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Old 01-28-2010, 02:44 PM   #76
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HELOC, home equity line of credit.
werd.
Secured to your property, it's a great way to use other's money to gain financial freedom.
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Old 01-28-2010, 02:45 PM   #77
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my 2 cents.

i suggest that taylor192 back off or at least do a search on hypa before furthering the conversation. hypa CAN hold his own. he may be old (ok cheap poke there) but he's got the assests to proove everything.

Hypa gained respect the old fashion way, not by flashing his bling.


im not a genius, but i do have friends that know their field and are willing to share their ideas and levels of success. the mortgage rates and interest rates are at an all time low, if you can afford it, start building up ur equity. not everyone can save for a rainy day, but having an actual physical set goal helps a lot.







on another note, this is an interesting thread indeed.
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Old 01-28-2010, 02:47 PM   #78
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Quite an interesting thread, indeed.
This Taylor guy isn't very good at conversing though. I'd love to have this talk with him in real life, and see how much he peppers his argument with attacks.

Thanks SG.
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Old 01-28-2010, 02:52 PM   #79
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HELOC, home equity line of credit.

almost all factors point it to be better than a mortgage if u can attain it. the only thing i can think of positive for a mortgage is if you happen to lock into a rate that is significantly lower than the rate for the heloc.

i think the heloc rate is set at prime + 1.5% right now. but the positives that i find are awesome is no true set amount for payments. the faster u pay it, the less total interest you pay. eg, say u can put away 10g a month to it, the total interest paid will be significantly less than say if u put only 5g a month away. if for some reason, you cant make such a large payment that one month, you just have to cover the minimum, which is the interest amount for that month. but if u happen to win big or have a large sum come in, you can dump it all at once without any penalties.
Werd.. I HELOC! The rates are usually prime + X.. The 'X' is dependent on how much equity you have, and what your credit ratings are.. Personally, I have secured a HELOC with prime + 1%
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Old 01-28-2010, 02:57 PM   #80
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The 'X' is dependent on how much equity you have, and what your credit ratings are.
it really is a great way of securing the financing, but it's one of those cases where you need money to make money. I secured mine a few years ago at prime + 1. Speaking to one of my much more successful elders, he's secured at prime + .25%



The bank loves that guy.
Me too, as he's lent me money at less than I can get it from the banks.
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Old 01-28-2010, 03:00 PM   #81
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guys keep it CIVIL, its good discussion, no need to use personal remarks. learn to disagree without calling each other names....
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Old 01-28-2010, 03:00 PM   #82
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my 2 cents.

i suggest that taylor192 back off or at least do a search on hypa before furthering the conversation. hypa CAN hold his own. he may be old (ok cheap poke there) but he's got the assests to proove everything.

Hypa gained respect the old fashion way, not by flashing his bling.
I have not flashed my bling either, so I'm not sure what your point is. I understand this is your site, and I don't want infractions, so I will stop the cheap shots.

Hypa is equally free to search my username, infact a few members here have already pointed out I've helped them with financial information, while you're the first to come to hypa's rescue.

He may have assets, yet he has not given evidence that he made an educated decision to buy. If I had bought a craftsman house in Kits in 1998 for $400K I'd be a millionaire by now cause it'd be worth $1.5M. My GF is 10 years older than me, and did this with her ex-husband. Were they smart? No, they were just lucky to be the right age, with the right finances, at the right time.

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im not a genius, but i do have friends that know their field and are willing to share their ideas and levels of success. the mortgage rates and interest rates are at an all time low, if you can afford it, start building up ur equity. not everyone can save for a rainy day, but having an actual physical set goal helps a lot.
There's a great thread about this in the business section. You're welcome to read and take part.

Having a mortgage is a way of "forced savings". Yet if you read that thread, you'll see I disagree with "forced savings". I think it traps you into bad investments.

