| 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. |
 | | 
01-25-2024, 01:08 PM
|
#29751 | | To me, there is the Internet and there is RS
Join Date: Apr 2004 Location: Nanaimo
Posts: 16,539
Thanked 7,708 Times in 3,623 Posts
Failed 1,507 Times in 645 Posts
| Quote:
Originally Posted by 68style  Even for myself, my mortgage is now paid off and my condo is worth about $630,000 at the moment... I'm looking at buying a new place and was thinking to keep my condo... but there is no scenario I can think of where it's worthwhile to keep my condo and rent it out, rent is $2,500 a month in my building but strata fee is $390, property tax is $120-ish, insurance for a renter I don't even know what that costs, and the building is now 13 years old... for sure appliances are going to start to fail (my fridge died once, but I fixed it myself) and I was given a heads up by a friend on strata that there's a special levy coming this spring for anywhere from $5,000-$10,000 per unit to re-seal concrete exterior surfaces......... combine that with questionable drainage and being a first floor unit? Why would I keep the place for all the possible liability risks and future costs to take in a measly $1,500 net a month when I could just sell it and invest $600,000 cash somewhere lol | What's that condo going to worth 10 years from now?
__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter. | 
|  | |
01-25-2024, 01:21 PM
|
#29752 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,828
Thanked 17,623 Times in 5,902 Posts
Failed 291 Times in 187 Posts
|
^ If you'd read any of the previous messages, I don't personally have much optimism that 1bd condos are going to continue to go up enough to matter for the next 10 years.
Between AirBNB getting nuked, the number of new towers being built (in my area anyway) and prices being what they are relative to affordability and income, I think the condo market is going to stay pretty flat compared to detached.
Just my personal opinion, you don't have to agree.
| 
| | |
01-25-2024, 01:30 PM
|
#29753 | | I contribute to threads in the offtopic forum
Join Date: Sep 2004 Location: Canada
Posts: 2,946
Thanked 1,311 Times in 543 Posts
Failed 28 Times in 12 Posts
|
In that example, you can't apply 100% of rent towards your mortgage, strata and property taxes because you didn't account for the decrease in net amount due to the income tax on the rent you collected.
| |
| | |
01-25-2024, 01:34 PM
|
#29754 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,798
Thanked 2,014 Times in 1,069 Posts
Failed 214 Times in 128 Posts
|
^ this has been my view too. There's only so much money you can generate based on the size. Like two people can reasonably afford $x rent a month based on market conditions. They're not gonna pay you $4000 a month in rent for a one bed. Unless you stuff 8 buddy guys in one unit. It's not like we have a industry where all of a sudden everyone is balling. Like tech or finance, even dt units have taken a hit, and I don't think it's recovered since the pandemic. We just don't have the income to support the price increase. I also don't see rent dropping but since it's capped by the gov unless you evict you can't get market price.
| |
| | |
01-25-2024, 02:01 PM
|
#29755 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,928
Thanked 2,647 Times in 1,021 Posts
Failed 253 Times in 72 Posts
| Quote:
Originally Posted by Manic! What's that condo going to worth 10 years from now? | Of course, 2x the price! $630 - > $1.3M Let's GOOOOOOOOOOOOOO.
That'd be sick, we double one more time and everyone we know will join the $3 - 10M+ net worth club.
Inb4 we complain NSXs cost $300K.
For real though, when 1BR hit $1M in Canada, I'm pretty sure we'll see a civil revolution / riots. There's no hope for the working class at that point.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| |
| | |
01-25-2024, 02:50 PM
|
#29756 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,756
Thanked 32,637 Times in 7,615 Posts
Failed 214 Times in 162 Posts
|
If a 1 bedroom is 1.3 million, you've gotta pay 2 to upgrade to a 2 bedroom on probably 100k salary. Great for the downsizers. Maybe gen x will fulfill the role of the new boomers and fuck shit up even more.
