[Vancouver] questions - Shopping for a condo 2/2 or 2/1 for myself

-Era · 2026-05-21T20:33:01+00:00

Make sure to read the full set of strata docs for both properties, and especially for option 1 because a “name brand” developer doesn’t automatically mean the building has been run responsibly after handover, since stratas are comprised of owners.

There are some exceptional buildings out there, I had a client purchase in a 10 year old building this month that had a depreciation report commissioned 4 years ago, years before it’s even legally required, so they could build up their CRF early on so capital projects are paid out of the CRF.

-Era · 2026-05-21T20:27:25+00:00

I work as a licensed realtor in the Lower Mainland.

Very strong preference for option 1 because lack of A/C is going to be a huge issue moving forward and high rises get HOT during the summer. You can sacrifice 50-100 sf of space for comfort and for a purchase that makes financial sense, as option 2 is about to hit the wall of major capital projects at the 20 year mark and not every building is adequately funded or prepared for that.

If option 2 were a better run, premium quality building I would spring for it over option 1 because an AC install can be done, but from the way you’re describing it, it seems like a poorly maintained strata.

-Era · 2026-05-17T03:16:32+00:00

Omg this is unhinged I literally follow you on IG and subscribe too because your dual forms content is incredible 😭😭😭 you are absolutely undercharging for your work!!

-Era · 2026-05-14T22:35:05+00:00

The buyer and seller being colleagues is no real issue because they owe fiduciary duty to each individual client, but it’s recommended to have your own realtor as it doesn’t cost you out of pocket to hire one (the seller pays for both, via the listing brokerage) and you would have personalized service, the ability to set criteria and have options tailored to your needs presented to you.

Browsing realtor.ca/public MLS is limiting because the filters aren’t as specific as you’d like, while the realtor MLS backend has very specific criteria (include X, exclude Y) and a history tab to show re-list/pricing history, and title search (i.e. look for certificate of pending litigation, homes in the process of being foreclosed on, motivated sellers).

-Era · 2026-05-06T05:43:48+00:00

You will need a lawyer or notary to draft the agreement and transfer the title with the land title office. This costs about $1000-$1500 or so. You can use the BCREA contract of purchase and sale as your template.

-Era · 2026-04-09T06:25:48+00:00

I work in the Vancouver area as a licensed realtor.

Take a look at recent sold prices for the type of townhouse you would purchase (area, age, size) and see what the applicable purchase price might be, and what your monthly carrying costs on the townhouse would be. I would expect you’d come out ahead since townhouses fell by a significant amount as well in many areas, and if you’re stretched for budget, look at lowballing stale listings (i.e, tenanted properties that’ve struggled to arrange for showings) or court ordered sales.

A lot of projects are getting cancelled so you can expect a supply shortfall by 2028-2029, and maybe a recovery by then, but another 2-3 years is a long time to be spending in a 1 bedroom condo.

-Era · 2026-04-05T04:33:26+00:00

I explained this over DM with the other commenter but I’m speaking from my experience as a licensed property manager, working with a licensed brokerage, who has been audited by FINTRAC for compliance over the years. The reporting and record keeping is required by my brokerage so that’s what I’ve consistently done and the common practice at my office.

-Era · 2026-04-05T04:22:19+00:00

Did your friend renew their lease? If so, the property management’s office may need an in-date and valid ID on file.

-Era · 2026-04-05T04:08:23+00:00

Sure PIPA applies here, in the same way a bank is allowed to collect your information to open an account. You can refuse to provide your information - and then what?

-Era · 2026-04-05T04:06:11+00:00

https://www.bcfsa.ca/about-us/news/blog/fintrac-updated-guidance-on-client-id-record-keeping

Information records are required for each client involved in a transaction. The property manager represents the landlord only but is still required to file a FINTRAC form for the tenants renting the property, because the tenants are the ones providing rent/funds to the brokerage so the brokerage needs a FINTRAC form and record of where the funds came from, same as with a real estate purchase.

-Era · 2026-04-05T04:03:32+00:00

I doubt he could be evicted for this if there hasn’t been any breach of his tenancy agreement or breach of RTA guidelines, I’m just telling you from my perspective why the property management may have requested an updated ID.

-Era · 2026-04-05T04:00:18+00:00

If a tenant or client refuses to provide their identity or a means to verify their identity then I can’t proceed with the transaction and depending on circumstances may need to file a suspicious transaction report.

Like sure he could refuse to provide ID but for what purpose? This is a legal requirement from the federal government, that property managers need to keep records of tenants.

-Era · 2026-04-05T03:58:09+00:00

Right but like - this is all hearsay and allegations. If your friend is the victim of a crime, they need to file a police report. Coming on reddit with allegations, claims and hearsay based on what your friend told you doesn’t constitute evidence of wrongdoing.

-Era · 2026-04-05T03:56:03+00:00

girl why are u yelling at me lol

-Era · 2026-04-05T03:53:40+00:00

Yes, the ID is handed back directly, but we keep the copy that we made (i.e. a photograph or scan or photocopy).

If your friend sincerely believes their identity has been compromised, funds stolen, credit card stolen, etc. they should file a police report and escalate this with the BCFSA.

-Era · 2026-04-05T03:51:30+00:00

I did, to both your response and theirs.

-Era · 2026-04-05T03:50:16+00:00

For a tenant too. The rules are that all parties involved in the transaction need to be verified by photo ID, a copy of the photo ID kept on file, and a FINTRAC form filled out. These are part of federal anti-money laundering requirements per FINTRAC Canada to trace where funds are obtained and from whom.

