|
PT6A posted:I sold the Mustang, I drive a respectable European hatchback now. Tell us more about your ethical raw vegan lifetsyle on unceded coast salish territory. 
|
#
?
Apr 30, 2018 03:09
|
|
|
|
| # ? May 19, 2024 09:45 |
|
|
I'd copy/paste the article but there's some cool charts worth looking at in here: https://www.bloomberg.com/news/articles/2018-04-30/whistler-now-tops-vancouver-as-canada-s-craziest-housing-market Whistler is officially Canada's dumbest housing market!
|
|
#
?
May 1, 2018 02:50
|
|
|
.
James Baud fucked around with this message at 11:21 on Aug 25, 2018 |
|
#
?
May 1, 2018 02:56
|
|
|
James Baud posted:Commencing operation "move to Rossland"? What's the other place people are thinking will be the next big ski resort? Starts with a V I think?
|
|
#
?
May 1, 2018 04:16
|
|
|
Saw this article's headline, but it's behind a paywall. Anyone with access read it? Anything interesting in it?quote:Flipping of condo units by insiders fuels hot Vancouver market
|
|
#
?
May 1, 2018 05:08
|
|
|
rgocs posted:Saw this article's headline, but it's behind a paywall. Anyone with access read it? Anything interesting in it? Realtors who bring developers a lot of business (especially during hard times) get early access to presales and a discount vs public in good times, flip units for profit, particular focus on three developments in Vancouver/Burnaby, including one where the developer claimed only one unit (of 21) had been flipped but the reporters had proof of 6 flips and could've been missing some. Nothing scandalous, just some people complaining that they paid 50k more than someone else - presumably they were quite happy with their paper gains until they found out someone else made more and got jealous. And some minor league realtors not getting this form of kickback complaining about same. In short, free money to speculators because other people are willing to pay even more, developer passes up a bit of money for volume of units moved in one fell swoop. I'd call it a 2/10 on the outrage meter, but who knows. James Baud fucked around with this message at 06:18 on May 1, 2018 |
|
#
?
May 1, 2018 06:15
|
|
|
Thanks. I had heard from an architect friend-of-a-friend of new buildings in Vancouver/Burnaby where entire floors are held off the market by the developer and slowly released to keep prices up. Thought it had something to do with that.
|
|
#
?
May 1, 2018 06:47
|
|
|
Claes Oldenburger posted:What's the other place people are thinking will be the next big ski resort? Starts with a V I think? Valemount. I seriously expected that town to be dead by now but new lease on life I guess.
|
|
#
?
May 1, 2018 13:30
|
|
|
Cold on a Cob posted:Valemount. I seriously expected that town to be dead by now but new lease on life I guess. They just got their first traffic light a year or two ago. Apparently Chinese tourist heading to the Rockies kept walking out into Highway 1 traffic.
|
|
#
?
May 1, 2018 13:49
|
|
|
Cold on a Cob posted:Valemount. I seriously expected that town to be dead by now but new lease on life I guess. Yeah that's the one. Is there even anything there yet (other than an apparently new stoplight) or is it all just speculation?
|
|
#
?
May 1, 2018 16:24
|
|
|
rgocs posted:Saw this article's headline, but it's behind a paywall. Anyone with access read it? Anything interesting in it? Friends of mine who bought last year said that they considered one presale, but in the end a single investment company bought every unit in the building (presumably to flip them). I'd imagine this is why the BC government is putting in the new regulations on reporting on presale flipping.
|
|
#
?
May 1, 2018 16:29
|
|
|
James Baud posted:Commencing operation "move to Rossland"? I expect we'll see a lot more things like this pop up. quote:New air service will offer one-hour access to world-class Revelstoke Ski Resort from Vancouver It would be nice to see more short haul airlines, flights through BC, and to see airfares come down. It was crazy to me visiting in New Zealand, which has the same population as BC, seeing how much cheaper flights around the country were.
|
|
#
?
May 1, 2018 17:10
|
|
|
Femtosecond posted:I expect we'll see a lot more things like this pop up. Pasco's going to have major problems finding pilots. Most of the people I've talked to are still very pissed at them for their fuckery with WestJet, and no one wants to live in Vancouver on a pilot's salary.
|
|
#
?
