Vancouver's Real Estate Market

[stewie]

Originally Posted by Tapioca

Not spending quality time with the spouse, etc is pretty much what I did for several years as I worked on a Master degree part time. It sucks, but that's what you need to do to get ahead in this world today. Thankfully I finished writing the thesis before the second kid came along.

With respect to investors, there are lots of foreign investors but there are also many local investors who are using HELOCs to buy condos. Can you blame them considering what people are willing to pay in rent these days?

People on the Twittersphere keep talking about demand side measures to bring the market to reality. The only way to calm demand is to make this place undesirable to live. Period.

If you don't mind me asking, how long ago was it that you got your masters?

If you're married I can understand your wife sticking by your side to support you but when it comes to couples who are in a new or long term relationship and live together they simple can't afford to rent and go to school while only 1 of them is able to cover the bills. It's hard enough finding a job let alone finding a good paying job that can be done while in school. It's probably quite stressful on the spouse and after a while they can give up. If that happens you're now either looking for a place to rent on your own and somehow cover the ridiculous rent or move in with a buddy but somehow find money to pay for the essentials and your share of the bills.

For Sw0op - Believe me when I say I know the real world isn't easy! People will take any chance they can to leapfrog someone else. Do you honestly think that for the majority of people who make under 25$ an hour working 8 hour days have the ability to work another shift afterwards at a different place? In theory it sounds great. It would be a great way to save up money that you can't use to go anywhere since you'll either be at work or in bed but in reality it'll burn them out so fast and can lead to a dangerous spiral of depression.

[originalhypa]

Originally Posted by Ulic Qel-Droma

I like the idea that one day I'll be the one up there doing that. Every slave dreams of one day being free... aka becoming the slave driver lol.

Confidence without success to back it is nothing more than delusion.
How many homes do you own right now?
What are you doing right now to make those changes?

As much as you post about being the big boss one day, chances are you'll be posting the same thing 10 years from now from the confines of your 800 sq/ft rental apartment.

[quasi]

It's a lot easier to continue your education today then it was even 15 years ago, with online courses you can do much of it from home. It's still a big time commitment but less then it used to be. I remember my mom getting her CGA at nights well working full time and taking care of the complete house hold because my dad worked out of town and was he was home he wasn't doing anything around the home. Our whole house was miserable because mom was always busy and irritable, I don't fucking blame her.

I'm north of 40 with an active kid and a wife who works full time just like me and I started online classes this year, never to old to upgrade. I spend most of my lunch hours and usually a 2-3 hours 3-4 nights a week including at my kids practices doing home work but it will be worth it in the end.

[Hondaracer]

The housing arguments for regulation and enforcement are very similar to the gun control arguments in other threads lol..

“We need more regulation! Stop foreigners from buying homes!”

Enact regulations which effect the people in question, little to no change

“We still need more regulation!!! Prices are out of control!!”

Enact more regulation

Is the end goal the market completely falling apart and people losing their shirts/retirements akin to the US govt finally getting to the point of taking away people’s guns and mass protest and gun violence erupting? Lol

[MarkyMark]

People are just mad that they're getting priced out from people parking their money here. If you're trying to get in the market I get it, if you already own a house and you're benefiting from it then I also get why they don't want the gravy train to end.

What I notice is that the people that have something want nothing to change, and the people that have nothing want everything to change. Who's right and who's wrong? Does it always have to be all or nothing?

[R. Mutt]

So true, when I was buying all I could think about was how insane it is. Now that i’m in, truth be told, I want my property value to increase...and it’s only natural. Inthe end you’re absolutely right: it’s about balance. I’m all for putting measures in place so hard working residents and citizens alike can afford to buy a home. Like others have said, if you leave the middle masses out, it will eventually crumble. I’m all for growth but if it comes at the cost of turning us into just another inflated faux economy that’s at risk of toppling because greed got the best of everyone then it’s nothing more than fools gold at the end of the day. A home should be somewhere you live first and foremost. There are other ways to grow the economy and with an ageing workforce they better put incentive for the young, the educated and skilled tradesmen to stay and move here otherwise it will bite us all in the ass eventually.

