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. | | |
08-18-2024, 09:07 PM
|
#32851 | I contribute to threads in the offtopic forum
Join Date: Jan 2005 Location: North Vancouver
Posts: 2,996
Thanked 1,684 Times in 583 Posts
Failed 50 Times in 22 Posts
| Quote:
Originally Posted by supafamous What's the alternative if you want to live in Vancouver or Burnaby?
In East Van there are 27 houses under $2m that are less than 40 years old and in Burnaby there are 8.
If I raise the budget to $2.5m it's 68 houses in East Van and 31 in Burnaby.
The diff in mortgage payment from a $1.7m duplex and a $2.5m house is around $4k/month and anything pushing 30-40 years is going to need work - figure $50-200k of updates in the next 5 years. | lol what a privileged point of view for him to ask why someone would spend a certain amount for something. Why spend 60k on a Honda Odyssey when you can buy a used 2015 M3 for that price? Are they stupid?
Anyway, I bought my house 2 years ago for over 2M, it's over 50 years old and I have already spent another 100k and at least 50 hours of my own time each month on maintenance and upgrades just to make the place barely livable. Good thing I'm handy and I have all the tools since I used to be in construction. Otherwise, you would have to pay 3 million to buy a turn-key version of a house like mine.
|
| |
08-18-2024, 10:50 PM
|
#32852 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,625
Thanked 32,341 Times in 7,531 Posts
Failed 213 Times in 161 Posts
|
Moved into our new place yesterday.
Pro tip. Hire movers. Big thanks to the producer who's probably got a sore back today. I sure as fuck do.
__________________
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. | |
| | This post thanked by: | 68style, Badhobz, bcrdukes, BIC_BAWS, carsncars, CRS, Eff-1, Gerbs, Hehe, Hondaracer, Infiniti, jing, lowside67, mikemhg, radeonboy, snowball, sonick, supafamous, underscore, unit, whitev70r |
08-19-2024, 08:17 AM
|
#32853 | RS.net, where our google ads make absolutely no sense!
Join Date: Jan 2007 Location: GVA
Posts: 906
Thanked 337 Times in 123 Posts
Failed 36 Times in 2 Posts
| Quote:
Originally Posted by JDMDreams I don't get why people would spend more than $1.7 on a duplex | There’s demand. My coworker and his wife are in their 60’s and tired of maintenance on their 3000 sq ft 80’s detached, but aren’t interested in condo or townhome living. There are no new build detached homes < 3000 sq ft (and no they don’t want to rent out a suite) and they don’t want to leave their neighbourhood.
They bought the front half of a new build duplex last year and are quite happy.
|
| |
08-19-2024, 08:56 AM
|
#32854 | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,401
Thanked 2,872 Times in 1,155 Posts
Failed 153 Times in 76 Posts
| Quote:
Originally Posted by westopher Moved into our new place yesterday.
Pro tip. Hire movers. Big thanks to the producer who's probably got a sore back today. I sure as fuck do. | i've moved like 6 times in the last 13-14 years. the first 4 times i did it myself but it got harder and harder as i moved into bigger places and got more shit. also i'm a bit of a perfectionist when it comes to cleaning out my suite before leaving. i always want to leave it just as good as when i left, so im cleaning every last corner, the walls, touching things up, etc... all my previous landlords must love me.
anyway the last few times we just hired move out cleaners, that way they do like a decent enough job and nobody complains, and we hired movers as well. all the stress related to moving is bad enough, to clean and move yourself is just unnecessary stress that i'm more than happy to pay for these days.
|
| |
08-19-2024, 10:41 AM
|
#32855 | 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
|
I was toying with the idea of upgrading to a nicer place in a better location (Oly Village / Lower Lonsdale)
Would it be stupid to upgrade if you think in the next 4-8 years by 35-37 you know you're gonna upgrade to a TH/Duplex to start a family, so it's a waste of buy/sell fees + LTT.
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned] |
| |
08-19-2024, 10:45 AM
|
#32856 | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,857
Thanked 2,820 Times in 792 Posts
Failed 47 Times in 35 Posts
|
So I heard a radio interview this weekend that I thought was interesting.
Because the market is slow, an increasing amount of offers now include a subject to sell clause.
