REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

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.

Reply
 
Thread Tools
Old 11-03-2016, 01:16 PM   #8751
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
The stress test on insured mortgages allows the government to achieve the effect of higher interest rates without actually raising them.

It basically screwed over first time buyers in Vancouver and Toronto whose buying power was diminished at the stroke of a pen. It's easy to say that people should wait, but a lot of people have legitimate reasons for wanting to buy sooner rather than later.
Advertisement
Tapioca is offline   Reply With Quote
This post thanked by:
Old 11-03-2016, 01:25 PM   #8752
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
Although if you can't afford a 2% hike in interest rates should you have bought the place to begin with?
MarkyMark is online now   Reply With Quote
Old 11-03-2016, 01:33 PM   #8753
PM me for my nudes
 
smoothie.'s Avatar
 
Join Date: Apr 2006
Location: Burnaby
Posts: 3,931
Thanked 3,777 Times in 1,003 Posts
Failed 267 Times in 76 Posts
Quote:
Originally Posted by MarkyMark View Post
Although if you can't afford a 2% hike in interest rates should you have bought the place to begin with?
yes because still cheaper than renting
__________________
Quote:
Originally Posted by jasonturbo View Post
Too bad it isn't about flipping cars to lose money, I'm really good at that.
Quote:
Originally Posted by SkunkWorks View Post
This wouldn't happen if you didn't drive a peasant car like an Audi...
Quote:
[14-05, 14:59] FastAnna You tiny bra wearing, gigantic son of a bitch
[15-05, 10:35] FastAnna Yeah I was dreaming of those big titties in that tiny bra
Quote:
Originally Posted by westopher View Post
I'd probably blow someone for that 911
smoothie. is offline   Reply With Quote
Old 11-03-2016, 01:57 PM   #8754
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
Quote:
Originally Posted by MarkyMark View Post
Although if you can't afford a 2% hike in interest rates should you have bought the place to begin with?
Interest rates don't go up 2% overnight. The majority of first time buyers get 5-year fixed rate mortgages anyway, so the impact of an interest rate increase is only felt when their mortgage comes up for renewal. And 5 years is a long time for people to increase their incomes or learn how to live with less.

Prices for starter homes, such as strata condos and townhouses, have not come down. But, people who want to buy in because they are sick of renting or want the stability of ownership because they are starting families, have had their ability to qualify for mortgages reduced. It's not about whether they can afford to stomach a 2% increase 2 years from now, it's about what they can afford to buy today or 2 months from now.

From a macroeconomic perspective, it's probably a good thing that these stress tests have been introduced. But for the first time homeowner who has 10-15% down and is ready to buy, its more challenging today.
Tapioca is offline   Reply With Quote
Old 11-03-2016, 02:35 PM   #8755
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
Starter homes haven't come down yet, who knows if they will or will not in the future. Condos in Vancouver might not come down but it could have a bigger impact in the burbs. Plus, if this stress test affects that many first time buyers, couldn't that alone force starter home prices to drop?

People can't pay what they aren't approved for.
MarkyMark is online now   Reply With Quote
Old 11-03-2016, 02:41 PM   #8756
Pull Out Towing. Women rescued for free.
 
SumAznGuy's Avatar
 
Join Date: Mar 2002
Location: Hongcouver
Posts: 8,449
Thanked 2,414 Times in 1,283 Posts
Failed 128 Times in 71 Posts
Quote:
Originally Posted by smoothie. View Post
yes because still cheaper than renting
Not really a fair statement to make.

This guy's numbers are a bit off because it was made last year and using Toronto's numbers, but it gives you a good basic view into the buying vs renting argument.
__________________
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 View Post
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.

