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06-12-2023, 11:55 AM
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#26501 | | SFICC-03*
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market is hot because there are no listings. everyones fighting for the few that are listed, driving prices up.
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06-12-2023, 03:09 PM
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#26502 | | Need to Seek Professional Help
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| Quote:
Originally Posted by PeanutButter  Friend of mine is looking at detached in Vancouver.
His budget is $2.2M and he's having a hard time.
Not sure if the houses are purposes being under listed, but there are alot asking $1.9M but they are selling for like $2.4M
He's hoping the interest rate increase helps cool the market, but there's just not that much inventory out there. | That doesn't get you much in Vancouver anymore... a teardown on a standard lot is already 1.8m...
Probably best to buy an original Vancouver special for ~2m or a 20 year old "90s/00s" home for ~2.2m and update it over the years.
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06-12-2023, 05:51 PM
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#26503 | | RS has made me the bitter person i am today!
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Originally Posted by rb I still think the market will see a lot of action this fall. Talked to various bankers again recently who told me of the amount of seven figure clients with money locked in GIC's and HISA's that can't wait to get back into the market. They went to the sidelines for 5% 1yr non-redeemable last Aug/Sept waiting to see how the interest rates would hurt the market but they're anxious to get back in the game with the cash for bidding. My uneducated $0.02 | Interest didn't hurt the market, so better buy more 
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06-12-2023, 05:58 PM
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#26504 | | Rs has made me the woman i am today!
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interest rate hikes just reinforced the get in now or never mentality
__________________ There's a phallic symbol infront of my car Quote: |
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06-12-2023, 07:08 PM
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#26505 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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It's also halting construction operations, so limiting supply. They couldn't have fucked things worse, but this was a solid 20 years in the making at a minimum. It's frustrating to watch, because there will be no accountability as usual.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-12-2023, 07:27 PM
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#26506 | | Rs has made me the man i am today!
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| https://globalnews.ca/news/9762180/c...spending-cibc/ Quote:
In the report released Monday from chief economist Avery Shenfeld and senior economist Andrew Grantham, CIBC forecasts another rate hike of a quarter percentage point from the Bank of Canada in July or September, which would bring the policy rate to 5.0 per cent.
Rate cuts, meanwhile, aren’t expected to come until June 2024, according to CIBC forecasts. The central bank policy rate is projected to fall to 3.5 per cent by the end of next year, CIBC predicts.
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06-12-2023, 07:58 PM
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#26507 | | RS has made me the bitter person i am today!
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Small price to pay to live in hongcouver, I guess there's always crack houses to redevelop in slurry  | |
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06-12-2023, 08:09 PM
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#26508 | | RS.net, helping ugly ppl have sex since 2001
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Hongcouver is long dead. Now it’s mainlandouver or Communistouver
Everyone is speaking mandarin and catering towards mainland Chinese money.
If you speak Cantonese they look at you like you’re a peasant (try in Hermes or Chanel for example)
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06-12-2023, 08:23 PM
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#26509 | | Willing to sell body for a few minutes on RS
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I find those economist reports kind of funny. Rates aren't even done going up and they're already predicting drops?
Would that just lead us back into the same shit we're in now?
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06-12-2023, 08:49 PM
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#26510 | | My homepage has been set to RS
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My friends have a place in Richmond right now, but they want to be in Vancouver. That's where all their family is and most of our friends are. It's not like Richmond is that far or anything, but they just want to be closer...I should say, the wife wants to be closer, the husband doesn't really care.
It's a tough spot for them because right now, life is good for them. About $350k household income, they have a lot of cash flow and discretionary income. If they stretch for $2.3M to buy a house, their cash flow is going to be tight going forward. Right now their house is lacking for them, as they need a dedicated office space for work, so they need to upgrade anyway. A lot more value if they just upgraded in Richmond.
One of my colleagues just resigned from work because she's moving to Lethbridge Alberta as she bought a detached house for $300k lol. Her husband has his family out there, so it's not as bad as starting fresh, but $300k? WTF. They're going to have a great life there provided they can handle the Winters.
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06-12-2023, 09:03 PM
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#26511 | | I *heart* Revscene.net very Muchie
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| Quote:
Originally Posted by Badhobz Hongcouver is long dead. Now it’s mainlandouver or Communistouver
Everyone is speaking mandarin and catering towards mainland Chinese money.
If you speak Cantonese they look at you like you’re a peasant (try in Hermes or Chanel for example) | When I lived in Richmond, I just referred to GVRD as Lower Mainland China. A friend told me (in the mid 2000s) that Westwood Plateau was 'Mandarin Mountain'.
Growing up in East Van, it was all about the Cantos. Hell, when I was a kid, I thought Mandarin was just a type of orange 
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Originally Posted by GS8 When I think about ewe, I touch myself | | |
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06-12-2023, 10:07 PM
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#26512 | | in the butt
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| Quote:
Originally Posted by Badhobz Hongcouver is long dead. Now it’s mainlandouver or Communistouver
Everyone is speaking mandarin and catering towards mainland Chinese money.
If you speak Cantonese they look at you like you’re a peasant (try in Hermes or Chanel for example) | MAINLANDOUVER!?!?!?!??????
