Vancouver's Real Estate Market

[punkwax]

^suitable avatar

[Spoon]

Should get those Creep Catcher fucks to concentrate on those landlords instead of baiting people.

[originalhypa]

Originally Posted by Spoon

Should get those Creep Catcher fucks to concentrate on those landlords instead of baiting people.

Geezus man, baiting people?!

These are child molesters. I don't care how they catch them, as long as those bastards are caught.

[twitchyzero]

VPD said it's not a priority for them because the renters are consenting adults
as slimey as it is trading favours, i dont know if it counts as buying sex...so this is probably a grey area

[Nlkko]

The kind of women who would enter such contract. Why don't just become a prostitute for like I don't know once a week. Instead, let's cook and clean for that loser, let said loser fuck you whenever he wants and when he's bored, can toss you out like piece of trash. Dumb cunts these days.

[bobbinka]

maybe the police won't get involved, but the real question is... is he reporting rental income?



it's essentially a barter transaction on a regular basis, which would make the fair value of the goods/services exchanged taxable. which then begs the next question.... how much were her services worth?

[GLOW]

they'll figure it out. the government are experts in fucking people

[hud 91gt]

Accepted an offer on my Victoria condo. Hopefully it will all be firmed up fairly shortly. Then I'll hide all my money in my mattress and wait for Armageddon . lol

No on knows where I live right?

[GLOW]

No because you never allowed meme or parm to set up the RS seadoo hoon meet

[hud 91gt]

Originally Posted by GLOW

No because you never allowed meme or parm to set up the RS seadoo hoon meet

Forgot to update that! It's officially gone. He picked it up shortly after threatening to tow it.

[maxxxboost]

Judge orders strata to impose $16 million levy to fix leaky condos | Vancouver Sun

Man, these people just can't catch a break. I live around the area and this building is a mess.

[twitchyzero]

i got 7/8 on that quiz
but seriously...i'd live there if I were stuck in China...if somehow it was enclosed in a biodome with air quality comparable to the pnw
Vancouver-style homes for sale, just outside$Beijing - The Globe and Mail

[westopher]

Originally Posted by maxxxboost

Judge orders strata to impose $16 million levy to fix leaky condos | Vancouver Sun

Man, these people just can't catch a break. I live around the area and this building is a mess.

70k per unit. Holy fuck what a disaster.

[SumAznGuy]

Originally Posted by westopher

70k per unit. Holy fuck what a disaster.

And that is after the first $10M levy.
They are better off selling the whole complex to a developer and tear it down and build a new building which I think is why they have a deadlock.

[MarkyMark]

Looks like it'll be harder to get a mortgage for some people soon

From the Vancouver Sun:

Ottawa’s tightening of a tax loophole for housing speculators and new rules to make getting a mortgage tougher for first-time homebuyers may cool Vancouver’s overheated real estate market, according to industry watchers.

Federal finance minister Bill Morneau announced the changes Monday that would target foreign buyers and over-leveraged Canadians and appear designed to slow down a frenzied real estate market in Vancouver and Toronto.

“Across the country, many middle-class families looking to buy their first home see prices climbing, often out of their reach,” Morneau said. “Some are taking on high levels of debt in a rush to buy before it’s too late.”


And he referred to a tax loophole that allowed buyers who declare properties as their principal residence, when they’re not, to avoid paying capital gains tax on any profit when they sell.

“If it captures speculators who were using that tax rule inappropriately, that’s what we were hoping to do,” Morneau told Postmedia News.

Under the new rules, buyers of properties that are not their primary residence will no longer be able to claim that income tax exemption, and families will only be able to designate “one property as the family’s principal residence for any given year.”

In the other change, as of Oct. 17, “mortgage stress tests” that used to apply only to buyers with down payments of less than 20 per cent who took out mortgages with non-fixed rates under five years will apply to all first-time borrowers.

The change means that even if buyers can secure a mortgage for the going rate of under three per cent, they will have to base their financing on the higher Bank of Canada posted rate of 4.6 per cent, designed to prevent mortgage failures if interest rates should rise.

On a $550,000 mortgage, that means proving to the bank the buyer could afford an extra $400 a month in mortgage payments.


According to Helmut Pastrick, chief economist at Central 1 Credit Union, closing the tax loophole, which would cost speculators at least 10 per cent of their profits, could soften the Vancouver real estate market, already dampened by a 15 per cent foreign buyers tax levied by B.C. on Aug. 2.

Vancouver city council also said recently it will impose a vacant property tax of as much as two per cent of a property’s value next year on any homes that aren’t lived in or rented out.

“It (closing the capital gains loophole) will scare some foreign buyers, at least temporarily,” said Pastrick. “This is meant to cool the market in Toronto and Vancouver and it will succeed in some regards.”

He said “property flippers” shouldn’t be allowed to evade taxes and the closing of the loophole should have been done long ago.

“There should have been greater oversight from the beginning,” said Pastrick.

But he predicted the change would not have a long-term effect on rising housing prices in B.C., because multimillionaires wouldn’t be deterred by the extra tax.

Because of growth in the local population and economy, the “the supply/demand imbalance will continue. This will not be sufficient to create a cycle downturn and it won’t cause a price correction.”

