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 06-07-2016, 01:49 PM   #6501
I Will not Admit my Addiction to RS
 
Gululu's Avatar
 
Join Date: Feb 2013
Location: Shaughnessy
Posts: 564
Thanked 755 Times in 209 Posts
Quote:
Originally Posted by J____ View Post
yes but that's unlikely to happen in the next 5 years. Investors in china are all about short term mindset, they'll do this for a year then take the money elsewhere. Nothing in China is about long term, all about making a quick buck and getting out.
Investing for long term doesn't exist in china.
Advertisement
Gululu is offline  
Reply With Quote
Old 06-07-2016, 02:01 PM   #6502
this is the hardest n***a of all time
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 7,479
Thanked 4,425 Times in 1,775 Posts
i think of realtors like home inspectors...unless they were in the trade or even building management/maintenance in a past life, don't expect them to really know anything about anything other than what you can learn yourself watching HGTV. they can fill in forms, add amendments or suggest things that are general rules of thumb at best. and tell you things about areas/market that you should already know yourself when house hunting.

nothing wrong with a realtor mark. doesn't change a new build's price either way afaik. at least they can review the documents and talk to you vs in house sales people that are probably even more shady than a licensed realtor
__________________
Feedback
http://www.revscene.net/forums/611711-glow-1-0-0-a.html

Quote:
Greenstoner
1 rat shit ruins the whole congee
Quote:
[04-06, 11:34]radiomanI'm doing happy hour with bj#3 today
[07-04, 10:27]radiomani need just the tip
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline  
Reply With Quote
Old 06-07-2016, 03:35 PM   #6503
I STILL don't get it
 
superdennis's Avatar
 
Join Date: Jun 2002
Posts: 497
Thanked 160 Times in 23 Posts
I'm surprised to hear all these realtor horror stories..

I would think if anyone was to buy something significant as a home, they will research who their representative is.
If a friend refers "John doe realtor", wouldn't you ask, why John Doe? What have he done to be worthy of your referral?

I'm sure if anyone buying a car would go to a few dealerships before pulling the trigger.

There have been a surplus of 4000 new realtors since 2008...
There's many to choose from but, buyers should do their due diligence

Working with buying realtors have "buying agency contracts" as well.
Sign something with them for 3 months. If they aren't up to your expectation, terminate them.
__________________
Feedback

Last edited by superdennis; 06-07-2016 at 03:42 PM.
superdennis is offline  
Reply With Quote
This post thanked by:
Old 06-07-2016, 04:24 PM   #6504
Rs has made me the man i am today!
 
will068's Avatar
 
Join Date: May 2002
Location: van
Posts: 3,289
Thanked 429 Times in 177 Posts
Quote:
Originally Posted by Hondaracer View Post
I've only worked with a few different real estate agents, but for the most part I kind of doubt they have the adequate knowledge to look at a depreciation report and interpret what type of condition things like building envelope etc are in/in need of.
They should. That's their job as a realtor. If they don't, they are inadequate. Simple as that.

It's pretty pathetic if someone cannot perform due diligence in matters in their own industry. Anyways, that is probably why you hear a number of realtor horror stories.
__________________
RS Buy&Sell Rating
will068 is offline  
Reply With Quote
Old 06-07-2016, 07:23 PM   #6505
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,080
Thanked 4,247 Times in 1,270 Posts
Gregor Robertson warns Vancouver's economy at risk due to housing prices
Housing prices 'completely disconnected from local incomes,' mayor says

By Chad Pawson, CBC News Posted: Jun 05, 2016 9:51 PM PT Last Updated: Jun 05, 2016 9:51 PM PT


Gregor Robertson says he's worried Vancouver's economy will suffer if the provincial and federal governments do not legislate new taxes to stall ever-rising house prices in the city. (CBC)

Gregor Robertson warns Vancouver's economy at risk due to housing prices - British Columbia - CBC News

Gregor Robertson says recent reports and recommendations from banks, organizations, real estate boards and economists has made it clear to him that it's time to deal with Vancouver's sky-rocketing real estate prices or the city's economy could suffer.

On Sunday he released a statement amplifying his support for a house flipping tax as a measure to reduce speculation and a luxury sales tax to help, "rein in the excesses of Vancouver's housing market."

"First and foremost, housing needs to be for homes, not just treated as a commodity," said the statement.

Robertson has found convergence from multiple sources, all calling for something to be done about the state of prices for housing. This week the price tags for detached houses were shown to have increased 37 per cent since last year according to Real Estate Board of Greater Vancouver.

