Thanks for watching! I hope that you found this video helpful. :) Call/Text Direct - 604-831-4837 email: sebastian@albrechtgroup.ca Book a call: www.calendly.com/albrechtgroup
*"PRE CONDO SALES"* is the biggest scam *EVER* and is DANGEROUS. Really is crazy how crazy this all has gotten as "condo problems only impact Florida." Now here is China in free fall in every way going on *YEARS* now and if only the money were more worthless the buyers will return? People in Ottawa need to get serious about even *HAVING* a Country right now would appear😊
I already own a condo and because I'm a "neurotic" nature, sun and quiet-lover actually got an older condo in a location that checks all of those boxes. And I did it on my own. But not without a detailed list and search. Having a realtor who actually would do some work to help one identify needs vs wants and to locate what one wants would've been great. Thanks for your tips. They make a lot of sense. Also beware of proximity to the dumpster. Not just for the stench and flies (or bears and raccoons) in the summer, but the noise at 7 a.m. when the truck comes to pick it up.
Another great video. The importance of finding a quality building can’t be overstated. Not to mention, how a well maintained building also reflects on how proactive and competent the strata is
Thank you @ivorytelecaster! Agreed 100%! When helping clients buy into a strata, I feel this is the most important part of my job (guiding clients to solid, well-maintained and managed buildings) and my greatest responsibility.
@@LivingInVancouver-BC this was one of the most shocking things for me when we started looking. One building in particular (you may know which one I'm talking about from the description) not only had general disrepair all around the common areas but once we dug in deeper we found out that all the windows had to be replaced sometime within the next 5 years. So, not only would you need to be ready to drop a chunk of extra money but also, be prepared to deal with an unorganized strata. No thanks!
@johnnyboyvan Yes, you do want to pay attention to both parking and storage locker size (if they come with the unit). Especially in newer construction, these tend to be smaller than they once were and if you have a large vehicle it can be an issue.
@BomalNeloAnagrm300 True. It's really so uncommon in Vancouver to have uncovered parking stalls that it didn't occur to me to mention it....but you are right, there are a few like that for sure. Always good to physically view the parking location so you know for sure what it's like and if you personally have any issues with it.
Buy a quality, concrete building under 50 years old with no frills (eg amenities, concierge, etc) in a great location. You can't go wrong as they aren't building units that big anymore. Read the depreciation report and make sure that the strata is well managed and well funded. A great building in a great location will always be desirable.
I like your advice but what do you mean they're not building those type of buildings anymore. Aren't steel reinforced concrete buildings the default type for most new high-rise condominiums these days?
@nishiki393 I think that @peakingout is referring to the idea that the units being built aren't as large...not the buildings themselves. Developers generally have been building smaller and smaller units over time as the price of land and construction continues to rise in order to keep prices down (ish).
Thank you for all your help .. he practices what he preaches ... saved me from many mistakes in buying my first home .. and always is there to provide feedback. He is also a lot taller than he looks on video ... a lot lol. Thank you Sebastian.
I really like how you brought up the elevators. I work in the elevator industry and that’s one thing I don’t think anybody really takes into consideration.
@gillianm5098 100% it's something very few people consider when making a purchase...but man, does it ever have a big impact on your day to day life! Thanks for commenting and checking out the channel!
you want to avoid buying anything in vancouver, im a renovator, and every house we open up is built incorrectly or rotting. The vancouver market was a flippers market for the past 20 years, flippers cut corners for maximum profits, when you buy, you have to consider 100-300,000 in repairs needed to the home.
@@KL-xv5gj Bubbles can last a long time. I feel we are in one in Ontario too... It's just jumping from one bubble to another... I can afford the jump, but something needs to change so everyone can afford a place to live.
Hi Sebastian, good video, also, I have not been able to find any of your videos about buying a rentable condo in Vancouver? Maybe a good idea to make one? It's a little bit different topic than just buying a condo for yourself, right? thanks.
thank you for educating us. The sad part is that when you just do not know enough and you have a bad agent who just wants to make a sale. how about this big mistake to avoid?......the Agents who claim to be ''CONDO EXPERTS'' with no credentials!!! how this is allowed is beyond !! most know nothing about the building they are trying to sell..i see it everyday
Location, location, location. I like to swim - it helps my back, but if there is a close by public pool, then that's good enough or me and keeps my strata fees down. 1300 sqr ft or more is required because my son will likely live with us into retirement, and I need an area to have for my channel and make it sound proof for shooting 24x7. I understand 3 bedroom condos are rare, but how likely am I to see a condo north of 1200 str feet?
