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Well just had the building inspector go through today and the (built in 2007) building we've put an offer in will definitely need a $500,000 new membrane for the parkade. 
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Mar 19, 2016 03:55
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El Scotch posted:Anyone stupid enough to buy a Dodge Avenger gets what they deserve. There really ought to be a requirement to inform the purchaser, in writing, of the total cost of a loan including interest.
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Mar 19, 2016 04:07
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the trump tutelage posted:There really ought to be a requirement to inform the purchaser, in writing, of the total cost of a loan including interest. I thought there was?
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Mar 19, 2016 04:13
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Yeah it's called the contract
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Mar 19, 2016 04:22
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Subjunctive posted:I thought there was? There is. Throatwarbler posted:Well just had the building inspector go through today and the (built in 2007) building we've put an offer in will definitely need a $500,000 new membrane for the parkade. Great, you can take it off the asking price!
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Mar 19, 2016 04:36
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the trump tutelage posted:My dad had one and I loved it. Good solid car until my sister totalled it. No one gives a poo poo about what anything costs in absolute terms. When borrowing is free, it's all about the monthly nut.
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Mar 19, 2016 06:24
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I don't even know what this means or who the guy in the background is or what this meme is but I figured it related to this thread???
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Mar 19, 2016 08:38
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Baronjutter posted:I don't even know what this means or who the guy in the background is or what this meme is but I figured it related to this thread??? The wayward Canadian Jew in Ireland checking the quidditich tournament game time.
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Mar 19, 2016 12:37
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Baronjutter posted:I don't even know what this means or who the guy in the background is or what this meme is but I figured it related to this thread??? Typical Liberal-Loving-Weed-Smoking-Beer-Drinking-Keyboard-Warrior Canadian having his house sold by a Asian real estate agent without him even knowing? What Canadian actually drinks Molson Canadian though? He needs a craft beer.
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Mar 19, 2016 18:01
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Baronjutter posted:I don't even know what this means or who the guy in the background is or what this meme is but I figured it related to this thread??? I don't understand this either but I think it's beautiful.
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Mar 19, 2016 19:11
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Alright debt thread, obviously this is not exactly the least biased place for this discussion, but I'm thinking of breaking rank. My landlord had an offer for our suite, and though it ended up going nowhere, it made us realize how much it would loving suck if we got renovicted by the new owner. We just had a kid and are ready to settle in and such. I'm happy to rent for ever, but unfortunately there's no escaping having a determined landlord kick you out for whatever reason. So anyway, landlord asked if we want to buy the place for 390k. It's not in Vancouver , it's in new west, right on the sky train station. Building is from 2009. It's over 1100 sq ft which is pretty great for an apartment. We're happy here, it's close to family, great commute, schools are fine, etc. I'm also like 90% sure the unit sold for 440k 6 or so years ago - I think people expected this part of new west to get gentrified to gently caress much faster. Luckily this hasn't yet happened! As far as I can tell, a large, relatively new unit like this even in some god awful US city like Phoenix would go for around 300k. The construction cost alone would be about 180k. IIRC, before the bubble madness, condos in nice areas having land value close to equal to their cost wasn't unreasonable. Sure it's new west, but he transit accessibility is solid long term value imo. Basically, as far as I can tell, if we weren't in a bubble, this would be considered merely somewhat overpriced, nothing close to what's going on in Vancouver proper. So the way I'm looking at it is that, barring some strange local economic collapse, this apartment is probably legit worth, at least 250k - and that's probably quite conservative. It might lose further value over time as the building deteriorates, but not a ton. So essentially, in a bad case scenario, we risk paying about 200k just for the privilege of knowing we don't have to move ever (plus a few other things like having more flexibility in what we do inside, which is not nothing). Its a lot to pay for just that, but it's not the end of the world if it happens. 3-5 years longer before I can retire maybe, no biggy , early retirement never appealed. And of course there is always the chance the market keeps up at least a bit and we don't lose money (though I'd still say it's going to be more likely than not that we'd make more renting for ever and investing in not-real-estate). What do you say bears, is this unreasonable ? I'm basically not even expecting to make money from this, just buy stability. It also seems like new west in particular may actually have declined slightly past few years, so at least we wouldn't be buying right at peak.
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Mar 19, 2016 19:36
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I say go for it. 390 seems reasonable (if you can afford it) and recent consensus seems to be that the real estate bubble has grown 'too big to fail.'
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Mar 19, 2016 19:39
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Again, Canadians won't shut the gently caress up about the unfair burden of 50k in student loans but 200k loss in capital? That's OK because I'll have pride of ownership! And I can also use that equity to secure a 96 month loan on a luxury car!
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Mar 19, 2016 19:40
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Go gently caress yourself wynand
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Mar 19, 2016 19:41
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Mr. Wynand posted:Alright debt thread, obviously this is not exactly the least biased place for this discussion, but I'm thinking of breaking rank. At the very least, you should figure out what comparable units are selling for, per sq ft. Your landlord probably isn't doing this out of the goodness of his heart so you should try to understand why (if he is at all) he might want to be selling to you below market value.