"These trends are not sustainable and we need to be wide awake to the risks they pose to the stability of our economy, let alone the impact they have in pushing local residents, especially young people, families, and seniors, out of our neighbourhoods," said Robertson.

In his statement he listed calls from Scotiabank and the National Bank of Canada for the federal government to intervene and an OECD report that warned Vancouver's economy is at risk due to rising household debt.

"With unregulated, speculative global capital flowing into Metro Vancouver's real estate, we are seeing housing prices completely disconnected from local incomes," said Robertson.

In February the provincial government announced measures that will require people buying homes to disclose their citizenship as there is little agreement on how much housing in Vancouver is foreign-owned.

Robertson says he will "aggressively advocate" for a flipping and luxury tax to be used as a way to "help create a level playing field in the Vancouver housing market."

Last June, the provincial government rejected calls from Robertson to levy speculation and luxury taxes on foreign owners and speculators as a way to keep prices from rising.

Premier Christy Clark said at the time that using taxes to drive down prices could hurt current homeowners by reducing their equity.
Timpo is offline  
Reply With Quote
Old 06-07-2016, 07:34 PM   #6506
I am Hook'd on RS
 
Join Date: May 2014
Location: Home*
Posts: 64
Thanked 49 Times in 15 Posts
Lol tax.. That will go in his and provinces coffers.. Ain't gonna do shit about housing prices. When people are buying 1/2/3 million $ homes.. $30-40k doesn't hurt much

Level playing field....lol
Rallydrv is offline  
Reply With Quote
Old 06-07-2016, 07:46 PM   #6507
this is the hardest n***a of all time
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 7,479
Thanked 4,425 Times in 1,775 Posts
he's sticking up for the little guy...


Mayor Gregor Robertson's House Sells For $1.98 Million
__________________
Feedback
http://www.revscene.net/forums/showthread.php?t=611711

Quote:
Greenstoner
1 rat shit ruins the whole congee
Quote:
[04-06, 11:34]radiomanI'm doing happy hour with bj#3 today
[07-04, 10:27]radiomani need just the tip
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline  
Reply With Quote
Old 06-07-2016, 07:51 PM   #6508
No. Seriously. I never fucking get it.
 
Timpo's Avatar
 
Join Date: Mar 2002
Location: ...
Posts: 20,080
Thanked 4,247 Times in 1,270 Posts
New study: 23 years to save for an average home in Metro Vancouver
It used to take about six years to save for an average home in the region in 1976

CBC News Posted: May 25, 2016 7:46 AM PT Last Updated: May 25, 2016 12:50 PM PT

New study: 23 years to save for an average home in Metro Vancouver - British Columbia - CBC News


It used to take five years for a typical young person to save a 20 per cent down payment on an average home in Canada. Now, it takes 23 years in Metro Vancouver. (Generation Squeezed)

A young person today will have to work for 23 years to save for a down payment on an average Metro Vancouver home.

That's according to a new study entitled Code Red: Rethinking Canadian Housing Policy (pdf), authored by Paul Kershaw of the UBC School of Population and Public Health and Anita Minh, a researcher at Kershaw's Generation Squeeze Research and Knowledge Translation Lab.

In 1976 it took nearly six years of full time work for the average 25- to 34-year-old to save a 20 per cent down payment for an average-priced Metro Vancouver home, according to the study.

These days, with house prices soaring, the average young person needs to work for 16 years to save a down payment for an average home in B.C., and 23 years to save for an average home in Metro Vancouver.

Along with the rising cost of housing, the authors blame a $9,000 drop in average real wages in B.C. (after inflation), rising rents, longer and more expensive commutes and expensive child care for the widening gap.

Meanwhile, those who were fortunate enough to buy a home in the 1970's are benefiting from the price increases, the study found.

"This means the typical older resident of B.C. – not the one per cent – has now accumulated additional wealth from their housing that is equivalent to having purchased two homes when they were young adults," says the study.

The authors conclude that the primary driver of net wealth for Canadians over the age of 50 — soaring house prices —is now the primary source of debt for their children.

It's not how hard you work

The authors note generational trends in wealth and debt accumulation from the housing market largely reflect the lottery of timing.

"The wealth gains reported by Canadians 55+ do not primarily represent smart decisions, hard work or other factors that would suggest this wealth has been 'earned."

"There is no clear evidence that these generations purchased and consumed housing resources more cleverly and productively than did their parents' generations," they write.

