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09-23-2024, 01:55 PM
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#33226 | | OMGWTFBBQ is a common word I say everyday
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Sort of want the parking but I don't need a condo in Richmond
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09-23-2024, 01:58 PM
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#33227 | | I have named my kids VIC and VLS
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Our old building you could rent up to 4 additional spots at $25 a month
Would take a lifetime of living there and actually using the spots to justify purchasing one in that scenario
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09-23-2024, 03:38 PM
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#33228 | | in the butt
Join Date: Aug 2016
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I never understood parking stall prices either....
People want 60k for some parking spots downtown.
120-200$/mo to rent. = 1400-2400$/yr.
Thats 25-42 years to break even if you buy
And then theres this guy, straight up smoking bath salts https://www.rew.ca/properties/597519...erty_click=map
Unless theres business in flipping parking spots.....
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09-23-2024, 04:28 PM
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#33229 | | I told him no, what y'all do?
Join Date: Aug 2006 Location: Vancouver
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great, pay $110k for a "small car" spot next to a big ass pickup that'll probably leave door dings in the middle of your car door, and trying to sqeeze in/out from between them 
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http://www.revscene.net/forums/showthread.php?t=611711 Quote: Greenstoner
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09-23-2024, 07:10 PM
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#33230 | | OMGWTFBBQ is a common word I say everyday
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Yes I thought about buying extra spaces but they start at like $30000 now for an average place, so if you rented it out for $100 a month it will take you 25y to recoup. You might as well just insure the car and drive year round. $30000 is like 10 years worth of insurance and are you even gonna keep the car for that long.
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09-24-2024, 12:58 PM
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#33231 | | I subscribe to Revscene
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i'd tell myself that I'd get it back when I sell the place. there's nothing on a RE listing that I go to faster than number of parking spots. 2 spots in a northshore condo is gold.
For reference - I rent 2 additional spots for 100.00/month each. Took 4 years to get them. new spot renters are paying 150.00 a month (maybe a spot comes up every 6 months)
I'll buy one if we ever reconfigure our building parking
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Originally Posted by westopher  replace that wood for who gets producer the wood. | | 
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09-24-2024, 01:19 PM
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#33232 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
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we bought a spot when we had our condo, it was only about 20k though not 60k. not sure if we really made our money back on it when we sold, but buyers did like that we had it so it did make it easier to sell the unit i imagine.
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09-24-2024, 01:33 PM
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#33233 | | OMGWTFBBQ is a common word I say everyday
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I'm just thinking instead of borrowing that extra $30000, +% throw $30000 into s&p for 10 years and you make way more.
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09-24-2024, 02:13 PM
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#33234 | | SFICC-03*
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a parking spot is not just an investment, it's also peace of mind knowing that you will never have to find another spot when the owner decides not to rent it anymore or sells their unit. for 60k yeah i'd rather deal with the pain of renting a spot, but for 20k or so i think owning an extra spot is kinda nice.
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09-24-2024, 03:42 PM
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#33235 | | I *heart* Revscene.net very Muchie
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Originally Posted by JDMDreams Yes I thought about buying extra spaces but they start at like $30000 now for an average place, so if you rented it out for $100 a month it will take you 25y to recoup. You might as well just insure the car and drive year round. $30000 is like 10 years worth of insurance and are you even gonna keep the car for that long. | there is still value (potentially even more) in the spot itself where you can either sell it separately later or together when you sell your unit.
It would need to be worthless/disposable based on your 25y logic
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09-24-2024, 04:06 PM
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#33236 | | OMGWTFBBQ is a common word I say everyday
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It's never sellable though, from the ones I've inquired, once it's assigned to a unit it can't really be sold separately. The ones available are only the left over ones never assigned from the developer.
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09-25-2024, 08:15 PM
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#33237 | | OMGWTFBBQ is a common word I say everyday
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I can't sell mine separately.
The original unit only had 1 parking spots. Somehow I have 2 in a 1BR.