[westopher]

To be fair unless you own multiple properties, or plan to leave the city, your value increasing is a negative.
It enhances the gaps between upsizing for a family to move into a larger home.
High property values only help people with skin in the game. If you live in your home it’s an adverse affect. Everyone gets caught up in net worth and thinks it makes up for them being cash poor. As someone who would like to stay in the community and see it be successful, dropping property values are a benefit. Problem is every fucking asshole thinks they are wolf of Wall Street when they see their homes assessed value has double, they lose all understanding of math.

[Hondaracer]

i wrote a nice post about cash VS RRSP etc. but then my computer froze as i was getting to the last paragraph..

To sum it up, In the news lately there has been quite a bit of coverage regarding seniors coming into the lower mainland from other parts of BC/Western Canada to basically live out their remaining years where there is available care and facilities.

The drain on the health care system as a result of people taking up hospital beds and care home spots is immense.

I think an underlying resistance to actually puting down new rules which would legitimately effect home values is that there is probably a huge chunk of the of the population that is relying almost entirely on the "cash" that they are living in right now. People who had little to no retirement savings or plan, all of a sudden (in the last 10 years) have a million dollars in their back pocket.

If those same people saw a drop of even 100k, that could be the difference between living in a "home" or living in a bunk house towards the end of your life. While those types who did little to no savings for retirement probably arent the brightest nor the healthiest group out there, there is a definite correlation between your wealth and your health.

There is a massive need to keep people in their homes at all costs because we simply do not have the infrastructure to provide beds for people at almost any level of assisted living.

Add to that the people who would be holding mortgages worth more than their homes, and you've got a stalemate as to enacting any sort of rules with teeth that would seriously put a stop to the craziness.

Tough spot to be in.

[quasi]

Originally Posted by Sw0op

Do you think the business owners out there who started out from scratch just survived off putting 40 hours a week in to building and developing their business? I'm sure they've sacrificed quite a lot to build their bread and butter and heck most of them probably didnt even survive.

The real world isn't easy. If you don't try to find an advantage, someone else will and they will leapfrog over you. Things aren't given to you, you have got to earn it. If you need to put in more hours or pick up another project to earn some cash then that's what you should be doing

True, when my dad started his business in 1989 he was 12-14 hours Monday- Saturday and usually 8 hours on Sunday. I don't ever remember him taking anytime off. I'm in the same industry and have a friend that wanted to partner up and go out on our own I was like are you nuts? Not a chance, I'll work for someone else for a reasonable wage and keep my weekends and my sanity not have to worry about chasing receivables or taking my job home with me.

Working like that eventually led to my Dad having two major heart attacks. He's working again now it's for someone else, 6-8 hours a day 5 days a week. With his wage and bonuses he's making just as much and some years more than he did with his own company and 100+ employees.

[Mr.HappySilp]

Originally Posted by SkunkWorks

Lol.

I'd take HappySilp's experiences and advice with a grain of salt - dude lived in his parents' basement well into his 30s only to buy into a 3 digit square foot shoebox.

Shoe box is still better than people like you complaining about being price out of market... I am sorry I hurt your feelings must be real painful. But hey keep complaining maybe someday you will realize instead of complaining you could try harder and save up for a mortgage.

Originally Posted by stewie

Remember that mindset when you have kids who are living in your basement until their 35 because they can't afford a place unless they say peace out parents I'm moving to butt fuck nowhere but I'll still call to say hi on your birthday and on Christmas.

Plain and simple - people need a place to live. Not everyone has the ability to pick up and leave. There's assholes who buy houses and use them as an airbnb house or be a dickbag landlord who has 0 sympathy for anyone so long as you get your monthly rent money. But whatever, you could care less that the couple who lives in the basement suite across the street who've decent jobs and should be able to live comfortable but can't.