You're young I assume. If you bought a condo no, with the intention of moving up when you have a family, what equity will you have in 5 years?
- prices are going to flatten out, lets assume zero gains over 5 years
- on a 35yr mortgage you're paying down 11% equity
- to buy/sell in 5 years you're incurring ~8% cost
- thus after 5 years, you've saved 3%.
- 3% of $500K is $15K, yet you've paid more in mortgage than you would've renting, and your downpayment of $25K could have been invested better.

Thus "forced savings" didn't really save you much at all.

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on another note, this is an interesting thread indeed.
It is an interesting thread. Its unfortunate hypa started it down the wrong path by taking a cheap shot at me and my car. I don't tolerate cheap shots in discussions and will call people for what they are if they make them.

He can rescind it, or apologize. Until then he's a classless act, regardless of his past history.
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Old 01-28-2010, 03:02 PM   #83
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This Taylor guy isn't very good at conversing though. I'd love to have this talk with him in real life, and see how much he peppers his argument with attacks.
If you read the business section threads I participate in you'll see I don't use condescending language and have offered to meet anyone for beers if they want to discuss finances.

I have agreed to stop my attacks, now you can man-up and do the same.
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Old 01-28-2010, 03:06 PM   #84
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Ludepower said it bluntly earlier in the thread: we have a lot of overseas money and drug money in the city which is not reflected in official statistics, such as the census. Anyone who's gone to pre-construction showings in the past 5 years knows that they're usually littered with Asians.

On the other hand, I have good friends, in their mid to late-20s, who have acquired one or more properties in Vancouver (downtown core) or in other desirable areas in the GVR (Richmond, Burnaby.) But mind you, they may have done this in lieu of other investments such as RRSPs, stocks, and so on. They have far more equity than I do, but I have no ill-will toward them because they took risks, and leveraged their equity to acquire more properties. Finding renters isn't that hard either, as long as you're in a desirable area, have a bit of patience, and spend a bit of money on furnishing your rental. Believe it or not, there are a few people who are willing to throw 1500-2000 on a rental condo. No one I know who has rental properties is in a negative cash flow situation.
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Old 01-28-2010, 03:06 PM   #85
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they may have done this in lieu of other investments such as RRSPs, stocks, and so on
werd.
I don't believe in RRSP's or the gov't taking care of me when I retire. However, having a couple of properties for over 40 years will leave me with a nice nest egg when the time comes.

I want to leave something to the kids too. It's hard to get into the market now, imagine in 20 years or so.


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Having a mortgage is a way of "forced savings". Yet if you read that thread, you'll see I disagree with "forced savings". I think it traps you into bad investments.
You think. You disagree.
In other words, it's your opinion.
So why are you privy to an opinion, but I can't have one?

Anyway, I'm out.
Real life is calling and I have shit to do.
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Old 01-28-2010, 03:37 PM   #86
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my 2 cents.

i suggest that taylor192 back off or at least do a search on hypa before furthering the conversation. hypa CAN hold his own. he may be old (ok cheap poke there) but he's got the assests to proove everything.

Hypa gained respect the old fashion way, not by flashing his bling.


im not a genius, but i do have friends that know their field and are willing to share their ideas and levels of success. the mortgage rates and interest rates are at an all time low, if you can afford it, start building up ur equity. not everyone can save for a rainy day, but having an actual physical set goal helps a lot.







on another note, this is an interesting thread indeed.
stop posting Shoei, you got like 10 mins to move your car man. 3pm soon .lol
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Old 01-28-2010, 03:51 PM   #87
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werd.
I don't believe in RRSP's or the gov't taking care of me when I retire. However, having a couple of properties for over 40 years will leave me with a nice nest egg when the time comes.

I want to leave something to the kids too. It's hard to get into the market now, imagine in 20 years or so.
If our bubble translates into stagnant Japanese and Germany style growth, you'll wish your retirement was in RRSPs instead of real estate.

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You think. You disagree.
In other words, it's your opinion.
So why are you privy to an opinion, but I can't have one?
I've asked you several times to back up your opinion with facts and figures after I have criticized it. You have not.

