Vancouver's Real Estate Market

[Badhobz]

Originally Posted by Hondaracer

So you’re the Chinaman Manic?

oh nice! slander 2 race in one sentence. well done white man

[Hondaracer]

I’m not one for this communist style of housing enforcement but I think we’re quickly travelling down this road of limiting home ownership when on one side you have people buying homes to fill them with empty soup containers and news papers, and on the other you have 18 people living in a basement suite

Both price out the “regular” person/family just trying to buy a home to live in

[Badhobz]

All your “regular people” are living in those fancy RVs parked in rest areas. Ya gooooooofffffffffff

[Hondaracer]

RV > McMansion?

[sonick]

Originally Posted by Hondaracer

I’m not one for this communist style of housing enforcement but I think we’re quickly travelling down this road of limiting home ownership when on one side you have people buying homes to fill them with empty soup containers and news papers, and on the other you have 18 people living in a basement suite

Both price out the “regular” person/family just trying to buy a home to live in

All he said was that "China people" work harder, work faster, and cook affordably instead of going out or doing takeout, rather than bitch on Reddit.. Id say it's pretty reasonable.

[68style]

I wasn't aware you could tell the ethnicity of people based on their reddit profile names lol

Half you guys have been like "I'm so surprised" when someone said what ethnicity they were on here after many years!

[Badhobz]

dont forget they protest better too. fuck you safe injection site!
let me dust off my moncler protesting jacket

Originally Posted by 68style

I wasn't aware you could tell the ethnicity of people based on their reddit profile names lol

Half you guys have been like "I'm so surprised" when someone said what ethnicity they were on here after many years!

what? thats because our handle isnt ChingChongLingLong (although it should be)

[Hondaracer]

Originally Posted by sonick

All he said was that "China people" work harder, work faster, and cook affordably instead of going out or doing takeout, rather than bitch on Reddit.. Id say it's pretty reasonable.

That’s exactly what manic has been saying lol..

In other words, you have to live like you would where you came from, in order to survive here. That’s what Canada has become.

[Hondaracer]

Originally Posted by Badhobz

dont forget they protest better too. fuck you safe injection site!
let me dust off my moncler protesting jacket

I do give them all credit, actually got out and protested sonthing as opposed to just hitching and never doing anything

I’ve gotta chuckle at the FOB’ed out sign currently on the front page of news1130 though

“Drugs is never safe”

[Badhobz]

just come out and say it already, just like that crazy white woman at the protest

GO BACK TO WHERE YOU CAME FROM!!!! GO BACK TO HONG KONG! (very specific geographically she is)

Originally Posted by Hondaracer

just hitching and never doing anything

Im pretty sure thats my official work title

[SkunkWorks]

Originally Posted by 68style

I wasn't aware you could tell the ethnicity of people based on their reddit profile names lol

Half you guys have been like "I'm so surprised" when someone said what ethnicity they were on here after many years!

You're pretty eloquent for a chinese guy.

[yray]

them old chinese in calgary and edmonton made a lot of money during the oil boom... maybe they are cashing in again for their kids.

[Badhobz]

So i just remember there used to be this awesome thing called the Asiatic Exclusion League based out of Vancouver. Found this great photo too


Shes still smiling and posing for the camera (these old timey cameras probably needed like a 5 minute exposure) even though her shop got fucked up. im dying. The basic chinar bitch runs historically deep

Asiatic Exclusion League | organisation, historical | A group of white supremacists that grew to 40,000 British Columbian members during the first half of the 20th century. Founded in 1907 – less than a month before the so-called “Anti-Asiatic” riots that vandalized businesses and terrorized residents in Chinatown and Japantown for two days and nights – the affiliation’s goal was to exclude Korean, Japanese, Chinese and South Asian immigration in order to somehow ensure a mythical “White Canada”. Its lobbying efforts were instrumental in the passage of the 1923 Chinese Immigration Act, which stopped nearly all Chinese immigration to Canada for a quarter century.

The Asiatic Exclusion League was influential in Vancouver’s politics and drew its membership, leadership and enabling sympathies from local unions, clergy, police, military, City Hall (the Mayor and several Councillors were founding members), both the provincial and federal governments and even local media outlets like The Vancouver World (purchased by the Vancouver Sun in 1924), which bragged in an editorial that it was “the one daily paper in Vancouver which has consistently set its face against the Orientals.”

Usage: “I thought the Asiatic Exclusion League was unrepeatable history until I started reading the comments below local real estate news stories…”

[EvoFire]

That just might be the same spy balloon, they grow to maturity after about 20 years then look the same for another 150 years then suddenly become a 3.5' white haired old little lady.

[CivicBlues]

Asians don't go out to eat or order takeout? How come every time I go to a trendy Michelin-whatever biggie gourmand restaurant it's nothing but Chinamen and Chinawomen at every table and the delivery guy is rocking a Fantuanan jacket or something?

[sonick]

Originally Posted by Hondaracer

That’s exactly what manic has been saying lol..

In other words, you have to live like you would where you came from, in order to survive here. That’s what Canada has become.

What he's described sounds more like the "American dream" and the "pull yourself up by your bootstraps" mentality that conservatives preach, as opposed complaining and asking for handouts.

U think we should all be dining at fucking Earl's and ordering doordash to live like a "Canadian" lol fuck that.

Like am I living like my parents homeland because I'm saving money by buying Pichana and not ribeye because it's $16.99/lb? Maybe i should be going to the Keg instead of eating this that I made at home like a poor immigrant

[68style]

It wasn't my intention to start a bunch of people making generalizations about eating and living habits... just what I saw and according to the realtor he has had to hire someone that speaks Mandarin and start a WeChat presence to handle the volume of clients he's getting on a daily/get his slice of the pie.

