4petesake Posted March 10, 2021 Share Posted March 10, 2021 14 minutes ago, Jimmy McGill said: There are some interesting ideas here... but I just can't see Canada ending foreign ownership, too much of our economy right now is tied into real estate deals. IMO we need gov't to engage and encourage developers far more than we have in new types of housing projects. We're just scratching the surface when it comes to co-op housing potential. The article said that NZ had banned most foreign ownership in 2018 but didn’t mention what effects the move may have had so at this point I tend to agree with you. it will be interesting to see the changes caused by Covid and how long they last. For example working from home resulting in a glut of commercial real estate and what can be done with these properties. In any case the problems caused by speculators will always be offset by whatever solutions we come up with if we don’t address this issue. Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted March 10, 2021 Share Posted March 10, 2021 (edited) 1 hour ago, 4petesake said: There’s an article on cbc.ca regarding New Zealand’s efforts to deal with the same problem. I couldn’t copy their link so here is one through Reddit. I have also included this from the comments section. It seems like a reasonable attempt to begin to deal with the issue. I've been clamoring for these types of govt. policies. Ramp up capital gains on non-primary residences and use that tax revenue to increase funding for affordable housing projects. Re-zone to encourage higher density development, but make sure to enact inclusionary zoning rules so those developments have affordable housing quotas. Honestly, lower density, semi-detached housing shouldn't even be a thing in dense, urban areas. Especially in Vancouver. The foreign buyer ban will be tough and would involve so much political tact, I'm not even sure any government would want to touch that sensitive area. Edited March 10, 2021 by KoreanHockeyFan 1 Link to comment Share on other sites More sharing options...
taxi Posted March 10, 2021 Share Posted March 10, 2021 2 hours ago, Jester13 said: I'm well-aware and informed on the housing market, and I've also fully agreed with the sentiment that things are crazy with the market, and that it's not the same as it once was 30 or 40 years ago (or since the Olympics, for that matter). But, rather than ignoring the meaning behind my posts, maybe try to pick up what I'm putting down. I've clearly been responding to the sentiment that someone posted earlier that "young people are f$%#ed." They're not. The world is a different place, and it's much more difficult to get a detached home right away, but the path to get there is still feasible, and it happens every day for young people. That's all. You keep consistently posting that the solution is just to work harder or save more or lower expectations. That's a bunch of BS. The problem is the market. And yes, it's now impossible for most people to succeed in it. Link to comment Share on other sites More sharing options...
JM_ Posted March 10, 2021 Share Posted March 10, 2021 1 hour ago, 4petesake said: The article said that NZ had banned most foreign ownership in 2018 but didn’t mention what effects the move may have had so at this point I tend to agree with you. it will be interesting to see the changes caused by Covid and how long they last. For example working from home resulting in a glut of commercial real estate and what can be done with these properties. In any case the problems caused by speculators will always be offset by whatever solutions we come up with if we don’t address this issue. thats one of the reasons I'm so high on the co-op model, no speculators. Just locals buying shares and getting places built. Our city and provincial governments are sitting on billions in land that could be used for this. 1 Link to comment Share on other sites More sharing options...
Jester13 Posted March 10, 2021 Share Posted March 10, 2021 5 minutes ago, taxi said: You keep consistently posting that the solution is just to work harder or save more or lower expectations. That's a bunch of BS. The problem is the market. And yes, it's now impossible for most people to succeed in it. Impossible for most people with that attitude to succeed in it, more like it. Maybe we just hang around with different crowds, as the people I know are working hard to save, finding ways to make more money, find good investment homes that they can start with and work their way up, move to more affordable areas in their price range, etc., whereas you seem to know lots of people making a combined $200k/year who can barely stay afloat with a $750k place. There's just simply a reality with where we live in the world - and when - that sees lots of young professionals with money, lots of people with family that can help, and people moving here from all over the country (not just foreign buyers are adding to record prices) to live in one of the most - if not the most - desirable places to live in Canada, and someone can either tackle the reality, or they can continue telling themselves they're effed and never see home ownership ever happen. Gratification with the housing market has never been instant, it will never be instant, nor should it ever be instant. As I've said many times, I agree that the market is a problem, but you can either watch it go up and up and up and not make any money off of it, or you can invest and do well. We just purchased our first home for $500k (well-below our means), and similar, lesser units have already sold since in our building for $585k and $590k. Is it crazy that we've basically already made $85-90k on our investment in six months? Yes, absolutely. Are we sure glad that we entered the market when we did? Emphatically yes. I think people would be very surprised with how greatly they can change their lives if they change how they choose to view the world. You may not agree with this, and that's fine, but believe it or not there are many young people thriving with their strategic mindset to reaching their goals of home ownership. Anyways, I've given my thoughts and I'm merely repeating my sentiment over and over now. Cheers. 2 Link to comment Share on other sites More sharing options...
