#Canucks Posted March 7, 2021 Share Posted March 7, 2021 This is the repercussions of Covid because builders slowed and now we need homes. As well the Agricultural Land Reserve. We are running out of land for people. We have too many people not enough homes. Link to comment Share on other sites More sharing options...
Jester13 Posted March 7, 2021 Share Posted March 7, 2021 Baby boomers are helping family with down payments, lots and lots of young professionals with money, the lower mainland and Island are desirable places to live, foreign buyers, and crazy low rates = the present. We just locked in five years at 1.59, so that says a lot. But the question is whether things will, in fact, burst when the BOC eventually has to try and curb inflation. Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted March 7, 2021 Share Posted March 7, 2021 Places like California I understand high housing prices. There's industry there. BC has little industry. You can only make so much money in the service fields. Long term the bubble will burst, but it won't collapse. (Think more like a correction). But basically the only ones making money are developers, builders, and contractors. Who are counting on the housing market staying hot. 1 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted March 7, 2021 Share Posted March 7, 2021 3 minutes ago, #Canucks said: This is the repercussions of Covid because builders slowed and now we need homes. As well the Agricultural Land Reserve. We are running out of land for people. We have too many people not enough homes. Catch 22. You can't get rid of the farms because you need to feed people. But you need land to put those people in without clear cutting and destroying the environment. 1 1 Link to comment Share on other sites More sharing options...
JM_ Posted March 7, 2021 Share Posted March 7, 2021 3 hours ago, GetFocht said: We looked as far out as Hope. 800,000 for anything sizeable and decent. why are you stuck on having a big yard? lots of nice townhomes under that price Link to comment Share on other sites More sharing options...
86Viking Posted March 7, 2021 Share Posted March 7, 2021 14 minutes ago, Jimmy McGill said: why are you stuck on having a big yard? lots of nice townhomes under that price Privacy maybe? Quiet, more space to do what you want. I own a house and would never live in an apartment or townhouse until I was unable too...being able to putter outside in your own yard is great! Townhouses or apartments are for business professionals who make good $ and don't want or like doing yard work. I would love an acre or 2 but cost of that is too high in the okanagan unfortunately Link to comment Share on other sites More sharing options...
Patrik Laine Posted March 7, 2021 Share Posted March 7, 2021 Too expensive im moving to texas 1 Link to comment Share on other sites More sharing options...
GetFocht Posted March 7, 2021 Author Share Posted March 7, 2021 1 minute ago, Patrik Laine said: Too expensive im moving to texas How? Can we just move there and start working? Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 1 hour ago, stawns said: hard to say what's going to happen, but at some point it's going to have to burst to some degree. It's getting to the point where there's going to be a very small number of people who can afford to buy a home. I'd love to sell my acreage at some point and retire,, but it's going to be tough to find a buyer You couldn't be more wrong. if you have an acreage in the Okanagan valley or anywhere in the surrounding area I promise you you will sell it in less than 4 weeks or less. I have seen acreages going out towards greenwood Clearwater north of Armstrong and minimal amounts of time because acreages are turning into the safest possible investment per dollar in regards to real estate as the potential for ALR changes come up Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 1 hour ago, Jester13 said: Baby boomers are helping family with down payments, lots and lots of young professionals with money, the lower mainland and Island are desirable places to live, foreign buyers, and crazy low rates = the present. We just locked in five years at 1.59, so that says a lot. But the question is whether things will, in fact, burst when the BOC eventually has to try and curb inflation. My wife and I just purchased a home and I have the ability if I make enough of a forward payment every year to relock my rates. her and I have decided that if we can make that 20% per year that we're going to lock in our rates every year because at some point in time and place is creeping in and it's going to murder the market 1 Link to comment Share on other sites More sharing options...
JM_ Posted March 7, 2021 Share Posted March 7, 2021 1 hour ago, Canuckster86 said: Privacy maybe? Quiet, more space to do what you want. I own a house and would never live in an apartment or townhouse until I was unable too...being able to putter outside in your own yard is great! Townhouses or apartments are for business professionals who make good $ and don't want or like doing yard work. I would love an acre or 2 but cost of that is too high in the okanagan unfortunately well, its true I don't enjoy yard work we had a 50x122 lot and I disliked most of the maintenance I needed to do, I'd rather be skiing or hiking. If I loved yard work I'd move to Saskatchewan and get an acreage for 1/5th of what a house costs here in BC. I'm just asking because sometimes people don't really question what they want, its worth really considering what you want to do. If you don't enjoy home maintenance why cripple yourself with debt? get a townhouse with a roof deck and bbq instead. 1 Link to comment Share on other sites More sharing options...
