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Sales down 26% Surely the top is near?
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Sep 2, 2016 15:21
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That is complete loving insanity.
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Sep 2, 2016 15:22
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It makes little sense to me that people with millions to throw away in cash for houses really give a poo poo about a 15% tax. Especially if the alternative is that their money stays in China only to be "recovered" by the PRC. I think this sales lull is temporary and mainlanders are just trying to get a feel for what happens next. By next spring we'll be back to 10%-15% sales increases year over year.
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Sep 2, 2016 15:31
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Good to see real estate reporting is as accurate as ever. Jumpingmanjim posted:That is complete loving insanity. I want to say this is the third time sales volume has collapsed coupled with a price spike in the last few years.
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Sep 2, 2016 15:33
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The price has to go up when it is limited by SUPPLY guys, SUPPLY
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Sep 2, 2016 15:33
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If everything's saying "Sell!" now, then you know the time to sell was a month ago.
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Sep 2, 2016 15:36
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Whatever, sell now if you want, just means my
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Sep 2, 2016 15:42
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namaste faggots posted:It makes little sense to me that people with millions to throw away in cash for houses really give a poo poo about a 15% tax. Especially if the alternative is that their money stays in China only to be "recovered" by the PRC. I think this sales lull is temporary and mainlanders are just trying to get a feel for what happens next. By next spring we'll be back to 10%-15% sales increases year over year. Yeah I agree with this. Fortunately that 15% tax will provide a lot of money that
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Sep 2, 2016 16:22
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WAT Also the market up here in Whistler is so weird right now. There's been like nothing actually being put up for sale in the last year, but tons of people are being renovicted, or just evicted after their place is sold. But the volume of property on the market is insane. There are literally 212 listings in Whistler right now, which is apparently the lowest it's been since they started tracking stuff like that in the 90s. Prices are ridiculous, too.
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Sep 2, 2016 16:30
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HookShot posted:WAT Didn't Whistler have a price crash a couple of years ago? I guess that whole thing reversed itself?
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Sep 2, 2016 16:48
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https://twitter.com/groditi/status/771745069871226880?s=09 I'm really looking forward to the upcoming carpocalypse
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Sep 2, 2016 17:30
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https://twitter.com/YVRHousing/status/771749794427473920?s=09 It's not happening
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Sep 2, 2016 17:46
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namaste faggots posted:https://twitter.com/YVRHousing/status/771749794427473920?s=09 I'm sure you can drive a bus through the foreign real estate tax loopholes, so much for a return to sanity.
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Sep 2, 2016 18:46
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Lexicon posted:Didn't Whistler have a price crash a couple of years ago? I guess that whole thing reversed itself? Yeah, right around the Olympics. Prices went back to what they had been pre-bust around 2014 IIRC and now they've gone up like 35% YOY
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Sep 2, 2016 19:03
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Also jesus christ what is it going to take for this market to collapse already??
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Sep 2, 2016 19:08
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HookShot posted:Also jesus christ what is it going to take for this market to collapse already?? Well if it hasn't happened by now.... But seriously, interest rates going up.
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Sep 2, 2016 19:17
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PK loving SUBBAN posted:Well if it hasn't happened by now.... And what would take to make THAT happen? Since despite massive indebtedness the inflation rate seems to be at a really low level... External shock maybe?
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Sep 2, 2016 20:04
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<habs hockey player fanboi> has a point about interest rates the fed is probably gonna raise <insert month> and if any of you have been paying attention to this thread you'd know that is more important than the BoC right now
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Sep 2, 2016 20:12
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What's to stop the people that get tight against the fixed rates from the fed with slumming it on a var rate BoC driven product though?
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Sep 2, 2016 20:21
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Jumpingmanjim posted:Sales down 26% Detached sales volume down 45% year over year with averages prices down 17% month on month. Apartments down 8% and attached homes down 7% Also about that 31% year over year price increase number being trumpeted by realtors: quote:The benchmark price of all housing types, a custom measure used by the real estate board which excludes some properties, showed the price of a home on that measure increased 31 percent from a year earlier in August to C$933,100. A customized index from the real estate board says no problem here just keep on buying. Real Shocker there.
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Sep 2, 2016 20:22
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What's to keep your BMW 3 series leasin thousandaire from servicing his mortgage debts with money Mart loans for the next 30 years
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Sep 2, 2016 21:05
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namaste faggots posted:What's to keep your BMW 3 series leasin thousandaire from servicing his mortgage debts with money Mart loans for the next 30 years  I want to see this world so bad.
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Sep 2, 2016 22:12
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Up to this point, I've not even considered buying a house. It's been more of a "some day, maybe" kind of future aspiration, since any of the prices I've seen might as well have been a gorillian dollars. But, if a correction does eventually come around, I might want to look into it. You folks seem to not buy into the whole pride of ownership cult. So I ask you: What would be a sane price:income ratio? I'd rather not ask the bank, or any of my cultist peers. I would like some rational advice.
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Sep 2, 2016 22:16
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Look at it this way. Take the minimum downpayment before the CMHC will make you take out mortgage insurance, which is approximately 25% of your home purchase value. Then figure out the cost of borrowing the remaining 75% including insurance, closing fees etc. Then figure out how much you'll pay monthly. If that number is less than what it costs to rent an equivalent property, then buy. If not, don't buy and keep waiting for home values to decline.
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Sep 2, 2016 22:24
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Monthly payments obviously need to include property tax, any strata fees, utilities like water that might be normally carried by the landlord, etc. Plus some amount for amortized maintenance expenses, which I've heard thrown about as 10% of the property's value over 10 years. That number may be bullshit, though.
