Vancouver's Real Estate Market

[TOS'd]

Originally Posted by Hondaracer

Perfectly fine by me lol.. there are some hidden gems there that are best to not be discovered




Every time I go up there I feel like I should move there

Been Contemplating a Vacation

[GIZZ]

That would be a nice back yard. Except where is the shop?

[EvoFire]

Just paid my property taxes since it's due in a week. Totaled $7003 this year. The bump up for property tax grant saved me something like $380 dollars.

I wonder if the next assessment would hover around the same value since it's falling right now from the peak.

[Razor Ramon HG]

Anyone see this on reddit?

https://www.reddit.com/r/PersonalFin...rent_12_now_he

Guy didn't want to pay 1.2% increase now he's getting booted out on a rental he acknowledged was below market value, lol.

[T4RAWR]

Originally Posted by Razor Ramon HG

Anyone see this on reddit?

https://www.reddit.com/r/PersonalFin...rent_12_now_he

Guy didn't want to pay 1.2% increase now he's getting booted out on a rental he acknowledged was below market value, lol.

That was a good laugh

[supafamous]

Originally Posted by Hondaracer

So we were audited for the empty homes tax. What a complete joke. If they think this is an actual representation of who lives here and who doesn’t they are completely oblivious.

Basically have to show them 3 specified bills with a name on them, anyone could photoshop etc. some bills you wouldn’t even have to be living there in order to have your name on

I submitted the docs for my parents (all of which complied with the request) and this week they got back to us requiring more clarification b/c the documents don't show proof that they've lived in the house for a minimum of 6 months (which wasn't part of the original ask). What a waste of time.

They should be willing to accept a photo of my dad's garage so I can show them the 30 years of junk that he's built up in there.

[Hondaracer]

Yea so we actually got followed up with as well because of a BC hydro fuck up. Even though we had been paying hydro for 5+ years at our current home, for some reason the mailing address on the actual bill was our old place..

So the empty tax solution was “send us another bill”

I sent them a dirt cheap internet bill literally anyone could forge or have if they have a security system etc. and that was accepted and closed the file

[Gerbs]

Pre-sale rate locks at up to18 months vs 3 months for the used market.

My friend has locked in 6.2% 5-year fixed or prime + 0.55% till 2022 Dec lol

[SSM_DC5]

Originally Posted by Hondaracer

Yea so we actually got followed up with as well because of a BC hydro fuck up. Even though we had been paying hydro for 5+ years at our current home, for some reason the mailing address on the actual bill was our old place..

So the empty tax solution was “send us another bill”

I sent them a dirt cheap internet bill literally anyone could forge or have if they have a security system etc. and that was accepted and closed the file

Wait.... Utility bill wasn't acceptable because mailing address didn't match the home being serviced??

[Hondaracer]

Apparently, yes

We only use E-billing but at the very bottom of the page the mailing address for the bill was our old place, never noticed it before as why would I be looking at the mailing address of an E-bill

[waddy41]

Originally Posted by Gerbs

Pre-sale rate locks at up to18 months vs 3 months for the used market.

My friend has locked in 6.2% 5-year fixed or prime + 0.55% till 2022 Dec lol

ouch

https://investorplace.com/2022/06/mi...llwhip-effect/

Michael Burry Sounds Fed Warning. What Is the Bullwhip Effect?

Snippets

He suggested that economists will see disinflation in the consumer price index (CPI). Then, that will ultimately lead to the Fed reversing itself regarding rising interest rates.

Should retailers start distributing pink slips because they were fooled by retail revenge (or the pandemic-fueled pent-up demand), the net impact to the economy would be deflationary. There would be fewer people with less money to spend.

It’s important to conduct your own research before following anyone’s advice, even if it is the great Michael Burry. For one thing, supply chain normalization could roundly cure inflation. Moreover, the Fed is committed to attacking inflation at almost any cost, which may hurt the disinflation argument.

[supafamous]

Originally Posted by SSM_DC5

Wait.... Utility bill wasn't acceptable because mailing address didn't match the home being serviced??

In my parents case they accepted the Fortis bill except that they needed enough bills to cover over 6 months of living there. My parents didn't have copies of that many Fortis bills anymore so I ended up using their Telus bills instead.

In the first round they don't specify that the documents need to cover over 6 months, it's only when they ask for clarification that they change the requirements to over 6 months.

[donk.]

https://www.rew.ca/properties/417562...hy&sort=latest

1k monthly waterpad rent
3k mortgage + whatever else

I bet you could airbnb the shit out of it for hella cash moneys

"Ommmggg yaaass we need to staaayy here babe!"

[headhunt3r]

Another interesting thread from reddit: https://www.reddit.com/r/vancouver/c...able_business/

[Hondaracer]

I didn’t read through all the complaining at the bottom but if they had a contract initially that all the Color schemes were agreed upon and signed over I don’t see how the developer has any other choice but to replace and compensate for time out of the unit etc.

That just speaks to aragons quality people. I did quality for years at my old job and there are so many levels to go through with Color schemes, I don’t know how whoever was installing them didn’t realize everything was different.

