REVscene - Vancouver Automotive Forum


Welcome to the REVscene Automotive Forum forums.

Registration is Free!You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today! The banners on the left side and below do not show for registered users!

If you have any problems with the registration process or your account login, please contact contact us.


Go Back   REVscene Automotive Forum > Automotive Chat > Vancouver Off-Topic / Current Events

Vancouver Off-Topic / Current Events The off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.

Reply
 
Thread Tools
Old 05-20-2020, 10:19 AM   #15526
RS Veteran
 
bcrdukes's Avatar
 
Join Date: Dec 2001
Location: GTA
Posts: 29,803
Thanked 11,462 Times in 4,688 Posts
Failed 436 Times in 279 Posts
Quote:
Originally Posted by yray View Post
no bike to work?
Riding to my primary office is not an option. I've done it a few times, and let's just say, it's like riding with and against nothing but 18-wheelers - it just isn't safe, and there are no real alternatives. I'll ride Downtown on Fridays, but I try to avoid the Downtown office due to the time it takes.
Advertisement
bcrdukes is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 10:19 AM   #15527
I told him no, what y'all do?
 
GLOW's Avatar
 
Join Date: Aug 2006
Location: Vancouver
Posts: 10,103
Thanked 5,989 Times in 2,595 Posts
Failed 104 Times in 66 Posts
Quote:
Originally Posted by Hondaracer View Post
He replied that the drive time was his time to relax and unwind..your idea of relaxing is sitting in bumper to bumper gridlock for 3 hours a day?...
guess it all depends what he's coming home to

i switched jobs and went from having to cross a bridge to 10min round trip from home. i did the math and realized i saved about 10-14 days a year's worth of time in my car on the road
__________________
Feedback
http://www.revscene.net/forums/showthread.php?t=611711

Quote:
Greenstoner
1 rat shit ruins the whole congee
originalhypa
You cannot live the life of a whore and expect a monument to your chastity
Quote:
[22-12, 08:51]mellomandidnt think and went in straight..scrapped like a bitch
[17-09, 12:07]FastAnna glowjob
[17-09, 12:08]FastAnna I like dat

GLOW is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 11:10 AM   #15528
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,343
Thanked 9,386 Times in 2,408 Posts
Failed 393 Times in 159 Posts
Quote:
Originally Posted by TouringTeg View Post
Listings going up in Victoria. I think all the empty airbnb are going to be a factor.

You either rent it out or sell. Rents are likely falling and there will be more empty units in tourist hot spots like Victoria and Kelowna.

Everyone needs a home but I think it is an awful time to buy an investment property.
Exactly.

Airbnb will bring down condo prices and increase inventory. You can already go through listings and figure out which units were Airbnb rentals. These are the sellers you want to target with aggressive offers.

You're also right about rents. There's an increase of rental units and lack of renters which means rent prices will go down so for an investor it makes no sense to buy a condo unless it's a smoking deal.

And lets not forget banks are tighten up and lending in general will be tight for the foreseeable future meaning a lot of people who were using their LOC's to buy investments will bow out. These are the same people who might have to dump existing investment properties as well. You'll need a lot of cash if you want to play in this market.
Harvey Specter is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 01:58 PM   #15529
:inoutugh:
 
TOS'd's Avatar
 
Join Date: Feb 2008
Location: ඞ
Posts: 9,982
Thanked 5,849 Times in 1,842 Posts
Failed 970 Times in 279 Posts
Quote:
Originally Posted by bcrdukes View Post
That's just terrible.

My daily round trip commute is about 70KM per day. On average, it takes me about 45 minutes each way (on a good day) and on a bad day, it's between 1 to 1.5 hours. Should I ever go to the Downtown office, a commute is at minimum 45 minutes to an hour. It would take me 1.5 hours to get home by car over a distance of 9KM. Transit would take about the same time so there was no winning.

I thought about moving closer to work, but even the traffic near the office would take 45 minutes, so fuck that.
Quote:
Originally Posted by bcrdukes View Post
Riding to my primary office is not an option. I've done it a few times, and let's just say, it's like riding with and against nothing but 18-wheelers - it just isn't safe, and there are no real alternatives. I'll ride Downtown on Fridays, but I try to avoid the Downtown office due to the time it takes.
Traffic here makes no sense. It can take almost the exact same time for me to public transit, bike, or drive to work.

