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JBark posted:A house in Melbourne just sold last month for 930K profit, 8 months after the previous sale. 2.23M to 3.16M, no renos done or anything like that. there is literally no comparison between Ladner and Melbourne It can't even be called a suburb - it's a farming town
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Jun 30, 2015 09:45
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Cultural Imperial posted:All this talk of financial disaster got me walking around with a loving boner all day. Lessons learned from the 2008 credit crisis and real estate bubble: literally none. Not even 10 years have passed.
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Jun 30, 2015 12:34
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GDP - 0.1% Suck ittttttt
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Jun 30, 2015 14:04
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quote:
gently caress Alberta gently caress Canada and gently caress you
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Jun 30, 2015 14:17
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http://www.cbc.ca/m/news/canada/canadian-towns-offer-free-land-to-lure-new-residents-1.3132300quote:
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Jun 30, 2015 14:54
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JBark posted:A house in Melbourne just sold last month for 930K profit, 8 months after the previous sale. 2.23M to 3.16M, no renos done or anything like that. More, depending on how leveraged the purchase was.
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Jun 30, 2015 15:49
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JawKnee posted:there is literally no comparison between Ladner and Melbourne the point wasn't the increase it was that the vancouver housing madness has pushed out past the suburbs to the hinterlands. ladner is about as distant from vancouver as langley or maple ridge. if ladner homes start going for a million plus like in richmond, burnaby, new westminster and the tri cities then surrey, pitt meadows, abbotsford and squamish won't be far behind ok maybe not surrey
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Jun 30, 2015 16:37
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It's probably more like 500% return because they probably leveraged the gently caress out of it.
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Jun 30, 2015 16:43
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the talent deficit posted:the point wasn't the increase it was that the vancouver housing madness has pushed out past the suburbs to the hinterlands. ladner is about as distant from vancouver as langley or maple ridge. if ladner homes start going for a million plus like in richmond, burnaby, new westminster and the tri cities then surrey, pitt meadows, abbotsford and squamish won't be far behind I get that. I was reinforcing that the increase is insane because of the location. My folks house in Tsawwassen has seen a similar increase from when they bought it 20 years back.
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Jun 30, 2015 16:50
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JawKnee posted:there is literally no comparison between Ladner and Melbourne It was actually founded just to delay buses coming from the ferries by 10min or so. They built a middle of nowhere "bus exchange" in a farmer's field because the farmer hoped to make it big selling produce to people waiting on the bus thinking "why the gently caress did the bus just get off the highway to do a stupid dead-end loop to this field?" but that didn't work, so he sold some more of his land to build houses hoping they'd use the exchange. To this day not a single person has ever gotten on or off the bus at the Ladner Exchange from the ferry bus, but ancient pacts and treaties require the bus system to keep wasting everyone's time.
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Jun 30, 2015 16:51
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The immediate reasons that come to mind for surging prices in Ladner/Delta/Tsawwassen. 1. Spillover from the outrageous prices in Westside/West Vancouver. The effects of property value spikes in select neighbourhoods are broad, and cascade through the region. West side sellers with pockets full of cash are pushing up prices in East Van, which affects neighbouring areas and so forth. Prices rise region wide. 2. The first batch of millennials are looking around for detached housing, adding to demand. We may be seeing the affects of millennials hitting their 30s and having kids. There’s certainly nothing affordable in Vancouver for a two child household so at some point we’re going to see millennials buying in the valley, no doubt with help from their parents leveraging their million plus houses. (I have friends that recently moved to Beach Grove Tsawwassen) 3. Pure property speculation play assuming Ladner/Delta/Tsawwassen as the next “affordable” bedroom community for Vancouver. Seemingly learning nothing from the overbuilt New Port Mann, the BC Liberals recently floated a trial balloon that the new Massey Bridge would be 10 lanes wide. If the Transit Referendum fails (news expected by the end of this week btw) there is no real plan B for transit growth and the Metro Vancouver Regional Plan will be impossible to follow. The default Liberal favoured path of massive highway network expansion and car oriented development will win the day (no we don’t get to vote on this). The idea that the Liberals are setting the stage to dismantle the agricultural land reserve and open up Delta for development seems less and less like a tin foil hat theory. Gordon Price has a few good thoughts on “what happens next” in the No victory scenario
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Jun 30, 2015 18:36
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Brannock posted:I will make the assumption that a large majority of BC immigrants are Chinese and also the assumption that China has become a more attractive place to live in since the 1980s. The drop in immigration to BC, then, may possibly still be outweighed by the decrease in Chinese emigration. Is this implausible? There were virtually no Chinese in Vancouver before the mid 90s, and only Hongers until the 2000s.They have since moved back to HK since they hate Mainlanders more than anyone. Mainlanders move here to ensure (in their mind) that they get to keep their wealth permanently. So as long as they fear everything being taken away in China, and have something to have taken away, they will continue to come here.
