REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 02-16-2016, 09:49 PM   #4926
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by Hondaracer View Post
Anything decent even in townhouses in Van you're looking at 800+

Willing to get into that? I wouldn't be.
Can I ask why?
Advertisement
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 09:52 PM   #4927
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,530
Thanked 16,683 Times in 3,593 Posts
I'm not sure why you'd ask a group of strangers something so personal.
What do YOU want? Whatever it is, do that.
There is an in between if you can't decide.
If you have made money on your condo, cash one out. Depends when you bought.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
westopher is offline  
Reply With Quote
This post thanked by:
Old 02-16-2016, 09:58 PM   #4928
nah
My homepage has been set to RS
 
nah's Avatar
 
Join Date: May 2001
Location: New Westminster
Posts: 2,183
Thanked 273 Times in 122 Posts
Quote:
Originally Posted by Adorkami View Post
A bit off topic but are you going with French Immersion because you think the system is better or you want your daughter to learn another language? My son is turning 4 and my wife wants him to do French Immersion but i'm just not sure how good learning 3 languages(english/cantonese/french) that early in life is(i.e. will it lead to learning all of them slower as there is so much to take in)
We're going into French Immersion because she's going to bored the first couple years of school waiting for the LCD to catch up to her level. She goes to a great preschool currently and wished schooling like that was mandatory from the government so no one would be in this situation. There are lots of kids in our area (Surrey/Delta) that are being raised by grandparents until they're kindergarten and go into the public system without anything.

By going French Immersion (if we could do Mandarin, we would) she'll learn another language and will challenge her. Our plan is for her to be in until grade 7 and then go back to English high school. By that time, her English will have been caught up and she'll have a 2nd/3rd language.
nah is offline  
Reply With Quote
Old 02-16-2016, 10:04 PM   #4929
nah
My homepage has been set to RS
 
nah's Avatar
 
Join Date: May 2001
Location: New Westminster
Posts: 2,183
Thanked 273 Times in 122 Posts
Quote:
Originally Posted by SumAznGuy View Post
In my humble opinion, screw french and have her learn mandarin.
French is barely used in Canada, unless she wants a job with the federal government or she will move to Quebec.
Mandarin will soon be one the most spoken language in the world.
There's only 1 school that offers Mandarin in the lower mainland and that's Norquay in Vancouver. She also does go to Chinese schools on Saturday as well.

Another language is better than no language. French is still the 2nd most spoken language in the world, it just opens up more possible opportunities in life.

https://en.wikipedia.org/wiki/List_o...icial_language
nah is offline  
Reply With Quote
This post thanked by:
Old 02-16-2016, 10:15 PM   #4930
Rs has made me the woman i am today!
 
Join Date: Apr 2001
Location: Vancouver
Posts: 4,099
Thanked 1,586 Times in 721 Posts
Quote:
Originally Posted by IGTBAR View Post

I make approx $120k/year and my spouse is a teacher making approx $68k/year
We own 2 one bedroom condos - we live in one and rent out the other.

Looking at advice on if we should be looking at detached homes in the suburbs (Coquitlam, PoCo, etc) or try to stay in Vancouver to be close to our families and go for a townhome or a large 2-3 bedroom condo?

Just looking for some general thoughts - sell both condos and move to the burbs? Keep one and get a townhouse? Keep both and get a larger condo?

Thanks!
The simplest answer is: it depends.

Do you want a larger down payment so you can buy a larger property or to reduce your mortgage payments?

Do you think your condos will remain cash flow positive for the forseeable future? Do you plan to hold them for a long time so you can minimize your capital gain when it's time to sell (e.g. you would sell them when you retire or are making a career transition) Do you enjoy being a landlord with all the work that it entails? I can tell you that if you decide to start a family, the last thing you want to do when you're sleep deprived is to run to the other side of town to deal with an issue.

Townhouses are a good compromise because while they are strata, you have a front door and you only share a couple of walls. If you enjoy the turn-key lifestyle of condo ownership, it can be challenging transition to a detached house.

