zoning RT8
house size 1700sqft

Explore the restoration potential that abounds in this pre-1930 raised bungalow. There is rich patina to the fir floors that have been protected for many years by wall to wall carpeting. High ceilings that are found in most of the house were cosmetically lowered in the living room and formal dining room (a 1970's trend). The two bedroom seem to have been untouched and have all original casements, hardware and high baseboards. This semi-corner lot allows an inordinate amount of sunlight in the main living areas, especially when compared to other homes. Downstairs is a bright 2 bedroom self contained basement suite with 8 foot ceilings. Prime Kitsilano location with RT8 zoning and may make a good lane way housing candidate.

final sale price $1,350,000

just listed today. Any thoughts on eventual selling price?

2723 5TH AVE W
MLS® V907746
$1,089,000
lot size 33x120
Zoning RT8
house size 1700sqft

Explore the restoration potential that abounds in this pre-1930 raised bungalow. There is rich patina to the fir floors that have been protected for many years by wall to wall carpeting. High ceilings that are found in most of the house were cosmetically lowered in the living room and formal dining room (a 1970's trend). The two bedroom seem to have been untouched and have all original casements, hardware and high baseboards. This semi-corner lot allows an inordinate amount of sunlight in the main living areas, especially when compared to other homes. Downstairs is a bright 2 bedroom self contained basement suite with 8 foot ceilings. Prime Kitsilano location with RT8 zoning and may make a good lane way housing candidate.

final sale price $1,350,000

All considered, thats not terrible in Vancouver terms. Its a much better "deal" than some of the other stuff being posted around here.

I don't see any dying embers here but I do see a lot of listings. That is not necessarily bearish but I expect flat pricing for certain dwelling classes (condos for example) for the rest of the year unless sales start picking up markedly.