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Old 10-07-2016, 04:54 PM   #8576
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again mayne some shady stunt pulled by the son again lol.
Are we talking about Anthony Espinosa again?
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Old 10-08-2016, 01:36 AM   #8577
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Good read about what I've been saying for a long time. But you know maybe all those people being displaced are just fucking so entitled......
Vancouver?s housing boom sets off human-rights alarm at UN - The Globe and Mail
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Old 10-08-2016, 02:11 AM   #8578
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the property was listed for sale back in early july, at that time my family though they were just selling the house. later on we learned that its cause they owe the bank money. how long has it been going on or how many payments were missed i dont know as like i said, distance relatives as the kid tried to pull a stunt on me before so ever since then i never spoke to that family anymore. at this point from what i've learn, the parents still dont know their house is being sold off as the parents r being deceived by their "supposedly" good son. what i want to know is the whole process of being foreclosed, starting from missing payments. from what i understand, the property is under the moms name, and the mom is only here a few days of the year, n im pretty sure theres got to be some documents the title holder needs to sign for this process to start? again mayne some shady stunt pulled by the son again lol.
When a mortgage payment is missed the lender will send a reminder letter first. If the letter is ignored or another payment is missed they will send a demand letter. It details options to keep your mortgage in good standing. Whatever options the lender offers is completely dependent on them and the circumstances. If the owner can't do anything, foreclosure proceedings begin with the lender filing a petition in supreme court.

In your relatives case, if the home was up for sale that means the lender received court approval for the sale if the title owner (the mother) was still unaware at this point so she wouldn't have needed to sign anything. The lender also would've had a charge (certificate of pending litigation) added on title to prevent an unauthorized sale without court approval. Even during foreclosure proceedings an owner can plead to the court to work out something with the lender as long as the intent is sincere.

During foreclosure, if owner occupied, they can remain in the home without paying the mortgage but they are at the mercy of the court.

Should the proceeds of the sale not cover the balance owing the lender can go after the title owner (the mom) for the remaining amount.
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Old 10-14-2016, 02:24 AM   #8579
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Slower growth or even reversal predicted for Greater Vancouver home prices - British Columbia - CBC News

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Royal LePage CEO Phil Soper said house prices in Greater Vancouver grew 30.6 per cent year-over-year in the third quarter of the year, marking what may have been the real estate market's "final hurrah."

Soper said he expects that price growth in Vancouver will slow or even reverse in the months ahead as the effects of recent federal and provincial government rule changes begin to be felt.

He said it can take about six months for prices to catch up with a change in demand, and points to last month's 32-per cent plunge in home sales in Greater Vancouver.

Soper isn't blaming B.C's new 15 per cent tax on foreign home buyers for the decline, saying sales were already softening when the tax took effect in August, but he believes the tax may have been the change that finally tipped the scales.

The real estate agency said the average house price in the region soared to $1.19 million in the three-month period that ended on Sept. 30, up from $914,705 during the same quarter last year.

The average price of a home in Greater Toronto rose to $693,154 over the third quarter, up 13.6 per cent compared to last year, when the average home price was $610,308.

In Edmonton, where the decline in oil prices has hurt the real estate market, the average cost of a home was down 3.1 per cent to $374,712 from $386,829 a year ago.

Royal LePage said its national house price composite a figure based on 53 of the country's largest real estate markets showed that the average price of a home climbed 12 per cent from a year ago to $545,414 in the third quarter.
Toronto is always thought of as the "center of the universe" in terms of Canada, but it's really surprising to see that the average price of a Vancouver home is almost double that of Toronto.
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Old 10-14-2016, 05:58 AM   #8580
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Well that makes here the center of the joke with way less opportunities and lower salary coupled with higher cost of living thanks to the real estate.
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Old 10-14-2016, 06:58 AM   #8581
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Look at the GTA area, there's infinitely more supply than Vancouver.
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Old 10-14-2016, 01:20 PM   #8582
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Speaking of Toronto, it's not just the Chinese who are driving prices there - it's young couples like these two.

The Chase: A young couple goes west-end home shopping, with parental help

Help from parents via HELOC. Pretty standard stuff.
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Old 10-14-2016, 01:24 PM   #8583
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Speaking of Toronto, it's not just the Chinese who are driving prices there - it's young couples like these two.

The Chase: A young couple goes west-end home shopping, with parental help

Help from parents via HELOC. Pretty standard stuff.
Scary that they got $500,000 from both parents and couldn't get a $280,000 mortgage for that place.
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Old 10-14-2016, 01:29 PM   #8584
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Speaking of Toronto, it's not just the Chinese who are driving prices there - it's young couples like these two.