@@tlcnorman2819 Thanks. Our primary target is grey point and kits due to close access to the ocean, transit lines and shop access. I'd go further out, but my wife wants the city access. We just came back from a visit and grey point continues to be at the top of our list.
@OrdinaryFilmmaker There are 1,200 sf condos in Point Grey and Kits...but the question will be whether or not they're within budget. Space costs money. :)
@@LivingInVancouver-BC Yep. I think that by the time I am ready to make a decision, it will be based on the location and the listing. We could go Condo, townhome or detached. PS, in Ontario, prices have started to come down in some GTA markets for Condos and some detached homes.
Another idea with older condos is the insulation in the ceiling, many older condos mine built in 1992 the carpeting and underlayment was the noise barrier between floors, many strata council are approving unit owners to remove that and install cheap laminate flooring, so the person who lives in the unit below gets to hear all the heavy foot traffic above, and if the owner above has a couple of kids the noise never stops, my unit is like this so annoying. You can complain but nothing is done the unit owner above doesn't care if you hear that and won't install area rugs to mitigate any noises. So your unit will be constantly resold to many owners frustrated with this nonsense. Or you get to hire a construction company to remove the drywall from the ceiling and install the highest grade noise insulation available including noise barrier drywall at a cost of $15.000 and up. This isn't fair at all so you have to understand that strata councils don't understand building construction consequences for unit owners when they approve a unit owner to remove the insulation carpeting.
Try to avoid apartment, because there is a service fee. IMO, the fee is ridiculous, and the arrow has only 1 direction, UP. It's like giving blank cheque to the maintenance company.
Here is a real eye opener. We bought into a condo unit pre construction and received all requisit paperwork etc..for said condo as building continued. What we didnt do was read the fine print or read and understand all the strata building jargon. Long story short, freehold turned out to b only a word to confuse as it was a 200 year lease in truth. We were astounded to learn this. Now it was the deceit...freehold means land included not leasehold. Anyway that issue was not the only. This strata had electrical and other not separated from a rental unit attached. Our strata could never know what fees were actually ours. This was never disclosed to us as, building of rental came later. To say keep your eyes ears etc open is the very least u must do. We moved once we found out all the deceit...and wondered how all the discrepancies could go on.
@GurdeepGrewal-kj8yf The issue around leaky condos is one that we've been dealing with for the last forty years or so. It hasn't really been an issue for new construction for the last 25 years...but those buildings built in the previous era can still be a risk. Many have been retrofitted (rainscreened) but not all. As for empty units, this was never as big an issue as it was made out to be in the media in my opinion...but in the last 5-6 years both the Civic and Provincial governments implemented significant taxes to prevent housing from going unoccupied. So, it's almost a non-issue at this point.
Interesting, didnt know condo owners could also own land. That's what's also troubled me about condos, because you're spot on about land. So if you don't get land, you're buying a depreciating asset. Yikes!
@AlexSuperTramp- Yes, freehold strata ownership will always include a portion of the land ownership...just a (typically) much smaller piece than if you purchased a townhouse, 1/2 duplex or a house.
Vancouver's real estate market has been *ruined by INVESTORS* -- people who have no intention of actually living in a place, but want to buy it for a little as possible, and then FLIP it for TOP DOLLAR as soon as they can, often without doing a thing to improve it. This has made it impossible for most people to afford to buy anything -- all so some jerk can make an easy buck. I look at the listings every day, and it's appalling the huge prices people are asking for so little. And there are places that haven't sold in over a year, but their price has never been reduced, while they've been paying condo fees every month on a place they don't even live in.
Great video! #1 is something we didn't consider when we bought a condo last year but thankfully based on the most recent valuation, our portion of the land is valued at 70% of the price we paid for the unit... so I think that's pretty safe???? 😂
@itsdanielleryan I think you are referring to your property tax assessment? My understanding of how those work is that the land vs improvements equation is fairly arbitrary. It's really not an indication of what the actual land portion of your condo is worth...or the structure that's built on it. I've watched these ratios seasaw for the same property without much logic over the years. In any event, I wouldn't be concluding from your property assessment whether your land is more valuable or not...it would be something I'd discuss with a realtor or appraiser. :)
I would never want to buy into a development that has high rises. High rises need so much maintenance. And it gets more expensive the older they get. So if you're planning on buying a new one which you are going to sell in a few years that's fine. But just remember the really tall tower is it just takes the tiniest hole in order for them to eat because there are all kinds of pretty major forces that it has to withstand..
