Wenzhou money is now in Vancouver

[taylor192]

Originally Posted by Gridlock

Even though house prices are high in Vancouver, I think we need them to be. You drop prices to allow new buyers in, which is great, but you fuck over current owners-owners that have re-financed and god knows what to the actual equity of their home. That is what caused the problem in the US! In Vancouver, people are buying at the limit of their finances and you drop the prices by 20% and watch the problems start.

I appreciate you're underwater and that sucks, yet the market dropping doesn't screw those who bought at the high mark, they screwed themselves.

People shouldn't buy at the limit of their finances, and I wish the Cons would drop the mortgage criteria back to sensible levels. The 30/35/40yr mortgage is one thing, yet the 32% GDS and 40% TDS being raised to unlimited GDS and 46% TDS (with good credit) is silly. Before I was limited to a mortgage that was 32% of my income (GDS), yet now with an unlimited GDS I'm only limited by TDS. With good credit and no debts, in theory I can spend half my income on a mortgage.

That is wrong, and that is why many FTBs are getting themselves in too deep.

[Gridlock]

Originally Posted by taylor192

I appreciate you're underwater and that sucks, yet the market dropping doesn't screw those who bought at the high mark, they screwed themselves.

People shouldn't buy at the limit of their finances, and I wish the Cons would drop the mortgage criteria back to sensible levels. The 30/35/40yr mortgage is one thing, yet the 32% GDS and 40% TDS being raised to unlimited GDS and 46% TDS (with good credit) is silly. Before I was limited to a mortgage that was 32% of my income (GDS), yet now with an unlimited GDS I'm only limited by TDS. With good credit and no debts, in theory I can spend half my income on a mortgage.

That is wrong, and that is why many FTBs are getting themselves in too deep.

I agree.

I definitely did not put that in a "poor me" way at all. It really is the townhouse that Satan built for a variety of reasons.

Unfortunately, whether they screwed themselves, or got screwed by outside events of the market, they are equally screwed, and start taking out others with them. We've seen what happens in the states. It doesn't take long for a screwed home owner to not buy a new car, or a un-needed construction worker to be on EI not needing the financial services of a mortgage broker on through the ranks until it sorts itself out.

I say all of that understanding that there are risks to anything. People just happened to believe that housing will always go up.

Yes, there is opportunity in anything. One drop in 20% allows new people into the market and do their thing.

I think the immediate loss would be harder felt than the longer term opportunity.

I'm always wary of a downturn in Vancouver. All the indicators are there. We max out on affordability of homes, max out on pricing of homes compared to Canada, and we're on to being compared to other traditional high priced markets.

If we're on top...then what is more likely? Go further up? Plateau or go down?

Well, we've done "gone up", and we're at "plateau" or options are stay or fall.

[BlackZRoadster]

I like the new wave of immigrants simply because:

I sell more cars.

I make more money.

PROFIT!

[taylor192]

Originally Posted by Gridlock

People just happened to believe that housing will always go up.

I want to address this first. People didn't just happen to believe it, they saw others getting rich and wanted in on the gravy train. Its pure greed.

Originally Posted by Gridlock

Unfortunately, whether they screwed themselves, or got screwed by outside events of the market, they are equally screwed, and start taking out others with them. We've seen what happens in the states. It doesn't take long for a screwed home owner to not buy a new car, or a un-needed construction worker to be on EI not needing the financial services of a mortgage broker on through the ranks until it sorts itself out.

Absolutely, those are the ups and downs of capitalism.

My favourite book on this subject is The Ant and The Grasshopper. When times are plentiful you should be saving away for when times are tough. Unfortunately Disney taught us that those who save will bail out those to play, while in the original book the Grasshopper dies and we all learn an important lesson.

I don't feel bad for that construction worker, car salesman or mortgage broker. They made great money while the economy was up, they should have budgeted for when the economy tanked.

[Gridlock]

And the worst thing done in recent history is replace all that, with one thing:

The Bail Out Economy.

Fuck it up bad enough, and we'll haul yo'ass out.

[blum2001]

Originally Posted by xclone2002

To those of you pissed at the Chinese jacking up your real estate prices, ask yourself, “Why didn’t you work towards a down payment and invest?”

Why am I not pissed that prices are going up? Because I worked my ass off, paid for a down payment on a Yaletown apartment before the building was finished and now the rent I collect pays for the mortgage, with more left over every month.