People in Vancouver seem to enjoy having investment properties. They can make sense if you bought them 7-10 years ago because at those prices, you're likely making an after-tax return of 3-5% which is decent. But if you're going for an expensive home, it might be a good idea to sell the rental properties, even if you weren't planning on putting the equity on those properties into your new home. Unless you have a significant assets elsewhere (e.g. the commuted value of a pair of defined benefit pensions - your wife likely has one and maybe you do too), it would be wise to put the some of the proceeds from the sale of your condos into ETFs, indexes, or individual stocks.

Last edited by Tapioca; 02-16-2016 at 10:25 PM.
Tapioca is offline  
Reply With Quote
Old 02-16-2016, 10:24 PM   #4931
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by westopher View Post
I'm not sure why you'd ask a group of strangers something so personal.
What do YOU want? Whatever it is, do that.
There is an in between if you can't decide.
If you have made money on your condo, cash one out. Depends when you bought.
Yes, I realize it's a personal decision - not about to use it as a blueprint to life. But just like a lot of other questions asking for advice on this thread, that's all it is - advice.

Just looking to see if someone has any additional thoughts/feedback that can help with a different perspective.

That's all.
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:28 PM   #4932
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,530
Thanked 16,683 Times in 3,593 Posts
I think your question is a little vague without more information about what is important to you. For me, spending as little time getting to work, and the places I enjoy is the most important thing when choosing a place to live. It was the main decision maker when deciding to purchase in North Van. Easy to get to work downtown, easy to get snowboarding, a couple blocks from the ocean.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
westopher is offline  
Reply With Quote
This post thanked by:
Old 02-16-2016, 10:32 PM   #4933
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by Tapioca View Post
The simplest answer is: it depends.

Do you want a larger down payment so you can buy a larger property or to reduce your mortgage payments?
Both. Larger space but not interested in being house poor.

Quote:
Originally Posted by Tapioca View Post

Do you think your condos will remain cash flow positive for the forseeable future? Do you plan to hold them for a long time so you can minimize your capital gain when it's time to sell (e.g. you would sell them when you retire or are making a career transition) Do you enjoy being a landlord with all the work that it entails? I can tell you that if you decide to start a family, the last thing you want to do when you're sleep deprived is to run to the other side of town to deal with an issue.
The one we are renting out is cash flow positive and knock on wood - we've never had a problem being landlords - no issues at all with our tenants. That being said, I know that things can change on a dime but I can only speak to the experience we've had so far.

Quote:
Originally Posted by Tapioca View Post

People in Vancouver seem to enjoy having investment properties. They can make sense if you bought them 7-10 years ago because at those prices, you're likely making an after-tax return of 3-5% which is decent. But if you're going for an expensive home, it might be a good idea to sell the rental properties, even if you weren't planning on putting the equity on those properties into your new home.
We didn't plan it this way. We both owned our condos when we met and before we got married. Both were bought approx 5-6 years ago around the same time.

Quote:
Originally Posted by Tapioca View Post

Unless you have a significant assets elsewhere (e.g. the commuted value of a pair of defined benefit pensions - your wife likely has one and maybe you do too), it would be wise to put the some of the proceeds from the sale of your condos into ETFs, indexes, or individual stocks.
I'm actually the wife - my husband is the teacher and yes he has a pension. My RSP and TFSA is maxed out in stocks/ETFs/index funds. Your scenario is what we were leaning towards before I found this forum.

Sell both places and put the proceeds of one of the condos into investments. Use the proceeds from our primary residence + some savings towards a larger place. Just not sure if that larger place is going to be a house in the burbs or a townhouse in the city.

Last edited by IGTBAR; 02-16-2016 at 10:37 PM.
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:35 PM   #4934
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by westopher View Post
I think your question is a little vague without more information about what is important to you. For me, spending as little time getting to work, and the places I enjoy is the most important thing when choosing a place to live. It was the main decision maker when deciding to purchase in North Van. Easy to get to work downtown, easy to get snowboarding, a couple blocks from the ocean.
Fair point.

I agree with your statements - little to no commute and walkability are important to me.