And I agree biking is really dangerous over here. Once you get close to downtown after surviving people going 80+ next to you without giving you space then you have to deal with getting cut off by Uber/Lyft drivers. Also the damn street car tracks. An Uber driver cut me off and my instant reaction was to swerve and then my front wheel got caught up in the street car track and i flipped head over handlebars and then slide a few feet. I now just bike casually on the weekends on trails.
__________________
Posted from NE 1-J W Inglis Building
TOS'd is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 05:23 PM   #15530
Need to Seek Professional Help
 
Join Date: Jan 2005
Location: Van
Posts: 1,041
Thanked 539 Times in 290 Posts
Failed 27 Times in 15 Posts
I think we are going to continue to see the entry level detached market (ie. under 1.5) perform very well relative to the attached market. Potential price drops should hit the attached market much harder than the detached market. The detached home has always been the holy grail for most of us (and certainly anyone that has ever lived in a strata). Lower prices will be an incentive to move up/trade up if possible. We saw the entry level detached market prices bounce starting July 2019, and prices were continuing to go up In this segment until covid struck.
Alpine is offline   Reply With Quote
Old 05-20-2020, 06:13 PM   #15531
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,343
Thanked 9,386 Times in 2,408 Posts
Failed 393 Times in 159 Posts
Quote:
Originally Posted by Alpine View Post
I think we are going to continue to see the entry level detached market (ie. under 1.5) perform very well relative to the attached market. Potential price drops should hit the attached market much harder than the detached market. The detached home has always been the holy grail for most of us (and certainly anyone that has ever lived in a strata). Lower prices will be an incentive to move up/trade up if possible. We saw the entry level detached market prices bounce starting July 2019, and prices were continuing to go up In this segment until covid struck.
Back in March I would have agreed with you but now all bets are off. COVID is a game changer, it's put the entire globe in a recession. Wealth is been wiped out, people losing their jobs, business shutting down, it will take years for things to return back to pre-COVID days.

Our RE market isn't immune to a global recession and we're going to get hit hard. How hard is anyone's guess but remember before COVID we had the highest debt levels, imagine where the debt levels are right now. Banks are also tighten up on lending and credit, not only are they restricting LOC's but they're even lowering credit card limits even if you're a good client.

I agree locals want to move up but the same people looking to move up need to sell their existing property and that will be an issue in this market. Also tighten lending hurts those who want to move up more than the investors who are sitting on cash but don't expect investors to swoop into our RE market and save us. Investors will be looking for fire sales so if there's a few houses that sell for cheap expect rest of the market to follow.
Harvey Specter is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 07:14 PM   #15532
I contribute to threads in the offtopic forum
 
SSM_DC5's Avatar
 
Join Date: Sep 2004
Location: Canada
Posts: 2,906
Thanked 1,284 Times in 533 Posts
Failed 28 Times in 12 Posts
The happyslips in mom's basement shall prevail because they have nothing to sell before buying.
SSM_DC5 is online now   Reply With Quote
Old 05-20-2020, 07:48 PM   #15533
I contribute to threads in the offtopic forum
 
Spoon's Avatar
 
Join Date: Apr 2001
Location: VAN/RMD/BBY
Posts: 2,596
Thanked 1,022 Times in 450 Posts
Failed 54 Times in 30 Posts
CMHC forecasts decline in average house prices of nine per cent to 18 per cent over next 12 months.

https://www.bnnbloomberg.ca/cmhc-see...ting-1.1438554
Spoon is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 08:01 PM   #15534
RS Veteran
 
bcrdukes's Avatar
 
Join Date: Dec 2001
Location: GTA
Posts: 29,803
Thanked 11,462 Times in 4,688 Posts
Failed 436 Times in 279 Posts
Quote:
Originally Posted by SSM_DC5 View Post
The happyslips in mom's basement shall prevail because they have nothing to sell before buying.
Savage
bcrdukes is offline   Reply With Quote
Old 05-20-2020, 10:28 PM   #15535
:inoutugh:
 
TOS'd's Avatar
 
Join Date: Feb 2008
Location: ඞ
Posts: 9,982
Thanked 5,849 Times in 1,842 Posts
Failed 970 Times in 279 Posts
Quote:
Originally Posted by SSM_DC5 View Post
The happyslips in mom's basement shall prevail because they have nothing to sell before buying.
Too soon man, he's been MIA since mid april.
__________________
Posted from NE 1-J W Inglis Building
TOS'd is offline   Reply With Quote
This post thanked by:
Old 05-20-2020, 10:39 PM   #15536
RS has made me the bitter person i am today!
 