You may have an opinion, yet its not educated. Luck and well wishes are not paths to success. You may have done well, congrats, yet you're failing to provide advice to others who wish to follow your path to success. Why? cause it cannot be done in Vancouver, or even in the lower mainland currently. Thus your opinion is not valid.
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Old 01-28-2010, 04:30 PM   #88
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my lunch breaks at 2pm, and i dont post from work. =D i live close enough to drive home, enjoy my meal and if time allows, to check up on RS =P

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stop posting Shoei, you got like 10 mins to move your car man. 3pm soon .lol
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Old 01-28-2010, 04:35 PM   #89
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you havent flashed your bling? how many times have you mentioned ur property in ottawa?????

im trying to be civil here and give you a fighting chance before hypa rips a new one in ya. he's been here longer, proven how he's gotten where he is, thus his e-cred, street cred and fullfillments of real life have pretty much proven themselves.

This IS an interesting thread, just leave the cheap shots out, we know ur intellect is high enough to not need to steep that low. the fact is that whatever hypa has done or plans on doing, has worked for him, and will work for others. whatever you have or plan on doing has worked for you, and will work for others. there is no set right way when it comes to investments. come on, whats rule 1? DEVERSIFY!

you may not agree with "forced savings" but reality is, ppl need just that to help them save. with no goal set, there is no reason to pursue hence all these gov't tax free savings accounts, home improvement tax credits, rrsp's, all these gimmics to help ppl save, spend in the right direction, and prepare for retirement SO THAT when the time comes, they actually have savings, instead of begging the gov't to "bail them out"

take it as a grain of salt, add to your knowledge of human behaviour and spending patterns.


and stop bringing up the fact that i own this site. it annoys me as much as all those damn pm's i get with the first line "i have been a member since _______________". it entitles to nothing and will not waver my decisions. cake on the other hand...

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I have not flashed my bling either, so I'm not sure what your point is. I understand this is your site, and I don't want infractions, so I will stop the cheap shots.

Hypa is equally free to search my username, infact a few members here have already pointed out I've helped them with financial information, while you're the first to come to hypa's rescue.

He may have assets, yet he has not given evidence that he made an educated decision to buy. If I had bought a craftsman house in Kits in 1998 for $400K I'd be a millionaire by now cause it'd be worth $1.5M. My GF is 10 years older than me, and did this with her ex-husband. Were they smart? No, they were just lucky to be the right age, with the right finances, at the right time.


There's a great thread about this in the business section. You're welcome to read and take part.

Having a mortgage is a way of "forced savings". Yet if you read that thread, you'll see I disagree with "forced savings". I think it traps you into bad investments.

You're young I assume. If you bought a condo no, with the intention of moving up when you have a family, what equity will you have in 5 years?
- prices are going to flatten out, lets assume zero gains over 5 years
- on a 35yr mortgage you're paying down 11% equity
- to buy/sell in 5 years you're incurring ~8% cost
- thus after 5 years, you've saved 3%.
- 3% of $500K is $15K, yet you've paid more in mortgage than you would've renting, and your downpayment of $25K could have been invested better.

Thus "forced savings" didn't really save you much at all.


It is an interesting thread. Its unfortunate hypa started it down the wrong path by taking a cheap shot at me and my car. I don't tolerate cheap shots in discussions and will call people for what they are if they make them.

He can rescind it, or apologize. Until then he's a classless act, regardless of his past history.
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Old 01-28-2010, 05:26 PM   #90
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you havent flashed your bling? how many times have you mentioned ur property in ottawa?????
I use it as an example cause I like real numbers to back up my statements. I use myself as the example often, and find it unfortunate that people see that as being "flashy", "arrogant", ...

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im trying to be civil here and give you a fighting chance before hypa rips a new one in ya. he's been here longer, proven how he's gotten where he is, thus his e-cred, street cred and fullfillments of real life have pretty much proven themselves.
Hypa hasn't ripped me a new one yet, and I doubt he will. I've given him the chance to prove me otherwise and he has not.

