REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!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!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

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.

Reply
 
Thread Tools
Old 05-20-2024, 10:36 AM   #31401
To me, there is the Internet and there is RS
 
Manic!'s Avatar
 
Join Date: Apr 2004
Location: Nanaimo
Posts: 16,473
Thanked 7,665 Times in 3,601 Posts
Failed 1,506 Times in 644 Posts
Quote:
Originally Posted by donk. View Post
https://www.rew.ca/properties/584255...erty_click=map

This unit seems to be underpriced by about 100k, or maybe interest rates are finally causing damage

I love unique units like that
So how much can that rent for?
Advertisement
__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Manic! is online now   Reply With Quote
Old 05-20-2024, 10:54 AM   #31402
RS.net, helping ugly ppl have sex since 2001
 
Badhobz's Avatar
 
Join Date: Oct 2016
Location: Ricemond
Posts: 9,189
Thanked 10,689 Times in 3,836 Posts
Failed 478 Times in 242 Posts
Real estate here is such a shit show. A friend of mine got a brand new house in Houston, jn a nice area, for 350k usd. It’s only like 10 mins away from the ocean.

He’s like how do you Canadians afford it ? I’m like we don’t. Either you have millions of dollars or else you are barely scraping by and living off McDoubles.
Badhobz is online now   Reply With Quote
This post thanked by:
Old 05-20-2024, 11:40 AM   #31403
To me, there is the Internet and there is RS
 
Manic!'s Avatar
 
Join Date: Apr 2004
Location: Nanaimo
Posts: 16,473
Thanked 7,665 Times in 3,601 Posts
Failed 1,506 Times in 644 Posts
Quote:
Originally Posted by Badhobz View Post
Real estate here is such a shit show. A friend of mine got a brand new house in Houston, jn a nice area, for 350k usd. It’s only like 10 mins away from the ocean.

He’s like how do you Canadians afford it ? I’m like we don’t. Either you have millions of dollars or else you are barely scraping by and living off McDoubles.
The crazy thing is his property tax would be similar to a house that cost 3.5 mill in Van.

https://smartasset.com/taxes/texas-p...tor#ALA3b21GWk
__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Manic! is online now   Reply With Quote
This post thanked by:
Old 05-20-2024, 11:59 AM   #31404
in the butt
 
donk.'s Avatar
 
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 Manic! View Post
So how much can that rent for?
I would guess 2300-2500

Quote:
Originally Posted by westopher View Post
80s build with a mini kitchen, and a big mark against it is no dogs.
Il pay a premium for a building with no dogs, same with building that have no kids
__________________
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.

donk. is offline   Reply With Quote
This post thanked by:
This post FAILED by:
Old 05-20-2024, 12:00 PM   #31405
RabidMod
 
RabidRat's Avatar
 
Join Date: Aug 2003
Location: Toronto
Posts: 6,367
Thanked 1,507 Times in 533 Posts
Failed 112 Times in 32 Posts
Yeah that's one thing I noticed: property tax is a damn bargain in Canada.

Back in Menlo Park, my property tax rate was 5x that in Vancouver. A whole 1/3 of my housing cost was just property tax (the other 2/3 being mortgage payment).

Even Toronto property tax is 2.4x higher than Vancouver.

The other nice thing about Canada is the price of electricity. It's like 10-15c per kWh here? Whereas in California it's ~35c USD / kWh.
__________________
---
RabidRat is offline   Reply With Quote
This post thanked by:
Old 05-20-2024, 12:11 PM   #31406
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,742
Thanked 15,067 Times in 6,026 Posts
Failed 2,068 Times in 693 Posts
Quote:
Originally Posted by Manic! View Post
So how much can that rent for?
2200-2600 or so probably
__________________
Dank memes cant melt steel beams
Hondaracer is offline   Reply With Quote
This post thanked by:
Old 05-20-2024, 12:40 PM   #31407
Rs has made me the woman i am today!
 
mikemhg's Avatar
 
Join Date: Dec 2009
Location: Burnaby
Posts: 4,219
Thanked 5,384 Times in 2,037 Posts
Failed 265 Times in 101 Posts
Quote:
Originally Posted by Manic! View Post
The crazy thing is his property tax would be similar to a house that cost 3.5 mill in Van.

