Vancouver's Real Estate Market

[MarkyMark]

Pretty sure most of the people in this thread who are complaining about the unrealistic sacrifices people need to make today to own a place have already bought in and reaped the benefits of all the fake paper gains, myself included. I don't have to love the way things are trending for the next group who are fucked compared to all the great hard working success stories from 2005 we've heard the last couple pages.








Motherfucker.

[Mikoyan]

Originally Posted by donk.

Gonna have to change this thread to the "im up over 50% club"



I looked into this, and while on the surface it may look like a good deal, it's quite risky.
Too many variables, where the last owner can "re buy" their house, add in court dates, etc, your money is locked away for several months or possibly years.

Just invest in something that is ready to be yours.

Here's an example of the cluster F it can be.
https://bc.ctvnews.ca/tax-sale-of-va...-say-1.6136409

City staff say the sale of an East Vancouver home for $1 million less than its assessed value can't be completed because of a "manifest error" in the tax sale process.

At a special meeting Thursday, Vancouver City Council will consider a staff recommendation to declare the error in the sale of a home at 3018 Knight St. last November.
If the property owner pays the upset price within a year of the auction, then the sale is not completed and the property is considered "redeemed."

That's not what happened in the case of 3018 Knight St., however.

Instead, according to the staff report, the sale cannot be completed because the owner of the home died in 2016, and therefore couldn't have received proper notification that the tax sale was happening.

The report indicates no property taxes have been paid on the home since 2016, nor have any declarations for the city's Empty Homes Tax been filed, and liens on the property indicate that it has also been subject to the provincial Speculation and Vacancy Tax.

In all, the upset price for the home was $34,906.32.

The winning bidder paid a deposit for that amount to the city to secure the right to purchase the property for $601,000.

The home's assessed value for 2022 is $1,619,000, according to the staff report.

Because of the lack of proper notice, city staff are recommending that councillors declare a manifest error and refund the upset price to the bidder, plus six per cent interest, in accordance with the Vancouver Charter.

It's unclear what will happen to the home once the sale has been cancelled. The staff report suggests that the property "may have escheated to the Crown as there was no will and no heirs, though that is not certain at this time."

[Great68]

Sounds to me that the city is using the "owner is dead, so can't give proper notice" as an out to try and sell the property for more money closer to assessed value.

[donk.]

Originally Posted by Great68

Sounds to me that the city is using the "owner is dead, so can't give proper notice" as an out to try and sell the property for more money closer to assessed value.

Or the city wants it for them selves

[Traum]

Originally Posted by HonestTea

Feds just raised rates .75

I think BoC has to come in at .50 next month.

The longer it has been since the Feds / BoC been raising the interest rate, the less certain I am in believing that this is the right thing to do.

I understand that hiking the interest rate is the textbook answer to fight inflation, but that textbook answer had its roots from the stagflation era in the 70's, where the causes and societal factors are quite different than the causes (of inflation) we are facing now. Fundamentally, the cause of our current inflationary woes are due supply chain issues, where China and their COVID zero policy are playing a huge factor. Then secondarily, we have the compound effects of western governments printing / handing out massive amounts of money to act as people's lifelines during COVID, so the money supply as well as heightened demand for things are exacerbating the supply side problems.

These issues are obviously beyond the mandate of the Feds / BoC. There is nothing the World can do to change things in China, but at least the governments (US, Canada, etc) need to jump in and come up with policies that would address the root causes of our inflation problem.

As evident from the acnedotes of the "over 50% club", so far the rate hikes have only managed to make our cost of living even more expensive than before.

I am not opposing the rate hikes, but I am saying that the federal gov can't keep on cowardly deferring the responsibility of controlling inflation to the Feds / BoC because the governments themselves have a responsibility to implement measures that are beyond the scope of what the Feds / BoC can do.

[JDMDreams]

^^ you mean like how biden is blaming the oil companies saying they caused this with their record profits while he continues to shit on oil companies and sanctioning Russian oil. And sanctioning china from chips?

[JDMDreams]

Also continues to hand out hundred of millions of dollars to forgive student debt? How about forgive some mortgages too

[Traum]

Originally Posted by JDMDreams

^^ you mean like how biden is blaming the oil companies saying they caused this with their record profits while he continues to shit on oil companies and sanctioning Russian oil. And sanctioning china from chips?

You might want to get your facts straight, because Russian petroleum imports only accounted for 8% of the US' 2021 total petroleum imports. It is Europe that is the primary buyer of Russian petroleum products.

Also, in case you have missed Emperor Xi's 3rd coronation, it is pretty clear that he has every intention to attempt a hostile takeover of Taiwan. So yeah, I guess it must be a good idea to keep supplying them with state of the art technology to bolster their economy and military hardware.

And since you mentioned Big Oil, potentially one of the things the US and Canadian -- and in fact, European -- governments can do is to establish policies to further encourage renewable energy R&D, production, and adoption. If demand for "dirty energy" can be replaced by renewable energy, that would in theory reduce reliance on fossil fuel, thereby reducing fossil fuel demands and alleviating inflationary pressure from fossil fuel.

