Vancouver's Real Estate Market

[Hondaracer]

Originally Posted by westopher

This is one of the things my fellow commies are too scared to say for seeming like xenophobes, but the reality is, bringing over a set number of immigrants with absolutely no consideration for housing and quality of life (because let's be honest 90% of them are being brought over here and chained to shit jobs that pay for shit living conditions) we aren't doing them or us any favours. It's not the "bring us your hungry, you're poor and we will help them" sort of situation. It's big, shitty corporations lobbying to get people to work for way too little on one end, then the government getting interest free loans from the rich on the other end. Neither is motivated by making a better life for new or current citizens.

Well I feel like I can say this now that time gone but Telus was a terribleeee offender for this type of shit.

Search Craigslist for technician jobs, their “contractor” companies are Indian guys who have an in with someone, they hire TFW pay them less than minimum wage based on a contract you’re stuck to, and have 3 guys following one guy around figuring out the jobs as they go.

Telus knows this and there were even people who were trying to escalate this to larger bodies but of course that all gets stifled.

These are the same guys. It’s one thing as you said to bring in skilled, smart, people but to use TFW to undercut your regular worker and then increase your bills after strong arming the people they pay “more” to lol it’s so gross

[BIC_BAWS]

90K Salary should net 65K

[bcrdukes]

Originally Posted by westopher

I've never ordered a coffee delivery so I don't really care. My wife allows me outside my house so I'll just walk down the street.

RIP Mr. HappySlip

[PeanutButter]

He's mentioned he makes just under $90k salary, so I put that into an income tax calculator and it said his after tax income is about $72k or a 21% average tax rate. I don't know his exact net, just from what the calculator spit out.

RE: girlfriend making $50k, he's made a comment on her lower income, but what can one do. He's been with her for like six years. Hard to leave someone because they don't make enough money.

He also eats out, wears nice clothes, and gets a $60 haircut EVERY two weeks. So money goes quickly. With gas, insurance, and car payment that's easily $1,000 a month there. Oh he just spent $2k on the new Samsung S23 Ultra. Honestly, after seeing that phone, it makes me want it too.. Lol

[underscore]

Originally Posted by mikemhg

I find it refreshing when I'm in the US, dealing with actual local citizens who work in such positions but carry a level of poise and grace, common sense.

You and I are clearly travelling to very different parts of the US lol.

[ssjGoku69]

tell me more stories like your friend to make me feel better about my financial choices

[EvoFire]

Originally Posted by JDMDreams

I actually just ran the math cuz I was curious how much $500k will cost at current rates. Here's what I got. $500k with 20% down so $400k mortgage amortized over 30y at 5.1% rate, so after stress test of 7.1% monthly payment is $2688.13 + $600 housing cost a month = $3288.13 /0.45% of income so you need to make $7306.95 a month x 12 months = $87683.46 gross annual. Not exactly high income for Vancouver and easily doable for a couple. Your real monthly payments are $2171.80 at 5.1% so you still have room for strata fees some property tax at $2500 a month.

You numbers are a bit off and trend towards the minimum. It's not impossible but it's hard to be at $600/m for other costs.
1 bed condos right off the bat is at $350/m strata fees, many are more.
$600 for insurance a year on the low side
$1500 for property and utility tax
hydro, internet would avg out to $100/m min

And like others said, it's hard to save 100k. If it's a couple, a 1bed becomes quite tight on space, and if you WFH it's even harder.

Originally Posted by PeanutButter

I guess I can look at my buddy.

$90,000 = Salary
$72,000 = Net after taxes
$6,000 = Net monthly income
$1,300 = Rent for a one bedroom basement suite right now (rent is low as he's been there for awhile)

5% down on a $500,000 principle residence is $25,000, so he would need to save $1,000 a month for 25 months and he would have the down payment. So pretty much, if he didn't have his car payment, he would have been there.