The tightening of mortgage rules will have a greater impact on cooling sales because it will make it more difficult for new homebuyers to qualify for a mortgage.

“They will have to have a larger down payment or settle for a home of a lower value,” he said.

Pastrick predicted a “flurry of activity” leading up to Oct. 17 when the rules change and then a “drop off.”

“First-time buyers are the fuel for the market,” said realtor Adil Dinani.

He said his business won’t be as affected by the closing of the tax loophole and noted the high end of the market has been cooling lately, likely because of the new provincial foreign buyers tax.

But he said the entry-level condo market is still active and he was involved in three sales of properties under $350,000 last week.

Tom Davidoff, a professor with UBC’s School of Population and Public Health, said the mortgage change will have a higher impact on the market than the closing of the loophole.

He said it is the government’s role to curtail buyers from over leveraging on mortgages when it’s the government that’s insuring those mortgages, and he said a similar measure in the U.S. would have prevented the issuing of subprime mortgages that triggered the global meltdown in 2008.

[Hondaracer]

Originally Posted by maxxxboost

Judge orders strata to impose $16 million levy to fix leaky condos | Vancouver Sun

Man, these people just can't catch a break. I live around the area and this building is a mess.

Factions battling back and forth to shoot down repairs :/

For what your unit is worth it's probably best to sell for whatever and take the loss

[dat_steve]

whoah leaky condos again? what year is this, 2001?

[SumAznGuy]

Originally Posted by Hondaracer

Factions battling back and forth to shoot down repairs :/

For what your unit is worth it's probably best to sell for whatever and take the loss

Problem is with the known history and bleak outlook, no one is willing to pony up to take a unit. Would you be willing to pay $200K for a unit knowing what we know?
Would you pay $100K?
For that price, the seller may be better off to continue to live there than to try to buy another place.

The joys of living in a strata.

[Hondaracer]

Gotta take out the value of the Levi on the sale price and hope somone sees potential in it

IMO the building is probably so far fucked I wouldn't touch it with a 10 foot pole. Built in 1994 in the height of the leaky condo construction and it's now 2016 and still has not had its problems addressed? Fuck that

The comments on that article are predictably humorous

[hud 91gt]

Vancouver Real Estate Board just posted this within 30 minutes (I've been checking all morning). September statistics. Standby for the onslaught of news articles to follow.

Home buyers and sellers face changing market dynamics
Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014.

Metro Vancouver home sales totalled 2,253 in September 2016, a decrease of 32.6 per cent from the 3,345 sales recorded in September 2015 and a decrease of 9.5 per cent compared to August 2016 when 2,489 homes sold.

Last month’s sales were 9.6 per cent below the 10-year sales average for the month.

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,799 in September 2016. This represents a decrease of one per cent compared to the 4,846 units listed in September 2015 and an 11.8 per cent increase compared to August 2016 when 4,293 properties were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,354, a 13.4 per cent decline compared to September 2015 (10,805) and a 10 per cent increase compared to August 2016 (8,506).

The sales-to-active listings ratio for September 2016 is 24.1 per cent. This is the lowest this ratio has been since February 2015. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period.

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

Sales of detached properties in September 2016 reached 666, a decrease of 47.6 per cent from the 1,272 detached sales recorded in September 2015. The benchmark price for detached properties is $1,579,400. This represents a 33.7 per cent increase compared to September 2015 and a 0.1 per cent increase compared to August 2016.

Sales of apartment properties reached 1,218 in September 2016, a decrease of 20.3 per cent compared to the 1,529 sales in September 2015.The benchmark price of an apartment property is $511,800. This represents a 23.5 per cent increase compared to September 2015 and a 0.5 per cent decline compared to August 2016.

Attached property sales in September 2016 totalled 369, a decrease of 32.2 per cent compared to the 544 sales in September 2015. The benchmark price of an attached unit is $677,000. This represents a 29.1 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016.

[yray]

developer buys up the whole building and rebuilds

[Tapioca]

The stress test change to insured mortgages is the game changer. Lots of first time homebuyers are going to be hurt in the short term. The change was needed, but with land values so high in Metro Vancouver, prices for those entry condos will take a long time to come down.

[SumAznGuy]

Originally Posted by Hondaracer

Gotta take out the value of the Levi on the sale price and hope somone sees potential in it

IMO the building is probably so far fucked I wouldn't touch it with a 10 foot pole. Built in 1994 in the height of the leaky condo construction and it's now 2016 and still has not had its problems addressed? Fuck that

The comments on that article are predictably humorous

Yup LOL.

https://www.realtor.ca/Residential/S...olumbia-V5M4T9

[originalhypa]

Originally Posted by dat_steve

whoah leaky condos again? what year is this, 2001?

Or 1983. Or 1989. Or 1993.
I remember a few leaky condos coming up in the news over the years. Vancouver has a tough climate to build for, and many municipalities don't have proper bylaws to protect from these things.

[lowside67]

The biggest problem with this special assessment is it basically seals the fate that the building will not be be redeveloped, which is what should happen. It's too bad that 250 units are never going to be able to collectively agree to sell, which is what would need to happen for the redevelopment process. The idea of spending $17-million on repairing 20+ year old apartments that are not the optimal configuration is nuts. However, even with all this shit, I'd buy a unit for the right price - it's a perfect candidate for renting out.

Mark