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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
I don't understand how people are carrying these massive mortgages? It's not living if you're house poor...
A majority of the people purchasing the new apartments already paid off their houses that they bought in the early 2000's. I feel like for a majority of people, housing is the only investments they've ever known. So they mortgage the new apartments with their disposable income and rental income.
A majority of the people purchasing the new apartments already paid off their houses that they bought in the early 2000's. I feel like for a majority of people, housing is the only investments they've ever known. So they mortgage the new apartments with their disposable income and rental income.
I think the more common route is HELOC on the house for a 20% down payment.
Given what people are prepared to pay for rental housing, you can actually make money or be cash flow neutral with prices approaching $1000/ square foot. Owning real estate is easier to understand than index investing for a lot of people. Real estate is tangible, unlike investing in equities.
If they don't want the rental income, they can assign the unit before it completes and hopefully profit without paying GST.
I'm seeing the same thing in Langley. Every week I get a mailer from Nu Stream realty and it's written in chinese characters. Houses that sold two years ago, are now on the market again with realtor names like Gina Ho and Chen Tek Yuen. They know their market, and don't care to cater to anyone who is not a part of said market.
I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.
So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"
ergo: Fake Chinese are buying up everything in Vancouver?
also...Gina Ho? is she the one married to Harry Wang?
Actually Westsyde isn't that bad. There are a couple of nice neighbourhoods there and it's far enough away from the normal North Shore transients that you typically don't have to worry about things like break-ins or being accosted by people on street corners. Truth be told, the north side of Kamloops isn't terrible as there are lots of good pockets, but as a general rule it's not the greatest. Mind you if you want investment property, you could do worse than buying a unit in Brock or the North Shore and simply sit on it while the surrounding area gentrifies itself.
Juniper is nice. There's a new big development project going on right next to the bike park (Juniper West it's called, I believe). Seems to be decently priced and, if you pick the proper location, you can get some nice mountain views. I still think that if someone were to move to Kamloops, move onto one of the hillside homes. The view can be killer, especially from the south side of the Thompson. There have been many a day where I sat on my porch, sipping a beer, and watched lightning storms roll through the North Shore/Westsyde area and not get rained on.
Anyway, I'm adding a couple pictures from the last two houses I lived in. They also explain quite well why I don't know if I could ever move back into a city. I know there are places in the GVRD that have just as spectacular views, but they will also cost far more than these houses/lots did.
(that shot took me about a hundred attempts before I got a good one )
Hypa, next time you're in Kamloops, let me know. It's been a while
great views of what will be a great city one day. They have the infrastructure, a big hospital, and a few head offices already. It's only a matter of time before Kamloops grows up to be a big city.
I'll drop you a line when I'm there. It would be cool to grab a beer and reminisce.
Quote:
Originally Posted by CivicBlues
I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.
So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"
ergo: Fake Chinese are buying up everything in Vancouver?
also...Gina Ho? is she the one married to Harry Wang?
The conversation in this thread has largely turned to how people are planning their exit from Vancouver. But, judging from the activity, people just keep coming and people keep wanting to stay.
I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.
So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"
ergo: Fake Chinese are buying up everything in Vancouver?
also...Gina Ho? is she the one married to Harry Wang?
Interesting reading about Kamloops and other areas creeping up in price. I believe money made in Vancouver RE is flowing out into the rest of the province. I have witnessed buyers from the lower mainland pickup detached homes in Victoria for well over ask recently.
This week my coworker listed his 2009 3 bed 3 bath with detached double garage with suite above it. 1183 Parkdale Creek Gardens in West Hills development in Langford. Practically next to the new Belmont High School. YMCA and shopping a few mins drive.
List price $639,900.
5 days, 12 offers later it sold for $755,000 to a buyer from Vancouver likely sight unseen.
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Fuck me, I couldn't imagine living in westhills let alone paying that much for one of those cookie-cutter "houses so close you can hear your neighbor fart" neighborhoods.
I have a few friends who cashed out of the lower mainland and moved away so that doesn't surprise me at all. Have a few friends still considering Kamloops as well. i couldn't do Kamloops myself but Victoria is a place I'd consider for sure.
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Quote:
Originally Posted by MG1
punkwax, I don't care what your friends say about you, you are gold!
30 year old condos around downtown nearing $1000 sq ft.