(11-0-0) Buy/Sell rating
Christine
Shitvic
Pull Out Towing
SumAznGuy is offline   Reply With Quote
Old 11-03-2016, 03:44 PM   #8757
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,728
Thanked 15,060 Times in 6,020 Posts
Failed 2,068 Times in 693 Posts
Quote:
Originally Posted by MarkyMark View Post
Starter homes haven't come down yet, who knows if they will or will not in the future. Condos in Vancouver might not come down but it could have a bigger impact in the burbs. Plus, if this stress test affects that many first time buyers, couldn't that alone force starter home prices to drop?

People can't pay what they aren't approved for.
could just drive people further east

Developers are insanely quick to pull the trigger on raising prices, but almost never accept a decrease as far as i've seen, even with sagging inventory or low interest
__________________
Dank memes cant melt steel beams
Hondaracer is online now   Reply With Quote
Old 11-03-2016, 05:11 PM   #8758
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
Yeah but used condos and townhouses could still drop in price, and I've already seen discounts up to 20k on some new build townhouses in Langley the last couple months
MarkyMark is online now   Reply With Quote
Old 11-03-2016, 05:24 PM   #8759
My dinner reheated before my turbo spooled
 
Ludepower's Avatar
 
Join Date: Jan 2008
Location: Vancouver
Posts: 1,738
Thanked 939 Times in 308 Posts
Failed 206 Times in 75 Posts
Condos prices have held steady cause that's the only thing millennials can afford while presale prices keep going up.

Avenue One by Concord on 2nd avenue in Olympic village just released their prices.
2 beds 950sq ft starting 1.38 million with no parking. That's nearing $1400 sq ft.

God help us all.

Last edited by Ludepower; 11-03-2016 at 05:29 PM.
Ludepower is offline   Reply With Quote
Old 11-03-2016, 06:33 PM   #8760
I contribute to threads in the offtopic forum
 
jasonturbo's Avatar
 
Join Date: Feb 2008
Location: North Van
Posts: 2,849
Thanked 7,109 Times in 1,264 Posts
Failed 291 Times in 102 Posts
Real estate agents caught breaking the rules on Marketplace's hidden camera - Business - CBC News

*GASP*
__________________
Quote:
Originally Posted by jasonturbo
Follow me on Instagram @jasonturtle if you want to feel better about your life
jasonturbo is offline   Reply With Quote
Old 11-04-2016, 08:00 AM   #8761
reads most threads with his pants around his ankles, especially in the Forced Induction forum.
 
Mr.HappySilp's Avatar
 
Join Date: Mar 2004
Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
Failed 929 Times in 340 Posts
Quote:
Originally Posted by Ludepower View Post
Condos prices have held steady cause that's the only thing millennials can afford while presale prices keep going up.

Avenue One by Concord on 2nd avenue in Olympic village just released their prices.
2 beds 950sq ft starting 1.38 million with no parking. That's nearing $1400 sq ft.

God help us all.
A lot new condos now don't offer parking to low floors, 1 bedroom, or studio units. I think each city have a limit on how many parking spots an apartment can have. So developers usually don't offer parking to units that don't make much money.

Here is a tip never every buy an apartment without an parking spot. Even if you don't drive you can still rent the parking spot out and when you sell it, your unit will be worth a lot more and sell faster.
Mr.HappySilp is offline   Reply With Quote
This post thanked by:
Old 11-04-2016, 10:43 AM   #8762
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
Quote:
Originally Posted by MarkyMark View Post
Yeah but used condos and townhouses could still drop in price, and I've already seen discounts up to 20k on some new build townhouses in Langley the last couple months
Here's a scenario that I whipped up to show the impact of the stress test:

Family income is 100K
50K down payment
Property taxes of 180 per month
Strata fees are 250 per month

Under old rules with an interest rate of 2.2% the max house price would be 594K.

Under the new rules with an interest rate of 4.64%, the max house price is now 458K.

