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Old 09-10-2016, 07:18 AM   #8251
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Except the only reason rent is up is because housing is.....

Boils down to, who is going to be able to afford here, own or rent?
I think it's a function of increased population via international students and housing prices.
I remember a time when landlords had to slash prices to find renters but now stuff is being snatched up within hrs of being posted.

Up on SFU, 8 years ago it was mostly Korean international students and now it is predominantly mainlanders and there is way more of them than there ever was of Koreans.

As well, over the course of 8 years, many new buildings have been built and they are being rented to some families but mostly SFU students. Whenever I post a unit available for rent, it is just insane the amount of emails I get from people interested in rented a 280 sq ft studio.
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Old 09-10-2016, 09:22 AM   #8252
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I hear everyone going batsh1t on how nutty rental prices are, just walking around my hood I saw this posted up, seems VERY reasonable to me.

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Old 09-10-2016, 02:40 PM   #8253
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interesting read into 'shadow banking'. picked out a few paragraphs for those that dont want to read the whole thing:

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Translated for The Globe, they show that Mr. Gu, or his companies, are hidden – the legal term is “beneficial” – owners of certain properties, even though absentee foreign clients bankroll everything from the down payment and mortgage payments to property-related taxes and other expenses. The homes and mortgages are registered in the names of his clients, their companies or spouses.

The financing Mr. Gu’s companies receive from those clients comes in the form of loans that are not taxable, and that fall within what’s known as “shadow banking” – an unregulated system that has exploded in popularity in China, and now appears to be getting a toehold in Canada. Such “peer-to-peer” loans, as they are also called, sidestep banks entirely, and promise lenders significantly higher returns than they can get elsewhere.

Mr. Gu’s lender clients earn their wealth primarily in China, while coming and going from Vancouver, according to Mr. Lazos. Records show that they give Mr. Gu power of attorney to facilitate everything through his small, nondescript Vancouver office, but his stake in the properties remains hidden. And although he is not licensed to broker mortgages or manage investments, records suggest he does both.

When Mr. Gu flips a property, his contracts stipulate that lender clients get back what they put in, plus a set return – 15 per cent in one instance. After the mortgage and the bills are paid, Mr. Gu keeps whatever is left, which, in some cases, appears to be hundreds of thousands of dollars.

According to legal and tax experts, this arrangement would allow him to avoid taxes, because the properties are not in his name. Mr. Gu can also maximize financing, because individual clients applying for mortgages, ostensibly to buy the homes, can borrow more money collectively than Mr. Gu could if he tried to finance properties on his own.



While many Canadians have come to resent the impact of foreign buyers on the real-estate market, the documents suggest that Mr. Gu pocketed much more than his clients did on some of his deals.

In one contract involving a rental property, his client was guaranteed a return of one per cent a month for paying the down payment and property-transfer tax upon purchase. Mr. Gu would collect the rent and pay the mortgage, then keep the rest of the profits when the duplex sold.

Mr. Gu sold the property two years later for $850,000 more than he paid for it, because the market price had jumped by that much. But according to the terms of the contract, his client stood to receive less than $90,000 of that windfall.
Vancouver real estate speculators taking advantage of loopholes and lax$oversight - The Globe and Mail
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Old 09-10-2016, 02:46 PM   #8254
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I've always wondered, what stops somone from China etc who has a legit 20 mill in the bank from coming here and buying whatever?

Everyone talks about illicit funds etc and people trying to fly into YVR with a million dollars in their carry on, but if you have "legit" business back in China with millions in the bank besides the new 15% tax, what are the downsides of just buying homes with the money you've got in a legitimate bank?

My mom is a mortgage broker for coast capital and they've really cracked down on people applying for loans who cannot prove a legitimate source and income for their wealth, but if you can buy a home outright or get a loan from another bank, who decideds the legitimacy of that money?
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Old 09-10-2016, 03:45 PM   #8255
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I've always wondered, what stops somone from China etc who has a legit 20 mill in the bank from coming here and buying whatever?

Everyone talks about illicit funds etc and people trying to fly into YVR with a million dollars in their carry on, but if you have "legit" business back in China with millions in the bank besides the new 15% tax, what are the downsides of just buying homes with the money you've got in a legitimate bank?

My mom is a mortgage broker for coast capital and they've really cracked down on people applying for loans who cannot prove a legitimate source and income for their wealth, but if you can buy a home outright or get a loan from another bank, who decideds the legitimacy of that money?
The money still needs to be snuck out. The Chinese government has controls in place where only 50K can be legitimately moved out each year.
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Old 09-10-2016, 03:56 PM   #8256
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Old 09-10-2016, 06:29 PM   #8257
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Was able to get a glance through all the local sales in Vancouver West. The people who are buying are still paying top dollar. Around asking, and some even more then asking. Cray cray.
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Old 09-11-2016, 06:50 PM   #8258
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I hit up a bunch of open houses today looking for a place. Seems like thing are somewhat cooling off. The realtors I talked with were saying that interest still seems to be high, but there have been a lot of low balls and offers with too many conditions on them to accept.

