^^ it's a free market and gov won't bite the hand that feeds them. Multi million corp that employs ppl = taxes for the gov, plus keeps the economy going. Or continue to blow money on hand outs, apologize for past things that has nothing to do with them currently. Which is a higher priority for the gov? Or politicians.

Good 'ol free market.

Love to hate it.

Though, maybe them buying up houses and increases rental supply is a good thing. It was said, it's a losing investment unless you're expecting the house prices to SURGE. It's impossible to cash flow in any major city with an investment property.

So these corps must be thinking super long term, because in the short term, they're going to be bleeding money.

Dumb question, and I'm annoyed I can't get a straight answer from Residential Tenancy Branch.

Say I'm selling a place that is currently tenanted. There is a month gap in between the completion day and possession day. During that period, the rent would be paid to the new owner right?

Would not call it bleeding, at todays rates, a newly purchased property at 20% down, the landlord is short 10-20% of breaking even at worst

All the propery needs to do is go up 2% a year, and suddenly your good to go, make it 20% like the last 6 months and now your really talking

Yes, since the completion date is the official date where the title and transaction is complete.

^ there is also a higher return due to leverage. Since you're only dropping let's say 20% down. But the place goes up $100k on a $500k property. You've pretty much 100% your down payment. Assuming $500k, $100k down, $400k mtg. And you sell for $600k and have someone pay for your mortgage in the meantime. Most big cities that have a positive stable housing market will end up with this. I'm not sure what other relatively stable investment you can do to double your investment over 5 years. And most people won't leverage to invest.

^Arguable, because you're not factoring in seller's commission, GST if it's new build, and legal expenses. Tack on some reno's once the tenant is gone.


Thus, the realized return is lower. Then when you finally decide it's good enough to cash out, well shit. All other places have went up the same as yours did. So you're literally where you started unless you take your cash and never buy a house again.

The returns are only returns if you're downsizing or it's an investment property and not your primary residence. I'm not well versed but I think it's the equity from the appreciation that you tap into to springboard yourself into another property.

I believe there was a large report put out in the US regarding the most wealthy and their legal tax evading strategies. The use of tax deductible “investment loans” were the name of the game. Once you start selling your investments, you end up paying taxes.

^^^ I’d say your 100% right. The equity gained in property value is your borrowing power. Even in Canada, if another loan is used to “invest” that interest on the loan is tax deductible. You sell a property, and go through all the associated costs your not gaining much. You hold, use that equity for more tax deductible loans, your investments can compound that much quicker.

God damn rich folk. Lol.

^Isn't that exactly like the Smith maneuver. If you can, you might as well.

That’s why all this stupid shit about Bezos, Musk etc. Is such low level thinking. It’s not some “woke” socialist movement

Virtually every business owner pays very little in personal income tax. All their wealth is in the business, holdings companies, etc. That’s how the tax system is structured.

Wait...you're telling me this isn't Bezos?

https://i.pinimg.com/originals/10/09...320b4bf872.png

What was the true story behind this btw?

I felt like one of these residences didn't want to take any offer by the developer, and the developer at the end be like.. F that, we're gonna surround you by parking lot....

yea, i was doing the math for a $750k 2-br... and even with 20% down, I still have to fork out $1-$1.5k to cover strata, property tax, insurance

The average joe for affordable rent is probably roughly from $2k - $2.6k...Is everybody buying rental property are forking out that much to own it?

^^ depends when you picked it up, if you picked up some Brentwood ones back in the day that's just finishing now 2 bed for 500k then you are laughing. At current prices you can't get a positive return. I know someone who bought at Fraser commons $930k presale for 2 bed that is completing in a few months. :ohgodwhy: but then he's loaded enough to pay cash for it so :pokerface:

I paid 465k for a 1 bedroom at Concord Brentwood when it first was pre-sale but ended up not going forward with the contract. Bad thing is its probably worth like 600k now and I lost out on the lift. Good thing is, its still not complete after 5 years and I have since upgraded twice :toot: You win some and you lose some, just gotta work with whats happening in the market tbh

I remember it was back in 16 when I was looking at the first Brentwood concord at the time. I think it was like $380 for the cheapest unit at the time. No parking. I just couldn't afford it at the time as once you add parking it was like $420 before $3000+ a floor.

I was in the same boat. I was looking at a 2bdrm at Brentwood phase 2 and it was something like 580k for the unit I was interested in.

Ended up not going for it because:
a) biggest reason was I didn't have the money
b) I don't trust presale
c) I thought it was too expensive.

Hind sight I am sad I didn't get to make that chunk of money, but I own a house now over the time that I would have waited for the damn thing to complete.

Pre sale was just hard for me to swallow cuz 1. I had to drop at least 20% down which I didn't have at the time, 2. There's PST, 3. I'm tied down and I'm not sure what my financial situation, income would be when it's ready. 4. Biggest reason is that I can find existing used few year old units for 10%+ less than the cost of a new presale one, usually larger and higher floor than what I could have afforded with the presale.

So yea I signed and walked away from a presale too, the math just didn't make sense for me. It was never cheaper than to just buy something that's already built every time I looked.

I'm kinda on this boat but more so on the life circumstances has changed. I bought presale at River District in 2017 and the friggin thing still hasn't completed. It's good and bad depending how you look at it. I guess I know they are taking their time to build it and not rush it like other projects I've seen (rather they do it right than rush it). Although it doesn't really matter now since I plan to take possession, live in it a little and then sell it as I need a bigger place due to life circumstances changed now.

If only that was the case, unfortunately more times than not it isn't.

I looked at River District back in 16, everything was sold by the time I saw that project. I think the only available unit left was like $525 for a one bed which was way over my budget.

I'm still not a huge fan of the river District location, it seems quite isolated, you have to drive everywhere and really cramped for the location with no infrastructure to support it. Also vi s every time you head out so I'm glad I didn't buy there. And I don't remember if it still stinks in the summer.

i am loving that area now; the community is slowly building, with banks, dental offices, doctor offices and stuff. The seawall if you want to call it that is great place to walk.

We said the same shit for boring olympic village and it's not that bad now looking bad.

90% of the time, it's the lack of downpayment to get the presales going. If you have friends and have a way in, they hooked us up with 1st dips which was much below in value.

Now, the last few years, the cost of buying actual livable was cheaper than pre-sale so it just wasn't worthy now to buy pre-sale.

Again, same thing as before,... cash is king. If you have downpayment.. then great. fork it out a bit at a time.

Wife and I were thinking about buying presale in River District back in 17. Could have got a townhome for about $850k? Compared to now it is probably very affordable. It was outside of our price range though - plus to be honest, we like River District itself, but I agree with JDMDreams. It feels very isolated, and that won't change due to the river to the south, embankment to the north, and industrial to the east. Have to drive everywhere.

Another Langley new development burnt down

https://www.langleyadvancetimes.com/...medium=twitter

https://skylarklife.ca/

This one is right next to my complex, neighbours saying roof torching went wrong

^^ some buddy guy is gonna get hurt real bad, damn gonna drive up property prices even more