Vancouver Real Estate

[Guest Kels2004]

Hi guys,

 

My fiance and I are doing the "rent vs. buy" debate :\

 

We coming from Calgary (where rent/houses are so much cheaper!), and don't know Vancouver at all. My first choice would be to be close to VGH, and to purchase a 2 bdrm type apartment/condo.

 

Anyone out there from Vancouver that can give us tips on good/interesting neighbourhoods to search? Also thoughts on the market and and real estate advice in general would be great - we're newbies to all this!

 

Thanks for the feedback!

[Guest northpole]

Hi Kels,

As you probably know, Vancouver is experiencing a housing "boom" these days-- it's a renters' market, meaning that there are LOTS of rentals to choose from because so many people are buying.

 

I just bought a 1 bedroom condo in the kitsilano area 2 months ago and was very lucky that I was not outbid by another buyer. I've heard lots of stories about 1 and 2 bedroom condos in Vancouver selling for sometimes $10,000 more than the asking price! However, the good part is that interest rates on mortgages are very low (relatively speaking, I guess)-- you can get fixed-rate mortgages at 4%. (that's what I got). Perhaps you already know all of this!!

 

But the thing is, Vancouver is fast becoming known as THE best city in the world to live in, and I really think you can't go wrong in buying a place in a decent neighbourhood here. In terms of good neighbourhoods--- around VGH is a great place to be, since it's very central. However, you MUST be careful of these condos that have water problems. The area around and just north of VGH is called Fairview Slopes and if you take a look, you will find tons of buildings with various amounts of scaffolding hanging around... Bad news. Many condos went up in that area in the 80's and those are the buildings to really be careful of.

 

Otherwise, you can buy something a little newer (ie. built within the past few years, which would probably be a more "safe" bet) in the kitsilano area, which is right between VGH and UBC--- really convenient for you! The only downfall is that it is very expensive there (but again, resale in this area will always be good, I'm convinced).

 

Further east, near Main st. (I don't know if this is too far east for you) there is a LOT of new development going on there-- lots of "loft-style" buildings going in that are sort of chic and artsy. I think this area of Vancouver is going to explode in terms of real estate over the next decade, so if you want a good investment (in a cool area too, I should add-- I know because I used to live there), then buy there.

 

Okay, I don't want to go on too too much, but if you want to drop me a private message, please do. I'd be happy to give you as much info as I can, as a recent home buyer.

Incidentally, I may have to sell, because I was accepted to the NMP and the rental availability in my condo is maxed out!!>:

Good luck with your search!

:)

[Guest threeputt]

it's hard to say what direction the market will take here in vancouver. many say that it's a bubble about to burst, but there's been little sign of slowing down recently. a 2br condo in that area will run around $300 000 (at least for something that's worth owning), so if you can afford it, more power to you. for anything cheaper, you will have to go out of the city a little more, so you have to weigh what is most important to you. it is a very convenient and liveable area though.

[Guest Kels2004]

northpole and threeputt,

Thanks for your thoughts! Prices are higher than expected, (I wish I was staying in Calgary!) but then so are the rents. I assume a 2 bdrm in the VGH/Kits area would be around $1000/month?

 

(np, I sent a message to your inbox)

 

Kels

[Guest not rex morgan]

I agree. Resale on Vancouver condos is almost certain. Bear in mind that you'll be finishing med school in 2009. The olympics are 2010. Chances are, the real estate will go up. If you rent, yeah, you can find 2 bedrooms for 1000, but you might be looking at higher prices if you don't want a basement suite. I haven't looked lately, b/c I've been living in my place since before med school, but I lived in a two bedroom in 1999-2000 for 850/month (425 split). Basement suite. Low ceilings, not much light, quite small. When I was looking to rent, I decided to go part way between VGH and UBC b/c in first year, you're mostly at UBC, and second year, you're mostly at VGH. I sort of wish I'd just gotten a place right by VGH, now. There is an interhospital shuttle service, so those guys who lived by VGH in first year just rode the shuttle for free to UBC. Then in second-year, they were within walking distance to school. Something to keep in mind.

[Guest Kels2004]

not rex morgan,

Thanks for that - Does the shuttle run early enough to get us to class for 8am (that's going to be a big adjustment for me! I hate mornings >: )

 

Do you know approx. how late the shuttle runs? I also assume there are a couple of city buses that link VGH and UBC?

[Guest threeputt]

i don't know how early/late the shuttle runs, but ubc/vgh transit is definitely not a problem. The #9 is just about the busiest route in all of vancouver, so there are plenty of buses to catch. and it's faster on the #99 express.

 

as for the shuttle, i know students do take it, so I'm sure it's a viable option.

[Guest Ollie]

I think the shuttles run about 7 AM - 6 PM, so not super late. But the 99 b-line runs about every 5 minutes during the day (every 12 in the evening). And you get to make use of your U-pass!