Vancouver's Real Estate Market

[donk.]

Originally Posted by RabidRat

I wonder if Hehe's dad's crazy rich friends are on some kind of forum too, talking money struggles just like us peasants.

"Can't buy an island this year, gotta keep renting for now. Spent this year's bonus on the Honda ...Jet."

BiggerPockets forum for sho

Originally Posted by Badhobz

But I dont get it……

Categories need to be adjusted Mr donk

Let me post garbage on the forums dam you!

[dark0821]

^lolol wouldnt be suprised at all

I remember being awe struck why some of my daughters classmates aren't in private schools, and they choose to send their kids to public schools like my kids

Anyways, at my daughter classmates' birthday party (at their own back yard), the food catering was legit good (my bday party go to are $8.99 endless 2 topping medium Domino pizzas lolol) and lets say their food was at the other end of the spectrum, but besides the point, talking to the dad:

I was like "that is an impressive tree house" (tree house had electricity and balcony, doors, windows you name it).

Dad "yea, let me tell you about this tree, my great great grand father planted this tree back in Cali USA, and when we moved up here to Canada, we didn't want to let the tree go, so we moved the tree here with us"

I was like "you did what? How do you even move a tree like this?"

Dad "with way too much money... but the tree is important to us, important to the family"

I was like "damn... color me impressed" (honestly didn't know how to follow up)

================================

Later on that evening, I heard him speaking with another parent saying some strip mall in Toronto was for sale, and he thinks it was a great deal, been on the market forever, originally asking 60mil, but they just accepted his 47mil bid

I told my wife, we are defn in the wrong bracket...

On a positive note, I sold an Elantra to a fellow parent from my school, it was for their nanny, cuz the nanny was hired without a car, and parents realized that she needed a car to do the chores that she was given lol /// no hassle, no haggle, just straight up sign and pick up //// I was like... does any of your friends have nannies that needs cars?

[Hehe]

Originally Posted by RabidRat

I wonder if Hehe's dad and his crazy rich friends are on some kind of forum too, talking money struggles just like us peasants.

"Can't buy an island this year, gotta keep renting for now. Spent this year's bonus on the Honda ...Jet."

They meet every six months to discuss about stuff. Main charity, investments and politics. My parents are members of a big ass charity from Taiwan with networks pretty much worldwide.

That’s where they got brainwashed and decided that their fortune should not be left to kids but rather people in need. I was like da fuq? I need money!

Oh well, it’s their money. They can do whatever they please.

They are not in the buying a jet territory. But some members of their group do jet share and often fly around in jets.

Other than maybe cars, my parents really live a modest life. They grow their own veggies and fruits, raise chicken and spend less than me in their day to day life. The only thing my dad really spend some serious dough are their tea, at least when comparing to general folks. I drink tea bag that’s $10 for a big box. They drink loose leaf tea that cost a few hundred bucks a kilo. That’s probably their only true indulgence in life.

Where they spend most of their time and effort are investments. Which is not all that different than us. It’s just they talk in much bigger numbers.

[bcrdukes]

Didn't you just gift them a $20,000 espresso machine?

[Ding]

Originally Posted by dark0821

^lolol wouldnt be suprised at all

I remember being awe struck why some of my daughters classmates aren't in private schools, and they choose to send their kids to public schools like my kids

Anyways, at my daughter classmates' birthday party (at their own back yard), the food catering was legit good (my bday party go to are $8.99 endless 2 topping medium Domino pizzas lolol) and lets say their food was at the other end of the spectrum, but besides the point, talking to the dad:

I was like "that is an impressive tree house" (tree house had electricity and balcony, doors, windows you name it).

Dad "yea, let me tell you about this tree, my great great grand father planted this tree back in Cali USA, and when we moved up here to Canada, we didn't want to let the tree go, so we moved the tree here with us"

I was like "you did what? How do you even move a tree like this?"

Dad "with way too much money... but the tree is important to us, important to the family"

I was like "damn... color me impressed" (honestly didn't know how to follow up)

================================

Later on that evening, I heard him speaking with another parent saying some strip mall in Toronto was for sale, and he thinks it was a great deal, been on the market forever, originally asking 60mil, but they just accepted his 47mil bid

I told my wife, we are defn in the wrong bracket...

