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01-02-2020, 09:10 PM
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#15151
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I contribute to threads in the offtopic forum
Join Date: Dec 2001
Location: Vancouver
Posts: 2,830
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There's no single reason as to what cooled the market however policy induced market correction likely suppressed any immediate upswing in the interim, which is what policy driven legislation is meant to do. The market came to a grind in summer 2016 when the FBT came into play - but that was something new to many vested players in the market which was bull since the early 2000s. None of us knew what to expect and I think that was the reason the market reacted 180, yet returned to normalcy by next spring.
The effects from EHT and Spec Tax was more encompassing which is why I think it has created more resistance in the market and why the destination of where the recovery will lead is a little more unknown. Our boards loves the "glass half full" perspective so even with what looks like improving sales numbers for the past 5 consecutive months, prices are still down y-o-y.
There is still reason be bullish in the market:
1. The run-up from the last 20 years and the amount of increased equity from many homeowners looking to spend that new wealth within the market.
2. Significant re-development/gentrification and displacement. This causes huge trickle down effects in the market. Look at all the working class neighbourhoods being uprooted and "bougied".
3. Presale construction and deliberate inventory control.
Unless policy controls are in place at the federal level, there is reason for people to be optimistic at the market as it feels like the sellers and buyers this time can wait it out, in other words, the bottom isn't falling out.
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"Harvey Belafonte ain't black. He's just a good looking white guy dipped in caramel. " - Archie Bunker
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01-02-2020, 10:40 PM
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#15152
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y'all better put some respeck on my name
Join Date: Dec 2002
Location: Vancouver
Posts: 18,928
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I see prices trending down in 2020. There's plenty of good homes on the market which have been sitting on the market for months. Also, homes that are selling and were priced right are still selling under ask. I feel like some realtors and sellers are still stuck in 2017 and hoping for a miracle but at some point they'll have to face reality and readjust prices for the current market come Spring.
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01-02-2020, 11:12 PM
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#15153
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Where's my RS Christmas Lobster?!
Join Date: Jan 2002
Location: Vancouver
Posts: 803
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I was looking at a condo that's been on the market for 130+ days. Viewed it, it was listed for 500 and assessed at 515. Offered 470 - needed little things fixed here and there, and the unit next door was a bit bigger, better shape, and one extra parking stall.
The owner seemed like a hothead when he was leaving (got there really early and saw him yelling at his wife as they were leaving).
He was really pissed at my 470 offer and didn't counter.
Now his assessment has gone from 500 to 467. I wonder if I should contact him again and see if they would consider my offer now. I don't need to be friends with the guy, I just think his place is perfect for what I want. But i have a limit to what I can spend, and if it was such a good price, why would it be on the market for so long?
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01-02-2020, 11:40 PM
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#15154
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I contribute to threads in the offtopic forum
Join Date: Dec 2001
Location: Vancouver
Posts: 2,830
Thanked 755 Times in 318 Posts
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If you like the home, write again. Depending on the comps I'd write a lower offer - who cares if the seller balks as long as the price is in-line. If they need to sell eventually they'll come to terms just a matter of when.
I've seen repeatedly where stale listings get re-listed, same price (sometimes higher), same pics, remarks then immediately get sold, often at a better price then one would expect so don't wait too long in case that happens.
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"Harvey Belafonte ain't black. He's just a good looking white guy dipped in caramel. " - Archie Bunker
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01-03-2020, 05:47 AM
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#15155
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RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002
Location: Vancouver
Posts: 8,416
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My place dropped 15%. I laugh, but I hurt inside. Lol.
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Crush - 1971 Datsun 240z - Build Thread
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01-03-2020, 06:21 AM
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#15156
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Willing to sell body for a few minutes on RS
Join Date: Jul 2001
Location: Cloverdale
Posts: 11,647
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Quote:
Originally Posted by Mr.HappySilp
Lower assessment value doesn't mean property tax will be lower.
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100%, it's a one way street they'll use to as an excuse to raise them but they are seldom lowering them ever.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
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01-03-2020, 07:32 AM
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#15157
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I have named my kids VIC and VLS
Join Date: Oct 2001
Posts: 39,479
Thanked 16,089 Times in 6,561 Posts
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The house behind me sold on Nov 25th, 7k over asking at 1.55, new assessment is 1.23. East Van. Not bad for the Neighbor
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Dank memes cant melt steel beams
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01-03-2020, 10:46 AM
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#15158
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Need to Shave n Shower, but I CANT STOP POSTING ON RS
Join Date: Apr 2007
Location: Okanagan
Posts: 17,609
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Your assessment only affects what proportion of the overall taxes you pay. If everyone drops 10% your taxes stay the same. If everyone goes up 10% your taxes stay the same. But if everyone drops 10% and you only drop 5%, yours will go up. If everyone goes up 10% and you only go up 5%, your taxes go down.