I was really just disheartened by the type of units I saw... I am looking in the 600~800K range, and a lot of them looked only marginally better than the first shitty place I rented when I was 19. Not one of them had a half decent view; mostly just looking onto other peoples terraces, or onto one of the main routes into the city, or into a rack of power lines. Really, this is what 800K gets you these days?

I have no idea wtf I am going to do anymore
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Old 09-11-2016, 08:29 PM   #8259
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Where were you looking
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Old 09-11-2016, 08:36 PM   #8260
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I was looking last week in Richmond for a townhouse. Saw one mid 2000's for 700k, I put in an offer for 660 and was outbid. I guess its still asking price + another 10%? LOL

From what I see in my parents neighborhood (steveston area near the dykes) and just going to open houses, Richmond does not seem to be slowing down at all, maybe marginally if anything
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Old 09-11-2016, 09:27 PM   #8261
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Where were you looking
I started on the Southwest side at George Wainborn park, and made my way North across the city as far as Hornby, and then went East eventually ending up the Stadium-Chinatown station.

Ideally I would like to find something around the Burrard Station, but there isn't much available in my price range there. I am working in the Fariview slopes area, but my wife will be working on West Pender in a few months from now.
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Old 09-11-2016, 10:06 PM   #8262
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Downtown is about $1100-1300 per sq ft now for a recent build 2010+
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Old 09-11-2016, 10:14 PM   #8263
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Downtown is about $1100-1300 per sq ft now for a recent build 2010+
That seems pretty high. Its been $1025-1100 for most of the random terrible buys that pop up under sponsored real estate spam on my Facebook feeds. All also being yaletown/kits/gastown and recent builds.
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Old 09-11-2016, 10:16 PM   #8264
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Downtown is about $1100-1300 per sq ft now for a recent build 2010+
I have come across a few of the brand new builds on my MLS search... I get pretty depressed to see that I worked my ass off the last 15 years and it gets me a broom closet with a highway view

f-ing speculators have basically run up the market so high that the only people that can afford to buy are other speculators

They should just seize all of the foreign owned homes, resell them to Canadians at reasonable prices, and use the money to pay down the provincial debt. That would solve our housing crisis, get rid of the speculators permanently, and probably allow the province to slash the PST by at least half.. all in one shot.
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Old 09-11-2016, 10:19 PM   #8265
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last night a mortgage broker who was at the dinner i was at told me of two buildings starting at $2000 a sq/foot DT, cant remember the names though
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Old 09-11-2016, 10:20 PM   #8266
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500 square feet, huge balcony in north van, built this year. 375k
Its still retarded, but less retarded than 550-650k for the same thing downtown.
https://www.realtor.ca/Residential/S...olumbia-V7M1H1
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Old 09-11-2016, 10:21 PM   #8267
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last night a mortgage broker who was at the dinner i was at told me of two buildings starting at $2000 a sq/foot DT, cant remember the names though
I think the Trump tower is quite high, the Shangri-La was pretty price per square foot as well

I've actually been fairly surprised at how expensive the units in Olympic Village are per square foot
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Old 09-12-2016, 08:23 AM   #8268
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Townhouses are still moving in the Tri-Cities, particularly in Heritage Woods, Westwood Plateau, and Burke Mountain.

MrPhreak: you could always buy something in the 550k range in Burnaby-Brentwood. You'll have views for now.
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Old 09-12-2016, 09:32 AM   #8269
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Cadero's by Bosa is averaging at $2k per SQ

I am sure the future Westin Bayshore re-development by Concord will be upwards of $2000 per sq...
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Old 09-12-2016, 09:36 AM   #8270
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yeah but that's to be expected. it's basically AAA prime coal harbour waterfront with yacht access at the doorstep.
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Old 09-12-2016, 10:11 AM   #8271
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For that price they better come with diamond encrusted toilets.
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Old 09-12-2016, 10:30 AM   #8272
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For that price they better come with diamond encrusted toilets.
No, but they might have the ones that will wash your ass for you after you drop a deuce.
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Old 09-12-2016, 10:34 AM   #8273
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Bidets are killah lol

Basic units at trump were around $1100 I was told when working there.

Could definitely see the units at floors 50+ over $2000 though, the finishing was pretty crazy. Bathrooms were the nicest I've ever seen in apartments or hotels for that matter and only top quality materials used
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Old 09-12-2016, 12:52 PM   #8274
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f-ing speculators have basically run up the market so high that the only people that can afford to buy are other speculators
I'd challenge that there are significantly more local Canadian speculator owned homes, especially in the downtown area, than foreign speculator owned. And now with rent prices what they are and low rental stock, I wouldn't expect pricing to become affordable and worthwhile by your measures. Sounds like you are looking for high end finishes, oceanview, rock bottom pricing, in a 'hot' location.
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Old 09-12-2016, 04:20 PM   #8275
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Expect tougher mortgage rules by November
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