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 > Buy & Sell > Real-Estate Listings

Real-Estate Listings Apartments, Condos, Houses.
Looking for a place to rent or lease? Even ready to buy your first home? Remember to look on MLS listings, but check out our postings too!

Reply
 
Thread Tools
Old 01-10-2011, 03:39 PM   #26
resident Oil Guru
 
LiquidTurbo's Avatar
 
Join Date: Mar 2005
Location: Vancouver
Posts: 7,716
Thanked 10,457 Times in 1,794 Posts
Quote:
Originally Posted by Liquid_o2 View Post
My co-worker is a real estate economist. He spends half his day running numbers in Excel. He keeps telling me that the market is going to drop soon and right now would be a really bad time to buy a place (depending on location obviously), but he's been saying that for over a year now and the market still hasn't dropped yet.

Many housing "experts" are saying that Metro Vancouver housing prices will rise this year... so who do you believe.

Just have to take the risk and hope you bought in at the right time.
Never trust the 'expert's. Isn't Vancouver entering a period like Germany and Japan where the housing prices will remain grossly over inflated for a long period of time?
Advertisement
LiquidTurbo is offline   Reply With Quote
Old 01-10-2011, 03:42 PM   #27
My homepage has been set to RS
 
drunkrussian's Avatar
 
Join Date: Dec 2008
Location: Vancouver
Posts: 2,308
Thanked 824 Times in 340 Posts
saying "now is a bad time" is like saying "this president sucks" - in the short term it's true but in the long term it's not. "Now is a bad time" means compared to a year or so from now, you will buy at a slightly worse price. Overall, prices will rise in the long run and your investment will be a decent one.

Don't get me wrong, that's not to say you shouldn't or should buy now, that's just to say that most people don't know shit about real estate and just know the phrase "now is a bad time to buy", which they have permanently engrained in their heads.

Last edited by drunkrussian; 01-10-2011 at 04:37 PM.
drunkrussian is offline   Reply With Quote
This post thanked by:
Old 01-10-2011, 03:51 PM   #28
I Will not Admit my Addiction to RS
 
AWDTurboLuvr's Avatar
 
Join Date: Mar 2008
Location: Montreal
Posts: 590
Thanked 324 Times in 144 Posts
Quote:
Originally Posted by PuYang View Post
if im reading that correctly. you're saying you'd only do it if you actually GAIN MORE MONEY from the rent than the mortgage/other bills for the place?

thats actually very unlikely. but the rent will make it extremely easy for you to pay off the place. for example, my bro needs to pay ~1600 total for mortgage+maintainences etc for that apartment. hes renting it for ~1500. which means he is only required to pay ~100 bucks a month.

if he can continue this for the entire period of the mortgage, he will end up with the apartment completely paid for by spending only ~100 a month.

as long as you're making enough money for general living expenses, that extra 100 a month is not much. keep it up for a few years, and you own that apartment. from there, so many options open up. keep renting it and make ~1000 a month profit, or move in to save yourself whatever you are currently spending for a place to live. or sell the apartment if prices go up after those years.

of course this will differ for everyone's situation. but even if you arent breaking even with the fees, buying and renting out is still a good choice in alot of cases.
Very unlikely given the current housing market but that doesn't mean it never occurred before. I bought my first home 10 years ago when prices were quite a bit lower and the climate at the time was better to buy for rental purposes. It has a clean title now so it's pretty much pure profit here on out, but there are still expenses to maintaining a rental property plus the usual small headaches of dealing with tenants.

I'm not sure the terms or length of his mortgage, but I'm assuming the traditional 25 year mortgage is what he has. For that length, you have to consider the interest on the loan that he has to pay, plus the any rising expenditures (strata fees, etc). You can write off the interest portion of the mortgage, but since your brother already is showing a loss for this rental property, no point.

These are all factors you must consider before you decide to enter yourself into a negative cash-flow situation while banking on the fact that your property values will rise. However, everyone's risk adversity is different and some will decide that it is worth it.
__________________
"Happiness lies in the joy of achievement and the thrill of creative effort"
AWDTurboLuvr is offline   Reply With Quote
Old 01-10-2011, 04:04 PM   #29
The Brown Reason
 
BrRsn's Avatar
 
Join Date: Jan 2007
Location: Whalley
Posts: 4,594
Thanked 5,847 Times in 1,521 Posts
You might as well contact a real estate or find one that you like. You don't pay them, the seller does. They'll work for you for free essentially, and if they're good they'll try their best to find you exactly what you want.

All those websites are nice but nothing beats access to MLS.