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This IS an interesting thread, just leave the cheap shots out, we know ur intellect is high enough to not need to steep that low.

and stop bringing up the fact that i own this site. it annoys me
Let me respond to both of these at the same time.

I take cheap shots in response to shots taken at me. I took shots at hypa after his classless remark. If he doesn't appreciate cheap shots, he shouldn't take cheap shots. Fair is fair.

I mention you own the site cause you have the power to give me infractions like any other moderator. I've run into a couple moderators now that take cheap shots, then punish those who respond with cheap shots. I respect that you asked me to stop, yet I don't respect that you give hypa free reign not to stop. That's not fair, yet if that's the way it is I'll politely not participate in discussions with those who get to act unfairly. One sided discussions are not interesting.

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the fact is that whatever hypa has done or plans on doing, has worked for him, and will work for others. whatever you have or plan on doing has worked for you, and will work for others.
That is just not true. What worked yesterday may not work today. That has been my point this entire discussion. Times change, rules change, you must change accordingly or get left behind.

Real estate has had an awesome run. Like any investment, once its made its money and plateaued, its time to sell and move onto the next investment.

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you may not agree with "forced savings" but reality is, ppl need just that to help them save. with no goal set, there is no reason to pursue hence all these gov't tax free savings accounts, home improvement tax credits, rrsp's, all these gimmics to help ppl save, spend in the right direction, and prepare for retirement SO THAT when the time comes, they actually have savings, instead of begging the gov't to "bail them out"

take it as a grain of salt, add to your knowledge of human behaviour and spending patterns.
Gimmick is a great word. Gimmicks can work, and gimmicks can fail. Being educated to make your own decisions is better.

There is a thread in the business section where a member wanted to open a bank account at another bank, physically walk money to the other branch to deposit, so it would force him to save. Gimmicky eh? I was able to show him a much better way to manage his money without requiring this gimmick, and he's much better now that's he knows what he's doing rather than relying on a silly gimmick.

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cake on the other hand...
mmmmmmmm cake
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Old 01-28-2010, 08:14 PM   #91
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I have been pre-approved for

Variable Interest Rate: Prime - 0.25
Fixed 5 years: Prime + 1.60


Should I consider Homeline?
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Old 01-28-2010, 08:41 PM   #92
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it never hurts to go in and see where u are at any rate.

i went in, got my heloc set up. now i have the option have having everything setup within a day if i go insane and decide to drop 1/2 a mil on a new property. then cry the next day at my impulsive move

but after examining every option, this was the best viable one for me.
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Old 01-29-2010, 08:52 AM   #93
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if i go insane and decide to drop 1/2 a mil on a new property. then cry the next day at my impulsive move
Please find a place you'll be happy in for at least a decade, don't buy with the assumption you'll sell within 5 years. This way you won't get stuck underwater in a small place when the market corrects.
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Old 01-29-2010, 09:31 AM   #94
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^Werd.

For a first time home buyer, the purchase is extremely emotional/stressful. You're sacrificing 1/3 of your pay cheques for the next 20-30 years. You feel compelled to "buy now, or else you'll lose your opportunity when someone else places an offer." You're also pressured by your peers in that you want a 'pimp-looking' condo so you can host house parties more often.

The key thing here to remember is that you're buying the place to 'live' in, not to flip. We're living in 2010. The realty market has changed drastically in the last 25 years. You cannot assume that you'll make a killer a profit when you decide to sell your property in say 15 years. Let's say the assessment of your property went up by 30% overall. You're still barely breaking even, if you factor in ALL the interest payments you've made to the bank (this may not be true if you subletted your place; but good luck keeping a roomate in the house when you have a wife and kid).