@PacRic-gs4of There really are pros and cons to every type of condo construction. Sure, some issues can be more complicated with a massive high-rise...but at least the costs are spread over more units. A low-rise can be simpler, but some costs can be considerably higher (eg the roof or the parkade membrane) and on top of that, you have fewer units to spread the cost around.
Also, make sure you are buying from a reputable developer like Cressey or Concert Properties for example. Mosaic homes are another excellent choice.Avoid Westbank, the build quality of their projects are generally very poor.
@briansmith5239 That's a great point, and one worth covering at some point. However, I find that aside from a couple of universal contenders for the "A" list it's usually pretty subjective who people think is a good builder or not. In my mind the best builders are Bosa and Concert...but just about any other developer will have some vocal detractors. And yes, Westbank is usually much further down the list.
@@LivingInVancouver-BCI would include the builder of sylynn as questionable. Concur with Bosa as tops. There are many good builders ...it's harder to make the profits ...so cutting corners happens. Alas
Concord Pacific isn't usually considered top quality, but that's mainly because many of the buildings they've built have been oriented toward investors and people looking for value. They can also build high-end buildings but they charge a premium for that.
@user-ge6wyJacqueline It'll depend on what you eat and where you shop...but generally, yes eating out will cost you more here than buying groceries and making your own food.
@nikkian9254 I wouldn't say that there's a specific size of land to target...it's more about the location of that land (the future growth and development potential) AND that the land it sits upon is under-built (that means it will more than likely be 40+ years old rather than anything built in the last 20 years or so).
@@LivingInVancouver-BC Thanks for the explanation! 🙏🙏 Could you clarify the 40+ years old vs 20 years example? (I understand under built to mean that the land has potential for growth/increased value?)
@nikkian9254 Buildings built in the last 20 years are most likely not to be under-built. They'll typically be tall towers on smaller pieces of land. As opposed to buildings built 40+ years ago that will more likely be lower and spread over a larger piece of land...plus, those older buildings may be built in areas of higher density/closer to transit/commercial centers that are feeling pressure to increase density further. If a property is not under-built then there's no benefit to the developer to redevelop (eg it's already built to the maximum - or close to - the maximum allowable under current zoning).
The biggest problems? People who buy without understanding how Strata and building bylaws work, plus insurance etc... The more amenities, the higher your monthly maintenance will be. Also, I saw construction workers smoking cannabis and drinking beer at 9:00 am. How can I trust a building they worked on?
@eminbc Yep, you definitely want to understand your obligations when buying into a strata. You are right to a certain degree on maintenance fees...but it also depends on the age of the building and the number of units. When there are more units in a strata the cost of the amenities can be spread out and thus brought down significantly.
Well if someone owns a property in a area where there is a sky train, or highway for sure if they wait it out sooner or later the area will be purchased by a major developer, so you could really cash in here$
We used to own a West-End Van condo (not near Skytrain or Hwy, but near Stanley Park). We sold in 2012 due to the noise, pollution and deteriorating conditions (both the building and the environment--drug addicts shooting up in the stairwell to the Underground parking and break-ins down there about every 2 months). We doubled our money over the 11 yrs, so not so bad. Five years later, it sold to a developer and everyone still living there received about twice market value. Sorry we missed it, but the 5 years we enjoyed living in the much safer, quieter suburbs and not having to feel unsafe and worry: priceless.
@BomalNeloAnagrm300 Yeah. You don't want the ONLY reason that you own somewhere to be the hope of hitting that jackpot. Your own personal lifestyle and personal priorities should be paramount (I suppose they could all be hitting that developer jackpot) but so much can go sideways with those deals.
@gordonpi8674 Stay far away. Those are non-strata leasehold properties. There's a reason that they are so cheap (in relation to the rest of the market).
Just to be clear, leasehold isn't the issue. It's the fact that these aren't strata and so you get none of the certainty of getting protected by the strata property act. These were developed long before the strata property act was introduced and so they're a weird anomaly in trying to offer density and shared ownership.
@@LivingInVancouver-BC - So they're like a co-op? What are the dangers of that type of set up? Just curious as I've heard of something similar in a rural setting but since it was on an island, I didn't pursue it. I live in a strata and it's a nightmare in terms of value of groundskeeping and repairs for the amount I pay monthly and the small sized storage. And we've already had thousands of dollars of assessments. I've owned detached before and paid WAY less (proportionately) for a place that was 4 x the sq. ft., 3 x as old (Antique) but I couldn't stand living on the prairies so moved back to BC.
