The case for higher housing prices in vancouver

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The case for higher housing prices in vancouver Rate Topic:

#1 realtor

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Posted 17 November 2009 - 04:09 PM

If you don't buy property in vancouver, you'll be priced out forever. economists are expecting 10,000 new jobs every month and consumer confidence is increasing.

If we have 10-per cent-unemployment, that means 90 per cent of people are employed. People are re-entering the market and they have the confidence to take advantage of bargain-basement prices. There's been a release of pent-up demand, and that has a long time to play out. Prices have gone as low as they are going to go.

There are LOTS of people that CAN afford $400,000 for housing. Median after-tax household income in Canada is up around $65,000/year. In Vancouver that number is well over $70,000/year. With a 20% down-payment saved up that $400,000 condo means a $320,000 mortgage. Amortized over 25 years even with mortgage rates rising to 5% you're looking at $1,860/month or 31% of after-tax income. Another $400/month in condo fees and you're still only at 39% after-tax income. High yes, but that's for the MEDIAN family, meaning 50% of families in these markets are better off than that.

The bubble won't burst but a small hissing sound next july when the HST comes out, and carney nudges the rates up. Most people are locked in 3 to 5 years so any increase in interest rate won't affect anyone

Countries all over the world are inflating the debt away. They are allowing assets to rise knowing that wages hikes will follow, making the debt easier to pay off.

Sitting in Cash right know is just plane Dumb!!!

Vancouver has been undervalued for years, still under valued.

#2 techassassin

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Posted 17 November 2009 - 04:41 PM

Troll!
Its too expensive here ..not such thing in a investment in vancouver when rent is 60% cheaper then a morgtage.Thats -40% return ..wow cash negative income yay!

#3 techassassin

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Posted 17 November 2009 - 04:44 PM

Once people realize what a shit hole this place is after the olympics.That bubble gonna pop.And ill be waiting with cash that ive svaed not paying that mortgage/intrest/strata/tax

#4 Zebra

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Posted 17 November 2009 - 04:50 PM

techassassin, on 17 November 2009 - 04:41 PM, said:

Troll!
Its too expensive here ..not such thing in a investment in vancouver when rent is 60% cheaper then a morgtage.Thats -40% return ..wow cash negative income yay!

60% cheaper? Where did you get that number from, the guy upstairs stomping out a message in morse code?

The IOC doesn't award the Olympics to shitholes. Vancouver will be awesome long after the Olympics are gone.

#5 Zebra

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Posted 17 November 2009 - 04:53 PM

Ps: strata fees are a fact of condo life and have no reflection on the quality or affordability of local housing. FYI.

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#6 Soiled Midget Negligee

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Posted 17 November 2009 - 04:58 PM

When will be able to enjoy your "Case for higher rent and abolition of Social Housing series"? :rolleyes:

#7 Soiled Midget Negligee

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Posted 17 November 2009 - 05:00 PM

It should say When will we be. I am unable to edit for some reason. I cannot edit ever anymore or send messages. I don't know what is wrong. It is hit and miss posting also. It times out, but just on this site.

#8 smelly

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Posted 17 November 2009 - 05:04 PM

LOL!

Realtor is back.. that can only mean one thing.. the market is about to tank again and he's paniking again - desperate to get people to buy.

only a complete f-ing moron would buy at the moment.. but there seems to be a lot of them about.. so keep it up realtor, you might convince someone!

EDIT: For kicks.. I know you probably have trouble reading - so here's a vid from the globe and mail:

http://www.theglobea...article1365127/

This post has been edited by smelly: 17 November 2009 - 05:05 PM

#9 Yvr Man

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Posted 17 November 2009 - 05:15 PM

Hmmm ,

someday there will be a mass revolt and the realtors and others who took unfair advantage of the middle class will be paraded and dragged through the streets and given the same treatment reserved for Mussolini .....

#10 Zebra

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Posted 17 November 2009 - 05:16 PM

LOL!

Opinions. Speculation. Internet advice.

This can only mean one thing: LOLZ.

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#11 smelly

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Posted 17 November 2009 - 05:21 PM

Yvr Man, on 17 November 2009 - 05:15 PM, said:

someday there will be a mass revolt and the realtors and others who took unfair advantage of the middle class will be paraded and dragged through the streets and given the same treatment reserved for Mussolini .....

Well the problem is.. when this bubble does burst and the people start to foreclose. The banks who loaned money to people who couldnt afford it will go running crying to the CMHC for their insurance money.

