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Old 08-17-2018, 11:45 AM   #12751
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owners, renters, are all losers.

the real winners are the guys loaning the money to you guys who need mortgages, and to people that need money to construct these things you guys live in and rent out. lol...
If you wanted in on the mortgage side. I'm sure there's private lending funds you can invest in or even invest in the big 5 banks to receive the upside from lending. They pay like 3 - 4% dividend, backed by government.
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Old 08-17-2018, 11:46 AM   #12752
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Looks like the next rate hike may happen sooner than expected.

https://www.theglobeandmail.com/busi...-in-two-years/
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Old 08-18-2018, 09:08 AM   #12753
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open house today wish me luck!
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Old 08-18-2018, 09:24 AM   #12754
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Good luck!
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Old 08-18-2018, 09:31 AM   #12755
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owners, renters, are all losers.

the real winners are the guys loaning the money to you guys who need mortgages, and to people that need money to construct these things you guys live in and rent out. lol...
We act for a lot of private lenders and I'm actually amazed at how they make their money. Some person wants to borrow $500k and a mortgage broker connects them with my client. The borrower may already have a first mortgage in place from a major bank. My client will lend the $500k in exchange for a second mortgage on the borrower's property. The term is normally shorter, like 1-2 years or even a few months sometimes and the interest rate is between 8-16% per annum. Only interest is paid every month. After the term my client is repaid the principal amount of the loan. All broker fees and legal fees are also paid by the borrower. The borrower will also pay to the lender a lenders fee which is a small % of the loan amount say 1%.

I haven't seen any loan that has gone into default either and if it did we can foreclose on the property.

I'd say that an almost guaranteed rate of return of 8-16% on an investment is pretty good. Their money just keeps growing and growing.
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Old 08-18-2018, 01:31 PM   #12756
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so far open house has not been bad. Realtor said there has been 4 groups of people come thru so far. He said one of them was my neighbor which was somewhat strange. I assume he was just trying to compare mine and his and see how much he could sell his for.
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Old 08-18-2018, 02:11 PM   #12757
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you always go look at the open houses in the same building lol
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Old 08-18-2018, 03:15 PM   #12758
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^yeah fuckers are deciding they want to sell theirs now too lol hoping we sell ours before they list!
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Old 08-18-2018, 03:22 PM   #12759
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you always go look at the open houses in the same building lol
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^yeah fuckers are deciding they want to sell theirs now too lol hoping we sell ours before they list!
So true I went to every open house in my building and the next to mine. For me is to see the layout and if they change anything. Also gives me idea how I can decorate my new unit.
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Old 08-18-2018, 03:27 PM   #12760
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In my old building every unit was a fucking dump compared to ours (I did a tonne of custom millwork, wainscoting etc)

So it was hella disappointing when it took over a month to sell..just bad timing as that first wave of cooling efforts came out
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Old 08-18-2018, 03:36 PM   #12761
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^yeah I just hope ours doesn't sit on the market and get stale....ours is all staged, cleaned, painted ect...I guess its going to be waiting game right now. Let it marinate a bit and see what happens...
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Old 08-18-2018, 03:36 PM   #12762
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In my old building every unit was a fucking dump compared to ours (I did a tonne of custom millwork, wainscoting etc)

So it was hella disappointing when it took over a month to sell..just bad timing as that first wave of cooling efforts came out
When did you put your unit up in the market? I mean I see units on the market longer but I don't see any bubble bursting.

Off topic: I guess we should be happy that our mortgage lending practice are actually regulated as they are now. and also wonder will this affect our housing market or our economy as well...

https://www.reuters.com/article/us-c...-idUSKBN1KX077

Beijing struggles to defuse anger over China's P2P lending crisis

BEIJING (Reuters) - Peter Wang was asleep at his home in Beijing last Monday when police officers arrived before dawn to detain him, saying he had helped organize a protest planned for later that day.

Across the city, others who had lost money investing in China’s online peer-to-peer (P2P) lending platforms - including some who had traveled from as far away as Shandong and Shanxi provinces - got similar visits from police.

By the time they were released, the demonstration they had planned using social media chat groups had fizzled amid a massive security response around the China Banking and Insurance Regulatory Commission (CBIRC) headquarters in the heart of Beijing’s financial district.

Instead of demanding that the government bail out the hundreds of collapsed P2P companies, those who made it to the protest area were forced onto buses and carted away to Jiujingzhuang, a holding center for petitioners on the outskirts of Beijing, according to two P2P investors.

“Once the police checked your ID cards and saw your petition materials, they knew you are here looking to protect your rights. Then they put you on a bus directly,” said Wang, who works at an auto repair shop. He joined a separate, smaller protest in a different part of Beijing after his detention. “There was no channel to solve any problems. All they care about was preventing any disturbance.”