RiceIntegraRS's Avatar
 
Join Date: Apr 2003
Location: Vancouver
Posts: 4,865
Thanked 1,057 Times in 429 Posts
Failed 178 Times in 73 Posts
Quote:
Originally Posted by TOS'd View Post
Too soon man, he's been MIA since mid april.
nope, he logged in a week ago
RiceIntegraRS is offline   Reply With Quote
Old 05-21-2020, 12:25 AM   #15537
Rs has made me the man i am today!
 
PiuYi's Avatar
 
Join Date: May 2007
Location: New West
Posts: 3,160
Thanked 1,341 Times in 557 Posts
Failed 206 Times in 108 Posts
Quote:
Originally Posted by Spoon View Post
CMHC forecasts decline in average house prices of nine per cent to 18 per cent over next 12 months.

https://www.bnnbloomberg.ca/cmhc-see...ting-1.1438554
That's for Canada, but always feel Vancouver is a unique market and the same rules don't apply here. Me thinks pent up demand could soak up a lot of sales.
PiuYi is offline   Reply With Quote
This post thanked by:
Old 05-21-2020, 03:06 AM   #15538
I contribute to threads in the offtopic forum
 
Spoon's Avatar
 
Join Date: Apr 2001
Location: VAN/RMD/BBY
Posts: 2,596
Thanked 1,022 Times in 450 Posts
Failed 54 Times in 30 Posts
Quote:
Originally Posted by PiuYi View Post
That's for Canada, but always feel Vancouver is a unique market and the same rules don't apply here. Me thinks pent up demand could soak up a lot of sales.
Here’s a stat for you, Vancouver has the worst debt to income ratio (242%) as well as being the least affordable city to live in in Canada (requiring 84.7% of income to cover ownership costs).

https://www.cmhc-schl.gc.ca/en/housi...ar-record-high

http://www.rbc.com/newsroom/_assets-...se-mar2019.pdf

With millions on CERB and businesses unable to open due to COVID-19, the recent loss of income directly affects many mortgage holders' ability to repay loans. The government has acted swiftly by protecting property owners through mortgage deferrals as well as rent subsidies for landlords/investors. However, these policies merely place them on life support. Like so many have said already, it will take 4-6 months to see whether the emperor has no clothes. After these policies and CERB expires, what happens? Whether or not incomes can return to what it was will determine the outcome of this market.

So many people seem to think that since businesses are reopening, everything is back to normal when that is simply not the case. Once consumer confidence has been shaken, very seldom do you see a V shaped recovery. I for one already expect my way of life and consumption patterns to change. As an example, schools are reopening soon, but we do not plan on bringing the kids back (particularly because June is more of a "fun" month for elementary school kids). My family dines out regularly pre-COVID, but we do not expect that to happen for awhile even after we reach the new normal. In a restaurateur's perspective, this leads to loss of revenues and then trickles down to a decrease in staff or possibly closing of stores. Furthermore, bricks and mortar businesses has it worst as they’re subject to regulations such as head count restrictions and what not. I can’t even fathom what things would look like if a second wave comes about. Most small businesses will need to re-evaluate their business plans to see if it’s worthwhile to keep operating.

Aside from property, a vehicle is likely the second most valuable asset most people will hold. Having spoken to people who are in the auto industry, the luxury vehicle market has already started to collapse prior to the pandemic. All that easy Chinese money is going back east and unlikely to return. If that’s the case, the market is dependent on local demand. With median household income for Vancouver being $86k and likely to decline, as well as banks tightening their lending standards and limiting the amount buyers can borrow, my outlook differs slightly from yours.
Spoon is offline   Reply With Quote
Old 05-21-2020, 10:02 AM   #15539
:inoutugh:
 
TOS'd's Avatar
 
Join Date: Feb 2008
Location: ඞ
Posts: 9,982
Thanked 5,849 Times in 1,842 Posts
Failed 970 Times in 279 Posts
Quote:
Originally Posted by RiceIntegraRS View Post
nope, he logged in a week ago
I pointed that out in another thread as well. Hasn't posted since, so still MIA/hiding.
__________________
Posted from NE 1-J W Inglis Building
TOS'd is offline   Reply With Quote
Old 05-21-2020, 10:59 AM   #15540
RS has made me the bitter person i am today!
 