So the home owners will be able to walk away from their homes scott free*
The bankers will be able to get their money back from the CMHC.

And guess where the money to fund the CMHC comes from?

You guessed it - Tax Payers!

So taxes will have to be raised to refund the banks who leant money to the idiots who over borrowed... So we all end up paying for their stupidity (both the buyers and the banks).. At this point there almost definately WILL be a revolt - but no doubt people will be marching against the government rather than the people who got them into this mess.

Cant wait... :ranting:

* = well they cant just walk away, they'll have to go bankrupt or the banks will come after then in 10 years time or so.

This post has been edited by smelly: 17 November 2009 - 05:22 PM

#12 Zebra

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Posted 17 November 2009 - 05:28 PM

How much money did you put into savings this month, smelly?

#13 Nat

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Posted 17 November 2009 - 05:28 PM

The Competition Bureau of Canada is looking into MLS realtors so they are getting nervous about their little scam.

http://v1.theglobean...NStory/Business

#14 smelly

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Posted 17 November 2009 - 05:45 PM

Zebra, on 17 November 2009 - 05:28 PM, said:

How much money did you put into savings this month, smelly?

Nice attempt at a troll.. let me guess - i tell you, you then start taking it off topic by telling me i'm lying and i dont have that much money or that i'm poor because it's less money than you have.. then it goes back and forth between us taking us completely off the original topic (as happens every time i try to show that renting isnt always throwing away money)?

No thanks..

I considered just saying "none of your business" - but then realised that would start you off on a load of troll posts along lines of "smelly doesnt have any money" or similar.

#15 edcoho

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Posted 17 November 2009 - 05:47 PM

Zebra, on 17 November 2009 - 05:28 PM, said:

How much money did you put into savings this month, smelly?

Come on Smelly, give it up. How much did you save this month???????????........hhhmmmmm.

#16 techassassin

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Posted 17 November 2009 - 06:08 PM

My rent is 650$ for 660 sqft .That includes everything cable/heat etc etc.The same mortgage would cost 1800.00 for property of same size.The strata would be another 300$ (which is not equity).So tell me who is better off?

#17 techassassin

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Posted 17 November 2009 - 06:11 PM

Zebra, on 17 November 2009 - 04:50 PM, said:

Actually the IOC does award it to shit holes..Rio ?Beijing ?Alanta ...please...

#18 Soiled Midget Negligee

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Posted 17 November 2009 - 06:46 PM

It is funny how they blocked off all the kitchens in the olympic village. Boxed them in. The suites will not be able to access the kitchens. People are freaked about disease nowadays, and rightly so. People will be bringing diseases from all over the world for the olympics. We have not built up our immune systems to the level of some countries and vice versa. The bird flu required tamiflu. The swine flu requires tamilflu. What happened in between? They failed twice IN A ROW! They claimed they just needed more star anise! I can buy that in bulk from ebat.

#19 Zebra

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Posted 17 November 2009 - 06:51 PM

smelly, on 17 November 2009 - 05:45 PM, said:

Not my style, dude. You're always touting your horn about socking money away, just wondering how that's going for you.

If you don't want to talk $$, how's this: what % of your income did you put into savings this month? What % do you put away on average?

#20 Zebra

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Posted 17 November 2009 - 06:53 PM

techassassin, on 17 November 2009 - 06:11 PM, said:

Actually the IOC does award it to shit holes..Rio ?Beijing ?Alanta ...please...

Ever been to any of those places? I've been to two of them. They're not bad. Vancouver's far nicer.

So where did you get that 60% figure from?

#21 Zebra

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Posted 17 November 2009 - 06:55 PM

techassassin, on 17 November 2009 - 06:08 PM, said:

If you're happy in a cubbyhole, that's your right. I prefer my backyard with its towering cedars and spawning salmon.

#22 AA Lavey

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Posted 17 November 2009 - 06:57 PM

There is so much money to be made in real estate. If you bought at the base of the last dip you are up $$$.
There is no scenario that rent works over own in the long term in the GVRD
Guess thats why there are no wealthy renters
If you are smart you will buy now but if you are smarter you have already bought

#23 smelly

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Posted 17 November 2009 - 06:59 PM

Zebra, on 17 November 2009 - 06:51 PM, said:

You're always touting your horn about socking money away, just wondering how that's going for you.

See? If i tell you, then i'm "tooting my horn" and bragging about it..