May 1, 2018 17:17
|
|
|
Claes Oldenburger posted:Yeah that's the one. Is there even anything there yet (other than an apparently new stoplight) or is it all just speculation? Construction won't start until next year. Edit: I probably should have wrote, "Construction supposedly won't start until next year." because after further reading ... yeah this thing doesn't seem to have legs yet. Cold on a Cob fucked around with this message at 13:19 on May 2, 2018 |
|
#
?
May 1, 2018 19:20
|
|
|
Can anyone recommend any good Twitter accounts, aside from Ben Rabidoux, that cover the whole Vancouver real estate situation?
|
|
#
?
May 1, 2018 23:14
|
|
|
Zartans Lady Mask posted:Can anyone recommend any good Twitter accounts, aside from Ben Rabidoux, that cover the whole Vancouver real estate situation? https://mobile.twitter.com/nihilist_memes ?
|
|
#
?
May 1, 2018 23:17
|
|
|
Zartans Lady Mask posted:Can anyone recommend any good Twitter accounts, aside from Ben Rabidoux, that cover the whole Vancouver real estate situation? Rabidoux has a (very tiny) list: here https://twitter.com/FIVRE604 ain't bad from a more on-the-ground, sensationalist standpoint https://twitter.com/ianjamesyoung70 Ian Young is a decent reporter for SCMP who's covered housing stuff a lot https://twitter.com/Ayan604 Andy Yan has published some interesting stuff basically just start following some accounts and spin off from there Majuju fucked around with this message at 23:46 on May 1, 2018 |
|
#
?
May 1, 2018 23:42
|
|
|
Femtosecond posted:I expect we'll see a lot more things like this pop up. That air service to Revelstoke was either a huge success or massive flop depending on how you want to look at it. The majority of flights were sold out months in advance which is great. But something like only 25% of flights actually made it due to the weather. I wouldn't go buying any land in anticipation of the Valemount resort construction getting under way anytime soon. They've never had any money in place, and have been pushing back construction a year at a time. There's nothing to suggest they will ever actually start building it. The existence of an approved master plan is effectively a real estate sales marketing tool (see: Kicking Horse & Revelstoke) Kreez fucked around with this message at 00:31 on May 2, 2018 |
|
#
?
May 2, 2018 00:25
|
|
|
Yeah, it was originally supposed to open this season (ie. November 2018).
|
|
#
?
May 2, 2018 01:58
|
|
Zartans Lady Mask posted:Can anyone recommend any good Twitter accounts, aside from Ben Rabidoux, that cover the whole Vancouver real estate situation? Steve Saretsky https://twitter.com/SteveSaretsky
|
|
|
#
?
May 2, 2018 03:10
|
|
|
Majuju posted:Rabidoux has a (very tiny) list: here Those are good ones. Also: https://twitter.com/karensawa - housing, airbnb, renters issues https://twitter.com/melodyma - chinatown issues https://twitter.com/SteveSaretsky - realtor that thinks the level of speculation has gone nuts. Often posts MLS data. https://twitter.com/JenStDen - City Politics reporter at StarMetro Vancouver (which is best at local current events coverage) https://twitter.com/vb_jens - One of the less annoying abundant housing guys. https://twitter.com/pricetags - Gordon Price. Super smart ex-councillor. Usually reposts from PriceTags blog (which is great). On another subject, remember that Condo I mentioned that I looked at where the unit was in a building that was 20% Airbnb? Price dropped 20k. I think it's gonna be a rough summer for realtors as everyone starts to sit on the sidelines... https://twitter.com/SteveSaretsky/status/991361723553628160
|
|
#
?
May 2, 2018 03:19
|
|
|
Femtosecond posted:Those are good ones. Also: Thanks for these, and to everyone else who provided accounts to follow. Great stuff!
|
|
#
?