Oh, and thanks to the Chinese, the value of my proper increased about 30% from the time purchased it.

Don’t hate the player, hate the game.

+1 for this comment. I'm in the same boat as you. The first thing I thought of when I saw this thread was "why hate the chinese? They're helping the value of my properties". Hell I'm happy when I hear these news stories because I know they're still interested in Vancouver. 40% increase on my pricipal residence, and 30% on each of my rental properties. Thank you Mainlanders and other rich people wanting to invest in Vancouver.

[BlackZRoadster]

The only thing i hate about my property increasing in value is property tax.

I'm still living in it, so i dont care if it goes up by 15-20% in value. I still need a place to live and i pay more taxes b/c of it.

[parm104]

We do one of these threads every year!

Honestly, these people have money by playing it smart and making wise investments. They will continue to do so to support a lavish lifestyle and to ensure that their children, grandchildren and great grandchildren will be able to enjoy the same. After all, wouldn't you want your family to enjoy amazing luxuries? I know I would.

Coming to Vancouver to invest in a property, a business or promoting a product is really all the same. Your capitalizing in a market that you have not yet taken advantage of. There is nothing illegal being done and it's fair business. You can argue that you don't like what they're doing, but at the end of the day, they're doing nothing wrong or illegal.

It's easy to sit here and say "if I had that much money, I would make sure I did what I could so that people less fortunate could also make lots of money." But the world doesn't work that way. If you had a million dollar idea, would you go and tell everyone, or would you try to capitalize from it?

I just don't understand the mentality being this way of thinking. It's the way the real estate market has always worked. Prices go up and down based on supply and demand. How many of you have actually go on MLS to seriously look for multi-million dollar properties and houses? I know I have, and I can tell you one thing, these houses DON'T sell that easy. There is a small percentage of people who can afford these properties and thus the pool of people who are interested in them is rather small making it more difficult to sell. Lately I've found that the only people who end up buying them, are indeed immigrants. If your house wasn't selling to anyone local and you've had it up for sale for 3 years, would you say no to a Chinese immigrant who is ready to pay you asking price? Of course not!

This double standard has got to stop, and SOME PEOPLE that claim they would act differently in the situation if they had money, are simply in denial.

[taylor192]

Infographic: The rise in Canadian median household income - The Globe and Mail

[iEatClams]

Originally Posted by BlackZRoadster

The only thing i hate about my property increasing in value is property tax.

I'm still living in it, so i dont care if it goes up by 15-20% in value. I still need a place to live and i pay more taxes b/c of it.

This is a huge misconception, your property value increasing doesn't necessarily correlate to you paying more property taxes.

I'll give you an example.

If the city's budget stays the same from the previous year, and EVERYBODY's property values go up 30%, does that mean everybody will be paying 30% more property tax? . . . .NO! and vice versa if everybodies property values go down 30% does not translate to everybody paying 30% less property taxes.
People will be paying the same level of taxes.

However in reality the budget increases 1-3% a year, and some peoples property value go up more than others, while others may go down.

So the GENERAL rule is: if your property values go up more than average, you pay more tax, and if your property value increases less than the average, you pay less taxes year over year.

[dinosaur]

such a weird universe we have when Gridlock and Taylor192 get along and agree one something

[BlackZRoadster]

Originally Posted by azndude69

This is a huge misconception, your property value increasing doesn't necessarily correlate to you paying more property taxes.

I'll give you an example.

If the city's budget stays the same from the previous year, and EVERYBODY's property values go up 30%, does that mean everybody will be paying 30% more property tax? . . . .NO! and vice versa if everybodies property values go down 30% does not translate to everybody paying 30% less property taxes.
People will be paying the same level of taxes.

However in reality the budget increases 1-3% a year, and some peoples property value go up more than others, while others may go down.

So the GENERAL rule is: if your property values go up more than average, you pay more tax, and if your property value increases less than the average, you pay less taxes year over year.

Thats not the case, my property tax goes up every year based on the rising property value.

[Pochacho]

Originally Posted by BlackZRoadster

Thats not the case, my property tax goes up every year based on the rising property value.

because:
1. either ur property is out-increasing other properties in the area, or
2. the city needs more money for the budget

[Redlines_Daily]

Originally Posted by parm104

.., and anyone that claims they would act differently in the situation if they had money, is simply in denial.

