Vancouver's Real Estate Market

[trd2343]

Real estate guru, is the picture below of any concern? The black plastic looks like it's separating, and I'm not sure who I would find to fix it.

https://imgur.com/a/3dFEl3q


https://imgur.com/a/iFlSfzS

[Hondaracer]

Doesn’t look like anything serious but the dirt shouldn’t be over the dimple mat like that in the second picture as water will be running behind the mat

Just take a shovel and dig it back a little bit without hitting the dimple mat and clear the dirt away. You can get a bucket of tar and patch any holes that may be in it. Waterproofing like that tgough is moreso for when ground water is rising as a whole and then it diverts it to your drain tile. It’s not really doing anything for a little bit of rain or spotty surface water

[Traum]

With my mortgage, there are 3 ways to speed up the repayment process. I'd expect other mortgages to offer similar options too:

1) Do lump sum payments up to 15% of your original borrowed amount in each (mortgage) contract year. From talking to the agent when I first got my mortgage, there seems to be no limits on how many lump sum payments you can make, as long as their cumulative annual total comes to 15% of less of the mortgaged amount.

2) Increase your payments by 15%. You can ask them to start / stop this any time.

3) Do double payments.

All 3 options can be simultaneously used to help the borrower pay down the mortgage faster.

As a 4th option, I have been told that weekly payments will speed up the repayment period by a tiny bit compared to bi-weekly or monthly payments. With my 30 yrs mortgage, I think I trimmed off something like 5 or 6 weeks by switching from a bi-weekly payment model to a weekly payment model LOL~

But really, I think people are ballin if they can fully utilize any of these options to help them pay the mortgage down.

Originally Posted by supafamous

There's usually some small penalties if you throw more money at your mortgage than what's in the contract - eg. if you exceed the 15% annual lump sum you have to pay some small amount to cover the loss in revenue they would have gotten from interest payments.

I'd have to pull out my contract to see what TD charges but it's there in awkward language.

Originally Posted by sonick

Yeah you can't willy nilly lump sum or increase payments, usually you have one or two per year you can do it but that's it.

[Gerbs]

They wouldn't let me do weekly, they sent me from monthly to accelerated bi-weekly lol.

[JDMDreams]

Long term fixed rates 4 5 years is dropped back down to low 5s

[Manic!]

https://twitter.com/tMayor_McCheese/...DUwa-HnscsAAAA

Effective January 1st, 2023, a new federal law – the Prohibition on the Purchase of Residential Property by Non-Canadians Act.

Which is a 2-year ban on purchasing residential real estate ANYWHERE in Canada by anyone who isn’t Canadian.

[EvoFire]

Originally Posted by Manic!

https://twitter.com/tMayor_McCheese/...DUwa-HnscsAAAA

The handle tMayor_mcCheese makes me think it's not real and I had to google to see if it's actually happening.

[HonestTea]

Originally Posted by Manic!

https://twitter.com/tMayor_McCheese/...DUwa-HnscsAAAA

This is great news to cool down our RE market, no?

[Badhobz]

Australia and NZ already have this in place for a few years I believe. Sydney markets still haven’t really cooled down.

[Manic!]

Originally Posted by HonestTea

This is great news to cool down our RE market, no?

I think It will stop companies like blackrock from buying houses because they are US owned.

[donk.]

They will just open a Canadian company and buy them, problem solved

When you have that much money, you probably have a team of legal experts on payroll, that can and will make anything possible

[mikemhg]

Negative people come up with problems for solutions.

Of course there will be workarounds, but it is good to see the government finally trying to put in measures to tackle this problem.

Who would've guessed ol' Liberal Trudeau would be the guy to put a ban on foreign ownership of property

[Hondaracer]

Was it even a problem though?

Over the last 2-3 years didn’t statistics say non-residents only made up like 1% of R/E transactions?

I’d say the bigger issue would be like temporary visa holders or people who are getting a quick PR and turning around and buying R/E are the bigger issue but hopefully there is some sort of wording in this legislation which addresses things like that

[JDMDreams]

Yea always trying to blame the foreigner's, I recall seeing some stats a few years back and only 0.5% of all re transactions were by foreigners. Rich international students will wait till they get pr to buy. Yet we have no problems always welcoming refugees.

[The Producer]

it's the REIT's

boomers were told their key to retirement was low risk low tax RE investment through these schemes.

until we tax the absolute shit out of all housing investors, nothing will change.

if anything banning the tiny amount of actual foreign investment just makes it easier for these domestic entities to buy up the supply. Same thing w the rental restriction removal. Tiny effects blown up into political soundbites so that the government doesn't have to go after the real problem - it's own voting base.

[6thGear.]

Copied and pasted what REBGV emailed us. Government has not released any additional information regarding how regulations will be interpreted and/or enforced

Non-Canadians are defined as individuals who aren’t:

Canadian citizens
permanent residents of Canada
persons registered under the Indian Act.
corporations based in Canada that are privately held, not listed on a stock exchange in Canada, and controlled by someone who is a non-Canadian.