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Mar 19, 2016 19:55
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Mr. Wynand posted:Alright debt thread, obviously this is not exactly the least biased place for this discussion, but I'm thinking of breaking rank. It depends on your financial situation. If you're talking about liquidating all your savings and dumping it into real estate, that's a terrible idea. If you can afford a decent down payment and the mortgage payments while mainting a diversified portfolio, it's another story. Don't put all your eggs in one basket.
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Mar 19, 2016 20:00
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Mr. Wynand posted:What do you say bears, is this unreasonable ? I'm basically not even expecting to make money from this, just buy stability. That's an pretty expensive purchase given what you think the place is worth, and what the current price is. How much does it take you to earn that amount of money, and is this notion of changing the paint color and not having to move really worth that much money to you? Friends bought a condo in that part of New West a few years back - they broke up, and lost a bundle on it when they had to sell. Not a great outcome. Your reasons to sell may be different, but I can pretty well guarantee that you will have them at some point and you need to think about your exit strategy before getting into a financial commitment of this nature. The idea of 'never having to move' is ridiculous in my view - we should collectively always be open to moving to someplace better if it allows us greater opportunity and/or quality of life. The cost of housing in Vancouver is completely unhinged from reality, and at some point, things will have to achieve some level of equilibrium with people's incomes. Until then, you're taking your chances. TLDR: I think you're better to find another place to rent.
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Mar 19, 2016 20:02
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blah_blah posted:At the very least, you should figure out what comparable units are selling for, per sq ft. Your landlord probably isn't doing this out of the goodness of his heart so you should try to understand why (if he is at all) he might want to be selling to you below market value. Probably this -- do some homework first - maybe also figure out if landlord is in fact selling it at a loss after 6 years or not.
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Mar 19, 2016 20:21
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Planning to settle in Vancouver for the long term, more than a decade, is silly given the damage the bubble popping is going do to the city. Employment opportunities are going to disappear afterwards.
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Mar 19, 2016 20:23
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You guys have never tried talking about moving elsewhere to a long-term Vancouverite, have you. Might as well tell a methhead you're cutting them off, you'll get about the same reaction.
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Mar 19, 2016 20:27
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Rime posted:You guys have never tried talking about moving elsewhere to a long-term Vancouverite, have you. Might as well tell a methhead you're cutting them off, you'll get about the same reaction. Yeah, this is very true. I grew up in this idiot town and find the groupthink around how great Vancouver is to be a huge joke. So little independent thought. My wife and I rent, while our friends have all bought property and are completely broke all the time. They have no money to do anything and the discussions all revolve around real estate and getting bargains at Wal-Mart. It's absolutely bizarre.
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Mar 19, 2016 20:35
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just move to a real city, like toronto or montreal
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Mar 19, 2016 21:11
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PK loving SUBBAN posted:I say go for it. 390 seems reasonable (if you can afford it) and recent consensus seems to be that the real estate bubble has grown 'too big to fail.' lol no such thing as this friend, they thought the same thing for a while in the states too. Apartments in the periphery of cities that encountered huge growth during the boom are the first to absolutely crater, too. Cultural Imperial posted:Go gently caress yourself wynand The massive repair bills coming in from poorly built boom units will probably do this enough on its own.
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Mar 19, 2016 21:37
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Cultural Imperial posted:Go gently caress yourself wynand I love you CI
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Mar 19, 2016 22:17
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blah_blah posted:At the very least, you should figure out what comparable units are selling for, per sq ft. Your landlord probably isn't doing this out of the goodness of his heart so you should try to understand why (if he is at all) he might want to be selling to you below market value. Units higher up (better view) but only 800 sq ft are selling for similar prices. But I will shop the surroundings too. I cant really find historical prices though. If prices as a whole have not actually gone down chances are there is something to be suspicious of about the lower offer yes.
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Mar 19, 2016 22:22
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Myriarch posted:Planning to settle in Vancouver for the long term, more than a decade, is silly given the damage the bubble popping is going do to the city. Employment opportunities are going to disappear afterwards. Would the tech sector disappear though? It's not dependent on local customers or anything. I really lucked out in my field, I feel reasonably secure financially, at least considering my partner can't work due to illness.
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Mar 19, 2016 22:27
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Your home -whether renting or buying -isn't an investment. If the monthly cost to buy and maintain it is in the range you're willing and able to pay for housing go for it.
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Mar 19, 2016 22:28
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Regarding moving - you know, I would, I really would. But I have family and friends here and something that resembles a social safety net. My parents left all that behind when they immigrates to Canada and it was absolutely devastating to them . I'm not keen on repeating that. I really don't have any inordinate amount of love for Vancouver, believe me. But where exactly would we go? To find work it still needs to be a major ish city with some sort of tech sector. Toronto or Montreal maybe, but the thing is, they aren't THAT much cheaper., they have their own bubbles - our is just worse. Is that really worth uprooting for? Maybe Europe, and I could technically even get EU citizenship, but my partner would feel extremely isolated, it would be incredibly unfair to her. So, it's gotta be Vancouver , I'm not happy about it, but there it is.
