- namaste friends
- Sep 18, 2004
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by Smythe
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That's kinda dope actually. Do it.
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Feb 9, 2017 03:33
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- Adbot
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ADBOT LOVES YOU
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May 28, 2024 10:54
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- cowofwar
- Jul 30, 2002
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by Athanatos
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Guys I'm thinking about buying. 15 minute bike ride from the city center (and my job), the price is a bit less than my yearly (pre-tax) income. I have $45K or so to put as a down payment.
http://www.viewpoint.ca/property/cutsheet/00082883?no-nav&no-footer
Its basically a tiny home without the wheels and having to poo poo in a high-tech compost pile.
quote:Features Needs Repair
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Feb 9, 2017 03:45
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- Icemakor
- Sep 11, 2000
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quote:"Mechanically, the house has working plumbing and lights"
100 days on the market I figure I can get it for $80K, maybe have the trampoline included as a condition of sale?
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Feb 9, 2017 03:53
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- Tsyni
- Sep 1, 2004
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Lipstick Apathy
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Not sure this real estate agent knows what 'Mechanically' means.
100 days on the market I figure I can get it for $80K, maybe have the trampoline included as a condition of sale?
and that sweet wall hanging/cloth poster
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Feb 9, 2017 04:20
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- Postess with the Mostest
- Apr 4, 2007
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Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes
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Not sure this real estate agent knows what 'Mechanically' means.
It means probably not up to code.
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Feb 9, 2017 05:19
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- Icemakor
- Sep 11, 2000
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The second bedroom seems atrocious if you're an NBA player.
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Feb 9, 2017 12:14
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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You don't have to go to Atlantic Canada to find houses that cheap, just poke around Belleville or North Bay.
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Feb 9, 2017 16:32
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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I think he/she already lives there, based on him/her saying it was a 15 minute bike ride to his/hers job. Or should we all move to Belleville and/or North bay?
You know what happens when you make assumptions right?
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Feb 9, 2017 16:50
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- Femtosecond
- Aug 2, 2003
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quote:
Vancouver has the highest proportion of empty, underused homes in 35 years
Homes left vacant or not used as primary residences in Metro Vancouver now account for 6.5 per cent of the region’s housing stock, adding fuel to concerns that real estate speculators are hollowing out neighbourhoods and driving up prices, according to a new study based on the latest census data.
Last year, 66,719 empty or underutilized units were recorded in and around Vancouver, which represents the highest proportion in the past 35 years, said Andy Yan, director of Simon Fraser University’s City Program.
Still, the rate is only a slight increase over the past decade.
Numbers Mr. Yan previously crunched from the past six published censuses showed the percentage of these homes in and around Vancouver hovered around 3 or 4 per cent until 2006, when that jumped to just over 6 per cent and remained at that level until last year’s census.
“I didn’t expect it to go up [in 2016], I had actually thought it would remain stable or the same or even possibly go down,” Mr. Yan said. “It really shows the challenges in trying to house the region.”
His estimates of empty and underutilized units in Vancouver are more than double the 10,800 found by a city-commissioned study, which was published last year before council proposed its own vacancy tax.
That analysis examined BC Hydro electricity data for the city’s 225,000 homes over a decade and found that by 2014, just under 5 per cent were empty for a year or more.
The two studies use very different methodologies, “vastly different data sets and vastly different standards” as to what constitutes an empty home, Mr. Yan said.
Mr. Yan said the increasing popularity of short-term rental platforms like Airbnb likely played a role in the increase of 8,500 more empty or underused units in the region over the past five years.
“These would take units off the rental market – that’s the difference between 2011 and 2016,” he said. “[That’s when] short-term rentals became really in vogue in terms of residential real estate holdings.”
The City of Vancouver has said in previous reports that about 1,000 out of Airbnb’s roughly 5,000 listings appeared to be for apartments rented out year-round.
Councillor Geoff Meggs, governing Vision Vancouver party’s pointperson on housing, said the city’s plan to crack down on short term rentals, by restricting them to someone’s primary residence, is undergoing its final public consultation. And by next year, the city’s new tax on empty homes will bring new data that hopefully shows fewer empty or underused homes, he said.
“These two issues overlap to a certain degree,” Mr. Meggs said of short term rentals and empty homes.
If 2,000 of these units were rented to long-term tenants it would really improve Vancouver’s near-zero rental vacancy rate, he added.
In the census data released Wednesday, the City of Vancouver again had the highest percentage of these empty or underutilized units in the region at 8.2 per cent, trailed by Surrey at 6.2 per cent and Burnaby at 5.9 per cent, according to Mr. Yan.
