If you were to flip at completion, wouldn't all your gains be eaten by assignment fee, realtor seller + buyer fee, and capital gains tax?

The two friends justify the 10% increase over 4 years because they don't have money nor income to buy the $380K resale property.

So they can't even close if they have to lol.

That's what I was thinking.

Cost - $450K + $7K GST/LTT = $457K > Appreciates to $500K. $500K Studio means my 1BR in Van will be $700-800K lol.

Gross Profit - $43K

Less:
- Assignment 1.5% = $9K
- Commission = $18K
- Notary - $2K buy/sell

Net income - $14K

Risked $45K for $14K is pretty good though, 7.8% return after fees. The downside is pretty big for the risk ontaken.

All of those places have properties that are still “affordable” relative to local incomes.

You can’t buy a detached home in Kamloops for under 700k.

Many of them including Portugal and the US have many barriers to purchasing homes as a foreigner, whereas Canada let it ruin housing until hard data proved it needed to addressed.

Govt. at all leves was more than happy to let dirty money into the country until it became impossible to ignore. See: decades of money laundering through B.C. casinos.

Don't forget the BC Speculation Tax letters just started hitting mail boxes so make sure to declare that one too.

That's exactly it, people here are conflating the Chinese uncle that came here from HK in 1989 and worked some shit job for decades and saved up as the same person as a millionaire from Harbin that just drops in once a year to look at his properties.

For how long? Housing prices are up in places like Florida.

The 1980s HK uncle are fine with me, they're my friend's parents.

The new mainlanders whose family owns a few factories in Shaoxing, funneling their money here to escape their government's hands can fuck right off completely.

People can and should have a legitimate hate for them.

That's what your great Canadian leaders want, easy gravy train, why sell resources, educate, when you can just sucker rich people to come here and bring their money. That's as green as possible, don't have to sell any fossil fuels. Don't have to spend a dime and these suckers come, let's milk them dry.

Just look at the international students, all the schools are saying they are going broke, cuz the easy gravy train is gone. Why else would you charge x3 cost if you're providing the same education.

You want to milk these people dry + have your cake? Yet now complain that these people you milked brought too much money so your locals with less competitive education, less competitive economy due to tax rules and regulations can't survive due to systemic incompetence and short sightedness.

Look at the shitty arrive can, sure blame the new guy that you just suckered and milked dry for your problems.

Problem is, most non-Asian people can't really tell the difference especially at face value. They both have FOB-accents if they speak English, similar age groups, stingy, they are both kinda same-sy fashion (no)sense. "It's like you go to a pre-sale and it's all black hairs these days" is the comment you see on forums and comment boards.

In 10-15 years our kids will all be saying "the Mainland Chinese are fine, they're my friends parents. Those fucking new mainland Indians can fuck right off tho." Guarantee it - it's already happening on less-PC Canadian subreddits. While the real robber-barons politicians and capitalists in charge run off with our children's cash with a big shit-grin on their face knowing they divided us so successfully yet again.

Saw this on FB, not sure how accurate but I guess all the redditors can go to Edmonton and Winnipeg :lawl:



https://scontent.fyvr4-1.fna.fbcdn.n...jg&oe=65D318D7

Need their definition of a home... looks like a 1 bedroom condo from this graphic lol.. no way $212k buys a detached house in Van

Victoria/Langford living ... looks decent. 3 Bed, 3 Bath, $1M. No idea about actual neighbourhood though.

https://www.facebook.com/marketplace...0788051102907/

https://scontent.fcxh3-1.fna.fbcdn.n...CQ&oe=65D487E3

That’s like saying Surrey is Vancouver. Lol.

Do you mean Langford is full of gansta, Surrey?
Or, do you mean Langford is like 30 mins to Vancouver distance wise?
Or both?

It’s gentrified, just like Surrey and everywhere else. I’d probably classify it as a Langley or Coquitlam. Lol. It’s a fine place now, just can’t classify it as Victoria.

Alberta may be cheaper to buy but it's way more expensive to live. Car insurance is the highest in Canada. Hydro and natural gas is also way more. Plus the winter season is way longer. If you got kids most activities will be done indoors 6 plus months a year costing you money. The high for today in Edmonton was -7 degrees Vancouver was 5 degrees.




http://www.energyhub.org/wp-content/...ces-Canada.jpg



A ranking of the provinces based on their median annual auto insurance premiums, from highest to lowest, is as follows:

Alberta - $3,151
Nova Scotia - $2,491
Ontario - $2,299
New Brunswick - $2,187
Newfoundland - $2,162
BC - $1,775
PEI - $1,703
Manitoba - $1,373
Saskatchewan - $1,249

I thought Alberta was cheaper for insurance what's why everyone registers their vi and super cars there. Less tax to buy + cheaper insurance unless something has since changed? Can you solar in Alberta since they get less rain and more sun than us?

Insurance isn't cheaper, they just don't pay PST on cars.

720 Bondi Close. Behind the Costco & Home Depot. It's part of a 5 lot strata.

The property is just shy of 1/4 acre, but half of that is basically cliff and useless...

My best friend in Calgary runs an insurance agency, the insurance prices are mega high if you have no history or are a new driver or you get pretty much any tickets or accidents. But isn't that how it should be on the latter 2?

He pays very little for his own cars and there's a lot of discounts for seasonally driven vehicles as well. He has a couple of summer only cars and he can insure them in unique ways to here not as collectors but driven only x number days per year.

That said, tough times are ahead because he said claims are so high, especially for car thefts (?? highest per capita in Canada for Calgary) that companies are pulling out of Alberta entirely and the ones that aren't are having trouble making $$$. All the hail and constant windshield claims really don't help.

Electricity and water costs are super high there though, most of the families at the SuperBowl party on Sunday I was at said they average about $5-$600 a month for electricity on their home through the winter months. One family with 2 young kids said they got up to $700 on their townhouse last month.

As an aside regarding the chart Manic posted, how does MB pay so little for electricity ???

MB is 98% hydro apparently.

Seems like if you're going to move out of Vancouver, you might as well move to the boonies to save more money.

Manitoba is both low on insurance and electricity costs.

Plus side of MB is you're a 3~ hr flight to either Van or TO :alone:

Given how much debt MB is in right now, and how their new premier vows to address healthcare and a whole bunch of other issues, I can't see how costs and provincial taxes wouldn't be going up in MB though.

Landlords - When your rental agreement ends, do you typically just let it run month-month, or renew annually to ensure the tenant stays 12 months again for stability?

My suite is rented to a friend (married couple) of mines (which I initially had no intent to raise their rent as they just immigrated here, and got PR - trying to help someone settle down). But the issue that is pissing me off is, they invite out of town guests to stay over every 2 months for weekend/long weekend. Legally I can't do shit all about it (can't charge them, can't tell them guests ain't allowed to stay over since they didn't inhabit in my home). So my tenants guests are getting free accommodation at the expense of the landlord.

Obviously there ain't no such thing as free lunch for nobody on my books, so I plan to increase their rent when the 1-year agreement ends that's allowed to cover this. There seems to be pros/cons to fixed agreement versus. month-month, which I haven't quite figured out what's the best option.