For those who don't include a clause, there is an increasing number of people who have to turn to bridge financing to help close on the place they bought before selling their current place.
Little did I know, that for bridge financing they charge 2-3% just for paperwork. And then 9-15% interest. So if you're borrowing $1M for bridge financing, that's $20k just for applying.
They used an example of a couple in South Surrey who bought a house but couldnt' find a buyer for their current house in time. They had to get bridge financing for $2M for 45 days and it cost $500 per day in interest, not including paperwork charges.
I could be totally wrong. This is just what I heard on this podcast.
|
| |
08-19-2024, 11:10 AM
|
#32857 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by Eff-1 For those who don't include a clause, there is an increasing number of people who have to turn to bridge financing to help close on the place they bought before selling their current place.
Little did I know, that for bridge financing they charge 2-3% just for paperwork. And then 9-15% interest. So if you're borrowing $1M for bridge financing, that's $20k just for applying.
They used an example of a couple in South Surrey who bought a house but couldnt' find a buyer for their current house in time. They had to get bridge financing for $2M for 45 days and it cost $500 per day in interest, not including paperwork charges.
I could be totally wrong. This is just what I heard on this podcast. | This might vary by bank - when I bought my current house we needed bridge financing and TD didn't charge anything for the paperwork. The interest rate was about 2-3% higher than my mortgage so that sounds right. I recall owing the bank something like $2.3m for a 3 week period. That was "neat".
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
08-19-2024, 11:14 AM
|
#32858 | private modder
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 supafamous This might vary by bank - when I bought my current house we needed bridge financing and TD didn't charge anything for the paperwork. The interest rate was about 2-3% higher than my mortgage so that sounds right. I recall owing the bank something like $2.3m for a 3 week period. That was "neat". | That's a good point. In the podcast, she did mention that the South Surrey couple were originally told no problem by their bank, but then had to turn to private lending which is what she must have been talking about.
|
| |
08-19-2024, 11:29 AM
|
#32859 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by Eff-1 That's a good point. In the podcast, she did mention that the South Surrey couple were originally told no problem by their bank, but then had to turn to private lending which is what she must have been talking about. | Ah, that makes sense though odd that their bank didn't help them out - it's in the bank's interest to support bridge financing to ensure the deal goes through and they make a little bit of money through the temporary high interest loan. Going to a private lender to make it happen definitely makes it way more complicated and it makes sense why they had to pay extra.
When it first came up that we'd probably need it we weren't sure how difficult it'd be - we had been told by a broker that the process was like applying for another mortgage but our TD guy made it really easy - I think it was basically an extra half hour of time to get it all reviewed and signed. I was pleasantly surprised by it all.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
08-19-2024, 11:31 AM
|
#32860 | 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
|
Have talked to a few people who were looking at that new development on the Burnaby/New west border by Edmonds, those towers/low rises
Apparently the developer is now hawking all the pre-sales people walked away from in the newest low rise development. They are actually taking offers on brand new units
__________________
Dank memes cant melt steel beams
|
| |
08-19-2024, 11:32 AM
|
#32861 | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,997
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
| Quote:
Originally Posted by Hondaracer Have talked to a few people who were looking at that new development on the Burnaby/New west border by Edmonds, those towers/low rises
Apparently the developer is now hawking all the pre-sales people walked away from in the newest low rise development. They are actually taking offers on brand new units | These the led mac ones in south gate?
|
| |
08-19-2024, 11:38 AM
|
#32862 | 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
|
Yea, that whole planned community there with the low rises among the high rises.. not sure if they are the led Mac ones or uhh… forgot who else was building there, maybe metro can?
__________________
Dank memes cant melt steel beams
|
| |
08-19-2024, 11:40 AM
|
#32863 | 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 Eff-1 So I heard a radio interview this weekend that I thought was interesting.
Because the market is slow, an increasing amount of offers now include a subject to sell clause.
For those who don't include a clause, there is an increasing number of people who have to turn to bridge financing to help close on the place they bought before selling their current place.
Little did I know, that for bridge financing they charge 2-3% just for paperwork. And then 9-15% interest. So if you're borrowing $1M for bridge financing, that's $20k just for applying.
They used an example of a couple in South Surrey who bought a house but couldnt' find a buyer for their current house in time. They had to get bridge financing for $2M for 45 days and it cost $500 per day in interest, not including paperwork charges.