No, not a co-op...which can actually be pretty solid. While you aren't protected by the strata property act with a co-op it's still the group of owners making decisions about the building collectively. These non-strata leaseholds are run by a separate for-profit corporation that is not owned by the unit owners collectively. This leads to significant risks in that the interests of the two groups are not necessarily aligned. There are a lot of extra costs that you'll have in a strata that you won't have if you are the sole owner of a detached house...like professional property management, saving money in the CRF, paying for heat and lighting in common areas, cleaning of common areas, regular maintenance of complicated systems (like elevators, boilers, etc)...and I'd say many of us that own houses don't maintain them nearly as well as we should. BUT, if you own a detached house you get to decide 100% on how you spend your money. When you live in a strata that decision is less in your control...but you still have a voice. If you have issues with how your strata is running things I'd recommend voicing those concerns and you may find others agreeing with you and that can result in changes.
The first mistake to do is buying a condo in Vancouver LOL Very bad idea! And another thing to consider is the management company! I'm the president of my strata and getting rid of these lazy, expensive and good for nothing people is painful and a very annoying process.... Can't wait to be able to buy my first house, one day ....
@InvestInFrench A good quality management company and more specifically a property manager is worth their weight in gold, that's for sure! Sounds like your strata might want to search out a new one...but appreciate you sharing your experience!
It really depends on what the issues are that you have with your existing company...and just about every company can disgruntle someone (like banks and phone companies in Canada)...and also, the right fit for you will depend on the size of your strata...but a more modern company that I've heard good things about is Dwell.
My building (Fairview/Cambie) allows dogs & the first two decades saw them but never heard them then the last few years & new owners all with dogs I hear constant barking. Trying hard not to move because of your tip#1 the complex has a huge footprint right in the middle of the Broadway plan but if I do it will be a building for people who don’t want dogs.
@@LivingInVancouver-BC actually this is one city I’m scared to walk in. I lived in London and no worries. Toronto…..not as scary. BC legalized hard drugs and as the mouse in the experiment that failed after 1 year. Why? Because folks thought that being nice enabling people’s addiction was a good thing. Recently I had to go to St-Paul’s and had to park 2 blocks away. Walking through folks tweaking wasn’t exactly making me feel safe. I was scared. My neighbour was thinking of buying a penthouse in one of the super condos $$$$$$$$ but after we talked I asked…..if you want to impress your millionaire friends having drug attacks down on the street that you couldn’t even take your dog for a walk was more like a luxury prison. Instead he decided to buy here in Vancouver on River where the price is around 3 million but you can go for a walk safely. Nice neighborhood
Thanks for watching! I hope that you found this video helpful. :)
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
Book a call: www.calendly.com/albrechtgroup
*"PRE CONDO SALES"* is the biggest scam *EVER* and is DANGEROUS. Really is crazy how crazy this all has gotten as "condo problems only impact Florida." Now here is China in free fall in every way going on *YEARS* now and if only the money were more worthless the buyers will return? People in Ottawa need to get serious about even *HAVING* a Country right now would appear😊
Sebastian is extreme value added when looking for a condo!!! Highly recommended
I already own a condo and because I'm a "neurotic" nature, sun and quiet-lover actually got an older condo in a location that checks all of those boxes. And I did it on my own. But not without a detailed list and search. Having a realtor who actually would do some work to help one identify needs vs wants and to locate what one wants would've been great. Thanks for your tips. They make a lot of sense. Also beware of proximity to the dumpster. Not just for the stench and flies (or bears and raccoons) in the summer, but the noise at 7 a.m. when the truck comes to pick it up.
Another great video. The importance of finding a quality building can’t be overstated. Not to mention, how a well maintained building also reflects on how proactive and competent the strata is
Thank you @ivorytelecaster! Agreed 100%! When helping clients buy into a strata, I feel this is the most important part of my job (guiding clients to solid, well-maintained and managed buildings) and my greatest responsibility.
@@LivingInVancouver-BC this was one of the most shocking things for me when we started looking. One building in particular (you may know which one I'm talking about from the description) not only had general disrepair all around the common areas but once we dug in deeper we found out that all the windows had to be replaced sometime within the next 5 years. So, not only would you need to be ready to drop a chunk of extra money but also, be prepared to deal with an unorganized strata. No thanks!
@ivorytelecaster Yeah, it's critical to do your due diligence and understand what you are getting yourself into!
Another issue is parking stall size. Some are ridiculously small and tight. Imagine a big pickup right against your normal sized 🚗.
@johnnyboyvan Yes, you do want to pay attention to both parking and storage locker size (if they come with the unit). Especially in newer construction, these tend to be smaller than they once were and if you have a large vehicle it can be an issue.