[JDMDreams]

^^ yes, us doesn't import much oil but oil price is also determined globally, so if you make imagery rules which artificially increased the price you also have to face the consequences. That's like saying you must only buy all your groceries at whole foods cuz Walmart is evil, let's see how much your grocery expense goes up by. remember when they wanted to make America great again? American made iPhone? How many thousands will that shit cost.

And it's a lesson to not burn your bridges, look what OPEC did when oil prices started to drop below $80 they cut production. A big Fu to the US.

Ah good old resource management guess what? look we have oil next door in Alberta, yet why do we have the highest gas prices in North America. Don't get me started on this. Cuz you can't get shit done here, every time shit gets approved some Karen, election or tree hugger comes in and starts shit and it gets cancelled. Look at the keystone XL, the imaginary bridge we're supposed to have been Delta and Richmond, nah mate dey needs a museum bro.

Yea there's hydrogen cars look how well that's going. Literally no company will invest if there's so much flip flop and near impossible to get continuous support from the government.

You have to have a government that has a forward long term plan that's good for the country, not what's good to keep my job for 4 year plan.

[EvoFire]

Originally Posted by Traum

The longer it has been since the Feds / BoC been raising the interest rate, the less certain I am in believing that this is the right thing to do.

I understand that hiking the interest rate is the textbook answer to fight inflation, but that textbook answer had its roots from the stagflation era in the 70's, where the causes and societal factors are quite different than the causes (of inflation) we are facing now. Fundamentally, the cause of our current inflationary woes are due supply chain issues, where China and their COVID zero policy are playing a huge factor. Then secondarily, we have the compound effects of western governments printing / handing out massive amounts of money to act as people's lifelines during COVID, so the money supply as well as heightened demand for things are exacerbating the supply side problems.

These issues are obviously beyond the mandate of the Feds / BoC. There is nothing the World can do to change things in China, but at least the governments (US, Canada, etc) need to jump in and come up with policies that would address the root causes of our inflation problem.

As evident from the acnedotes of the "over 50% club", so far the rate hikes have only managed to make our cost of living even more expensive than before.

I am not opposing the rate hikes, but I am saying that the federal gov can't keep on cowardly deferring the responsibility of controlling inflation to the Feds / BoC because the governments themselves have a responsibility to implement measures that are beyond the scope of what the Feds / BoC can do.

The rates will have to go up, there's no way around it. Look at Turkey and their 80% yoy inflation and it tells me that this is the correct way to do it.

BUT I agree that there should be some targeted measures as well. Allowing companies in certain sectors to claim fuel costs so there's some cost capping would be a start as fuel costs drives inflation in all goods. Pouring money indiscriminately into the economy is only going to make things worse. The student loan forgiveness program in US is bad imo. That's pouring money into the system when really they shouldn't be. It's a good program, done at the wrong time.

[Traum]

When an authoritarian regime / dictator decides to invade a large democratic country and threatens to use nuclear arsenal, I guess it is acceptable to keep funding them through the purchase of their biggest export product? The oil and financial sanctions are a necessary evil, and what should be done is to manage and minimize the fallout from the sanctions. So far, I'm saying having the Feds, BoC, etc. to take on the lion share of the responsibility (to fight inflation) is not working well because their tools is only a partial match at best as the solution.

You are absolutely correct though that our Canadian gov is useless in pushing through necessary but unpopular policies. The US is probably in an even bigger mess given how polarized the country has become, and I'd say we also seem to be heading towards that downward spiral in Canadian politics.

Citing hydrogen vehicles as a sample direction to pursue is inappropriate though because it is inherently a non-viable solution in the foreseeable future. What is viable though is accelerated investment into EV charging infrastructure. Lots of people are still unable to charge at home for one reason or another, and having good public charging -- instead of leaving it up to private companies to set up -- can entice a lot of people to switch into EVs. (And then comes the resulting benefits of less dependence on fossil fuel and smaller carbon footprint.)

Originally Posted by JDMDreams

^^ yes, us doesn't import much oil but oil price is also determined globally, so if you make imagery rules which artificially increased the price you also have to face the consequences. That's like saying you must only buy all your groceries at whole foods cuz Walmart is evil, let's see how much your grocery expense goes up by. remember when they wanted to make America great again? American made iPhone? How many thousands will that shit cost.

And it's a lesson to not burn your bridges, look what OPEC did when oil prices started to drop below $80 they cut production. A big Fu to the US.

Ah good old resource management guess what? look we have oil next door in Alberta, yet why do we have the highest gas prices in North America. Don't get me started on this. Cuz you can't get shit done here, every time shit gets approved some Karen, election or tree hugger comes in and starts shit and it gets cancelled. Look at the keystone XL, the imaginary bridge we're supposed to have been Delta and Richmond, nah mate dey needs a museum bro.

Yea there's hydrogen cars look how well that's going. Literally no company will invest if there's so much flip flop and near impossible to get continuous support from the government.