Anyways, I'll cut the crap: but if you're a first time buyer, remember this:



-Reduce your debt to manageble levels before even bothering to get a mortgage quote. that's step 1.
-Can you afford to keep the place if disaster happens (you're disabled, you lose your job, etc). Don't overextend yourself!
-Walk inside the prospective property, and imagine the place is empty, without all the stainless steel appliances/granite counter tops/hard wood floor crap. Just keep in mind that in a 1000 sq.ft living space, you're only looking at $10,000-$15,000 to refinish the floors, the kitchen, the bathroom in the future. A lot of times, concrete condos build in the late 80s/early 90s are better sound proof, has a much better layout (re: floorplan), and generally, are better built!!
-Does the location make sense to you?
-Your lifestyle will change.. Do you really need to be that close to downtown Vancouver?
-Do you think your job/career is secure enough to tie yourself down in Vancouver for the next couple of years? (The exception to this is that you score an awesome engineering/management job elsewhere, and the company pays for your relocation expenses)
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Old 01-29-2010, 10:02 AM   #95
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Old 01-29-2010, 10:36 AM   #96
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Thanks

I almost bought in the 'hot' market in the summer of 2008. Guess what? I got a job offer here in Kelowna a month later with an offer that would put my old employer to shame. The best part? I'm 100% sure I would have lost my job if I had stuck with my old employer. What's better than losing a job, and losing a shit load of equity on the house you just bought? (FYI, it was a townhouse in the BBY Edmonds area listed for $398k.. I was this close to buying it for $382k.) A vist on the MLS recently indicates the place is still for sale, and the price has been slashed to $352k, and it's STILL FOR SALE!!!!!!!!!!!
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Old 01-29-2010, 12:43 PM   #97
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Hypa hasn't ripped me a new one yet, and I doubt he will. I've given him the chance to prove me otherwise and he has not.


I'd rather jerk off with a handful of glass, then have another conversation with the likes of you. You remind me of my buddie's spoiled kid. If he doesn't get what he wants, he cries about it. I don't associate with people like that in real life, or online.

What I did worked for me. Maybe what you will do in the future will work for you.
Until then, good luck with your life.
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Old 01-29-2010, 03:40 PM   #98
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Originally Posted by originalhypa View Post


I'd rather jerk off with a handful of glass, then have another conversation with the likes of you. You remind me of my buddie's spoiled kid. If he doesn't get what he wants, he cries about it. I don't associate with people like that in real life, or online.

What I did worked for me. Maybe what you will do in the future will work for you.
Until then, good luck with your life.
Oh look, another "I'm putting my tail between my legs and running away" post. Cya!

Glad you took the time to reply just to say that. Great example of maturity. Please off yourself, you've lived past your usefulness.

What worked for you 10 years ago in Vancouver won't work for others in Vancouver for the next 10 years. Do them a favour and stop giving bad advice. The only useful advice in this entire thread you gave was:
Quote:
I'm not going to find you a Vancouver property, because I have no interest in Vancouver. The ROI is far too low compared to other areas.
Which is contrary to everything else you posted. Enjoy the lottery ticket life gave you.

Last edited by taylor192; 01-29-2010 at 03:46 PM.
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Old 01-29-2010, 07:45 PM   #99
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^^^ more close to family income. No way average is that high per person. I dont think post olympics will drop the realestate market, infact slight increase. The slow recovering economy has more effect on our real estate than a 2 week local event. No investor is goin to purchase real estate just for hopes to make money during the olympics and run the risk of that small time frame after to dump the property. Would you open a restaurant just to make some money from the olympic tourists and close it after? no.
ummm that's exactly the reason for the explosion in the housing market. prices started to skyrocket right after it was announced that the 2010 games were being hosted in Vancouver.
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Must be funny when he sees his psychiatrist for treatment of his delusions of grandeur.