If he marries his gf, then his household income would go up by $50,000 (~what his gf makes a year)

Your friend's numbers don't add up. He should be paying more than 20% in taxes and deductions at 90k. My memory tells me it should be around 65k take home which is a little more than 5k a month. I was right at that income a few years ago. Nonetheless it's tough to save $1000 a month even at that income.

Originally Posted by supafamous

Wait, people making $90k net $72k? Really?

They don't. Well they shouldn't anyways.

[bcrdukes]

What are strata / condo fees like these days in the GVRD?

[westopher]

Like .60 a square foot seems to be pretty normal. They have increased a lot due to insurance, and fucking everything else I guess lol.

[68style]

Originally Posted by bcrdukes

What are strata / condo fees like these days in the GVRD?

Trending very much toward ON levels after we brought in the same system of pre-paying for future repairs (rather than special levy) and insurance going insane.

[Tapioca]

Originally Posted by PeanutButter

He's mentioned he makes just under $90k salary, so I put that into an income tax calculator and it said his after tax income is about $72k or a 21% average tax rate. I don't know his exact net, just from what the calculator spit out.

RE: girlfriend making $50k, he's made a comment on her lower income, but what can one do. He's been with her for like six years. Hard to leave someone because they don't make enough money.

He also eats out, wears nice clothes, and gets a $60 haircut EVERY two weeks. So money goes quickly. With gas, insurance, and car payment that's easily $1,000 a month there. Oh he just spent $2k on the new Samsung S23 Ultra. Honestly, after seeing that phone, it makes me want it too.. Lol

If you spend enough time in the personal finance blogosphere, the main assumption is that people who rent always invest the difference and come out ahead of the homeowner who sinks their money into a non productive asset over the long term. However, the reality is that the common renter is like your friend who lacks discipline and is making poor choices - (I.e. can't decide whether to marry his girlfriend after 6 years or move on and try to find someone else who has more potential and a higher ceiling).

With that said, even the most disciplined renter would have a hard time getting into the real estate market today. My point about discipline still holds however.

[Traum]

Originally Posted by Tapioca

However, the reality is that the common renter is like your friend who lacks discipline and is making poor choices - (I.e. can't decide whether to marry his girlfriend after 6 years or move on and try to find someone else who has more potential and a higher ceiling).

If that's what it comes down to when people decide whether to marry or stay with the person in a relationship, then it is really kind of sad. (And the lower income person should really have figured this out earlier and dump the other person's a$$ because he/she is just wasting each other's time).

[underscore]

Originally Posted by Tapioca

If you spend enough time in the personal finance blogosphere, the main assumption is that people who rent always invest the difference and come out ahead of the homeowner who sinks their money into a non productive asset over the long term.

What difference? My friends rent for a 1br shoebox is more than my mortgage.

[68style]

Originally Posted by Traum

If that's what it comes down to when people decide whether to marry or stay with the person in a relationship, then it is really kind of sad. (And the lower income person should really have figured this out earlier and dump the other person's a$$ because he/she is just wasting each other's time).

Yah that's kinda fucked up... I was with someone before who made 6 figures but I was unhappy.

Now I'm with someone who has unstable income but I'm happy as a clam. Was I supposed to stay unhappy to have fancier dinners? lol

In either case, the income never even popped into my head at all as something to consider. Maybe once I thought it would be nice to have a sugarmama, but I'm a bit old for that lol

[Hondaracer]

Being in a relationship because your s/o makes what you deem “enough” money seems like a recipe for losing far more money in your future lol

If making more money than the other person is a consideration my wife should have dumped me a while back lol

[JDMDreams]

Clearly the girl is getting the worse end of the stick here, you have a partner that makes $90k still leases a car and rents a basement. Good looking future right there.

[westopher]

Lol its truly fucked up if anyone is saying earning potential is that big of a factor for partnership. Literally gross. That said, my wife makes more money than I do.

[Tapioca]

I lit a fire here.