Try to find a good up and coming realtor, all the big name realtor's are douches and you'll deal with their inexperienced sidekicks (assistants).
__________________
Quote:
Originally Posted by bcrdukes
fuck this shit, i'm out
BrRsn is offline   Reply With Quote
Old 01-10-2011, 04:06 PM   #30
I STILL don't get it
 
PuYang's Avatar
 
Join Date: Oct 2010
Location: Burnaby
Posts: 488
Thanked 132 Times in 70 Posts
@AWDTurboLuvr:
i BELIEVE (not 100% sure), that all interest etc has been factored in to that situation. so, my bro only does have to spend ~1600 a month for pretty much most of the future. and is rentinng for ~1500 (for one year at the moment). ASSUMING he does get more tenants, or this one decides to stay longer, than his plan will workout the way i stated above. a 100$ loss a month is not that much. if he simply drives less for example, than he can easily save 100 from gas money.

my bro and mom are super careful with money. and what i posted was their conclusion through months of calculating. so im assuming everything is going according to plan ;p

of course, i agree with you that there are so many factors into this. and every situation is different.

i do believe investing in property is still a good place to put your money. this of course, is assuming the person is making enough money for living, saving some for any emergencies, and still having extra money. rather invest that extra money into something...
__________________
2012 Volkswagen Golf GTI / 2012-Present
1999 Honda Prelude / 2010-2012
PuYang is offline   Reply With Quote
Old 01-10-2011, 04:08 PM   #31
WOAH! i think Vtec just kicked in!
 
Join Date: Oct 2005
Location: Vancouver
Posts: 1,673
Thanked 362 Times in 171 Posts
It's okay if your long-term outlook is positive. But do not disregard the fact that the price you pay today is also very important. The sense I get from reading some of responses are that if you buy a house today and it might go down 5 - 10% the next few years. But in the long run, housing will still rebound and you will end up with a very nice return. This is a very dangerous assumption, you always have to keep in mind the risk vs reward factor.

To quote John Maynard Keynes: "The long run is a misleading guide to current affairs. In the long run we are all dead."
Carl Johnson is offline   Reply With Quote
Old 01-10-2011, 04:18 PM   #32
Where's my RS Christmas Lobster?!
 
Join Date: Apr 2001
Location: vancouver
Posts: 849
Thanked 157 Times in 40 Posts
Wow! I'm amazed at the amount of misinformation there is in this thread?!?!

Have you people even worked out what the cost of a home after paying off your mortgage is? Do you even know what the average price of a Single Family Home is at the moment? Do you know what the average price of a Town House is? Do you know what the average price of the Condo is? How is the market comparable to other markets in CANADA?

Do you know the added cost of owning a property? Insurance? Maintenance? etc?


Sky_2000 is offline   Reply With Quote
Old 01-10-2011, 04:39 PM   #33
My homepage has been set to RS
 
drunkrussian's Avatar
 
Join Date: Dec 2008
Location: Vancouver
Posts: 2,308
Thanked 824 Times in 340 Posts
Quote:
Originally Posted by Sky_2000 View Post
Wow! I'm amazed at the amount of misinformation there is in this thread?!?!

Have you people even worked out what the cost of a home after paying off your mortgage is? Do you even know what the average price of a Single Family Home is at the moment? Do you know what the average price of a Town House is? Do you know what the average price of the Condo is? How is the market comparable to other markets in CANADA?

Do you know the added cost of owning a property? Insurance? Maintenance? etc?


lol that's why i'm not buying shit til i live in a dual-income family
drunkrussian is offline   Reply With Quote
Old 01-10-2011, 04:43 PM   #34
Wunder? Wonder?? Wander???
 
Phat_R's Avatar
 
Join Date: Apr 2010
Location: Vancouver
Posts: 225
Thanked 176 Times in 40 Posts
Quote:
Originally Posted by Sky_2000 View Post
Wow! I'm amazed at the amount of misinformation there is in this thread?!?!

Have you people even worked out what the cost of a home after paying off your mortgage is? Do you even know what the average price of a Single Family Home is at the moment? Do you know what the average price of a Town House is? Do you know what the average price of the Condo is? How is the market comparable to other markets in CANADA?

Do you know the added cost of owning a property? Insurance? Maintenance? etc?


I bought a townhouse in Yaletown with a 2 car private garage in 2005 for $500K.

Five years later it is worth around $900K -- simply by inflation.

All the while - variable mortgage rates have been the lowest they've ever been.