How do you like North Vancouver? How is the value compared to what you would find in Vancouver proper?
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:36 PM   #4935
Rs has made me the woman i am today!
 
Join Date: Apr 2001
Location: Vancouver
Posts: 4,099
Thanked 1,586 Times in 721 Posts
IGTBAR:

If townhouses appeal to you, you should realize that the rowhome/townhouse form of housing is actually quite limited in the City of Vancouver. There are pockets rowhomes around Commercial Drive and the River District. There are of course townhouses sprinkled at the base of any highrise, but you'll be paying a premium for concrete construction.

One other thing to consider is that if you don't care about leaving a legacy to relatives, children, etc., you could always buy a leasehold in Champlain Heights or False Creek south for significantly less than a freehold property. Most of the leases in Champlain Heights still have significant terms, but I believe the False Creek ones are expiring in the 2030s. The value of that land is significant, so who knows what the city of Vancouver is going to do in 20 years time? The city basically sold all of the land in the River District to the highest bidder.
Tapioca is offline  
Reply With Quote
Old 02-16-2016, 10:38 PM   #4936
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,084
Thanked 4,250 Times in 1,272 Posts
Will today's BC budget have any real effect on the Metro Vancouver real estate market?

by MIKE LLOYD AND MARTIN MACMAHON
Posted Feb 16, 2016 7:42 am PST Last Updated Feb 16, 2016 at 11:41 am PST


(Dave White, NEWS 1130 Photo)

Will today's BC budget have any real effect on the Metro Vancouver real estate market? - NEWS 1130

SUMMARY
  • BC Budget to be tabled after North American markets close today
  • NEWS 1130's Martin MacMahon is in Victoria today and will have full coverage of the BC budget

VANCOUVER (NEWS 1130) – There have been a lot of promises, but will you see any real relief after the provincial government tables what it says will be its fourth consecutive balanced budget today?

When it comes to navigating the red-hot real estate market in Metro Vancouver, the jury is out.

Affordability has been a keyword in the lead-up to this budget and it’s expected that several policies will be unveiled to reflect that.

NEWS 1130’s Martin MacMahon is in Victoria and will provide full coverage when the budget is tabled this afternoon


“We are hopeful Premier Christy Clark will listen to economists at the University of British Columbia and Simon Fraser University and address the flow of capital from outside of Vancouver into vacant homes,” says Tom Davidoff, an associate professor at UBC’s Sauder School of Business.

“That’s subtracting from the housing stock and driving up prices. If we discouraged the use of homes as pure investment vehicles and encouraged their use a properties that provide homes for people living and working in the Lower Mainland, that would actually help affordability. Unfortunately, there’s not much on the table otherwise that would have any real benefits for people trying to get into the housing market.”

One idea that has been floated is a reduction in the property transfer tax for first-time buyers, but Davidoff suggests that would not work.

“The problem is because we don’t build a lot of housing in the Lower Mainland relative to the price increases we have seen, for the most part, any reduction in taxes is just a gift to home owners,” he explains.

“It’s true that the buyer writes the cheque in the property transfer tax, which may be lowered for first-time buyers, but just because you write that cheque doesn’t mean you’re really the person paying it. When you tell first-time home buyers they have to buy a house to get this benefit, that encourages people to pay more and you drive up the price of housing. It’s a terrible idea in an inflationary housing environment like the one we have.”

Davidoff calls it a “non-serious” attempt at fixing the problem and David Moscrop in the political science department at UBC agrees.

“The real estate tweaks that are likely to show up in the budget are not huge — these are fairly marginal, fairly conservative moves,” he tells NEWS 1130. “I think it reflects the fact that the province doesn’t really know what to do about the situation.”

Moscrop says the BC Liberals’ expected moves to try to moderate the housing market are more than just “window dressing,” but not by much.

“They will help people and it is an attempt to do something, but I don’t think it will be particularly effective. Economists disagree what the effects will be and politically it will likely be a fairly neutral move. People will pick up on the fact that this will not do a ton to address the problem,” he says.