__________________
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. | | |
| | |
01-25-2024, 02:58 PM
|
#29757 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,928
Thanked 2,647 Times in 1,021 Posts
Failed 253 Times in 72 Posts
| Quote:
Originally Posted by westopher If a 1 bedroom is 1.3 million, you've gotta pay 2 to upgrade to a 2 bedroom on probably 100k salary. Great for the downsizers. Maybe gen x will fulfill the role of the new boomers and fuck shit up even more. | If a 2BR is $2M and you can still buy one, that's a you issue. I'm collecting my $6-11K/month rent!
I find it crazy cause there's RSers on here that are clearing $200-250K+ CAD/USD and they can't afford a $1.3M place, let alone a $2M place, so if they aren't buying it, who's buying the $2M 2BR in 2034.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
| |
| | |
01-25-2024, 03:02 PM
|
#29758 | | To me, there is the Internet and there is RS
Join Date: Apr 2007 Location: Okanagan
Posts: 16,797
Thanked 9,482 Times in 4,138 Posts
Failed 429 Times in 227 Posts
| Quote:
Originally Posted by JDMDreams ^^ is Calgary still worth thinking of? You can buy brand new houses for $600000.  and rents are like $3500. You can't get that with a $600k unit in Van. Eventually rent out everything here to take advantage of the rents + lower mainland appreciation and move there down the road to retire? Big house, big yard, big women? | You want to retire from Vancouver to Calgary? Isn't that kinda backwards?
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed] Quote:
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: | | |
| | |
01-25-2024, 03:33 PM
|
#29759 | | It's like going crazy when you're already nuts
Join Date: Aug 2005
Posts: 5,910
Thanked 3,068 Times in 795 Posts
Failed 90 Times in 38 Posts
|
1BR's are already $1M+ depending on which part of town
| |
| | |
01-25-2024, 03:50 PM
|
#29760 | | RS Veteran
Join Date: Dec 2001 Location: GTA
Posts: 29,939
Thanked 11,635 Times in 4,760 Posts
Failed 440 Times in 282 Posts
| Quote:
Originally Posted by underscore You want to retire from Vancouver to Calgary? Isn't that kinda backwards? | hahaha I can see the logic here but depending on lifestyle/priorities, Calgary can work for the right person. Even when I come visit my family in Vancouver, it feels stuffy, whereas Calgary is still pretty laid back based on my personal experience last summer. And this is me having lived in Toronto for the past 6/7 years!
__________________ Quote:
Originally Posted by BIC_BAWS I literally do not plan on buying another vehicle in my lifetime, assuming it doesn't get written off. | Quote:
Originally Posted by EvoFire But fuck that exterior is like dating integra girl | | |
| | |
01-25-2024, 04:10 PM
|
#29761 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,756
Thanked 32,637 Times in 7,615 Posts
Failed 214 Times in 162 Posts
| Quote:
Originally Posted by jing 1BR's are already $1M+ depending on which part of town | Maybe one with a butler and 2 bathrooms and a car elevator, but of course we aren't talking about some luxury ridiculous place. Even those ones at horseshoe bay that come with a yacht share aren't that much.
__________________
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. | | |
| | |
01-25-2024, 04:25 PM
|
#29762 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,828
Thanked 17,623 Times in 5,902 Posts
Failed 291 Times in 187 Posts
|
Mine didn't double in 13 years... for transparency sake I bought it for $365,000 in early 2011... now it's $630,000... so it came close? I think in 2012 it dropped to about $340,000 as there was a small dip, but that's about it.
It didn't quite double in the craziest 10 year period of real estate ever... I can't see how it would double again in another 10 years. Could be wrong, but I wouldn't bet on it personally.
| |
| | |
01-25-2024, 04:34 PM
|
#29763 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,994
Thanked 15,174 Times in 6,083 Posts
Failed 2,081 Times in 701 Posts
|
It won’t, especially if there’s new development around, that’s why we ended up selling our old apartment instead of keeping and renting out.
City of Lougheed was just opening and they were selling brand new 2br for like 35% more than our unit built in 86. Ours was 3-400sq fr larger, but I did not see any scenario where it would compete with the vast amounts of new builds going up.
