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Vancouver Off-Topic / Current EventsThe 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.
Based on the Fed minutes today, US rate increase is basically a coin flip now with implied probability from fed fund futures around 45% for Sept increase.
A girl I work with downtown, told me she is buying a place in Squamish and communting...at first I thought she was nuts, but actually it makes allot of sense if you spend most of your time on the north shore and downtown. I would rather live in Squamish then Surrey.....
squamish is the new thing.
for an investor though the ship has almost sailed on it. More and more people are doing exactly what this girl is doing, and development is going to be booming there in the next few years
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Dank memes cant melt steel beams
The bottom falls out of the real estate market, I'm stuck with a place to live that isn't worth much. The bottom falls out of the stock market, I'm stuck with nothing.
This is what I said many pages ago, I remembered getting failed and re-educated about how the system works but really I'm no financial professional, so this is still the view that I hold. I may not get filthy rich by not being able to time the markets and cash in like the pros, but I too am fortunate enough live a happy, financially stress free life
When I look at the assessment for 1789 Kent street north, then no it's not relevant.
Like I said, I am curious.
1785 seems like the ugly duckling of the area. But keep in mind land size is less that half of what is the norm on that block. Is 1789 really that out of whack?
Its nice you're curious, but if you are serious about a house in van/bby/rmd then yes the only relevance assessed values will have on you is to determine the property taxes you'll be paying. If it's a semi desirable area you better be prepared to pay what the market will pay, not what bc assessment says it was worth last year. The fact that a decent house comes with the land is really just the icing on the cake in a lot of cases it seems. It's crazy and stupid, but what can you do.
1785 seems like the ugly duckling of the area. But keep in mind land size is less that half of what is the norm on that block. Is 1789 really that out of whack?
Its nice you're curious, but if you are serious about a house in van/bby/rmd then yes the only relevance assessed values will have on you is to determine the property taxes you'll be paying. If it's a semi desirable area you better be prepared to pay what the market will pay, not what bc assessment says it was worth last year. The fact that a decent house comes with the land is really just the icing on the cake in a lot of cases it seems. It's crazy and stupid, but what can you do.
Went to this open house as I live around the area, 1789 is a pretty cool character home. Always drive by it and never been inside. I believe 1785 is/was the coach house.
I've never been to such a jammed up open house.
The house being barged in from another location is pretty cool too, but indefinitely looks out of place.
This is what I said many pages ago, I remembered getting failed and re-educated about how the system works but really I'm no financial professional, so this is still the view that I hold. I may not get filthy rich by not being able to time the markets and cash in like the pros, but I too am fortunate enough live a happy, financially stress free life
the professionals do not and can not time the market.
the media will pick up on the one time they happen to get it right, but they do not time the market with any regularity or consistency.
it's the same story of what people believe (media driven - it's amazing what sells in papers, financial programs) vs. the truth. this is the whole argument behind investing over the long term, taking the up and down times (for financial assets).
the best proof of this is warren buffet - he doesn't time anything, he buys based on value (is helped by an incredible network and ability to offer more than the average investor, but that's not the point here )
1785 seems like the ugly duckling of the area. But keep in mind land size is less that half of what is the norm on that block. Is 1789 really that out of whack?
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Originally Posted by blackGS?
Went to this open house as I live around the area, 1789 is a pretty cool character home. Always drive by it and never been inside. I believe 1785 is/was the coach house.
I've never been to such a jammed up open house.
The house being barged in from another location is pretty cool too, but indefinitely looks out of place.
1789 and 1785 sit on the same piece of land. One is in the front and one is in the rear.
If 1785 is assessed at $400K, not sure how 1789 can be assessed at over $1M and they both sit on the same lot.
But again, all I am is just curious. I know assessments mean nothing to the current market.
blackG5?, what do you think of the area? When I drove by, I saw quite a few transients living out of their cars/RV's that is parked beside those empty lots.