"Similarly, the higher mortgage debts reported by the average young person today do not reflect a lesser work ethic, or poorer judgment with respect to the housing market. Higher mortgages reflect the reality of getting into the housing market when the timing is not nearly as fortuitous as it was in 1977."

And they say it's unfair to argue that young people should not have the same expectations for home ownership as older generations did.

"While some may argue that the dramatic increase in housing costs should give young people pause before committing to home ownership, home ownership has been a strong Canadian norm for many decades now."

"It is understandable that many younger people believe this goal is worthy of pursuit – at least to the same degree it was prioritised by their parents' generation."

To solve the problem the study makes 10 recommendations to reform the housing market and make it more affordable for younger workers while protecting property values for existing home owners.

"It is imperative for political parties to turn their attention in advance of the 2017 election to the broad range of costs squeezing young adults. We can help ease the housing squeeze by no longer tolerating child care, parental leave, transportation, etc. adding up to second, third and fourth mortgage payments," concludes Kershaw.
Timpo is offline  
Reply With Quote
Old 06-07-2016, 07:55 PM   #6509
RS has made me the bitter person i am today!
 
threezero's Avatar
 
Join Date: Jan 2005
Location: Vancouver
Posts: 4,553
Thanked 847 Times in 377 Posts
Quote:
Originally Posted by GLOW View Post
he's sticking up for the little guy...


Mayor Gregor Robertson's House Sells For $1.98 Million
considering some of the place selling for more than that in richmond, the mayor's place actually seem like a good deal lol
__________________
14 Scion FRS
91 Honda Civic EF9
threezero is offline  
Reply With Quote
This post thanked by:
Old 06-07-2016, 07:58 PM   #6510
RS controls my life!
 
Join Date: Jun 2002
Location: vancouver
Posts: 799
Thanked 40 Times in 11 Posts
Quote:
Originally Posted by will068 View Post
@imp>dom You mean your agent did not do their own analysis and present them to you ? (E.g. if the townhome is a good value based on the attributes of the property).

You have lazy ass agent. Drop that agent. That agent probably just sends you daily listings that fall under some simple filter criteria.

No it's just the seller's agent. I made a phone call out of curiosity.
imp>dom is offline  
Reply With Quote
Old 06-07-2016, 10:47 PM   #6511
UFO
I *heart* Revscene.net very Muchie
 
UFO's Avatar
 
Join Date: Apr 2001
Location: Van, BC
Posts: 3,593
Thanked 683 Times in 410 Posts
Quote:
Originally Posted by 4444 View Post
the only local buying power is from those that have sold, but this is not real wealth when sales proceeds are used on another home (unless you downsize and take the differential as cash/cash equivalent)
There are a fair number of average middle wage earning locals in our parents' demographic who own multiple homes/condos as investment properties, bought in the 70's, 80's, 90's, and even early 00's. They did not buy thinking values would shoot up to where they are today, but on the fundamental that home values always appreciate over the long run. They were fortunate to ride the recent sharp upwards curve, and many have taken that fortuitous turn and cashed out, lots of 'free' money floating around from these cases. These are not 'smart' investors, just lucky ones. But they do play a large role to sway the market

Quote:
people have asked what will cause a crash, something small will do it, it's just a case of when it will happen:

If one of the following happens:
China slightly cracks down
The Canadian/BC government actually does something to represent and support its locals (in the long term view) - this looks like the least likely event
A group gets spooked for some unknown reason and that pocket of selling gathers traction
Rates rise to the point where affordability

As soon as market prices go down, people get into the issue of not being able to renew mortgages as banks cannot lend above a certain LTV - I'm not an expert on the rules anymore, but this is what will cause a spiraling issue.
That's as much speculation and conjecture as someone who says that any slack from a downward price adjustment will be taken up by those on the sidelines or investors looking for a deal. There are too many variables to account for, variables that you simply don't understand or can't account for (or anybody else for that matter).

Quote:
Yes, we can say 'there are plenty of buyers on the sideline" - but smart investors don't catch a falling knife, they wait until the bottom / after the bleeding has stopped.
I would suggest most buying into homes now for investments aren't smart investors, but average people with money on hand looking for a safe place to put their money. So while there may be many buyers who arent smart investors, these are the ones who I feel would keep things reasonably afloat should anything drastic happen.

