bishopshodan Posted October 22, 2019 Share Posted October 22, 2019 (edited) 2 hours ago, BM24 said: You are right. I was told by my bank in the spring I could afford a home up to $200K. I could possibly afford a bit over that but it would probably be tight when other expenses come into play. It’s just the other expenses that come along with a house that I think put me in a bit of a bind. Internet/tv aren’t really that much of a worry for other expenses as I’m never going to pay for cable so I kind of have that aspect figured out. I can easily put down $10K and my truck payment will be done next year so that’s money that I could turn towards a house as well. it’s possible but it feels like the stars need to align just right for anything to work. I show my parents the price of houses or rent and they can’t believe it. Maybe you could consider a condo for less to get yourself in the market and the extra costs would not be as much. For the prices that you are looking at in PG, if you can get that down payment, the mortgage will be around what you might be paying for rent anyway. That makes it an easy decision, as you will be buying your on home and building up equity. Edited October 22, 2019 by bishopshodan Link to comment Share on other sites More sharing options...
BM24 Posted October 25, 2019 Share Posted October 25, 2019 https://www.princegeorgenow.com/watercooler/news/news/Provincial/Housing_starts_sales_and_prices_to_jump_says_Canada_Mortgage_and_Housing_Corporation/ smh Link to comment Share on other sites More sharing options...
bishopshodan Posted October 25, 2019 Share Posted October 25, 2019 37 minutes ago, BM24 said: https://www.princegeorgenow.com/watercooler/news/news/Provincial/Housing_starts_sales_and_prices_to_jump_says_Canada_Mortgage_and_Housing_Corporation/ smh Perfect time to jump in. What are you waiting for? Go get yours. 1 1 Link to comment Share on other sites More sharing options...
aGENT Posted November 8, 2019 Share Posted November 8, 2019 On 10/25/2019 at 10:15 AM, BM24 said: https://www.princegeorgenow.com/watercooler/news/news/Provincial/Housing_starts_sales_and_prices_to_jump_says_Canada_Mortgage_and_Housing_Corporation/ smh This isn't new news either but: https://www.cbc.ca/news/canada/british-columbia/plastic-production-jobs-bc-interior-1.5227455 Quote As the forestry sector suffers across B.C., a Calgary-based company is promising to build a $5.6 billion petrochemical facility in Prince George that will create new opportunities for the region. The recent announcement sparked a mixture of excitement and concern over the economic and environmental impacts of the project. West Coast Olefins plans to extract natural gas liquids, such as ethane, propane and butane, from an existing liquid natural gas pipeline that runs past the city. Those byproducts will then be used to make materials like plastic and rubber for Asian markets. The company has been in discussions with the City of Prince George for several months, and has secured a 300-acre site in the BCR Industrial Area between the downtown core and the airport. President and CEO Ken James said, if the project moves forward, it will result in up to 1,000 permanent jobs in the community... That's not going to make housing there any cheaper in the near future as the plant creates well paying jobs and people start buying more houses. If you're going to get in, now's the time IMO. Link to comment Share on other sites More sharing options...
Popular Post bishopshodan Posted November 17, 2019 Popular Post Share Posted November 17, 2019 I did it. Pic from my water front. 5 2 Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 10, 2019 Share Posted December 10, 2019 Don't listen to the BS the realtors and those in the game are trying to spread ....... https://vancouversun.com/news/local-news/metro-vancouver-single-family-home-values-plunge Metro Vancouver single-family home values plunge : December 9, 2019 Fall in home values will impact some owners' personal finances, as assessed values are used by banks to determine how much owners can borrow. Link to comment Share on other sites More sharing options...
bishopshodan Posted December 10, 2019 Share Posted December 10, 2019 13 minutes ago, kingofsurrey said: Don't listen to the BS the realtors and those in the game are trying to spread ....... https://vancouversun.com/news/local-news/metro-vancouver-single-family-home-values-plunge Metro Vancouver single-family home values plunge : December 9, 2019 Fall in home values will impact some owners' personal finances, as assessed values are used by banks to determine how much owners can borrow. From your article: Assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s value ...so assessment might go up around the province? is that a good thing? ...and the cut off is in July 2019 for the assessments, things are changing in the last few months. So, meanwhile..more recently... The average home price in Vancouver ticked upwards for a second month in a row, this follows price declines that began back in July 2018. Home sales totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018. Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 10, 2019 Share Posted December 10, 2019 30 minutes ago, bishopshodan said: From your article: Assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s value ...so assessment might go up around the province? is that a good thing? ...and the cut off is in July 2019 for the assessments, things are changing in the last few months. So, meanwhile..more recently... The average home price in Vancouver ticked upwards for a second month in a row, this follows price declines that began back in July 2018. Home sales totalled 2,498 in November 2019, a 55.3% increase from the 1,608 sales recorded in November 2018. The smart money... guys i know really in the game..... they sold all their BC real estate about 1 to 1.5 years ago... They then repurchased in Eastern Canada..... but again these guys were top of the game here in BC. They move serious money out of the province to markets that have upside. Link to comment Share on other sites More sharing options...