The whole hole eating out and cars thing.... Really? Apples to oranges.



Keep the prices the way they are and rising and soon you'll have no laborers to build houses or towers. They need to live and eat just like you and I. Why break their back doing hard physical labor for a wage that barely gets them by and will get them nowhere in life but scraping along the bottom of the barrel? Fuck that. I'd then take the plunge and leave. You want your 600sqft 900k condo built...build it yourself.

Ps - your aunt sold ALL of her apartments.... She's part of the problem with what's happening here. How many properties does she plan on purchasing here or already own? Canadian citizen or not, if you're not part of the solution you're part of the problem.

Don't plan to have kids so does't matter to me. And that's the reality. Ton's of people with Canadian citizenship are making money elsewhere and deciding to invest the real estate here. What you think the gov is really going to point fingers and stop them from investing? Give me a break they are never going to do that. Makes no sense to stop a person with Canadian citizenship from investing into Canadian market.

Sure keep telling yourself that is not my fault I got price, is others fault and the gov isn't doing anything to help me. ME! The problem is you. Don't make enough well maybe get a 2nd job or stop those weekly dine out.

[Tapioca]

Originally Posted by stewie

If you don't mind me asking, how long ago was it that you got your masters?

If you're married I can understand your wife sticking by your side to support you but when it comes to couples who are in a new or long term relationship and live together they simple can't afford to rent and go to school while only 1 of them is able to cover the bills. It's hard enough finding a job let alone finding a good paying job that can be done while in school. It's probably quite stressful on the spouse and after a while they can give up.

I started in 2012 and finished a few months ago. I started when my wife was just my girlfriend. 5 years and 2 kids later, I got a second set of initials. It took a lot out of me mentally, but I'm glad I got it done. I imagine the drop-out rate with Masters programs can be quite high - I didn't see a lot of my former classmates make it to the thesis stage after several years.

Anyway, finding a good partner is the foundation for your mental, physical, and economic well-being.

[welfare]

Shit owners of multimillion dollar companies spent years living out of their car while working 60hr weeks.
I'm hearing a whole lot of I want and not much sacrifice. And there's always room for sacrifice.
There's always alternatives for the willing

[hud 91gt]

Ok let’s get real here people. We are talking about a place to live for our own citizens. Versus building a real estate empire. If you think it is right that foreigners buy up all our shit at the detriment of our own people you’ve got a fucked up point of view.

[westopher]

But capitalist ideologies!!!! How will I survive unless they are protected!!!
It’s funny watching poor people constantly fight for the rights of the rich based on the hope that they might get there some day.

[MarkyMark]

I want to know what it's like to bitch about money and taxes when I'm already set for life, that must be a blast.

[hud 91gt]

Originally Posted by MarkyMark

I want to know what it's like to bitch about money and taxes when I'm already set for life, that must be a blast.

You mean wealthy people who actually stand up for what's right? Thank god for those people!

[JDMStyo]

Essentially what everyone said - on top of that you can easily lodge a complaint vs your realtor given the paper trail and communication you have.
What will end up happening is this display of greed over client's best interest (listing getting an offer) will end up in fines and warnings for future clients working with this realtor.

https://www.recbc.ca/complaints/complaint.html
Real Estate council has updated the forms process and they do take these pretty seriously especially from customers. Least you can expect will be some $ fines, suspension, and a public warning with this realtor's name to hopefully warn future customers.

Some recent decisions here:
https://www.recbc.ca/complaints/discipline.html

Summary
Hao (Lawrence) Tang demonstrated incompetence and failed in his duties to his buyer client. Although Mr. Tang did not know whether GST applied on his client’s transaction, he advised her that she was required to pay GST.

Mr. Tang did not act in his client’s best interests, and did not advise his client to seek independent professional advice to find out whether GST applied on the transaction.

Mr. Tang signed and initialed documents on his client’s behalf without written authorization, including a document which stated the commission he would receive. By not having his client initial that document, Mr. Tang did not properly disclose to his client the remuneration he was receiving.

