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Reverse Centaur posted:That was 1.5 years ago. Now units sell for much more without any effort. But yeah I was freaking out a bit back then. Let's have a little more humility out of you, then.
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Dec 17, 2015 17:29
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No way he paid way too much for pride of ownership to bottle that up
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Dec 17, 2015 17:35
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rrrrrrrrrrrt posted:What are your condo fees? They used to be half this but now they are $300 including heat and water. I see how my post looked douchey but that was not my intent. Just a dumb response to the glee some people have about interest rates going up.
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Dec 17, 2015 17:53
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Reverse Centaur posted:They used to be half this but now they are $300 including heat and water. That's half my monthly rent + utilities right there. Suck it, ownailures. 
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Dec 17, 2015 18:13
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Rime posted:That's half my monthly rent + utilities right there. Suck it, ownailures. Do you live in a literal junk shack?
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Dec 17, 2015 18:24
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The rent on cardboard boxes is outrageous.
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Dec 17, 2015 18:30
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Reverse Centaur posted:They used to be half this but now they are $300 including heat and water. So $300/month condo fees, I'm gonna guess half your mortgage is interest payment so $350, I'm guessing at least $200/month in property tax, and then add in any maintenance, including the odd $10 000 punch in the dick from the rest of the condo building. So, like, $1050/month cost, $350 principle payment? Is it better than this? Square Peg fucked around with this message at 18:40 on Dec 17, 2015 |
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Dec 17, 2015 18:35
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Square Peg posted:So $300/month condo fees, I'm gonna guess half your mortgage is interest payment so $350, I'm guessing at least $200/month in property tax, and then add in any maintenance, including the odd $10 000 punch in the dick from the rest of the condo building. So, like, $1050/month cost, $350 principle payment? Is it better than this? That building you picked is the worst one on the north shore, literally in a reserve and on the busiest intersections with prostitutes doing their thing in the parking lot below it. It's also a bachelor suite - I have a wife - with no parking and 10km away from my neighbourhood. Let's try to be honest on both sides here. Try Lower Lonsdale (below 3rd) between Chesterfield and St Georges and see what you get. Property tax is way lower too but I'm at work so can't say exactly.
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Dec 17, 2015 18:49
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Reverse Centaur posted:That building you picked is the worst one on the north shore, literally in a reserve and on the busiest intersections with prostitutes doing their thing in the parking lot below it. It's also a bachelor suite - I have a wife - with no parking and 10km away from my neighbourhood. Let's try to be honest on both sides here. Try Lower Lonsdale (below 3rd) between Chesterfield and St Georges and see what you get. Fair enough.
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Dec 17, 2015 18:57
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So you're paying $700/month in mortgage payments (is this on a $230k mortgage or something smaller? I'm guessing smaller and it doesn't reflect the true opportunity cost here, which is what CI is getting at). You're paying $300/month in strata fees (this is not low; my strata fees were under $200 for a building with an assessed value of $350k when I owned in Vancouver). Your maintenance has probably averaged another $150 a month (given that you've had to pay a $10k special assessment at the very least). Property taxes are probably $75/month after the home owner's grant and all of that. So really, you're paying the equivalent of at least $1250/month for a 40 year old 600 square foot condo. According to your own post, your property has had negligible appreciation in the last 10 years (even if your property has appreciated $20k in the past year most of that would be eaten up simply by transaction costs upon selling). That doesn't sound especially compelling to me, given that you can rent a new-ish Vancouver 1bd condo for $1400 without looking too hard.
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Dec 17, 2015 21:14
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Right, but when you rent you're paying someone ELSE's mortgage.
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Dec 17, 2015 21:24
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I think we long ago established that trying to explain finances to anyone with skin in the game is an exercise in futility, as owning in this market by necessity requires a certain level of self-delusion which makes such math impossible.
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Dec 17, 2015 21:26
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Cultural Imperial posted:Cad to USD is at an 11 year low Coincidentally, you started this thread on basically the last day that the CAD and USD were on par (February 14, 2013). Things sure do look different now.
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Dec 17, 2015 21:45
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We are gonna hit 0.65 cents in the new year aren't we? I'll be amazed if the CAD finishes above 0.70 cents next week at this rate. EI claims up 100% in Alberta over last year. Get in fuckers.