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Jun 30, 2015 18:38
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I hope all the Chinese hiding their ill-gotten wealth here out of paranoid of losing it at home end up losing it all in a Canadian real-estate crash while China putters along fine without them.
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Jun 30, 2015 18:45
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the talent deficit posted:the point wasn't the increase it was that the vancouver housing madness has pushed out past the suburbs to the hinterlands. ladner is about as distant from vancouver as langley or maple ridge.
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Jun 30, 2015 19:12
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My mom grew up in Maple Ridge in the fifties. When I was a kid in the early 90s and we'd go visit her old friends frequently she would bemoan how it was all townhouses and strip malls where farmsteads used to be. I can't imagine what it's like today.
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Jun 30, 2015 19:27
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Baronjutter posted:I hope all the Chinese hiding their ill-gotten wealth here out of paranoid of losing it at home end up losing it all in a Canadian real-estate crash while China putters along fine without them. 
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Jun 30, 2015 20:32
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Fuzzy Mammal posted:My mom grew up in Maple Ridge in the fifties. When I was a kid in the early 90s and we'd go visit her old friends frequently she would bemoan how it was all townhouses and strip malls where farmsteads used to be. I can't imagine what it's like today. I'm old enough to remember when places like Port Coquitlam was a clear cut and Surrey and Richmond were farmland. When people bitch about lack of skytrain in Surrey in blows my mind because I still think of it as the edge of civilization. Baronjutter posted:I hope all the Chinese hiding their ill-gotten wealth here out of paranoid of losing it at home end up losing it all in a Canadian real-estate crash while China putters along fine without them. Realistically they've hedged their bets and have millions worth of assets in both countries, plus Australia and others. Rich people always win.
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Jun 30, 2015 20:43
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Reverse Centaur posted:I'm old enough to remember when places like Port Coquitlam was a clear cut and Surrey and Richmond were farmland. When people bitch about lack of skytrain in Surrey in blows my mind because I still think of it as the edge of civilization. We'll have to burn the world to make sure we get them all.
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Jun 30, 2015 21:52
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Baronjutter posted:It was actually founded just to delay buses coming from the ferries by 10min or so. They built a middle of nowhere "bus exchange" in a farmer's field because the farmer hoped to make it big selling produce to people waiting on the bus thinking "why the gently caress did the bus just get off the highway to do a stupid dead-end loop to this field?" but that didn't work, so he sold some more of his land to build houses hoping they'd use the exchange. To this day not a single person has ever gotten on or off the bus at the Ladner Exchange from the ferry bus, but ancient pacts and treaties require the bus system to keep wasting everyone's time. I don't know whether to believe this or not. Knowing BC, it's probably more likely to be true than not.
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Jul 1, 2015 02:10
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Baronjutter posted:We'll have to burn the world to make sure we get them all. As a temporarily embarrassed millionaire I hope you don't. Also my wife just got NZ citizenship, time to gently caress off to middle earth where real estate is still sane! quote:The floodgates are set to open for Chinese buyers to pour US$10.9 billion into New Zealand real estate as restrictions on privately held capital are eased, according to a new report. http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11469949 Son of a bitch!!
