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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.
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004
Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
Quote:
Originally Posted by hud 91gt
First Time I’ve ever thanked Happyslip. Haha nice reading bud!
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.
You don't even need data though just go to any pre-sale, open house and most are not even local.
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.
You don't even need data though just go to any pre-sale, open house and most are not even local.
Of course. Remember for years the BC Gov would release census statistics of non-local residents, always reporting a percentage much less than what you would see in the city? It's only the last few years the statistics levied forward have been more accurate. It's a willful cover up.
As expected, my parents' place -- a single detached home in East Van -- sees a minuscule drop of 1.5% in assessed value. On the other hand, my POS apartment -- also in East Van -- is seeing almost a 7% increase in assessed value.
We'll see how things turn out when it comes to property tax time.
It’s as of July 2017. Ours definitely changed, our Port Moody apartment went up by 25%. The house in Burnaby we went to an open for yesterday was down 2%.
-Mark
__________________ I'm old now - boring street cars and sweet race cars.
Parents house went up 6% but is more or less irrelevant since the OCP designates the area for redevelopment with a good chunk of the area already under contract. Some of the neighbours signed NDA's but now the figures are all public record, lol. All the houses sold for at least 2x assessed.
20% increase for my Burnaby condo in 2017. Puts me a bit closer to going detached in the future but that's still lightyears away.
The numbers are incorrect anyways. There are way more non-resident buying. A more accurate way is to measure if a property is purchase with local or non-local money. It will be a much more accurate report. However there are no way to track this and the gov won't ever try to track this because it will open a can of worms lol.
You don't even need data though just go to any pre-sale, open house and most are not even local.
Even if the number were accurate, 5% is actually a sizable amount. That's 1 in 20. Or approximately 1 home on each Vancouver block I figure
__________________
Gold is the money of kings;
Silver is the money of gentlemen;
Barter is the money of peasants;
But debt is the money of slaves.
-Norm Franz
They were going on about household debt today on CBC in some pretty basic terms, but they were making a point of saying that it was rampant that people were using HELOC's to buy investment properties but then never paying off the principle just the interest per month..
i know this obviously happens but who the fuck would put themselves in this position? if the property purchased couldnt pay down the HELOC it would be pointless..
so you're just banking on the equity to increase enough to pay off lump sums? :/
I bought a pre-sale 1-bedroom approx 500 sq ft apartment in Vancouver in 2013 for $260k, which completed in Sep 2016, using my HELOC. Rented out for $1500 and after property taxes, interest, strata, etc I'm not pocketing much. But its assessed value is now $550k!
Not sure what I'm waiting for, but at least I can sell it and pay off the HELOC in one shot at any time.
__________________ Do Not Put Aftershave on Your Balls. -604CEFIRO Looks like I'm gonna have some hot sex again tonight...OOPS i got the 6 pack. that wont last me the night, I better go back and get the 24 pack! -Turbo E kinda off topic but obama is a dilf - miss_crayon Honest to fucking Christ the easiest way to get a married woman in the mood is clean the house and do the laundry.....I've been with the same girl almost 17 years, ask me how I know. - quasi
I bought a pre-sale 1-bedroom approx 500 sq ft apartment in Vancouver in 2013 for $260k, which completed in Sep 2016, using my HELOC. Rented out for $1500 and after property taxes, interest, strata, etc I'm not pocketing much. But its assessed value is now $550k!
Not sure what I'm waiting for, but at least I can sell it and pay off the HELOC in one shot at any time.
Well done
__________________
Dank memes cant melt steel beams
I've been very lucky with timing... (both my principal residence, buying a 1/2 duplex in 2004 when it was cheap, moving to detached in 2012 before it became insane, and this investment property)
__________________ Do Not Put Aftershave on Your Balls. -604CEFIRO Looks like I'm gonna have some hot sex again tonight...OOPS i got the 6 pack. that wont last me the night, I better go back and get the 24 pack! -Turbo E kinda off topic but obama is a dilf - miss_crayon Honest to fucking Christ the easiest way to get a married woman in the mood is clean the house and do the laundry.....I've been with the same girl almost 17 years, ask me how I know. - quasi
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