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Dec 17, 2015 21:50
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blah_blah posted:So you're paying $700/month in mortgage payments (is this on a $230k mortgage or something smaller? I'm guessing smaller and it doesn't reflect the true opportunity cost here, which is what CI is getting at). Again that post was 1.5 years ago. Price has gone up at least $20k since then. Replacing the pipes increase the condo's value too (got a bathroom reno in that price). Mortgage is down to $200k. It's still less than renting, and how much money do renters get when they move out? I get everything I paid for the last 10 years back plus more. I never wanted to be the pro ownership argument guy here though. Believe what you want to believe.
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Dec 17, 2015 22:49
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Rime posted:I think we long ago established that trying to explain finances to anyone with skin in the game is an exercise in futility, as owning in this market by necessity requires a certain level of self-delusion which makes such math impossible. Lol.
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Dec 17, 2015 22:50
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Reverse Centaur posted:Again that post was 1.5 years ago. Price has gone up at least $20k since then. Replacing the pipes increase the condo's value too (got a bathroom reno in that price). Mortgage is down to $200k. So what you are saying is you have a paper profit that you are unlikely to realize given you need somewhere to live and think renting is not a prudent financial decision.
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Dec 17, 2015 23:00
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Reverse Centaur posted:It's still less than renting, and how much money do renters get when they move out? I get everything I paid for the last 10 years back plus more. It's not less than renting unless you're bad at math or don't understand simple concepts like 'opportunity cost'. A 5 year fixed at 2.5% on 230k with a 25 year amortization has a monthly payment of $1032. Add on an average of $500/mo in other fees that a renter won't be paying (strata, repairs, property tax), and we're at $1500/mo. For a forty year old 600 square foot condo in North Van (not exactly the one of the most desirable locations in the GVRD despite what you might like to think). I will say that when renters move out they don't have to pay a realtor $12k (about what you're looking at) to sell their place, though. You do get the principal back, obviously, but that's the only place you're coming out ahead -- and given the timeframe and numbers you've outlined it doesn't appear to compensate for the rest.
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Dec 17, 2015 23:16
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blah_blah posted:It's not less than renting unless you're bad at math or don't understand simple concepts like 'opportunity cost'. A 5 year fixed at 2.5% on 230k with a 25 year amortization has a monthly payment of $1032. Add on an average of $500/mo in other fees that a renter won't be paying (strata, repairs, property tax), and we're at $1500/mo. For a forty year old 600 square foot condo in North Van (not exactly the one of the most desirable locations in the GVRD despite what you might like to think). I will say that when renters move out they don't have to pay a realtor $12k (about what you're looking at) to sell their place, though. -It's not a $230k loan and never was. I'm paying $700 per month, not $1032. You're choosing which snippets of info I've said to distort things to work for you. -North Van *is* one of the most desirable and expensive neighbourhoods despite what you think. The prices back me up. Only other parts of the north shore and the west side are more expensive, and those are the most expensive areas in the country. Detached homes start at $1.2 million for absolute crap here. Bottom line is if the market crashes renters win, if it doesn't, renters lose. That's my last post on the subject since this is obviously about people trying to make themselves feel better about their situation - perhaps myself included.
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Dec 17, 2015 23:44
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Reverse Centaur posted:-It's not a $230k loan and never was. I'm paying $700 per month, not $1032. You're choosing which snippets of info I've said to distort things to work for you. Do you not understand how opportunity cost works? You are effectively subsidizing your own rent, but it's certainly not something that is 'free'. If I put a $400k down payment on a $500k condo my mortgage might technically be only $400/month, but there's a lot of other things I could be doing with $400k of cash that would have a fairly high expected return. Ignoring that is wrong. There are several ways of adjusting for this, and my calculation here is actually relatively conservative (returns on capital historically are much higher than fixed mortgage rates). This is basically first year economics. I've owned and sold a condo in Vancouver, btw -- I'm not sure why you think this is envy. My annual compensation (before taxes) is greater than the value of your condo. blah_blah fucked around with this message at 00:02 on Dec 18, 2015 |
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Dec 17, 2015 23:59
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Reverse Centaur posted:Bottom line is if the market crashes renters win, if it doesn't, renters lose. well sorry about your loss then
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Dec 18, 2015 00:01
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blah_blah posted:
 can we put our dicks away and continue discussing Canada's impending doom?