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Mar 19, 2016 22:52
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the most vancouver post ever
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Mar 19, 2016 23:03
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Making the biggest and most important financial decision of your life, in this present global economic environment, is a Very Good Idea. Like leaning to swim for the first time five minutes before a hurricane makes landfall. 
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Mar 19, 2016 23:19
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Franks Happy Place posted:Making the biggest and most important financial decision of your life, in this present global economic environment, is a Very Good Idea. If they'd bought when goons started predicting a crash they'd be doing pretty well for themselves.
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Mar 19, 2016 23:27
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I liked this short video on the Bay Area https://www.youtube.com/watch?v=SBjXUBMkkE8
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Mar 19, 2016 23:37
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large hands posted:If they'd bought when goons started predicting a crash they'd be doing pretty well for themselves. Suppose your goony younger brother Reginald were morbidly obese. Each day, Reginald wheels his electric chair down to Wendy's, and has four Baconators. Let's suppose you are a good sibling, and you warn Reginald that he is on his way to an epic heart attack at his rate. Let's say Reginald ignores you and keeps on eating Baconators. He gets fatter and fatter and greasier and greasier, his breathing more and more laboured. Four years later at Thanksgiving dinner, as Reginald is wheezing his way through a whole turkey, Reginald says, "See, I told you it was fine! You were wrong!" ...would you be in agreement with Reginald?
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Mar 19, 2016 23:48
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Mr. Wynand posted:Would the tech sector disappear though? It's not dependent on local customers or anything. The Vancouver tech sector is turbofucked and living on borrowed time. As soon as the VC dryup reaches a fever pitch, which it will when an established but unprofitable service like Twitter implodes in the near future and costs some big name investors their shirts, there's going to be very little money flowing into this town. Not even industry darling Hootsuite is generating a loving profit substantial enough to support itself. The tech bubble is no different from our real estate situation at this stage, and Dot Com will look like a fart in comparison. Like, holy poo poo, people do not realize how few tech companies in this town have been living on investment welfare for their entire existence and have zero path to profitability. Don't you work in the games industry, Wynand? Do you not remember what happened to that sector from '08-'10? Where's Threewave, Radical, Ubisoft, etc? Sure, we've got grindhouse deparments for large corps, but as soon as the tax breaks drop they'll pack up house as they always do because they don't view us as anything but a more expensive version of their Indian/Shanghai outsource departments. I don't see Pixar anymore, do you? Mentioning moving to Europe to Vancouverites is doubly-funny, vs. saying you're moving to Toronto or something, they practically froth at the mouth with an unspeakable rage. 
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Mar 19, 2016 23:48
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Franks Happy Place posted:Suppose your goony younger brother Reginald were morbidly obese. Each day, Reginald wheels his electric chair down to Wendy's, and has four Baconators. You're missing the part where if he does decide to stop eating Baconators after those few years, he immediately gets an olympic champion's physique.
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Mar 20, 2016 00:04
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Rime posted:The Vancouver tech sector is turbofucked and living on borrowed time. As soon as the VC dryup reaches a fever pitch, which it will when an established but unprofitable service like Twitter implodes in the near future and costs some big name investors their shirts, there's going to be very little money flowing into this town. Not even industry darling Hootsuite is generating a loving profit substantial enough to support itself. The tech bubble is no different from our real estate situation at this stage, and Dot Com will look like a fart in comparison. Like, holy poo poo, people do not realize how few tech companies in this town have been living on investment welfare for their entire existence and have zero path to profitability. Tech basically doesn't have much fixed capital requirement so it is easier to pack up and move if things like tax credits suddenly disappear.
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Mar 20, 2016 00:11
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lol shut the gently caress up about vancouver tech u guys. FIRE is the future. Hell, UBC isn't even a university anymore. Is this the only campus in canada where student housing isn't a ghetto?
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Mar 20, 2016 00:15
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On the other hand there's a trend toward accepting remote people. I know quite a few people in BC working fully remote for US companies, some being paid in USD. I doubt Amazon / Microsoft / Apple / SAP / Salesforce / etc. will just drop their Vancouver offices, but if they did, I bet they'd be willing to let people just become remote. Most of those companies have standing offers for employees to migrate to the US main offices.
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Mar 20, 2016 00:16
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Vehementi posted:On the other hand there's a trend toward accepting remote people. I know quite a few people in BC working fully remote for US companies, some being paid in USD. I doubt Amazon / Microsoft / Apple / SAP / Salesforce / etc. will just drop their Vancouver offices, but if they did, I bet they'd be willing to let people just become remote. Most of those companies have standing offers for employees to migrate to the US main offices. Great so if they allow telecommuting you move out of Vancouver and go live in a place where 390K gets you a mansion instead of a shoe box. Don't buy a loving condo in Vancouver.
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Mar 20, 2016 00:22
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Rime posted:The Vancouver tech sector is turbofucked and living on borrowed time. Maybe true for the shiny app startups in gastown but we do have a number of traditional, established IT companies who aren't going anywhere anytime soon baring a complete economic collapse, which I wouldn't bet on.
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Mar 20, 2016 00:41
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