“It’s hard to blame the BC Liberals for the housing market that’s run amok in Metro Vancouver. I mean, they haven’t done a lot yet, but the problem is much bigger than them.”

Meanwhile, Davidoff says if the provincial government is serious about affordability, it will add a second tax bracket for real estate sales.

“If your home isn’t occupied and you aren’t exempt, you are required to pay an extra 1.5 per cent property tax. That would put a real dent in the use of homes as vacant investment vehicles. That would really enhance affordability and that’s the only real tool that I’m aware of that’s available to the premier. Hopefully that will be in the budget.”

Changes to MSP are also expected in the budget, but calls from the Green Party and others to eliminate it altogether have failed to convince the premier. Christy Clark argues that while MSP is antiquated in its current form, it reminds people we all need to pay for health care.

The last projection from the province was back in the fall, when we were told to expect a surplus in the region of $265 million.

The provincial budget will be tabled in the BC Legislature after North American markets close today.
Timpo is offline  
Reply With Quote
Old 02-16-2016, 10:40 PM   #4937
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,530
Thanked 16,683 Times in 3,593 Posts
Quote:
Originally Posted by IGTBAR View Post
Fair point.

I agree with your statements - little to no commute and walkability are important to me.

How do you like North Vancouver? How is the value compared to what you would find in Vancouver proper?
To be honest I'm not sure yet. Me and my wife don't move in for 5 more months as we purchased a pre-build. As for price difference, we ended up paying about 25% less than we would have for an equivalent place in our current neighbourhood for the same size/quality condo. (Entry level, starter shoebox condo)
The slightly lower population density, and being that we back onto protected land is a major upside for me. Our large balcony will always back onto a creek and never another condo building.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
westopher is offline  
Reply With Quote
Old 02-16-2016, 10:41 PM   #4938
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,084
Thanked 4,250 Times in 1,272 Posts
Greater Vancouver real estate market accelerates, no signs of stopping

Emma Crawford Hampel / Business in Vancouver
February 16, 2016 10:03 AM


Photo Dan Toulgoet

Greater Vancouver real estate market accelerates, no signs of stopping

Like a runaway freight train, the residential real estate market in Greater Vancouver — the strongest in the country — continues to accelerate and shows no signs of stopping, according to Canadian Real Estate Association data released Feb. 16.

In January, the region saw a total of $2.8 billion in home sales, which is up 73 per cent compared with $1.6 billion in January 2015. As well, the average sales price jumped 31 per cent to $1.08 million from $828,000 last year.

“Benchmark price growth topped 20 per cent year-over-year in the month for the first time since at least 2006, which detached homes still leading,” said BMO Capital Markets’ Robert Kavcic.

“That said, condo prices continued to accelerate to a 15.9 per cent year-over-year clip, and we continue to believe that, while supply fundamentals might warrant strong gains in the detached segment, such constraints aren’t nearly as acute in the condo space.”

The number of units sold in Greater Vancouver was 2,574, which is up 32 per cent compared with 1,948 units in the same month last year.

“Vancouver’s market is drum tight, with an almost unheard of 91 per cent sales-to-new listings ratio — in other words, almost every new listing is getting absorbed within the month as record sales meet average growth in new listings,” Kavcic said.

Some of the real estate growth in January may have been related to homebuyers pushing their purchasing decisions forward to beat the new tighter mortgage rules that took effect Feb. 15, CREA president Pauline Aunger pointed out.

Aunger also said sales in Toronto and Vancouver would likely have been even higher if the supply existed.

“Meanwhile, other major urban housing markets have an ample supply of listings, particularly where some home buyers have become increasingly cautious amid an uncertain job market outlook,” she said.

Across Canada, the benchmark price increased 17 per cent to $470,000, but this was entirely due to increases in B.C. and Ontario. Excluding these provinces, the benchmark home price actually fell 0.3 per cent. The biggest price drop was in Edmonton, where the benchmark price fell 8 per cent to $339,000.