I have enough thanks.. whether it'll be enough to pay for all the taxes when this thing bursts is another matter

#24 smelly

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Posted 17 November 2009 - 07:01 PM

AA Lavey, on 17 November 2009 - 06:57 PM, said:

There is so much money to be made in real estate.

so much money to be lost too

Quote

There is no scenario that rent works over own in the long term in the GVRD

If you cant do math.. yes... but i'm not explaining that to you AGAIN because you're too dim to understand it.

Quote

Guess thats why there are no wealthy renters

Right.. i forget.. in your eyes debt = wealth.

#25 AA Lavey

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Posted 17 November 2009 - 07:07 PM

smelly, on 17 November 2009 - 07:01 PM, said:

so much money to be lost too

If you cant do math.. yes... but i'm not explaining that to you AGAIN because you're too dim to understand it.

Right.. i forget.. in your eyes debt = wealth.

Shut up

Who is loosing money apart from those to chicken shit to get in there

Youre inane mathematics is simply the work of child. Nonsensical at best and when confronted with the facts about it you cluck that there is a common misunderstanding of mathematics when in reality its your Forrest Gump fiscals at fault.

Right ... i forgot .. in your eyes debt = poverty

#26 Zebra

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Posted 17 November 2009 - 07:11 PM

smelly, on 17 November 2009 - 06:59 PM, said:

See? If i tell you, then i'm "tooting my horn" and bragging about it..

I have enough thanks.. whether it'll be enough to pay for all the taxes when this thing bursts is another matter

So you're not putting anything away. That's what I thought.

#27 Soiled Midget Negligee

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Posted 17 November 2009 - 07:17 PM

Soiled Midget Negligee, on 17 November 2009 - 06:46 PM, said:

The athletes are not allowed to access the kitchens. Hee hee.! :first:

#28 smelly

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Posted 17 November 2009 - 07:24 PM

Zebra, on 17 November 2009 - 07:11 PM, said:

So you're not putting anything away. That's what I thought.

*sigh* okay.. for fun... It bares no relation to the other nonsense though... Other than giving you an opportunity to take things you dont understand off topic and make yourself feel better about your BWILLIANT investment..

I've lived here 3 years and 1 month.. so 37 months in total.

And ignoring profit gained on investments so far i've put away (in savings/tfsa/rrsp/and investments) around abouts 60k give or take.. so thats averaging at $1600 a month being put away once i've paid for my entertainment and rent.

Long term if things go historically the same as they've always have, then over the course of a 35 year mortgage you'd have paid more in interest/tax/repairs/etc than i wouldve done in rent.. And historically the value of your property wouldve remained pretty much constant when factoring in inflation (this is someones cue to post a graph showing the last 6 years -while being too much of a dumb-a$ to figure out a mortgage is longer than 6 years).

So if prices crash signifincantly, i'll buy while you're crying. If they dont, i'll carry on renting and will be better off than you at the end of it.. YAY!

But at least you own a property.. (I wouldnt try to figure out the math - it'll hurt your head too much)

This post has been edited by smelly: 17 November 2009 - 07:25 PM

#29 Soiled Midget Negligee

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Posted 17 November 2009 - 07:26 PM

http://i162.photobuc...lena/Puking.jpg

#30 Zebra

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Posted 17 November 2009 - 08:07 PM

smelly, on 17 November 2009 - 07:24 PM, said:

No need to be a dick about it. You're putting some good money away. If you're happy with that, cool. I love my place. I don't mind paying for it.

#31 just curious

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Posted 17 November 2009 - 08:09 PM

I just turned 44 and recently became mortgage-free. I'll never have to make another mortgage payment again in my life. Tell me again smelly how my math skills suck.

lol!

This post has been edited by just curious: 17 November 2009 - 08:23 PM

#32 calguy

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Posted 17 November 2009 - 08:24 PM

Realtor - what does 400K get you in Vancouver? 700-800 sq foot leaky condo? or should I move to Surrey for a house but have guns n bud next door?

There is so much propaganda now too with dumps in the westside advertising open houses, then present offers the next day and they are 1.5 million??? who are buying these? A story on CTV a while back said the average person only makes like 60K. I think renting is a steal but you need to lool long term rent vs buy

#33 smelly

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Posted 18 November 2009 - 12:49 AM

just curious, on 17 November 2009 - 08:09 PM, said:

I just turned 44 and recently became mortgage-free. I'll never have to make another mortgage payment again in my life. Tell me again smelly how my math skills suck.

YAY!! Thanks for proving my point! Well done.

I hope you have other investments other than your property...