Join Date: Nov 2010
Location: /
Posts: 4,845
Thanked 2,556 Times in 979 Posts
Failed 253 Times in 72 Posts
Quote:
Originally Posted by Harvey Specter View Post
Our RE market isn't immune to a global recession and we're going to get hit hard. How hard is anyone's guess but remember before COVID we had the highest debt levels, imagine where the debt levels are right now. Banks are also tighten up on lending and credit, not only are they restricting LOC's but they're even lowering credit card limits even if you're a good client.
.
If our RE market comes out of this unscathed, our RE is immune to global recession which means it's time to put most of your eggs in one basket 🤡
__________________


2022 Velo N
2005 S2000
2007 CSX Type-S [Sold]
2002 RSX-S [T-Boned]
Gerbs is online now   Reply With Quote
Old 05-21-2020, 11:19 AM   #15541
y'all better put some respeck on my name
 
Harvey Specter's Avatar
 
Join Date: Dec 2002
Location: Vancouver
Posts: 18,343
Thanked 9,386 Times in 2,408 Posts
Failed 393 Times in 159 Posts
Quote:
Originally Posted by PiuYi View Post
That's for Canada, but always feel Vancouver is a unique market and the same rules don't apply here. Me thinks pent up demand could soak up a lot of sales.
Pent up demand might take a backseat to uncertain times and tougher qualifying. I don't think anyone is immune from the economic downturn caused by COVID. Some will get hit harder than others.
Harvey Specter is offline   Reply With Quote
Old 05-21-2020, 11:26 AM   #15542
OMGWTFBBQ is a common word I say everyday
 
Join Date: Apr 2001
Posts: 5,021
Thanked 2,531 Times in 1,151 Posts
Failed 81 Times in 54 Posts
Do we actually have public data of the median income of renter households vs home-owning households?

My hunch is that renting households tend to have lower median incomes than home-owning ones. I also suspect that higher income workers have suffered less as a result of COVID-19 as they have been able to work at home. So while aggregate median income and debt levels are somewhat interesting, they don't really tell the story about the present class divide between current homeowners and current renters in cities like Toronto and Vancouver.
Tapioca is online now   Reply With Quote
This post thanked by:
Old 05-21-2020, 11:49 AM   #15543
RS Veteran
 
bcrdukes's Avatar
 
Join Date: Dec 2001
Location: GTA
Posts: 29,803
Thanked 11,462 Times in 4,688 Posts
Failed 436 Times in 279 Posts
I find that Zoocasa and realtor.ca gives a good breakdown of median income in a particular area, but it doesn't go as far as breaking it down in to renter vs. owner households. The neat part is that it provides statistics on education levels, job industry (high level, not specific) age brackets and a few other statistics which are helpful, but don't dig super deep into details, leaving some room for assumptions, for better or worse.
bcrdukes is offline   Reply With Quote
Old 05-21-2020, 12:30 PM   #15544
I contribute to threads in the offtopic forum
 
Spoon's Avatar
 
Join Date: Apr 2001
Location: VAN/RMD/BBY
Posts: 2,596
Thanked 1,022 Times in 450 Posts
Failed 54 Times in 30 Posts
Quote:
Originally Posted by Tapioca View Post
I also suspect that higher income workers have suffered less as a result of COVID-19 as they have been able to work at home.
Most white collar desk job types who were able to keep their jobs likely ended up better off in this pandemic. When there's less opportunities to spend (cost of commute, dining, social events etc.), your savings naturally go up. The question is, are these people in the majority? Does this make up for the high income earners who have been furloughed or laid off. Some of these are also business owners who may have operated on zero revenue with bills to pay. What about professionals like dentists, therapists etc. who were also negatively impacted?

Perhaps what we can confidently agree on is that revenues for most businesses will be less this year compared to previous years. Knowing this, it just means businesses will have to cut costs. Within my circle of family and friends, I've already seen this happen in the past month. Most of them are SME and have either furloughed or laid off staff by 50%, or have had to temporarily cut salaries for staff of all levels. Be thankful to still have a job in the next 12-24 months.
Spoon is offline   Reply With Quote
Old 05-21-2020, 12:36 PM   #15545
Rs has made me the man i am today!
 
PiuYi's Avatar
 
Join Date: May 2007
Location: New West
Posts: 3,160
Thanked 1,341 Times in 557 Posts
Failed 206 Times in 108 Posts
Totally agree, the pandemic has obliterated Vancouver's massive food industry and a good number of those jobs are likely never coming back. I don't think there is any doubt lost jobs will cause people to have to sell their homes and go back to renting. I just feel Vancouver has more cushion than other places. Not to say prices won't go down, but there is enough hidden capital sloshing around that the effect will be less than in other Canadian cities.