Quote:
Just food for thought rather than blindly saying "locals have so much buying power" or "the chinese will buy up everything if prices crash" - this is what the real estate board and crusty want you to believe, but if you have to live in vancouver, do you honestly think this is sustainable and will continue? no where else in the world has a bubble like this ever sustained
Definitely not sustainable, but how long have the doomsday crowd been preaching about the bubble popping yet the prices keep climbing at an ever steeper rate. The reality is some sort of correction is bound to happen at some point in time, but it will not be of a sky is falling magnitude and it will still leave things in an unaffordable state by traditional measures, IMO
UFO is offline  
Reply With Quote
This post thanked by:
Old 06-07-2016, 11:04 PM   #6512
RS controls my life!
 
Join Date: Nov 2003
Location: Surrey
Posts: 774
Thanked 219 Times in 60 Posts
Quote:
Originally Posted by GLOW View Post
he's sticking up for the little guy...


Mayor Gregor Robertson's House Sells For $1.98 Million
He sold but is now priced out of the place he wanted to buy next. "Housing market at risk!..."
A-Dev is offline  
Reply With Quote
Old 06-08-2016, 12:15 AM   #6513
I contribute to threads in the offtopic forum
 
EmperorIS's Avatar
 
Join Date: Oct 2009
Location: home
Posts: 2,623
Thanked 3,583 Times in 780 Posts
He probably sold the house to bribe his girlfriend's mom out of jail in China.
EmperorIS is offline  
Reply With Quote
This post thanked by:
Old 06-08-2016, 06:31 AM   #6514
Rs has made me the man i am today!
 
J____'s Avatar
 
Join Date: Dec 2007
Location: Shanghai
Posts: 3,333
Thanked 725 Times in 282 Posts
Quote:
Originally Posted by smoothie. View Post


i dont even.
what, you know china so well?
__________________
P H O T O G R A P H E R
www.jacksonzhao.com
J____ is offline  
Reply With Quote
This post FAILED by:
Old 06-08-2016, 06:37 AM   #6515
Rs has made me the man i am today!
 
J____'s Avatar
 
Join Date: Dec 2007
Location: Shanghai
Posts: 3,333
Thanked 725 Times in 282 Posts
Quote:
Originally Posted by Gululu View Post
Investing for long term doesn't exist in china.
exactly
__________________
P H O T O G R A P H E R
www.jacksonzhao.com
J____ is offline  
Reply With Quote
Old 06-08-2016, 08:14 AM   #6516
SFICC-03*
 
Join Date: Mar 2002
Location: richmond
Posts: 6,946
Thanked 1,468 Times in 577 Posts
Quote:
Originally Posted by GLOW View Post
he's sticking up for the little guy...


Mayor Gregor Robertson's House Sells For $1.98 Million
you say that like that's a lot for a detached home in the west end. its average at best and really not newsworthy.
unit is offline  
Reply With Quote
Old 06-08-2016, 08:35 AM   #6517
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,091
Thanked 1,098 Times in 443 Posts
My girlfriends mom sold her townhouse in coquitlam yesterday. It was built in 83', and fairly big at 1850sq/f. 1.5 baths.

Other than the new carpets upstairs and in the basement, pretty much every appliance needs to be replaced, the bathroom needs to be redone, kitchen badly needs updating and the main floor needs new laminate. No garage one reserved parking spot. Oh and a certain spot in the matter bedroom leaks during heavy rain.

The open house was this weekend over a hundred groups of people showed up, they listed it at 435 and sold it for 490 no subjects, not even an inspection.

Not only that but pretty much every major bidder wrote a letter kissing ass hoping that they'd accept their offer.

What a shitty time to be buying real estate lol

To put things in perspective a unit last summer in that complex sold for 400

Last edited by MarkyMark; 06-08-2016 at 08:42 AM.
MarkyMark is online now  
Reply With Quote
Old 06-08-2016, 08:36 AM   #6518
this is the hardest n***a of all time
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 7,479
Thanked 4,425 Times in 1,775 Posts
Quote:
Originally Posted by A-Dev View Post
He sold but is now priced out of the place he wanted to buy next. "Housing market at risk!..."
he bought a newer smaller home in a nicer area for roughly 25% less so made out pretty good.

good time to fight the housing crisis
__________________
Feedback
http://www.revscene.net/forums/showthread.php?t=611711

Quote:
Greenstoner
1 rat shit ruins the whole congee
Quote:
[04-06, 11:34]radiomanI'm doing happy hour with bj#3 today
[07-04, 10:27]radiomani need just the tip
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline  
Reply With Quote
Old 06-08-2016, 08:49 AM   #6519
Los Bastardo owned my ass at least once
 
hud 91gt's Avatar
 
Join Date: Feb 2002
Location: Vancouver
Posts: 6,205
Thanked 1,644 Times in 647 Posts
Quote:
Originally Posted by GLOW View Post
he's sticking up for the little guy...