Thats some st8 up racial shit, 10/10 execution
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06-12-2023, 11:52 PM
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#26513 | | To me, there is the Internet and there is RS
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Originally Posted by Great68 I find those economist reports kind of funny. Rates aren't even done going up and they're already predicting drops?
Would that just lead us back into the same shit we're in now? | Half of them always predict rates will go up, the other half predict rates will go down. One of them will be right, probably.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
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Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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06-13-2023, 06:50 AM
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#26514 | | I have named my kids VIC and VLS
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I also love that literally the second the rate hike was announced, every news outlet started running stories about the economy slowing and unemployment going up…
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06-13-2023, 08:03 AM
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#26515 | | RS.net, helping ugly ppl have sex since 2001
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Originally Posted by donk. MAINLANDOUVER!?!?!?!??????
Thats some st8 up racial shit, 10/10 execution | Ohhhh tank you berry much. I aim to prease. i wish i was white, i would get "cancelled" so fast by the cunts at work.
Last edited by Badhobz; 06-13-2023 at 08:10 AM.
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06-13-2023, 08:09 AM
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#26516 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
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Originally Posted by PeanutButter It's a tough spot for them because right now, life is good for them. About $350k household income, they have a lot of cash flow and discretionary income. If they stretch for $2.3M to buy a house, their cash flow is going to be tight going forward. Right now their house is lacking for them, as they need a dedicated office space for work, so they need to upgrade anyway. A lot more value if they just upgraded in Richmond. | hold up, hold up.... why only 2.3m? and how can their cash flow be tight with 2.3m w/ 350k a year family? they must not have much savings or too many stinking children.  | |
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06-13-2023, 08:38 AM
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#26517 | | Willing to sell a family member for a few minutes on RS
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If they put 500k down, they are taking home 17k ish a month, and their mortgage would be over 10k a month, likely putting housing costs at 11k ish after all is said and done. 6.5k for food, child care, entertainment, cars, vacations, retirement is pretty fuckin tight tbh.
We have more than that left over after our housing costs and it's not exactly comfortable at the moment.
It's pretty bullshit that someone who's making 350k a year, which is top 1% of Canadian households, doesn't get to own something that the top 40% would have been able to own a couple decades ago. That's a fucking bad economic indicator of the whole system not working properly.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-13-2023, 09:17 AM
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#26518 | | RS has made me the bitter person i am today!
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^^ HONGCOUVER, the great lands of Alberta welcomes you, land of $300k houses and cheap gas. They could buy a new house every year and be slum lord's. You make it sound like people are forced to buy $2m houses. Live within your means. Nothing wrong with a $1.5m tear down if you can't afford $2. And you're literally buying at peak interest rate.
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06-13-2023, 09:20 AM
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#26519 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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| Quote:
Originally Posted by JDMDreams You make it sound like people are forced to buy $2m houses. Live within your means. | 
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-13-2023, 09:23 AM
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#26520 | | To me, there is the Internet and there is RS
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Originally Posted by westopher 6.5k for food, child care, entertainment, cars, vacations, retirement is pretty fuckin tight tbh. | 78k/yr after housing costs is considered tight now?
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Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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06-13-2023, 09:28 AM
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#26521 | | Willing to sell a family member for a few minutes on RS
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Originally Posted by underscore 78k/yr after housing costs is considered tight now? | $1300 a month for childcare for one kid
$250 a month for car insurance for 2 cars
$600 for 4 tanks of gas a month
$2000 for food
$1000 for 2 lift tickets and 1 night hotel in whistler
$1000 for retirement savings
I mean yeah, that whistler trip isn't necessary, but shouldn't someone who makes 350k(!) be able to take a 1 day vacation without it putting them over the edge? We aren't talking about a bank teller and a retail store manager here.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-13-2023, 09:30 AM
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#26522 | | RS.net, helping ugly ppl have sex since 2001
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thats what i dont get... they seem to be able to afford a lot more than that. If youre making 350k a year, you should have more savings and put down a lot more than 500k.
I dont get it... maybe im just a really cheap chinaman and able to save more $$$.
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06-13-2023, 09:33 AM
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#26523 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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Maybe they could I'm just speculating on what they would have. Depends on age, when they got into the market and how much equity they have, how long they've had these good paying jobs. If it's someone who got in 10 years ago, they should for sure have more, but if it's someone who "started their adult phase" 4-5 years ago and did it without parental help it all adds up.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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06-13-2023, 09:41 AM
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#26524 | | Rs has made me the man i am today!
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$2.3m sounds about right for $350k HHI - I paid $2.4m for mine last year and put down $800k on it and my HHI back then was a bit more than $300k. With current interest rates and a lower downpayment they're gonna be pretty stretched at $350k - like I would be pretty uncomfortable with that kind of mortgage.
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06-13-2023, 09:56 AM
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#26525 | | RS has made me the bitter person i am today!
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I noticed a lot of high income earners don't get good value with their purchase.
They'll go to whistler but pay like $600 - 1,000/night for accommodation, pay $2,200-3,500 for fancier daycare before incentives, $2,000/mo for eating out daily, $250-350/mo insurance per car with high deductibles.
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