Time to buy is now
__________________
2000 Acura Integra Type R
2010 BMW M3 vert (sold)
2012 Porsche 911 Turbo S
Phat_R is offline   Reply With Quote
Old 01-10-2011, 05:02 PM   #35
Banned By Establishment
 
Join Date: Mar 2006
Location: Richmond
Posts: 12,489
Thanked 2,090 Times in 773 Posts
So sell it?
Meowjin is offline   Reply With Quote
Old 01-10-2011, 06:26 PM   #36
RS.net, where our google ads make absolutely no sense!
 
Anjew's Avatar
 
Join Date: Jan 2006
Location: vancouver
Posts: 910
Thanked 236 Times in 101 Posts
interest rates is indeed low and i was only able to lock at 3.49 percent... should i go variable?
Anjew is offline   Reply With Quote
Old 01-10-2011, 06:42 PM   #37
Need to Seek Professional Help
 
Join Date: Jun 2006
Location: 604
Posts: 1,049
Thanked 160 Times in 80 Posts
Quote:
Originally Posted by PuYang View Post
@AWDTurboLuvr:
i BELIEVE (not 100% sure), that all interest etc has been factored in to that situation. so, my bro only does have to spend ~1600 a month for pretty much most of the future. and is rentinng for ~1500 (for one year at the moment). ASSUMING he does get more tenants, or this one decides to stay longer, than his plan will workout the way i stated above. a 100$ loss a month is not that much.
This is sloppy math. I'm not saying that your brother's situation is or is not viable but if we're talking about an investment, you have to run numbers more carefully. Don't forget to add:

- property taxes
- special assessments (I am assuming the place is strata-titled, and am assuming that the above $1500 figure includes monthly strata)
- realtor's fees when the place is disposed of
- vacancies. Believe it or not, the place will not always be occupied.
- if we're talking about investments, don't forget the following:
- the opportunity cost of investing the down payment
- the opportunity cost of investing the $100/mo
- the time cost of being a landlord

Quote:
Originally Posted by Phat_R View Post
I bought a townhouse in Yaletown with a 2 car private garage in 2005 for $500K.

Five years later it is worth around $900K -- simply by inflation.

All the while - variable mortgage rates have been the lowest they've ever been.

Time to buy is now
I'm glad that you've done well (and I'm not being sarcastic). But how and when are you going to realize your gain?

Sky's post is worth reading.

Something to keep in mind about that graph that Sky_2000 posted - it sure looks awesome - it even looks like something bought in '81, also at a peak, is worth bazillions of dollars today. However, due to inflation, anybody who bought in '81 at the peak didn't technically break even (in real dollars) until about 20 years later... and this is discounting property taxes and maintenance paid in the interim.

http://www.canadabubble.com/charts/6...ice-chart.html

Have a look at the "Vancouver nominal and real" price chart.

Anyways, buy a place if you want it/need it/afford it or whatever. I wouldn't count on it being a guaranteed path to riches.
Blinky is offline   Reply With Quote
This post thanked by:
Old 01-10-2011, 06:51 PM   #38
Where's my RS Christmas Lobster?!
 
Join Date: Apr 2001
Location: vancouver
Posts: 849
Thanked 157 Times in 40 Posts
Currently the Vancouver Real Estate Market:

Stock: ALL TIME HIGH
Prices: ALL TIME HIGH
Sales: ALL TIME LOW
Interest Rates: ALL TIME LOW
Sky_2000 is offline   Reply With Quote
Old 01-10-2011, 07:03 PM   #39
WOAH! i think Vtec just kicked in!
 
Join Date: Oct 2005
Location: Vancouver
Posts: 1,673
Thanked 362 Times in 171 Posts
Quote:
Originally Posted by Phat_R View Post
I bought a townhouse in Yaletown with a 2 car private garage in 2005 for $500K.

Five years later it is worth around $900K -- simply by inflation.

All the while - variable mortgage rates have been the lowest they've ever been.

Time to buy is now
Inflation between 2005 and 2010 is 9.1% according to CPI statistics. Going by your thesis, your $500,000 house would only give you a $45,500 capital gain, not $400,000. The better terms are speculation and immigration. Good time to be a seller not buyer.
Carl Johnson is offline   Reply With Quote
Old 01-10-2011, 07:08 PM   #40
I *heart* Revscene.net very Muchie
 
Join Date: Jul 2007
Location: BC
Posts: 3,559
Thanked 3,813 Times in 957 Posts
You don't really wanna use CPI as a reference for inflation in real estate.
flagella is offline   Reply With Quote
Old 01-10-2011, 07:11 PM   #41
WOAH! i think Vtec just kicked in!
 