So, the market essentially has to drop 20% for this hypothetical young professional couple to buy. Is a 20% drop possible? Maybe. But that would be a pretty significant drop all things considered.
Tapioca is offline   Reply With Quote
Old 11-04-2016, 11:21 AM   #8763
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
Yeah I can definitely see why it sucks, I myself will be a first time homebuyer eventually lol. Although given your example, wouldn't that 594k place be about $2350 just on the mortgage alone? That's pretty steep for a 100k household is it not?
MarkyMark is online now   Reply With Quote
Old 11-04-2016, 11:29 AM   #8764
My homepage has been set to RS
 
Join Date: Mar 2004
Location: East Van
Posts: 2,160
Thanked 854 Times in 422 Posts
Failed 22 Times in 18 Posts
I think the stress test is great. So many young couples believe that they can max out to whatever the bank is willing to give them. Which puts them in a precarious situation where not only are they at the mercy of potential interest rate hikes, but they also likely are not saving enough on the side.
Liquid_o2 is offline   Reply With Quote
Old 11-04-2016, 11:34 AM   #8765
RS.net, helping ugly ppl have sex since 2001
 
winson604's Avatar
 
Join Date: Apr 2004
Location: Vansterdam
Posts: 8,083
Thanked 1,819 Times in 944 Posts
Failed 85 Times in 24 Posts
I haven't done the stress test but too late now I already commuted to buy in Feb lol, will take possession next year in the summer hopefully. While we went pretty high with our budget after crunching numbers I felt we could still afford it without being house poor so we'll see. Still not happy about the property transfer tax we just missed the new threshold by a bit and instead of getting it waived now have to save up $15k in cash just to pay it.
__________________
"back at the line to Babych.... LONG SHOT....Potvin had trouble with it....ADAM SHOOTS SCORES!!!!

GREG ADAMS!! GREG ADAMS!!"
winson604 is online now   Reply With Quote
Old 11-04-2016, 11:37 AM   #8766
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
It amazes me that banks actually allow people to get approved for such ridiculous amounts compared to what they earn. I would never want to use the max of what I was approved for, good luck ever having a rainy day fund when everything you earn goes into paying bills.
MarkyMark is online now   Reply With Quote
Old 11-04-2016, 11:47 AM   #8767
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
2 schools of thought. The first is that you buy to the max of your affordability, scale down your lifestyle, work hard to increase your income, and hope that your property increases over the time you own it. This was the philosophy for most of our parents when they bought houses with 20% interest rates.

The second is you buy enough house without compromising your lifestyle. You may end up not with as much property appreciation in the end because you bought a lower type of property to begin with (1 bedroom condo vs 2, 3-bedroom townhouse vs detached). This was our decision.

My sense is that the first time home buyer wants it all - a modern home in prime neighbourhoods with upgrades without compromising in other areas of their lives, such as travel, commute times, new cars, clothes, etc.

Last edited by Tapioca; 11-04-2016 at 11:53 AM.
Tapioca is offline   Reply With Quote
This post thanked by:
Old 11-04-2016, 11:49 AM   #8768
RS has made me the bitter person i am today!
 
meme405's Avatar
 
Join Date: Feb 2013
Location: Vancouver
Posts: 4,865
Thanked 7,763 Times in 2,315 Posts
Failed 409 Times in 181 Posts
Quote:
Originally Posted by MarkyMark View Post
It amazes me that banks actually allow people to get approved for such ridiculous amounts compared to what they earn. I would never want to use the max of what I was approved for, good luck ever having a rainy day fund when everything you earn goes into paying bills.
It's all about risk vs reward for the bank, but even where there is risk that you default, as long as you have made enough of a downpayment, they know they can make their money back by foreclosing on your house and selling it.

So if you are making 10k/year and stupid enough to put 300k down on a million dollar house, some banks or shady lenders may very well approve you for a 700k mortgage, then as soon as you obviously can't make the payments, they foreclose sell the house for whatever and pocket a large part of your downpayment.
__________________

Barney Fucking Purple FX35
Brianna - 2008 FX35 - Build Thread
meme405 is offline   Reply With Quote
Old 11-04-2016, 11:49 AM   #8769
Rs has made me the woman i am today!
 
