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Old 11-14-2015, 08:26 PM   #4251
WOAH! i think Vtec just kicked in!
 
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This link seems relative here

More Metro Vancouver residents turning to vans, trailers, RVs to avoid high housing costs



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Old 11-14-2015, 08:37 PM   #4252
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so CiC was on to something!
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Old 11-14-2015, 08:40 PM   #4253
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I haven't worked on the North Shore for some time but I remember the same RV's always parked beside the Walmart at Cap Mall.

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Old 11-14-2015, 09:17 PM   #4254
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Why will prices go down with the way the market is, multiple offers, offers way over asking, hundreds of people showing up to open houses. Interest rates will never go up over 4% and if they do start to go people will lock in for 5 years at a low rate. Does that mean the market will stay hot for 5 years? Or does it mean as interest rates raise alittle sales will flatline but prices won't drop from these extravagant prices? Just curious to what peoples thoughts are.
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Old 11-14-2015, 10:01 PM   #4255
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Old 11-14-2015, 10:36 PM   #4256
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Old 11-14-2015, 11:06 PM   #4257
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Why will prices go down with the way the market is, multiple offers, offers way over asking, hundreds of people showing up to open houses. Interest rates will never go up over 4% and if they do start to go people will lock in for 5 years at a low rate. Does that mean the market will stay hot for 5 years? Or does it mean as interest rates raise alittle sales will flatline but prices won't drop from these extravagant prices? Just curious to what peoples thoughts are.
The problem is not when it's doing that. It's when it stops.

What happens when there's no more multi-offers on your place, offer over asking and not a single fly showing up to open houses when one bought a place less than a year earlier at record high?

Sure you can lock in low rates. But that only lasts 5 years. And assuming one continues to hold because he/she believes she could ride out the wave, then the market suffers a relatively soft 20% cut on prices, wiping out any equity the owner has.

At the end of 5yr, when the mortgage is up for renewal, what do you do? put up another 20% of the original price (minus whatever amount it had paid off), which is no longer worth as much and payment is higher because interest rate is not at record low anymore?

Can we assume that the frenzy would continue forever? Sure! But we can also assume that it would stop the very next day, because it's still back to fundamentals. We can have all the foreign investor we want. But when locals have forever been priced out (income can't support the price), you'd either have massive wave of people moving out, and/or the market would collapse
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Old 11-14-2015, 11:36 PM   #4258
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Good luck trying to get a gf or even get laid.
i think at that point they are more worried about food on the table?
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Old 11-15-2015, 08:46 AM   #4259
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Good luck trying to get a gf or even get laid.
If you resort to living in a vehicle because of high living costs in Vancouver, getting laid / gf is probably the least of your problems.

I knew a guy who tried to do this, claiming that it was more 'convenient' and that he was making better use of his time than sitting in traffic than others.

What bullshit.

Move to the city that you work in if you want to decrease your commute. I'd rather sit in traffic for 45 min and take a shit in my own bathroom then sit in a walmart parking lot and use the public toilet that probably has feces all over it.
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Old 11-15-2015, 09:07 AM   #4260
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lol!

yea, like i prefer to live in a "structure" that actually feels like you're you know.. "inside" ? lol
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Old 11-15-2015, 10:37 PM   #4261
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What DOES happen when say, you are upside down and you are up for renewal?

I know that to get a mortgage without paying the CMHC insurance, I have to have 20% down. But what if when at renewal it's worth is less than the mortgage + 20%? Would I have to renew and pay the insurance, or any other difficulties? Obviously I have never bought a property before so I would have no idea, but even if it's useless to me now, it's not a useless piece of information.
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Old 11-15-2015, 11:33 PM   #4262
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What DOES happen when say, you are upside down and you are up for renewal?

I know that to get a mortgage without paying the CMHC insurance, I have to have 20% down. But what if when at renewal it's worth is less than the mortgage + 20%? Would I have to renew and pay the insurance, or any other difficulties? Obviously I have never bought a property before so I would have no idea, but even if it's useless to me now, it's not a useless piece of information.
It's based on bank's calculation when processing your mortgage application. They factor the CMHC (or actually apply for such insurance) in if needed.

Say your home is 1M (in both price and how bank values it), you put 200k down and carries an 800k mortgage, no CMHC needed from bank viewpoint.

You are up for renewal, your home is now worth 800k (again, both price and how bank values it), and you have paid down say 50k over the course of 5yrs, so you still need to borrow 750k on mortgage, with 800k in equity. From bank's perspective, it means that now you only have 6.25% of assets/down payment/equity in this mortgage (50/800). So, they could potentially qualify you for a renewal, assuming you still pass their test, but they would apply CMHC as your equity no longer satisfy the condition to go without CMHC.
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Old 11-16-2015, 09:07 AM   #4263
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all this chatter about wood frame vs concrete anyone have any info on new duplex construction?
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Old 11-16-2015, 09:22 AM   #4264
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For the most part you can take what soundy and I said on the last page and apply it to a wood frame duplex.

The upside is that you only have one neighbor to consider.

Honestly, if you're moving into an older duplex, or even a townhouse with someone already living beside you, I'd just go knock on the door and either make up some BS to get a look at who knocks, or legitamitely ask them about the sound transfer and other neighbors before you buy lol
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Old 11-16-2015, 09:33 AM   #4265
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It's based on bank's calculation when processing your mortgage application. They factor the CMHC (or actually apply for such insurance) in if needed.