Growth will almost certainly be slowed and substantially so if you have new developments surrounding your building imo
__________________
Dank memes cant melt steel beams
| |
| | |
01-25-2024, 04:36 PM
|
#29764 | | nuggets mod
Join Date: Feb 2002 Location: richmond
Posts: 7,065
Thanked 3,835 Times in 987 Posts
Failed 178 Times in 60 Posts
| Quote:
Originally Posted by PeanutButter Never mind.. It's a horrible deal.
So I took the $80,000 down payment
and then added $527 per month (which is the negative cash flow I would be putting in) put it into a compound interest calculator
@5% interest compounded over 25 years = $592,336
@6% interest compounded over 25 years = $722,405
@7% interest compounded over 25 years = $884,941
@8% interest compounded over 25 years = $1,088,404
@9% interest compounded over 25 years = $1,343,504
@10% interest compounded over 25 years = $1,663,796 (Average S&P 500 return) | The fair comparison would be to ask what that 400k condo is worth in 25 years.. I'm not saying it's a good investment, but its not 400k vs 1.6M
__________________
I searched for truth, and all I found was You
| |
| | |
01-25-2024, 05:17 PM
|
#29765 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,580
Thanked 3,789 Times in 1,349 Posts
Failed 83 Times in 42 Posts
| Quote:
Originally Posted by underscore You want to retire from Vancouver to Calgary? Isn't that kinda backwards? | I don't think so, I've been tossing the idea around the last 2 years. If I can move to Calgary and be mortgage free with a similar sized home and a bunch of money left over to put towards retirement it doesn't seem that backwards as opposed to staying here and downsizing to a condo to achieve the same.
I also have family there and could work from there without quitting my job so there are things that make it appealing to me. I'm originally from the prairies but the winters are not something I'd look forward to because I hate snow.
__________________
“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
| | |
01-25-2024, 06:29 PM
|
#29766 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,798
Thanked 2,014 Times in 1,069 Posts
Failed 214 Times in 128 Posts
|
This, as I'm getting older, I don't want to raise a family or can I afford to live the lifestyle I want here. A single detached with land and garage for toys. Even Surrey Langley is easily $1.5+ for anything that doesn't need massive renos. But then I would max borrow and have like $8000 payments which to me sounds real stressful.
Even if condo here for $600 goes to $900 in 10 years, houses will be like what $4m then? I can't chase that.
Why not buy detached for $600 in Calgary, I can rent that out for a few years, then move there, at that point you can either cash out here or rent it out. Should be more than enough to cover housing cost in Calgary.
I won't have a massive $8000 mtg, I can divert that money into stonks, toys, travel. Vs work your ass off here just to pay for mtg. You can even take a pay cut, work less cuz you have the rental income to supplement. Which you can't get unless you have a detached here with basement.  Quote:
Originally Posted by quasi I don't think so, I've been tossing the idea around the last 2 years. If I can move to Calgary and be mortgage free with a similar sized home and a bunch of money left over to put towards retirement it doesn't seem that backwards as opposed to staying here and downsizing to a condo to achieve the same.
I also have family there and could work from there without quitting my job so there are things that make it appealing to me. I'm originally from the prairies but the winters are not something I'd look forward to because I hate snow. | | |
| | |
01-25-2024, 06:43 PM
|
#29767 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,756
Thanked 32,637 Times in 7,615 Posts
Failed 214 Times in 162 Posts
|
Not everyone needs a detached house for a happiness metric though. If you do, that's totally cool, but I'm happy in a condo with a couple parking spaces and a 20 minute drive to the lifts and a 5 minute walk to the ocean.
That said, if I can't afford to do that then it doesn't work either. There's no formula. No one needs to convince you it's worth it and you don't need to convince anyone it isn't. Neither of you are wrong.
__________________
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. | | |
| | |
01-25-2024, 07:31 PM
|
#29768 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,034
Thanked 2,552 Times in 1,158 Posts
Failed 81 Times in 54 Posts
|
Everyone wants full control over their property though and you can only truly achieve that with land and a detached house on it.