Krusty clark imposing foreign buyers tax and then handing out first-time buyers loans has created more a clusterfock.
Nothing is stopping this runaway train.
30 year old condos around downtown nearing $1000 sq ft.
Krusty clark imposing foreign buyers tax and then handing out first-time buyers loans has created more a clusterfock.
Nothing is stopping this runaway train.
She doesn't care, she just wants that extra 4 years of government money. She won't care that these people that are just getting by and propped up by the loan, won't be able to pay back the loan and their mortgage in 5 years. So many people are being setup for failure by this government.
She doesn't care, she just wants that extra 4 years of government money. She won't care that these people that are just getting by and propped up by the loan, won't be able to pay back the loan and their mortgage in 5 years. So many people are being setup for failure by this government.
I really hope that the voters remember everything negative that she did when May rolls around. I've been a life long Liberal, but the last 8 years have me thinking that I need to support someone else.
It helps that I can't stand that horrible woman...
I still don't understand how Vancouverites keep voting Mayor Moonbeam back in to office?
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I really hope that the voters remember everything negative that she did when May rolls around. I've been a life long Liberal, but the last 8 years have me thinking that I need to support someone else.
It helps that I can't stand that horrible woman...
Here's the thing... my local BC Liberal MLA has been around for a while and he's a confirmed jack-hole.
But when the NDP calls you and goes "Vote NDP... but uh, we don't have a candidate running yet! Soon though!" that kind of puts you off voting for them.
Fuck me, I couldn't imagine living in westhills let alone paying that much for one of those cookie-cutter "houses so close you can hear your neighbor fart" neighborhoods.
Bought my first house in West Hills for $455k and lived there for a few years. 3 bed 2 bath up and 2 bed 1 bath suite down. Prob worth around 600-650k now.
I hated the density and commute. I couldn't wait to get out of there. My wife liked the amenities of Langford and she didn't have to deal with the commute.
We kept it as a rental when we bought a house in Saanich.
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Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.
Personally. I think all the sales and how well the market is doing is all hype. Driven by the real estate companies in a way for them to continue to make $$$. Seems to me the majority of the sales are investors purchasing for resale (rebuilding houses or condensing them into assemble lots)
Basically scaring people into buying overpriced condos/townhouses. Since they can't afford the 1m+ houses
That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up
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Quote:
Originally Posted by getalove
i took a shit in the shower and i tried to use my heel to push it down the drain
Bought my first house in West Hills for $455k and lived there for a few years. 3 bed 2 bath up and 2 bed 1 bath suite down. Prob worth around 600-650k now.
I hated the density and commute. I couldn't wait to get out of there. My wife liked the amenities of Langford and she didn't have to deal with the commute.
We kept it as a rental when we bought a house in Saanich.
Yeah, when we were house hunting Langford wasn't even a consideration. With both my wife and I working out at Keating there was no way I wanted to do Crawl + Peninsula every day.
Granted I could have had a bigger & newer house for the same money, I'd rather have the bigger lot that I have now with the closer proximity to work. (I'm around Marigold). As a bonus, my work is moving to Glanford/Vanalman so soon I'll be able to walk the 1.8Km to work, almost directly by pedestrian trail. Woot!
Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.
Personally. I think all the sales and how well the market is doing is all hype. Driven by the real estate companies in a way for them to continue to make $$$. Seems to me the majority of the sales are investors purchasing for resale (rebuilding houses or condensing them into assemble lots)
Basically scaring people into buying overpriced condos/townhouses. Since they can't afford the 1m+ houses
That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up
In theory, land assemblies should be making "homes" more affordable as the only way to increase affordability is to increase density. However, when a developer buys 5 houses in a row for 1.5-2.5 each, and then builds 10 units on the same land, they probably arent going to be selling the multi family units for 600-700.
Over the next 10 years will be interesting as both Brentwood and Lougheed developments are realized. an aditional 30-40 towers in those areas adding literally thousands of units to inventory.
If in 10 years these developments are still seeing lineups and sold out pre-sales, it's pretty safe to assume nothing short of a 9.9 earthquake is gonna tank this market.
I stand firmly by my theory in that, until a 3000 sq foot house on a 7000 sq foot lot in chilliwack is under $800,000 you're not going to see any sort of fall in prices in the lower mainland. The closer to the city you are, the less susceptible you are to a drop in price imo.
shit is bonk my niggas
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