The size of China’s P2P industry is far bigger than in the rest of the world combined, with outstanding loans of 1.49 trillion yuan ($217.96 billion), according to data tracker p2p001.com, run by the Shenzhen Qiancheng Internet Finance Research Institute.

P2P, in which platforms gather funds from retail investors and loan the money to small corporate and individual borrowers, promising high returns, started flourishing nearly unregulated in China in 2011. At its peak in 2015, there were about 3,500 such businesses.

But after Beijing began a campaign to defuse debt bubbles and reduce risks in the economy, including the country’s enormous non-bank lending sector, cracks began to appear as investors pulled their funds.

Since June, 243 online lending platforms have gone bust, according to wdzj.com, another P2P industry data provider. In that period, the industry saw its first monthly net fund outflows since at least 2014, the data provider said.

The latest burst of anger, which led to the planned protests, flared up ahead of a June 30 deadline for companies to comply with new business practice standards, which are still being finalised.

Many of them shut down rather than face tougher regulations, Zane Wang, chief executive of online micro-loan provider China Rapid Finance (XRF.N), told Reuters. That caused panic in the broader market. Investors tried to pull funds from P2P companies, causing liquidity problems for many smaller operators, Wang said, although larger ones are faring better. “Some platforms might become a winner out of this, and some platforms, probably a large portion of the platforms, might not be able to make it,” he said.

China’s propaganda machine has swung into action as Beijing seeks to reassure people that the Chinese economy and financial markets are healthy despite a trade war with the United States and steep declines in the value of stock prices and the yuan.

No mainland Chinese media - official mainstream papers or more independent-leaning publications - reported the attempts to protest in China’s capital.

Many would-be protesters were forced to give fingerprints and blood samples and prevented from traveling to Beijing. Some were even removed from Beijing-bound trains ahead of the protests, said a Shanghai-based P2P investor who lost 1.3 million yuan. She declined to be named out of fear for her safety.

Even after the demonstrations were effectively snuffed out, hundreds of security personnel patrolled around CBIRC’s office, highlighting authorities’ sensitivity to any form of social instability.

The CBIRC did not respond to an emailed request seeking comment. The Ministry of Public Security did not respond to a fax seeking comment.

On Sunday, state media outlet Xinhua reported that the government has proposed 10 measures to reduce risk in the P2P sector, including a strict ban on new P2P companies and online finance platforms, and a blacklist under China’s social credit rating system for those who don’t repay their loans.

MESSY CLEAN-UP

Peer-to-peer lending was pioneered by firms like LendingClub (LC.N) in the United States, but in China it has expanded on a massive scale as firms piggy-backed on the government’s drive for financial innovation to serve credit-starved small and mid-sized private companies.

The industry expanded too fast for regulators to keep up.

Many P2P platforms lend to customers that might be deemed too risky for a commercial bank. That has in cases led to liquidity crises, when too many investors demand their funds at once if loans appear to be going south.

There have also been cases of outright fraud, the most well-known being Ezubao - a $7.6 billion Ponzi scam involving more than 900,000 investors.

More than 100 companies listed in China’s domestic stock markets are involved in P2P operations, and 32 of those own more than 30 percent of a P2P company, according to a July research report by CITIC Securities.

China extended by two years a separate June 30 deadline for an online finance clean-up campaign. But rather than calming matters, it created more uncertainty, market watchers said.

CITIC Securities estimated that under the clean-up campaign, only about 100 platforms out of 1,836 would be able to meet even today’s regulatory standards and obtain a license. Less than 50 would thrive.

Experts say larger companies would probably benefit from firmer regulation. But for now, listed companies in the industry have seen their share prices take a beating.

Shares of some of the Chinese P2P companies listed in the U.S. have plunged. China Rapid Finance shares have lost 73 percent so far this year, while Yirendai (YRD.N) has slumped 71 percent. PPDai (PPDF.N) has dropped 44 percent, and Hexindai (HX.O) 27 percent.

Officials with PPDai declined to comment.

In a news release, Hexindai said it would improve risk management “and further reduce credit risk.”

Tang Ning, founder and chief executive officer of CreditEase, the majority owner of P2P lending platform Yirendai, told Reuters that he was concerned that the “industry-wide panic” would escalate.

He urged regulators to “act with a sense of urgency” to protect good P2P companies while punishing bad players to avoid harming China’s financial system and economy.

“Otherwise, it will be ‘winter’ for the industry. All companies will be hit, both illicit and compliant. Everyone will lose and that’s a situation no one wants to see,” said Tang. “Small businesses will lose an important, or the most important source of funding. That’s not only hurting the financial system but also the real economy.”

For Wang, the Beijing investor, the pain is acute. He and his family had invested 7 million yuan - their life savings, with which they had planned to use to buy a home at the end of the year - in two P2P platforms that have shut down.

They recovered none of their investment.

