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09-22-2017, 02:48 PM
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#10501 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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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.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | 
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09-22-2017, 03:23 PM
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#10502 | | "They call me Bowser...RawR!"
Join Date: Jul 2001 Location: Vancouver
Posts: 8,236
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Originally Posted by Hondaracer  applying for our HELOC now that we've kind of got finances sorted out etc. Right off the bat we are trying to get the most possble so we dont have to go back to the bank if we were to use it for an investment etc.
Our mortgage broker has been explaining now that on top of the "stress test" which was previously being done, (from my understanding of it) the banks now use essentially an artificial rate (hovering around 5%) to determine your eligibility to get the line, no longer using simply the banks rate to see if you can handle it. | 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.
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"Damn fine car Dodge... Ran over me wife with a Dodge!", Zeke
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09-22-2017, 04:12 PM
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#10503 | | they call me the snowman
Join Date: Apr 2001 Location: online
Posts: 19,749
Thanked 3,993 Times in 1,374 Posts
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Originally Posted by 6o4__boi $8000?
Please.
Xiao Zhong wipes his ass with $100 bills. | 
Post of the day!!! Quote:
Originally Posted by quasi 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. | You sound like the commentors on the Global BC facebook page.
"Cut off his head!" 
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.
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09-22-2017, 05:06 PM
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#10504 | | Willing to sell body for a few minutes on RS
Join Date: Aug 2004 Location: Duncan, BC
Posts: 10,127
Thanked 5,568 Times in 2,107 Posts
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Originally Posted by Hondaracer applying for our HELOC now that we've kind of got finances sorted out etc. Right off the bat we are trying to get the most possble so we dont have to go back to the bank if we were to use it for an investment etc.
Our mortgage broker has been explaining now that on top of the "stress test" which was previously being done, (from my understanding of it) the banks now use essentially an artificial rate (hovering around 5%) to determine your eligibility to get the line, no longer using simply the banks rate to see if you can handle it. | 4.64% IIRC
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09-22-2017, 05:24 PM
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#10505 | | I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 37,742
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Originally Posted by !LittleDragon 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. | 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.
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Dank memes cant melt steel beams
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09-22-2017, 05:40 PM
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#10506 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
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| 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.
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09-22-2017, 06:38 PM
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#10507 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
Posts: 3,234
Thanked 4,087 Times in 983 Posts
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| Quote:
Originally Posted by originalhypa
You sound like the commentors on the Global BC facebook page.
"Cut off his head!"
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. | That's not the same thing as shadow flipping.
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09-22-2017, 07:42 PM
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#10508 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
Posts: 3,628
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Originally Posted by Tapioca 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. | 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.
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Originally Posted by GS8 When I think about ewe, I touch myself | | |
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09-22-2017, 08:02 PM
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#10509 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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The realtor who sold my apartment was paying security guards $600 a day to stand in line at city of Lougheed
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Dank memes cant melt steel beams
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09-22-2017, 09:08 PM
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#10510 | | Rs has made me the woman i am today!
Join Date: Jan 2012 Location: PENIS
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^where do i sign up
__________________ There's a phallic symbol infront of my car Quote: |
MG1: in fact, a new term needs to make its way into the American dictionary. Trump............ he's such a "Trump" = ultimate insult. Like, "yray, you're such a trump."
| bcrdukes yray fucked bcrdukes up the nose
dapperfied yraisis
dapperfied yray so waisis
FastAnna you literally talk out your ass
FastAnna i really cant
FastAnna yray i cant stand you
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09-22-2017, 09:21 PM
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#10511 | | y'all better put some respeck on my name
Join Date: Dec 2002 Location: Vancouver
Posts: 18,408
Thanked 9,464 Times in 2,439 Posts
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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.
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09-23-2017, 06:40 AM
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#10512 | | Mr.Spahkle, So BLING it hurts!
Join Date: Jun 2001 Location: richmond
Posts: 4,658
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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?
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09-23-2017, 09:56 AM
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#10513 | | they call me the snowman
Join Date: Apr 2001 Location: online
Posts: 19,749
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Originally Posted by bobbinka That's not the same thing as shadow flipping. | 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.
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09-23-2017, 10:35 AM
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#10514 | | OMGWTFBBQ is a common word I say everyday
Join Date: Apr 2001
Posts: 5,026
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Originally Posted by 604CEFIRO 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? | 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.
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09-23-2017, 12:53 PM
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#10515 | | Rs has made me the man i am today!
Join Date: Nov 2008 Location: Vancouver
Posts: 3,234
Thanked 4,087 Times in 983 Posts
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Originally Posted by originalhypa 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. | What?  | |
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09-23-2017, 01:54 PM
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#10516 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,628
Thanked 32,346 Times in 7,533 Posts
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Originally Posted by originalhypa 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. | 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?
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | |
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09-23-2017, 11:45 PM
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#10517 | | they call me the snowman
Join Date: Apr 2001 Location: online
Posts: 19,749
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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.
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09-24-2017, 09:00 AM
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#10518 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,665
Thanked 17,353 Times in 5,806 Posts
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^ In this case, GREEDo shot first *ba-dump chish*
I'm here all week.
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09-24-2017, 10:36 AM
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#10519 | | i like gifs
Join Date: Dec 2001 Location: imgur
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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/ | |
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09-24-2017, 10:57 AM
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#10520 | | Willing to sell a family member for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,628
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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.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. |
Last edited by westopher; 09-24-2017 at 11:03 AM.
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09-25-2017, 12:42 AM
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#10521 | | My homepage has been set to RS
Join Date: May 2001 Location: New Westminster
Posts: 2,339
Thanked 357 Times in 165 Posts
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Originally Posted by Ch28 | Those guys are known as the "CUNTS of Vancouver".
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09-25-2017, 11:17 AM
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#10522 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
Thanked 2,191 Times in 1,131 Posts
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Originally Posted by Ch28 | 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.
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09-25-2017, 11:40 AM
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#10523 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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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
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Dank memes cant melt steel beams
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09-25-2017, 12:05 PM
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#10524 | | Rs has made me the man i am today!
Join Date: Oct 2005 Location: Langley
Posts: 3,493
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Originally Posted by Mr.HappySilp 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. | 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. Quote:
Originally Posted by Hondaracer 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. | I'm surprised things haven't escalated to that point yet.
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09-25-2017, 12:06 PM
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#10525 | | What hasn't Killed me, has made me more tolerant of RS!
Join Date: Feb 2017
Posts: 195
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Originally Posted by Tapioca 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. | this!
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