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Old 10-11-2012, 10:04 AM   #101
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On another note, I don't think Jason is saying he is spending more money on rent than he could afford on a mortgage. Its that you can rent more per dollar than you can buy in vancouver. Me and my gf live right off of the ocean, have a 200 sq. foot balcony, and a nicely renovated small place overlooking the water, totally unobstructed, close to DT and pay 1400, a month. I would imagine the place would be 350 to 400k to buy + condo fees, taxes, etc. In comparison, I rent out my place in edmonton that cost me 250k, 4 years ago, for about the same price, and thats giving someone the "family and friends" discount in order to have good tenants. The rental to purchase price gap in Vancouver doesn't really balance out like other places, and thats what makes it a volatile investment.
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Old 10-11-2012, 10:08 AM   #102
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And you are giving financial and real estate advice when your parents pay your rent, and wage. Grow up a bit, spend your own money, then come back after you learn a little bit about that.
i too, have blown alot of money going drinking clubbing with hot girls on the weekends, tipping strippers and bartenders, and buying fashion clothes.

There, better now?
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Old 10-11-2012, 10:16 AM   #103
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On another note, I don't think Jason is saying he is spending more money on rent than he could afford on a mortgage. Its that you can rent more per dollar than you can buy in vancouver.
its also posted he's also blown alot of money renting cars and vacations. unless you have unlimited amounts of money coming your way i don't think you should be spending money like that

i guess it is GOOD if you're trying to appear more baller in a more upper social class for now just for women and end with nothing in just a few years
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Old 10-11-2012, 10:22 AM   #104
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Did you do that with your own money? One could argue that experiences and travel is the greatest investment one could make. Its different priorities than the norm. Finding a balance is important to me. Spending money on experiences is an investment in your own personality.
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Old 10-11-2012, 10:24 AM   #105
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Did you do that with your own money?
who fucken cares its gonna be mine anyways. so you're not gonna take 10 mill if someones gonna give it to you?
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Old 10-11-2012, 10:28 AM   #106
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At least he's thoroughly enjoying his life you dumb fuck.
ya i agree you should enjoy life. Hell i aint saving im gonna go out have fun leasing cars i cant afford, rent places i can't afford, drink go dancing with girls every night, whatever lmao
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Old 10-11-2012, 10:29 AM   #107
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who fucken cares its gonna be mine anyways. so you're not gonna take 10 mill if someones gonna give it to you?
I would, and will but I wouldn't talk like I knew fuck all about making money and investing when I had it handed to me.
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Old 10-11-2012, 10:32 AM   #108
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I wish I had a crystal ball... there are so many relevant factors at play.

On the one hand, there are so many units going up that it seems hard to believe that there is the demand to absorb them all. Yet on the other hand, sales for most developments have been brisk, and some such as Wall Centre and a few of the Pinnacle buildings have 100% sold out. At this point there definitely is some stagnating, most of the buildings such as Opsal, Meccanica, etc are around 50% sold after some time on the market. Opsal, for example, is the only high rise in the area, but it has been for sale for 3 YEARS! They actually shut down the sales center and re-opened after re-branding the project... to give you an idea of what a fail it was.

On the flip side, prices for new construction in the area have appreciated about 15% over 2010 levels... there are about 2 dozen assignments for sale at the Wall Center which is underway now and will be complete in early 2013, about a year ahead of most of the other projects. Many of these assignments are as much as 20% over the price of the original sale and are still competitive with the market. If you were there early in the presale for Wall, you could have bought a 16th floor penthouse unit 950sqft 2BR with a huge wrap-around terrace for around $600k - they sold several of them. Now, that same unit is $729k. On the flip side, you'd still have to pay north of $800k in the actual Olympic Village and few other buildings in the SEFC area will be as well well located as Wall is.

Personally, I've decided that speculating 2 years out is more risk than I am willing to accept at this point. I am looking at assignments as they come up in Wall as the time frame is much shorter - the interest rates are a real factor in this decision too. I can qualify for 2.9% fixed on 5 years and they will honour this rate for 6 months from my approval date, but if I want an 18 month spot on a 5-year fixed rate, it's at 4.5%! This, combined with the taxes to be paid, make it a much less attractive bet for me.

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Thanks for the input and all the facts.

In my opinion it all comes down to the buyers and sellers.