Speak for yourself, but don't make false statements to justify your way of thinking. I know many people who are not wealthy, yet dedicate their lives to helping others. Likewise, I have met quite a few multi-millionaires that live in modest houses and drives ordinary cars because they choose to live that way..they spend their money helping other people instead of collecting material things. You are in denial in thinking that everyone is like you.

[!SG]

property tax is based on a few factors.

1) last years assestment of your property value
2) % towards property tax.

say ur assestment goes up, but % goes down, this combo can go either way in how much property tax u pay, assuming all else is the same as last year (you didnt get married, and your not retired, whatever that other category was)

most times than not, ur assestment goes up, but % towards what u pay as property tax in $$$ amount stays the same. since one factor still went up, the amount u pay went up... compared to last year.

Originally Posted by Pochacho

because:
1. either ur property is out-increasing other properties in the area, or
2. the city needs more money for the budget

[parm104]

Originally Posted by Redlines_Daily

Speak for yourself, but don't make false statements to justify your way of thinking. I know many people who are not wealthy, yet dedicate their lives to helping others. Likewise, I have met quite a few multi-millionaires that live in modest houses and drives ordinary cars because they choose to live that way..they spend their money helping other people instead of collecting material things. You are in denial in thinking that everyone is like you.

You completely missed what I was implying as the denial. Probably because I wasn't being very clear.

The denial is in regards to a way of thinking...There is no RIGHT or WRONG. You can't say that these people are doing wrong just because you feel that they should be acting in a different way. You can't involve morality here.

I think it's dumb for us to sit here and talk about other people we know or how other people would act.

Let's be honest about our OWN actions here...How many of you would give up an opportunity to make a potential million plus dollars so that other people can enjoy that money instead?...

[Manic!]

Originally Posted by Redlines_Daily

Speak for yourself, but don't make false statements to justify your way of thinking. I know many people who are not wealthy, yet dedicate their lives to helping others. Likewise, I have met quite a few multi-millionaires that live in modest houses and drives ordinary cars because they choose to live that way..they spend their money helping other people instead of collecting material things. You are in denial in thinking that everyone is like you.

And how did they make millions?

[Lomac]

Originally Posted by SpuGen

Not exactly.
A bunch of those Mainlanders buying these 2-5+ Mil Houses are on welfare. It's almost common knowledge for most Asian circles. It's fucking disgusting, and the government does nothing about it.

Worst case scenario? Wifey moves here into the new house. Kids get into school. Husband divorces her.

Wife gets Welfare cheques, and child support from the Husband.

But are these people the rule or the exception?

Originally Posted by taylor192

I corrected your post.

The Conservatives are changing the immigration system cause it is broken. Canada has been receiving ~80% return on each new immigrant since the laws were loosen a couple decades ago cause the quality of immigrant has decreased. Ie we are losing money on each new immigrant by subsidizing services for them as they do not earn enough to pay for 100% of their cost to society - nevermind add to society like you're wrongly assuming.

For those thinking I'm being racist, don' bite my head off unless you understand my argument. We used to have a very tight immigrant policy that rewarded immigrants with skills, that was loosened a few decades ago letting virtually anyone in regardless if they offered any benefit to Canadian society. There's TONS of studies on this, I welcome you to read them.

Don't get me wrong, I was merely making a generic blanket statement about Canada's need for immigrants, not commenting on the actual people coming in. I know there are issues on hand with the current immigration rules and people are slipping through that shouldn't be.

Originally Posted by taylor192

There's lots of land, that myth gets debunked over and over. Look around at the construction, tons of density going up and Surrey will eclipse Vancouver in size cause there's tons of room to expand.

Yes and no. I'll talk about Langley because I'm familiar with it. For the longest time, no structure was allowed to exceed four stories, which seriously limited the amount of units being build on a particular plot of land. As well, a large chunk of Langley is protected by the ALR. In fact, a very much needed overpass on Mufford Cres/64th Ave was delayed for months because the ALR deemed it took too much protected land in order to build it. Keep in mind that trains literally run directly through the middle of Langley City almost every 30 minutes, with only one overpass that was built in an awkward location to alleviate the congestion that builds up when this happens. If the ALR was fighting this hard to not give up land for an issue that literally brings traffic to a standstill and creates massive backlogs, imagine how hard they've been fighting to prevent plots of farm land from being rezoned into residential areas.

