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Old 04-04-2017, 11:57 AM   #9501
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I don't understand how people are carrying these massive mortgages? It's not living if you're house poor...
A majority of the people purchasing the new apartments already paid off their houses that they bought in the early 2000's. I feel like for a majority of people, housing is the only investments they've ever known. So they mortgage the new apartments with their disposable income and rental income.
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Old 04-04-2017, 01:04 PM   #9502
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A majority of the people purchasing the new apartments already paid off their houses that they bought in the early 2000's. I feel like for a majority of people, housing is the only investments they've ever known. So they mortgage the new apartments with their disposable income and rental income.
I think the more common route is HELOC on the house for a 20% down payment.

Given what people are prepared to pay for rental housing, you can actually make money or be cash flow neutral with prices approaching $1000/ square foot. Owning real estate is easier to understand than index investing for a lot of people. Real estate is tangible, unlike investing in equities.

If they don't want the rental income, they can assign the unit before it completes and hopefully profit without paying GST.
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Old 04-04-2017, 02:01 PM   #9503
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I'm seeing the same thing in Langley. Every week I get a mailer from Nu Stream realty and it's written in chinese characters. Houses that sold two years ago, are now on the market again with realtor names like Gina Ho and Chen Tek Yuen. They know their market, and don't care to cater to anyone who is not a part of said market.

I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.

So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"

ergo: Fake Chinese are buying up everything in Vancouver?



also...Gina Ho? is she the one married to Harry Wang?
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Old 04-04-2017, 02:45 PM   #9504
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Spoiler!

Hypa, next time you're in Kamloops, let me know. It's been a while
great views of what will be a great city one day. They have the infrastructure, a big hospital, and a few head offices already. It's only a matter of time before Kamloops grows up to be a big city.

I'll drop you a line when I'm there. It would be cool to grab a beer and reminisce.


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I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.

So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"

ergo: Fake Chinese are buying up everything in Vancouver?



also...Gina Ho? is she the one married to Harry Wang?


My generic names just couldn't get past you!

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Old 04-04-2017, 03:45 PM   #9505
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It looks like some numbers from March have come out:

Vancouver Real Estate Condo & Townhouse Report March 2017

Also noteworthy is that condos in Whalley are now at a 99% sales to listing ratio with multiple offers now commonplace.


The conversation in this thread has largely turned to how people are planning their exit from Vancouver. But, judging from the activity, people just keep coming and people keep wanting to stay.
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Old 04-04-2017, 03:47 PM   #9506
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Wonder what my dump would have sold for now as opposed to last year
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Old 04-04-2017, 04:42 PM   #9507
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I call BS on Hypa's anecdote as this name doesn't make any sense. "Chen" is a Mandarin Transliteration. "Yuen" is a Cantonese one. No idea what "Tek" would be, sounds Fukienese.

So maybe "Chan Tek Yuen" or "Chen Tek Yuan", but not "Chen Tek Yuen"

ergo: Fake Chinese are buying up everything in Vancouver?




also...Gina Ho? is she the one married to Harry Wang?

I think it's Chan Lap Tak. Lol
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Old 04-05-2017, 03:31 PM   #9508
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Where's the Y Axis for context?
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Old 04-05-2017, 03:57 PM   #9509
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Y-axis is Sales:Active ratio.
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Old 04-05-2017, 06:30 PM   #9510
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He is asking what the # at the bottom vs top is, not what it is
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Old 04-05-2017, 07:42 PM   #9511
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Interesting reading about Kamloops and other areas creeping up in price. I believe money made in Vancouver RE is flowing out into the rest of the province. I have witnessed buyers from the lower mainland pickup detached homes in Victoria for well over ask recently.

This week my coworker listed his 2009 3 bed 3 bath with detached double garage with suite above it. 1183 Parkdale Creek Gardens in West Hills development in Langford. Practically next to the new Belmont High School. YMCA and shopping a few mins drive.

List price $639,900.

5 days, 12 offers later it sold for $755,000 to a buyer from Vancouver likely sight unseen.
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Old 04-05-2017, 08:08 PM   #9512
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Fuck me, I couldn't imagine living in westhills let alone paying that much for one of those cookie-cutter "houses so close you can hear your neighbor fart" neighborhoods.
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Old 04-05-2017, 08:20 PM   #9513
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I have a few friends who cashed out of the lower mainland and moved away so that doesn't surprise me at all. Have a few friends still considering Kamloops as well. i couldn't do Kamloops myself but Victoria is a place I'd consider for sure.
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Old 04-05-2017, 09:52 PM   #9514
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30 year old condos around downtown nearing $1000 sq ft.
Krusty clark imposing foreign buyers tax and then handing out first-time buyers loans has created more a clusterfock.
Nothing is stopping this runaway train.
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Old 04-05-2017, 10:41 PM   #9515
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30 year old condos around downtown nearing $1000 sq ft.
Krusty clark imposing foreign buyers tax and then handing out first-time buyers loans has created more a clusterfock.
Nothing is stopping this runaway train.
She doesn't care, she just wants that extra 4 years of government money. She won't care that these people that are just getting by and propped up by the loan, won't be able to pay back the loan and their mortgage in 5 years. So many people are being setup for failure by this government.
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Old 04-06-2017, 09:51 AM   #9516
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She doesn't care, she just wants that extra 4 years of government money. She won't care that these people that are just getting by and propped up by the loan, won't be able to pay back the loan and their mortgage in 5 years. So many people are being setup for failure by this government.
I really hope that the voters remember everything negative that she did when May rolls around. I've been a life long Liberal, but the last 8 years have me thinking that I need to support someone else.