Some are only 15 feet deep too.
@marjolainejane1506 Yep! It's not an issue for everyone, but if it is for you then you definitely want to check it out (and perhaps measure).
And in older complexes whether your stall is covered or not, near the dumpster (whew) or nearer the street where the chance of a break-in is greater.
@BomalNeloAnagrm300 True. It's really so uncommon in Vancouver to have uncovered parking stalls that it didn't occur to me to mention it....but you are right, there are a few like that for sure. Always good to physically view the parking location so you know for sure what it's like and if you personally have any issues with it.
Buy a quality, concrete building under 50 years old with no frills (eg amenities, concierge, etc) in a great location. You can't go wrong as they aren't building units that big anymore. Read the depreciation report and make sure that the strata is well managed and well funded. A great building in a great location will always be desirable.
Agreed @peakingout! A good quality building in a great location is key. The trick is ensuring it's a good quality building.
I like your advice but what do you mean they're not building those type of buildings anymore. Aren't steel reinforced concrete buildings the default type for most new high-rise condominiums these days?
@nishiki393 I think that @peakingout is referring to the idea that the units being built aren't as large...not the buildings themselves. Developers generally have been building smaller and smaller units over time as the price of land and construction continues to rise in order to keep prices down (ish).
@@LivingInVancouver-BC Okay, thank you for the reply.
@nishiki393 My pleasure!
You are right! Buying a house must be wise in the choosing. A property can be an asset or liability depends on one’s discerning selection!
@KL-xv5gj 100%!
Excellent advice, as always. A combination of expertise and common sense. Thanks
Thanks @marcberrenson570! That's high praise and I appreciate it!
Thank you for all your help .. he practices what he preaches ... saved me from many mistakes in buying my first home .. and always is there to provide feedback. He is also a lot taller than he looks on video ... a lot lol. Thank you Sebastian.
Thanks!
I really appreciate that @dorkusmaximus3033! Thank you for the contribution. :) ...and glad that you found this video valuable content!
I really like how you brought up the elevators. I work in the elevator industry and that’s one thing I don’t think anybody really takes into consideration.
@gillianm5098 100% it's something very few people consider when making a purchase...but man, does it ever have a big impact on your day to day life! Thanks for commenting and checking out the channel!
you want to avoid buying anything in vancouver, im a renovator, and every house we open up is built incorrectly or rotting. The vancouver market was a flippers market for the past 20 years, flippers cut corners for maximum profits, when you buy, you have to consider 100-300,000 in repairs needed to the home.
I worry about overly renovated homes and once what they hide.
Also it is now bubble! Prices too high to be truly affordable by many. Also lot of expenses after purchased must be factored into!
@@KL-xv5gj Bubbles can last a long time. I feel we are in one in Ontario too... It's just jumping from one bubble to another... I can afford the jump, but something needs to change so everyone can afford a place to live.
炒房精英準備好被收割了，一齊向他們Salute🫡😎✌️🍾當然這功勞也要歸功於我們我金牌經紀🤝👏✌️😏
@@KL-xv5gj
Last time I checked we are not making new land, whats there is there. And there are more people coming. Lol
Hi Sebastian, good video, also, I have not been able to find any of your videos about buying a rentable condo in Vancouver? Maybe a good idea to make one? It's a little bit different topic than just buying a condo for yourself, right? thanks.
thank you for educating us. The sad part is that when you just do not know enough and you have a bad agent who just wants to make a sale. how about this big mistake to avoid?......the Agents who claim to be ''CONDO EXPERTS'' with no credentials!!! how this is allowed is beyond !! most know nothing about the building they are trying to sell..i see it everyday
@stephenfermoyle4578 My pleasure! As you are already doing, the best thing to do is to educate yourself. :)
Hello Sebastian, I happened onto your video.
Thank you very much for this invaluable, and
eye opening, information!
@mikemontagne2703 My pleasure and thank you so much for watching...and for the feedback. I appreciate it! :)
Location, location, location. I like to swim - it helps my back, but if there is a close by public pool, then that's good enough or me and keeps my strata fees down. 1300 sqr ft or more is required because my son will likely live with us into retirement, and I need an area to have for my channel and make it sound proof for shooting 24x7. I understand 3 bedroom condos are rare, but how likely am I to see a condo north of 1200 str feet?
I see a lot of 1000+ sq foot condos in New Westminster. Older buildings, but worth looking into.