The Chase: A young couple goes west-end home shopping, with parental help

Help from parents via HELOC. Pretty standard stuff.
Ugh. Reading this makes me want to puke. This is what's wrong with the Canadian Real estate market...no wait Canadian Society right here.

Poor guy. Probably pressured by his in-laws to make their daughter 'happy'. 23 years old and already saddled with probably 600K+ in debt plus half a lifetime of mother-in-law drama. At their age I was ready to take on the world. Hope they're happy in Etobicoke

edit: just read it again and he's a Real estate agent...and she works for her dad's Housing-related company. Oh well, there you go...gotta keep the bubble growing!
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Old 10-14-2016, 01:36 PM   #8585
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Fucking disgusting. That couple combined income probably less than 80k-90k. Trying to buy a house with value 10 times that.

I don't know does nobody knows what living debt free feel like? I can tell you: it's fucking great. Too many people being pressured into working shitty ass jobs for scumbag bosses because they're drowning in debts and cannot afford to stay unemployed for even a month.
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Old 10-14-2016, 03:28 PM   #8586
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Not if the real estate market doubles in the next year.
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Old 10-17-2016, 12:22 PM   #8587
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Ugh. Reading this makes me want to puke. This is what's wrong with the Canadian Real estate market...no wait Canadian Society right here.

Poor guy. Probably pressured by his in-laws to make their daughter 'happy'. 23 years old and already saddled with probably 600K+ in debt plus half a lifetime of mother-in-law drama. At their age I was ready to take on the world. Hope they're happy in Etobicoke
So just because people want something different in life than you they are wrong?

They will probably be laughing at you in 15 years, when they have a comfortable life, with a paid off house, taking trips to europe, two nice cars, etc.

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Fucking disgusting. That couple combined income probably less than 80k-90k. Trying to buy a house with value 10 times that.

I don't know does nobody knows what living debt free feel like? I can tell you: it's fucking great. Too many people being pressured into working shitty ass jobs for scumbag bosses because they're drowning in debts and cannot afford to stay unemployed for even a month.
They have 500k cash. At 800k they have over 60% down payment. How is this an issue? Even if they only earn 80k a year combined with payments around 3000 a month, they could easily make a living and pay the 300k mortgage off in 10 years. And that's assuming they make the same combined 80k a year the entire time, which is obviously ridiculous, they are only 23 years old, their income will obviously go up in the next 3 years. These two are in better shape than 80% of the rest of the new homeowners in this country.

It's great that you don't want a mortgage, but real estate historically has been a good place to store and create wealth. These two are lucky enough to have parents who are generous and can afford to give them some money so they start their life together off on a good foot. Atleast they are choosing to use it in a manner that benefits them in the long run rather than blow it on a new BMW and vacations to the Caribbean and shit.


You guys are just shitting on these two because their parents gave them 500k. If this was a couple in their 30's who had saved up 500k, looking to buy a house, nobody would bat an eye. In fact they would probably use them as an example in this thread and point out the fact that it is so sad a couple in their 30's had to save for 10 years before being able to even afford a downpayment on a place.
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Old 10-17-2016, 01:13 PM   #8588
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This is pretty much the new reality going forward. If you want to buy a place then you better hope your parents have their shit together so they can give you the bulk of the mortgage down payment. It's barely possible to save up now without help imagine in 20 years when prices even more fucked.
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Old 10-17-2016, 01:21 PM   #8589
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I agree with MarkyMark, the new norm will be parents substantially helping out their kids to buy their first place in Vancouver. You gotta think though that the 10billion+ transfer of wealth from current older Vancouver home owners to their kids has to end up somewhere......all that money is not going to just leave the Vancouver core.....
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Old 10-17-2016, 01:24 PM   #8590
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They can't keep going forever. Money is a finite resource.
It's sad though, they put in all these rules to cool off the market and all it does is make it harder for first time homebuyers. When are they going to target the real fucking problem? Investors.
Another saga in the rich get richer. Welcome to America.
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Old 10-17-2016, 01:53 PM   #8591
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So just because people want something different in life than you they are wrong?

They will probably be laughing at you in 15 years, when they have a comfortable life, with a paid off house, taking trips to europe, two nice cars, etc.
Doubt it, the way their nesting instinct is showing and (if I may be tad racist) her ethnicity they'll probably be popping out 3-4 kids within 10 years. She'll be lucky to even get a chance to fit out the front door before saying to her hubby "we need a bigger place!" and finding out they can only afford in the outer 905 area code.

