JM_ Posted March 12, 2021 Share Posted March 12, 2021 36 minutes ago, GetFocht said: Nice detached in Abbotsford. Feels like sellers are maybe thinking a change is coming and we submitted early and they took it. nice, I'm happy for you. No one really has a clue whats coming next in the post-covid economy. There are some awesome deals on mortgages right now too. Link to comment Share on other sites More sharing options...
GetFocht Posted March 12, 2021 Author Share Posted March 12, 2021 1 hour ago, Jimmy McGill said: nice, I'm happy for you. No one really has a clue whats coming next in the post-covid economy. There are some awesome deals on mortgages right now too. I think rates went up today. No one knows, that's for sure. It seems like a supply and demand issue with red tape keeping new places from being built. Now they are fast tracking but they were already chasing. We're in, so we're happy. I feel bad for those still chasing week after week, house after house. Link to comment Share on other sites More sharing options...
JM_ Posted March 13, 2021 Share Posted March 13, 2021 3 hours ago, GetFocht said: I think rates went up today. No one knows, that's for sure. It seems like a supply and demand issue with red tape keeping new places from being built. Now they are fast tracking but they were already chasing. We're in, so we're happy. I feel bad for those still chasing week after week, house after house. yeah getting in is quite hard. It was hard for us and it was longer ago than I care to think about. I know people that also recently bought up the hwy from you in Walnut Grove and are pretty happy too. Link to comment Share on other sites More sharing options...
AriGold Posted March 13, 2021 Share Posted March 13, 2021 (edited) On 3/11/2021 at 8:49 AM, themcdeal said: How much does a home inspection cost? Why would people opt to not get one? Seems like common sense to do so. Condos under 1000sqft $400, Standard house $550. Biggest I inspected was 14,000 SQFT 28M, cost was $2700 It's quite interesting because the houses under 1M are the ones that more often people choose not to expect which is odd because money is typically tighter then lets say a buyer on a 4M house which is always inspected but if any issues came up they could easily take care of it. The people who are spending majority of their income on a house say they can't afford to do an inspection but the truth is you can't afford not to. On 3/11/2021 at 10:18 AM, taxi said: I chose not to get one, for the simple reason that if there was $20k or even $100k of repairs that needed to be done, it wouldn't make a difference in my decision to purchase. The cost is so high right now an the market is so competitive, that those kinds of numbers are barely considerations. Home inspectors can also only look at stuff that superficial. They can't for example, get into the walls and look for mold or at plumbing. There were also so many places we were looking at/bidding on to get a successful bid, that spending $1-2k per house on an inspection became lost effective than dealing with any repairs. We bought our place. It was ultra competitive to get our bid accepted. We had to look at around 20 places in 3 weeks. We have just accepted that we'll likely have to pay $100k to get stuff fixed over the next 10 years. There's no other choice. You have to make compromises and all the balls are in the sellers court. The decision to do an inspection shouldn't be for negotiating costs. It should be for education on the property. It can help you dictate what should be fixed immediately vs what you can budget for 5-10 years down the road. We often do inspections once the buyer takes possession so they can properly budget for future repairs/replacements. We can actually see more then you think. I have a Flir E6 infrared scan which can tell us is insulation is missing, a leak that's not detectable by the human eye etc. Edited March 13, 2021 by AriGold 1 Link to comment Share on other sites More sharing options...
Jester13 Posted March 13, 2021 Share Posted March 13, 2021 (edited) 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. Edited March 13, 2021 by Jester13 Link to comment Share on other sites More sharing options...
Russ Posted March 13, 2021 Share Posted March 13, 2021 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. Link to comment Share on other sites More sharing options...
Gurn Posted March 13, 2021 Share Posted March 13, 2021 1 hour ago, Russ said: Its not like any money that goes to the government is ever used usefully Yah, who needs fire and police departments. Hospitals? Pffft. who needs them? Schools, just a complete waste of time. and so on...... 1 Link to comment Share on other sites More sharing options...
JM_ Posted March 13, 2021 Share Posted March 13, 2021 31 minutes 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...... not anyone who loves freedom. 1 1 Link to comment Share on other sites More sharing options...
Russ Posted March 14, 2021 Share Posted March 14, 2021 (edited) 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. Edited March 14, 2021 by Russ 1 Link to comment Share on other sites More sharing options...
AriGold Posted March 14, 2021 Share Posted March 14, 2021 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...... Link to comment Share on other sites More sharing options...
Gurn Posted March 14, 2021 Share Posted March 14, 2021 24 minutes ago, Russ said: Grow up you know what I mean you nimrod Tell me to grow up, then call me a name. I'm about to break this meme from overuse Link to comment Share on other sites More sharing options...
Russ Posted March 14, 2021 Share Posted March 14, 2021 (edited) 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. Edited March 14, 2021 by Russ Link to comment Share on other sites More sharing options...