All data, unless otherwise indicated, is not seasonally adjusted. The CREA compiles its figures from select MLS systems across Canada, including the British Columbia Real Estate Association.
Timpo is offline  
Reply With Quote
Old 02-16-2016, 10:42 PM   #4939
Rs has made me the woman i am today!
 
Join Date: Apr 2001
Location: Vancouver
Posts: 4,099
Thanked 1,586 Times in 721 Posts
Quote:
Originally Posted by IGTBAR View Post
Both. Larger space but not interested in being house poor.

Sell both places and put the proceeds of one of the condos into investments. Use the proceeds from our primary residence + some savings towards a larger place. Just not sure if that larger place is going to be a house in the burbs or a townhouse in the city.
At this point, I think it would be helpful if you two sit down, find a mortgage calculator (RateHub.ca is pretty decent), and decide how much you want to spend on housing on a monthly basis. Once you figure out a number, you'll then be able to figure out the types of properties you can afford in which cities/neighbourhoods. Then, you two can make a decision on the home you want to buy based on your lifestyle, current, and future needs.
Tapioca is offline  
Reply With Quote
This post thanked by:
Old 02-16-2016, 10:43 PM   #4940
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by Tapioca View Post
IGTBAR:

If townhouses appeal to you, you should realize that the rowhome/townhouse form of housing is actually quite limited in the City of Vancouver. There are pockets rowhomes around Commercial Drive and the River District. There are of course townhouses sprinkled at the base of any highrise, but you'll be paying a premium for concrete construction.

One other thing to consider is that if you don't care about leaving a legacy to relatives, children, etc., you could always buy a leasehold in Champlain Heights or False Creek south for significantly less than a freehold property. Most of the leases in Champlain Heights still have significant terms, but I believe the False Creek ones are expiring in the 2030s. The value of that land is significant, so who knows what the city of Vancouver is going to do in 20 years time? The city basically sold all of the land in the River District to the highest bidder.
I didn't realize champlain heights was leasehold - is that including the townhomes along 54th right by the mall?

Riverdistrict - The mosquito situation there terrifies me.
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:45 PM   #4941
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,084
Thanked 4,250 Times in 1,272 Posts
New mortgage rules not only solution for Canada's red-hot real estate market: academics
From taxation to density, experts say government could be doing more to tackle soaring home prices


By Jillian Bell, CBC News Posted: Feb 16, 2016 9:00 AM ET Last Updated: Feb 16, 2016 9:00 AM ET


Real estate professors say higher taxes on foreign owners of Canadian homes could ease out-of-control housing markets. (Associated Press)

New mortgage rules not only solution for Canada's red-hot real estate market: academics - Business - CBC News

If there's one thing that unites the majority of Canadians, it's that we agree there's a lack of affordability when it comes to the housing markets of Vancouver and Toronto.

The federal government recently announced new measures to try and cool these hot real estate markets by increasing the minimum insurable down payment required on homes over $500,000. The change took effect Monday.

Mortgage rules requiring 10% down on homes over $500K kick in
New mortgage rule may not cool hot markets
Shadow flipping' not limited to Vancouver real estate market
Only time will tell how effective this measure will be. We reached out to economists and real estate experts to ask for their best ideas on slowing down Canada's big-city markets.

Tax foreign owners more heavily

John Andrew, director of the Queen's Real Estate Roundtable, says foreign investment in high-end properties is driving up prices, especially in Vancouver.

He suggests that B.C. should allow the city to raise property tax rates on foreign owners. "This could have a very significant effect on cooling housing markets, if the property tax rate for foreign owners was significantly higher."

However, he says the government would first have to do its due diligence when it comes to identifying foreign buyers who hide behind a Canadian friend or relative.

"Already we know that some of those houses are being bought by international buyers but they're being put in the name of a Canadian citizen … That's a regulatory issue that they could solve but there isn't the political will to do it."


The CMHC now requires a 10-per-cent down payment on the portion of any mortgage it insures over $500,000. The five-per-cent rule remains for the portion up to $500,000. (CBC News)

Foreign owners of Canadian real estate pay virtually no income tax at the moment.

