Violator Posted August 29, 2019 Share Posted August 29, 2019 1 hour ago, Alflives said: I absolutely HATE living in a concrete coffin. Why people choose this type of living, who are young and healthy, is beyond me. I did it for two years in calgary it was awesome.It helped all major food stores were walkable. 1 Link to comment Share on other sites More sharing options...
HI5 Posted August 29, 2019 Share Posted August 29, 2019 Pay outright for a house or 5 year amortization? Ive heard ppl say it’s not always best to buy a house outright and I also don’t want to be payin a stupid amount in interest in a mortgage. Link to comment Share on other sites More sharing options...
kingofsurrey Posted August 29, 2019 Share Posted August 29, 2019 4 hours ago, HI5 said: Pay outright for a house or 5 year amortization? Ive heard ppl say it’s not always best to buy a house outright and I also don’t want to be payin a stupid amount in interest in a mortgage. Yah, like so many people have 1 million extra in their savings accounts to plop down on a house....... 1 Link to comment Share on other sites More sharing options...
Russ Posted August 29, 2019 Share Posted August 29, 2019 13 hours ago, HI5 said: Pay outright for a house or 5 year amortization? Ive heard ppl say it’s not always best to buy a house outright and I also don’t want to be payin a stupid amount in interest in a mortgage. I think the idea is if you have the money theres the balance between being mortgage free and investing in stocks, etc. With interest rates around 3% or so, some people will pay that as their mortgage and put the remaining money into a financial institution looking at getting returns of 5%-10%. So if you have a chunk of money is it worth it to build up that compound interest or have the stress free of no mortgage. My wife and I will be in that situation sort of soon where we could pay off the good portion of our mortgage and possibly have it paid off after a couple more years then invest money monthly or do we invest it and start building that interest right away? We are going to be talking to my old financial guy in a couple months and see what he thinks the best course of action is for us and go from there. 1 Link to comment Share on other sites More sharing options...
Russ Posted August 29, 2019 Share Posted August 29, 2019 15 hours ago, kingofsurrey said: Vancouver real estate crashing.... now spreading to condo prices .... Metro Vancouver condo prices see biggest drop in Canada https://vancouversun.com/real-estate/condos-the-future-of-our-communities-now-cost-more-per-square-foot-than-a-detached-home/wcm/80e15e8b-4d95-4838-8236-2f8531687c76 Condos have been crashing for a while now. Friends were in a building in Abby, one sold last year for 399 and my other buddy is trying to sell his now and he's down to like 325 or something when he was hoping to get something like 350+ when he listed it in May or June. Just had an offer fall through as the buyer apparently couldn't get financing so he's pissed and hoping someone will buy soon so he can move in with his fiance and not have 2 places. On the bright side had subjects removed on the house we were selling! Horray! I put in way to many hours to make it presentable and wont get my moneys worth out of it after its split between all the kids but whatever, stupid thing is gone so that makes me happy. 1 1 Link to comment Share on other sites More sharing options...
MoneypuckOverlord Posted August 29, 2019 Share Posted August 29, 2019 prices is not dropping fast enough however foreign buyers are turning away from Vancouver due to the 20% foreign tax. 1 Link to comment Share on other sites More sharing options...
NucksPatsFan Posted August 29, 2019 Share Posted August 29, 2019 1 hour ago, MoneypuckOverlord said: prices is not dropping fast enough however foreign buyers are turning away from Vancouver due to the 20% foreign tax. Is that why there’s all these protesters on Granville street? Link to comment Share on other sites More sharing options...
riffraff Posted August 30, 2019 Share Posted August 30, 2019 22 hours ago, NucksPatsFan said: Is that why there’s all these protesters on Granville street? Yes. Chinese people are no longer purchasing houses in Vancouver because of tax. i read this on a real estate blog. Link to comment Share on other sites More sharing options...
Jester13 Posted August 30, 2019 Share Posted August 30, 2019 23 minutes ago, riffraff said: Yes. Chinese people are no longer purchasing houses in Vancouver because of tax. i read this on a real estate blog. Regardless of where they're from, I think it's bs that we open our real estate up to the world as much as we do. There are just too many wealthy people in this world to buy homes and it has been driving up prices and pushing everyone out. Our family's old place in the tri-cities sold in 2002 for $485k, after dropping it often until it finally sold. Basically 15 years later it's worth $4 million. 2 Link to comment Share on other sites More sharing options...
kingofsurrey Posted August 30, 2019 Share Posted August 30, 2019 9 minutes ago, Jester13 said: Regardless of where they're from, I think it's bs that we open our real estate up to the world as much as we do. There are just too many wealthy people in this world to buy homes and it has been driving up prices and pushing everyone out. Our family's old place in the tri-cities sold in 2002 for $485k, after dropping it often until it finally sold. Basically 15 years later it's worth $4 million. Very sad to see what happened to such a great area. 1 Link to comment Share on other sites More sharing options...
Jester13 Posted August 30, 2019 Share Posted August 30, 2019 2 minutes ago, kingofsurrey said: Very sad to see what happened to such a great area. Absolutely. There are now something like 18k homes behind where our house was/still is. The worst part, tho, is all the people who bought into the market at its peak. I feel bad for those who will get burned big time by the correction, but, at the same time, buyer beware. Selfishly, the timing couldn't be better for my wife and me, as we're very close to being ready to enter the market. Then again, we live in Victoria, and I see places sitting but don't see prices falling much yet. Oh well, the more of a downpayment we have the better, I guess. 1 Link to comment Share on other sites More sharing options...