Say your home is 1M (in both price and how bank values it), you put 200k down and carries an 800k mortgage, no CMHC needed from bank viewpoint.

You are up for renewal, your home is now worth 800k (again, both price and how bank values it), and you have paid down say 50k over the course of 5yrs, so you still need to borrow 750k on mortgage, with 800k in equity. From bank's perspective, it means that now you only have 6.25% of assets/down payment/equity in this mortgage (50/800). So, they could potentially qualify you for a renewal, assuming you still pass their test, but they would apply CMHC as your equity no longer satisfy the condition to go without CMHC.

Thanks for the reply, so going by that, if the mortgage is higher than what the value of the property is (value @ 700k, mortgage @750k) you'll have to cough up the extra to make it?

I know it's pretty unlikely to lose 25%+, but you never know.
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Old 11-16-2015, 10:06 AM   #4266
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Thanks for the reply, so going by that, if the mortgage is higher than what the value of the property is (value @ 700k, mortgage @750k) you'll have to cough up the extra to make it?

I know it's pretty unlikely to lose 25%+, but you never know.
You still need to be able to pass the mortgage requirement. So if you are now underwater (owing more than its worth), and you still want to meet the requirement, you'd have to put up whatever it's required to meet the criteria.
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Old 11-16-2015, 10:17 AM   #4267
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It's based on bank's calculation when processing your mortgage application. They factor the CMHC (or actually apply for such insurance) in if needed.

Say your home is 1M (in both price and how bank values it), you put 200k down and carries an 800k mortgage, no CMHC needed from bank viewpoint.

You are up for renewal, your home is now worth 800k (again, both price and how bank values it), and you have paid down say 50k over the course of 5yrs, so you still need to borrow 750k on mortgage, with 800k in equity. From bank's perspective, it means that now you only have 6.25% of assets/down payment/equity in this mortgage (50/800). So, they could potentially qualify you for a renewal, assuming you still pass their test, but they would apply CMHC as your equity no longer satisfy the condition to go without CMHC.
Depends on who you get your mortgage from, but this is what RBC and TD say.
As long as you stick with the same lender as your first mortgage.
If you try to shop around, then you will need to re-qualify.

Mortgage Renewal Options - RBC Royal Bank

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No re-qualification required : If you're renewing an RBC Royal Bank mortgage, you don't have to re-qualify at renewal time.
http://www.td.com/to-our-customers/t...Cvid=b0f2ff01d

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Each lender will have their own policies regarding mortgage renewals. But, at TD, if a mortgage borrower has maintained their household payments, i.e. mortgage, property taxes, utilities, home insurance, in good standing throughout their current term, then most often at renewal, we will offer renewal options without needing for the borrower to re-qualify for the mortgage.
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Old 11-16-2015, 11:10 AM   #4268
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For the most part you can take what soundy and I said on the last page and apply it to a wood frame duplex.

The upside is that you only have one neighbor to consider.

Honestly, if you're moving into an older duplex, or even a townhouse with someone already living beside you, I'd just go knock on the door and either make up some BS to get a look at who knocks, or legitamitely ask them about the sound transfer and other neighbors before you buy lol
Hmmm good to know
Its a bran new duplex the framing hasn't been started yet. So its a gamble to see who your neighbor is.
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Old 11-16-2015, 11:25 AM   #4269
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If you're interested in buying, go have a look while they are framing
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Old 11-16-2015, 11:40 AM   #4270
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If you're interested in buying, go have a look while they are framing
Out of curiosity, why is that?
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Old 11-16-2015, 12:26 PM   #4271
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Out of curiosity, why is that?
Huh? That way you'll get an idea of what materials and construction practices are being used? As opposed to buying when the house is fully completed?
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Old 11-16-2015, 12:35 PM   #4272
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Hmmm good to know
Its a bran new duplex the framing hasn't been started yet. So its a gamble to see who your neighbor is.
since it hasn't been built yet, can't you add into the purchase agreement that you'd like sound deadening, resilient channel etc. added in at your cost for the materials?

i think this is something you should inquire about if this is a property that may work well for you.
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Old 11-16-2015, 01:09 PM   #4273
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Depending on the developer that's totally acceptable in most cases. The problem is ensuring that it actually happens.

With the proper documentation I guarantee you'd get that initial investment back upon seeing as opposed to a unit without.
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Old 11-16-2015, 07:03 PM   #4274
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since it hasn't been built yet, can't you add into the purchase agreement that you'd like sound deadening, resilient channel etc. added in at your cost for the materials?

i think this is something you should inquire about if this is a property that may work well for you.
When i purchased from this developer last time they were open to custom features.
Now it seems like they have a list of custom options but I'm gonna go back this sunday and inquire about extra soundproofing and some other custom options.
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Old 11-16-2015, 07:03 PM   #4275
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how many large scale residential towers have you done Hondaracer? I'm not talking about renos etc.

NEVER have i see a potential home owner or prospective buyer be allowed to tour an active site (while in early construction) just to "check it out"

now if you're talking suites worth $2M+ that's a different story but not the cookie cutter basic units that this town is so good a pumping out
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