market is hot because there are no listings. everyones fighting for the few that are listed, driving prices up.

That doesn't get you much in Vancouver anymore... a teardown on a standard lot is already 1.8m...
Probably best to buy an original Vancouver special for ~2m or a 20 year old "90s/00s" home for ~2.2m and update it over the years.

Interest didn't hurt the market, so better buy more :badpokerface:

interest rate hikes just reinforced the get in now or never mentality

It's also halting construction operations, so limiting supply. They couldn't have fucked things worse, but this was a solid 20 years in the making at a minimum. It's frustrating to watch, because there will be no accountability as usual.

https://globalnews.ca/news/9762180/c...spending-cibc/

https://i.kym-cdn.com/photos/images/...39/199/8a9.jpg

Small price to pay to live in hongcouver, I guess there's always crack houses to redevelop in slurry :okay:

Hongcouver is long dead. Now it’s mainlandouver or Communistouver

Everyone is speaking mandarin and catering towards mainland Chinese money.
If you speak Cantonese they look at you like you’re a peasant (try in Hermes or Chanel for example)

I find those economist reports kind of funny. Rates aren't even done going up and they're already predicting drops?

Would that just lead us back into the same shit we're in now?

My friends have a place in Richmond right now, but they want to be in Vancouver. That's where all their family is and most of our friends are. It's not like Richmond is that far or anything, but they just want to be closer...I should say, the wife wants to be closer, the husband doesn't really care.

It's a tough spot for them because right now, life is good for them. About $350k household income, they have a lot of cash flow and discretionary income. If they stretch for $2.3M to buy a house, their cash flow is going to be tight going forward. Right now their house is lacking for them, as they need a dedicated office space for work, so they need to upgrade anyway. A lot more value if they just upgraded in Richmond.

One of my colleagues just resigned from work because she's moving to Lethbridge Alberta as she bought a detached house for $300k lol. Her husband has his family out there, so it's not as bad as starting fresh, but $300k? WTF. They're going to have a great life there provided they can handle the Winters.

When I lived in Richmond, I just referred to GVRD as Lower Mainland China. A friend told me (in the mid 2000s) that Westwood Plateau was 'Mandarin Mountain'.

Growing up in East Van, it was all about the Cantos. Hell, when I was a kid, I thought Mandarin was just a type of orange :pokerface:

MAINLANDOUVER!?!?!?!??????
Thats some st8 up racial shit, 10/10 execution

Half of them always predict rates will go up, the other half predict rates will go down. One of them will be right, probably.

I also love that literally the second the rate hike was announced, every news outlet started running stories about the economy slowing and unemployment going up…

Ohhhh tank you berry much. I aim to prease. i wish i was white, i would get "cancelled" so fast by the cunts at work.

hold up, hold up.... why only 2.3m? and how can their cash flow be tight with 2.3m w/ 350k a year family? they must not have much savings or too many stinking children. :suspicious:

If they put 500k down, they are taking home 17k ish a month, and their mortgage would be over 10k a month, likely putting housing costs at 11k ish after all is said and done. 6.5k for food, child care, entertainment, cars, vacations, retirement is pretty fuckin tight tbh.
We have more than that left over after our housing costs and it's not exactly comfortable at the moment.
It's pretty bullshit that someone who's making 350k a year, which is top 1% of Canadian households, doesn't get to own something that the top 40% would have been able to own a couple decades ago. That's a fucking bad economic indicator of the whole system not working properly.

^^ HONGCOUVER, the great lands of Alberta welcomes you, land of $300k houses and cheap gas. They could buy a new house every year and be slum lord's. You make it sound like people are forced to buy $2m houses. Live within your means. Nothing wrong with a $1.5m tear down if you can't afford $2. And you're literally buying at peak interest rate.

78k/yr after housing costs is considered tight now?

$1300 a month for childcare for one kid
$250 a month for car insurance for 2 cars
$600 for 4 tanks of gas a month
$2000 for food
$1000 for 2 lift tickets and 1 night hotel in whistler
$1000 for retirement savings
I mean yeah, that whistler trip isn't necessary, but shouldn't someone who makes 350k(!) be able to take a 1 day vacation without it putting them over the edge? We aren't talking about a bank teller and a retail store manager here.

thats what i dont get... they seem to be able to afford a lot more than that. If youre making 350k a year, you should have more savings and put down a lot more than 500k.

I dont get it... maybe im just a really cheap chinaman and able to save more $$$.

Maybe they could I'm just speculating on what they would have. Depends on age, when they got into the market and how much equity they have, how long they've had these good paying jobs. If it's someone who got in 10 years ago, they should for sure have more, but if it's someone who "started their adult phase" 4-5 years ago and did it without parental help it all adds up.

$2.3m sounds about right for $350k HHI - I paid $2.4m for mine last year and put down $800k on it and my HHI back then was a bit more than $300k. With current interest rates and a lower downpayment they're gonna be pretty stretched at $350k - like I would be pretty uncomfortable with that kind of mortgage.

I noticed a lot of high income earners don't get good value with their purchase.

They'll go to whistler but pay like $600 - 1,000/night for accommodation, pay $2,200-3,500 for fancier daycare before incentives, $2,000/mo for eating out daily, $250-350/mo insurance per car with high deductibles.