https://smartasset.com/taxes/texas-p...tor#ALA3b21GWk
That's Texas though, little to no income taxes, low sales taxes, but high property taxes.
__________________
Quote:
Originally Posted by MG1 View Post
In Mike we Trust
mikemhg is offline   Reply With Quote
Old 05-20-2024, 01:44 PM   #31408
To me, there is the Internet and there is RS
 
Manic!'s Avatar
 
Join Date: Apr 2004
Location: Nanaimo
Posts: 16,473
Thanked 7,665 Times in 3,601 Posts
Failed 1,506 Times in 644 Posts
Quote:
Originally Posted by mikemhg View Post
That's Texas though, little to no income taxes, low sales taxes, but high property taxes.
You haveway higher electric rates and you have surge pricing in Texas. It can jump 6000% for short periods of time during high demands. Also the grid is not connected to the rest of America and it fails a lot. Houses are build a lot shittier in Texas. The min r value for insulation is r13. BC is min is R22 California is r20. Meaning it's going to take a lot more to heat and cool your home. If you have money you are going to want to have back up power. And lets not get into shootings.

This is what happens when it goes below freezing in Texas. Pipes burst because they freeze do to poor building codes.

This is how hose bibs are set up in most places.



In Texas



In the top pic the water left in the pipe is insulated so it does not freeze. in Texas the valve shuts off the vatter right at the nob. So the water is not insulated and it freezes.

You also have electric on demand water heaters mounted on the outside. If it's cold and the power goes out they will freeze and the pipe will burst.


__________________
Until the lions have their own historians, the history of the hunt will always glorify the hunter.
Manic! is online now   Reply With Quote
This post thanked by:
Old 05-20-2024, 02:27 PM   #31409
RS.net, helping ugly ppl have sex since 2001
 
Badhobz's Avatar
 
Join Date: Oct 2016
Location: Ricemond
Posts: 9,189
Thanked 10,689 Times in 3,836 Posts
Failed 478 Times in 242 Posts
But at 300-400k for a new build that’s good living. He makes about 80k usd a year and he’s living large.

Thinking of leasing a Porsche (also cheaper in the states) and another commuter car.

All the while his wife doesn’t work, takes care of the kids.
Badhobz is online now   Reply With Quote
This post thanked by:
Old 05-20-2024, 02:37 PM   #31410
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,742
Thanked 15,067 Times in 6,026 Posts
Failed 2,068 Times in 693 Posts
Those prices on those Texas homes basically mean the land is worthless. Even with Mexican slave labour it would be VERY hard to build a 2000 sq ft home for under 400-500k

So my question would be, what’s the neighborhood like and what’s the area like

I could probably sell my home and buy a low rise in Detroit, but is it worth it? Probably not
__________________
Dank memes cant melt steel beams
Hondaracer is offline   Reply With Quote
This post thanked by:
Old 05-20-2024, 03:01 PM   #31411
RS has made me the bitter person i am today!
 
Join Date: Nov 2010
Location: /
Posts: 4,875
Thanked 2,583 Times in 995 Posts
Failed 253 Times in 72 Posts
Texas property tax was insane.

$1M, 3BR, older detached closer to city center. PPtax is $17,700

https://smartasset.com/taxes/texas-p...tor#0DmJym075F
__________________


2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
Gerbs is offline   Reply With Quote
This post thanked by:
Old 05-21-2024, 08:56 AM   #31412
I contribute to threads in the offtopic forum
 
beatdownvictim's Avatar
 
Join Date: Mar 2001
Location: Vancouver
Posts: 2,569
Thanked 104 Times in 61 Posts
Failed 17 Times in 6 Posts
Ugh i think our boiler died. Any recommendations for companies that can replace it with another one?

I guess at least it wasnt in the winter.
__________________
USDM: Faster than thou art

D-Built 2.0 LSVTEC TURBO
beatdownvictim is offline   Reply With Quote
Old 05-21-2024, 11:31 AM   #31413
in the butt
 
donk.'s Avatar
 
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 beatdownvictim View Post
Ugh i think our boiler died. Any recommendations for companies that can replace it with another one?