In fact, High Point Estates, Langley's latest multi-million dollar housing community on 200th St/0-8th Ave was only approved after it was turned into an equestrian/housing development. Half the homes have room enough to board horses, with a giant piece of land given as a stable and riding arena. And even that took years to be approved.

I actually know one of the members on the ALR board and talked to him about this a couple years back. His stance, which is shared by the others, is that we need to protect as much farm land as possible because otherwise our ability to support our communities with fresh produce will be severely hampered. Yes, I'm paraphrasing, but that's basically what it amounted to.

I currently live on the cusp of the ALR in South Langley and even though I know various neighbours who own farm land that is basically now no good for growing anything but Christmas trees or for green houses, they're unable to take their relatively unusable land and restructure it for anything else. And forget about building another house on your land to rent out because that's forbidden by the ALR.

Yes, North Langley (Walnut Grove) is growing by the minute, but a large chunk of that land was rezoned industrial land and was not protected by the ALR.

I can't speak about the rest of the Lower Mainland, but at least in Langley it's hard to expand housing developments for newcomers.

[epicbeardman]

haha West Van. The last bastion of hope for rich white people in Vancouver, alas, that too is gone. I bet they're shitting bricks...

[observer]

Why can't we all get along and see the world as one. People are people. It's a small world and there are opportunities everywhere. Let's face it, globalization is here to stay.

[Mr.HappySilp]

Let's hope WW3 beings and wipe 80% of all humans. That way we all can start over again.

[SkinnyPupp]

Originally Posted by observer

Why can't we all get along and see the world as one. People are people. It's a small world and there are opportunities everywhere. Let's face it, globalization is here to stay.

x1000

[drunkrussian]

Originally Posted by epicbeardman

haha West Van. The last bastion of hope for rich white people in Vancouver, alas, that too is gone. I bet they're shitting bricks...

they still have their north van. for now.
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[Death2Theft]

Just curious whats wrong with the land where it can only grow christmas trees? They dont believe in crop rotation?

Originally Posted by Lomac

But are these people the rule or the exception?



Don't get me wrong, I was merely making a generic blanket statement about Canada's need for immigrants, not commenting on the actual people coming in. I know there are issues on hand with the current immigration rules and people are slipping through that shouldn't be.




Yes and no. I'll talk about Langley because I'm familiar with it. For the longest time, no structure was allowed to exceed four stories, which seriously limited the amount of units being build on a particular plot of land. As well, a large chunk of Langley is protected by the ALR. In fact, a very much needed overpass on Mufford Cres/64th Ave was delayed for months because the ALR deemed it took too much protected land in order to build it. Keep in mind that trains literally run directly through the middle of Langley City almost every 30 minutes, with only one overpass that was built in an awkward location to alleviate the congestion that builds up when this happens. If the ALR was fighting this hard to not give up land for an issue that literally brings traffic to a standstill and creates massive backlogs, imagine how hard they've been fighting to prevent plots of farm land from being rezoned into residential areas.

In fact, High Point Estates, Langley's latest multi-million dollar housing community on 200th St/0-8th Ave was only approved after it was turned into an equestrian/housing development. Half the homes have room enough to board horses, with a giant piece of land given as a stable and riding arena. And even that took years to be approved.

I actually know one of the members on the ALR board and talked to him about this a couple years back. His stance, which is shared by the others, is that we need to protect as much farm land as possible because otherwise our ability to support our communities with fresh produce will be severely hampered. Yes, I'm paraphrasing, but that's basically what it amounted to.

I currently live on the cusp of the ALR in South Langley and even though I know various neighbours who own farm land that is basically now no good for growing anything but Christmas trees or for green houses, they're unable to take their relatively unusable land and restructure it for anything else. And forget about building another house on your land to rent out because that's forbidden by the ALR.

Yes, North Langley (Walnut Grove) is growing by the minute, but a large chunk of that land was rezoned industrial land and was not protected by the ALR.

I can't speak about the rest of the Lower Mainland, but at least in Langley it's hard to expand housing developments for newcomers.

[Death2Theft]

The persians have that.

Originally Posted by drunkrussian

they still have their north van. for now.
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