Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum. | | |
10-27-2023, 01:48 PM
|
#28551 | in the butt
Join Date: Aug 2016
Posts: 2,851
Thanked 3,590 Times in 1,314 Posts
Failed 170 Times in 93 Posts
| Quote:
Originally Posted by 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. | This is what I always tell my friends, Vancouver real estate is borderline free in comparison to HK pricing. Last I recall the "normal" condo over there was like 150-200sqft, and in newer builds the pricing was 500k+ for those. People in 500-700sqft condos are considered rich. If you have a view then you are hard baller.
Then bring in the whole cage home issues, it's pretty crazy.
No wonder people from HK buy property here like it's a subway lunch. Quote:
Originally Posted by 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. | And then that watch goes on a display case in your house, just to flex on your friends.
I remember working at my old company 10 years ago, and my journeyman was telling me when he went back home to HK, he would go to friends houses dinners. Some of his friends would have a 10k DSLR camera just sitting on a shelf, just to flex. They didn't even know how to take pictures with it.
I thought that was insane, but that's just Chinese/HK culture according to him.
__________________ Quote:
Originally Posted by Mr.Money i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna. | |
| |
10-27-2023, 02:59 PM
|
#28552 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,737
Thanked 15,066 Times in 6,025 Posts
Failed 2,068 Times in 693 Posts
|
Cov approves tripling development fees adding $10,000 to each new home built https://vancouver.citynews.ca/2023/1...pment-charges/
Can’t wait for even more homeless people roaming around! Gonna be pretty sweet
__________________
Dank memes cant melt steel beams
|
| |
10-27-2023, 03:13 PM
|
#28553 | Rs has made me the woman i am today!
Join Date: Mar 2006 Location: Vancouver
Posts: 4,194
Thanked 3,028 Times in 1,396 Posts
Failed 58 Times in 33 Posts
| Quote:
Originally Posted by Hondaracer | When an average new build costs at the minimum 500k nowadays, what's another 10k |
| |
10-27-2023, 03:18 PM
|
#28554 | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,737
Thanked 15,066 Times in 6,025 Posts
Failed 2,068 Times in 693 Posts
|
Why didn’t they just keep the stupid empty homes tax at 3% fuck it, make it 20
Punish the speculation not the people trying to solve the problem. Fuck
__________________
Dank memes cant melt steel beams
|
| |
10-27-2023, 03:40 PM
|
#28555 | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
Posts: 4,802
Thanked 2,887 Times in 1,240 Posts
Failed 626 Times in 198 Posts
| Quote:
Originally Posted by 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. | This is true on many levels.
I've been hearing from my parents' group on politics and they always say "oh, this candidate is supported by xxx and he puts yyy amount of money in political donation."
And if you really think about it, it's fucked up. We are not talking about national elections for presidents or PMs... but mayors and city councils.
If you look into political donation of these "local" elections, 20-50k donation is huge in their campaign. And many of these folks that my parents hang out with are in RE development. Imagine having mayors and city councils at your disposal for what's basically some spare change in a project of 50mil+.
__________________
Nothing for now
|
| |
10-27-2023, 03:53 PM
|
#28556 | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,874
Thanked 2,583 Times in 995 Posts
Failed 253 Times in 72 Posts
| Quote:
Originally Posted by Hehe If you look into political donation of these "local" elections, 20-50k donation is huge in their campaign. And many of these folks that my parents hang out with are in RE development. Imagine having mayors and city councils at your disposal for what's basically some spare change in a project of 50mil+. | Life is like monopoly for a handful of people.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned] |
| |
10-27-2023, 04:17 PM
|
#28557 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,188
Thanked 10,688 Times in 3,835 Posts
Failed 478 Times in 242 Posts
| Quote:
Originally Posted by yray hong kong is real capitalism
#sharkfin rice | Absolutely. This place is utterly insane. Shanghai is pretty much like this now too but OG Hong Kong RE is mind blowing. I mean the whole friggin area is less than 200km including the “dangerous” new territories that none of these ultra wealthy wackos would ever be caught dead in. In fact I got a feeling they don’t leave central or even go to the Kowloon side.
I wanted to go see tai-o (a fishing village closer to the airport) and people are telling me I’ll be made into char sui if I go. I’m like wtf ? It’s literally only 50km from central.
Vancouver / Canada is at least is trying to stop this sort of runaway RE madness. It’s more socialist than communist China lawl.