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
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Originally Posted by tofu1413
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.
A girl I work with downtown, told me she is buying a place in Squamish and communting...at first I thought she was nuts, but actually it makes allot of sense if you spend most of your time on the north shore and downtown. I would rather live in Squamish then Surrey.....
A coworker of mine bought a house in Squamish during the recession for about 450K. He commutes downtown in a carpool which takes about 45 minutes each way. His family is pretty outdoorsy, so I can see the appeal of living there as it aligns with his lifestyle. I think Squamish has already jumped the shark, but the renovated highway (with no bridges nor tolls) makes it basically a suburb of Metro Vancouver.
People always cite the double-digit interest rates of the 1980s as an example of why it's not a good idea to buy. Let's face it - interest rates will never be in that range in our lifetimes again. I think it's prudent that you calculate your worse-case scenario affordability using 5-6%, but I just don't see interest rates going beyond that in the short to medium term. If interest rates were to climb back to the 7-8% range, everyone of working age in this country would be screwed. We all know that this economy sits on a house of cards, but for most of us who for various reasons are unable to where the jobs are on a dime, we're stuck with it. I guess if all else fails, you could live in an RV on Kent Street and manage your e-business/portfolio using the public library.
wow 45 minutes is fast! when i had to commute from the killarney area to downtown via transit it was almost an hour each way.
Well, the highway is pretty solid and the Lions Gate isn't that bad if there's no accidents and if you catch it 2 lanes in your direction.
I haven't asked him how much it costs to commute, but at least it's stress-free. It helps that his wife does consulting from home, so even if the commuting costs are 250-350/month, it's worth it.
You can get from North Van to whistler in under an hour and a half no problem these days
The thing is, the upper levels highway is a fucking nightmare if there is an accident. When I worked up in British properties and lived in Surrey there was a day where it literally look me 3 hours to get home :/
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Dank memes cant melt steel beams
@sumaznguy
Don't know bout transients but I think some of the RVs and cars are owned by people that live in the neighborhood. Just less likely to get a ticket when they park there if they are not insured. I live in a town house complex just east of Vic dr. And Marine. Can't complain, pretty quiet and it close to my work.
Guy lives a couple (3-4) blocks from the ocean in the west end and appears to have pretty cheap rent (I say that as it says it's a newly renovated interior, good location, and if rent has gone up 20%, he was probably under market rent at $1,5xx), signs a certain type of contract that allows rental increases to whatever the market will bear at lease end, complains when rental increase happens... then goes and buys a place.
no where does the article state what his monthly outlay is on the bought apartment, or if it's like for like. good journalism would probably want to mention that.
when his 5 year mortgage goes up for renewal at higher rates, will he complain to the Vancouver Sun? What about if he tries to sell and has a huge fee to break his mortgage - does he understand that? will he complain to the Sun (which would appear to be anti-renting, or is it anti-landlords?)
this article really rubbed me the wrong way... not so much about rent vs. buy, but more about this whiny bitch who is clearly a bit of an idiot (or at least comes off that way).
NEVER SIGN ANYTHING YOU CAN'T EXPLAIN IN DETAIL TO SOMEONE ELSE
Spoiler!
VANCOUVER — Adam Saint had planned to stay in his West End apartment for years. It was in a funky heritage building with renovated interiors, just off Davie Street and a few blocks from the beach.
But as the end of his first year approached, the building’s owner Gordon Nelson Inc. told him that the rent for his one-bedroom suite would jump from $1,550 to $1,850 a month if he wanted to stay — an increase of close to 20 per cent.
“It was a real disappointment,” Saint said.
It was especially frustrating because it’s completely legal. That’s because management at Gordon Nelson insisted he sign a fixed-term lease for the apartment at 1209 Jervis St., taking advantage of what some describe as a troubling loophole in the Residential Tenancy Act.