Andrey Pavlov, a real estate finance professor at Simon Fraser University, thinks the government should change the definition of residency "so that someone who owns a $4-million home in Vancouver pays taxes on their worldwide income, not just on their Canadian income, which is typically zero."

Capital gains by foreign real estate investors are also generally not taxed, which Andrew wants to see changed.

"Foreign owners should probably pay a marginal tax rate on 100 per cent of their capital gains. I think that would really, really slow things down."

Do something about our ultra-low interest rates

Pavlov says while Canada's current low interest rates may be good for the flagging economy, they can also artificially inflate real estate prices.

When interest rates are low, people are able to afford more expensive homes, driving housing prices through the roof.

"If the Bank of Canada is determined to keep interest rates low," says Pavlov, "then reserve requirements for mortgages can be increased so that mortgage rates return to normal levels."

Andrew says banks should be more diligent in stress-testing buyers when they take out a mortgage to ensure they can still afford it when rates inevitably rise. This would cut down on the amount of people buying the priciest homes they can afford, putting downward pressure on the market.

Deal with density

In highly congested markets like Vancouver and Toronto, Pavlov says investment in transportation infrastructure would go a long way toward expanding the boundaries of desirable housing.

"In most cities in North America, a reasonable commute of 30 minutes takes you 20-30 kilometres from your work," he says. "In Vancouver, for example, a 30-minute commute takes you five to eight kilometres, regardless of mode of transportation."


In highly congested markets like Vancouver and Toronto, one expert says investment in transportation infrastructure would go a long way toward expanding the boundaries of desirable housing. (Graeme Roy/Canadian Press)


University of British Columbia economist Joshua Gottlieb says that single-family homes in hot urban housing markets are "just an incredibly inefficient use of land when there's so much demand to live there."

Gottlieb feels that increasing housing supply is key, whether it's through reducing construction regulations to allow for more highrises in residential neighbourhoods, or by penalizing real estate investors with extra taxes if they let their properties sit vacant.

Or don't raise taxes?

Unlike the other real estate experts we interviewed, Don Campbell, founding partner of the Real Estate Investment Network, doesn't think raising taxes is an effective solution for anyone.

He cites the second land-transfer tax added in Toronto to try to cool down the market.

"It slowed the market down for a very short period of time, so there was this new tax and everyone went 'Oh my god, this is going to kill the market.' Well, as we know, Toronto's not a dead market."

Campbell says when extra taxes are added in the real estate world, there's a slight dip in demand, and then the tax gets normalized and the market charges on.

What does he think would be effective?

"Maybe if they drove unemployment up to 15 per cent — that would slow the market down," he jokes. "But we don't want that!"
Timpo is offline  
Reply With Quote
Old 02-16-2016, 10:46 PM   #4942
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by Tapioca View Post
At this point, I think it would be helpful if you two sit down, find a mortgage calculator (RateHub.ca is pretty decent), and decide how much you want to spend on housing on a monthly basis. Once you figure out a number, you'll then be able to figure out the types of properties you can afford in which cities/neighbourhoods. Then, you two can make a decision on the home you want to buy based on your lifestyle, current, and future needs.
Yeah - that's the point we are at now. I guess the part where we are struggling is what to classify as a lifestyle we want.

First world problems
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:46 PM   #4943
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by westopher View Post
To be honest I'm not sure yet. Me and my wife don't move in for 5 more months as we purchased a pre-build. As for price difference, we ended up paying about 25% less than we would have for an equivalent place in our current neighbourhood for the same size/quality condo. (Entry level, starter shoebox condo)
The slightly lower population density, and being that we back onto protected land is a major upside for me. Our large balcony will always back onto a creek and never another condo building.
Concrete or wood frame?
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 10:48 PM   #4944
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,084
Thanked 4,250 Times in 1,272 Posts
Vancouver drives Canadian real estate prices higher; average price soars 17 per cent

By Alexandra Posadzki, Canadian Press February 16, 2016


Values for real estate in Vancouver continue to escalate, making it one of the most unaffordable cities in the world.
Photograph by: Jason Payne , PNG


Surging sales in the piping hot real estate markets of Vancouver and Toronto last month prompted one of Canada's big banks to express concerns Tuesday that the cities may be at risk of a home price correction.