I guess at least it wasnt in the winter.
Rio mechanical, ask for Sam, he might be able to repair it if your lucky
__________________
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.

donk. is offline   Reply With Quote
Old 05-21-2024, 11:49 AM   #31414
I *heart* Revscene.net very Muchie
 
Hakkaboy's Avatar
 
Join Date: Apr 2001
Location: Burn-A-Bee
Posts: 3,989
Thanked 416 Times in 189 Posts
Failed 10 Times in 10 Posts
Quote:
Originally Posted by JD¹³ View Post
Add in the fact that everyone who's been on five-year fixed rate mortgages at historic rate lows and have been avoiding the financial pain all the variables have been feeling are starting to come up for renewal. This is where it's going to get even uglier. Fixed-rate holders are going to see their rates more than double and the sticker shock is going to have huge implications. In order to service mortgage debts tens of billions of dollars is about to be pulled out of the general economy to pay banks (there's a bit over 2T in mortgage debt nation-wide). So naturally home owners and renters are going to have to increase rent amounts to help their costs and on and on it goes with housing driven inflation. Canada has now bolted itself between a rock and a hard place with a highly inflated housing market and grossly excessive immigration leading to population increase and housing demand.

Friends who are realtors have told me the number of people who get accepted offers (buying or selling) and then the financing gets denied are through the roof. People can't get past the up to 9% stress test, so houses are sitting on the market longer and longer with needy buyers unable to get a mortgage. A million dollars requires the 20% deposit the average person doesn't have.

The fuse on the bomb keeps getting shorter, and Q4 2024 is when it's really going to start accelerating. 2025 and 2026 are when the bulk of the low fixed-rate mortgages turn over. Foreclosures, auto repossessions, and personal CC debts are all increasing already.
Good. Everything you are saying should lead to lower real estate prices. Are you against lower and more affordable real estate prices? Or do you want it to stay high?
__________________
Never argue with a dumbass, they drag you down to their level and try to beat you with experience

My Feedback

Blah™
Hakkaboy is online now   Reply With Quote
Old 05-21-2024, 01:02 PM   #31415
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,742
Thanked 15,067 Times in 6,026 Posts
Failed 2,068 Times in 693 Posts
Define affordable.
__________________
Dank memes cant melt steel beams
Hondaracer is offline   Reply With Quote
Old 05-21-2024, 01:19 PM   #31416
I *heart* Revscene.net very Muchie
 
Join Date: Nov 2004
Location: vancouver
Posts: 3,665
Thanked 760 Times in 383 Posts
Failed 150 Times in 49 Posts
so wife wants to move. our neighborhood in coqutilam is prime for land assemblies and there's already a bunch of development starting that's going to make the area a nightmare in the coming years.

i've always liked the como lake area.

my current house is worth around the 1.5M+ but i think that might be low looking at realtor.ca. it's been nicely reno'd, new roof and hot water etc. so i think it'll be able to fetch quite a bit more. current mortgage left is maybe $150K

i want a house that will need work as I'm in construction and have the skills and contacts to build the sweat equity again and this time around design it how i want it with my connections to help with the work

say i buy a place that's $1.8M+, do you think it would be best to sell my current house and put all the money right into the new house or to keep the house, pull the equity and to rent it out.

i personally want to keep the house for a couple reasons. 1) we have somewhere to leave while i gut and reno the new one. we have a young child so i don't want her in a house getting heavily reno'd nor do i want a massively tight schedule. 2) i can rent my house for $4000 montly to help with the new mortage. 3) i want to have a house to give to my daughter as we all know price increases aren't slowing down and our kids are all screwed.

the new house will need to have a basement suite or one will be added in depending on the house. then that will help with the mortage.

thoughts?

what are the capital gains tax implications if any that i maybe need to consider?

thanks guys
blkgsr is offline   Reply With Quote
Old 05-21-2024, 01:37 PM   #31417
I *heart* Revscene.net very Muchie
 
Hakkaboy's Avatar
 
Join Date: Apr 2001
Location: Burn-A-Bee
Posts: 3,989
Thanked 416 Times in 189 Posts
Failed 10 Times in 10 Posts
Quote:
Originally Posted by Hondaracer View Post
Define affordable.
Well, I did say more affordable, not affordable for everybody lol

I think that ship has sailed a long time ago, although I wouldn't be opposed to 2019 pre-covid hyper pricing.
__________________
Never argue with a dumbass, they drag you down to their level and try to beat you with experience

My Feedback

Blah™
Hakkaboy is online now   Reply With Quote
Old 05-21-2024, 01:55 PM   #31418
Orgasm Donor & Alatar owned my ass twice!
 