Btw, what shitty choices for “dark” and light schemes, they are both light lol. From the reference pictures to their pictures it’s hard to tell the difference. I guarantee people moved into their units in a similar state and didn’t even notice

[gilly]

Remember to pay your property taxes and apply for grants!!!

Due tomorrow !

[SSM_DC5]

mine is July 5

[Liquid_o2]

Ooops, totally forgot. Thanks for the reminder guys!

Mine is also July 5.

[lilaznviper]

forgot about the payment as well. July 4th for people in new west

[Gerbs]

Payments don't go through on July 1st and weekends. So they pushed it to July 5th. There's no exception if you submit payment on the 5th and it doesn't go through via OLB lol

[supafamous]

Infuriating following the Broadway plan debates at council, same with the decision to defer the Commercial/Broadway decision.

https://www.theglobeandmail.com/opin...r-toronto-say/

Plans to fix what’s wrong with Canada’s housing market come in two varieties: Urgent calls for immediate action from experts, and the slow-motion – or no-motion – work of politicians and planners in provinces and city halls.

The two sides operate in alternate realities, even as they both observe the same situation, a housing market run amok. Prices to rent and buy are egregious, propelled over the years by low interest rates, a strong economy, a growing population and a scarcity of housing. The chorus from experts – whose reports and evidence grow more voluminous by the month – is build more, a lot more.

On the ground in Vancouver and Toronto, there’s a recognition something’s wrong. Yet there’s also a political reluctance to do something about it now. Maybe later. Maybe next year. The latest pantomimes of action happened this past week. After three or four years of planning and consultation, what’s on tap? Likely more planning and consultation.

Three years ago, the City of Toronto started a process dubbed Expanding Housing Options in Neighbourhoods. Building more housing for the city’s growing population is largely confined to limited areas, where towers spring ever higher to meet massive demand. But data showed neighbourhoods zoned solely for detached homes saw a decline of 220,000 people over two decades.

It means people are crammed into the few patches of land where dense housing is allowed, even as far fewer people than ever are living in the vast areas of the city where single-family homes are permitted. So the call was for the city to loosen up zoning, allowing some multiplexes and small apartment buildings in those low-density areas.

The deadline came this week. What arrived was timid. There’s a proposal to allow three or four housing units where only one is currently allowed – but not just yet. More consultation is needed. City council takes a look in July but a final vote won’t happen until next spring, and small apartment buildings are off the table. The city will further study that in some undefined future, “in appropriate locations.”

Something similar is happening in Vancouver. Almost four years ago, work on a citywide plan began. It’s ready to go and council considers it July 6. There are some good ideas, but the whole thing is marked by timidity. And it’s more conceptual than prescriptive; a city planner last week called the Vancouver Plan “a sense of the future direction.” It is contingent on planners and politicians in years ahead to detail what exactly will be allowed.

Vancouver in June did approve a modest but detailed density plan for Broadway, near downtown along a new subway line. It will allow population growth of 1.7 per cent annually, up a bit from 1.4 per cent of recent years. It took three years of work. While it doesn’t provide all the answers, it is something.

But mostly what’s happening – or rather not happening – in Toronto and Vancouver rejects the best insights of experts. The latest came in late June from Canada Mortgage and Housing Corp. It concluded that “drastic change is required,” and the primary way to make Canadian housing more affordable is to build millions more housing units, particularly in Greater Vancouver and the Greater Toronto. Earlier this year, an expert Ontario task force said the same, and called for automatically allowing four units of housing of four storeys where one exists today and buildings of up to 11 storeys on transit routes. Premier Doug Ford shelved the report.

Toronto and Vancouver are where Canada’s housing squeeze is most acute. Both are thriving economic engines but expensive housing discourages people from moving there. That saps economic growth.

To attack scarcity, British Columbia and Ontario, and Toronto and Vancouver and their surrounding municipalities, must do more. They’re looking in the right direction, but politics and force of habit have them stuck in the ways of the past.

Cities and provinces have a history of underestimating growth. They look back and extrapolate forward, not taking into account that we are already in a period of housing scarcity. CMHC warned that current planning perpetuates “systematic historical under-provision of housing.”

So where does the leave us? One week after CMHC’s urgent call for action on housing in Toronto and Vancouver, these cities mostly chose continued inaction. And more study.

[GLOW]

Originally Posted by donk.

https://www.rew.ca/properties/417562...hy&sort=latest

1k monthly waterpad rent
3k mortgage + whatever else

I bet you could airbnb the shit out of it for hella cash moneys

"Ommmggg yaaass we need to staaayy here babe!"

$14k/year in moorage and CoV license fees ouch

[donk.]

Originally Posted by supafamous

Infuriating following the Broadway plan debates at council, same with the decision to defer the Commercial/Broadway decision.

https://www.theglobeandmail.com/opin...r-toronto-say/

These hippies aren't helping
https://www.reddit.com/r/vancouver/c...m_source=share

[Qmx323]

Originally Posted by donk.

These hippies aren't helping
https://www.reddit.com/r/vancouver/c...m_source=share

tbf these are probably the parents of the younger hippies blocking the roads cuz of trees earlier

not generalizing, but there must be a correlation.

[sonick]

1% increase to prime rate. That'll crater housing demand.

For those who bought in the last year (myself included), hold on to your butts...