You have to have a government that has a forward long term plan that's good for the country, not what's good to keep my job for 4 year plan.

[JDMDreams]

I get that they are trying to do the right thing, but I do believe that if you read between the lines there's also a political agenda to how they support. Let's stop a war by giving them more weapons.

Also it's getting to the point where normal everyday citizens are being affected. When xyz family loses their house cuz they got laid off + interest rate spike and freeze in the winter cuz they can't afford energy/ heat. do you tell them the Ukrainian people thanks you for your sacrifice. Sorry but we gotta keep jacking the rates cuz inflation still high. Or they actually look at solving the cause of the price increase supply issue.

We can afford to throw millions at random countries but we can't pay our teacher or doctors.

[Great68]

The big picture here is that standing up to countries like Russia now will prevent them from these using these tactics on the next thing they want to take over resulting in more economically stable future.

You wanting to capitulate means their tactics are working, and because you're so soft they'll just use them again and again.

[meme405]

Originally Posted by Traum

You are absolutely correct though that our Canadian gov is useless in pushing through necessary but unpopular policies.

Lets be clear all levels of government in Canada are horrific at pushing through even popular policies.

Just look at the fiasco with Daylight savings time. We literally all voted to get rid of that shit, and those fucking idiots are still trying to figure it out.

[donk.]

Someone needs to change the title of this thread to Canadian politics

[Gumby]

Originally Posted by meme405

Lets be clear all levels of government in Canada are horrific at pushing through even popular policies.

Just look at the fiasco with Daylight savings time. We literally all voted to get rid of that shit, and those fucking idiots are still trying to figure it out.

We can't get rid of daylight savings time until the states on the west coast come to an agreement...

[twitchyzero]

Originally Posted by is350

you can drive your nice ass vintage or new car, eat your organic shit, eat out at your fancy restaurants regularly, take your multiple vacations a year, just don't complain at the same time that you can't buy a home here because you clearly can as someone has already shown, but it requires a ton of sacrifices in your lifestyle over a long term, which a lot of you whiners won't do.

and the guys on the island or in calgary that can have a house and more than a trip per year?

what's wrong with pushing for a more balanced market without moving to an apartment 1.5 hours away?

[Manic!]

Gas prices are high in BC because housing prices are high in BC. Gas companies are making a killing right now. All these excuses of lack of pipelines, Russia, refineries is just B.S.

[JDMDreams]

^. That's like saying I want all the bitches Champaign steak and lobster but I only have $20. Maybe in Mexico with some Latinas?

[meme405]

Originally Posted by Gumby

We can't get rid of daylight savings time until the states on the west coast come to an agreement...

That's a stupid reason and a cop out.

Someone has to do it first. California had been saying the same thing for ages that they wont pass something until other states wished to make the change, and they are locked because they need presidential approval.

Why couldn't we joint the Yukon, and Saskatchewan instead? Why rely on the fucking americans?

Your voters gave you their decision, now just make it so. Dont make excuses as to why you can't do it. 93% is a pretty clear indication to how people feel about the issue.

I work in the Yukon, it really isn't the end of the world when BC changes, you just have to think for half a second when you send meeting invites or want to call a vendor down in BC near the end of the day.

[waddy41]

Fort St John doesn't change their time

"Part of the Peace River Regional District (including the communities of Chetwynd, Dawson Creek, Hudson's Hope, Fort St. John, Taylor and Tumbler Ridge) is on Mountain Time and does not observe DST."

[CivicBlues]

If it's not such a big deal to make the change, then it's not such a big deal to leave it alone.

Honestly we need to coordinate with the rest of the PST states...They are the 90% to our 10%. A huge portion of our tech industry runs off the fact we are in the same time zone as California/Seattle. Why shoot ourselves in the foot just to get a jump start? It might happen by next year if this news story is anything to go by.

[supafamous]

Originally Posted by CivicBlues

If it's not such a big deal to make the change, then it's not such a big deal to leave it alone.

Honestly we need to coordinate with the rest of the PST states...They are the 90% to our 10%. A huge portion of our tech industry runs off the fact we are in the same time zone as California/Seattle. Why shoot ourselves in the foot just to get a jump start? It might happen by next year if this news story is anything to go by.

That said, trust people to do the opposite of what medical professionals say you should do: https://www.webmd.com/sleep-disorder...rd-time-vs-dst

Most medical professionals say that DST is going to cause more problems than standard time yet we're all going down the other path. *sigh*

[CivicBlues]

Well this article from yesterday says it's stalled in the House

Maybe the midterms next week will shake things up?

[EvoFire]

Originally Posted by supafamous

That said, trust people to do the opposite of what medical professionals say you should do: https://www.webmd.com/sleep-disorder...rd-time-vs-dst

Most medical professionals say that DST is going to cause more problems than standard time yet we're all going down the other path. *sigh*

Don't understand why DST would be made the defacto time. Standard time is standard time for a reason. Why do I want it to start getting dark by 2 in the afternoon?