Vancouver's Real Estate Market

[CivicBlues]

Charging interest is illegal in Islam (and theologically, for Christians and Jews too)

So you get a mortgage that is interest free, but instead you pay "fees" OR the bank buys the property and "rents" it back to you on a set payment plan until you pay it off.

It's basically a mortgage with different steps. Same thing can be applied to other loans as well. In Malaysia, there's a whole parallel banking sector called "Islamic Banking" that operates on these principles. But 60% of people there are Muslim vs what... 3% in Canada? Bottom line is people just come up with whatever idiotic rules and workarounds to appease their imaginary sky man rules. In the end The Man still gets paid.

[whitev70r]

^ it's an 'interest free' mortgage. In the Muslim holy book, they are not to charge one another interest for borrowing money. However, they have devised loops around it so that it is not a 'mortgage' but it is a mortgage. It really is just a loop hole and semantics ... quite humourous.

One way to do it is that Company A buys the house you want to in cash and you pay Company A monthly amount of rent. It becomes a 'rent to own' arrangement.

[RabidRat]

I'm kind of disappointed that it didn't turn out to be something in the vein of Badhobz's casual racism

[bcrdukes]

Just wait for it.

[Badhobz]

Originally Posted by RabidRat

I'm kind of disappointed that it didn't turn out to be something in the vein of Badhobz's casual racism

Yeah….aren't they suppose to blow up your house or something ?!

[bcrdukes]

Badhobz delivers.

[CivicBlues]

Every mortgage comes with a free goat....wait nevermind!

[JDMDreams]

You get cash back paid out in virgins

[bcrdukes]

Badhobz = JDMDreams???

Is this your alter ego?

[Gerbs]

Originally Posted by bcrdukes

Badhobz = JDMDreams???

Is this your alter ego?

Plausible but JDMDreams is too inconsistent, thinks about buying a $30-50K car but could buy 5 parking spots.


Badhobz place probably fits 10 cars

[bcrdukes]

That's the thing. JDMDreams is like Badhobz ghetto East Van personality.

Badhobz is just Badhobz when he's baller AF.

[Badhobz]

I’m a ghetto fucker. Come steal my parking spot at KFC and I’ll deck you

[bcrdukes]

Speak of the devil himself.

[blkgsr]

what are you guys seeing for rates these days?

thoughts on rates after the oct and dec meetings?

[JDMDreams]

Depends how much you borrow but 4.2% 3 y fixed. It is a small amount then 4.5% it's probably at least gonna drop min 0.5% to 0.75% by year end

[blkgsr]

well at the rate i'm going for houses i'm looking at it's going to be close to a million dollar mortgage

does it make it better if you go over the million dollar mark to get a better rate?

need to run the numbers but why not take the extra amount and invest if you can get a better rate?

[supafamous]

Originally Posted by blkgsr

what are you guys seeing for rates these days?

thoughts on rates after the oct and dec meetings?

On one hand economic data (GDP growth, unemployment, inflation with housing removed) says we're on the precipice of a recession and we should cut faster.

On the other hand Tiff and the BOC have been late to the party on every rate increase/decrease so far which means they won't cut fast enough.

It's been clearly telegraphed that we should expect more cuts so at a minimum it's two 25bps cuts coming. It's a matter of whether Tiff puts on his big boy pants does a 50bps plus a 25bps cut this year. The betting markets are favouring the second scenario very slightly right now.

[pastarocket]

Your thoughts about Eby's promise of factory-built homes?

https://vancouver.citynews.ca/2024/0...ction-promise/

BC NDP Leader David Eby kicked off the weekend with Friday’s first campaign promise, weeks ahead of the Oct. 19 election.

Eby says, that if his party is re-elected to government, they’ll work to fast-track B.C.’s factory-built home construction sector.


He says cutting red tape and streamlining regulations should make it easier for people to buy a home.

“By growing B.C.’s own factory-built home construction industry, everyone from multi-generational families to municipalities will be able to quickly build single homes, duplexes, and triplexes on land they already own,” Eby said.


Eby made the announcement at ORCA, a Vancouver Island-based company specializing in “precision-crafted” home construction.

The party says 10 manufacturing plants are in B.C. already, and many have the capacity to expand. It says the construction of “state-of-the-art” homes can take as little as 12 weeks.

The NDP platform includes promises of “reducing red tape and letting the industry get on with the job,” by creating a province-wide framework to “put every municipality on the same playing field;” approving “ready-to-use” designs to reduce the permitting process; and investing in necessary skill training for home construction.

“By acting now, we will position B.C. as Canada’s factory-built home construction leader, opening the door to exporting homes to Western Canada and the Western States,” the party said.

The BC NDP claims factory-built homes cut waste by 70 per cent and reduce harmful emissions by 43 per cent.

[BIC_BAWS]

Originally Posted by blkgsr

well at the rate i'm going for houses i'm looking at it's going to be close to a million dollar mortgage

does it make it better if you go over the million dollar mark to get a better rate?

need to run the numbers but why not take the extra amount and invest if you can get a better rate?

I don't remember what it was, but I remember getting screwed. I purchased my place for $1,036,000 in 2020. But we we're over the $1M limit for some kind of thing. I remember wishing we paid 37K in cash lol.

Sent from my SM-G781W using Tapatalk

[Great68]

Originally Posted by pastarocket

Your thoughts about Eby's promise of factory-built homes?


Eby made the announcement at ORCA, a Vancouver Island-based company specializing in “precision-crafted” home construction.

The party says 10 manufacturing plants are in B.C. already, and many have the capacity to expand. It says the construction of “state-of-the-art” homes can take as little as 12 weeks.

Just trailer homes by another name.

[Hondaracer]

Regardless of how you build a home, and how much “red tape” they think they can cut. The VAST majority of delays are caused by municipal beaucracy nothing to do with the provincial level.

All these promises made by the NDP are moot because they never consult the municipalities, nor services like hydro etc. they just make these promises, pat themselves on the back, and forget about it.

Everything that has some down in the last 2-3 years has done nothing to alleviate delays in Vancouver.

[Gerbs]

Originally Posted by blkgsr

what are you guys seeing for rates these days?

thoughts on rates after the oct and dec meetings?

Quoted 4.1% renewal 3-year at scotia this morning. Speculation 3.89 at CIBC

[Great68]

Originally Posted by Hondaracer

Regardless of how you build a home, and how much “red tape” they think they can cut. The VAST majority of delays are caused by municipal beaucracy nothing to do with the provincial level.

All these promises made by the NDP are moot because they never consult the municipalities, nor services like hydro etc. they just make these promises, pat themselves on the back, and forget about it.

Everything that has some down in the last 2-3 years has done nothing to alleviate delays in Vancouver.

The whole purpose of the SSMUH (Small Scale Multi Unit Housing) is it forced the municipalities to pre-approve these zonings and these pre-approved housing designs. The municipalites no longer have the ability to hold up this process whatsoever.

That being said, as soon as the first of these quadplexes shows up on my street I'm getting the fuck out of here.

[GLOW]

Originally Posted by Badhobz

I’m a ghetto fucker.

[TypeRNammer]

Originally Posted by Great68

The whole purpose of the SSMUH (Small Scale Multi Unit Housing) is it forced the municipalities to pre-approve these zonings and these pre-approved housing designs. The municipalites no longer have the ability to hold up this process whatsoever.

That being said, as soon as the first of these quadplexes shows up on my street I'm getting the fuck out of here.

Yup

Good example is Duke Street at Earles in Vancouver

What was once a small residential sheet is now shoe horned with low rises and townhouses. There's a house there that's refusing a buy out, now it sits sandwiched between two low rises