In B.C., landlords who use month-to-month rental agreements must abide by annual caps on rent increases — this year, it was 2.5 per cent. Landlords who uses fixed-term leases that include “move out” clauses, on the other hand, can raise rents by whatever amount they chooses once the term is up.
Saint and his girlfriend considered signing on for a second year, until they learned that their next lease would be fixed-term as well — leaving them open to another massive increase in a year.
“That was the breaking point,” Saint said.
He decided to move out at the end of August. He and his girlfriend bought a place in the West End, but he worries about fellow tenants who may not have that option.
The fixed-term lease has been an issue for tenants since the Residential Tenancy Act came into effect in 2003, according to Tenant Resource and Advisory Centre advocate Russ Godfrey.
“It’s just disgusting. There’s nothing illegal about it but it’s one of the reasons why the rents in the Lower Mainland are just skyrocketing,” he said.
“Quite frankly, it is the way landlords circumvent rent control.”
Godfrey believes the problem could be solved with an order in council that would require landlords to adhere to rent control limits even when they’re using fixed-term leases.
“The government has been completely silent on this,” he said.
Spencer Chandra Herbert, the NDP MLA for Vancouver West End, said another option would be requiring landlords to switch over to a month-to-month lease after the fixed term is up.
“It just seems like using a loophole to try to gouge money out of people, and that’s not how the law is supposed to work,” he said.
The problem isn’t a new one, but the complaints seem to come in waves, he added. This is the first he’s heard in at least six months: “All it takes is one landlord who tries to game the system.”
Rich Coleman, the minister responsible for housing, was unavailable to comment Thursday.
Instead, a government spokeswoman responded with an email, attributed to the RTB’s executive director Greg Steves, which explained how fixed-term tenancy agreements work. The email said these leases, “balance the needs and interests of landlords and tenants, providing security of tenure for tenants and guaranteed income for landlords.”
When asked if the province has any plans to close the loophole, Steves wrote: “It is not a loophole, the tenancy ends at the end of the agreed-upon term.”
Saint said he joins a long line of tenants who have left the building after just one year.
When they first moved into the building, Saint and his girlfriend made friends with several of their neighbours and they all brought their dogs to play together in Nelson Park. That doesn’t happen anymore.
“In the end, it just wasn’t really sustainable because everybody left,” he said.
When first asked about the nearly 20-per-cent surge in Saint’s rent, Gordon Nelson co-owner Chris Nelson said, “That seems extremely high … I don’t think that’s right.”
But he later confirmed the increase, and said it was justified because of the high demand for one-bedroom suites in the building.
“I was surprised by that number. The range is more like 0-10 per cent on average,” Nelson said.
Gordon Nelson has been using fixed-term leases for three of its four buildings for the last 12 or 18 months.
Those three buildings are all in the West End, where a new community plan has opened up the possibility of redevelopment on sites where low-rise buildings now stand. The original intention of using a fixed-term leases, Nelson claimed, was to avoid “hard feelings” if he decided to redevelop the buildings.
But there was an unintended benefit as well. The fixed-term leases allow the landlord to get rid of tenants who hold the occasional loud party or pay their rent late every few months — lower-level problems that may not meet the legal standard for eviction.
Nelson acknowledged that fixed-term agreements also allow for large rent increases, but said sometimes his company has chosen not to raise rents at all.
Saint’s story is a good example for others to learn from, Nelson added.
“We do think it’s a good education opportunity, to make sure that tenants know that, when they’re signing a fixed-term tenancy, that these are the circumstances,” he said.
This isn’t the first time Gordon Nelson has come under fire for unusually large rent increases.
The management company was the subject of a series of legal challenges beginning in 2008 when it tried to jack up rents by 73 per cent on another West End apartment building. Residents of the Seafield Apartments at 1436 Pendrell St. challenged the spike with the Residential Tenancy Branch, which lowered the increase to 38 per cent.