Traum's Avatar
 
Join Date: Aug 2007
Location: Paradise, BC
Posts: 6,967
Thanked 6,702 Times in 2,705 Posts
Failed 255 Times in 141 Posts
If you decide to keep your current house and turn it into an investment property, you'd want to retain some sort of proof as the market value of your house at the time it changed from being your primary residence to your investment property. Since your property's value is not subjected to capital gain during the years when it is used as your primary residence, the proof of (property) value would come in useful should you eventually sell (or transfer home ownership title).

The most obivous, but not most accurate, proof of your property value is your BC assessment papers.
Traum is online now   Reply With Quote
This post thanked by:
Old 05-21-2024, 02:05 PM   #31419
in the butt
 
donk.'s Avatar
 
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 Traum View Post
If you decide to keep your current house and turn it into an investment property, you'd want to retain some sort of proof as the market value of your house at the time it changed from being your primary residence to your investment property. Since your property's value is not subjected to capital gain during the years when it is used as your primary residence, the proof of (property) value would come in useful should you eventually sell (or transfer home ownership title).

The most obivous, but not most accurate, proof of your property value is your BC assessment papers.
Also, if im not mistaken, you can get a realtor to do an evaluation on your house. Ex: BC assesment is 1.4mil, realtor is 1.6mil.
That way when you "deem disposition" your sold value is 1.6 instead of automatic 1.4

Might save you thousands of dollars when tax time comes. On 200k difference thats probably 20-50k in tax for most people.
__________________
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.

donk. is offline   Reply With Quote
This post thanked by:
Old 05-21-2024, 04:33 PM   #31420
private modder
 
Eff-1's Avatar
 
Join Date: Feb 2002
Location: North Shore
Posts: 6,857
Thanked 2,820 Times in 792 Posts
Failed 47 Times in 35 Posts
I've driven past this complex many times and always thought how ugly it was with these "bars" on the windows and how it must feel like prison.

I was right. It's even worse inside than I thought.

https://www.realtor.ca/real-estate/2...enue-vancouver
Eff-1 is offline   Reply With Quote
This post thanked by:
Old 05-21-2024, 04:37 PM   #31421
I told him no, what y'all do?
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 10,134
Thanked 6,007 Times in 2,605 Posts
Failed 104 Times in 66 Posts
i believe that's an exterior shading feature (passive design) that is incorporated as an architectural feature. the design is not my cup of tea either
__________________
Feedback
http://www.revscene.net/forums/showthread.php?t=611711

Quote:
Greenstoner
1 rat shit ruins the whole congee
originalhypa
You cannot live the life of a whore and expect a monument to your chastity
Quote:
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline   Reply With Quote
Old 05-21-2024, 04:41 PM   #31422
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,742
Thanked 15,067 Times in 6,026 Posts
Failed 2,068 Times in 693 Posts
Hmm that place is actually much nicer than I expected from the exterior. I’d say that’s actually decent value albeit a very busy street
__________________
Dank memes cant melt steel beams
Hondaracer is offline   Reply With Quote
Old 05-21-2024, 05:55 PM   #31423
Old School RS
 
lowside67's Avatar
 
Join Date: May 2004
Location: Port Moody
Posts: 4,596
Thanked 4,042 Times in 1,232 Posts
Failed 129 Times in 79 Posts
Quote:
Originally Posted by blkgsr View Post
so wife wants to move. our neighborhood in coqutilam is prime for land assemblies and there's already a bunch of development starting that's going to make the area a nightmare in the coming years.

i've always liked the como lake area.

my current house is worth around the 1.5M+ but i think that might be low looking at realtor.ca. it's been nicely reno'd, new roof and hot water etc. so i think it'll be able to fetch quite a bit more. current mortgage left is maybe $150K

i want a house that will need work as I'm in construction and have the skills and contacts to build the sweat equity again and this time around design it how i want it with my connections to help with the work

say i buy a place that's $1.8M+, do you think it would be best to sell my current house and put all the money right into the new house or to keep the house, pull the equity and to rent it out.

i personally want to keep the house for a couple reasons. 1) we have somewhere to leave while i gut and reno the new one. we have a young child so i don't want her in a house getting heavily reno'd nor do i want a massively tight schedule. 2) i can rent my house for $4000 montly to help with the new mortage. 3) i want to have a house to give to my daughter as we all know price increases aren't slowing down and our kids are all screwed.

the new house will need to have a basement suite or one will be added in depending on the house. then that will help with the mortage.

thoughts?

what are the capital gains tax implications if any that i maybe need to consider?

thanks guys
There are a couple things to consider.

