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Femtosecond posted:Yeah I'm sure it's a disaster inside, but for $880k I'd rather have a detached house on a small plot of land steps from Commercial Drive Vancouver than a new shoebox condo. I think this is a good indication of where the market is going to go, when you see stuff like this. Then there's this: https://twitter.com/mortimer_1/status/1122222916748210176 Hard to know what's going on with this, but regardless of where the money flows, this will set new price expectations for other properties.
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Apr 27, 2019 22:01
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Vancouver.jpeg. The White Spot restaurant purchased for $245 million in front of the formerly-42 storey Empire Landmark hotel. I'd be surprised if either of these properties are economically viable as new condos in the current climate. The Landmark development is/was going to be a dozen storeys shorter than the older tower.
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Apr 28, 2019 11:59
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UnfortunateSexFart posted:Vancouver.jpeg. The White Spot restaurant purchased for $245 million in front of the formerly-42 storey Empire Landmark hotel. I'd be surprised if either of these properties are economically viable as new condos in the current climate. I think a lot of people are going to lose a LOT of money. When foreign capital isn't using the condos as a storehouse of wealth instead of a place to live based on income, I can't foresee how the math works.
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Apr 28, 2019 16:14
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https://twitter.com/dfergusson/status/1122176091211223042 Um.. do Vancouver YIMBYs think that SFH districts of Vancouver are only for rich whites because boy that is incredibly wrong (even before the increase in Mainland China immigration of recent years). I'm reading this woman's timeline because in the last few days there was a bunch of drama in the #vanre timeline stemming from this woman's tweet. https://twitter.com/dfergusson/status/1121158894733025280 Why on earth are Vancouver YIMBYs 1) so eager to protect the idea of local developers explicitly marketing their developments to foreigners? 2) So obsessed with the injustice of policy from over 100 years ago that is no longer relevant in any way whatsoever? https://twitter.com/dfergusson/status/1122609144559628288 Holy gently caress this woman is a moron
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Apr 28, 2019 22:43
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Yes those people spending $10 million of their laundered money on houses here now were definitely throwing away their money on rent in HK.
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Apr 29, 2019 01:06
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Edit: wrong thread
ZeeBoi fucked around with this message at 06:04 on Apr 29, 2019 |
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Apr 29, 2019 06:01
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https://twitter.com/SteveSaretsky/status/1123598909786341377 The FIRE industry has completely dropped their 'don't worry about foreign capital' talking points at this point. https://www.bnnbloomberg.ca/vancouver-s-openly-hostile-housing-market-closer-to-significant-declines-warns-pimco-s-devlin-1.1251528 quote:...
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May 1, 2019 17:06
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Femtosecond posted:https://twitter.com/SteveSaretsky/status/1123598909786341377 quote:Devlin questioned who would step in for Chinese investors if they decided to leave Vancouvers housing market and start selling homes. 
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May 1, 2019 17:21
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drat, even the banks are being racist now. What a world we live in. 
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May 1, 2019 17:38
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I love how out of touch the real-estate industry is. There's widespread attitudes that housing prices are not good or sustainable even among home owners who's interests are in high prices. But the industry keeps making prices going down, the thing a vast majority of the province thinks is very much needed, as some sort of threat. "This tax might chase away chinese money and without that flow of money, prices might go down!" "Rich people might be forced to sell some of their empty investment properties if you keep attacking them wit all these taxes, can you imagine being forced to sell like that??? Has no one sympathy for the speculator?" "This new reporting law might make the city less attractive to foreign capital, developers might slow down the construction of new condo towers in your neighbourhood!" "Um guys, maybe we haven't been clear, but if you keep on this course with all these policies, a middle class two-income family might be able to afford a house within 10 years. It's not too late to avert this disaster!"
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May 1, 2019 18:02
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Baronjutter posted:"Rich people might be forced to sell some of their empty investment properties if you keep attacking them wit all these taxes, can you imagine being forced to sell like that??? Has no one sympathy for the speculator?" Sadly a large chunk of the province is weirdly sympathetic to this argument lol. Just gotta find that one "poor grandma" forced to sell their meager $1.5 million cabin in Belcarra to drum up sympathy.
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May 1, 2019 18:07
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leftist heap posted:Sadly a large chunk of the province is weirdly sympathetic to this argument lol. Just gotta find that one "poor grandma" forced to sell their meager $1.5 million cabin in Belcarra to drum up sympathy. Real estate speculation is the meal ticket for a lot of unskilled failures and their failure children waiting for inheritances.
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May 1, 2019 20:58
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Still gotta drop 50% from current asks before it gets into "still too expensive but enough years of inflation and reanchoring have elapsed that I might buy anyway" 2013 territory.
