in the good times, yes, bad times, no.

when ppl stop paying their mortgage and the property is worth less than the mortgage amount... same for builders who have arse loads of inventory when things go stale.

as with everything, things that are great during the great times are usually vile in the bad times.

In this day & age and in this part of the country, all I can say is fuck the mortgage, fuck the Realtors, fuck realty groups, fuck the construction companies, fuck the marketers, fuck the people who buy these suites like candy bars.

No way I'd spend $700,000 before interest on a shit property that would probably need another $80k in renovations to make it relevant to the present.

There's so many out there who are deluded into thinking either a) Now is the right time to buy because they can sell high later on! and b) They NEED to own a house to accomplish something in life.

Right now a friend of mine is biking across Europe with friends. They started at the coast of Spain and are trekkng their way across the continent. He already got attacked twice by armed robbers and escaped. He still has no plans to return to Canada as of yet. His beard is huge, he's lost some weight but he's in good health and even better spirits.

THAT is how you fucking live.

Different strokes though. Like everything in life, its about finding a balance that works for you. I sure as fuck don't want to bike across europe and get attacked with my wife and dog. I would however like a nice sized townhouse near some sort of water with a garage and a yard. But thats not happening in this city for what I can afford to spend, maybe it will someday, its about finding that balance, and like anyone, my balance includes a gt3, so I have some work to do.

Parents are offering me a deal on a new condo that will be finished in late 2015. 2 bedroom, 2 baths with balcony. Pretty much I get to move out and stay there myself, but I would have to pay $700 towards the mortgage since they put down payment on it with their own money. How good of a deal am I getting?

You're getting the 'Powered by Parents' deal. How could being spoiled not be a good deal for you?

Either deal with the expensive prices of the GVR or choose to live in the fraser valley where it is incredibly cheaper to live. While not the hub of a city like downtown its ultimately comes down to compromise. You can't have it all

And it could be worse. You could be living in provinces like alberta, saskatchewan, manitoba. Vancouver real estate is expensive for a reason! All the demand is here, nobody wants to live anywhere else. We all cant have the fat kids share of the pie unless you're extremely rich

Shit dude, did you just go meet the wizard of oz? That was the most coherent post I've read by you.
Stormspirit, you should make sure not to take that deal, your parents are scamming you at that price. Try to get them down to 500 a month.

Sounds more like a bad dream to me but to each his own. Now if you had said he was on a beach in the Caribbean, has more money then he can spend now you'd be speaking my language about how to fucking live.

Time to grow up $700 in mortgage is a good deal. Is just like paying rent. Try renting the same it might cost $1400/mon. Basically is $700 in mortgage, $350 to $400 in strata fees. In your case it seems better to buy but that's coz you got a cheap mortgage.

Cycling across Europe while sporting an overgrown beard...:heckno:

Must be a member of the unwashed masses I keep hearing about.

You have to contribute to the mortgage!?! Are they that poor? :haha:

Walk away. Not a good deal at all.

Sounds like a troll post to me LOL

Or leave Canada altogether, move abroad, and boast about your accomplishments to the same people whom you wanted to get away from.

touring south east asia, europe and australia for a year while my house is rented out.....yay renters

You can do that with just about any dividend/income producing asset with the same amount of capital. It's nothing special.

Try and find a 2 bedroom apartment 2bathroom apartment to rent for $700. Not going to happen. You can most likely rent a room in a house for $500 to $700.

He is only going to pay $700 in mortgage that's even cheaper than rent.
Owning an apartment:
$700 mortgage
$300 strata fees
$100 for cable and Internet
$400 for food
$150 for uilities
$400 for other (cell phone bills, spendings, clothing etc etc)

Renting:
$1200 to $1400 to rent
$100 for cable and Internet
$400 for food
$150 for uilities
$400 for other (cell phone bills, spendings, clothing etc etc)

In his case since his parents is giving him the down payment why not take that option and grow up. He is getting a head start than a lot of people already.

I meant his post sounds like a troll post...not yours.

Holy Shit!!!!!!!!!
20,000 Sq Ft.
2 Swimming Pools
Recording Studio
Hockey Rink
20 Acres Land
10 Car Garage
Horse Stable

Only drawbacks
8Mill $$$
Abottsford


Chad Kroeger House For Sale In Abbotsford

The novelty factor will be evaporated in a year or two for these sort of trophy properties.

forgot something:accepted:

At the end of the day, it's still a 20,000sq ft house on 20 ACRES of land.

To build something like that and to buy that much land, you're looking at at least

$3mil+ for the land + ($150-$200sq.ft x 20,000 sq.ft = Average $3.5mil) = $6.5mil.

I'm guessing the house will end up selling for around that price. I don't know what area of Abbotsford it's in, but it could be a decent investment for someone who wants to live in a 20,000sq ft house... If the zoning permits it, you could cut off 10 acres from the property, subdivide it into 10 1 acre lots and build 10 5-6000 sq ft houses on them.

Math is something like this:
Initial investment $6.5mil
Cost of develepment of 10 lots + building costs = 6,000 sq ft house x $200 / sq ft (taking into account actual land development costs, utilities, etc) = $12mil
Sale of 10 houses on 1 acre lots at an average price of even $1.8mil = $18mil

You end up with a 20,000sq ft house on 10 acres of land for $500k give or take. Maybe even free

It might be elementary to say this, but how much it cost to build a house have no correlation with how much it is going to sell. The market do not care about sunk costs. Some thing the developers of Vancouver probably don't want to hear. My main point is that people who buy these houses for the "wow factor" will greatly be disappointed later on because they grossly exaggerated the benefits and underestimated other costs with these big houses.

typically, the people who can afford to buy a $6-$8mil house, aren't stupid, so I'm sure they consider most positives an negatives before they buy... so unless someone who just won 649 or Lottomax decides to buy it, anyone else would know what they are doing

didn't call anyone stupid but just saying in the heat of the moment in buying a house people sometimes don't consider all the possibilities in a situation and only focus on the positive and benefits. whether you make 75k a year or 275k a year has no effect whatsoever on those behaviors.