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1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed]
Quote:
Originally Posted by maksimizer
half those dudes are hotter than ,my GF.
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Quote:
Originally Posted by RevYouUp
reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z
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Quote:
Originally Posted by Good_KarMa
OH thank god. I thought u had sex with my wife. :cry:
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01-03-2020, 03:49 PM
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#15159
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RS.net, helping ugly ppl have sex since 2001
Join Date: Aug 2007
Location: Paradise, BC
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Quote:
Originally Posted by Ludepower
Grown up kids cant live in their parents basements forever.
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Oh I wouldn't be so sure about that. 
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01-03-2020, 05:15 PM
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#15160
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Willing to sell body for a few minutes on RS
Join Date: Nov 2002
Location: 604
Posts: 10,298
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Just saw on TV that insurance for condo buildings went up 300% (one example for a strata went from $95K to $300K per year). That's going to directly affect strata fees. Will this have any effect on the condo market?
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01-03-2020, 06:25 PM
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#15161
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Willing to sell body for a few minutes on RS
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,128
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My house went up $8k
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01-03-2020, 06:38 PM
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#15162
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I *Fwap* *Fwap* *Fwap* to RS
Join Date: Mar 2013
Location: Vancouver
Posts: 1,522
Thanked 1,716 Times in 634 Posts
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15% drop. East Van detached.
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01-03-2020, 06:41 PM
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#15163
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RS Veteran
Join Date: Nov 2001
Location: An Island
Posts: 14,400
Thanked 5,024 Times in 1,083 Posts
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Saanich detached down 4%
In reality last 3 previous years it went up 9%, 14%, 14%
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Victoria Car Assessments - Condition assessments (test drive, photos, deficiencies and summary). RS member references available. IG @touringteg
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01-03-2020, 06:48 PM
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#15164
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Even when im right, revscene.net is still right!
Join Date: Jun 2003
Location: Vancouver
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Quote:
Originally Posted by underscore
Your assessment only affects what proportion of the overall taxes you pay. If everyone drops 10% your taxes stay the same. If everyone goes up 10% your taxes stay the same. But if everyone drops 10% and you only drop 5%, yours will go up. If everyone goes up 10% and you only go up 5%, your taxes go down.
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Is that how it works? thanks!
It says my house went down 19%, the average is 11%. My condo went down 13%, the Vancouver average is 10%. So I should see a reduction is taxes on both? I'll believe it when I see it.
Everything is so damn expensive here. And now I lost $475G overnight, lol.
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01-03-2020, 08:43 PM
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#15165
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Head of HR....have a seat on that couch
Join Date: Jan 2003
Location: Coquitlam
Posts: 21,878
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The TH we sold went down 17%; the one we just bought, dropped 3%. Whew.
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feedback
Originally posted by v.b.
can we stop, my pussy hurts...
Originally posted by asian_XL
fliptuner, I am gonna grab ur dick and pee in your face, then rub shit all over my face...:lol
Originally posted by Fei-Ji
haha i can taste the cum in my mouth
Originally posted by FastAnna
when I was 13 I wanted to be a video hoe so bad
RSUV #7
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01-03-2020, 08:52 PM
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#15166
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I WANT MY 10 YEARS BACK FROM RS.net!
Join Date: Oct 2007
Location: Vancouver BC
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i know a handful of couples living in condos that started families by moving back to their parents basement/laneway/their parents downsized to the laneway
i can understand why people dont wanna pay strata...and it's not so mucha stigma in some cultures
multi-generational living isn't new to vancouver, but it's only gonna become more common/accepted
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01-03-2020, 09:28 PM
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#15167
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Willing to sell body for a few minutes on RS
Join Date: Nov 2002
Location: 604
Posts: 10,298
Thanked 6,168 Times in 2,974 Posts
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What do you guys think of those older Vancouver homes with triplex or quadplex? Apparently, it functions as a strata, common repairs are shared. You gotta really like the other owners though. What is the price range of one of these units? Are we talking $400K or $700K?
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01-03-2020, 09:39 PM
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#15168
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Need to Seek Professional Help
Join Date: Mar 2004
Location: Vancouver
Posts: 1,098
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Our strata INSURANCE went up by 265%... its ridiculous
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S L O W P O K E
Last edited by iambuRnz; 01-03-2020 at 10:38 PM.
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01-03-2020, 09:41 PM
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#15169
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Willing to sell body for a few minutes on RS
Join Date: Nov 2002
Location: 604
Posts: 10,298
Thanked 6,168 Times in 2,974 Posts
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^ WUT?!! Is that because of the insurance?
