He should get jail time and have to pay restitution to the original seller in the amount of whatever he profited in reselling the home. He also should be banned from selling anything ever again but that goes without saying.

If I'm the original owner of that home I'm suing him 100% for the 400K or whatever the fuck he got from the flip.

Doesn't really apply to your situation but there are new changes to the stress test coming next month.

Previously, if you don't have enough of a downpayment then you have to pay CMHC insurance and pass a +2% stress test. As a result, the number of uninsured mortgages have gone up because mom and dad were giving their kids money to not have to pay insurance and not have to go through the stress test.

The new stress test is universal. Everyone has to go through a +2% stress test. If you're renewing and your property value has gone down, I think you have to pass a +3% stress test. There's no skirting around the stress test anymore.

:lol

Post of the day!!!

:lol



You sound like the commentors on the Global BC facebook page.
"Cut off his head!"
:ahwow:

Really though, when my parents sold their house to a nice indo canadian fellow (nothing can go wrong there.....), he turned around and resold it 3 months later for a 20% increase, or an additional $500k. It was shocking because it was the highest selling home in the neighbourhood at the time. But it was one of those "funny" deals. As my realtor buddy looked deeper into it, he told my dad not to worry because it was an inside deal.

There was no recourse. No penalties, no gov't intervention, you're on your own these days.

4.64% IIRC

This may be what I was trying to refer to then lol, heard it through the wife via our mortgage broker so that probably sounds more accurate.

Young couple camps out for 3 days for condo pre-sale in Port Coquitlam | Daily Hive Vancouver

Hate to drive more traffic to that site, but it looks like the frenzy for presales is still high.

I'm not a realtor, nor a real estate investor (aside from my primary residence), but I said that downtown PoCo was going to be next. The condo market in PoCo is undervalued compared to other cities, but probably not for long.

There was a realtor event for this development a week ago, so this young couple is probably out of luck in getting first release pricing.

That's not the same thing as shadow flipping.

This reminds me of a story that's probably all too common.

I had a friend who's been paid by 'people' to stand in line for them for a couple of days. There was some development in Shitmond somewhere they wanted him to stand in line for. He wanted me to join in and we'd alternate. We'd be paid $2000.

I sent him a photo text of me with my middle finger at camera-centre pointing high to the sky and told him to forward this message to those people. I don't know if he ever did.

The realtor who sold my apartment was paying security guards $600 a day to stand in line at city of Lougheed

^where do i sign up

Find a good presale realtor and you don't have to wait in line and usually the stuff that is available when you line up is the units no one else wanted. Unfortunately with the condo market the way it is you're not going to be able to pick and choose what unit you want unless you're connected and you get in early.

Question about 5 year fixed closed mortgage rates. What's considered a good rate right now? (Real world, not random rate you can search for online)

I'm buying a 500k place with 200k down. Mortgaging 300k. My credit rating is excellent. Debt servicing is low.

My broker is telling me he's shopping for my rate right now but provided me an approval based on a locked in rate of 3.19%. He's telling me to expect a rate of around 3.19%, but that sounds high to me? Thoughts?

Really?
So a speculator buys a house through a family member, then sells to another family member for 20% more and no money changed hands.

I don't know what you want to call it, but it's shady as hell. If you can't see that, you're as blind as the former liberal govt.

You can get a lower rate if you put down less than 20% and get CMHC insurance.

I'm seeing 3.14% as the lowest you'll likely get with 20% down plus standard options like 15/15.

Or, take a variable and make lump sum payments on top. If you plan to trade up in less than 5 years, you'll still come out ahead using a variable as you'll only have to pay 3 months interest to break your mortgage.

What?

:facepalm:

So wait.
Did the final owner pay the new owner before your parents got paid?
If so, thats shadow flipping, if not then its just a flip that appears like money laundering.
Also, what do you mean no money changed hands?

The new deal happened before money changed hands.
It was shocking at the time, but not so much after seeing how the market has changed over the years. This isn't an ethical real estate market. It's more like business on Mos Eisley*


*star wars reference, ftw.

^ In this case, GREEDo shot first *ba-dump chish*




I'm here all week.

Vancouver developer pre-sells condos for “cheaper than in Canada” in Hong Kong while boasting of “pricing ordinary Canadians out of the housing market” (thinkpol.ca)

https://www.reddit.com/r/vancouver/c...s_for_cheaper/

Poor people (people who make less than 120k household income) are the new indigenous people, and the new explorers are rich people. (obviously a hyperbole, but the premise, although much less violent, is the same.) Its almost comical how vicious it is to boast about taking homes away from average people.
Welcome to the new reality.

Those guys are known as the "CUNTS of Vancouver".

I wonder if the gov could do anything about it? Maybe take a look at their books? Give them a hard time issuing permits to build? investigate for possible money laundering?

Because if enough people complain about it and wants to gov to do something they have to do something since NDP wants to make housing affortable.

Watched quite a few docs recently about the race riots in 92, other sorts of uprisings etc

With shit like that going down in Hong Kong and if housing prices continue to rise unchecked I could honestly see shit going down in the future in terms of violent protest, targeting certain demo’s who are “buying up all the property” etc.

There are more homeless people than ever in the lower mainland, and it’s not just whalley and the DTES, there are homeless people -everywhere- lately. They aren’t the ones that will eventually turn though, it will be your average person with a bit of a down payment and no place to live that will start throwing rocks through presentation center windows etc

People have been complaining about it for years an the previous government just pussyfooted around the issue until the last moment which was pretty useless. I'm hoping something does get accomplished with the NDP on this issue.

I'm surprised things haven't escalated to that point yet.

this!