There are some 3dr in metro town cost around $1.3m
@@tlcnorman2819 Thanks. Our primary target is grey point and kits due to close access to the ocean, transit lines and shop access. I'd go further out, but my wife wants the city access. We just came back from a visit and grey point continues to be at the top of our list.
@OrdinaryFilmmaker There are 1,200 sf condos in Point Grey and Kits...but the question will be whether or not they're within budget. Space costs money. :)
@@LivingInVancouver-BC Yep. I think that by the time I am ready to make a decision, it will be based on the location and the listing. We could go Condo, townhome or detached. PS, in Ontario, prices have started to come down in some GTA markets for Condos and some detached homes.
Another idea with older condos is the insulation in the ceiling, many older condos mine built in 1992 the carpeting and underlayment was the noise barrier between floors, many strata council are approving unit owners to remove that and install cheap laminate flooring, so the person who lives in the unit below gets to hear all the heavy foot traffic above, and if the owner above has a couple of kids the noise never stops, my unit is like this so annoying. You can complain but nothing is done the unit owner above doesn't care if you hear that and won't install area rugs to mitigate any noises. So your unit will be constantly resold to many owners frustrated with this nonsense. Or you get to hire a construction company to remove the drywall from the ceiling and install the highest grade noise insulation available including noise barrier drywall at a cost of $15.000 and up. This isn't fair at all so you have to understand that strata councils don't understand building construction consequences for unit owners when they approve a unit owner to remove the insulation carpeting.
They aren't that dumb...there is always a person on council that stalls everything unnecessarily. A real bitch of a situation.
Try to avoid apartment, because there is a service fee. IMO, the fee is ridiculous, and the arrow has only 1 direction, UP. It's like giving blank cheque to the maintenance company.
Here is a real eye opener. We bought into a condo unit pre construction and received all requisit paperwork etc..for said condo as building continued. What we didnt do was read the fine print or read and understand all the strata building jargon. Long story short, freehold turned out to b only a word to confuse as it was a 200 year lease in truth. We were astounded to learn this. Now it was the deceit...freehold means land included not leasehold. Anyway that issue was not the only. This strata had electrical and other not separated from a rental unit attached. Our strata could never know what fees were actually ours. This was never disclosed to us as, building of rental came later. To say keep your eyes ears etc open is the very least u must do. We moved once we found out all the deceit...and wondered how all the discrepancies could go on.
Have they fixed all the leaky buildings? Or tons of empty units
@GurdeepGrewal-kj8yf The issue around leaky condos is one that we've been dealing with for the last forty years or so. It hasn't really been an issue for new construction for the last 25 years...but those buildings built in the previous era can still be a risk. Many have been retrofitted (rainscreened) but not all. As for empty units, this was never as big an issue as it was made out to be in the media in my opinion...but in the last 5-6 years both the Civic and Provincial governments implemented significant taxes to prevent housing from going unoccupied. So, it's almost a non-issue at this point.
Interesting, didnt know condo owners could also own land. That's what's also troubled me about condos, because you're spot on about land. So if you don't get land, you're buying a depreciating asset. Yikes!
@AlexSuperTramp- Yes, freehold strata ownership will always include a portion of the land ownership...just a (typically) much smaller piece than if you purchased a townhouse, 1/2 duplex or a house.
Vancouver's real estate market has been *ruined by INVESTORS* -- people who have no intention of actually living in a place, but want to buy it for a little as possible, and then FLIP it for TOP DOLLAR as soon as they can, often without doing a thing to improve it. This has made it impossible for most people to afford to buy anything -- all so some jerk can make an easy buck.
I look at the listings every day, and it's appalling the huge prices people are asking for so little. And there are places that haven't sold in over a year, but their price has never been reduced, while they've been paying condo fees every month on a place they don't even live in.
Great video! #1 is something we didn't consider when we bought a condo last year but thankfully based on the most recent valuation, our portion of the land is valued at 70% of the price we paid for the unit... so I think that's pretty safe???? 😂
@itsdanielleryan I think you are referring to your property tax assessment? My understanding of how those work is that the land vs improvements equation is fairly arbitrary. It's really not an indication of what the actual land portion of your condo is worth...or the structure that's built on it. I've watched these ratios seasaw for the same property without much logic over the years. In any event, I wouldn't be concluding from your property assessment whether your land is more valuable or not...it would be something I'd discuss with a realtor or appraiser. :)
I would never want to buy into a development that has high rises. High rises need so much maintenance. And it gets more expensive the older they get. So if you're planning on buying a new one which you are going to sell in a few years that's fine. But just remember the really tall tower is it just takes the tiniest hole in order for them to eat because there are all kinds of pretty major forces that it has to withstand..