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May 1, 2019 22:57
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cowofwar posted:Real estate speculation is the meal ticket for a lot of unskilled failures and their failure children waiting for inheritances. Wait until the failure children to realize their parents blew the equity on reverse mortgages and lines of credit.
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May 1, 2019 23:48
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I saw AlbertaTrash.jpeg today, in Dryden. Brand new F250. Massive, glimmering fifth wheel trailer behind it. Occupants old as dirt. Alberta plates. Pulling into a Holiday Inn, because I guess you can't sleep in your $90k+ RV when it's raining?  I drove forty minutes out of town and off onto some dirt track to sleep, as you do when you're not a fuckhead boomer.
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May 2, 2019 01:37
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Rime posted:I saw AlbertaTrash.jpeg today, in Dryden. The greatest generation followed by the worst. ABMD.
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May 2, 2019 01:47
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Sleeping in a Holiday Inn in your home town when you have a camping trailer hitched to the back of your truck belongs in the GBS Things Boomers Like thread.
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May 2, 2019 14:38
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Holy poo poo https://twitter.com/fivre604/status/1124463875133304832?s=21
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May 4, 2019 04:17
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Only 6.7% of Vancouver households being able to afford a condo seems bad, even for what normally gets posted here.
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May 4, 2019 15:37
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With condos starting at $850,000 for 350sqft, who the gently caress is shocked that nobody can afford them?
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May 4, 2019 20:06
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It's been quite the thing watching some of the people that bought at the top of the FOMO peak slowly losing their minds on the Vancouver reddit with every bearish data point and article that comes out. Seems to oscillate rapidly between "nothing is actually going down, it's just a blip, everyone wants to live here" and "look you IDIOTS if things go down even slightly the economy will disappear with all your money and you won't be able to buy anything ANYWAY!!"
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May 4, 2019 22:17
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The Butcher posted:It's been quite the thing watching some of the people that bought at the top of the FOMO peak slowly losing their minds on the Vancouver reddit with every bearish data point and article that comes out. Vancouver Reddit is filled with morons, but the inverse FOMO must be fun to watch.
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May 5, 2019 05:02
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A lot near me (10 min walk from subway station on the western end of Toronto proper, some light retail and restaurants across the street) has been empty and promising condos in spring
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May 5, 2019 13:13
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Edit: nm repost
UnfortunateSexFart fucked around with this message at 00:09 on May 6, 2019 |
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May 5, 2019 16:02
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A realtor I know in Victoria who's been living out of his mom's garage for the last decade or so has finally clawed his way out of financial ruin and has a bold plan for financial independence. He's bought a condo in an old 1970's wood frame building and plans to hold it for 4-5 years then sell it at a huge profit. Normally I'd just make fun of this, but in this insane city/province I don't know anymore. I actually realized I have a lot of bad feeling surrounding housing. Most everyone I know rents, but me and my wife were hanging out with some rich boomers the other night and the topic of house values and that brand new condo their friend's kid's just bought kept coming up over and over and my wife got so sick if it she actually had to just get up and leave and go outside for a while. She was actually fairly upset. "Do boomers only sit around bragging about their house values and how their kids or relatives our age are so smart to have invested in a condo or townhouse in their 20's? Did we gently caress up by not buying 7 years ago?" We often think maybe we were idiots to not have bought a condo when they were int he 250k range back in the day when we were thinking about it. Is this whole's threads constant narrative of the impending crash just a comforting story to tell our selves for not buying when we could? Baronjutter fucked around with this message at 21:16 on May 6, 2019 |
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May 6, 2019 21:12
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Baronjutter posted:Is this whole's threads constant narrative of the impending crash just a comforting story to tell our selves for not buying when we could?
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May 6, 2019 21:51
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You'd be richer, but at least you aren't the kinda person who brags about the free money they 'earned'. In this hell world I can't fault people for trying to make easy money when it's the mechanism for accessing so many aspects of life, but I can fault em when they don't recognize the complete arbitraryness and lack of value outside of the right magic numbers going up in the system they're engaging with. Feeling smug doesn't pay my bills tho. I'm certainly in a market that seems to be going up endlessly, both rents and condo/home prices so I'm in that same dilemma of wondering if I'm ever supposed to pull the trigger while hoping that prices don't increase faster than my wage (lol of course they will). CRISPYBABY fucked around with this message at 22:22 on May 6, 2019 |
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May 6, 2019 22:10
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Baronjutter posted:A realtor I know in Victoria who's been living out of his mom's garage for the last decade or so has finally clawed his way out of financial ruin and has a bold plan for financial independence. He's bought a condo in an old 1970's wood frame building and plans to hold it for 4-5 years then sell it at a huge profit. Normally I'd just make fun of this, but in this insane city/province I don't know anymore. its like gambling winnings, everyone tells everyone when they win, nobody says poo poo when they lose. And believe me, there are an awful lot of loser homeowners.