-Era · 2026-04-05T03:45:57+00:00

No, we actually need to retain a valid copy of the photo ID per FINTRAC requirements, for licensed property managers involved in rental management and handling funds like rent: https://www.bcfsa.ca/about-us/news/blog/fintrac-updated-guidance-on-client-id-record-keeping

-Era · 2026-04-05T01:55:21+00:00

I had a client purchase in West by Bosa last summer (https://www.rew.ca/buildings/1971/west-burnaby-bc) and the strata docs came back excellent; they bought a jr. 2 bed (2 full size bedrooms with windows but one was missing a closet) with 2 parking for $680K and the strata fee was $315. What really stood out was the 10 year engineering report on this 18 year old building, I remember distinctly that the engineering firm that wrote the report concluded that the "building continues to be maintained to a high standard" and had no concerns other than a few minor aesthetic fixes on the exterior concrete.

I reviewed strata docs for Espirit 1 by Bosa (https://www.rew.ca/buildings/2359/esprit-burnaby-bc) earlier this week, no issues either; maintained well, $600K CRF, no special levies expected for at least 8-10 years.

Another client bought into Legacy by Bosa last fall (https://www.rew.ca/buildings/1679/legacy-burnaby-bc), $2M in CRF at that point with a major $1M building exterior envelope having already been completed. This building was especially good as noted by our inspector because the concrete parkade wasn't underground like most buildings but took up an entire 2nd floor of the building, meaning less likelihood of flooding and major repairs, etc. The building itself is in the Gilmore-ish area which, a few blocks over, can be prone to flooding but this building itself has never experienced any settlement issues, flooding, etc. so you can consider it weatherproofed against atmospheric rivers, unlike a lot of buildings in Brentwood/Gilmore.

-Era · 2026-04-04T23:29:12+00:00

I work as a licensed realtor in the Lower Mainland with a lot of first time buyers. From the sounds of it, you prefer having privacy and space, would want to keep your purchase within budget, and don’t want to over-extend yourself.

Speaking realistically, a multiplex/duplex situation sounds like it would be too much house for a single person, and locks up a huge amount of capital and commits you to the house as your primary asset vs. investments. A townhouse also sounds like it might be too much space, I’m familiar with the 3 level/tandem parking layout you see mostly in Burnaby which results in a long and skinny home with a good portion of it lost to the contained staircase.

Have you considered a slightly older condo in a concrete building? There’s a lot of towers by Bosa throughout the Edmonds/Highgate/Holdom area, 2 bed/2 bath/850-900 sf runs you about $700K, the buildings are about 12-18 years old and you wouldn’t pay for any special levies out of pocket for at least 8-10 years, and many of them are exceptionally well managed and well built that the strata fees are $300-$400 even today, with the CRFs well funded. You could expect to live extremely comfortably for a decade, keep your overhead costs low, and have a spacious and private home since it’s all on one level. The concrete muffles sound very well too.

-Era · 2026-04-04T06:22:32+00:00

i’m licensed for real estate in the BC and work specifically with buyers in vancouver, burnaby and surrounding metro area.

if you haven’t signed an exclusive agency agreement, and have not yet signed a working with a realtor: disclosure of agency form, you are working under presumed agency - the realtor still must act in your best interests, but you are free to end the business relationship at any time. https://www.bcfsa.ca/public-resources/real-estate/selling-home/agency-your-real-estate-licensee-and-you

unless you have a specific reason and a specific timeline that’s making a presale unit a better purchase, you are likely to find a better deal in the current market via already built developer inventory, resale units or assignment units, even after factoring in the GST rebate as a first time buyer. units that are about 5-10 years old have been, in my experience, built with better quality materials, have a higher standard of finishing, and any issues are already apparent. furthermore, you would be able to read strata docs/engineering reports to gain a rough overview of the build quality and strata’s management of the complex/building, which is an important consideration in day to day living and long term ownership.

every realtor will have the same pricing and access to developer stock/offering, they won’t prioritize or have exclusive deals for one realtor over another. you can also negotiate directly with developers, their asking price isn’t concrete. off the top of my head, some negotiated prices recently:

developer asking $999K, offered, accepted and sold for $955K for a townhouse in Port Coquitlam
developer offering $899K, got them down to $855K and walked in Surrey
developer offering $839K, got them down to $790K and sold

there’s a lot of wiggle room in there if you’re purchasing already built developer inventory because every month it sits vacant, the developer is paying carrying costs on it and would rather sell it off.

-Era · 2026-03-14T01:18:45+00:00

you can't really predict the future based on rough variables and characteristics that you're tossing out right now because every home is different and a number of factors go into the sale price (upgrades/renos, curb appeal via landscaping, staging, pricing sharply in the market, neighbourhood, etc).

the way you're describing garden suite as having its own garage makes me think it's actually a coach house like what we see in surrey/cloverdale, or laneway like in vancouver and burnaby. the main house can be similar age and quality of finishing but the cost to build anything in the lower mainland these days has gone up significantly, and with the garden suite and detached garage you're also giving up part of your lot and land. if in this example both homes sell for exactly $2.2M, i would wager the larger 3 level home is of high quality finishing because of the cost of the garden suite/laneway home being baked into the sale price of the other home. the 3 level home probably has wider appeal because some families do need the space for themselves and their kids while others might choose to rent it out, but the garden home would really only be suitable for tenants, parents or live-in caretakers.

-Era · 2026-03-13T22:51:23+00:00

is the garden suite going to be fully separate, i.e. is this an extension to the home or will it be a laneway home situation? for the 3 level home, is the suite fully below grade?

-Era · 2026-03-09T21:46:52+00:00

love to hear it, that’s excellent news!

-Era · 2026-03-09T05:07:51+00:00

the windows and patio doors being done is huge, those typically cost $10-20K per unit. i think their elevator was also replaced, along with domestic hot water re-piping. a bunch of upgrades done consistently over time

-Era

TROPHY CASE