Warhippy Posted August 30, 2019 Share Posted August 30, 2019 BC isn't really worth the hassle anymore https://matrix.crebtools.com/Matrix/Public/Portal.aspx?k=1279050X08S0&p=AE-520434-128&L=1&rk=91210823 Looking at brand new homes in NW Calgary and Airdrie. I can outright purchase to within $315,000. Why bury myself in unnecessary mortgages of $450,000 or more for the same property in BC? Link to comment Share on other sites More sharing options...
redhdlois Posted August 30, 2019 Share Posted August 30, 2019 1 minute ago, Warhippy said: BC isn't really worth the hassle anymore https://matrix.crebtools.com/Matrix/Public/Portal.aspx?k=1279050X08S0&p=AE-520434-128&L=1&rk=91210823 Looking at brand new homes in NW Calgary and Airdrie. I can outright purchase to within $315,000. Why bury myself in unnecessary mortgages of $450,000 or more for the same property in BC? My friend lives in NW Calgary.......I hear the daily weather reports and complaints about it from her for most of the year. 1 1 Link to comment Share on other sites More sharing options...
Russ Posted August 30, 2019 Share Posted August 30, 2019 23 minutes ago, Warhippy said: BC isn't really worth the hassle anymore https://matrix.crebtools.com/Matrix/Public/Portal.aspx?k=1279050X08S0&p=AE-520434-128&L=1&rk=91210823 Looking at brand new homes in NW Calgary and Airdrie. I can outright purchase to within $315,000. Why bury myself in unnecessary mortgages of $450,000 or more for the same property in BC? Very mild winters and not horrendous summers like most of the rest of the country. And decent job selection depending on what your field is. Unfortunately those factors jack stuff up here. Link to comment Share on other sites More sharing options...
inane Posted August 30, 2019 Share Posted August 30, 2019 34 minutes ago, Warhippy said: BC isn't really worth the hassle anymore https://matrix.crebtools.com/Matrix/Public/Portal.aspx?k=1279050X08S0&p=AE-520434-128&L=1&rk=91210823 Looking at brand new homes in NW Calgary and Airdrie. I can outright purchase to within $315,000. Why bury myself in unnecessary mortgages of $450,000 or more for the same property in BC? 'same property' Link to comment Share on other sites More sharing options...
Alflives Posted August 30, 2019 Share Posted August 30, 2019 36 minutes ago, Warhippy said: BC isn't really worth the hassle anymore https://matrix.crebtools.com/Matrix/Public/Portal.aspx?k=1279050X08S0&p=AE-520434-128&L=1&rk=91210823 Looking at brand new homes in NW Calgary and Airdrie. I can outright purchase to within $315,000. Why bury myself in unnecessary mortgages of $450,000 or more for the same property in BC? In-laws are from the Varsity acres in the NW. I’ve been there a lot. (Back in the 70’s to 90’s). It’s awesome! When they moved here (to retire) I seriously thought of trading farms and moving there. Link to comment Share on other sites More sharing options...
Warhippy Posted August 30, 2019 Share Posted August 30, 2019 32 minutes ago, redhdlois said: My friend lives in NW Calgary.......I hear the daily weather reports and complaints about it from her for most of the year. 11 minutes ago, Russ said: Very mild winters and not horrendous summers like most of the rest of the country. And decent job selection depending on what your field is. Unfortunately those factors jack stuff up here. Gentlemen, I've now lived all over North America. As far south as San Francisco. Vancouver is "ok" but it does not justify the high cost of living or housing. The winters are not as bad as some might think, Manitoba, Maritimes, Sask and major parts of Ontario are far worse. Airport doesn't close. The stress and workload associated with now just existing in major parts of BC is just not worth it anymore 1 Link to comment Share on other sites More sharing options...
riffraff Posted August 30, 2019 Share Posted August 30, 2019 46 minutes ago, redhdlois said: My friend lives in NW Calgary.......I hear the daily weather reports and complaints about it from her for most of the year. This. our friends moved from the island to Calgary last year for the husbands work and the rest of the family Hayes it and want to come back. The wife has said it’s the worst thing hey have ever done. cant go outside in winter. Forget that noise! 2 Link to comment Share on other sites More sharing options...
Warhippy Posted August 30, 2019 Share Posted August 30, 2019 9 minutes ago, inane said: 'same property' I know it is, it won't show other without my log in. But a brand new home with an unfinished basement totalling almost 2240 square feet for less than $310,000 is amazing. You can then save up to buy a small vacation place in the Okanagan like everyone else. Bottom line is now, homes are 60% or more over valued in the major markets, upwards of 80% or more in the GVRD, wages are depressed compared to most other places. Outside of the Okanagan, Lower Mainland, Vancouver Island and parts of the Kootenays BC is no better than anywhere else in Canada for weather. And When the correction hits, due to Albertas slide the last 5 years if a housing correction hits the nation. Places like the GVRD, Toronto could see falls of 50% or better in a major reset, the rest of the nation 20% to 30% while Alberta has already hit the bottom and stands in a major correction to lose 10% or less of current evaluations in urban centres. I just can't justify raising kids here anymore Link to comment Share on other sites More sharing options...
Warhippy Posted August 30, 2019 Share Posted August 30, 2019 2 minutes ago, riffraff said: This. our friends moved from the island to Calgary last year for the husbands work and the rest of the family Hayes it and want to come back. The wife has said it’s the worst thing hey have ever done. cant go outside in winter. Forget that noise! No, only the weak or pampered can't go outside in winter. Ever been skiing? If Calgary winters are to much for them then they've never been skiing or on a ski hill. I'd trade an extra month of winter for an affordable home and living wage Link to comment Share on other sites More sharing options...
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