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Jul 1, 2015 02:38
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Every time I read "Chinese Investment" I remember the time I saw a frozen vomit covered turd in the street when I lived in China, and the old gag reflex acts up.
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Jul 1, 2015 02:42
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lmao, acting as if attracting mainland chinese is some sort of blessing. Hope they like women using ipads at a bar.
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Jul 1, 2015 02:58
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Lexicon posted:I don't know whether to believe this or not. Knowing BC, it's probably more likely to be true than not. it's pretty close except sometimes (when it's not a weekend, gently caress those crowds) i get off the ferry bus at ladner exchange to go visit my parents. sometimes i'm the only person on the bus! it's like the world's biggest limo
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Jul 1, 2015 03:29
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the talent deficit posted:it's pretty close except sometimes (when it's not a weekend, gently caress those crowds) i get off the ferry bus at ladner exchange to go visit my parents. sometimes i'm the only person on the bus! it's like the world's biggest limo If a two door, RR drivetrain car with 1000hp isn't a supercar, I don't know what is!
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Jul 1, 2015 06:47
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Femtosecond posted:2. The first batch of millennials are looking around for detached housing, adding to demand. Is that where we're at now? I thought I was on the oldest end of that lovely loving generation, at worst, and I still have 4 years before I hit 30. I thought I was supposed to be Gen Y or something... Thank god I haven't reproduced, can you even imagine how hosed up my kids would be if I had them right now?
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Jul 1, 2015 07:11
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It's so very hot. I have all windows open and fans on and it's still 26 degrees in my apartment. Anyone who says Calgary doesn't need air conditioning can take a long suck on my rear end in a top hat. All my windows seem to be carefully engineered as to not admit an air conditioner of any kind, too...
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Jul 1, 2015 07:14
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PT6A posted:Is that where we're at now? I thought I was on the oldest end of that lovely loving generation, at worst, and I still have 4 years before I hit 30. I thought I was supposed to be Gen Y or something... Gen Y are millennials, who are commonly thought to begin at ~1980 and continue to ~9/11.
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Jul 1, 2015 07:17
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Put your feet into a little dishwashing tub of tap water, that's how we do AC in northern Europe.
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Jul 1, 2015 07:54
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Up here in Edmonton we do a little of manning the gently caress up and cracking open an ice cold beer. Fans near a window with a bowl of ice water directly in front of it is nice too.
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Jul 1, 2015 08:40
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PT6A posted:It's so very hot. I have all windows open and fans on and it's still 26 degrees in my apartment. Anyone who says Calgary doesn't need air conditioning can take a long suck on my rear end in a top hat. All my windows seem to be carefully engineered as to not admit an air conditioner of any kind, too... So I'm back In vancouver. Got another subsided film gig, so whateves... Never noticed that most of the new condos in Vancouver have nothing more than a few electric baseboard heaters for temperature control. The place I'm in now was built 3 years ago and the units range from 500k to 1.8M and there's no AC. The lobby has a bunch of Home Depot fans to try to keep the air moving. So what happened? Greed? It seems if you get a place built in the 80s and 90s you got ac and central air, but anything recent for the most part you are stuck with opening a window and setting up box fans. Who spends 6-7 figures on a unit in a building without hvac? Amazing.
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Jul 1, 2015 08:48
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My father in law is officially out of money and E.I. after being let go from out West. Over the last couple months he'd been talking about how he couldn't wait to get back out there, he watched a thing on the news about how prices are going back up and how workers would be back soon, etc. He also likes to tell the anecdote about he somehow ended up in a situation where he could talk to some Higher Up and told them about how all the TFW's they had on staff was The Wrong Way, since all their money goes OUT of Canada and doesn't help the economy, and how the Higher Up said "Huh, I hadn't thought of it like that." He likes to tell that story because he feels he taught the young rich and powerful guy something. I don't know what to tell him, so I just nod and say nothing.
