Sometimes I wish I was born a few years sooner haha, so I could've dipped into RE at like 2014 - 2016. Ride that RE boom and drip out in an M3 :lawl:

Nah man you need to be earlier than that.
The M3 is from work income, got nothing to do with housing. The whole RE business is still a giant liability right now.

Nah man, you need to find the next Vancouver-like place that is still a hidden gem and unmolested and buy up property there.

It's too late anywhere within like 125 kms radius of 604.

Prior to, or at the beginning of Covid, builders were putting up 5500sqft homes in Coquitlam for low 200s/sqft. The extra size really helps bring down the cost /sqft.

So, the federal budget is including a new below the radar program: the first time homebuyer's savings account.

https://budget.gc.ca/2022/report-rap...f-en.html#a2_1

- 40K limit, contributions of up to 8K per year
- Contributions are tax deductible and withdrawals are tax-free
- If contributions are not withdrawn in 15 years, they can be converted to an RRSP or would be taxable

Thoughts?

^^ useless, if I had the cash why not just put in tfsa, and where do I magically get another $8000 from :lawl:

Because they are tax deductible and TFSA isn't?

Stupid shit like this from the federal government trying to make it look like they are helping people, but this shit is useless. People don't even have additional money to put into other investment vehicles (TFSA/RRSP), so money suppose to out from the sky for this homebuyers program.

The west coast niche is that we are the only city in Canada that doesn't have harsh winters.

Victoria enters the chat room

Ahem.

Victoria is actually the driest city in Canada during the summer (https://www.reddit.com/r/VictoriaBC/...ummers_of_any/) and has really mild winters - you can play golf 11 months of the year at most of the courses.

I think that there's a sizable enough group of renters who earn above average incomes and save 15-30% of their after-tax income who could benefit from this program. If you hang around enough on r/personalfinancecanada, these groups of people are there. And that's a sizable enough group of voters, who tend to be concentrated in urban/suburban battlegrounds who can make the difference at election time.

If you don't have $40K lying around you probably shouldn't be buying a home :ilied:


I'm going to Victoria

I really like Sunshine Coast ... 40 mins ferry, you only pay one way (unlike Victoria), quick trip to Metro Van if you are missing anything.

Is property in Victoria 'affordable'?

Sechelt - 2 level, 1250 sqft townhouse for $549K https://www.realtor.ca/real-estate/2...street-sechelt

Sechelt - 3 bdroom + den, 1415 sq ft, condo - $725K https://www.realtor.ca/real-estate/2...avenue-sechelt

Or how does Qualicom Beach sound to you - 3 Bdroom + den, 2 bath, detached, 1814 sq ft, double garage - $798K - https://www.realtor.ca/real-estate/2...qualicum-beach

Victoria, depending on the area, is about 20% cheaper than Vancouver.

https://www.rew.ca/properties/398009...nue-saanich-bc - This house for example is a 10-15 min drive from downtown (not that you'd go there ever) and is a solid neighbourhood for only $1.65m (2800sf, 6900sf lot).

A downtown 1 bedroom condo (600sf) will run you about $600k or so.

Or on the other end this waterfront castle for $8.7m: https://www.rew.ca/properties/371576...oad-saanich-bc

Relative to Vancouver that's an amazing value.

Yes but in the 5 years that it took you to save that $40000, house prices probably have gone up another $200k. You probably can't even buy a new Honda civic for $40000 in 5 years :lawl::okay::accepted:

For someone who doesn't have help from parents, and has the discipline to do it, saving taxes would mean a fair amount. Marginal tax rates at 100k is almost 40%. Do you want to save 10k a year or 6k instead?

Burnside/Gorge, not exactly a neighborhood I'd want to live, unless a bit closer to the admirals end and closer to the Gorge itself. That house is only a couple blocks away from one of the worst parts of Victoria.

It's kinda relative isn't it? The worst parts of Victoria are like normal for Vancouver. I remember being told that Pandora was horrible and also that Vic West (where I lived) was awful and neither seemed that way to me - I loved Vic West and thought Esquimalt was really nice.

It's more that Victoria has mini "hotspots of shittyness" kinda scattered throughout the region rather than one giant concentration like Vancouver (DTES).

Esquimalt near work point, or up highrock is really nice. Esquimalt along Esqiumalt rd between Bay & Head is kind of crappy (The common theme seems to be areas with the old multi-unit lower income housing areas, go figure)

I wouldn't be too concerned with violent crime near those spots, but there is certainly an elevated risk of break-in/theft. That property you listed is just a bit too close to one of those spots for my liking.

That's why I chose north of McKenzie, the crap doesn't really go that far north.

Isn't the bigger problem the fact that 40k wouldn't amount to the downpayment on like anything at this point? Or am I missing something about this scheme?

I think the people that are the most outspoken against this plan (at least on social media) are those that have below avg or avg (or median) incomes since it doesn't help them as they can't max out their TFSA or RRSP anyways.

If you are "lower middle" or "middle class", this program will help.

^^ they are also the ones that has the most time to complain on social media:troll::troll:

Government does nothing = Renting people (minority) and home owners (majority) that pretend to give a shit say "The government never does anything, they need to do something, what are they even elected for"

Government does something, but it doesn't go particularly deep = Particularly arrogant renters + arrogant home owners say "Government is so stupid, they think this is going to help anyone, they need to get their heads out of their asses even I could do better than that"

Government does a lot, housing gets more affordable (though it can never ever be enough in Vancouver) and home prices drop all around = Renters (minority) mostly happy, but home owners (majority) say "Fucking government needs to stop messing with our shit and go back to doing nothing"

What did we learn here? People are a bunch of complaining assholes no matter what the government does lol... but of the 3 choices, they'll take the middle road where only a few arrogant people are whining about ineffectuality rather than actually making either group mad... or make the smaller group, in this case renters, mad instead if they absolutely have to.

It's true, you can never satisfy everyone. It's just like finding a job, there's never a perfect job, you just find one where the list of shit you have to deal with isn't a deal breaker.

https://doodles.mountainmath.ca/blog...-and-land-use/

Crazy fact:

While crazy, it's not uncommon. In addition I've read that some cities have as many as 6 parking spots per car. The amount of land we use up for cars is just nuts. We could free up so much land by simply closing up side streets here and there - at 66' wide you'd be able to build another 4 homes (with suites).