Hyde: "See my black Ferrari parked in the handicapped spot outside your office"
Doctor: "Where? All I see is a Yaris."
Hyde: "It's a Ferrari dammit! LoL! Yaris!?"
Doctor: " I'd appreciate if you didn't park in the handicap spots."
Hyde: "LOL! The ticket is only like $500 bucks. In fact, my dad's factory makes the handicapped street signs. If you look closely at vegetable in the wheelchair, it's really a picture of me when I was born."
Doctor: "Here, come a little closer you won't feel this at all."<Injects 20cc of Haloperidol>
Hyde: "I feel woozy...hey, what did you do to my Ferrari? That's a real piece of shit parked in my spot."
Doctor: "Welcome to reality."
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Old 02-02-2010, 10:11 AM   #100
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A part of me is wondering why I'm going to post but there is a lot of misinformation going on in this thread.

At the end of the day, people are subject to whatever they believe based on upbringing, media, friends, and personal opinion. It's not easy. Sauder school of business in fact believes that there is a paradigm shift and that prices in Vancouver and surrounding areas are justified. Wall street also said that there was a paradigm shift in 1998.

I'm not going to take sides as to what is going to happen in the future however I want you to consider some facts about BC.

First, the job market here for professionals is very weak. Some of you with decent jobs might disagree with me and if so, you're one of the few who have managed to secure a reasonable career in this city. Not everyone is so fortunate contrary to what it may seem like. Every industry is different but I suggest anyone who believes the job market here to be great, to dig around and find out what our industry is in Vancouver. Even if you find a respectable industry, I am confident that moving elsewhere would provide greater opportunity. Currently, our largest sector for employment and income potential is anything involved with development and construction. This is not a problem however it can be a problem if there is no underlying economy. I know some of you are thinking 'tourism' and 'software development' and while we have this, I encourage those looking for the truth to look at how much this brings to the people of Vancouver vs. other areas of the world and even within our own country.

Vancouver's claim to fame right now is the Olympics. Time will tell if it is going to be the success that was promised to us, the residents of the city. The fact that our children's tax dollars will be used to pay it off suggests otherwise. Our other claim to fame is that it is nice here and geographically, it is nice. Everyone likes nice things and everyone also has a different sense of what they like. Some people like blondes, some like brunettes, some like red heads. Vancouver is a nice looking city but just like the blonde or brunette, you might date the hot one but you're smart to settle down with the one that has her head on straight.

Forget about the nice parts of Vancouver for a moment because for every great thing that can be said about the city, plenty of negative comments can be suggested as well. If you happen to like the pros more then the cons that's great.

When I used to travel to Winnipeg for example, people there said they couldn't stand living in Vancouver due to all the cloudy and rainy weather. They say it's depressing and I would have to agree. I'm not saying I was on the first plane to live in Winnipeg but it was sunny and the cost of living means a lot less stress in life. For those that care, playboy said that Winnipeg has the hottest women in Canada (a statistic I could not prove or disprove during my times visiting).

Anyway, getting a little sidetracked here.

When I first graduated university at the beginning of this decade, the thing to do was buy your own place. I was making $50,000 a year and a condo in Vancouver was $200,000. There was talk even in 2000 that prices were a little high and would come down. Obviously this was wrong but at the time this was a real concern for a lot of people.

My mortgage payments at the time were $1500, my strata and bills took that up to $1700. That still left about $1300 a month to enjoy life as a young man after taxes.

When the opportunity came to work in the US for potentially more money, I took it a few years later. At this time, my condo that I purchased for $200,000 was now worth $250,000 only a year and a half later. During this time, as I was working in the US, I had no need for my condo. I was renting the place out for $1300 a month but I was working in the US making well over $200,000 a year USD.

My initial reaction was to pay off my mortgage as soon as possible but I resisted and purchased more property. I ended up purchasing a presale townhome in downtown and a presale condo across the street from my rented condo. My story is nothing special, in fact, I got the idea from watching everyone else do the same thing.

The presale townhome was $360,000 through a developer friend of mine and only 10% down was required. The other condo was $250,000. I needed $61,000 for a downpayment and even though I was making great money, I need not touch my income, but rather just tap into the new equity I had in my current rented condo.