Next to Edmonton, Metro Vancouver had the highest percentage of these units out of Canada’s 10 most populous metro regions, Mr. Yan said. Edmonton had a rate 6.6 per cent and, after Metro Vancouver, came Ottawa-Gattineau at 6.2 per cent, but both those regions have populations less than half the size of Metro Vancouver, Mr. Yan said.
Edmonton’s workforce flying in and out of the oil sands likely contributes to its high rate, while federal employees living only part of the time in and around Ottawa likely plays a major role in its underused housing units, Mr. Yan said.
But, he said Vancouver’s labour force does not explain its high rate of empty or underutilized homes.
“Is this reflecting the economic vitality for these places?”
Meanwhile, the new census data shows the population of Metro Vancouver outpaced the national growth rate over the last five years, increasing 6.5 per cent compared to Canada’s average of 5.0 per cent.
When the 2016 census was taken last May 10, the population of the census metropolitan area of Vancouver was 2,463,431, compared with 2,313,328 from the 2011 census. The population of the actual city of Vancouver was 631,486, up from from 603,502 in 2011.
One of the differences between the CoV study methodology and using the census is that the city has access to development permits and culled from their empty house count houses that were empty because redevelopment was pending. That explains some of that gap between the studies' numbers.
Femtosecond fucked around with this message at 17:13 on Feb 9, 2017
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Feb 9, 2017 17:09
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- namaste friends
- Sep 18, 2004
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by Smythe
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Maybe now retarded supply siders building ffucking laneway homes and condos and loving tiny homes can gently caress off
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Feb 9, 2017 17:36
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- leftist heap
- Feb 28, 2013
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Fun Shoe
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Maybe now retarded supply siders building ffucking laneway homes and condos and loving tiny homes can gently caress off
but it's not the RIGHT kind of supply CI
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Feb 9, 2017 17:44
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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Yeah, you are an rear end.
Edit:. Seriously, that neighbourhood is becoming kinda hip, but boy are some of those old shacks in bad shape.
asinus nosce te ipsum
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Feb 9, 2017 18:24
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- Draenuf
- Jan 12, 2007
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I
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Feb 9, 2017 21:20
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- Icemakor
- Sep 11, 2000
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I think he/she already lives there, based on him/her saying it was a 15 minute bike ride to his/hers job. Or should we all move to Belleville and/or North bay?
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Feb 9, 2017 22:03
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- Postess with the Mostest
- Apr 4, 2007
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Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes
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Yeah I rent a two bedroom for $1180 a month on the Halifax side of the harbour.
For real, get copies of the permits for any renos they did and check with the city for open work orders/permits. That place looks like the housing equivalent of buying meat out of someone's trunk.
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Feb 9, 2017 22:07
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- cowofwar
- Jul 30, 2002
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by Athanatos
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Todd Talbot isn't even a fuckin realtor. He's an actor.
To be fair none of them are real estate experts.
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Feb 10, 2017 01:09
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- UnfortunateSexFart
- May 18, 2008
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ð’» 𒌓ð’‰𒋫 𒆷ð’€𒅅𒆷
𒆠𒂖 𒌉 𒌫 ð’®ð’ ð’¾𒅗 𒂉 𒉡𒌒𒂉𒊑
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quote:Real estate statistics for the beginning of 2017 show temperatures in North and West Vancouver weren’t the only thing in the deep freeze at the beginning of the year.
Sales of single-family homes continued to tumble throughout Metro Vancouver last month, with January sales below long-term averages, according to the Real Estate Board of Greater Vancouver.
On the North Shore, those trends were even more pronounced. Only 20 detached homes sold in West Vancouver in January, bringing its sales-to-listings ratio down to 12 per cent. Sales of detached homes between November and January are down 67 per cent over the same time last year.
West Vancouver Realtor Allan Angell, who specializes in the high-end luxury market, calls the situation in that market “almost tied for the worst of all time.”
Realtor Brent Eilers of Remax Masters Realty in West Vancouver, has examined statistics dating back over the past three decades, and shares that assessment.
“It’s one of the most significant slowdowns we’ve had,” he said.
“We’re down significantly compared to the historical norms for both communities,” he said of detached sales in North Vancouver and West Vancouver.
Prices are also beginning to fall.
The real estate board put the “benchmark” price of a West Vancouver house at $2.9 million in January – down 13 per cent from six months ago.
But Eilers said median prices of homes sold are down farther than that and “many have had to go through multiple price reductions to get sold.”
In North Vancouver, 34 single-family homes sold in January. Sales of detached homes there between November and January were down 42 per cent over the same period last year.
One area of the market that is still active is sales of condos in North Vancouver. “It’s much more active than the single-family sales,” said Realtor Satnam Sidhu of Remax Crest Realty in North Vancouver. “A lot of them are being sold with multiple offers.”