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Dec 18, 2015 00:15
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I mean, we were until we got derailed by him telling us that if we didn't acknowledge that his 40 year old $250k North Van condo wasn't a savvy financial purchase, it was just renter envy.
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Dec 18, 2015 00:17
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Sometimes it just needs some air
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Dec 18, 2015 00:18
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blah_blah posted:I mean, we were until we got derailed by him telling us that if we didn't acknowledge that his 40 year old $250k North Van condo wasn't a savvy financial purchase, it was just renter envy. lmao it very clearly is
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Dec 18, 2015 00:22
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blah_blah posted:Do you not understand how opportunity cost works? You are effectively subsidizing your own rent, but it's certainly not something that is 'free'. If I put a $400k down payment on a $500k condo my mortgage might technically be only $400/month, but there's a lot of other things I could be doing with $400k of cash that would have a fairly high expected return. Ignoring that is wrong. There are several ways of adjusting for this, and my calculation here is actually relatively conservative (returns on capital historically are much higher than fixed mortgage rates). This is basically first year economics. And who doesn't have $400,000 liquid sitting around to invest with, right?
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Dec 18, 2015 00:51
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James Baud fucked around with this message at 11:12 on Aug 25, 2018 |
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Dec 18, 2015 01:08
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 Attention CI You know that dude that's been selling bottled Albertan air? He's an Albertan ethnic Chinese mortgage broker. Let me know if this pushes you over the edge of being able to hate someone to death. e. edited for extra anger Guest2553 fucked around with this message at 04:06 on Dec 18, 2015 |
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Dec 18, 2015 03:53
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mainlander chinese are pretty bright, lolling how some of the bottles sold on Ebay for $32 per bottlequote:As advertised, Vitality Air is a can of lightly pressurized air: 80 per cent nitrogen, 20 per cent oxygen and no particulates or toxic gases.
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Dec 18, 2015 03:59
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Guest2553 posted:
Please don't post CI's dox
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Dec 18, 2015 03:59
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the last signal... posted:
Dollar is below 72 cents
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Dec 18, 2015 04:13
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Guest2553 posted:Let me know if this pushes you over the edge of being able to hate someone to death. Wouldn't that be a breath of fresh air!
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Dec 18, 2015 04:33
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If I could hate people to death, there'd be a lot of people suddenly dropping dead. Every rear end in a top hat who blocks an escalator or moving sidewalk without moving comes to mind, as well as anyone who doesn't understand that people must be allowed to get off a bus or train before they jam on. Instant death. And people who use iPads to take pictures of performances or events.
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Dec 18, 2015 04:34
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Guest2553 posted:
This guy is straight up hustling idiots and he's not ashamed of it. More power to his inscrutable rear end. I have way more respect for him than Ryan Holmes. (USER WAS PUT ON PROBATION FOR THIS POST)
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Dec 18, 2015 04:37
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I want to fart in a bottle and sell it to Chinese people as "Alberta air." It's not even a lie, technically.
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Dec 18, 2015 04:38
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jet sanchEz posted:Dollar is below 72 cents I'ma trade in my stash of yankee bucks when it hits 65.
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Dec 18, 2015 04:49
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Lol 1.40 motherfuckers
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Dec 18, 2015 15:42
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Can someone explain why the USD to CAD exchange is 10 cents higher on the USD side? How is it 1.40 when the inverse is 0.71? Shouldn't they be roughly equivalent? 
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Dec 18, 2015 16:07
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Rime posted:Can someone explain why the USD to CAD exchange is 10 cents higher on the USD side? How is it 1.40 when the inverse is 0.71? Shouldn't they be roughly equivalent? Do you even fraction? 1/.70 ~= 1.4
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Dec 18, 2015 16:09
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Rime posted:Can someone explain why the USD to CAD exchange is 10 cents higher on the USD side? How is it 1.40 when the inverse is 0.71? Shouldn't they be roughly equivalent? Playstation 4 posted:Do you even fraction? Rime, forgive me if I don't take your financial advice at all seriously any more. EDIT: That's stuff you're supposed to learn in grade 5 or 6, right?
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Dec 18, 2015 16:10
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