Licensees are required to promptly disclose all remuneration they receive (or anticipate receiving) to their clients, and must have written authorization to sign agreements on behalf of their clients.

Contraventions

Real Estate Rules

Section:

3-3(d) [Duties to clients],
3-3(a) [Duties to clients],
5-11(2) [Disclosure of remuneration], and
5-3 [Signing agreements on behalf of clients].
Real Estate Services Act

Section:

35(1)(a) [Misconduct by licensee] and
35(1)(d) [Misconduct by licensee].
Result
A discipline committee of the Council has ordered the following:

Mr. Tang is suspended for 60 days, from November 1 2017 to December 31 2017, inclusive. Mr. Tang is prohibited from acting as an unlicensed assistant during the licence suspension period.
Mr. Tang must pay enforcement expenses of $2,000.00 to the Council.
At his own expense, Mr. Tang must successfully complete the Real Estate Trading Services Remedial Education Course.

[quasi]

A $2,000 fine? He'll never do that again.

The fine should be total Commission x 2 for each offense.

[Manic!]

Originally Posted by Hondaracer

i wrote a nice post about cash VS RRSP etc. but then my computer froze as i was getting to the last paragraph..

To sum it up, In the news lately there has been quite a bit of coverage regarding seniors coming into the lower mainland from other parts of BC/Western Canada to basically live out their remaining years where there is available care and facilities.

Lower mainland? There taking over the island. I have 5 retirement homes within a 5 minute drive one that just opened up. Plus a seniors only subdivision across the street and a 45 plus town home development.

[westopher]

Originally Posted by quasi

A $2,000 fine? He'll never do that again.

The fine should be total Commission x 2 for each offense.

It’s like if you got caught for tax fraud and had to pay back 10% of the money you took as punishment.
“We are impressed that you tried, so keep 90% of it for your hard work”

[welfare]

Originally Posted by westopher

It’s funny watching poor people constantly fight for the rights of the rich based on the hope that they might get there some day.

It's funny watching people think that hope is all it takes.

[Traum]

So the JT special snowflake announced a new federal housing benefit / initiative to make housing more affordable.

Liberals to pour billions into affordable housing, including individual benefits - NEWS 1130

I'd really appreciate it if some of our smart RS members break it down into what the grandeur mumbo jumbo means to the average middle and low-income classes. From what I can see:

- more bleeding heart policies to blow our federal budget on low-income families
- big $$$ to fix up rickety shacks through grants and loans that are unlikely to get re-paid
- mandatory matching funds from provinces if they opt in
- empty 2019 election bait since the $$$ tap doesn't start flowing until after 2019

My apologies for being the cynical pessmistic bastard that I am.

[Tapioca]

A lot of non-market housing is old and in need of repair. This initiative should help co-op boards to finance the repair and renovations that are needed to maintain their properties.

Non market housing has a place in our communities as it keeps competition for market rentals and private properties at bay. We need more non-market housing, I would argue. The purpose of this initiative appears to facilitate the construction of more social/non-market housing.

[Hondaracer]

I'm a technician and with my job i go into peoples houses on a daily basis, all sorts of homes including Coops etc.

I'm not saying people dont deserve roofs over their heads, but imo, you'd think people who are being subsidized by the govt. would actually treat their homes with respect. Most remind me of Indian reservations.

[Tapioca]

Originally Posted by Hondaracer

I'm a technician and with my job i go into peoples houses on a daily basis, all sorts of homes including Coops etc.

I'm not saying people dont deserve roofs over their heads, but imo, you'd think people who are being subsidized by the govt. would actually treat their homes with respect. Most remind me of Indian reservations.

Well, that's why traditionally, governments have incentivized home ownership through land grants, property tax breaks, down payment assistance, etc. When you own something, you tend to take care of it and you tend to invest in the community you live in.

Lots of people out there no longer support this perspective however.