Apartments are not an issue per se, but living with a condo/strata corporation sucks. No one wants to pay for maintenance, people treat the common property like garbage (literally), the strata has to insure itself to the hilt because people do stupid things.
I've lived in strata corporations for most of my life and I've been on the board. It just sucks.
| |
| | |
01-25-2024, 07:37 PM
|
#29769 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,756
Thanked 32,637 Times in 7,615 Posts
Failed 214 Times in 162 Posts
|
I really don't have any issues with it. I've never been to a strata meeting. I've never had a message from my strata telling me to do something. I've never had issues other than people being morons related to garbage disposal, but that's no different than the dipfuck a couple houses down that puts his garbage on the front lawn with a "free" sign.
I'll take the vacations, the food I want to eat, the car I want to drive and the shared wall over none of the above.
If I could afford to have all that and my own walls, hat would obviously be better, but I can't, and no one else can here unless their parents do it for them anymore, or they are the marque of success, so make your choices.
__________________
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. | | |
| | |
01-25-2024, 08:03 PM
|
#29770 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,994
Thanked 15,174 Times in 6,083 Posts
Failed 2,081 Times in 701 Posts
| Quote:
Originally Posted by Tapioca Everyone wants full control over their property though and you can only truly achieve that with land and a detached house on it.
Apartments are not an issue per se, but living with a condo/strata corporation sucks. No one wants to pay for maintenance, people treat the common property like garbage (literally), the strata has to insure itself to the hilt because people do stupid things.
I've lived in strata corporations for most of my life and I've been on the board. It just sucks. | I still think given all those things, for most people it’s better/easier option
I know some home owners who don’t even have the capacity to phone a plumber.
__________________
Dank memes cant melt steel beams
| |
| | |
01-25-2024, 08:50 PM
|
#29771 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,798
Thanked 2,014 Times in 1,069 Posts
Failed 214 Times in 128 Posts
|
Strata is a bitch, can't charge your car, ppl unplug it, can't leak oil, no where to work on it, no where to store wheels, people door ding your car, car gets broken into. Strata fees/ insurance that goes up 10% a year with no added service.
| |
| | |
01-25-2024, 09:09 PM
|
#29772 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,828
Thanked 17,623 Times in 5,902 Posts
Failed 291 Times in 187 Posts
|
I can't complain too much about strata living, but it can go to shit in a real hurry if you get anyone above you that sucks or even next to you... or if the council gets taken over by fucknuts... I've seen some crazy crazy stuff go down in Richmond with that kind of stuff.
I'm just sick of people running laundry machines at 3am or chopping food incessantly and not being able to work on my car... so I'm done with it. Been like 20 years of condo life, time to move on lol
| |
| | |
01-25-2024, 09:13 PM
|
#29773 | | in the butt
Join Date: Aug 2016
Posts: 2,882
Thanked 3,659 Times in 1,331 Posts
Failed 170 Times in 93 Posts
| Quote:
Originally Posted by JDMDreams Strata fees/ insurance that goes up 10% a year with no added service. | When you get a pay increase at work, do you give any added service? 
__________________ 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.
| | |
| | |
01-25-2024, 09:17 PM
|
#29774 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
Posts: 10,600
Thanked 5,049 Times in 1,866 Posts
Failed 185 Times in 100 Posts
|
You're doing them a service by not looking for a job that will pay more if they don't...
__________________
1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
| |
| | |
01-25-2024, 09:50 PM
|
#29775 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,452
Thanked 2,933 Times in 781 Posts
Failed 407 Times in 108 Posts
|
A friend of mine lives in Winnipeg and I asked her how it's like living there. She said the common theme is the crappy winter weather, but she said you get used to it. The big thing is she isn't stressed about housing for herself or her kids. They take multiple vacations a year and have a detached house.
That's pretty fair, if I grew up in Winnipeg and all my friends and family were there, I wouldn't want to move. I would be content living there and I could live really well and so would my kids.
| |
| | | |
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 10:19 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