Join Date: Oct 2005
Location: Vancouver
Posts: 1,673
Thanked 362 Times in 171 Posts
That's the point I was making. He stated his house went up 400k "simply by inflation". Unless stated otherwise, I think most people would assume if you are talking about inflation, you are talking about the CPI.
Carl Johnson is offline   Reply With Quote
Old 01-10-2011, 07:50 PM   #42
Willing to sell body for a few minutes on RS
 
quasi's Avatar
 
Join Date: Jul 2001
Location: Cloverdale
Posts: 10,231
Thanked 2,279 Times in 827 Posts
Quote:
Originally Posted by E-ternal-3 View Post
seriously, i hear is very bad time now
That's what everyone told me 8 and a half years ago when the market was flat and I bought my first place. I'm sure glad I didn't listen then.
__________________



“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
quasi is offline   Reply With Quote
Old 01-10-2011, 09:51 PM   #43
I *heart* Revscene.net very Muchie
 
bcedhk's Avatar
 
Join Date: May 2005
Location: 604
Posts: 3,824
Thanked 1,098 Times in 311 Posts
lol is always going to be a debate about when is a good time to buy or not.

IMO, vancouver's housing market is always going to be "average" unless we get a huge disaster or for some odd reason immigration stops and investment stops.

Im considering going through ING,, what are other mortgage options should I be looking for?
bcedhk is offline   Reply With Quote
Old 01-10-2011, 10:04 PM   #44
HELP ME PLS!!!
 
johny's Avatar
 
Join Date: Jan 2004
Location: here
Posts: 5,793
Thanked 146 Times in 67 Posts
Quote:
Originally Posted by 604nguyen View Post
exactly, why wait around to see if prices will drop? If your not paying for your place, your paying your landlord anyways, which isnt even an investment. Not everybody has the luxury to live with mom and dad. If you think waiting around for the prices to drop will save you money, you're already paying rent to your landlord every month. I'd rather put that rent money towards a mortgage, than my landlords pocket.

lets say ur rent is 1000 a month, 1 year of waiting thats, 12gs, another year is 24gs down the drain. ...you gotta live somewhere anyways
strata fees + taxes + mortage interest is probbaly over 1000 / month... so really its wasted either way, and you're not building equity for the first $1000 /m renting or buying.

Last edited by johny; 01-10-2011 at 10:11 PM.
johny is offline   Reply With Quote
Old 01-10-2011, 10:47 PM   #45
Revscene.net has a homepage?!
 
604nguyen's Avatar
 
Join Date: Dec 2004
Location: Coquitlam
Posts: 1,247
Thanked 497 Times in 133 Posts
Quote:
Originally Posted by johny View Post
strata fees + taxes + mortage interest is probbaly over 1000 / month... so really its wasted either way, and you're not building equity for the first $1000 /m renting or buying.
but in the long term, you will be.

i mean, who likes to rent,
Ive been renting for the past 3 years, living in a basement, cant turn up my tv too loud, cant have any ppl over because of noise, fight for parking out front everyday, landlord is a bitch, listen to kids running around upstairs on Saturday mornings, have to walk down to the street just to have my mornign coffee and smoke, damn, cant even bone ur gf without telling her to be quiet .....heeelll nahhhhh, absolutely sick of it

if you already have to pay every month for your place to live, why not make it your own place. Like i said, i don't have the luxury to live with mom and wait for "a good time to buy", either i pay rent to my landlord or pay the mortgage, at the end of the day i still need a place to live. at least with property, its still some sort of investment.

with owning, i get freedom, no awkward run-ins with the landlord, comfort, my own garage and driveway to work on the car, play music and watch movies as loud as i want, no screaming kids upstairs waking me up 6am on saturday mornings....even if it cost me more to own (which isn't even that much more really), its worth every penny for me, quality of life is just so much better. As long as you can afford it, location is good and the price is right for you.

Might be a different scenario for investors who's planning to buy and flip it, or rent it out, start a grow op...etc.....
but everyone's situation is different. I need a place to live
__________________
E70 4.8i

Last edited by 604nguyen; 01-10-2011 at 10:57 PM.
604nguyen is offline   Reply With Quote
This post thanked by:
Old 01-10-2011, 11:16 PM   #46
I contribute to threads in the offtopic forum
 
Bonka's Avatar
 
Join Date: Dec 2001
Location: Vancouver
Posts: 2,762
Thanked 647 Times in 283 Posts
^ ^ ^

That's a prime example why people still buy. There are many reasons why people get into real estate yet every thread about it always seems to get derailed by comparisons of the monetary cost of buying vs. renting. There is no one right answer.