May 2, 2018 04:39
|
|
Femtosecond posted:On another subject, remember that Condo I mentioned that I looked at where the unit was in a building that was 20% Airbnb? Price dropped 20k. I think it's gonna be a rough summer for realtors as everyone starts to sit on the sidelines... Where is this? I'm following my area closely and condos sell immediately, usually with bidding wars. There's literally one condo listed for under $500k in my neighbourhood (which is all condos). SFH is slowing down for sure though.
|
|
|
#
?
May 2, 2018 19:59
|
|
|
UnfortunateSexFart posted:Where is this? I'm following my area closely and condos sell immediately, usually with bidding wars. There's literally one condo listed for under $500k in my neighbourhood (which is all condos). SFH is slowing down for sure though. Chinatown, where prices are still well above $1000/sqft. Even with $20k off it's still above $1000/sqft. Prices are slowing across the board at the moment. The Spring season is off to a very slow start, with April sales at a 17 year low.
|
|
#
?
May 3, 2018 06:03
|
|
|
Got a notice in my TD app today when I signed in, the new update added exciting functionality to locate the nearest mortgage broker to my current gps location!!! For those days when you're in too much of a loving rush to research your broker and need the money NOW. I swear, this decade will be looked back in the same way we now view powdered wigs or blackface dolls.
|
|
#
?
May 3, 2018 06:29
|
|
|
THE BEATWEAVER posted:I swear, this decade will be looked back in the same way we now view powdered wigs or blackface dolls. Only in the more generic "haha, imagine having to dedicate a whole hand/arm to this crap?" sense. Mode A, Extended:  Mode B, Retracted:  Not 'The Future': 
|
|
#
?
May 3, 2018 08:53
|
|
Femtosecond posted:Prices are slowing across the board at the moment. The Spring season is off to a very slow start, with April sales at a 17 year low. You keep combining SFH and condos. They're totally separate markets on separate trajectories. Condos are the hottest they've ever been after skipping the boom until about 2016 or so. Prices are near/over $1,000 sq feet in my area too for anything not poo poo. Luckily/unluckily mine is poo poo.
|
|
|
#
?
May 3, 2018 16:09
|
|
|
UnfortunateSexFart posted:You keep combining SFH and condos. They're totally separate markets on separate trajectories. Condos are the hottest they've ever been after skipping the boom until about 2016 or so. Ah poo poo I saw press releases earlier that mentioned that condo sales were also trending down and I lazily posted that globe article assuming that it would cover the same news. https://twitter.com/SteveSaretsky/status/991359249312759816 https://twitter.com/SteveSaretsky/status/991740196411531264 quote:https://www.rebgv.org/news-statistics/home-sales-down-listings-across-metro-vancouver Sales are slowing and inventory increasing. More significant price drops soon? (I hesitate to predict anything in the years old bubble speculation thread...) It could be a blip, but on the other hand there is the looming Airbnb regulation in CoV, the huge amount of under construction multi unit inventory., and also increasing mortgage rates. https://twitter.com/SteveSaretsky/status/992055525226430465
|
|
#
?
May 3, 2018 16:31
|
|
|
So what happens when people renewing the mortgages on their $500,000 condo go from 2.89% to 5.34% and their payment jumps $550 a month even though their wage has stagnated since they signed the papers?
|
|
#
?
May 3, 2018 20:06
|
|
|
Powershift posted:So what happens when people renewing the mortgages on their $500,000 condo go from 2.89% to 5.34% and their payment jumps $550 a month even though their wage has stagnated since they signed the papers? 5.34% is the qualifying rate under the new "stress test" rules, which means that while they won't be paying 5.34% right now, the Feds obviously think it's well within the realm of possibility, so they should qualify for such a rate increase if it happens. But yeah, not having to stress-test renewals is a worrying thing if you're on like a 30+ year mortgage. poo poo's not going in a great direction.
|
|
#
?
May 3, 2018 20:15
|
|
|
Seat Safety Switch posted:5.34% is the qualifying rate under the new "stress test" rules, which means that while they won't be paying 5.34% right now, the Feds obviously think it's well within the realm of possibility, so they should qualify for such a rate increase if it happens. The stress test would potentially prevent people from shopping around for better rates on renewal. I wonder if banks will start raising rates on renewals for people they know couldn't get qualified for their existing house. Why not, right?
|
|
#
?
