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The Decline of Vancouver.

Nov. 6, 2016, 11:57 a.m.
Posts: 9747
Joined: Nov. 20, 2002

dude c'mon, that's a poor argument considering how the R/E market has played out in metro van over the past decade. before that you didn't have the "i can't afford a ferrari bitchers" because there was a decent amount of modestly priced housing stock, inlcuding SFH's in vancouver proper. YOY price increase of 20-30%? that's totally unreasonable. hell, even jumps of 10% could be considered out of line considering other factors like wages in this region. the market has been unreasonably skewed by foreign investment and housing stock has been turned into a commodity.

20 years ago i could buy a house in the east of sfu region for a bit more than what i paid for my condo 8 years ago. now that condo is priced about the same as what a home on the east side of vancouver was worth about 5-6 years ago. we're looking at across the board 100% price increases (or more) in less than a decade. that's just fucked.

in the past living in the burbs might have meant east side of burnaby, tri-cities, surrey, etc, now that means mission, abby, hope. it's fucked. you have 60 yr old homes getting close to $1 million on the east side of burnbay and in most of coquitlam and port moody with poco not being far behind.

here's the picture if you set SFH prices at $850K. there are two anomalies, the one blue dot in vancovuer is actually a houseboat and the one on the north shore is actually a listing for a property on an island with no ferry service.

now cut the price to $700K - even bleaker

now cut it to $600K - well holy shit.

if i'd have said even 5 years ago that unless you went out to or past the east side of maple ridge or the shit parts of surrey that you couldn't buy a house for under $600K you probably would have lauged. in many places, home prices have come close to doubling in 5 years - that's insane. that you can't get a house for under $630 in poco for fucks sake is just stupid. even if we have a major correction of 25% the idea of owning a SFH for most people who don't already have significant equity in a property is GONE.

So dont buy a SFH.

Nov. 6, 2016, 12:01 p.m.
Posts: 11903
Joined: June 4, 2008

no i think the current 15% tax did a decent job regulating foreign money

From the people who said the data proved only 3% of all sales were to foreigners. Real estate data moves glacially. Furthermore, it's so suspect it's almost useless.

more importantly the CRA cracking down on unreported income

This is an extremely lagging indicator. You can't say this for another year or two at the very least, and even then you'd probably need to be paid to have the opinion you do to say anything on it.

all out ban of outside ownership would go to far and probably break most of our global trade agreements

Funny how so many countries have this policy in place already. Whatever the case, only the top courts and a few years of deliberation would be able to say what we can or cannot do based on trade agreements built by monied interests.

Whatever the case, as long as our majority government allows contributions from international property development companies, those who only care about their net worth need not worry.

Nov. 6, 2016, 12:43 p.m.
Posts: 1616
Joined: Nov. 23, 2002

So dont buy a SFH.

event the condo market is out of reach for many people unless they have a significant down payment.

Luck is what happens when preparation meets opportunity ~ Seneca

Nov. 6, 2016, 2:02 p.m.
Posts: 1659
Joined: Aug. 6, 2009

So dont buy a SFH.

Repeating syncro's analysis using a 3 bedroom townhouse (which I think many people would be happy to have as a proxy for a SFH), starting at $650K instead of $850K, you get pretty much the same results.

Even with equity built up in a smaller condo, most people would need a $250-300K mortgage to "move up the ladder".

Nov. 6, 2016, 2:39 p.m.
Posts: 9747
Joined: Nov. 20, 2002

Repeating syncro's analysis using a 3 bedroom townhouse (which I think many people would be happy to have as a proxy for a SFH), starting at $650K instead of $850K, you get pretty much the same results.

Even with equity built up in a smaller condo, most people would need a $250-300K mortgage to "move up the ladder".

they are roughly 400k in Langley. dont get me wrong langley sux but there are choices

Nov. 6, 2016, 11:08 p.m.
Posts: 0
Joined: Dec. 27, 2002

IMO Canada just isn't working. We have generous immigration policies and where do you think alot these new Canadians want to live? Vancouver area or greater Toronto. It's a steady influx of 2nd world people and it won't be stopping. Think what the next 20years will bring.

It's just going to get more crowded in the little pocket of BC and as interest rates stay in the gutter home prices will remain sky high as cheap money rules. The only way out of this mess is 6% mortgages.

Nothing will change this is the new normal.
I'm trying to convince the wife to move to us. Done with this place. Weather sux balls too.

Global news…. Sponsored by reMax!

Nov. 10, 2016, 1:20 p.m.
Posts: 8935
Joined: Dec. 23, 2005

http://www.nsnews.com/news/north-shore-home-sales-dip-towards-a-buyer-s-market-1.2546222

Nov. 10, 2016, 10:28 p.m.
Posts: 7707
Joined: Sept. 11, 2003

Its starting to happen … detached home sales are starting to go off a cliff

Looked at some realtor's listings last week. 2,000 sq ft detatched home in Deep Cove asking $1.9 million sold for about $1.1 million after 7 days on the market. The 20% downpayment has also given the market a reality check.

Nov. 10, 2016, 11:12 p.m.
Posts: 0
Joined: Dec. 27, 2002

Baha my buddy who bought in Coverdale at the peak in the summer for 900k is now likely underwater. Just that easy folks.

Nov. 10, 2016, 11:21 p.m.
Posts: 11903
Joined: June 4, 2008

Just that easy folks.

Or maybe not.

Prediction is hard, especially about the future.

Nov. 11, 2016, 9:51 a.m.
Posts: 20
Joined: Nov. 20, 2002

Baha my buddy who bought in Coverdale at the peak in the summer for 900k is now likely underwater. Just that easy folks.

Why would he be in trouble? Unless he's fliping it or cant aford it he should be ok. The only way he can get in trouble is if he's on the edge and intrest rates go up.

http://www.epiccyclist.com/

Nov. 11, 2016, 11:57 a.m.
Posts: 15087
Joined: Nov. 20, 2002

Baha my buddy who bought in Coverdale at the peak in the summer for 900k is now likely underwater. Just that easy folks.

really I thot it went on forever ?

there was that pessimistic asshole on NSMB who said this would happen

wait … that was me

Nov. 11, 2016, 3:46 p.m.
Posts: 6104
Joined: June 14, 2008

really I thot it went on forever ?

there was that pessimistic asshole on NSMB who said this would happen

wait … that was me

no it was me…im always right, time will tell.

Nov. 11, 2016, 4:47 p.m.
Posts: 15019
Joined: April 5, 2007

Where's Pedro now?

Why slag free swag?:rolleyes:

ummm, as your doctor i recommend against riding with a scaphoid fracture.

Nov. 11, 2016, 4:51 p.m.
Posts: 0
Joined: Dec. 27, 2002

Well if Coverdale buddy would have held off and not bought it could have saved him Prolly 150k just by waiting 4 months.

I think it's a pretty big deal when all the Money you saved up over a decade or whatever goes poof.

Would you be happy paying $4500 a month in mortgage and prop tax to live in Coverdale?

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