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#1 giggie

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Posted 20 November 2008 - 04:01 PM

When should I buy a condo in vancouver?

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#2 schmoozer

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Posted 20 November 2008 - 04:06 PM

giggie, on Nov 20 2008, 04:01 PM, said:

When should I buy a condo in vancouver?

so it's true then?

you're really taking StraightTalk's offer up and moving in together?!

#3 economist

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Posted 20 November 2008 - 04:40 PM

You shouldn't unless you want a nice lifestyle. You should buy land as close to vancouver as possible.

#4 StraightTalk

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Posted 20 November 2008 - 04:46 PM

schmoozer, on Nov 20 2008, 04:06 PM, said:

so it's true then?

you're really taking StraightTalk's offer up and moving in together?!

How could I say no.

He offered to do the dishes, scrub the floors & toilets, vacuum, laundry etc.

I passed on the French maid outfit offer though.

#5 giggie

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Posted 20 November 2008 - 04:54 PM

StraightTalk, on Nov 20 2008, 04:46 PM, said:

How could I say no.

He offered to do the dishes, scrub the floors & toilets, vacuum, laundry etc.

I passed on the French maid outfit offer though.

I already have your mommy to do all those things for me.

#6 cynicalgirl

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Posted 20 November 2008 - 05:25 PM

StraightTalk, on Nov 20 2008, 07:46 PM, said:

How could I say no.

He offered to do the dishes, scrub the floors & toilets, vacuum, laundry etc.

I passed on the French maid outfit offer though.

how about peter pan?
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#7 AA Lavey

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Posted 20 November 2008 - 05:37 PM

#8 shinta chan

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Posted 20 November 2008 - 05:39 PM

A condo can be reasonable depending on where you want to live; I know there are condos in Surrey that is still priced nice about 160,000 for 2 bedrooms with a nice view of the mountains.

#9 MASCOTA

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Posted 20 November 2008 - 08:40 PM

Honey, it is not time to buy anything. Why do we always want to buy , buy?Saving money now would be a better idea. If you really have to buy condo, negotiate price. Many vendors are willing to negotiate new price.

#10 I AM BOG

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Posted 20 November 2008 - 09:16 PM

Quote

A condo can be reasonable depending on where you want to live; I know there are condos in Surrey that is still priced nice about 160,000 for 2 bedrooms with a nice view of the mountains.

And in two years it will be $120,000.

#11 ben

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Posted 20 November 2008 - 09:41 PM

I AM BOG, on Nov 20 2008, 09:16 PM, said:

And in two years it will be $120,000.

Thats only a 25% drop. I would say in 2 years it will be 105,000!

#12 Goat Boy©

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Posted 20 November 2008 - 09:44 PM

ben, on Nov 20 2008, 09:41 PM, said:

Thats only a 25% drop. I would say in 2 years it will be 105,000!

#13 ben

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Posted 20 November 2008 - 09:53 PM

Goat Boy©, on Nov 20 2008, 09:44 PM, said:

Is that you Goatboy! Man didnt know you were such a handsome looking dude.

#14 Goat Boy©

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Posted 20 November 2008 - 10:00 PM

ben, on Nov 20 2008, 09:53 PM, said:

Is that you Goatboy! Man didnt know you were such a handsome looking dude.

#15 shinta chan

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Posted 21 November 2008 - 09:39 AM

ROFL at Goat Boy!

#16 HalHunter

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Posted 21 November 2008 - 04:23 PM

I would hold off until spring and keep an eye on the R.E. market AND the market in general.

#17 smelly

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Posted 21 November 2008 - 11:47 PM

NO!!!

Buy NOW!!!!

Buy a shitty condo in coal harbor with no real local amenities and no privacy with 4 other condos close by looking into yours, and no view..

If you pay less than 900k for this small shitty condo - you're getting a BARGAIN!! Dont let ANYONE tell you otherwise..

Go on.. rush out and get one tomorrow..

I could do with being able to laugh at someone other than straighttalk in a year or 2.