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Jul 1, 2015 14:48
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Big K of Justice posted:So I'm back In vancouver. Got another subsided film gig, so whateves... I hadn't really thought about how odd it is to have the prices creep up so high but be lacking that amenity. I guess part of it could be that those units weren't thought of as premium, but the market pushed the price up. At some point I'd assume some developer will add AC to their new building and then they'll all new buildings will have to add it. Your comment that stuff in the 80s and 90s would have had AC is new to me. I thought basically all Vancouver housing usually lacked AC because it only ever gets hot at night less than 2 weeks and people just deal with it.* That actually is really weird that these premium units have high end furnishings otherwise, but are lacking the AC amenity. I guess part of it could be the general momentum of the way things have always been done in Vancouver but it definitely could be greed. In general developers will cut corners every possible place, and that usually ends up being in places where the buyer can't see, and so you have badly built buildings with high end european faucets. No AC doesn't seem to be a big concern in low rise buildings that aren't glass wall, as they usually have big windows you can open wide, but it seems crazy that those glass towers in downtown would not have AC. I do know that my friends' old place was on the 20th floor of the Taylor building downtown, which I think was probably late 90s early 00s, and it did not have AC. The thing was like a greenhouse. Only had a tiny window because of course they don't want anything falling 20 stories. * Similarly New Zealand and LA houses are built terribly for insulation because it doesn't usually get cold, so when it does get cold it's insanely bad.
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Jul 1, 2015 18:01
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Big K of Justice posted:So I'm back In vancouver. Got another subsided film gig, so whateves... I have heard that the downtown Vancouver power substations aren't up to the task of every condo unit having AC, so they cannot be built with them. It sounded like BS when I heard it, but no condos there are built with AC and that can't just be all the developers cutting cost in the same way.
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Jul 1, 2015 18:05
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If people had the option to run AC, they'd never turn it off and it would ruin our bid to become the greenest city.
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Jul 1, 2015 18:15
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AC was never standard in Vancouver or even needed until the last decade or so. It's a high end feature. The only building near me that has it is right next to highway 1 and heavy industry. If it didn't everyone would die of lung cancer.
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Jul 1, 2015 20:56
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Are there any recommended sources for getting a basic grasp on the things this thread discusses - housing markets, mortgages, interest rates, bubbles etc? I've never been the economics type at all and sometimes things in this thread go over my head. I check investopedia and wikipedia when I'm confused, but I feel I need something consolidated and aimed at a novice. More generally, are there good sources for learning how to manage your money in terms of saving and investing and I don't know what else? There's a lot of talk here about how lovely things are (or will be) and how dumb people are. So what should a young, working university grad be doing these days? I read this thread and think "I guess I'll keep renting and save up a larger downpayment until the market cools" but, again, I feel I don't have enough knowledge to know and I'm sure I'm missing something.
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Jul 1, 2015 23:02
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Shofixti posted:There's a lot of talk here about how lovely things are (or will be) and how dumb people are. So what should a young, working university grad be doing these days? I read this thread and think "I guess I'll keep renting and save up a larger downpayment until the market cools" but, again, I feel I don't have enough knowledge to know and I'm sure I'm missing something.
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Jul 1, 2015 23:15
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Shofixti posted:Are there any recommended sources for getting a basic grasp on the things this thread discusses - housing markets, mortgages, interest rates, bubbles etc? I've never been the economics type at all and sometimes things in this thread go over my head. I check investopedia and wikipedia when I'm confused, but I feel I need something consolidated and aimed at a novice. More generally, are there good sources for learning how to manage your money in terms of saving and investing and I don't know what else? Irrational Exuberance by Shiller is my favorite book on bubble madness.
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Jul 2, 2015 01:27
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AC is building code mandatory in Richmond for large strata buildings, as a noise abatement strategy (ie, people can leave their windows shut, meaning you have fewer noise complaints).
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Jul 2, 2015 01:55
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Where do people get the idea that opening windows fixes the heat problem in large buildings? It may work for a house, since you can open windows on more than one side to get airflow through the house, but in an apartment building with positive pressure, it's nearly impossible to get cool air in from the outside, and if you do, it's a wasted effort later in the day because hot air from outside is being pushed into your apartment through the HVAC system.
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Jul 2, 2015 02:04
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