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01-03-2020, 09:53 PM
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#15170
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Head of HR....have a seat on that couch
Join Date: Jan 2003
Location: Coquitlam
Posts: 21,878
Thanked 15,606 Times in 4,325 Posts
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Wait. So assuming most highrise strata is 250-300, you're saying yours is now, well over $600/mo? Fts
__________________
feedback
Originally posted by v.b.
can we stop, my pussy hurts...
Originally posted by asian_XL
fliptuner, I am gonna grab ur dick and pee in your face, then rub shit all over my face...:lol
Originally posted by Fei-Ji
haha i can taste the cum in my mouth
Originally posted by FastAnna
when I was 13 I wanted to be a video hoe so bad
RSUV #7
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01-03-2020, 10:15 PM
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#15171
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Willing to sell body for a few minutes on RS
Join Date: Aug 2004
Location: Duncan, BC
Posts: 10,128
Thanked 5,568 Times in 2,107 Posts
Failed 231 Times in 90 Posts
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Quote:
Originally Posted by fliptuner
Wait. So assuming most highrise strata is 250-300, you're saying yours is now, well over $600/mo? Fts
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Up 265% would be over $900 ($250 x 3.65 = $912.50)
Multiplied by 1 + (% increase / 100)
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01-03-2020, 10:38 PM
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#15172
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Need to Seek Professional Help
Join Date: Mar 2004
Location: Vancouver
Posts: 1,098
Thanked 48 Times in 20 Posts
Failed 11 Times in 5 Posts
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Quote:
Originally Posted by whitev70r
Just saw on TV that insurance for condo buildings went up 300% (one example for a strata went from $95K to $300K per year). That's going to directly affect strata fees. Will this have any effect on the condo market?
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My bad all..
I dont know why it didnt quote this earlier... but what i meant was the strata insurance went up by 265%.
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S L O W P O K E
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01-03-2020, 10:44 PM
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#15173
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Need to Shave n Shower, but I CANT STOP POSTING ON RS
Join Date: Apr 2007
Location: Okanagan
Posts: 17,609
Thanked 10,429 Times in 4,558 Posts
Failed 435 Times in 233 Posts
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Quote:
Originally Posted by GIZZ
Is that how it works? thanks!
It says my house went down 19%, the average is 11%. My condo went down 13%, the Vancouver average is 10%. So I should see a reduction is taxes on both? I'll believe it when I see it.
Everything is so damn expensive here. And now I lost $475G overnight, lol.
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That's how it was always explained to me, and logically it makes sense. Though unless the total tax amount the city wants is identical to last year the actual taxes you pay might not be down 8% and 3%. It sure would end a lot of confusion if it just said that on your property taxes.
__________________
1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
1992 Toyota Celica GT-S ["sold"] \\ 2007 Jeep Grand Cherokee CRD [sold] \\ 2000 Jeep Cherokee [sold] \\ 1997 Honda Prelude [sold] \\ 1992 Jeep YJ [sold/crashed] \\ 1987 Mazda RX-7 [sold] \\ 1987 Toyota Celica GT-S [crushed]
Quote:
Originally Posted by maksimizer
half those dudes are hotter than ,my GF.
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Quote:
Originally Posted by RevYouUp
reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z
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Quote:
Originally Posted by Good_KarMa
OH thank god. I thought u had sex with my wife. :cry:
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01-03-2020, 10:53 PM
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#15174
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RS.net, helping ugly ppl have sex since 2001
Join Date: Aug 2007
Location: Paradise, BC
Posts: 8,360
Thanked 8,133 Times in 3,381 Posts
Failed 261 Times in 147 Posts
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Quote:
Originally Posted by whitev70r
Just saw on TV that insurance for condo buildings went up 300% (one example for a strata went from $95K to $300K per year). That's going to directly affect strata fees. Will this have any effect on the condo market?
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This is probably the news story that you watched?
https://globalnews.ca/news/6363104/l...ce-deductible/
Coles notes:
- strata deductible going up from $5k to $250k
- strata insurance premium going up from $97k to $371k
- the building is 3 yrs new and never had a claim before
So you can't afford a house in Metro Vancouver because the prices are too high. And then you can't afford an apartment either because the insurance premiums and deductibles are too high.
Great... this is just great...
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01-03-2020, 11:48 PM
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#15175
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Willing to sell body for a few minutes on RS
Join Date: Nov 2002
Location: 604
Posts: 10,298
Thanked 6,168 Times in 2,974 Posts
Failed 320 Times in 161 Posts
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^ Yup, that's the one. I got my figures a bit off, it's even worst than what I said before!
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