[Burnaby] Metroplace | 141m | 46fl | Completed

[Vin]

Originally Posted by Klazu

More like Richmond in this particular photo.

Richmond is in the first picture. Your second is mostly, if not all, Vancouver beyond Central Park

[Klazu]

Yep, you have your bearings correct. I didn't see you quote two photos on mobile.

[Klazu]

Had an unusual Monday morning, waking up to a loud bang at around 7am. Our first thought was that something had fallen off shelf in kitchen, but upon closer inspection we discovered that one of the wrap-around balcony glass had exploded into a thousand pieces.



Fortunately the glass had exploded inwards with most pieces have fallen on the balcony instead of 46 floors to the ground. There were still tiny bits also on the ground, where a children's playground located just below.



Despite the safety glass having mostly shattered into tiny pieces, there were also some large chunks, which could have been very dangerous if they would have fallen 130 meters to the ground.



I wonder how common is for glass to break like this on its own? Monday morning was very cold in Burnaby and the sun had just come up, starting to warm it, perhaps causing it to break?

Pretty scary case, especially since I have been mostly worried about how the glass holds in big storms, but wasn't expecting such to happen on a calm morning.

[jollyburger]

I don't know the larger pieces might just end up fluttering down and then breaking up further.

Possible causes:

https://www.reminetwork.com/articles...-and-breakage/

[Nites]

Post it on here Klazu.

https://www.reddit.com/r/askscience/

[Tetsuo]

Glad to hear you're okay Klazu !

[Klazu]

So, we were this week served with a two-month notice to end our tenancy at the end of July. This did not come as a surprise to us and the reason for this is that the unit was sold and the new owner plans to be moving in.

The story in once again very typical to our ridiculous real estate market. Already before we moved in, the penthouse unit had been on market for 6 months straight, but didn't sell due to too high price. Eventually the owner ended up renting it to us and last year we got an extension to our lease. Few months later, back in September, we were then made aware of the owner's intention of selling the place and that showings would commence immediately.

It ended up taking no less than 50 showings during 7 months, before the unit finally sold for almost the asking price of $1.75 million. I would have never paid that much for a fairly poorly-built condo in the suburbs and apparently most people were of the same mindset, as there was only one other offer being made during all those months. That one fell through however, as the buyer couldn't get their finances in order and the showings resumed.

Some people try to dispute that foreign buyers are not driving the market, but I can tell you that out of those 50 showings, only 1 couple was Caucasian and 1 Indian couple, all others being Asian (90% Chinese). Almost half of the groups spoke no English.

Somehow it is was not surprise that the eventual buyer was a young boy in his 20s with a big Rolex on his hand. There seemed to be very little thought put in the expensive transaction before putting an offer in.

It's also funny how oblivious most people seeing the place were. Almost nobody was interested in asking questions for valuable insight and almost no one seemed to realize that the now open and nice views will be blocked by taller towers on both sides on the building in next few years. Anywhere else but Vancouver the resale value of the unit would be much lower in just one year, but prices only go up in here, so nobody seemed to care really what they were considering buying into...

It's pretty sad what our real estate market has become and how commonplace speculation is. It also seems that the rental market has only got more expensive in the past two years and I have honestly no idea how regular people can afford to live anymore? It's not just Vancouver that is ridiculously expensive, as also shitty apartments in far-flung suburbs are renting for thousands of dollars a month. I can only hope that any unit that remains vacant will be subject to the empty homes tax, as the prices are totally out of control.

So, that's the situation and last photos from our perspective will follow before end of July. Time will tell where we will end up next, but but checking housing prices in other highly livable cities around the world really makes one question how much is living in Vancouver really worth?

[Cypherus]

Originally Posted by Klazu

So, we were this week served with a two-month notice to end our tenancy at the end of July. This did not come as a surprise to us and the reason for this is that the unit was sold and the new owner plans to be moving in.

Sad to hear we will no longer have you taking pictures of the developments all around the GVRD from your penthouse. This past year you shared some amazing pictures.

The story in once again very typical to our ridiculous real estate market. Already before we moved in, the penthouse unit had been on market for 6 months straight, but didn't sell due to too high price. Eventually the owner ended up renting it to us and last year we got an extension to our lease. Few months later, back in September, we were then made aware of the owner's intention of selling the place and that showings would commence immediately.

Funny story: My landlord put my Ultra condo unit up for sale in 2015 and it never did sell (he was asking $360 for one bedroom). I ended up moving into the same unit next door due to the uncertainty of him trying to sell it again and not wanting to have to move out of the building. Ironically, I ended up buying the original unit off of him under a private sale 2 years later. I sent a casual text to him asking if he was interested in selling any he agreed. Now I got my own unit without anyone having to tell me to move out. The moral of the story is that being an owner gives you security and you will make more equity than renting.

Some people try to dispute that foreign buyers are not driving the market, but I can tell you that out of those 50 showings, only 1 couple was Caucasian and 1 Indian couple, all others being Asian (90% Chinese). Almost half of the groups spoke no English.

Well I wouldn't assume anything about them being foreign. In my experience working with FINTRAC many Permanent residents originating from mainland China have generated sources of business income outside of Canada which is generally not reported for tax purposes in Canada. Most of the time it is because of culture - they don't believe they should have to report it. Likewise, many of that wealth is funneled into the real estate market usually through a series of EFT deposits, underground Hong Kong brokers, and nominees (friends and family). That is why you also observed a "buy now ask questions later" with respect to the unit. The 20 something buyer is likely not interested in living in it and likely will live at home with the parents until he flips it. Very common.