One year later, my finances looked something like this

Condo 1 Purchase $200 Value $320 Mortgage $240 (rented out)
Townhome Purchase $360 Value $450 Mortgage $314 (no payments due)
Condo 2 Purchase $250 Value $310 Mortgage $225 (no payments due)

So at this point, I now had $300,000 in equity, a $200,000 a year job and my only payments were the difference between my mortgage payment and rent collected. I was sitting well.

I ended up buying one more place for $500k and added to the mix. I was making great money but I know of people who did this that were living at home making $50,000 a year as a young professional.

In 2008, I liquidated all of my assets. The 2 condos gave me $400k profit, the townhome about $350k profit and the luxury condo a lesser return but still respectable at about $200k

So I'm under 30 and have $950,000 in profits from real estate. This story is one of many. So why did I sell? Why not just keep things going since it was working so well to begin with?

I was about to lose my job in the US due to the economy and I started looking at the job market in Vancouver. I was amazed that after all the additional education, experiences and inflation and time, my employment opportunities in Vancouver were around $60,000 a year plus more tax. I was confused. I thought that someone like me was at least worth $150k in Vancouver but I was wrong.

As it turns out I did manage to secure a very well paying job in Vancouver but it was through connections and there are VERY few jobs like mine to be had. I consider myself very fortunate to be where I am with my career.

I was renting my condo to an RN that was not making enough money to qualify to buy the very condo I was renting to her. An RN working overtime couldn't afford my condo I purchased right out of school. This was the banks words and this was when banks were lending to anyone.

I started to look around and see that prices and incomes are a mess. A doctor typically makes $200,000 a year and would have a hard time to qualify for a home in the west end and could only dream about having a decent home in the west end.

The more I looked at it, the more it didn't make sense. I traded for a firm in New York, worked as a strategist for a mutual fund company and invest heavily in the markets and even I never thought that the very psychology that drives the financial markets, drive ALL markets.

The second I made that connection, it was like a light bulb went off in my head and I couldn't sell my places fast enough. Lucky for me, there are people still playing my game. Taking out equity and buying up more condos to rent out. Just when the party was about to end, interest rates declined further to historical lows and the game was on again.

So what does that mean for Vancouver for those that think prices can only go up? People establish prices. If people cannot afford the prices, prices change. It's simple.

As long as people can afford to buy and are willing to buy, prices will continue going up.

The fact is people cannot afford to buy at current prices. Some people can but the bulk cannot. In order to allow price increases, there have been factors to change the affordability. For example, a mortgage helper used to be one suite. Now, that suite is no longer a helper, but a qualifier. Most homes listed for sale in Surrey now have 2 or 3 suites in them and while they may be helpers for some, they are actually qualifiers in most cases.

It takes the idea of a single family home and makes it moot. You buy a home so you can share it with 2 or 3 other families?

Incomes in this city, for the masses, do not support the prices. Like I said, when a doctor has no choice but to live in a 'common' neighborhood, you have to ask yourself are doctors that underpaid or are prices that out of control?

Interest rates can only go up, increasing prices. Everyone uses the early 80's as an example and the first thing I hear is "interest rates are not going to 20% like in the 80's so don't bring that up?"

4% to 8% is the same ratio as 9% to 18%. Percentage ratio increase is what's dangerous.

That said, as long as people are willing and can pay, people will pay. Can you afford a condo right now in Vancouver? Could your parents afford the home they're in if they had to buy it at the prices today?

The only one who can answer these questions are the actual buyer. Time will tell. I've made my money (most of my net worth was not from real estate ironically) on timing and while I might be wrong, the warning signs are clearly revealed.

Hypa is accomplished and has his opinion. It's hard to ignore that so his comments obviously hold weight. Taylor has a TA side of things and since that's my specialty, I have some weight for his comments as well.

Time will tell.

Last edited by Chuck Norris; 02-02-2010 at 10:18 AM.
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