@PacRic-gs4of There really are pros and cons to every type of condo construction. Sure, some issues can be more complicated with a massive high-rise...but at least the costs are spread over more units. A low-rise can be simpler, but some costs can be considerably higher (eg the roof or the parkade membrane) and on top of that, you have fewer units to spread the cost around.
Also, make sure you are buying from a reputable developer like Cressey or Concert Properties for example. Mosaic homes are another excellent choice.Avoid Westbank, the build quality of their projects are generally very poor.
@briansmith5239 That's a great point, and one worth covering at some point. However, I find that aside from a couple of universal contenders for the "A" list it's usually pretty subjective who people think is a good builder or not. In my mind the best builders are Bosa and Concert...but just about any other developer will have some vocal detractors. And yes, Westbank is usually much further down the list.
@@LivingInVancouver-BCI would include the builder of sylynn as questionable. Concur with Bosa as tops. There are many good builders ...it's harder to make the profits ...so cutting corners happens. Alas
@@LivingInVancouver-BC Concord Pacific? (Vancouver or Surrey… Park Avenue in King George for example…)
Concord Pacific isn't usually considered top quality, but that's mainly because many of the buildings they've built have been oriented toward investors and people looking for value. They can also build high-end buildings but they charge a premium for that.
is it cheaper to get food from the super market instead of eating out all the time
@user-ge6wyJacqueline It'll depend on what you eat and where you shop...but generally, yes eating out will cost you more here than buying groceries and making your own food.
Thanks for sharing this! 👌 Curious what would be a good decent land size for a condo for consideration?
@nikkian9254 I wouldn't say that there's a specific size of land to target...it's more about the location of that land (the future growth and development potential) AND that the land it sits upon is under-built (that means it will more than likely be 40+ years old rather than anything built in the last 20 years or so).
@@LivingInVancouver-BC Thanks for the explanation! 🙏🙏 Could you clarify the 40+ years old vs 20 years example? (I understand under built to mean that the land has potential for growth/increased value?)
@nikkian9254 Buildings built in the last 20 years are most likely not to be under-built. They'll typically be tall towers on smaller pieces of land. As opposed to buildings built 40+ years ago that will more likely be lower and spread over a larger piece of land...plus, those older buildings may be built in areas of higher density/closer to transit/commercial centers that are feeling pressure to increase density further.
If a property is not under-built then there's no benefit to the developer to redevelop (eg it's already built to the maximum - or close to - the maximum allowable under current zoning).
@@LivingInVancouver-BC That makes sense!! thanks for helping me understand ☺️🙏
@nikkian9254 My pleasure! Let me know if you have any other questions. :)
The biggest problems? People who buy without understanding how Strata and building bylaws work, plus insurance etc... The more amenities, the higher your monthly maintenance will be. Also, I saw construction workers smoking cannabis and drinking beer at 9:00 am. How can I trust a building they worked on?
@eminbc Yep, you definitely want to understand your obligations when buying into a strata. You are right to a certain degree on maintenance fees...but it also depends on the age of the building and the number of units. When there are more units in a strata the cost of the amenities can be spread out and thus brought down significantly.
Great video!
Thanks, @melissalopes6492! :)
Great points!
Well if someone owns a property in a area where there is a sky train, or highway for sure if they wait it out sooner or later the area will be purchased by a major developer, so you could really cash in here$
@gregoryforrest8970 It's definitely a possibility.
We used to own a West-End Van condo (not near Skytrain or Hwy, but near Stanley Park). We sold in 2012 due to the noise, pollution and deteriorating conditions (both the building and the environment--drug addicts shooting up in the stairwell to the Underground parking and break-ins down there about every 2 months). We doubled our money over the 11 yrs, so not so bad. Five years later, it sold to a developer and everyone still living there received about twice market value. Sorry we missed it, but the 5 years we enjoyed living in the much safer, quieter suburbs and not having to feel unsafe and worry: priceless.
@BomalNeloAnagrm300 Yeah. You don't want the ONLY reason that you own somewhere to be the hope of hitting that jackpot. Your own personal lifestyle and personal priorities should be paramount (I suppose they could all be hitting that developer jackpot) but so much can go sideways with those deals.
What do you think about buying one of those leasehold condos in DT, which sell for 300-400,000 dollars?
@gordonpi8674 Stay far away. Those are non-strata leasehold properties. There's a reason that they are so cheap (in relation to the rest of the market).