Mayor Gregor Robertson's House Sells For $1.98 Million
I'd like to know who ended up with the house. That seems far too cheap. I know of a duplex that sold twelve streets south of that (away from the water) that sold for his asking price. What gives.
__________________
Crush - 1971 Datsun 240z
The Daily - A Boring Honda

Last edited by hud 91gt; 06-08-2016 at 08:57 AM.
hud 91gt is offline  
Reply With Quote
Old 06-08-2016, 09:23 AM   #6520
My dinner reheated before my turbo spooled
 
dat_steve's Avatar
 
Join Date: Jun 2006
Location: Vancouver
Posts: 1,797
Thanked 790 Times in 336 Posts
1.98 on paper, another 1.98 in some sort of sheltered account overseas i bet.
dat_steve is offline  
Reply With Quote
This post thanked by:
Old 06-08-2016, 10:46 AM   #6521
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,525
Thanked 16,665 Times in 3,592 Posts
That also was over a year ago. Sold for 2 million, would sell today for 3.5? Pretty much the way the market has gone for detached westside homes.
If anything he probably wants to cool the market because he's butthurt he lost 1.5 mil by selling his house too early.
__________________
98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever View Post
Westopher is correct.
westopher is offline  
Reply With Quote
Old 06-08-2016, 11:44 AM   #6522
I don't like cheese but I love milk!
 
Ferra's Avatar
 
Join Date: Nov 2002
Location: Van
Posts: 1,831
Thanked 760 Times in 192 Posts
Quote:
Originally Posted by J____ View Post
took out a 3 million mortgage at 2-3% to purchase a 5 million dollar Vancouver house, then took the 3 million and put it in a Chinese bank's term deposit to get back 5% interest. Free money, great for banks and the person with enough funds to do this but it really fucks over the working class in Vancouver...
Doesn't work (aka. forward exchange rate, no arbitrage)

People doing this are stupid and doing it at significant risk.
(e.g. Many corporations and governments in developing countries took out massive loans in USD during the past few years, they saved a ton of interest with the low USD interest rate (3% vs 8%), but now they are getting screwed having to pay back in USD with the USD up 30-50% against their local currency...there is no free lunch)


I think CRA should just start taxing the influx of money immigrants are bringing in, regardless of source or the person's residency...it is not very fair, but... they can afford it.
Ferra is online now  
Reply With Quote
Old 06-08-2016, 11:49 AM   #6523
I only answer to my username, my real name is Irrelevant!
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Location: Off-Topic
Posts: 26,815
Thanked 6,597 Times in 2,290 Posts
The thing is, they can all afford whatever "tax" you want to introduce as well.
__________________
Canucks - ftw!
Hondaracer is offline  
Reply With Quote
Old 06-08-2016, 12:08 PM   #6524
My homepage has been set to RS
 
Join Date: Apr 2007
Location: Surrey
Posts: 2,091
Thanked 1,098 Times in 443 Posts
Well then if they wipe their ass with any tax we could give them then sounds like a good place to start. If they don't care then make it some absurd amount. Milk the cow baby.

Maybe every foreign buyer should have to donate an undisclosed amount to TransLink to qualify. Let's see how bad they want a house.
MarkyMark is online now  
Reply With Quote
This post thanked by:
Old 06-08-2016, 12:08 PM   #6525
Hypa owned my ass at least once
 
westopher's Avatar
 
Join Date: Apr 2011
Location: vancouver
Posts: 6,525
Thanked 16,665 Times in 3,592 Posts
It will curb flippers though.
Realistically I don't understand how anyone without residency should be allowed to purchase a home anyways. If you can't actually live in the country, theres no reason a government shouldn't be able to tell you to fuck off when it comes to people actually being unable to LIVE in the city you are parking your investment in.
I've said it before, and I'll say it again. Shelter is a basic human necessity, and it should be prevented from being treated as a commodity at least at basic levels.
Yeah my communism is showing again, but the amount of money sitting stagnant in rich peoples bank accounts and parked in empty homes is doing no fucking good for society.
__________________
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:
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 08:01 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