After the B.C. Supreme Court said that even that was too much — and the RTB opted to throw out the increase entirely — Gordon Nelson tried to evict the tenants. That earned the company a strongly worded reprimand from the RTB, which overturned the eviction notices.
when his 5 year mortgage goes up for renewal at higher rates, will he complain to the Vancouver Sun? What about if he tries to sell and has a huge fee to break his mortgage - does he understand that? will he complain to the Sun (which would appear to be anti-renting, or is it anti-landlords?)
this article really rubbed me the wrong way... not so much about rent vs. buy, but more about this whiny bitch who is clearly a bit of an idiot (or at least comes off that way).
NEVER SIGN ANYTHING YOU CAN'T EXPLAIN IN DETAIL TO SOMEONE ELSE
I guess this story feeds into your overall perspective on Vancouver and the people here (after all, that's why you left), but what makes you think that this guy will be in a world of pain when his first mortgage comes up for renewal? Even if interest rates rise 2% in 5 years time, how much will that raise his payment? We're not talking about a million dollar home here.
Like I said before, what if the assumptions about fundamentals, and affordability are now wrong?
Like I said before, what if the assumptions about fundamentals, and affordability are now wrong?
__________________ Originally posted by Iceman_19 you should have tried to touch his penis. that really throws them off. Originally posted by The7even SumAznGuy > Billboa Originally posted by 1990TSI SumAznGuy> Internet > tinytrix
Quote:
Originally Posted by tofu1413
and icing on the cake, lady driving a newer chrysler 200 infront of me... jumped out of her car, dropped her pants, did an immediate squat and did probably the longest public relief ever...... steam and all.
I guess this story feeds into your overall perspective on Vancouver and the people here (after all, that's why you left), but what makes you think that this guy will be in a world of pain when his first mortgage comes up for renewal? Even if interest rates rise 2% in 5 years time, how much will that raise his payment? We're not talking about a million dollar home here.
Like I said before, what if the assumptions about fundamentals, and affordability are now wrong?
Let's make some assumptions here.
Factually, rent is cheaper than ownership.
If he was so offended at paying $1,800 for his place, and has bought an identical place, undoubtedly he is paying more. Add 2% higher rates, in today's economic environment in Canada and vancouver, I highly doubt this guy will be able to easily afford this increase.
Based on the article, he comes across as somewhat clueless (not knowing what he was signing, or being surprised by the rate increase for rent), so I assume he hasn't considered rate rises. I would bank on the realtor and mortgage specialist not even raising affordability concerns in light of potential rate increases in 5 years.
The meltdown in China's stock markets, which experienced the biggest one-day dive since 2007, likely won't have much of a ripple effect in Vancouver's red hot real estate market.
Dubbed "Black Monday" by Chinese state media, stocks in Shanghai's main index closed down eight-and-a-half percent.
But according to some experts, even with markets plummeting, Vancouver real estate remains a safe and secure place to park money.
China stock market crisis could lead to more real estate investment in B.C.
Tung Chan, former TD Bank vice president, says history has shown that market meltdowns in China have little effect in slowing Asian investment in Vancouver real estate.
"The trickle down effect to Vancouver would be minimal," said Chan, in a phone interview. "We expect to see a slowdown, but not of people selling and liquidating assets (in Vancouver)."
Chan added that the overriding influence is the perception that Vancouver real estate remains a safe place to invest, regardless of stock market conditions.
"If the economy in China is bad, people send their nest egg here because it's a safer place. If the China stock market is booming, they send their extra money here."
Chan added the current exchange rate is working to increase the appeal of Vancouver real estate to Asian investors.
"The Canadian dollar has depreciated quite bit vis à vis the RMB. That makes it more favourable," he said. "I've heard people bidding up real estate because their money goes further because of the exchange."