@@LivingInVancouver-BC I think I know the reason, don’t need to explain it, but thanks anyway 🙂
Just to be clear, leasehold isn't the issue. It's the fact that these aren't strata and so you get none of the certainty of getting protected by the strata property act. These were developed long before the strata property act was introduced and so they're a weird anomaly in trying to offer density and shared ownership.
@@LivingInVancouver-BC - So they're like a co-op? What are the dangers of that type of set up? Just curious as I've heard of something similar in a rural setting but since it was on an island, I didn't pursue it.
I live in a strata and it's a nightmare in terms of value of groundskeeping and repairs for the amount I pay monthly and the small sized storage. And we've already had thousands of dollars of assessments. I've owned detached before and paid WAY less (proportionately) for a place that was 4 x the sq. ft., 3 x as old (Antique) but I couldn't stand living on the prairies so moved back to BC.
No, not a co-op...which can actually be pretty solid. While you aren't protected by the strata property act with a co-op it's still the group of owners making decisions about the building collectively. These non-strata leaseholds are run by a separate for-profit corporation that is not owned by the unit owners collectively. This leads to significant risks in that the interests of the two groups are not necessarily aligned.
There are a lot of extra costs that you'll have in a strata that you won't have if you are the sole owner of a detached house...like professional property management, saving money in the CRF, paying for heat and lighting in common areas, cleaning of common areas, regular maintenance of complicated systems (like elevators, boilers, etc)...and I'd say many of us that own houses don't maintain them nearly as well as we should.
BUT, if you own a detached house you get to decide 100% on how you spend your money. When you live in a strata that decision is less in your control...but you still have a voice. If you have issues with how your strata is running things I'd recommend voicing those concerns and you may find others agreeing with you and that can result in changes.
Very well done-great Thanku
5 millions and then torn apart the house. Where does that money come from? Probably laundry money?
@carlkuna4544 Good careers, businesses and investments. There's plenty of money in this world (and this city) that isn't illegal.
The first mistake to do is buying a condo in Vancouver LOL Very bad idea! And another thing to consider is the management company! I'm the president of my strata and getting rid of these lazy, expensive and good for nothing people is painful and a very annoying process.... Can't wait to be able to buy my first house, one day ....
@InvestInFrench A good quality management company and more specifically a property manager is worth their weight in gold, that's for sure! Sounds like your strata might want to search out a new one...but appreciate you sharing your experience!
@@LivingInVancouver-BC If you have good names to share, i'm open to suggestion. Thank you
It really depends on what the issues are that you have with your existing company...and just about every company can disgruntle someone (like banks and phone companies in Canada)...and also, the right fit for you will depend on the size of your strata...but a more modern company that I've heard good things about is Dwell.
My building (Fairview/Cambie) allows dogs & the first two decades saw them but never heard them then the last few years & new owners all with dogs I hear constant barking. Trying hard not to move because of your tip#1 the complex has a huge footprint right in the middle of the Broadway plan but if I do it will be a building for people who don’t want dogs.
Why anyone would even consider moving to Vancouver or Toronto is outside of my realm of understanding.
At this point, if the place has windows I don’t think I can afford it
Look at you moneybags, even considering a place with windows! ;)
@@LivingInVancouver-BC Well played
I know...it's tough out there...
If you buy a Vancouver condo right now you’re what is called a bag holder.
@beastmode00714 An interesting perspective...
Despite Canada reaching its peak interest rates, we haven't yet seen a real estate crash. Imagine what could happen after a few rate cuts.
@Ricardo-gs2ce Agreed. Particularly here in Vancouver.
Tip……don’t buy in Vancouver. Why? Crime. Come to Richmond.
12 feet below sea level, id rather risk it in Vancouver, it's not that bad
@melanieevans4443 Vancouver's an incredibly safe city. Crime rates aren't really an issue.
@@LivingInVancouver-BC actually this is one city I’m scared to walk in. I lived in London and no worries. Toronto…..not as scary. BC legalized hard drugs and as the mouse in the experiment that failed after 1 year. Why? Because folks thought that being nice enabling people’s addiction was a good thing. Recently I had to go to St-Paul’s and had to park 2 blocks away. Walking through folks tweaking wasn’t exactly making me feel safe. I was scared. My neighbour was thinking of buying a penthouse in one of the super condos $$$$$$$$ but after we talked I asked…..if you want to impress your millionaire friends having drug attacks down on the street that you couldn’t even take your dog for a walk was more like a luxury prison. Instead he decided to buy here in Vancouver on River where the price is around 3 million but you can go for a walk safely. Nice neighborhood
I emailed you, dude.
On it! :)