The Canadian Real Estate Association reported Tuesday that sales of existing homes rose by eight per cent in January compared to a year ago, while the national average home price soared 17 per cent.

But it was the sales figures for Vancouver and Toronto that drew considerable notice from economists.

The average sale price in greater Vancouver rose 32.3 per cent year-over-year to nearly $1.1 million, while in greater Toronto it climbed 14.2 per cent to $631,092.

The Multiple Listing Service benchmark price - a figure that CREA says is more representative of the market - rose to $775,300 in great Vancouver, an increase of roughly 21 per cent compared to January 2015. In greater Toronto, the benchmark price climbed roughly 11 per cent year-over-year to $578,400.

TD economist Diana Petramala said some of the strength in the Toronto and Vancouver markets may have been bolstered by buyers looking to get into the market before new mortgage down payment rules took effect Monday.

New federal regulations require larger down payments on homes that cost between $500,000 and $1 million.

"While we continue to believe that things just can't any hotter, markets in B.C. and Ontario continue to prove us wrong," Petramala said in a note to clients.

Petramala said although foreign investment and immigration are likely to provide support to the Toronto and Vancouver markets in the months ahead, she raised concerns about whether sky-high home prices in those regions are sustainable over the long term.

"Every month of double-digit home price growth raises the risk of a deeper home price correction down the road," Petramala said.

A correction is defined as a drop in value of at least 10 per cent.

The price gains in Vancouver and Toronto fuelled a rise in Canada's national average home price in January to $470,297, CREA said.

Home prices surged in Metro Vancouver and the Fraser Valley, year over year, to more than 20 per cent, and 16 per cent, respectively. Moderate gains were also seen on Vancouver Island at five and a half per cent, and seven per cent in Victoria.

When excluding Ontario and British Columbia, however, the average sale price actually edged lower by 0.3 per cent from a year ago to $286,911.

Regional differences stemming from the impact of the oil price shock are likely to continue throughout this year, said BMO economist Robert Kavcic.

"Those markets exposed to oil prices are correcting," he said in a note.

"The uber-tight big-two cities are benefiting from lower interest rates than we otherwise would have seen had oil prices not fallen, while everyone else is scattered in between."

On a month-to-month, seasonally adjusted basis, CREA says national home sales rose 0.5 per cent in January, compared to December of last year.

Meanwhile, the number of new listings on MLS declined by 4.9 per cent in January compared to December.

"Tighter mortgage regulations that take effect in February may shrink the pool of prospective homebuyers who qualify for mortgage financing and cause national sales activity to ease in the months ahead," CREA chief economist Gregory Klump said in a statement.

© Copyright (c) The Vancouver Sun

Read more: Vancouver drives Canadian real estate prices higher; average price soars 17 per cent
Timpo is offline  
Reply With Quote
Old 02-16-2016, 10:50 PM   #4945
Rs has made me the woman i am today!
 
Join Date: Apr 2001
Location: Vancouver
Posts: 4,099
Thanked 1,586 Times in 721 Posts
Quote:
Originally Posted by IGTBAR View Post
I didn't realize champlain heights was leasehold - is that including the townhomes along 54th right by the mall?

Riverdistrict - The mosquito situation there terrifies me.
I'm not sure about those particular townhouses (the modern design strikes me as being freehold), but the vast majority of the properties in the non-grid streets and cul-de-sacs south of the mall is leasehold (99 years, I believe).

There are a few such properties listed on MLS right now.