bishopshodan Posted December 10, 2019 Share Posted December 10, 2019 1 minute ago, kingofsurrey said: The smart money... guys i know really in the game..... they sold all their BC real estate about 1 to 1.5 years ago... They then repurchased in Eastern Canada..... but again these guys were top of the game here in BC. They move serious money out of the province to markets that have upside. I believe you. I think we just disagree on the market a bit. I think it will level and slowly climb in the next few years. I don't see a boom coming though. Cautious climb. Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 10, 2019 Share Posted December 10, 2019 12 minutes ago, bishopshodan said: I believe you. I think we just disagree on the market a bit. I think it will level and slowly climb in the next few years. I don't see a boom coming though. Cautious climb. I have no idea what the market will do in the next few years.... I assume that so much will depend on interest rates. Incomes in BC don't support the high prices.... especially with any rise in rates... Stay tuned. It should be a very interesting time the next few years.... Link to comment Share on other sites More sharing options...
luckylager Posted December 10, 2019 Share Posted December 10, 2019 7 minutes ago, bishopshodan said: I believe you. I think we just disagree on the market a bit. I think it will level and slowly climb in the next few years. I don't see a boom coming though. Cautious climb. It depends on why you're purchasing property. If it's strictly investment, there are other provinces which might experience higher growth than BC. But if you're buying in an area you love in order to live there, now is a great time to jump in. I bought a little over 5 years ago (in Victoria) and my house has nearly doubled in assessed value which was an equity windfall when it came time to renew. With rates as low as they are right now, we cashed out $150,000 (attached to the mortgage) for renos and aren't paying any more than on our last term. We also got a fat ass equity LOC. Feels like free money to some extent. Waiting on drawings for the renos. Adding twin full length dormers first, which we plan on using for 3 bdrms and a bathroom. Second phase will be opening up the main floor and updating the kitchen. A lot of that I will be able to do on my own which will help keep costs down a bit. 1 3 Link to comment Share on other sites More sharing options...
kingofsurrey Posted December 10, 2019 Share Posted December 10, 2019 7 minutes ago, luckylager said: It depends on why you're purchasing property. If it's strictly investment, there are other provinces which might experience higher growth than BC. But if you're buying in an area you love in order to live there, now is a great time to jump in. Real estate purchased for the long term is of course a very safe investment. The people that are going to possibly take a loss of those that purchased for a quick short term flip. If the buyer can afford to hold on to the property and ride out the drops and flat years.... be patient. I agree real estate is pretty safe. Right now some money is moving out of province as there are bigger gains to be made in the next few years. 1 Link to comment Share on other sites More sharing options...
aGENT Posted December 10, 2019 Share Posted December 10, 2019 13 hours ago, kingofsurrey said: Right now some money is moving out of province as there are bigger gains to be made in the next few years. That's just the thing. The big gains in BC were already made a few years ago. Hence why your friends are now investing elsewhere/sold 1+ years ago. That however doesn't equate to an impending, massive correction here. It's just likely to be flatter/more moderate gains than other places. Anyone waiting for the 'massive correction' to buy is waiting on a fairy tale IMO. And if that massive correction ever does occur, they likely won't be able to buy a house anyway, as they'll likely be unemployed. So good luck with that... 1 Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted December 11, 2019 Share Posted December 11, 2019 I would hope to get into the rental property game at some point in the future here. My a very distant uncle who I have only recently got in touch with has been doing it for about 30 years - renovating, flipping, doing rental properties. He has a place in Coquitlam he's making $4k a month off renting out. And apparently bought another unit or multiple in Port Moody for 1.6 million. Link to comment Share on other sites More sharing options...
taxi Posted December 11, 2019 Share Posted December 11, 2019 On 12/10/2019 at 9:24 AM, aGENT said: That's just the thing. The big gains in BC were already made a few years ago. Hence why your friends are now investing elsewhere/sold 1+ years ago. That however doesn't equate to an impending, massive correction here. It's just likely to be flatter/more moderate gains than other places. Anyone waiting for the 'massive correction' to buy is waiting on a fairy tale IMO. And if that massive correction ever does occur, they likely won't be able to buy a house anyway, as they'll likely be unemployed. So good luck with that... There's already been a fairly major correction underway, IMO. If you look at places like Surrey and PoCo detached houses are down 25% already and continuing to slide. My brother tried to buy a house in the peak in the tri-cities. Even entry level places were selling for 1.2+ million. Now you can find places sitting at $900k. The issue, IMO, with Vancouver real estate, isn't a house on the west side costing 2.5 million, it's places that are an hours drive away costing $1+ million. In no other place in the world does that happen. Even in NYC you can find detached houses 45 minutes outside of Manhattan going for $400k. That's where speculation hit the hardest, in outlying areas that people bought in solely based on future potential. Anyways, I do think some of these areas will continue to slide from the 25% down to almost 40% down from peak, and I'd definitely call a loss of 40% a fairly major correction. Where things won't slide as much is entry level close to the core. Upper level on the west side of Vancouver has already taken a huge fall, but, for example, entry level on the east side of Vancouver proper is holding steady. 1 Link to comment Share on other sites More sharing options...