It's not about earning potential per se, it's about ambition and wanting to build something. The world is changing fast. The money follows from having a partnership/marriage where both parties are supporting and pushing each other to achieve more.

[bcrdukes]

Originally Posted by 68style

Trending very much toward ON levels after we brought in the same system of pre-paying for future repairs (rather than special levy) and insurance going insane.

ouch

Some condo fees here cost more than a monthly mortgage lol

[donk.]

Originally Posted by westopher

Lol its truly fucked up if anyone is saying earning potential is that big of a factor for partnership. Literally gross. That said, my wife makes more money than I do.

Originally Posted by Tapioca

I lit a fire here.

It's not about earning potential per se, it's about ambition and wanting to build something. The world is changing fast. The money follows from having a partnership/marriage where both parties are supporting and pushing each other to achieve more.

I would actually say earning potential is a big part of who you pick, but it's at the back of the list, of things someone would want. Yeah I'm shallow, deal with it

Tapioca is correct, when I would date women, and they didn't have any ambition to get a higher end job / go further in life, it would.be a turn off. (I'm talking like someone with no school, making 15-25$/hr)

Ex: Knowing I'm going to be carrying the vacation costs down the line, I'm paying the majority of the "nicer" property she gets to live in, etc, while she just "drags along" with no education and a lower end job.

Why does one person need to put in the efforts of school, sacrifices, and working overtime, so that the other gets a nice life just for being there?

Also goes in the marriage / divorce direction, if a dude makes 150k a year, and he found the one making 50k a year, and they get divorced, he is going to get financially raped. Prey he does not have any savings or property, then he will get properly financially raped.
Vs if both people made 150k, it would not be as bad.

Spoiler!

unpopular opinion, women complain about getting raped by men physically (and that's a valid point), but women never talk about how they financially rape men, and that's completely fine

Yeah it's not good to look at things in the example above, but from how many people I know paying out 2500$/mo for their ex wives for alimony, and child support, THAT disgusts me.
Not to mention some of those poor bastards lost 10-40% of their net worth, for "making her happy by marrying her".
I bet she is real happy after the divorce, the payout of the property she never dropped a dollar of downpayment for, and his current efforts working 7-3, so he can give her XX% for the next 5-18 years.

Ok I'm done

Someone post a disgusting real estate deal to get this thread back on track

[westopher]

Don't get me wrong I'm shallow. I just put looks way up that list.
Truth is though, if you pick someone based on anything but the whole package you're in for a shitty time. That's a fuckin long time to stay together with someone you don't really like.
Oh also that unpopular opinion comparison is absolutely full retard.

[TOS'd]

Originally Posted by Traum

If that's what it comes down to when people decide whether to marry or stay with the person in a relationship, then it is really kind of sad. (And the lower income person should really have figured this out earlier and dump the other person's a$$ because he/she is just wasting each other's time).

What if they are a gold digger?

[Tapioca]

The ambitions/earning potential of your partner are completely relevant to the real estate discussion. If you aspire to own something larger than a 1-bedroom condo, then it's probably advisable to think carefully about whom you decide to partner up with.

[PeanutButter]

Because of my job, I meet a lot of people and what I've learned is that there are a lot of good spouses still out there. Good wholesome men and women.

It's just tough for the older women because they're getting older. A 35 yo man has his pick of the 25 yo and the 45 yo. I think most men would pick the younger woman. It's hard if you're a woman, 35, and single. The dating pool is quite limited.

I agree, that the woman should bring something to the table as well. We're living in Vancouver, your partner needs to make money otherwise your life will probably be harder. For guys, there are tons of girls in the 25-45 range that make $75k+ and who are good looking that you can choose from, you just have to look for them.

[yray]

Originally Posted by PeanutButter

For guys, there are tons of girls in the 25-45 range that make $75k+ and who are good looking that you can choose from, you just have to look for them.

sugar mama is the way to go

Spoiler!

was fueling up at ambleside chevron and there was a 45 ish asian women driving a grey ratrolla... all I could think of is sugar mama