Last edited by Badhobz; 10-27-2023 at 04:25 PM.
|
| |
10-27-2023, 05:44 PM
|
#28558 | Need to Seek Professional Help
Join Date: Jul 2015
Posts: 1,096
Thanked 966 Times in 466 Posts
Failed 3 Times in 3 Posts
| Quote:
Originally Posted by Badhobz Absolutely. This place is utterly insane. Shanghai is pretty much like this now too but OG Hong Kong RE is mind blowing. I mean the whole friggin area is less than 200km including the “dangerous” new territories that none of these ultra wealthy wackos would ever be caught dead in. In fact I got a feeling they don’t leave central or even go to the Kowloon side.
I wanted to go see tai-o (a fishing village closer to the airport) and people are telling me I’ll be made into char sui if I go. I’m like wtf ? It’s literally only 50km from central.
Vancouver / Canada is at least is trying to stop this sort of runaway RE madness. It’s more socialist than communist China lawl. | Don't let people scare you - New Territories is fine, especially the eastern towns like Tai Po and Sai Kung. Yuen Long is the place to go if you want to live a little - there's chicken there if that's you're thing. Fun Trivia: the area where Yoho Mall is on now in YL used to be called 雞地 (chicken land) as it was a live chicken market.
Hong Kong RE is just a different animal. There are those that can't afford anything, then there are those who buy each of their kids a new townhouse with family-coordinated vanity plates the moment they turn 18. Even the middle class with down payment money has to strategize when choosing a presale unit since it's chosen on a lottery basis.
|
| |
10-27-2023, 06:16 PM
|
#28559 | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,048
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
|
You can see the same effect with the most basic form of investing - a savings account.
$10k @ 5% interest vs. $100k @ 5% interest vs. $1m @ 5% interest vs. $100m @ 5% interest.
The wealth gap can ONLY expand.
The only way for us poors to slow down how far we fall behind is by taking on an unproportionate amount of risk.
|
| |
10-27-2023, 06:47 PM
|
#28560 | Revscene.net has a homepage?!
Join Date: Apr 2001 Location: Vancouver
Posts: 1,222
Thanked 297 Times in 86 Posts
Failed 81 Times in 12 Posts
| Quote:
Originally Posted by donk. This isn't scientific research, it's a generic poll, if you want to go into details, add kids, what city you are in, what you do for work, did you inherit 500k , etc
If you have over a million, you have activated Balling Hard status | Lol having over $1M in liquid assets ain't "balling hard" in Vancouver. Fun poll nevertheless...
|
| |
10-27-2023, 06:53 PM
|
#28561 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
|
You shouldn't have included the house for networth. It's skews the results and a house isn't liquid either. What's the point of having $500k in equity from the home when you can't do anything with it unless you sell?
|
| |
10-27-2023, 07:14 PM
|
#28562 | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,596
Thanked 4,042 Times in 1,232 Posts
Failed 129 Times in 79 Posts
|
That's silly. The equity of your house is definitely part of your net worth and there are lots of ways to access it without selling it such as refinancing it/securing lines of credit against it.
-Mark
__________________ I'm old now - boring street cars and sweet race cars. |
| |
10-27-2023, 09:21 PM
|
#28563 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
|
In the technical sense of net worth, of course, include the equity of your house, but if you only have one house I don't see the point in including it.
Just a different perspective. My house isn't an investment, it's a necessity for my family to function, therefore, I will never sell my house. So even if I had $1M of equity in the house, my family still needs a place to live. Assuming i'm not going to move to Alberta or a third world country, having $1M of equity doesn't do anything for me if I need to live in Vancouver because if I sold the house, I would still need to live somewhere.
I'm not going to take a loan on my house to buy a car or go on vacation, that's not financially responsible. I think it's far more informative to know how much liquid assets people have, as these assets can be used to enhance your life without going into debt.
If you had a second property I would include that because that is an investment. One house isn't an investment in my eyes because I would never sell my house.
My buddies parents live on knight street in a Vancouver special, they have three kids, their house has about $100k left on the mortgage. The dad works in a factory making $60k a year and the wife works part-time maybe making $20k a year. They have at least $1M (edit; definitely more) in equity in their house, but so what? What are they going to do with that? Their oldest son lives on the ground level with his wife and kid, and one of the sons lives upstairs with the parents. If the parents sold the house, where would their kids go? The parents are millionaires on paper but how does that enhance their life?
|
| |
10-27-2023, 09:42 PM
|
#28564 | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
Posts: 10,574
Thanked 5,014 Times in 1,850 Posts
Failed 185 Times in 100 Posts
|
Of course you need to include your home value.
Otherwise by your calculation someone with a 360k apartment but 200k in liquid assets would appear more "balling" than someone with a half paid off 1.5Mil detached and only 100k in liquid assets?