On a positive note, I sold an Elantra to a fellow parent from my school, it was for their nanny, cuz the nanny was hired without a car, and parents realized that she needed a car to do the chores that she was given lol /// no hassle, no haggle, just straight up sign and pick up //// I was like... does any of your friends have nannies that needs cars?

Isn't your catchment Buckingham? When I was growing up Buckingham seemed like it was just upper middle class people. It's weird to hear that the ultra rich live there now.

[westopher]

Basically anyone who has kids in Vancouver is rich now unless their house was just passed down to them through inheritance. To be able to live in Vancouver (any area at all basically) and be the age that you'd likely be to have school age kids, it's only rich people. Everyone else who has kids just leaves for the most part.

[68style]

That's one poorly thought out way to clean up the gene pool I guess

[westopher]

If there's one thing we've learned from post covid world is that capitalism doesn't allow groups where everyone is well off, so it will adjust accordingly so that everyone other than a few are just a new type of poor lol.

[68style]

Dude took the words right out of my mouth, like literally just when I thought I had gotten ahead... literally the exact moment... I came in here and read this thread and thought to myself "I am now just the new poor" hahahaha

[Hehe]

Originally Posted by bcrdukes

Didn't you just gift them a $20,000 espresso machine?

No, it was a swap. They took my Rocket R58 to their cabin. And just tell me to buy whatever I wanted to replace it.

And access to someone's credit card is a very tempting thing.

[Badhobz]

Poor is a relative. Jesus here in Hong Kong there are 3500sqft L shaped houses that are …. Get this …. 980 million HKD (about 170+ million cad). They are close to ocean park and they transact like this all the time. It’s not even something ridiculous, it’s common.

You wanna feel poor ? Come here and you’ll get an economic smack down so hard that you’ll question why you bother at all existing.

[68style]

Don't people in HK buy something like 60-70% of all luxury watches in the world? I remember reading that in a magazine on my Cathay flight over there a few years back.

[Hondaracer]

Obviously that shit is completely driven by ill-gotten gains which can’t be moved out of there because who in their right mind would make that kind of investment in HK. You’d be a fool even as a billionaire

[JDMDreams]

^^^ sir have you seen West van, point grey. It's the same shit buys a 10m house let it sit empty a few years and sell for 15m

[68style]

^ I don't usually agree with you, but you're right this time

[Badhobz]

Like to them our prices here are basically chump change.

https://www.midland.com.hk/en/transa...23042102180022

God I’m just dumb founded by the pricing. I just don’t understand it.
The disparity between rich and poor here are so vast it’s like an ocean trench. You are either a poor south Asian coolie with dirty shorts / flip flops doing menial construction work or one of these crazy looking bitches walking around central with her chauffeured rolls waiting at her beck and call.

[Hondaracer]

Originally Posted by JDMDreams

^^^ sir have you seen West van, point grey. It's the same shit buys a 10m house let it sit empty a few years and sell for 15m

Real estate in Canada is a safe place to park money, even when crack heads OD on your vacant lot. The govt. will never intervene on your investment.

The same can’t be said about HK

[yray]

hong kong is real capitalism

#sharkfin rice

[pastarocket]

Originally Posted by Hondaracer

Real estate in Canada is a safe place to park money, even when crack heads OD on your vacant lot. The govt. will never intervene on your investment.

The same canÂ’t be said about HK

When it comes to government intervention, I think we do see that happening in terms of government regulation on rent controls and improving affordability in BC.

For example, rent controls. Maximum rent increases in 2024 in BC is 3.5%.

tenants in B.C. can expect to pay more in rent next year, though landlords say it won't be enough. The B.C. government announced Monday it's capping rent increases in 2024 at 3.5 per cent. Kier Junos reports

The empty home tax, known as the speculation and vacancy tax, is 3 percent.

-from our BC government web site:
The speculation and vacancy tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.'s tax system.

Hong Kong is a completely different real estate market in terms of government intervention on rent controls and improving affordability.

-found this info:

Ms Yip, a member of a Hong Kong concern group raising awareness about the plight of subdivided flat residents. Photo: Hillary Leung/HKFP. Under the new legislation, landlords cannot increase rent within a two-year period. After two years, they may hike the rent by no more than 10 per cent.