Another far out there option for having a detached home within the City of Vancouver is buying a lease on Musqueam. However, I understand that the band is in negotiations to raise the annual rents though. At least you won't be competing with offshore buyers for such leases. The city of Vancouver has a pretty good relationship with the band, so you'll always have garbage picked up on time, etc.
Tapioca is offline  
Reply With Quote
Old 02-16-2016, 10:50 PM   #4946
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,530
Thanked 16,683 Times in 3,593 Posts
Quote:
Originally Posted by IGTBAR View Post
Concrete or wood frame?
Wood frame unfortunately for me, however the builder has been known for higher than industry standard for soundproofing so hopefully it's not too bad.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
westopher is offline  
Reply With Quote
Old 02-16-2016, 11:06 PM   #4947
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by Tapioca View Post
I'm not sure about those particular townhouses (the modern design strikes me as being freehold), but the vast majority of the properties in the non-grid streets and cul-de-sacs south of the mall is leasehold (99 years, I believe).

There are a few such properties listed on MLS right now.

Another far out there option for having a detached home within the City of Vancouver is buying a lease on Musqueam. However, I understand that the band is in negotiations to raise the annual rents though. At least you won't be competing with offshore buyers for such leases. The city of Vancouver has a pretty good relationship with the band, so you'll always have garbage picked up on time, etc.
Learn something new every day. Did not know that area had leasehold.

I think we just need to sit down and write out a big pros and cons / must haves and nice to haves list and see where that takes us. Along with a rough budget.
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 11:07 PM   #4948
I am Hook'd on RS
 
Join Date: Feb 2016
Posts: 65
Thanked 36 Times in 12 Posts
Quote:
Originally Posted by westopher View Post
Wood frame unfortunately for me, however the builder has been known for higher than industry standard for soundproofing so hopefully it's not too bad.
Woodframe isn't a bad thing - the sound can be quite minimal if at all. It really does depend on who you live next to though.
IGTBAR is offline  
Reply With Quote
Old 02-16-2016, 11:08 PM   #4949
Everyone wants a piece of R S...
 
Join Date: May 2013
Location: Richmond
Posts: 363
Thanked 327 Times in 130 Posts
There are town homes in Richmond that have the first level as a rental unit. Not sure if Vancouver has them as well but I don't doubt it. Maybe have best of both worlds with a town home. Raising a family in a 1 bedroom condo would be 'squishy' to say the least.
kr4l is offline  
Reply With Quote
Old 02-17-2016, 12:15 AM   #4950
I contribute to threads in the offtopic forum
 
Join Date: Jun 2006
Location: not vancouver
Posts: 2,647
Thanked 1,936 Times in 764 Posts
Quote:
Originally Posted by SumAznGuy View Post
I'm not too familiar with their education system, but if it is as you described it, then who is there to work the minimum wage jobs?

So, as you say these people move up, to do that there has to be that many jobs with potentials to move up.
There needs to be a continuous stream of youth to work those minimum wage jobs when the older people move up.
Do you see the problem here?
You can't just dump more seeds, fertilizer and water into the same pot and expect to grow more plants. At some point you will need a bigger pot.

So with that in mind, I am sure there are over qualified people working those minimum wage jobs but I could be wrong since I've never been there.
north african migrants. and i'm deadly serious.

the system of socialist europe sounds great and all, but this is the problem, most are extremely well educated (it is so rare to find anyone under 35 or 40 that is not bilingual or more, big business is mostly in english throughout europe). there is no one left to do the shitty jobs, so you need a constant stream of immigration, add to that low birth rates and you see the demographic shift that will occur.

As long as European culture is maintained, i couldn't care less about your heritage and skin colour, but unfortunately there are problems with that.

now, having said that, everything is being overdone, specifically immigration. looking at Germany, there were claims that Germany needs immigrants to fill job vacancies, this is a fallacy, they need skilled workers. Europe is a haven for skilled and educated workers, there are shortfalls in certain skill types which need immigration, unfortunately this immigration need and the current migrant crisis are at odds with one another.

i can't speak to sweden in particular, but in mainland europe, it is not odd to have 6 weeks of vacation as standard, and taking july off is not on top of that, it is standard for europeans to take 3+ weeks off in the summer, july and early august being the most popular. similar to the US, most europeans vacation within europe (flight to the med. or caravan trips).

just to give some perspective and clarity on what appear to be some semi-truths being touted.
4444 is offline  
Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 04:43 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net