May 3, 2018 21:25
|
|
|
Powershift posted:So what happens when people renewing the mortgages on their $500,000 condo go from 2.89% to 5.34% and their payment jumps $550 a month even though their wage has stagnated since they signed the papers? What we've pretty much always known will happen -- a whole lot of people go insolvent and get their property repossessed. Hopefully we don't have quite the same conditions as the 2008 crash in the US (ie we don't have a bunch of fuckery with repackaging mortages and such), but the bubble bursting will be tied to an economic crash of some degree regardless. That said it might end up being a good time to actually buy once all the dust settles. 
|
|
#
?
May 3, 2018 21:39
|
|
|
Lead out in cuffs posted:What we've pretty much always known will happen -- a whole lot of people go insolvent and get their property repossessed. One can wish! Though what are the chances? Given the track record, divesting into lottery tickets may yield results faster!
|
|
#
?
May 4, 2018 00:06
|
|
|
Square Peg posted:I wonder if banks will start raising rates on renewals for people they know couldn't get qualified for their existing house. Why not, right? Absolutely. They gotta make up for all the revenue that Evil Trudeau is not letting them take from new unqualified homebuyers. Good thing cutting off the input stream of suckers never makes a Ponzi scheme collapse.
|
|
#
?
May 4, 2018 01:06
|
|
|
Square Peg posted:The stress test would potentially prevent people from shopping around for better rates on renewal. I can't wait for delicious balloon payments for people whose equity has slipped below minimum LTV ratios. Though banks won't raise renewal rates arbitrarily they'll probably point to a bond yield increase somewhere as a figleaf. I hear shady off-brand lenders are already asking 8%+ lmao.
|
|
#
?
May 4, 2018 01:27
|
|
|
Started listening to CBC's new SOLD! podcast. I often listen to Stephen Quinn's Early Edition show and he covers housing a lot, he seems to know what he's talking about. First three episodes are out, not sure for how long it will run, but so far it's been a good listen.http://www.cbc.ca/news/canada/british-columbia/events/cbc-vancouver-launches-original-podcast-sold-1.4631375 posted:CBC Vancouver Launches Original Podcast, SOLD!
|
|
#
?
May 4, 2018 04:07
|
|
|
You need to read this article. I'm going to quote snips but you gotta read it. http://www.macleans.ca/economy/realestateeconomy/toronto-real-estate-losses/ quote:fully detached on a sprawling lot, recently renovated and adorned with granite countertops, hardwood floors and a solarium. John, who asked that his name not be used for reasons that will become obvious, knew he had to make an offer.
|
|
#
?
May 4, 2018 22:34
|
|
|
Postess with the Mostest posted:You need to read this article. I'm going to quote snips but you gotta read it. quote:The home was on the market for only a few days when John’s offer was accepted. He bid nearly $1.9 million, about $360,000 more than the list price. Then everything fell apart. Lol, you also left out this little nugget: quote:“I was so greedy,” he says now. “I will not play the game like that again.” Painful as it was, he looks back at the debacle as a learning experience. He even purchased some books about real estate investment on Amazon to learn how to do it properly. rgocs fucked around with this message at 22:50 on May 4, 2018 |
|
#
?
May 4, 2018 22:42
|
|
|
rgocs posted:Lol, you also left out this little nugget: Lol at realtors doing a pump and dump but not knowing how to dump
|
|
#
?
May 4, 2018 22:58
|
|
|
|
| # ? May 19, 2024 09:45 |
|
|
rgocs posted:Lol, you also left out this little nugget: I've been doing a few sums on that, and am baffled. They only allude to it in the article, but a 25% loss on a $1.9 mil home is nearly $500K, and that's not even counting taxes, lawyer/broker fees and the 12% interest on a $1.5 mil+ loan that he was paying in the year that he held it. He must've lost like $600K. And unless he just had that money lying around, he presumably didn't so much lose it as found himself sitting having to repay it at 12% pa interest. But it's OK, he's just gonna read some books and try again...
|
|
#
?
May 4, 2018 23:23
|
|