If we figure your current house is worth $1.5M and your new house is going to be purchased (and we assume will appraise) for $1.8M, then the total value of both homes will be $3.3M. You'll need your existing $150k mortgage plus $1.8M for the new house, so a total loan required of $1.95M. $1.95M versus $3.3M is a loan to value of approx 60% which is totally achievable, and you can push this a bit higher, easily 65%.

However, the bigger question, is can you actually qualify to keep your house and buy the new one, without rental income while you are living in your old house and renovating your new?

Qualifying rate on a $1.95M mortgage is approx 7% right now for a fixed mortgage, though the actual rate will be lower when you buy the place. $1.95M mortgage, 7%, 30-year am = approx $13,000 monthly payment or $156,000 annually.

If you have no other debts, you will need to prove and declare approximately $350k in annual income on your and your wife's tax return to be conventionally approved on this.

If you meet this hurdle, I'd say this is a totally doable plan to keep your current place while you renovate the new one (as long as you can actually swing this payment).

The next question is once the new place is done and you move in, do you keep and rent or sell the current house? If you figure that you can only get $4,000 per month for your house or sell it and get $1.5M+, that's an EASY decision, you sell it. Receiving rent of $48k per year is the equivalent of a 3% rate of return on your $1.5M tied up. You could literally go buy GICs with 0 risk and get more like 5%, and options go up from there. But frankly there are a lot more components to consider than you can cover on one post here, and you might want to have a conversation with your advisor on this one.

-Mark
__________________
I'm old now - boring street cars and sweet race cars.
lowside67 is online now   Reply With Quote
Old 05-21-2024, 09:14 PM   #31424
private modder
 
Eff-1's Avatar
 
Join Date: Feb 2002
Location: North Shore
Posts: 6,857
Thanked 2,820 Times in 792 Posts
Failed 47 Times in 35 Posts
Quote:
Originally Posted by Hondaracer View Post
Hmm that place is actually much nicer than I expected from the exterior. I’d say that’s actually decent value albeit a very busy street
Oh I think totally the opposite.

The galley kitchen is cramped. Primary bedroom closet is pathetic. Waking up in the morning you get to look out the windows past the prison bars on to a busy street. Not to mention the view of the parking lot. All this for a cool $1.4M and $700/mo in strata fees. No thank you.
Eff-1 is offline   Reply With Quote
This post thanked by:
Old 05-21-2024, 09:50 PM   #31425
Say! Say! Say!
 
Razor Ramon HG's Avatar
 
Join Date: Aug 2005
Location: Japan
Posts: 15,438
Thanked 3,336 Times in 1,465 Posts
Failed 240 Times in 64 Posts
Anyone following the SSMUH details in Burnaby?

They're getting rid of all the residential zones, combining it into one overall zone and then allowing up to 6 units depending on lot size and how close it is to frequent public transit.

Our family home is on a 6600 sqft lot and we're thinking of tearing down the house and building three units if this passes. This way each sibling can have a unit and keep the land in the family.

Don't know if this applying to everywhere else in BC due to the Bill 44 thing, but first time hearing about it directly applying to my city (I lurk here and there in this thread sometimes).

https://vancouvermarket.ca/2024/04/1...zoning-update/

EDIT: Did more digging since I was curious how big we could build, and if I'm understanding it right possibly up to four stories since they're getting rid of the floor area and gross floor area ratios.





https://pub-burnaby.escribemeetings....cumentId=75285
__________________
Quote:
Owner of Vansterdam's 420th thanks. OH YEAUHHH.
Quote:
Originally Posted by 89blkcivic View Post
Did I tell you guys black is my favourite colour? My Ridgeline is black. My Honda Fit is black. Wish my dick was black........ LOL.

Last edited by Razor Ramon HG; 05-21-2024 at 10:37 PM.
Razor Ramon HG is online now   Reply With Quote
This post thanked by:
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 09:21 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net