Russ
-
Posts
2,572 -
Joined
-
Last visited
Content Type
Profiles
Forums
Events
Blogs
Gallery
Posts posted by Russ
-
-
1 hour ago, Tortorella's Rant said:
So why did things tank in the final hour +?
Because the stock market hates me
-
1
-
-
-
25 minutes ago, gurn said:
Tell me to grow up, then call me a name.
I'm about to break this meme from overuse
I am done with you. You completely missed the point of my posts.
-
10 hours ago, gurn said:
Yah, who needs fire and police departments.
Hospitals? Pffft. who needs them?
Schools, just a complete waste of time.
and so on......
Grow up you know what I mean you nimrod. How many millions/billions are wasted by politicians every year? How many millions are wasted because public jobs go through 12 billion people to get simple steps done? How many millions do we waste ever time the useless queen comes here? How many millions are wasted sending it out of country to other countries that contribute F all to us. How much money do they waste trying to claim how good crap like CPP is good for people when its really crap? How much did they waste of tax payers dollars on useless covid ads for the last year, we all know whats happening, I don't need my tax dollars paying for ads on tv and radio.
My point was for the probate/beneficiary taxes that the government takes from you not your freaking property taxes that fire/police/hospitals/teachers/etc are all done through you bloody moron. That probate tax crap is such a waste, goes to the feds who usually end up finding ways to piss it away like morons.
-
1
-
-
22 hours ago, Jaimito said:
Its something, I still wonder if they are going to max out those stretches inbetween doses still.
-
10 hours ago, Jester13 said:
As I've mentioned as a large reason for the prices we're seeing...
Opinion: The great generational wealth transfer is under way
DARRYL DYCK/The Canadian Press
Recent reports on the frenzy in the real estate market have often referenced a somewhat surprising element: Millennials have largely been driving the rush.
It’s surprising because it wasn’t long ago millennials were being cast as victims of the wild surge in house prices across the country. Foreign buyers were being blamed for not just the gross spike in prices but also for robbing tens of thousands of young Canadians of their middle-class dreams of home ownership.
Today, it would appear it’s millennials, not investors from mainland China, largely responsible for the head-spinning amounts of money being put down on properties. And there is likely a perfect explanation.
The great wealth transfer is under way.
It’s no secret baby boomers (now between the ages of 57 and 74) are sitting on a pile of money. In the U.S., they are expected to transfer as much as US$30-trillion in wealth to younger generations over the next few decades. While there is no firm consensus on how much boomers are expected to leave behind to others here in Canada, it’s a good bet it will be in the hundreds of billions if not more.
The Rennie Marketing Group of Vancouver for some time has been tracking this phenomenon as it relates to real estate holdings. The numbers are truly mind-blowing.
In 2006, the total value of real estate in Metro Vancouver that was held mortgage-free was estimated to be $123.8-billion. At the time, just under half (47 per cent) of this value – about $60-billion – was held by those between the ages of 55-74.
By 2021, the total value of mortgage-free holdings in Metro Vancouver has more than tripled to $373.3-billion – a 201 per cent increase. The share of that total held by those between 55 to 74 – roughly the baby boomers – increased to more than $205-billion, says Andrew Ramlo, vice president, consulting, for Rennie.
The biggest driver of that value gain has been housing; benchmark prices in the region have doubled since 2006. Another element has been demographics and the aging of the region’s residents into the mortgage-free stage of their life cycle.
The share of mortgage-free equity held by those 55-74 increased to 55 per cent in 2021, up from only 46 per cent in 2006. Boomers are paying off their home and now have a lot of money to play with.
And give away.
This likely explains why so many millennials are getting into the market – they are accessing cash from parents who have, in many cases, downsized and realized a significant differential between what they sold their single-family dwelling for and what they paid for their smaller townhome or condo.
“One hundred per cent, this has been a major factor in what we are witnessing now,” Mr. Ramlo told me this week.
He conjured a theoretical couple in their late 30s who had saved enough to qualify for a $500,000 condo. But then their parents come along with $100,000 to offer them. Now they suddenly have enough for a much more expensive condo without increasing the size of their mortgage.
“This is something that is increasingly going to have an impact on prices in the market right across the country,” said Mr. Ramlo. “It will also at least partially explain the disconnect we are seeing between median family income and the value of homes people are buying. That median income doesn’t take into account the pile of cash parents coughed up, tax free.”
Some of Canada’s banks have estimated that 50 to 60 per cent of young people applying for mortgages today have received assistance from parents. However, Mr. Ramlo said mortgage brokers he’s talked to suggest the number is much higher, probably closer to 90 per cent.