I could be totally wrong. This is just what I heard on this podcast. | Quote:
Originally Posted by supafamous This might vary by bank - when I bought my current house we needed bridge financing and TD didn't charge anything for the paperwork. The interest rate was about 2-3% higher than my mortgage so that sounds right. I recall owing the bank something like $2.3m for a 3 week period. That was "neat". | Quote:
Originally Posted by Eff-1 That's a good point. In the podcast, she did mention that the South Surrey couple were originally told no problem by their bank, but then had to turn to private lending which is what she must have been talking about. | Quote:
Originally Posted by supafamous Ah, that makes sense though odd that their bank didn't help them out - it's in the bank's interest to support bridge financing to ensure the deal goes through and they make a little bit of money through the temporary high interest loan. Going to a private lender to make it happen definitely makes it way more complicated and it makes sense why they had to pay extra.
When it first came up that we'd probably need it we weren't sure how difficult it'd be - we had been told by a broker that the process was like applying for another mortgage but our TD guy made it really easy - I think it was basically an extra half hour of time to get it all reviewed and signed. I was pleasantly surprised by it all. | So we had to "bridge" when we were buying our house. For reference we are with TD.
What ended up happening was my mortgage advisor took out an extra large mortgage on the new place with a higher rate, but not quite bridge rate, so something like 3.5% at that time. Bridge would have been around the neighbourhood of 7-8%. He then added a HELOC to our townhouse so we can get more cash out and it saved us the expense of getting a bridge loan.
The problem with bridge loans are, the bank wants to see an accepted offer on the old place before they will bridge you, that's likely the reason why the couple in the story got rejected. My agent said as long as we had an accepted offer they can make it work. No accepted offer no bueno. With the accepted offer you can drag out the completion for months, you just have to pay.
|
| |
08-19-2024, 11:58 AM
|
#32864 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by EvoFire The problem with bridge loans are, the bank wants to see an accepted offer on the old place before they will bridge you, that's likely the reason why the couple in the story got rejected. My agent said as long as we had an accepted offer they can make it work. No accepted offer no bueno. With the accepted offer you can drag out the completion for months, you just have to pay. | Ah yeah that makes sense. I looked up my old emails with my banker and that's exactly what happened - once I had an accepted offer I told him I needed a bridge loan and then it was easy peasy.
The completion on our new house was 10 weeks out from signing and then we were able to sell our place quickly due to the hot market in a couple weeks but the new buyer had a possession date that was after we took possession of our new house.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
08-19-2024, 01:34 PM
|
#32865 | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
Posts: 14,997
Thanked 6,370 Times in 1,795 Posts
Failed 114 Times in 70 Posts
| Quote:
Originally Posted by Hondaracer Yea, that whole planned community there with the low rises among the high rises.. not sure if they are the led Mac ones or uhh… forgot who else was building there, maybe metro can? | Just looked at some of the listings and there are tons of them that are like 60 days on market.
All are about $1000/sqft. I can see why they're all just sitting.
|
| |
08-19-2024, 02:58 PM
|
#32866 | 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 Eff-1 So I heard a radio interview this weekend that I thought was interesting.
Because the market is slow, an increasing amount of offers now include a subject to sell clause.
For those who don't include a clause, there is an increasing number of people who have to turn to bridge financing to help close on the place they bought before selling their current place.
Little did I know, that for bridge financing they charge 2-3% just for paperwork. And then 9-15% interest. So if you're borrowing $1M for bridge financing, that's $20k just for applying.
They used an example of a couple in South Surrey who bought a house but couldnt' find a buyer for their current house in time. They had to get bridge financing for $2M for 45 days and it cost $500 per day in interest, not including paperwork charges.
I could be totally wrong. This is just what I heard on this podcast. | My friend is selling this to private credit investors, you get a 9-11% return on bridge financing. He gets a 2% finders fee. Your cash is secured by the housing, but the legal fees when it goes wrong is when you lose!