So, that's the situation and last photos from our perspective will follow before end of July. Time will tell where we will end up next, but but checking housing prices in other highly livable cities around the world really makes one question how much is living in Vancouver really worth?

Even I had question to myself, but after doing a lot of traveling I have come to appreciate Vancouver for its small city feel, beautiful scenery, cosmopolitan appearance, and local outdoor activities.

You'll likely find another place but probably not another penthouse. This all might be a blessing in disguise as a few towers are nearing completion later this year like Evolve, 3 Civic, and Prime in Surrey which will flood the market with more rental units. Seeing as Vancouver and Burnaby are becoming too expensive for rental your best bet is to move east.

[Klazu]

[QUOTE=Cypherus;8195360]Sad to hear we will no longer have you taking pictures of the developments all around the GVRD from your penthouse. This past year you shared some amazing pictures.

Thank you and it has been my pleasure. There is so much development happening in Metrotown that it would have been interesting to document it all, but unfortunately this is end of the road for this particular view.

Originally Posted by Cypherus

Now I got my own unit without anyone having to tell me to move out. The moral of the story is that being an owner gives you security and you will make more equity than renting.

Sounds like things worked out in your case, which is great. Yeah, owning your place would be more secure, but it's way too late. Sure enough, it felt way too late 6 years ago when we moved here, but nobody could have predicted how crazy the market would turn. Even the person who bought the One Wall Centre unit few years ago for $1.6M, could now sell it for a million more.

Things just can't keep going this way for much longer, as almost everyone is starting to be priced out. Even those "lucky ones" sitting on a multi-million-dollar house are kind of house poor, not being able to afford anything should they choose to sell. And while they don't, they pay hefty property taxes. The only way of making a real bank is to take your money and leave the city, which I know several people having done.

Originally Posted by Cypherus

Even I had question to myself, but after doing a lot of traveling I have come to appreciate Vancouver for its small city feel, beautiful scenery, cosmopolitan appearance, and local outdoor activities.

Yeah, Vancouver was a destination city for us and it is hard to imagine living even elsewhere in Canada. It just wouldn't be the same lifestyle as in here, which we very much like.

I still have to say one could live very comfortably in most other cities around the world, making a much better income. People in Seattle, Bay Area and elsewhere may complain about their housing prices, but most of the time they do have the salaries to easily pay for it, unlike in here.

Originally Posted by Cypherus

Seeing as Vancouver and Burnaby are becoming too expensive for rental your best bet is to move east.

Completely true, but the further out one moves, the different the lifestyle gets and longer the commutes are. As long as most of the high-tech companies are located in Vancouver, there is no point for us to consider moving further out. Metrotown and Burnaby have been a good middle ground, still reasonably close to the city.

We are ready to be patient for something nice to turn up, but it is hard to say when and where that will be...

[LeftCoaster]

Sorry to hear you'll be moving. I, like everyone here, enjoyed your pictures a lot!

With regards to you comments on salary in other markets, it's definitely the time to ask for more here. The labour shortage is real and employers are desperate to retain talent. Could go a long way to finding a new rental place (hopefully with an equally good view!).

Oh and as for who is driving the market, it's also all about location. My girlfriend and I just bought a place and saw an outrageous number or places in our search (probably into the high 2 if not 3 figures). It was exhausting. A lot of the open houses we frequented were predominantly Caucasians with some Asian and South Asians, definitely a cross section of what you would imagine Vancouver's demographics to be. We were looking in Mt Pleasant, Commercial Dr, Fairview, Strathcona and Kits. I'm not surprised at all a relative new condo in Metrotown had predominantly Chinese viewers given the demographics in that local market.

[Klazu]

After 2 years and 3 months of living above all of Metro Vancouver, we have now moved out of Metroplace and to a new place in Coal Harbour. It was a sad moment to hand over the keys and I spent the last few days and nights trying my best to capture the final view.

What an experience and privilege it was to get to live in this beautiful penthouse and I will certainly miss it. I will still be posting some snaps, but here are few day and night panoramas that I hope will give an idea how it really felt being up there. Enjoy.

[Blease]

Will you have a view in Coal Harbour?

[Cypherus]

Great views. Will be missed. Looks like you would have lost your view of downtown Vancouver if that is any consolation.

[Klazu]

Originally Posted by Blease

Will you have a view in Coal Harbour?

Yeah, it has a decent view but not as nice as some other forumers living in the same building have. Our place in Coal Harbour is only a temporary one and we will eventually move to a new permanent place, once something we like is found. Who knows, might be back in Burnaby.

Originally Posted by Cypherus

Great views. Will be missed. Looks like you would have lost your view of downtown Vancouver if that is any consolation.

Yeah, the surrounding area will be going through some major transformation and the view will be impeded by other buildings. It will still remain amazing, but not quite as open as it has been.

[Vin]

Thanks Klazu, you literally got out with a bang in photography. This will probably be the last time we see these views.

Welcome back to the downtown area.

[officedweller]

Yeah, definitely going to miss the Metrotown updates!
... but now you're close to the Alberni / Cardero area, with those project up and coming!

[Klazu]

Thanks, guys. Here are few more close-up shots of local landmarks and beyond. Final update.

[Cypherus]

Thank you for the pics. Perfect timing before the forest fire smoke rolled in yesterday. Enjoy your new home!

[Klazu]

If someone is interested to live in our former neighbouring penthouse unit, it is once again on market and now for $3,200/month. Still a decent price for a 46th floor unit, although it is only 850 sqft of living space unlike the posting says. It's a good building and views are something to behold, so if you are in the market...

https://vancouver.craigslist.org/bnc...946148374.html

[Zepfancouver]

Worked this project from street level right up to the end. Enjoyed my 1 and half year stint here.
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