Once upon a time people waited until their parents died before they saw any inheritance. Not any more. Boomers are much more savvy and much less inclined to wait until they are gone, when their wealth can be taxed by the government.
“I think once the pandemic ends, and the bills are finally tallied up, governments are going to be looking for ways to pay for it all,” Mr. Ramlo said. “And I think they are going to be looking to tax wealth in some form or another. I think this could provide even more incentive for boomers to part with more of their money now, before the government takes it.”
For many boomers, that moment has arrived and the impact is being felt across the country. And it will for years to come.
This is a big thing I believe. I know friends who have gotten a bunch of money from parents or split homes with parents taken a basement or suite. I think most boomers now realize, they have worked all their lives, saved up, done well and don't want more money taken from them by the government. Its not like any money that goes to the government is ever used usefully, always costs 5-10x the amount of time and money to do government vs private stuff.
Parents are going to look at ways to get money into their kids hands so that the dumb government doesn't try and swipe it away from them and a lot of this will be in the forms of homes for kids/grandkids.
-
Wife sent me this that people are flipping lots now she was looking at ppl.
-
28 minutes ago, KoreanHockeyFan said:
Nope. I'll probably be wearing masks even after the pandemic is over, especially during flu seasons or during my commute to work on crowded public transit.
It's not even that ridiculous, it's been common in many Asian countries even before the pandemic.
Yea if I ever took the bus I would probably consider wearing a mask.
-
6 hours ago, I.Am.Ironman said:
lol this is getting out of hand.
-
6 hours ago, Jimmy McGill said:
and I raise you Mallet, Rodin and Sauve
I really dislike the idea of betting on 2nds or even late 1st as sure things, vs established veterans with good records.
But I do see your point, if there is a window that opens up to say move Schmid+Loui++ then thats hard to say no to, if you are fairly certain you can replace Nate.
That car accident really screwed up Sauve, he might have actually cracked the roster at some point.
-
1
-
-
Now this is what I thought the Buzz etf was going up be lol
-
7 hours ago, AriGold said:
When you find something let me know, I’m a home inspector.
I was going to do that for my next house but at the same time half the time these homes are sold in a matter of 48 hours, hard to even get an offer on them let alone home inspector subjects haha! You're on my list after you mentioned it in another thread.
-
9 hours ago, Tortorella's Rant said:
Up a few hundred bucks in the BTCC.B
I am waiting until I break even again now haha! Shouldn't have bought right off the bat.
-
1 hour ago, kingofsurrey said:
My family wages have increased 100% over the years....
My family home has increased 500% over the years...
It is very unfortunate what has happened to the young people of our province. Wages have not kept up. Home prices have skyrocketed.
Yea unfortunately your family home has gone up 500% and so has everyone elses and pretty much unless you want to downgrade, you're just shifting over essentially. I have no damn clue how gen Z will ever afford a home in Vancouver/Toronto/NY/California/etc. Yea maybe out in the boonies of Ft St John or Kitimat or somewhere, but Fraser Valley-Vancouver is unaffordable at this point. Its even pushing and hard for millenials at this point if you're not in the market already.
1 hour ago, gurn said:I started at B.C. Ferries in 1996, deckhands were making $19.18 per hr
retired in Nov 2020 deckhands are making $29.18
About 50% more
Gas 1995 was .58 per liter
Gas now $1.44.9 per
245% more.
Not even close.
Not to mention food, home price vs wages (which is a big one), car insurance, vehicles, etc. Gone are the days where 1 parent works and 1 parent stays home, finances are just too tight now to do that.
-
1
-
-
Anyone need an electric car parking spot? For your low low price of 185k!
-
19 minutes ago, -Vintage Canuck- said:
Maybe this is return of the safe 6 they talked about a while back about bringing back. I just hope they open up sports though.
-
8 hours ago, Wolfgang Durst said:
here u go:
CAM institute is one of my favourite sources to do some research on the developments in EV sector
Cheers, I was wondering where Hyundai was as I feel they are right there with VW and am even more interested in their new 5 over the ID4 after seeing more youtube reviews on the ID4.
-
23 hours ago, I.Am.Ironman said:
^^can't seem to delete this whoops.
Found this funny popping up on my feed
https://dailyhive.com/vancouver/vancouver-best-city-buy-property-young
-
4 hours ago, KoreanHockeyFan said:
I share the same sentiments with the millennials on this thread pointing out how the financial landscape we're starting out in is much more difficult than previous generations, but I do agree with your point about how some of us seem to foolishly expect to own a detached home right away.