“We are financial refugees, not mobsters. The only thing we want is to get back our money, at least a portion of it,” said Wang.


Now I don't know how this all works but if someone in China maybe they give explain. This is P2P lending evening legal? Is this a form of shadow banks/underground loan companies? Just seems this P2P lending is very fishy to being with.
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Old 08-18-2018, 06:55 PM   #12763
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Old 08-18-2018, 10:26 PM   #12764
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My brother just sold his 2bed plus den, 2 full baths in Coquitlam for $769k. He was asking $799k. Only had one offer and it was on the market for a month

Edit: it’s actually in port moody
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Old 08-18-2018, 10:40 PM   #12765
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My brother just sold his 2bed plus den, 2 full baths in Coquitlam for $769k. He was asking $799k. Only had one offer and it was on the market for a month

Edit: it’s actually in port moody
That's why
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Old 08-18-2018, 10:45 PM   #12766
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My brother just sold his 2bed plus den, 2 full baths in Coquitlam for $769k. He was asking $799k. Only had one offer and it was on the market for a month

Edit: it’s actually in port moody
Condo? Townhouse?
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Old 08-18-2018, 10:48 PM   #12767
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Condo? Townhouse?
Condo

Considering he bought it 3 years ago for $450k, he made out good.

He took the offer only because he upgraded to a townhouse in Port Moody and he needed to sell pretty quick.
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Old 08-18-2018, 11:20 PM   #12768
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Geez. 769k for a 2 and 2 condo in port moody. What was his property assessed at? Like 600ish?

Im scared to ask how much townhomes are in port moody lol
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Old 08-18-2018, 11:25 PM   #12769
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Geez. 769k for a 2 and 2 condo in port moody. What was his property assessed at? Like 600ish?

Im scared to ask how much townhomes are in port moody lol
2bed/den and 2 washroom.

Find one for you. Near the Port Moody skytrain station build 2017 3 bedroom
3 washroom 1360 Sq ft listed for 928k 2830 George st.
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Old 08-19-2018, 12:13 AM   #12770
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Geez. 769k for a 2 and 2 condo in port moody. What was his property assessed at? Like 600ish?

Im scared to ask how much townhomes are in port moody lol
A tandem garage style townhouse goes for 700K to 900K depending on the neighbourhood (Heritage Woods, Klahanie, Moody Centre). Duplex style townhouses are in the $1 million range now.

The median household income in my area of Port Moody is in the 130K range which is one of the highest anywhere in Metro Vancouver. It's one of the few areas in Metro Vancouver where there is still some relationship between housing prices and median household incomes.

Last edited by Tapioca; 08-19-2018 at 12:22 AM.
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Old 08-19-2018, 12:32 AM   #12771
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its been expected for a long time, I know several lawyers who are concentrating on bankruptcy because they're expecting a lot of people who've overextended themselves to drop once the bubble pops






to greece?
Wonder how those lawyers are doing now since 6 years have pass and no bubble got pop yet.
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Old 08-19-2018, 01:10 AM   #12772
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At an interest rate between 8 - 16%, these don't even seem like they are B lenders to me, and that makes me think -- why would someone ever want to borrow from them to purchase property? Even if the loan is for a year, it seems totally unsustainable to me.

Personally, I'm always a little surprised that people would go to these lenders
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We act for a lot of private lenders and I'm actually amazed at how they make their money. Some person wants to borrow $500k and a mortgage broker connects them with my client. The borrower may already have a first mortgage in place from a major bank. My client will lend the $500k in exchange for a second mortgage on the borrower's property. The term is normally shorter, like 1-2 years or even a few months sometimes and the interest rate is between 8-16% per annum. Only interest is paid every month. After the term my client is repaid the principal amount of the loan. All broker fees and legal fees are also paid by the borrower. The borrower will also pay to the lender a lenders fee which is a small % of the loan amount say 1%.

I haven't seen any loan that has gone into default either and if it did we can foreclose on the property.

I'd say that an almost guaranteed rate of return of 8-16% on an investment is pretty good. Their money just keeps growing and growing.
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Old 08-19-2018, 04:12 PM   #12773
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Only 5 groups this whole weekend, sigh....
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Old 08-19-2018, 04:30 PM   #12774
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i know its not pennies were talking about but why would you buy a townhome in port moody for 900 when you could buy a detached with a suite in Burnaby for 1.2 to 1.4

like that is a lot of money in difference, but if you're getting 1500+ a month for a suite its a no brainer.. i guess qualifying for the difference is the hard part and taking on the greater burden of debt..

a detached property with mortgage helper as opposed to a strata townhome.. hard to beat
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Old 08-19-2018, 04:41 PM   #12775
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because not everyone has the debt-income ratio to qualify for a 1M+ loan?

it's also similar to asking why someone wants a fully-loaded Accord instead of a base model BMW 3 series
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