On paper Vancouverites have lower incomes, but that does not account for families with income earned/capital stored in other countries. (Ex. the typical Vancouver 20yr old Ferrari driver declares, and makes, 20k income but can draw on family money in China when he totals the Ferrari and wants an AMG to replace it. Extreme example, but this applies to a lot of foreign students turned permanent residents) Another example is the whole underground Alipay/WeChat economy. Maybe not massive, but money stored and income earned in those accounts are never declared. Vancouver in general doesn't have low income, people here are just better than most at hiding it.

The debt to income ratio, while a useful metric, I think is a bit skewed in places like Vancouver and Toronto because we will always be the most indebted cities in Canada because of our high RE prices. Lower declared incomes in Vancouver will also help skew the ratio. But the reality is, Vancouver RE hasn't been shaped by income levels the past 20 years, it's these external forces that have pushed and kept prices up. Lastly, ultra low interest rates have allowed for such a high DTI ratio to be somewhat sustainable and I don't see rates going up soon.

As someone looking to buy in the next couple years (and without wishing poorly on anyone) I do hope you're right and the market has a bit of a correction. I just don't see it being as big of one as anywhere else in Canada.
PiuYi is offline   Reply With Quote
Old 05-21-2020, 12:56 PM   #15546
Rs has made me the woman i am today!
 
Euro7r's Avatar
 
Join Date: Sep 2006
Location: Vancouver
Posts: 4,157
Thanked 1,346 Times in 589 Posts
Failed 149 Times in 56 Posts
Then you have me with a presale on hand that's due for completion next year (intent was to live/rent out). Do I sell it on assignment now....
Euro7r is offline   Reply With Quote
Old 05-21-2020, 01:24 PM   #15547
I contribute to threads in the offtopic forum
 
Spoon's Avatar
 
Join Date: Apr 2001
Location: VAN/RMD/BBY
Posts: 2,596
Thanked 1,022 Times in 450 Posts
Failed 54 Times in 30 Posts
If it's your primary residence, why would you sell it unless you needed to. End of the day, you need to live somewhere.

If it's an investment property, treat it as a business and crunch your numbers. Do note that rental prices in GVR are supposedly down anywhere from 5-15%.

https://rentals.ca/national-rent-report
Spoon is offline   Reply With Quote
This post thanked by:
Old 05-21-2020, 05:28 PM   #15548
I have named my kids VIC and VLS
 
Hondaracer's Avatar
 
Join Date: Oct 2001
Posts: 37,574
Thanked 14,965 Times in 5,969 Posts
Failed 2,061 Times in 690 Posts
Quote:
Originally Posted by Euro7r View Post
Then you have me with a presale on hand that's due for completion next year (intent was to live/rent out). Do I sell it on assignment now....
Is anyone going to buy it?
__________________
Dank memes cant melt steel beams
Hondaracer is online now   Reply With Quote
This post thanked by:
Old 05-21-2020, 05:43 PM   #15549
NOOB, Not Quite a Regular!
 
Join Date: Oct 2016
Posts: 41
Thanked 82 Times in 22 Posts
Failed 1 Time in 1 Post
Just sold for $5k under asking but still made plenty compared to what I purchased for in 2016. Going to wait 6-24 months and try and buy a house.
Twi7ch is offline   Reply With Quote
This post thanked by:
Old 05-23-2020, 06:43 AM   #15550
RS.net, helping ugly ppl have sex since 2001
 
hud 91gt's Avatar
 
Join Date: Feb 2002
Location: Vancouver
Posts: 8,339
Thanked 3,985 Times in 1,537 Posts
Failed 35 Times in 27 Posts
Quote:
Originally Posted by TOS'd View Post
I pointed that out in another thread as well. Hasn't posted since, so still MIA/hiding.
Pretty sure his wife finally took his loud keyboard. He’s just cruisin’ with a mouse.
__________________
Crush - 1971 Datsun 240z - Build Thread
The Daily - Rav4 V6 - “Goldilocks”
hud 91gt is offline   Reply With Quote
This post thanked by:
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -8. The time now is 10:42 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO ©2011, Crawlability, Inc.
Revscene.net cannot be held accountable for the actions of its members nor does the opinions of the members represent that of Revscene.net