I mean if I had to choose between a yard of my own and never taking a trip outside of the country again, I'd choose the yard.
__________________
1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
|
| |
10-27-2023, 09:55 PM
|
#28565 | RabidMod
Join Date: Aug 2003 Location: Toronto
Posts: 6,367
Thanked 1,506 Times in 532 Posts
Failed 112 Times in 32 Posts
| Quote:
Originally Posted by PeanutButter I'm not going to take a loan on my house to buy a car or go on vacation, that's not financially responsible. I think it's far more informative to know how much liquid assets people have, as these assets can be used to enhance your life without going into debt. | I think that's a bit rigid.
Let's say Person A had just purchased a house with a $400k downpayment, and had $1.6 million in principal & interest to pay over the next 30 years. And they also have $1.6 million in cash.
Vs Person B who has their entire $2 million mortgage paid off on their house.
You're saying that Person A is better off because they have $1.6 million in liquid assets, whereas Person B is essentially worthless because they aren't allowed to free up any capital from a house that they live in?
There's no difference between Person A taking some of their $1.6M in cash to make a needed purchase, vs Person B taking out a loan against their home to free up cash to make a needed purchase, risk-wise. They're both using the home for collateral on the loan. And neither is more or less likely to lose their home defaulting on their loan: if you can't make mortgage payments, it's the same as not being able to make payments on a loan against your home.
Like imagine someone decided they were going to pay off their mortgage with all their remaining liquid assets. And then next year their kid's unexpectedly going abroad to some really good but expensive university. What's wrong with them taking out a loan against their home to fund that, vs if they'd held off on paying off their mortgage to keep some liquid assets lying around?
So in summary, yes I do think you should include your home that you live in as part of your net worth calculations. I understand your rationale and it's a good heuristic our parents taught us to keep us safe, financially. But it's not the full picture, and it's only helpful if we'd otherwise be thoughtless with our finances.
__________________ ---
Last edited by RabidRat; 10-27-2023 at 10:36 PM.
|
| |
10-27-2023, 10:26 PM
|
#28566 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
|
You guys are definitely right about the net worth argument, there's no question about that. On paper what you guys are saying is correct.
I'm just trying got rationalize this in my head. My friends parents are house rich, but they're cash poor in a sense. Of course it's amazing they have a $2M house in Vancouver that is almost paid off, but I don't see how that helps the parents at this moment. They are not going to sell the house because their children live in it and they're not going to take a HELOC out so they can go on vacation, so it's great they will pass on a detached house to their children when they die, but I don't think they will be able to enjoy the equity they have.
And I feel like there are thousands of people in this exact situation, especially the families that I know. They are house rich but cash poor.
|
| |
10-27-2023, 10:52 PM
|
#28567 | RabidMod
Join Date: Aug 2003 Location: Toronto
Posts: 6,367
Thanked 1,506 Times in 532 Posts
Failed 112 Times in 32 Posts
|
I agree that they would never do it (due to stubborn traditional thinking), but imo they should totally do the HELOC / refinance, go enjoy their lives!
Just my opinion but I don't think parents should feel like they owe their kids a house. And even if it's half a house (because half is still being mortgaged), that's still a house being left to their kids with the mortgage half paid off: isn't that already pretty generous?!
__________________ --- |
| |
10-27-2023, 10:57 PM
|
#28568 | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,048
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
| Quote:
Originally Posted by PeanutButter You guys are definitely right about the net worth argument, there's no question about that. On paper what you guys are saying is correct.
I'm just trying got rationalize this in my head. My friends parents are house rich, but they're cash poor in a sense. Of course it's amazing they have a $2M house in Vancouver that is almost paid off, but I don't see how that helps the parents at this moment. They are not going to sell the house because their children live in it and they're not going to take a HELOC out so they can go on vacation, so it's great they will pass on a detached house to their children when they die, but I don't think they will be able to enjoy the equity they have.
And I feel like there are thousands of people in this exact situation, especially the families that I know. They are house rich but cash poor. | Given their mindset, they wouldn't be enjoying their $ even if it was in an investment account or if it was all cash in a savings account.
|
| |
10-27-2023, 11:13 PM
|
#28569 | I contribute to threads in the offtopic forum
Join Date: Oct 2008 Location: Van604
Posts: 2,915
Thanked 2,277 Times in 631 Posts
Failed 98 Times in 40 Posts
| Quote:
Originally Posted by RabidRat I agree that they would never do it (due to stubborn traditional thinking), but imo they should totally do the HELOC / refinance, go enjoy their lives!