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09-25-2024, 10:49 PM
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#33238 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
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Parking stalls are only sellable if they have their own strata title separate from the condo it's been assigned to.
On another note, stress test will be eliminated for uninsured mortgages on renewal only for borrowers looking to rate shop. https://www.canadianmortgagetrends.c...gage-switches/ | |
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09-26-2024, 08:04 AM
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#33239 | | OMGWTFBBQ is a common word I say everyday
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I wonder how that works, no more reapply? That's huge news though
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09-26-2024, 08:47 AM
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#33240 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
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Originally Posted by JDMDreams I wonder how that works, no more reapply? That's huge news though | Borrower still needs to have mortgage application sent to underwriter, just lender rate will be applied and not stress rate. I believe stress test will apply to refinance though.
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09-26-2024, 09:55 AM
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#33241 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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That's great news - I read in another article on this that the vast majority of people (80%+) don't switch vendors when they renew as stuff like this is process that they don't want to go through again (or can't pass for whatever reason). Now their bank will have to fight a bit harder to keep the business and even just an additional .1% discount can make a big diff.
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09-26-2024, 11:34 AM
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#33242 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
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Fuck them banks.
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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. | | |
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09-26-2024, 12:01 PM
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#33243 | | Old School RS
Join Date: May 2004 Location: Port Moody
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Originally Posted by supafamous That's great news - I read in another article on this that the vast majority of people (80%+) don't switch vendors when they renew as stuff like this is process that they don't want to go through again (or can't pass for whatever reason). Now their bank will have to fight a bit harder to keep the business and even just an additional .1% discount can make a big diff. | I think the vast majority of people renew with their current bank because it is by far the easiest process, and also does not cost fixed expenses such as legal/appraisal, not because they couldn't qualify for the mortgage they already have.
Especially when you consider that your renewal is generally 5 years after you have bought the place, usually your income and the value of the property have also gone up during that time, while your balance has gone down. So yes, right now the rates are higher which hurts, but generally speaking, I'd go so far as to say very few people at all do not qualify to straight renew their mortgage at another bank.
-Mark
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09-26-2024, 12:46 PM
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#33244 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2014 Location: Van
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^^ not if they signed on variable and is underwater right now. They owe more than what they started with. And won't requalify for what they owe at current rates
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09-26-2024, 01:00 PM
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#33245 | | RS controls my life!
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Originally Posted by lowside67 I think the vast majority of people renew with their current bank because it is by far the easiest process, and also does not cost fixed expenses such as legal/appraisal, not because they couldn't qualify for the mortgage they already have. | We just renewed with my current bank, TD. I had BMO call, as the majority of our investments are there, but they were up front in saying that they weren't competitive. TD started poor, so we also called a broker recommended from a friend and were given some decent numbers. When TD called back they gave us an extra .2 and the broker couldn't beat that and recommended we take the TD offer. So, we are in for 3 years (fixed) and 4.34%. The renewal over the phone was a 4 minute phone call.
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09-26-2024, 01:02 PM
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#33246 | | I have named my kids VIC and VLS
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Originally Posted by JDMDreams ^^ not if they signed on variable and is underwater right now. They owe more than what they started with. And won't requalify for what they owe at current rates | That’s what the liberals re-amortization legislation is for
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09-26-2024, 01:19 PM
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#33247 | | RS.net, helping ugly ppl have sex since 2001
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Convert to Muslim and get a Halal mortgage ftw.
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09-26-2024, 01:28 PM
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#33248 | | OMGWTFBBQ is a common word I say everyday
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So I just need to walk in with a towel on my head and a bucket of KFC halal chicken
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09-26-2024, 03:15 PM
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#33249 | | linguistic ninja
Join Date: Aug 2001 Location: Vancouver, BC
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End up paying more in fees than interest over time because a Halal mortgage isn't free money.
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09-26-2024, 04:22 PM
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#33250 | | RabidMod
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Originally Posted by whitev70r Convert to Muslim and get a Halal mortgage ftw. | I could google this, but I'd rather hear the Revscene version wth is a halal mortgage??
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