Join Date: Apr 2007
Location: Langley
Posts: 4,102
Thanked 3,393 Times in 1,284 Posts
Failed 92 Times in 70 Posts
Sounds like the new way of thinking is just pile on the debt and let Jesus take the wheel.
MarkyMark is online now   Reply With Quote
Old 11-04-2016, 12:01 PM   #8770
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
Quote:
Originally Posted by MarkyMark View Post
Sounds like the new way of thinking is just pile on the debt and let Jesus take the wheel.
YOLO and the Instagram generation.
Tapioca is offline   Reply With Quote
This post thanked by:
Old 11-04-2016, 12:51 PM   #8771
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,404
Thanked 9,460 Times in 2,436 Posts
Failed 393 Times in 159 Posts
Might be buying a 2 bedroom to add to my investments...

Quote:
Avalon Park's first residential phase The River District - AVALON 1 - offers a great selection of layouts to choose from, with spacious one-, two-, and three-bedroom homes and a limited collection of townhomes.

AVALON 1 STARTING PRICES
1 BEDS - $319,900
2 BEDS - $479,900
3 BEDS - $679,900
3 BED TOWNHOMES - $785,900

Preview event tomorrow
Harvey Specter is offline   Reply With Quote
This post thanked by:
Old 11-04-2016, 01:30 PM   #8772
Need to Seek Professional Help
 
Join Date: Jan 2005
Location: Van
Posts: 1,048
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
Quote:
Originally Posted by Ludepower View Post
Condos prices have held steady cause that's the only thing millennials can afford while presale prices keep going up.

Avenue One by Concord on 2nd avenue in Olympic village just released their prices.
2 beds 950sq ft starting 1.38 million with no parking. That's nearing $1400 sq ft.

God help us all.
New build or not, prices are dropping in the olympic village. If the market remains soft, these buyers may be underwater when these units complete at these prices...
Alpine is offline   Reply With Quote
Old 11-04-2016, 02:35 PM   #8773
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,404
Thanked 9,460 Times in 2,436 Posts
Failed 393 Times in 159 Posts
Pricing for Avenue One is ridiculous. I purchased in Arc and prices were around $1050 sq ft ft so it's beyond me how they can justify close to $1400 sq ft.
Harvey Specter is offline   Reply With Quote
Old 11-04-2016, 02:47 PM   #8774
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,026
Thanked 2,538 Times in 1,155 Posts
Failed 81 Times in 54 Posts
Well, the Olympic Village is an area for people who want to be close to downtown, but with none of the noise and other issues that come with downtown living. Before the Olympics, people were laughing about south False Creek. Now, it's probably one of the most desirable neighborhoods in all of Vancouver. I can understand the appeal and if I had the means, I'd love to live down there in one of those ground level townhouses. Would never live an apartment with elevators again though.

Avenue One has unobstructed views of the mountains and the water and is next to a city park. It's sitting on prime land, so I can see why it would cost more. Plus, I believe that building height is restricted in South False Creek, so Concord has to make up for that by charging more per square foot.
Tapioca is offline   Reply With Quote
Old 11-04-2016, 02:50 PM   #8775
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,728
Thanked 15,060 Times in 6,020 Posts
Failed 2,068 Times in 693 Posts
Three harbour green PH listed at 58 mill:

3101 277 THURLOW STREET - For Sale | Blu Realty - Unique Property Marketing - Vancouver Real Estate

Looks like buddys from Dragons Den/Boston pizza?

unless the prestige of 3HG is just that crazy, the northwest PH of Trump has to go for at least this if not more, it's view is wayyyyy crazier and as big if not bigger
__________________
Dank memes cant melt steel beams
Hondaracer is online now   Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 10:21 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net