__________________
2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned] |
| |
08-19-2024, 03:16 PM
|
#32867 | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,007
Thanked 2,847 Times in 1,222 Posts
Failed 62 Times in 24 Posts
| Quote:
Originally Posted by Gerbs I was toying with the idea of upgrading to a nicer place in a better location (Oly Village / Lower Lonsdale)
Would it be stupid to upgrade if you think in the next 4-8 years by 35-37 you know you're gonna upgrade to a TH/Duplex to start a family, so it's a waste of buy/sell fees + LTT. | I think if you're only going to stay somewhere for 4 years then it's a waste to buy and then move. If you're more like 6-10 years then do it.
I went 9 years then 6 years between each house purchase - the second one was earlier than expected b/c the house we bought was a shitty EI build and we also saw our financial situation improve a lot during those 6 years so we could afford to get out from under a house we felt was going to be nothing but trouble in the coming years.
The taxes on the most recent house added up to $160k plus realtor fees of about $60k so that's a lot of money up in smoke - it accounted for about 13% of my mortgage when I moved in and it added years to the mortgage (5?). Run the math on the fees that are involved and how many more years it'd add to your mortgage and see how you feel about it.
__________________
Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
|
| |
08-19-2024, 03:18 PM
|
#32868 | 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
| Quote:
Originally Posted by CRS Just looked at some of the listings and there are tons of them that are like 60 days on market.
All are about $1000/sqft. I can see why they're all just sitting. | I know one other person who bought and completed on a pre-sale. Kinda doubt the inflated “gains” they got on their assessment are reflected in reality given this.
Was probably the perfect storm for most people to walk away from their deposits given timing of interest rate hikes and the pre-sale construction timeline
__________________
Dank memes cant melt steel beams
|
| |
08-19-2024, 03:54 PM
|
#32869 | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,654
Thanked 1,973 Times in 1,042 Posts
Failed 209 Times in 126 Posts
|
I wonder what's gonna happen to the rest of the plan, they are trying to sell a 3 bed 1000 sq for $1.5M |
| |
08-19-2024, 04:52 PM
|
#32870 | 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
|
I went down the bridge financing investigation road just in case I couldn't sell my first Calgary house.
1% to the lender and 1% to the agent (so 2% total) upfront fee to get the bridge loan, so in our case on $800,000 it was going to be $16,000 fees to start. After that it was 11% interest on the loan amount.
Ugly. So glad I didn't have to go that route.
|
| |
08-19-2024, 04:54 PM
|
#32871 | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,625
Thanked 32,341 Times in 7,531 Posts
Failed 213 Times in 161 Posts
|
Place is slowly getting setup. Ignore the camping chairs on the patio, and before anyone asks, no that's not a shock collar its a GPS tracker.
I greatly underestimated how much we needed to do to get all setup, but its coming along.
__________________
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. | |
| | This post thanked by: | 68style, Badhobz, bcuzracecarz, carsncars, GLOW, haha13, Hondaracer, HonestTea, MarkyMark, mikemhg, RabidRat, radeonboy, roastpuff, supafamous, Traum, underscore, unit |
08-19-2024, 05:22 PM
|
#32872 | 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
|
Yea that patio gonna be pretty sweet
__________________
Dank memes cant melt steel beams
|
| |
08-19-2024, 05:35 PM
|
#32873 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,189
Thanked 10,688 Times in 3,835 Posts
Failed 478 Times in 242 Posts
|
Are those….. Costco string lights ?!?!?!?!!!!
I knew I loved you before I met you - Savage Gardner
|
| |
08-19-2024, 06:23 PM
|
#32874 | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
Posts: 4,803
Thanked 2,887 Times in 1,240 Posts
Failed 626 Times in 198 Posts
|
For anyone thinking about moving up/down, check with your bank, mine (BMO) for example offered me to port the mortgage.
So, say my house is 2M with 1M still left of mortgage@1.8% fixed, now I sell it for 3M and move to another house that's 2.2M, they can simply carry it over leaving everything intact. No change on rates or anything like that. And should there be any surplus, I can either bank it or pay toward the principal with no penalty.
Of course, that's assuming you are closing both ends near the same date. But the idea is check your bank, there might be clause in place that allows you to move without any bridge loan or trigger a new rate.
__________________
Nothing for now
|
| |
08-19-2024, 07:35 PM
|
#32875 | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 9,189
Thanked 10,688 Times in 3,835 Posts
Failed 478 Times in 242 Posts
|
YOU have a mortgage ?!?! Da faq.
|
| | | |
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 04:38 PM. |