As far as a vacancy home tax, correct me if I am wrong Badhobz or SkinnyPup, Hong Kong does not have a vacancy home tax now (?).

The tax is proposed and under discussion within the Hong Kong government.

Hong Kong officials are working towards introducing a new tax on vacant properties which aims to cool off the overheated housing market in the city by reducing the number of vacant flats. Aug 17, 2022

[Hondaracer]

Someone buying a 10-100 million dollar property isn’t concerned about rent controls though

[Gerbs]

Originally Posted by donk.

I have seen the classic "everyone on rs is balling" comment on these forums for many years

It's time we settle this

The only poll website I found that does not require an account, one vote per IP, guest made, unfortunately the "results after end date" function does not work.
Use at your own discretion.

What's your NET worth, if you sold everything you have today and had 0 debt.
Cars, real estate, stonks, etc.
Minus realtor fees, taxes, commissions, etc.
If you have a wife, your final number gets cut in half since technically she owns half. Or for those of you lucky bastards that married a rich one, maybe multiple your number by 2x lol....

https://strawpoll.com/e7ZJGK7aLy3

InB4 results are rigged with false votes lol

Those are some big jumps from $50-150K then $150 to 500k+

$0 - 100K is was way harder than $100 - $300K+

Originally Posted by dark0821

================================

Later on that evening, I heard him speaking with another parent saying some strip mall in Toronto was for sale, and he thinks it was a great deal, been on the market forever, originally asking 60mil, but they just accepted his 47mil bid

I told my wife, we are defn in the wrong bracket...

Some friends that are also mid 20's, I started golfing with through mutual friends. They mentioned their family owns pieces of strip malls / lots of land across lower mainland. Then as we played, they subtly mention how they need to re-develop their old lots at british properties / capital hill / entire condos multi-families lol. I was like wow, different tax bracket. I'm just trying to see which credit card I can re-open to get a $400 bonus.

We had a talk about RE investing in which they told me to invest in their buildings units for sale because they can list their a handful of their 10 - 20+ units in the building at a low-ball price to drown out the individual unit that was for sale. In hopes that your low-ball can go through. They had majority vote on strata for when the re-develop offers fly in on the older units + full control of strata approvals / op costs.

Growing up with mostly broke immigrants, it's really cool to see how the other side invest vs VFV/VUN and chill.

[Traum]

With the middle class exodus in Hong Kong that has been happening in the last year or two, Hong Kong real estate prices are tanking now though. The (RE) market is doing bad enough that the local HK gov has reduced stamp duty on RE transactions as a means to incentivize buyers. With a net reduction in population, it seems unlikely that rent will climb in Hong Kong though.

[Gerbs]

Originally Posted by Hondaracer

Someone buying a 10-100 million dollar property isn’t concerned about rent controls though

Yeah, I feel like investing at the $100M+ net worth isn't as worth it to buy a $200 - 1M+ property. They're usually focused on asset preservation and better risk adjusted returns. Which you unlock at that net worth. You can join the PE / alt investments gang.

The idea of $10M+ net worth is crazy. You can have everything you want minus PJs / big yachts. It's over $1,300/day in spending forever.

[dark0821]

Originally Posted by Ding

Isn't your catchment Buckingham? When I was growing up Buckingham seemed like it was just upper middle class people. It's weird to hear that the ultra rich live there now.

Yes sir, Buckingham elementary.

I am also surprised, but the cars that comes thru during pick up/drop off will have you think otherwise.

Daughter's class for example, 1 other parent works (at ICBC no less), but the rest of the 27 student parents are all jobless. Just to give you an idea what Buckingham has become lol...

[Hondaracer]

There is A LOT of money in Vancouver.

And a lot of self-made people as well. Some of my parents friends who had incredibly humble beginnings are touching 30/40/50 mill net worth now, all self made

And then there’s this older money who I’ve met through acquaintances etc. who (conservatively) I’d say are worth 100+ based on their real estate holdings which I’ve been invited to etc. and not even the stuff they don’t share.

Definitely feel out of my element sometimes but I think there is a point where your circles include people who are of more modest means because you run out of people who are at that top tier to hang around with lol