I on the other hand, while a decade older, have lived a full life and could die happy tomorrow. Done the Europe/Caribbean/Asia travel thing at least once a year and own property to boot without parental help. I'm not rich, and earn a middling salary. How do I do it? I don't overextend myself like these 2 idiots. #sorrynotsorry

p.s. If you think being gifted 500K is the same as earning it you're no better than the garbage we see on TV every day like Kim Kartrashian.
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Old 10-17-2016, 02:06 PM   #8592
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They can't keep going forever. Money is a finite resource.
The most logical thing I have heard when discussing this; Money is finite. Wealth however is not.

We've had the conversation of paper rich vs actually rich in this thread a dozen times.

The conversation of money and it's total economic reach is one that's almost all speculation. Nobody actually knows how deep this economic system we have created is, there is so many cogs and wheels, and so many different players, it's an intricate thing.

You could say that because there is a finite amount of raw materials on earth, and therefore we could reach an economic peak as we approach utilization of all that material, at which point transfer of wealth would only occur on recycling of material. But this will never happen, we will die off long before that, or we will flee this planet and inhabit another one.

Spoiler!
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Old 10-17-2016, 02:35 PM   #8593
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Jesus that's a whole lot of terrible right in a row. I'm not gonna touch the kids thing, except to say that just because you may not value having kids doesn't mean it isn't some other people's dreams to have a family and care for them.

I'm only going to comment on the last item about being gifted 500k. You mean to tell me that Alex Aguila and Nelson Gonzalez who started Alienware based on a $10,000 gift they received, didn't earn the $100 million they sold the company for in 2006?
Didn't say anything about the validity of having kids or not. Merely used that as a tool to illustrate that their situation is not an endgame and that being handed huge amounts of money to be given their "dream home" at such a young age is anathema to their own psychological wellbeing, their parent's finances and the economy at large.

And whatnow? Buying real estate in Toronto is akin to a running a successful tech startup?
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Old 10-17-2016, 03:06 PM   #8594
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not having kids is dat touchy subjecto around hurr
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Old 10-17-2016, 03:11 PM   #8595
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anathema
It's not everyday someone uses a word I actually have to look up.

Word of the Day: Anathema (/əˈnaTHəmə/)
Noun
1. a person or thing accursed or consigned to damnation or destruction.

2. a formal curse by a pope or a council of the Church, excommunicating a person or denouncing a doctrine.
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Old 10-17-2016, 03:23 PM   #8596
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They will probably be laughing at you in 15 years, when they have a comfortable life, with a paid off house, taking trips to europe, two nice cars, etc.
I think both you and CB are both possibly right as you guys are looking at it from 2 different extremes.
We don't know for sure if that $500K gift has to be repaid or if that is free money to them.
We know that they were not approved for a $280K mortgage, which leads me to believe that they have not be in the work force long enough to qualify for a mortgage.

Assuming the money is a gift and does not need to be paid back, then even with just a single income, they should be able to handle that $280K mortgage at the current interest rates.

Who knows, maybe in 2 years they will split and things will get nasty trying to decide who gets what and for how much.
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Old 10-17-2016, 03:27 PM   #8597
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You know whom I feel sorry for? Millennials whose parents didn't invest in RESPs. Student debt is the real source of inequality going forward.
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Old 10-17-2016, 03:33 PM   #8598
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So wait, if parents want to downsize and then gift a portion of that to their kids rather than sitting on it until they die so that kids get it as an inheritance, that's somehow bad?
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Old 10-17-2016, 03:48 PM   #8599
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So wait, if parents want to downsize and then gift a portion of that to their kids rather than sitting on it until they die so that kids get it as an inheritance, that's somehow bad?
Great for the kids receiving and maybe the parents, but generally speaking, bad for everyone else with housing being such a limited resource.

Having a house with a yard and white picket fence isn't bad in and of itself. It's just when everyone wants one it leads to urban sprawl, traffic jams, inner city blight.

Tragedy of the Commons - google it.
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Old 10-17-2016, 03:49 PM   #8600
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So wait, if parents want to downsize and then gift a portion of that to their kids rather than sitting on it until they die so that kids get it as an inheritance, that's somehow bad?
I don't think anyone is saying that to any extent. I do think that people having their parents leverage their homes in a volatile market and economy to use credit to gift a massive down payment for a grossly extravagant first home however, is quite ridiculous.
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