Local buyers are flocking to condos because “that’s what people can afford,” said Sidhu. Sidhu added some first-time buyers are taking advantage of the province’s new homebuyers program that provides a loan for a portion of a down payment.
Tightening of federal mortgage rules in the fall mean many buyers are qualifying for a smaller loan than they would even a year ago, said Sidhu. “That’s another reason why the condo market has been active,” he said. “People have had to downsize their expectations.”
The “benchmark” price of a townhouse in North Vancouver was $831,000 in January – down just four per cent from six months ago, while the price of an apartment held steady at about $455,000, according to January statistics from the real estate board. There were 72 sales of townhouses and apartments in January in North Vancouver.
In the high end of the market, real estate agents say much of the drop-off in sales is due to far fewer foreign buyers snapping up homes than were doing so prior to the province’s imposition of a 15 per cent tax on foreign buyers in August.
There are, however, still notable exceptions. Three homes in the British Properties sold for stratospheric prices in January – one for $9 million, one for $13 million and one for $15 million. That’s equal to the number of properties that sold above $9 million between August and December 2016.
“I guess if you can afford $15 million, who cares what the market is doing,” said Sidhu.
Angell said he doesn’t think the foreign buyers tax has made homes on the North Shore any more affordable to the average person.
“If you couldn’t afford a house a year ago, you still can’t today,” he said.
- See more at: http://www.nsnews.com/news/house-sales-slow-in-january-1.9771400#sthash.TexApo5A.dpuf
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Feb 10, 2017 06:46
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- Femtosecond
- Aug 2, 2003
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No surprise that Christy Clark is looking to undermine the 15% foreign buyer tax to put life back into the RE market.
quote:
Vancouver’s foreign buyer tax and the work-permit loophole ‘you could drive Highway 99 through’
Is it a mistake to offer exemptions from the Vancouver foreign buyer tax to home purchasers with Canadian work permits?
Almost as soon as BC Premier Christy Clark announced the plan at the Vancouver Chinatown Lunar New Year parade last week, newly graduated foreign students – who are entitled to post-graduation work permits lasting up to three years – were eagerly eyeing the proposal.
“I’ve just graduated and got a work permit. Can I buy a property with a loan? How much can I borrow?,” asked one reader of WuBianVision, a popular Chinese-language real estate blogger on the WeChat platform.
“I recently graduated and got a work permit. Can I buy a property now?” asked another last week.
Are these presumably foreign-funded buyers the folk that Clark now wants back in the Vancouver real estate market, which has seen sales nose-dive 40 per cent in the wake of the tax?
The rationale for the BC Liberal government to offer exemptions is sound, assuming that the goal of the tax is to improve affordability by preventing foreign capital further skewing a market that had become detached from local incomes (and is not, say, a pre-election political tactic). People who live and earn locally should not be unfairly punished.
But there are good reasons to worry about using work permits as the basis for such exemptions, instead of offering offsets against actual income tax payments.
There’s a risk that foreign-funded buyers will pursue permits primarily to escape the tax. There’s a risk that new grads, backed by foreign funds and/or acting as proxies, will dive in.
And the stakes are high: the 15 per cent tax adds more than C$134,000 to the benchmark price of a Metro Vancouver home, which currently sits at C$896,000. The bill on a detached home on the city’s Westside, based on last year’s average price of C$2.63million? More than $C394,000.
The backdrop remains Vancouver’s sky-high unaffordability, with a price:income ratio of 11.8. That is the third-worst in the world, behind Hong Kong and Sydney, out of 406 cities in the 2017 Demographia unaffordability report. Vancouver’s unaffordabilty has soared 123 per cent since 2004, the worst deterioration among the world’s major markets.
Vancouver immigration lawyer Richard Kurland said offering foreign-buyer-tax exemptions to work permit holders was a “Swiss cheese” proposal. “The term ‘work permit’ is too vague to implement the intention,” he said, describing the proposal as a “legal loophole that you could drive Highway 99 through”.
A work permit “does not require you to work. It is permission to work, if you so choose,” he said.
“The gorilla in the closet, the real issue”, Kurland said, was whether or not a buyer was a tax resident of Canada, “reporting global income and property to CRA and paying taxes here.”
Numerous circumstances existed in which people could obtain a work permit without actually working. “If you’re a student, say at UBC, your spouse can get an open work permit. It’s as common as pie,” said Kurland. “Or you can easily have a Canadian work permit and never even be in Canada. I’ve had cases like that,” he warned.
“Will this control property speculation in any way? No, you’ve just flung the barn door wide open by inviting anyone to come in and take what they want.
“You’ve just created an incentive for people to find legitimate ways to seek a work permit [so they can receive the tax exemption]. It would require some effort, but if, hanging in the balance is a quarter-million-dollar tax bill for buying a property, then I think people can afford to hire lawyers and accountants to get a work permit.”