The act defines residential property as buildings with three homes or less, as well as parts of buildings like a semi-detached house or a condominium unit.
The law doesn’t prohibit the purchase of larger buildings with multiple units.
The act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the act.
If a court finds that a non-Canadian has done this, they may order the sale of the house.

[GLOW]

will this be effective, or is it 20 years too late?

[hotjoint]

Originally Posted by Traum

With my mortgage, there are 3 ways to speed up the repayment process. I'd expect other mortgages to offer similar options too:

1) Do lump sum payments up to 15% of your original borrowed amount in each (mortgage) contract year. From talking to the agent when I first got my mortgage, there seems to be no limits on how many lump sum payments you can make, as long as their cumulative annual total comes to 15% of less of the mortgaged amount.

2) Increase your payments by 15%. You can ask them to start / stop this any time.

3) Do double payments.

All 3 options can be simultaneously used to help the borrower pay down the mortgage faster.

As a 4th option, I have been told that weekly payments will speed up the repayment period by a tiny bit compared to bi-weekly or monthly payments. With my 30 yrs mortgage, I think I trimmed off something like 5 or 6 weeks by switching from a bi-weekly payment model to a weekly payment model LOL~

But really, I think people are ballin if they can fully utilize any of these options to help them pay the mortgage down.

When we did our mortgage last year. We signed for 25 years and weekly payments. Works best because the principle amount is being recalculated on weekly basis vs bi weekly or monthly

[donk.]

Originally Posted by 6thGear.

The act has a $10,000 fine for any non-Canadian or anyone who knowingly assists a non-Canadian and is convicted of violating the act.
If a court finds that a non-Canadian has done this, they may order the sale of the house.

Only a 10k fine?

If I was an international investor, I would not even care. That's pocket change for someone buying overseas

The court order sale on the other hand may throw them off. Orrrrrr, they stretch out the court date for a few years and your good to go

Fines in Canada are a joke. Wasn't there some Realtors doing sketchy shit a year ago or two, and got like a thousand dollar fine and a suspension on their licence for a few months?

If your gonna put fines in place, make them do some damage

[6thGear.]

Originally Posted by donk.

Only a 10k fine?

If I was an international investor, I would not even care. That's pocket change for someone buying overseas

The court order sale on the other hand may throw them off. Orrrrrr, they stretch out the court date for a few years and your good to go

Fines in Canada are a joke. Wasn't there some Realtors doing sketchy shit a year ago or two, and got like a thousand dollar fine and a suspension on their licence for a few months?

If your gonna put fines in place, make them do some damage

Each infraction has its own set fine. Depends how severe the situation is and how much damage was inflicted if there was another party involved. Here's some recent examples


https://realestatemagazine.ca/b-c-re...g%20violations.

https://www.google.ca/amp/s/www.cbc.ca/amp/1.6177366


https://www.straight.com/news/realto...ts-bc-property

Article on fine increases
https://globalnews.ca/news/2792595/h...-b-c-realtors/

[GLOW]

Originally Posted by donk.

Only a 10k fine?

If I was an international investor, I would not even care. That's pocket change for someone buying overseas

The court order sale on the other hand may throw them off. Orrrrrr, they stretch out the court date for a few years and your good to go

Fines in Canada are a joke. Wasn't there some Realtors doing sketchy shit a year ago or two, and got like a thousand dollar fine and a suspension on their licence for a few months?

If your gonna put fines in place, make them do some damage

it's like that 1 realtor a while back that did some shady deal that yielded him $500k profit, the RE board fined him like a few thousand bucks and told him to take a 3 month vacation, i mean suspension...

who says crime doesn't pay isn't from here

[JDMStyo]

US 5 year rates coming down... US dollar dropping too.

Let's see what recession brings.

https://www.bnnbloomberg.ca/us-mortg...6-27-1.1862695

[snowball]

Originally Posted by The Producer

it's the REIT's

boomers were told their key to retirement was low risk low tax RE investment through these schemes.

until we tax the absolute shit out of all housing investors, nothing will change.

if anything banning the tiny amount of actual foreign investment just makes it easier for these domestic entities to buy up the supply. Same thing w the rental restriction removal. Tiny effects blown up into political soundbites so that the government doesn't have to go after the real problem - it's own voting base.

People really be pushing the foreigner or foreign investors vs us when it's really a class war. There are so many rich Canadians and REITs that will swoop in a buy whatever you think you were going to buy.

[supafamous]

https://www.zealty.ca/mls-R2730728/1...ET-Burnaby-BC/

Couple months ago I shared this 2 bedroom that needed to be gutted completely that was listed for $430k. It sold a couple weeks ago for $480k. Assessed value was $511k. Figure $75-100k to renovate it properly.

[sdubfid]

New assessments are up for you greedy capitalists