#18 economist

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Posted 22 November 2008 - 12:11 AM

Hmmm in North Vancouver average rent for two bedroom place is $1,500. that is $18,000 a year that a renter chucks out the window with no return!!! Or if that was a mortgage payment in five years that would be almost $100,000

Now I know Ben will say rents will fall to but again I think he is wrong

#19 smelly

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Posted 22 November 2008 - 09:13 AM

economist, on Nov 22 2008, 12:11 AM, said:

1. Who mentioned North Van?
2. Where the HELL are you getting your numbers from? How long is that mortgage for? How much for? And is it for a similar property as the one you're quoting 1500 rent for?

#20 economist

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Posted 22 November 2008 - 09:43 AM

I mentioned North Van. and most fixed terms of a mortgage are for five years. I get my numbers from North shore news. Why how much did you think rent was? Too be honest why does it matter if it the same property as the generic one I quoted? At the end of 25 years of rent where has your rent money gone? IT HAS GONE TO PAY SOMEONE ELSES mortgage, that is where and then they can sell and use your money a second time to retire with while you use your retirement funds to pay rent!

#21 ?

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Posted 22 November 2008 - 10:02 AM

economist, on Nov 22 2008, 01:11 AM, said:

Your argument made a lot of sense when apts. where going for only $100,000 10 years ago, and it could be paid off in 10 years. But when something is 4 times that much these days, it means it'll take 4 times as long to pay it off. No wonder why people had to take 40 year mortgages, because that's the only way to afford them now. With astronomic prices like these, it's like a 100 lb. anchor around somebody's foot.

As for this potential buyer, I'm looking for something which is affordable and can be paid off in 10 years. And if that happens to buy somewhere else, so be it. I plan to be debt-free with at least $500,000 saved up. And putting $400,000 into a depreciating asset only means that I won't have anything left if it's all wasted on an overpriced piece of real estate which has no where to go down at this point and bottom out for a long long time. At least 15 more years before we see the kinds of gains we've seen in the last decade. But given the past history, Vancouver's real estate market didn't fully recover from the 1981 recession, and values didn't realize their values for 20 years. So go figger.

#22 economist

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Posted 22 November 2008 - 10:09 AM

Good Luck!!! When you do get a publisher and write the book on how to get rich . By the way take a look at your math again for if you were paying rent of $1,500. a month in ten years that is $180,000 or more that you have thrown away!!!! now that is depreciation

#23 smelly

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Posted 22 November 2008 - 10:26 AM

But as i said.. how much was the mortgage for in the example you quoted? And for how long?

if 100k after 5 years, then a 25 year mortgage.. i'd guess its worth about 400k.. (without doing the exact math on the interest rates)

At the CURRENT prices.. a 400k appartment/home would NOT cost ANY WHERE NEAR $1500 a month rent.. more like $600 a month (if that).

If you're paying $1500 rent on a shitty condo.. then more fool you...

#24 economist

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Posted 22 November 2008 - 10:39 AM

Hard to debate with you smelly. Where in North Vancouver can you find rent at $600. a month? Are you still suck in the 60's

http://vancouver.en....a...x&bedrooms=

#25 smelly

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Posted 22 November 2008 - 11:08 AM

economist, on Nov 22 2008, 10:39 AM, said:

Hard to debate with you smelly. Where in North Vancouver can you find rent at $600. a month? Are you still suck in the 60's

Im not denying the rent.. what i am saying though is that a place which costs 1500 a month rent would cost a lot more than $20k a year to buy...

#26 cc la femme

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Posted 22 November 2008 - 11:30 AM

smelly, on Nov 22 2008, 11:08 AM, said:

Im not denying the rent.. what i am saying though is that a place which costs 1500 a month rent would cost a lot more than $20k a year to buy...

True. So when the market logically appears will go up considerably in the short to medium time range buying is a certain winner, as rent vs own is only part of the equation.

If it logically appears that prices are heading down in the short to medium range, buying in not a good idea.

Seems all the precursors of the market for a fall in prices are in place (and have been throughout 2008). In fact, the numbers prove that a considerable fall has already started.
The simplest logic would say that buying NOW is not a great idea.

Buying when the slide levels off, and following any obvious post olympics slide, might be a great idea wherin the ownership costs become very justifyable.
It is all numbers & timing.