He said there was a “really simple” alternative to determine eligibility for exemptions: “Just mail me a copy of your CRA notice of assessment, your T1, and you get an exemption.”
The idea that exemptions would be better offered on the basis of actual income taxes also appeals to economist Tom Davidoff, director of the UBC Centre for Urban Economics and Real Estate.
Davidoff said the BC Liberals’ decision last year to impose a nationality/permanent residency-based tax appears to be premised on it being “more administratively simple” than a tax-based system, such as the BC Housing Affordability Fund that was proposed by Davidoff and dozens of other like-minded economists last year. “But there is a trade-off between simplicity and getting what you are after.”
“Now, by trying to get rid of the error of taxing [locally earning] people they shouldn’t tax, most likely that exemption is going to open up more of the second type of error, which is failing to tax the people that you should.”
He offered a hypothetical: “People are going to suggest that ok, your kid is going to school, they get a post graduation work permit, earn C$100, pay C$10 in tax and now, tax-free, maybe buy that C$31 million mansion.”
That’s a reference to the now-notorious home in Point Grey, bought last year for C$31.1million by student Tian Yu Zhou. And the phenomenon of students buying expensive homes in Vancouver isn’t anecdotal: students made up 5 per cent of all buyers in a study of single-family home sales in Vancouver’s Westside, conducted in 2014 and 2015. The average value of their homes was C$3.2 million.
Davidoff said he remained hopeful the government would be able to manage the risks, at least by excluding post-graduation work permits from exemption. He said there “absolutely” should be exemptions for work-permit holders whose primary income was derived locally.
But there was a “tension” between exempting genuine members of the Vancouver workforce, while dealing with the risk of a loophole for people buying on behalf of foreign family members. That tension made a dollar-for-dollar exemption based on locally paid tax more sensible, he said.
So, does the government plan to extend the exemption to post-grad work permit holders, or holders of open work permits? The Ministry of Finance was non-committal when asked those exact questions.
“We are looking at options that provide targeted relief from the additional property transfer tax. This includes for people who become permanent residents soon after buying a home and for those who are coming to BC on work permits to live and contribute to our province,” it said in a statement.
“Now that the additional tax has effectively cut back the excessive demand we were seeing last year, we are in a position to make the adjustments necessary to help ensure we can keep attracting highly skilled workers.”
It added that the tax “will continue to apply to speculative foreign investment that can distort the Metro Vancouver residential real estate market. More details will be available when the regulations are announced.”
Those newly minted foreign grads, cashed up with deposits and clamouring for exemptions, will have to wait and see with the rest of us.
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Feb 10, 2017 07:11
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- I would blow Dane Cook
- Dec 26, 2008
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quote:Snowplow operator says dangerous drivers cut them off or don't let them merge into lanes
What the gently caress is wrong with you people?
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Feb 10, 2017 13:03
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- Postess with the Mostest
- Apr 4, 2007
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Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes
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What the gently caress is wrong with you people?
They go reallllly slow
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Feb 10, 2017 13:27
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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http://business.financialpost.com/p...acts-to-chew-on
This whole article really.
quote:
How do I know if I’m money-ready to be a home owner?
Look at your lifestyle and ask yourself, “Am I ready to commit?” Do you have stable income and can you plant roots for a few years?
“With the transactional costs of real estate, you have to stay put for five years to make up your money,” says 31-year-old Sean Cooper, who paid off his $450,000 mortgage in three years and authored the upcoming book, Burn Your Mortgage.
[...]
How the heck do I amass a down payment?
“Beg your mom and dad,” says James Laird, president of Broker of Record. “We’re seeing that family members are willing to help.”
But the best part:
quote:
What are my borrowing options?
Vancouver-based online lender Mogo recently unveiled a mortgage platform geared to Millennials; the digital dashboard walks users through the process and allows them to apply for a mortgage online. “The application takes four minutes,” says Chantel Chapman, a credit expert and financial fitness coach with Mogo. “It’s all about the experience with a mortgage specialist and the convenience of doing it online.”
Postmedia Network, which owns the National Post, has a revenue sharing agreement with Mogo, a fintech company.
 What a scam.
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Feb 10, 2017 15:05
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- triplexpac
- Mar 24, 2007
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Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you
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How can anyone have stable income in this wonderful gig economy of ours?
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Feb 10, 2017 15:13
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- Reince Penis
- Nov 15, 2007
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by R. Guyovich
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The bit about only buying if you're planning to stay put for a while is at least good advice that more people should listen to.
Yeah for sure. Also, pay off your mortgage in 3 years if possible.
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Feb 10, 2017 15:54
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- Adbot
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May 28, 2024 10:54
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Feb 9, 2017 03:33