There are plenty of people out there who buy for the emotion and mental security and freedom of owning a home and for many of those folks, you can't put a pricetag on that.

eddy89,
Are you looking at unfinished presale buildings, finished presale buildings or 1, 2, 3yrd old buildings?
__________________
SHIFT_

"Harvey Belafonte ain't black. He's just a good looking white guy dipped in caramel. " - Archie Bunker
Bonka is offline   Reply With Quote
This post thanked by:
Old 01-10-2011, 11:36 PM   #47
Banned By Establishment
 
Join Date: Mar 2006
Location: Richmond
Posts: 12,489
Thanked 2,090 Times in 773 Posts
Quote:
Originally Posted by 604nguyen View Post
but in the long term, you will be.

i mean, who likes to rent,
Ive been renting for the past 3 years, living in a basement, cant turn up my tv too loud, cant have any ppl over because of noise, fight for parking out front everyday, landlord is a bitch, listen to kids running around upstairs on Saturday mornings, have to walk down to the street just to have my mornign coffee and smoke, damn, cant even bone ur gf without telling her to be quiet .....heeelll nahhhhh, absolutely sick of it

if you already have to pay every month for your place to live, why not make it your own place. Like i said, i don't have the luxury to live with mom and wait for "a good time to buy", either i pay rent to my landlord or pay the mortgage, at the end of the day i still need a place to live. at least with property, its still some sort of investment.

with owning, i get freedom, no awkward run-ins with the landlord, comfort, my own garage and driveway to work on the car, play music and watch movies as loud as i want, no screaming kids upstairs waking me up 6am on saturday mornings....even if it cost me more to own (which isn't even that much more really), its worth every penny for me, quality of life is just so much better. As long as you can afford it, location is good and the price is right for you.

Might be a different scenario for investors who's planning to buy and flip it, or rent it out, start a grow op...etc.....
but everyone's situation is different. I need a place to live
Noone ever said don't buy if you can afford for YOURSELF.
Meowjin is offline   Reply With Quote
Old 01-10-2011, 11:43 PM   #48
Wunder? Wonder?? Wander???
 
Join Date: Dec 2003
Location: Richmond
Posts: 201
Thanked 10 Times in 5 Posts
If you're buying a place to live in then go ahead, buy what you can afford... just make sure to take into account all other ownership expenses and the possibility of the interest rate spiking. Also, don't be surprised if the value of your home drops by 10%+ over the next little while.

If you're buying purely as an investment that you may need to liquidate in the near term, then I would stay away. Vancouver is one of the most unaffordable housing markets in the world currently. Year over year sales volumes are down, which is historically followed by price declines. Interest rates are at record lows but that won't last forever -- and if they jump substantially, there are going to be a lot of people in a lot of trouble. People are in record debt and RE prices have risen much faster than average salaries. There is a lot of offshore money coming in, but I'm not sure how long this will last. Maybe the insane prices continue to balloon, but IMO there is a high chance of a correction.
dspot is offline   Reply With Quote
This post thanked by:
Old 01-10-2011, 11:48 PM   #49
Need to Seek Professional Help
 
Join Date: Jun 2006
Location: 604
Posts: 1,049
Thanked 160 Times in 80 Posts
Quote:
Originally Posted by Bonka View Post
^ ^ ^

That's a prime example why people still buy. There are many reasons why people get into real estate yet every thread about it always seems to get derailed by comparisons of the monetary cost of buying vs. renting. There is no one right answer.
Sure, there are always the intangibles of ownership, and they're undeniable. But, to play devils' advocate in the above case of having a car and garage etc etc etc - this implies buying a detached house, which is pretty big money.

...and you can rent entire houses too

All this said, there's a reason why this thread is not being derailed about the discussions of "monetary costs of buying vs. renting".

Quote:
Originally Posted by eddy89 View Post
im considering investing on investing on a new apartment, instead of newspapers , are there any good websites that show newly built apartments on the market in the GVRD?
Emphasis added. The OP implies that the purchase would be an investment, which should bring up discussion about the potential for monetary growth.
Blinky is offline   Reply With Quote
Old 01-10-2011, 11:59 PM   #50
I *heart* Revscene.net very Muchie
 
bcedhk's Avatar
 
Join Date: May 2005
Location: 604
Posts: 3,824
Thanked 1,098 Times in 311 Posts
Bonka, I am trying to look for an apartment < 5 years old. Of course the newer the better for me as i wish to live in it first for around 3-5 years before renting it out or selling it (if the market is "good")
bcedhk 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 09:02 AM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, 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