The seller's point of view is that the only way the Vancouver Real Estate Market goes is up. Their expectation is to buy at the lower presale price, hold as an investment and sell at a higher price sometime later. The majority of seller's feels this way given how the Vancouver RE market has been the last 7-8 years (no where to go but up). It's innate and built in to them.

The buyers are the ones that have either missed out the time to buy cheap or at this point of stage are in need of a home (whether they were recently renting or moved into Vancouver). Yes, the prices is high but let's not forget all the cheap money available. What I mean is interest rate is at a historical low at 3-4%. In 1980's interest rate hoovered at around 12-20% (try to pay this off!!!!! - truly predatory

With that said we are at at point of inflection between sellers and buyers and it's a matter of time when one side gives way and then we'll see the outcome of the overall RE market

Few factors to consider:
1. Income - Its a true fact that the typical Income in Vancouver does not support the levels of the price/income ratio. Yes the more expensive properties are purchased by overseas investors but lets not forget that whoever sold was able to profit and move-on. It's a cycle that gets rinsed and repeated
2. Mortgage Rules and Interest Rate - Let's face it, money was very cheap to borrow the last 7-10 years (which imo resulted in the hot RE market). However the rules have changed with shorter amortization periods and it's a matter of time if and when the interest rate will increase.
3. Debt levels - Sorry but us Canadians have it hard. Way to much consumer and personal debt. This has a big affect for the people who are carrying a huge mortgage (few points increase) and you're left to figure out how you're gonna pay for it.

My outlook:
1. Stagnate if all things stay the same for the next 2-3 years.
2. - 10% across the board if Mortgage rules further tighten and slight increase of interest rate
3. Up to - 25% decrease if Canadian Housing market implodes ala the US Housing Market ala 2007/2008. It will take a lot for that to happen as the CMHC and other mortgage insurers would have to default. Then the Banks would also cry for money.
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Old 10-11-2012, 10:39 AM   #109
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I would, and will but I wouldn't talk like I knew fuck all about making money and investing when I had it handed to me.
to make money is to blow money like that guy posted. Blow it on vacation, rent, and cars

of course i know! you should enjoy life!
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Old 10-11-2012, 10:44 AM   #110
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Would appreciate if we all got back on topic.

Different strokes for different folks. No need to argue over the Internet - it's pretty pointless
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Old 10-11-2012, 10:49 AM   #111
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came in here to read updates on real estate discussion...this entire page...

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Old 10-11-2012, 10:53 AM   #112
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hahahuaa and that's why you're not rich
He's done more girls than the number of girls you've jacked off to in your entire lifetime, you pathetic air-wasting piece of s*it

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Old 10-11-2012, 10:54 AM   #113
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to make money is to blow money like that guy posted. Blow it on vacation, rent, and cars

of course i know! you should enjoy life!
If you're 'rich', you wouldn't be posting on here about your gambling + credit card debt. Now go f*ck off
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Old 10-11-2012, 11:07 AM   #114
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If you're 'rich', you wouldn't be posting on here about your gambling + credit card debt. Now go f*ck off
i never said i was i say its hard to get that way if you blow money like that you shouldn't have.

who cares about 30k cc debt that's kind of good considering i didn't need income to back it up its under my name and my parents helped me pay it off already. and im gonna get a m6 in a year or 2

and me and my parents even get gov't cheques because i don't really work and my parents hardly pay taxes on their income bc its a business. So from not paying taxes alone you save like 200k per year

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Old 10-11-2012, 11:11 AM   #115
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He's done more girls than the number of girls you've jacked off to in your entire lifetime


This is seriously sig worry and funny as fuck.
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Old 10-11-2012, 11:15 AM   #116
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He's done more girls than the number of girls you've jacked off to in your entire lifetime, you pathetic air-wasting piece of s*it

My ferrets understand the meaning of life better than you do.
then why aren't you at work? if his existence is just to blow money to get women than props to him "WOW mr big shot throwing his money around"

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Old 10-11-2012, 12:53 PM   #117
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i never said i was i say its hard to get that way if you blow money like that you shouldn't have.

who cares about 30k cc debt that's kind of good considering i didn't need income to back it up its under my name and my parents helped me pay it off already. and im gonna get a m6 in a year or 2

and me and my parents even get gov't cheques because i don't really work and my parents hardly pay taxes on their income bc its a business. So from not paying taxes alone you save like 200k per year

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Old 10-11-2012, 12:58 PM   #118
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oh really? geez i got ragged for saying it stupid for someone to pay more in rent than he should, blowing money on drink cars, whatever
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Old 10-11-2012, 01:03 PM   #119
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STFU!!!