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Sep 2, 2016 22:28
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Mortgage insurance is a rip off piece of poo poo. Get actual term life insurance to opt out of mortgage insurance. As for maintenance, 10% for 10 years is low for where i live but it's not terribly low for the lower mainland I guess. Your main repairs to watch for: Hot water tank: $1500-4500 every 8-9 years Furnace: 100k BTU $5000-7000 every 20-25 years Roof: 15-20 years (Flat roof)/8-12 years (shingles) Electrical breaker panel: $3000-4000 every 20-25 years Siding: ~$175/200sqft for vinyl. Not sure on life span. Painting wood $65/400sqft every couple years or as needed. There's smaller maintenance that needs to be done on a regular basis like caulking, weather strips, plumbing, minor electrical. If you're not the kind of person who can be relied on to do those kind of maintenance and do it properly, add 25-125% for labour cost.
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Sep 2, 2016 22:42
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Thanks for the serious answers.
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Sep 2, 2016 23:20
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namaste faggots posted:Look at it this way. Take the minimum downpayment before the CMHC will make you take out mortgage insurance, which is approximately 25% of your home purchase value. Then figure out the cost of borrowing the remaining 75% including insurance, closing fees etc. Then figure out how much you'll pay monthly. If that number is less than what it costs to rent an equivalent property, then buy. If not, don't buy and keep waiting for home values to decline. This, but I always put a bit of a premium on owning. If buying the same property cost probably about 10-15% more than what I'm paying in rent, I'd probably still go for it, just because having a place would be worth not having to go through the hell of dealing with landlords/being forced to move every few years/etc.
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Sep 3, 2016 00:48
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HookShot posted:This, but I always put a bit of a premium on owning. If buying the same property cost probably about 10-15% more than what I'm paying in rent, I'd probably still go for it, just because having a place would be worth not having to go through the hell of dealing with landlords/being forced to move every few years/etc. It's the pride of ownership, really.
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Sep 3, 2016 03:31
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HookShot posted:This, but I always put a bit of a premium on owning. If buying the same property cost probably about 10-15% more than what I'm paying in rent, I'd probably still go for it, just because having a place would be worth not having to go through the hell of dealing with landlords/being forced to move every few years/etc. I guess there is value to be ascribed to the security gained by owning vs renting. I know I've dealt with my fair share of lovely landlords and have had to move when the house I was renting got sold out from under me. Realistically, I feel like a triple lottery winner at this point. I rent a small house from a solid landlord, with no plans on selling any time soon, and at a rate well below market rental rates. It might make it viable to have a kid and not eat dog food in retirement.
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Sep 3, 2016 04:02
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I've been living in a cheap illegal sublet and working two jobs to save up for a real place (rent not buy). Vancouver.txt
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Sep 3, 2016 07:16
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quote:'Property is better bet' than a pension says Bank of England economist https://www.theguardian.com/money/2016/aug/28/property-is-better-bet-than-a-pension-says-bank-of-england-economist?CMP=share_btn_fb
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Sep 3, 2016 10:24
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namaste faggots posted:Look at it this way. Take the minimum downpayment before the CMHC will make you take out mortgage insurance, which is approximately 25% of your home purchase value. Then figure out the cost of borrowing the remaining 75% including insurance, closing fees etc. Then figure out how much you'll pay monthly. If that number is less than what it costs to rent an equivalent property, then buy. If not, don't buy and keep waiting for home values to decline. Yeah the hilarity of this bubble is you have people paying $1500-$2000 a month more just for the joy of homeownership.
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Sep 3, 2016 12:37
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Jumpingmanjim posted:https://www.theguardian.com/money/2016/aug/28/property-is-better-bet-than-a-pension-says-bank-of-england-economist?CMP=share_btn_fb lmao.
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Sep 3, 2016 13:48
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quaint bucket posted:Mortgage insurance is a rip off piece of poo poo. Get actual term life insurance to opt out of mortgage insurance. Uh do you even know what mortage insurance is? Cause It's not what you seem to think it is, it has literally nothing to do with life insurance. a helpful link : https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_010.cfm
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Sep 3, 2016 16:48
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I'm back from my trip to Toronto and took this photo of a house on Yonge: Edit: Bigger version https://i.imgur.com/86SdymX.jpg That's a big, probably expensive house that has a back gate being held together with what appears to be a broomstick Professor Shark fucked around with this message at 17:35 on Sep 3, 2016 |
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Sep 3, 2016 17:18
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Professor Shark posted:I'm back from my trip to Toronto and took this photo of a house on Yonge: Next time, lose the pants.
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Sep 3, 2016 17:23
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TROIKA CURES GREEK posted:Uh do you even know what mortage insurance is? Cause It's not what you seem to think it is, it has literally nothing to do with life insurance. Whoops got it confused with mortgage life insurance.
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Sep 3, 2016 20:03
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TROIKA CURES GREEK posted:Uh do you even know what mortage insurance is? Cause It's not what you seem to think it is, it has literally nothing to do with life insurance. He's talking about mortgage protection insurance, which is like a credit insurance that banks and mortgage companies sell that pays out your mortgage if you die, get cancer, etc. It's really expensive and not as good as term life usually and it is insurance for your mortgage, so a lot of people do call it "mortgage insurance." But yeah different from CMHC/Genworth mortgage insurance.
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Sep 3, 2016 21:06
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Our bank tried to get us to buy death disability and critical insurance insurance on our mortgage and the added cost announced to an almost 1300 a year. 10 seconds on my phone and I found insurance for a third of the cost. It's about as big a ripoff as extended warranties at Best Buy.
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Sep 3, 2016 21:44
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