About as far as I'll go on it is that cultural differences do exist, and some people see real estate as the only form of investment they believe in. I don't think anyone was buying these places to turn them into communes, but I doubt many of them were planning to move to Calgary and it's still very much possible to rent for profit there, which is NOT true in Vancouver anymore.

[CivicBlues]

[Hondaracer]

If all you’re bringing to Canada is money, you’re a drain on society and part of the problem we face today.

I don’t think anyone is blaming a hard working business owner that employs people, is part of the community etc. even if you’re just an average working person, that never leaves Richmond, can’t speak English, isn’t engrained in the “Canadian lifestyle” it’s perfectly fine.

If all you’re doing here is coming here, purchasing property, and funneling money into Canada from elsewhere to buy property and prop up your lifestyle, yea, you’re 100% part of the problems we face today. And this is obviously a very real problem with the stories being brought to light of all these “home makers” getting millions and millions in mortgages.

All that shit obviously artificially inflates the value even more than general speculation, so if there ever was a time when all that hit the fan, the outcomes would be catastrophic for, again, “regular” people (of all ethnicities hehe) who would take a massive hit if their property values were less than their mortgage.

Which, I don’t think is likely but it’s this shell game we play in Canada with real estate

[PeanutButter]

Originally Posted by Gerbs

A few friends bought the Juno development in surrey. Studio units for $440K + GST and 1BR's at $550K + GST.

There's no way that's a reasonable buy is it? Juno sold them on the potential to 3x their deposit in 4 years. Friends said deposit is 10% down and they'll flip at completion @ 2-3% assignment fee. Can't go tits up.

As far as I know, it's probably one of the more plausible flips.
Only 10% down
2028 completion
Hoping interest rates come down
1.5% assignment + $1,200 administration fee. (0% assignment fee if first 75 buyers)

3x their deposit seems a little much. I was giving it more of a 100% return on deposit. So they would make maybe $50k.

Worst case is they would have to rent it out and lose maybe $500 a month on it cash flow wise.

Right now you can buy a studio at Surrey Central for $380k, so they speculating real estate to go up by at least 10% in four years, which isn't out of this world.

I would say it's worth the risk for some, but I don't feel anyone has really ran the numbers or done a proper risk assessment of it.

I was about to do the same, but I rather buy stocks. The more I look into real estate as an investment in BC, the more it doesn't make sense. Stocks are easier to manage if you can control your emotions.

[unit]

the answer is just leverage. not everyone has 380k in cash to buy stocks with, and those who do can consider putting that 380k as a down payment and leveraging a 1m+ mortgage instead.

[PeanutButter]

Originally Posted by CivicBlues

Asians don't go out to eat or order takeout? How come every time I go to a trendy Michelin-whatever biggie gourmand restaurant it's nothing but Chinamen and Chinawomen at every table and the delivery guy is rocking a Fantuanan jacket or something?

I feel like those are all Mainlanders or Taiwanese. In my circle, they have the stereotype of having big boy money. All of those college students with houses and nice cars are all Mainlanders.

Cantonese Chinese are among the cheapest mother f*ckers around. That being said, my parents and their friends are going out more these days. I think that has to do with our generation showing them that spending money is okay, since they have so much of it now. Even then, they don't like to do it too often.

[PeanutButter]

Originally Posted by unit

the answer is just leverage. not everyone has 380k in cash to buy stocks with, and those who do can consider putting that 380k as a down payment and leveraging a 1m+ mortgage instead.

For sure. There's a reason why most millionaires come from real estate.
You gotta risk it for the biscuit.

That's why I was considering this Juno project, but at the end of the day, I couldn't justify it. Analysis paralysis, maybe?

[Manic!]

Originally Posted by Hondaracer

If all you’re doing here is coming here, purchasing property, and funneling money into Canada from elsewhere to buy property and prop up your lifestyle, yea, you’re 100% part of the problems we face today. And this is obviously a very real problem with the stories being brought to light of all these “home makers” getting millions and millions in mortgages.

Canadian's do that same shit in places like Florida, Mexico and Portugal.

[mikemhg]

Originally Posted by Hondaracer

If all you’re bringing to Canada is money, you’re a drain on society and part of the problem we face today.

I don’t think anyone is blaming a hard working business owner that employs people, is part of the community etc. even if you’re just an average working person, that never leaves Richmond, can’t speak English, isn’t engrained in the “Canadian lifestyle” it’s perfectly fine.

If all you’re doing here is coming here, purchasing property, and funneling money into Canada from elsewhere to buy property and prop up your lifestyle, yea, you’re 100% part of the problems we face today. And this is obviously a very real problem with the stories being brought to light of all these “home makers” getting millions and millions in mortgages.

All that shit obviously artificially inflates the value even more than general speculation, so if there ever was a time when all that hit the fan, the outcomes would be catastrophic for, again, “regular” people (of all ethnicities hehe) who would take a massive hit if their property values were less than their mortgage.

Which, I don’t think is likely but it’s this shell game we play in Canada with real estate

This 100%.

At this point in onus is on the government is dissuade this type of activity via tax regulations, they won't of course, but they should.

The haves simply gobbling up properties throughout the country in the last affordable bastions is vulture capitalism at its finest.

It's disgusting and is creating a real and serious civic instability in this country. I get disgusted by some of the people I know in this city that already are loaded, but continue to look for opportunities to enrich themselves further by way of this.

You are contributing nothing to society, and are accelerating its decline.