This was a pretty productive thread minus the entire last page. FWIW, I have been a lot like Jason for most of my life... I've always rented, not because I couldn't afford a mortgage, but because I could invest my capital and earn a better return than I could on real estate. The bonus on top of that was that I was also always able to live in nicer places than I could afford.

To take an example, my current place in Woodwards. I'm in Gastown, 38th floor, 900sqft, 2BR unit looking straight at the water with the kind of view that basically takes girls clothes off for you.

Rent = $2200/month
To buy, a reasonable expectation is to pay about $675k for this unit.
Assuming 20% down and 2.99% mortgage, this is going to cost you: $136,000 cash for the down payment, another $10k for transfer tax and legal fees. For round numbers, you need $150,000 cash in your bank account. Then on top of this, you are looking at a best case mortgage payment of $2313 over 30 years, then you add $412 for strata fees and $240 for property tax.
Own = $150k cash, $2965/month

You would need to expect that this property is going to appreciate at 6% per year to just break EVEN let alone earn an actual return on your money.

There's no way in the world I could justify buying this unit at these prices!

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Old 10-11-2012, 01:09 PM   #120
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STFU!!!

This was a pretty productive thread minus the entire last page. FWIW, I have been a lot like Jason for most of my life... I've always rented, not because I couldn't afford a mortgage, but because I could invest my capital and earn a better return than I could on real estate. The bonus on top of that was that I was also always able to live in nicer places than I could afford.

To take an example, my current place in Woodwards. I'm in Gastown, 38th floor, 900sqft, 2BR unit looking straight at the water with the kind of view that basically takes girls clothes off for you.

Rent = $2200/month
To buy, a reasonable expectation is to pay about $675k for this unit.
Assuming 20% down and 2.99% mortgage, this is going to cost you: $136,000 cash for the down payment, another $10k for transfer tax and legal fees. For round numbers, you need $150,000 cash in your bank account. Then on top of this, you are looking at a best case mortgage payment of $2313 over 30 years, then you add $412 for strata fees and $240 for property tax.
Own = $150k cash, $2965/month

You would need to expect that this property is going to appreciate at 6% per year to just break EVEN let alone earn an actual return on your money.

There's no way in the world I could justify buying this unit at these prices!

Mark
why would you even need to have a place to even get girls? 2500 month is alot and you could get girls coming over for free living at your parents place

unless of course you're married but then if RE bursts then its time to buy
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Old 10-11-2012, 01:13 PM   #121
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why would you even need to have a place to even get girls? 2500 month is alot and you could get girls coming over for free living at your parents place

unless of course you're married but then if RE bursts then its time to buy
bringing girls home at your parents place?

I'd rather not have my parents hear bitches screaming my name lol.
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Old 10-11-2012, 01:14 PM   #122
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bringing girls home at your parents place?

I'd rather not have my parents hear bitches screaming my name lol.
they're at work most times of the day anyway
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Old 10-11-2012, 01:18 PM   #123
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STFU!!!

Rent = $2200/month
To buy, a reasonable expectation is to pay about $675k for this unit.
Assuming 20% down and 2.99% mortgage, this is going to cost you: $136,000 cash for the down payment, another $10k for transfer tax and legal fees. For round numbers, you need $150,000 cash in your bank account. Then on top of this, you are looking at a best case mortgage payment of $2313 over 30 years, then you add $412 for strata fees and $240 for property tax.
Own = $150k cash, $2965/month
Mark
@3%, you're also paying about $75k on interest alone within the first 5 years. Slap on the property taxes, and that's about the same monthly payment as your rent.
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Old 10-11-2012, 01:24 PM   #124
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Old 10-11-2012, 02:15 PM   #125
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they're at work most times of the day anyway
Maybe you should be at work during the day too...

Anyways, my post was not meant to be "oh hey look at me" although I can see how that may have come out, but it was just a real world example of how a lot of properties make MUCH more sense to rent than to buy.

But with that said... the math looks very different on other units. In the same building as my 2BR, 1BR units on a decent floor with a decent view rent for around $1700/month. You can buy these units for around $390k, so the math of these units looks much better... You put $80k down, your mortgage payment is around $1300, and by the time you pay strata and property taxes, your total bill is around $1850. This unit only needs to appreciate 2.25% per year to break even, where as the 2BR unit I live in needs to go up in price almost 3 times as much!

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