Just my opinion but I don't think parents should feel like they owe their kids a house. And even if it's half a house (because half is still being mortgaged), that's still a house being left to their kids with the mortgage half paid off: isn't that already pretty generous?! | Honestly if HELOC wasn't stupid like 9% right now... I would totally GT3 that shit up.... lolol jokin...
hear me out, hear me out... if my wife listened to me, and bought the 458 at 190K... i would have drove for free for 3.5 years and probably got out free with interest/insurance/gas paid for... and now I would have scratched that itch and can forever remember that f-car experience of "once upon a time, when your dad was irresponsible and stupid"....
But no... HELOC is 9% and 458 are now 350K lmao...
__________________ Proud member of GRAPE Great Revscene Action Photographers Enthusiasts
AE101 Rolla 96' //Sold
RPS13 240SX 90' //STOLEN
RMS13 240SX 91' //Scrapped
RHS13 240SX 90' //Scrapped
S35 Rogue 12' //Gifted to Parents
GD 6MT Elantra 13' //Sold
CZ4A 5MT GSR Evo 08' // Totalled
Ioniq DCT 19' //Traded in
NA MX-5 5MT 97' // Sold
Prius Prime 21' //Traded in
Tesla Model 3 RWD DD
GSX-R 600 K5' Mental Therapy
Prius Prime 24' New Kids Carrier
|
| |
10-27-2023, 11:21 PM
|
#28570 | in the butt
Join Date: Aug 2016
Posts: 2,851
Thanked 3,590 Times in 1,314 Posts
Failed 170 Times in 93 Posts
| Don't listen to your wife tomorrow, go buy a 458, post it on the latest pic of your whip thread by Sunday.
Do us proud dark0821
__________________ Quote:
Originally Posted by Mr.Money i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna. | |
| |
10-28-2023, 09:45 AM
|
#28571 | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,444
Thanked 2,927 Times in 778 Posts
Failed 407 Times in 108 Posts
| Quote:
Originally Posted by Alpine Given their mindset, they wouldn't be enjoying their $ even if it was in an investment account or if it was all cash in a savings account. | I'm not sure if this is the case. It's much easier to sell some stock and spend it than to take a HELOC on the house.
They're not so stingy they won't spend money, but they just don't have a lot of cash flow. It's hard to do things without cash flow.
|
| |
10-28-2023, 09:58 AM
|
#28572 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2005 Location: Revscene
Posts: 9,615
Thanked 7,645 Times in 2,564 Posts
Failed 434 Times in 126 Posts
|
Jesus so much back and forth whether or not housing is considered net worth.
The literal definition and formula for net worth is your assets minus liabilities. Of course home equity is part of net worth, no argument. It's like debating how long an inch is.
If you want to use another metric to compare your financial dick size with the rest of RS go for it, but net worth is net worth.
For me I measure dick size from my taint to just past the tip.
__________________ Quote:
Originally Posted by skyxx Sonick is a genius. I won't go into detail what's so great about his post. But it's damn good! | 2010 Toyota Rav4 Limited V6 - Wifey's Daily Driver
2009 BMW 128i - Daily Driver
2007 Toyota Rav4 Sport V6 - Sold
1999 Mazda Miata - Sold
2003 Mazda Protege5 - Sold
1987 BMW 325is - Sold
1990 Mazda Miata - Sold 100% Buy and Sell Feedback |
| |
10-28-2023, 10:35 AM
|
#28573 | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,665
Thanked 17,352 Times in 5,806 Posts
Failed 291 Times in 187 Posts
|
^ Well... that was graphic lol
|
| |
10-28-2023, 11:14 AM
|
#28574 | Rs has made me the woman i am today!
Join Date: Dec 2009 Location: Burnaby
Posts: 4,219
Thanked 5,383 Times in 2,037 Posts
Failed 265 Times in 101 Posts
| Quote:
Originally Posted by sonick Jesus so much back and forth whether or not housing is considered net worth.
The literal definition and formula for net worth is your assets minus liabilities. Of course home equity is part of net worth, no argument. It's like debating how long an inch is.
If you want to use another metric to compare your financial dick size with the rest of RS go for it, but net worth is net worth.
For me I measure dick size from my taint to just past the tip. | Hard or soft tho?
__________________ Quote:
Originally Posted by MG1 In Mike we Trust | |
| |
10-28-2023, 11:16 AM
|
#28575 | RabidMod
Join Date: Aug 2003 Location: Toronto
Posts: 6,367
Thanked 1,506 Times in 532 Posts
Failed 112 Times in 32 Posts
|
Revscene 2023.
What would the founders say.
__________________ --- |
| | | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts HTML code is Off | | | All times are GMT -8. The time now is 04:31 PM. |