aGENT Posted December 11, 2019 Share Posted December 11, 2019 (edited) 16 minutes ago, taxi said: There's already been a fairly major correction underway, IMO. If you look at places like Surrey and PoCo detached houses are down 25% already and continuing to slide. My brother tried to buy a house in the peak in the tri-cities. Even entry level places were selling for 1.2+ million. Now you can find places sitting at $900k. The issue, IMO, with Vancouver real estate, isn't a house on the west side costing 2.5 million, it's places that are an hours drive away costing $1+ million. In no other place in the world does that happen. Even in NYC you can find detached houses 45 minutes outside of Manhattan going for $400k. That's where speculation hit the hardest, in outlying areas that people bought in solely based on future potential. Anyways, I do think some of these areas will continue to slide from the 25% down to almost 40% down from peak, and I'd definitely call a loss of 40% a fairly major correction. Where things won't slide as much is entry level close to the core. Upper level on the west side of Vancouver has already taken a huge fall, but, for example, entry level on the east side of Vancouver proper is holding steady. I think I'd have to see some actual numbers on this because I just sold a house in the burbs at about 94% of 'peak' +/- in October in the 'down market' (though it did take a while). And saw plenty of units selling (especially just below our price point in our market) for the same ballpark % and pretty quickly. And the market's picked up since summer/early fall and isn't likely to slow down this spring given we'll almost assuredly see an interest rate drop Q1. The days of a starter home in/around Greater Vancouver under $500k are LONG gone. And again, if they come back, we have FAR bigger problems. Edited December 11, 2019 by aGENT 1 1 Link to comment Share on other sites More sharing options...
AV's Coin Posted January 14, 2020 Share Posted January 14, 2020 Interested in knowing how many condo owners were dinged with these 300% to 700% rate increases to their strata insurance. I assume these are passed on to the owners through increased strata fees. What do you do if you are renting your unit out and can only increase rent 1-2% every year. Link to comment Share on other sites More sharing options...
Chicken. Posted January 15, 2020 Share Posted January 15, 2020 1 hour ago, AV's Coin said: Interested in knowing how many condo owners were dinged with these 300% to 700% rate increases to their strata insurance. I assume these are passed on to the owners through increased strata fees. What do you do if you are renting your unit out and can only increase rent 1-2% every year. Unsure of the exact % for this year, but there have been notices posted around to expect a massive increase coming due to widespread losses in the industry... a real kick in the balls when no major insurance issues have occurred at my complex. I'm not sure how much higher my strata fees can get as they passed $500/month last year.. some people with more square footage are $600+ they also attribute the increase to wood-frame buildings being a higher fire risk.. Link to comment Share on other sites More sharing options...
riffraff Posted January 15, 2020 Share Posted January 15, 2020 On 12/9/2019 at 7:37 PM, luckylager said: It depends on why you're purchasing property. If it's strictly investment, there are other provinces which might experience higher growth than BC. But if you're buying in an area you love in order to live there, now is a great time to jump in. I bought a little over 5 years ago (in Victoria) and my house has nearly doubled in assessed value which was an equity windfall when it came time to renew. With rates as low as they are right now, we cashed out $150,000 (attached to the mortgage) for renos and aren't paying any more than on our last term. We also got a fat ass equity LOC. Feels like free money to some extent. Waiting on drawings for the renos. Adding twin full length dormers first, which we plan on using for 3 bdrms and a bathroom. Second phase will be opening up the main floor and updating the kitchen. A lot of that I will be able to do on my own which will help keep costs down a bit. Sounds a lot like what we did up in north island. And the next step has worked out very well. Keep er going. get the house appraised after the Reno and go from there. 1 Link to comment Share on other sites More sharing options...
taxi Posted January 15, 2020 Share Posted January 15, 2020 19 hours ago, AV's Coin said: Interested in knowing how many condo owners were dinged with these 300% to 700% rate increases to their strata insurance. I assume these are passed on to the owners through increased strata fees. What do you do if you are renting your unit out and can only increase rent 1-2% every year. My deductible increased from $25k to $500k. They claimed it was due to my building having 2 water claims (both about $50k each) over the last 3 years. There is only one insurance company that will even insure me, and it's a lot shadier than my old one. Honestly, as far as costs go, the new policy is only an extra $300 or so a year, so it's not a huge deal. A 1-2% increase could more than cover that. As the price of rent keeps going up, I'm easily able to cover the cost with the new rental agreement with my new tenant. I could see some people who were renting out their units with a long term tenant at $1,200/month. That being said, the value of that unit has probably increased dramatically over the last 10 years, so it's hard to feel to sorry for landlords in that position. Link to comment Share on other sites More sharing options...
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