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Frankie Sinatra

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About Frankie Sinatra

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    Aces Regular

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    Male
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    Vancouver

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  1. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Sounds like a guy I'd like to meet. Maybe you can make the introduction. Does he have blue eyes like me? I'll get him in line for you, he just needs a good smack in the arse. You have to get these Italians in line or they will go full whacko real quick. Maybe I can teach him how to sing. You know I am a very good singer, probably the best singer around really. My singing button is far larger than anyone else's, and it works too. Maybe I can teach him about Real Estate. I'm sure I know more about Real Estate than some dude who pretended to be a lawyer on this forum...
  2. Frankie Sinatra

    The BC Real Estate Discussion Thread

    So the last sale was at $894sf. One bedroom and dens are selling over $1,000sf in most of the buildings downtown, even in the West End those older buildings are getting over $1,000sf. It might be a challenge to get $1,000sf if you wait until next year. Although the lower price range will have more buyers, I don't think you will actually see prices increase in downtown next year, even on the lower end. I have a client who wanted to get over $900k for his place downtown, and the last sale was $850k in his building, so I told him he's not getting $900k. So he's just gonna rent it out again and hold off for awhile as he cash flows. I would follow the market closely and see where prices are at in the fall. The market is unsettled at the moment so it's anyone's guess what will actually happen. Hold tight for now.
  3. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Hey my friend, how are you? Condos in downtown aren't moving like they used to. I would say they have hit their peak, especially the ones over $1 million. There is alot more inventory out there than their used to be. I see a dip in prices downtown in the short term. Long term it depends on these interest rates and mortgage rules, as it is really hard to get a mortgage from a conventional lender these days. Lots of buyers are going the B lender route, or even private lenders. Credit Unions don't fall under the federal regulation for the stress tests but I believe Vancity is following the new rules. I don't believe Coast Capital are. Could be a good time to cash out on a downtown condo depending on your situation. If it's just a rental and you are cash flowing, then you can always sit tight until things turn around. If you are living downtown and want to move it might make sense to pull the plug and cash out.
  4. Frankie Sinatra

    The BC Real Estate Discussion Thread

    That CBC article is from February and shows CIBC's Q1 earnings which are from Nov-Jan. It says right in the article that CIBC boosted its earnings and offset it's slower mortgage portfolio by aquiring a US bank, which makes perfect sense since the US economy is booming. The second article again shows how the 5 big banks have beneifted from their US operations, noting also that BMO had a write down of $425 million because of the new US tax reform. You really have to dig deep and look at the financials closely to see the whole picture. The picture to me is the banks in the first quarter made money from other operations that offset their slower mortgage portfolio. That isn't going to last forever. At some point a 30-50% decrease in mortgage growth is going to hit the banks hard. Like I said let's see the numbers at year's end.
  5. Frankie Sinatra

    The BC Real Estate Discussion Thread

    That article is from December 4, 2017. The new stress test rules didn't come into effect until January 1, 2018. Let's see what the bank profits are on October 31.
  6. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Sales are down 34% from April to May. That means 34% fewer mortgages are being approved. Not many people buying property with cash out there. Sales could slump 50% in the summer, so it's theoretically possible the banks could see 50% fewer mortgages on their books if you factor in all the business they are losing from the credit unions and private lenders. October 31 is year end for the banks. We will see at that time what their balance sheet looks like and their profits for the last fiscal year. If profits are way down and share prices drop, you could see the banks putting pressure on the OSFI and the government to relax the mortgage rules.
  7. Frankie Sinatra

    The BC Real Estate Discussion Thread

    My friend my advice to you is to sit tight and wait it out. Things are changing right now in a big way and although I don't really see a market crash per se I think there will be deals out there to be had over the next few months to a year. Inventory levels are over 11,000 units right now which is quite a bit higher than last year at this time,so there could be a correction coming this summer. Don't wait too long though as you want to start to build up some equity in your future new home. Interest rates are still at historically low levels, so even a mortgage rate of 3.80% which is what you can get right now on a 5 year fixed rate is historically quite cheap, so that mortgage principal will get paid down quickly. Spend the summer looking around and see what is out there. Are you still in Penticton? If you come to Vancouver shoot me a message and we can go for a beer. I can fill you in on the market and what is going on. P.S. That Trump thread is toxic. Such anger and hate in there. Glad I am out of there. Life is too short to be that angry all the time. Life is good right now for me. Hopefully everything is good for you as well. Peace and love bro...
  8. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Well my alter ego does play a lawyer... Chartered banks can make exceptions. They do have some flexibility depending on the amount of the downpayment. Credit Unions can still qualify based on the contract rate, so the banks are currently losing alot of business to the credit unions. Private lenders don't really care about debt service ratios, as long as you put down 35% and the physical property is acceptable to the lender they will take on the mortgage, and some private lenders will still lend regardless if the rate is high enough. Rising rates will still hurt banks because at the end of the day a 30-50% portfolio drop is worse than a 1-1.5% increase in mortgage rates. Also, rising rates means rising savings rates as well. Banks will have to pay more to entice people to save, i.e. GIC's and other savings vehicles. At the end of the day it all depends on the spread, savings rates versus borrowing rates. If banks are losing money they can put enough pressure on the government to change the rules again. The rules keep changing all the time.
  9. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Downtown Abby is growing. Could be a great investment opportunity...
  10. Frankie Sinatra

    Donald J. Trump, 45th US President of the United States

    This is an interesting thread. I wonder if there are any actual Drumpf supporters here. Not that anyone would admit it really, especially in Vancouver. There used to be a poster here named Harvey, I think he had some issues really. Total conspiracy theorist. Total disgrace to all of us Italians really. Drumpf going after the Italian De Niro, one of my favourite actors of all time. Sad... I think Warhippy is the best poster here really. Total respect for that guy. Great poster. Alfie is a treat as well, a little furry friend. Rupert is a class act all the way as well... Peace and love to you all...
  11. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Ah Montrose. That's a nice one, right downtown. You should pick one up.
  12. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Pre-sales aren't dropping 20% this year. Or next year. What project is it?
  13. Frankie Sinatra

    The BC Real Estate Discussion Thread

  14. Frankie Sinatra

    The BC Real Estate Discussion Thread

    Yes the Bank of Canada does control the restrictions being put into place, but it's up to the individual banks to follow those rules. If a bank wants to push through more mortgage deals they simply have to ease up on their own restrictions, i.e. the GDS and TDS ratios for income qualification. Unless the mortgage is CMHC insured, it's up to the individual bank to set the bar on how risky a mortgage they want to approve. For example, RBC can approve a mortgage even though the buyer's total debt service ratio is 50 or 60%, even though the maximum is technically 44%. It doesn't matter what the Bank of Canada does. It's ultimately up to the individual bank or lender if they want to approve that riskier mortgage. If the bank's mortgage portfolio is down 30-50% this year, it's possible the banks will indeed start to approve those riskier mortgages.
  15. Frankie Sinatra

    The BC Real Estate Discussion Thread

    You can never trust those Realtors, it's all about the money for them really...
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