But then again, I have my biases - I'm of the belief that increased urbanization is just going to force a lot of us millennials to settle for a condo throughout the early half of our adulthood. Personally, I'm completely fine with living in a condo, I actually prefer it over a detached home.
Yea we are far different as millenials. I want to be away from people, can't stand having people beside, below and above me.
-
1
-
1
-
-
2 hours ago, Wolfgang Durst said:
strength of innovation ranking from the center of automotive management related to EV's of several car maker's 2020:
1. Tesla 159,4 points - top innovator
2. VW 122,6 points - fast follower
3. BYD 70,0 points - fast follower
..
6. GM 40,2 points - follower
...
17. Ford 12,8 points - latecomer
Tesla and VW are the heavyweights in the EV sector. This is going to become a battle between those two on the markets in China and Europe.
Hey Wolf where did you get that list from?
-
8 hours ago, janisahockeynut said:
Alot of these places are selling with no conditions attached.............straight cash, no mortgage
I don't know if its straight cash, but I think everyone already has their financing in order from brokers so they can go in and get no inspections, etc. done and just slap down their offer and pray it gets accepted.
10 hours ago, Jester13 said:Nice, good for you guys. Sounds like our path, square footage and all hahaha.
Definitely speaking in general, but you do get my drift. But who says a Co.do down payment is 80k? A 400k condo down payment is 20k, so why not start there instead of wanting a detached home right away? Times have changed, but it's all relative on what someone can actually afford and what they're willing to work towards. But many young people do look at their friends or other people in general and wanting a detached home, and they don't even end up starting the process of small sacrifices for big rewards. I speak to such young people in their 20s and they're crying about this, but I keep telling them, "You're in your 20s." It's not easy, but it's certainly possible, as long as they want it bad enough.
Didn't the Feds put in a rule a few years ago with that stress test to make it so it had to be a 20% downpayment or you couldn't get a mortgage?
-
Best thing about them was when they pissed off from Canada. What a god damn waste of tax payers money for those months they moved to the island and we had to provide them 24/7 security because of "royalty". Piss off Royal Family, you got money, spend your own damn money. Sooner we dump that dumb monarch the better.
-
5 hours ago, Warhippy said:
I live in Penticton and I work with a number of real estate agents and I've shot farms acreages at homes and condos all over the valley in the last 5 months and it's ridiculous what is selling how fast it's selling and for how much.
Depending on where you are and the size of your land you might be surprised
Fraser Valley has houses same day selling for 100k+ over asking, its pretty insane. Its pretty insane that theres closed sales, no inspections, nothing at this point. I am not looking forward to looking to buy in the spring with how these prices are bouncing around so much.
-
22 hours ago, nuckin_futz said:
Take a look at a chart of CLOV. It's utterly infested with bag holders. All of those candles represent people who's investment is underwater. It's human nature to want to get back to break even. Any spike in this thing barring game changing news will be sold off by people happy to reduce their losses. That's why that recent spike above $11 was sold off so viciously.
From a technical analysis standpoint once support is breached it typically becomes resistance.
Holy batman, I thought CLOV had some good things about them, I got in at like 13 and out at 11 or so. Man has it dropped a lot. Chamath is really loosing his charm recently.
13 hours ago, Wolfgang Durst said:Just an additional remark on Bitcoin, because I just read a column on it in a finance newspaper - more specifically an interview with one crypto and blockchain expert - :
- 1.800 bitcoins per day were mined 2 years ago
- 900 bitcoins per day are mined currently
- 450 bitcoins per day will be mined 2 years from now
This expert from the Blockchain Center expects mainly because of the shrinking bitcoin supply a bitcoin price of US-$ 200.000 over the next 2 years. Just saying.......
Yea from what I have gathered it gets harder and harder to mine each day as the codes to mine it get more and more difficult so each day it'll slowly drop lower and lower of how many they will be able to mine and theres those major computers running 24/7 doing it.
8 hours ago, AriGold2.0 said:#BigWigSmarterThanUs
He's playing Canadian stocks right now which I don't but here's what he said.
"Tell them to play MVMD and sell at $2.00_
"I am also in Fans United as legislation just passed"
I laughed and almost spat out my coffee when I read you actually wrote that. Love it! Ok might throw down a few bucks on them after reading up on them and see how his prediction works out
Investing in the stock market - Discussion
in Off-Topic General
Posted
This is me. I have taken profits a few times and had it run and been like "well crap I missed out a ton". Then I decided to hold and it goes up then drops hard....
So hard when you have good convictions on companies but you know the market is just crap right now and seeing more red days than green right now.