Boudrias Posted March 7, 2021 Share Posted March 7, 2021 2 hours ago, Sean Monahan said: The crazy part is that if it is, in fact, a bubble the government can't ever let it burst. Our greatest economic driver in BC seems to be real estate. People living high off the hog off the equity they've accrued in their homes as the market shot up over the last ten years or so, over-leveraged on debt that they can't really afford. A housing bubble burst would be catastrophic. I feel like it has to stop at some point. You can't roll with interest rates <2% forever and expect we won't see some fallout from that. I'm currently trying to buy my first place (a condo) but a part of me almost thinks it's better to just rent for a few years and wait to see if this whole thing blows up. I've got a government job, it's secure, so I could potentially capitalize. If the real estate market craters to the extent it should then your job, nobodies job will be secure. I was reading one of those financial planning scenarios where a couple, both 25, had bought a $1.1 million house and were carrying a mortgage of $825,000. Their combined incomes were $135,000. Mortgage was about $2500. This sounds so much like 2008-09. Millions of Americans lost their homes. USA interests are already spiking even as the US Fed tries to talk them down. Trudeau is a empty glass and will not be able to stop what is coming. Link to comment Share on other sites More sharing options...
stawns Posted March 7, 2021 Share Posted March 7, 2021 42 minutes ago, Warhippy said: You couldn't be more wrong. if you have an acreage in the Okanagan valley or anywhere in the surrounding area I promise you you will sell it in less than 4 weeks or less. I have seen acreages going out towards greenwood Clearwater north of Armstrong and minimal amounts of time because acreages are turning into the safest possible investment per dollar in regards to real estate as the potential for ALR changes come up I don't think so, unless I'm giving it away. Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 13 minutes ago, Boudrias said: If the real estate market craters to the extent it should then your job, nobodies job will be secure. I was reading one of those financial planning scenarios where a couple, both 25, had bought a $1.1 million house and were carrying a mortgage of $825,000. Their combined incomes were $135,000. Mortgage was about $2500. This sounds so much like 2008-09. Millions of Americans lost their homes. USA interests are already spiking even as the US Fed tries to talk them down. Trudeau is a empty glass and will not be able to stop what is coming. I know you like to gripe about Trudeau or the liberals. But I truly do need to know, what exactly do you think any other government who has fueled this bubble would do differently or is capable of doing differently to mitigate it? 1 1 Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 Just now, stawns said: I don't think so, unless I'm giving it away. 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 Link to comment Share on other sites More sharing options...
Violator Posted March 7, 2021 Share Posted March 7, 2021 1 minute ago, Warhippy said: I know you like to gripe about Trudeau or the liberals. But I truly do need to know, what exactly do you think any other government who has fueled this bubble would do differently or is capable of doing differently to mitigate it? opening up under developed areas to development would help alot better infrastructure and transportation. dont let developers sit on land Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 2 minutes ago, Violator said: opening up under developed areas to development would help alot better infrastructure and transportation. dont let developers sit on land Well that is common sense for you and I and is literally how this country was founded and grown. No government has done that since the early 50s. 2 1 Link to comment Share on other sites More sharing options...
Warhippy Posted March 7, 2021 Share Posted March 7, 2021 A good breakdown on the why https://www.reuters.com/article/us-canada-economy-housing-analysis-idUSKBN2AZ0FJ Link to comment Share on other sites More sharing options...
Tortorella's Rant Posted March 7, 2021 Share Posted March 7, 2021 Younger people are definitely &^@#ed. The house my mum bought in 2000 was 150k. Now it's valued at 600k. When did salaries jump 400% in that time. 1 Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted March 7, 2021 Share Posted March 7, 2021 23 minutes ago, Violator said: opening up under developed areas to development would help alot better infrastructure and transportation. dont let developers sit on land Urban planners have been asking for all of that for decades. Conservative, NDP, Liberal, no one has sufficiently delivered on any of those things. If it's of any interest, Trudeau made some steps by announcing $15 billion in public transit funding last month. Link to comment Share on other sites More sharing options...
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