Violator Posted March 14, 2021 Share Posted March 14, 2021 43 minutes ago, Russ said: 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. The money really isn't wasted pays peoples salaries who in turn buy goods and services with that money.Its like pissing into a toilet and then flushing that water goes into a water treatment plant then into the ocean then that water gets picked up by clouds and comes back so you have more water to go back into your toilet. 1 Link to comment Share on other sites More sharing options...
Russ Posted March 14, 2021 Share Posted March 14, 2021 (edited) . Edited March 14, 2021 by Russ Link to comment Share on other sites More sharing options...
Violator Posted March 14, 2021 Share Posted March 14, 2021 15 minutes ago, Russ said: But lots of the jobs and salaries are way to much for tax payer government jobs. Point in my original post that I quoted was that boomers want their wealth to go towards their kids, not to the wasteful government. If I go out and spend more money than I earn, guess what I lose my house, government will come after my wages, will take stuff from me. If the government spends more than they make, they just increase taxes and make us pay not taxes. People don't want the government to have more money, they are notorious at wasting it on overpriced wages, if you can tell me how the Governor general is worth 200k+ a year with a 140k pension and a 100k expense account after they leave the job, please justify that cost, and there's many other jobs like that. Point of my post is people will want their money to go to their kids to help them and that's what they are trying to do now buy helping out their kids to buy homes which is driving up the prices because they know if they die with it lots more money their kids will get less because the government will take a freaking year to do their probate crap which should take a few weeks max and will take their 5% cut right off the bat. I know Damn well when I get older I will be trying to fund my kids homes and grandkids education and life, etc because I want every penny I can to go towards my families future as costs keep rising and wages aren't keeping up with inflation and as few cents that I can send to the government I am going to try my damndness to keep it in my family. Your preaching to the choir I paid probably 100,000 when it was all said and done Settling my dad's estate. Link to comment Share on other sites More sharing options...
Guest Posted March 14, 2021 Share Posted March 14, 2021 13 hours ago, Violator said: The money really isn't wasted pays peoples salaries who in turn buy goods and services with that money.Its like pissing into a toilet and then flushing that water goes into a water treatment plant then into the ocean then that water gets picked up by clouds and comes back so you have more water to go back into your toilet. Right... the money isn’t wasted but people’s time and effort is... and before you say that they’re getting paid for it, I mean in terms of output/results. Link to comment Share on other sites More sharing options...
nuckin_futz Posted March 17, 2021 Share Posted March 17, 2021 Canada Feb Teranet house price index 9.8% y/y vs 9.6% prior Wed 17 Mar 2021 12:31:11 GMT Canadian February house price data from National Bank and Teranet Strongest y/y gain since Sept 2017 Prior was +9.6% y/y Prices +0.5% m/m vs +0.3% expected Full report Canadians are making more money on housing than working. Prices are rising by $10,000 per month in many places. It's out of control. ********************** Good thing there's no inflation lol. 1 Link to comment Share on other sites More sharing options...
Sean Monahan Posted March 17, 2021 Share Posted March 17, 2021 3 hours ago, nuckin_futz said: Canada Feb Teranet house price index 9.8% y/y vs 9.6% prior Wed 17 Mar 2021 12:31:11 GMT Canadian February house price data from National Bank and Teranet Strongest y/y gain since Sept 2017 Prior was +9.6% y/y Prices +0.5% m/m vs +0.3% expected Full report Canadians are making more money on housing than working. Prices are rising by $10,000 per month in many places. It's out of control. ********************** Good thing there's no inflation lol. I’m kinda torn because I’m scared of getting into the market and sometime later getting hit with like 10% interest rates but I also want to get into the market to maybe benefit from the inflation we’re going to see over the coming years. It feels a bit like damned if you do, damned if you don’t. Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted March 17, 2021 Share Posted March 17, 2021 1 minute ago, Sean Monahan said: I’m kinda torn because I’m scared of getting into the market and sometime later getting hit with like 10% interest rates but I also want to get into the market to maybe benefit from the inflation we’re going to see over the coming years. It feels a bit like damned if you do, damned if you don’t. Just rent and eat the sunk cost I'm kidding. Kind of. 1 Link to comment Share on other sites More sharing options...
Kragar Posted March 19, 2021 Share Posted March 19, 2021 On 3/17/2021 at 8:48 AM, Sean Monahan said: I’m kinda torn because I’m scared of getting into the market and sometime later getting hit with like 10% interest rates but I also want to get into the market to maybe benefit from the inflation we’re going to see over the coming years. It feels a bit like damned if you do, damned if you don’t. Don't you have access to long term mortgages yet? I know when I lived up North there was a 5 yr limit (I think, I wasnt in the market then). So sad if you can't. 20, 25, even 30 yr mortgages down here (maybe longer?). Get a good rate and lock it in, and no more surprises. Seems stupid if you can't get them in Canada yet, as it makes things more stable for the consumer. If you have to worry about a rate change, on top of the rest of life's uncertainty, that's rough. Link to comment Share on other sites More sharing options...
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