It helps that I can't stand that horrible woman...
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Old 04-06-2017, 10:04 AM   #9517
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Liberals will win by double digits.

Like her or not at least christy seemingly has a plan. NDP has nothing. I'm more concerned with voting gregor out than Clark
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Old 04-06-2017, 10:11 AM   #9518
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I still don't understand how Vancouverites keep voting Mayor Moonbeam back in to office?
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Old 04-06-2017, 10:17 AM   #9519
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I still don't understand how Vancouverites keep voting Mayor Moonbeam back in to office?
coz there are on one else that's good enough to kick him out?
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Old 04-06-2017, 10:24 AM   #9520
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I really hope that the voters remember everything negative that she did when May rolls around. I've been a life long Liberal, but the last 8 years have me thinking that I need to support someone else.

It helps that I can't stand that horrible woman...
Here's the thing... my local BC Liberal MLA has been around for a while and he's a confirmed jack-hole.

But when the NDP calls you and goes "Vote NDP... but uh, we don't have a candidate running yet! Soon though!" that kind of puts you off voting for them.
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Old 04-06-2017, 12:50 PM   #9521
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No idea what "Tek" would be, sounds Fukienese.
you remember the fukinenese brothers huh...

...lets not forget...

Spoiler!


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Old 04-06-2017, 06:23 PM   #9522
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Fuck me, I couldn't imagine living in westhills let alone paying that much for one of those cookie-cutter "houses so close you can hear your neighbor fart" neighborhoods.
Bought my first house in West Hills for $455k and lived there for a few years. 3 bed 2 bath up and 2 bed 1 bath suite down. Prob worth around 600-650k now.

I hated the density and commute. I couldn't wait to get out of there. My wife liked the amenities of Langford and she didn't have to deal with the commute.

We kept it as a rental when we bought a house in Saanich.
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Old 04-06-2017, 09:08 PM   #9523
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Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.

Personally. I think all the sales and how well the market is doing is all hype. Driven by the real estate companies in a way for them to continue to make $$$. Seems to me the majority of the sales are investors purchasing for resale (rebuilding houses or condensing them into assemble lots)

Basically scaring people into buying overpriced condos/townhouses. Since they can't afford the 1m+ houses


That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up
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Old 04-07-2017, 10:43 AM   #9524
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Bought my first house in West Hills for $455k and lived there for a few years. 3 bed 2 bath up and 2 bed 1 bath suite down. Prob worth around 600-650k now.

I hated the density and commute. I couldn't wait to get out of there. My wife liked the amenities of Langford and she didn't have to deal with the commute.

We kept it as a rental when we bought a house in Saanich.
Yeah, when we were house hunting Langford wasn't even a consideration. With both my wife and I working out at Keating there was no way I wanted to do Crawl + Peninsula every day.
Granted I could have had a bigger & newer house for the same money, I'd rather have the bigger lot that I have now with the closer proximity to work. (I'm around Marigold). As a bonus, my work is moving to Glanford/Vanalman so soon I'll be able to walk the 1.8Km to work, almost directly by pedestrian trail. Woot!
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Old 04-07-2017, 11:04 AM   #9525
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Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.

Personally. I think all the sales and how well the market is doing is all hype. Driven by the real estate companies in a way for them to continue to make $$$. Seems to me the majority of the sales are investors purchasing for resale (rebuilding houses or condensing them into assemble lots)

Basically scaring people into buying overpriced condos/townhouses. Since they can't afford the 1m+ houses


That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up
In theory, land assemblies should be making "homes" more affordable as the only way to increase affordability is to increase density. However, when a developer buys 5 houses in a row for 1.5-2.5 each, and then builds 10 units on the same land, they probably arent going to be selling the multi family units for 600-700.

Over the next 10 years will be interesting as both Brentwood and Lougheed developments are realized. an aditional 30-40 towers in those areas adding literally thousands of units to inventory.

If in 10 years these developments are still seeing lineups and sold out pre-sales, it's pretty safe to assume nothing short of a 9.9 earthquake is gonna tank this market.

I stand firmly by my theory in that, until a 3000 sq foot house on a 7000 sq foot lot in chilliwack is under $800,000 you're not going to see any sort of fall in prices in the lower mainland. The closer to the city you are, the less susceptible you are to a drop in price imo.

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