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May 6, 2019 22:58
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Baronjutter posted:Is this whole's threads constant narrative of the impending crash just a comforting story to tell our selves for not buying when we could? Feb 2016, as regards buying a Toronto SFH: Postess with the Mostest posted:Just when we thought you couldn't type anything dumber in this thread... Rime posted:Except the amount you'll stand to lose buying a house in this economic climate would buy a Maserati or nicer, so that's kind of a stupid way to look at it. Myriarch posted:You'll be paying Maserati prices for a crappy Fiat that will be entirely unsellable in about a year and a half just because you were unwilling to lease for a year. I hope nobody actually made decisions based on this thread.
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May 6, 2019 22:58
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Baronjutter posted:A realtor I know in Victoria who's been living out of his mom's garage for the last decade or so has finally clawed his way out of financial ruin and has a bold plan for financial independence. He's bought a condo in an old 1970's wood frame building and plans to hold it for 4-5 years then sell it at a huge profit. Normally I'd just make fun of this, but in this insane city/province I don't know anymore. A 40 year old condo is not gonna turn a huge profit in 4-5 years lol. Not even if it's redeveloped. Realtors are stupid as hell, you shouldn't ever doubt this. You can go out now and buy a sub $300k condo if you're really determined and it won't be that much different from what you'd get back then for $250k. I don't think you'd materially be any better or worse off if you'd bought back then, especially not at the low end of the condo market in Victoria. Maybe your living situation would be more stable, but that's not a guarantee either; you could just as easily have been hit with a huge special assessment. Low end condo market stinks in general and you shouldn't feel bad for not participating in it.
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May 6, 2019 23:11
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CRISPYBABY posted:You'd be richer, but at least you aren't the kinda person who brags about the free money they 'earned'. This is basically how I feel. Some win, lots lose, but what drives me insane is people (boomers) spouting luck as hard work.
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May 6, 2019 23:50
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Claes Oldenburger posted:This is basically how I feel. Some win, lots lose, but what drives me insane is people (boomers) spouting luck as hard work. Theyre obviously idiots: luck is way better than hard work.
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May 7, 2019 00:15
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https://twitter.com/Birdyword/status/1123889179845328904
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May 7, 2019 00:29
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Baronjutter posted:
There is definitely a group here that is understably bitter and wants the market to crash. In my case I bought as soon as I could and sold as soon as it was clear (to me) that the market was plummeting and Asian money was vanishing. You have to acquire your own info from multiple sources when the stakes are this big and look at developer/agent actions rather than their always-rosy propaganda. When I first started posting that we're in a real crash now a lot of people doubted/resisted, even those who wanted one. Some people still doubt/resist even though it's getting exponentially worse each month. Talking about Vancouver only as usual.
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May 7, 2019 03:39
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The thread can be wrong on a housing crash, and correct on it being stupid for most of the people in this thread to buy a 2 million dollar house.
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May 7, 2019 03:47
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Ah, if only Id been smart enough to have $20k cash 10 years ago
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May 7, 2019 04:01
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Oh yeah I'd be hosed if I was born 10 years later too, that's why I said understandably bitter.
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May 7, 2019 04:43
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Baronjutter posted:Is this whole's threads constant narrative of the impending crash just a comforting story to tell our selves for not buying when we could? Yes. Well at least CI's posting. Subjunctive posted:I hope nobody actually made decisions based on this thread. No one should be making decisions based on this thread. Of course the real estate market in Vancouver and Toronto is stupid but markets are always stupid whether its real estate or equities because they move based on inputs by idiots. Markets don't care whether or not your investing hypothesis is correct or not. There are reasons to buy real estate in these markets beyond the singular focus on whether the house value is going to go up or down in the near term. For example there's stability of tenure and the ability to leverage equity to borrow more easily. If it makes sense for one's personal situation then do it.
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May 7, 2019 05:08
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Femtosecond posted:Yes. Well at least CI's posting. The way I always understood this thread was twofold: first, if it's within your means to buy a property you like and fits your lifestyle, that's fine, but don't look at it as a rung on the "property ladder". In other words, remember it's an asset, not an investment. The second was making fun of all of the macroeconomic bullshit that was going on, like money laundering, people thinking they had done something smart just by buying in the '90s, the over-leveraging on HELOC's, and freaking out over 2% mortgage stress tests.
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May 7, 2019 16:04
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If I graduated 10 years later I would be outright screwed financially for life, but I wasn't and I bought a house, which as 100% appreciation, and got a job that pays fairly well. Late Millennials and beyond are totally screwed
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May 7, 2019 16:08
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