^ should learn from the Korean, they only let the Chinese to buy Real Estate on Jeju Island, not on the main land. Should consider sending them all to Vancouver Island
The things is if you think macroly, there are only 2 remaining avenues of investing that is over inflation 1 is RE and the other is stock market.. As US recovers, Canadian RE will be more attractive to them (much like the 90s)... but unlike the 90s where we have bonds etc, with rock bottom inflation it is either stock or RE, when stocks are volatile, people will head to the other only option left... RE.
Honestly if you are well financed and can pay off a mortgage in 10-15 years.. it is a perfect time to buy.. since the rates even if double is not that much.
Quote:
Originally Posted by waddy41
Will China's stock market plunge affect Vancouver real estate?
The meltdown in China's stock markets, which experienced the biggest one-day dive since 2007, likely won't have much of a ripple effect in Vancouver's red hot real estate market.
Dubbed "Black Monday" by Chinese state media, stocks in Shanghai's main index closed down eight-and-a-half percent.
But according to some experts, even with markets plummeting, Vancouver real estate remains a safe and secure place to park money.
China stock market crisis could lead to more real estate investment in B.C.
Tung Chan, former TD Bank vice president, says history has shown that market meltdowns in China have little effect in slowing Asian investment in Vancouver real estate.
"The trickle down effect to Vancouver would be minimal," said Chan, in a phone interview. "We expect to see a slowdown, but not of people selling and liquidating assets (in Vancouver)."
Chan added that the overriding influence is the perception that Vancouver real estate remains a safe place to invest, regardless of stock market conditions.
"If the economy in China is bad, people send their nest egg here because it's a safer place. If the China stock market is booming, they send their extra money here."
Chan added the current exchange rate is working to increase the appeal of Vancouver real estate to Asian investors.
"The Canadian dollar has depreciated quite bit vis à vis the RMB. That makes it more favourable," he said. "I've heard people bidding up real estate because their money goes further because of the exchange."
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Took all but a bit of my investments out of the stock market for the down payment 1 month ago. Thank fuck. Now when are people going to start selling off their aircooled Porsches since their stocks tanked?
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98 technoviolet M3/2/5
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Originally Posted by boostfever
Westopher is correct.
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Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
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Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
Re: China, I watched an investigative report done by the CBC and they said that roughly only 15% of Chinese have any investment within the stock market, as opposed to 60%+ of North Americans.
Would think a big chunk of those 15% are the wealthy but goes to show a lot of their liquidity won't be directly effected by the markets
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Dank memes cant melt steel beams
In text book cases where bond yield is much closer to stock yield maybe.. but we are not anywhere close to text book case.. we have had 8 years of continuous QE now we have too much liquidity...
Basically the money flows where the most yields are... right now it is not in bonds. As you go down the investment list.. RE yield is still pretty high up there.
Took all but a bit of my investments out of the stock market for the down payment 1 month ago. Thank fuck. Now when are people going to start selling off their aircooled Porsches since their stocks tanked?
I also took all my money out of the stock market in June to buy another house. Not selling my 993 just yet. (Although Silver Arrow wants to buy it and send it south)
You guys may want to consider Victoria if you want to own and can stand the ferries. For $1.2 million I have two houses and condo (half share that I am selling to my business partner.)
Condo is in Langford and is a 2009 1 bed 1 bath granite counters, stainless etc. Rented out. Purchased 2011 for $235k
House #1 in Langford (suburbia) is a 2010 with a purpose built 2 bd 1 bath suite down and 3 bed 2 bath up both rented. Purchased 2012 for $455k
House #2 is in Saanich just purchased July 1st 2015. 10 mins to downtown Vic. .27 acre lot, 1939 with 1982 addition taking it from 2 bed 1 bath to 3 bed 2 bath and 2 big family rooms and basement space. Long two car garage in the house plus a 700 sq ft workshop in the back. (That sold me )
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I also took all my money out of the stock market in June to buy another house. Not selling my 993 just yet. (Although Silver Arrow wants to buy it and send it south) 
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