Boudrias Posted March 10, 2021 Share Posted March 10, 2021 29 minutes ago, Jester13 said: Impossible for most people with that attitude to succeed in it, more like it. Maybe we just hang around with different crowds, as the people I know are working hard to save, finding ways to make more money, find good investment homes that they can start with and work their way up, move to more affordable areas in their price range, etc., whereas you seem to know lots of people making a combined $200k/year who can barely stay afloat with a $750k place. There's just simply a reality with where we live in the world - and when - that sees lots of young professionals with money, lots of people with family that can help, and people moving here from all over the country (not just foreign buyers are adding to record prices) to live in one of the most - if not the most - desirable places to live in Canada, and someone can either tackle the reality, or they can continue telling themselves they're effed and never see home ownership ever happen. Gratification with the housing market has never been instant, it will never be instant, nor should it ever be instant. As I've said many times, I agree that the market is a problem, but you can either watch it go up and up and up and not make any money off of it, or you can invest and do well. We just purchased our first home for $500k (well-below our means), and similar, lesser units have already sold since in our building for $585k and $590k. Is it crazy that we've basically already made $85-90k on our investment in six months? Yes, absolutely. Are we sure glad that we entered the market when we did? Emphatically yes. I think people would be very surprised with how greatly they can change their lives if they change how they choose to view the world. You may not agree with this, and that's fine, but believe it or not there are many young people thriving with their strategic mindset to reaching their goals of home ownership. Anyways, I've given my thoughts and I'm merely repeating my sentiment over and over now. Cheers. I cannot be bothered to read the whole thread but I will throw out the idea of increasing the housing density by rezoning areas in the Lower Mainland. Also consider how much the cost of a building lot has been increased by government levies on all kinds. Building permits, inspections, taxes etc. Some of it legit and some bogus. Link to comment Share on other sites More sharing options...
JM_ Posted March 10, 2021 Share Posted March 10, 2021 (edited) 8 minutes ago, Boudrias said: I cannot be bothered to read the whole thread but I will throw out the idea of increasing the housing density by rezoning areas in the Lower Mainland. Also consider how much the cost of a building lot has been increased by government levies on all kinds. Building permits, inspections, taxes etc. Some of it legit and some bogus. it is slowly happening in some places. We need a gov't that properly incentivizes a wide range of development projects, but sadly we had Clark who let things run wild with no plan, and now the NDP that won't work with developers. We need a true centre party that sees the bigger picture. Edited March 10, 2021 by Jimmy McGill Link to comment Share on other sites More sharing options...
KoreanHockeyFan Posted March 10, 2021 Share Posted March 10, 2021 5 minutes ago, Boudrias said: I cannot be bothered to read the whole thread but I will throw out the idea of increasing the housing density by rezoning areas in the Lower Mainland. Also consider how much the cost of a building lot has been increased by government levies on all kinds. Building permits, inspections, taxes etc. Some of it legit and some bogus. Completely agree, but govt. needs to make sure developers don't just build a bunch of luxury condos with ten 500 sqft. studio units on every single floor. There needs to be affordable, family-sized housing quotas and developers need to chip in for community amenities around the neighbourhood. Just like how us "young people" need to adapt to the expensive housing market, older folks are going to need to adapt to Vancouver's ever-increasing population and density, so don't start up some local community petition when a developer shows up trying to build a mid-rise apartment in front of the spacious backyard you've had for the past 30 years because you don't want poor people coming into your neighbourhood decreasing property values. 1 Link to comment Share on other sites More sharing options...
AriGold Posted March 11, 2021 Share Posted March 11, 2021 10 hours ago, taxi said: I just purchased. I had to go no inspection. Most places had 3-10 offers and sold within 4 days of showing. All subject free. You would see 2-3 people at each place get an inspection. So they were happening. Most of the inspectors we booked up and couldn't do last minute inspections. Let me know when you take possession, I can give you an assessment after so you can budget appropriately. Unless it's a strata property, then it's pretty straight forward. Link to comment Share on other sites More sharing options...
GetFocht Posted March 11, 2021 Author Share Posted March 11, 2021 We got into the market. Didn't have to compete on a home that was taking an offer in 5 days. We wrote early, no subjects and the sellers took it. Finally. 3 Link to comment Share on other sites More sharing options...
taxi Posted March 11, 2021 Share Posted March 11, 2021 4 hours ago, KoreanHockeyFan said: Completely agree, but govt. needs to make sure developers don't just build a bunch of luxury condos with ten 500 sqft. studio units on every single floor. There needs to be affordable, family-sized housing quotas and developers need to chip in for community amenities around the neighbourhood. Just like how us "young people" need to adapt to the expensive housing market, older folks are going to need to adapt to Vancouver's ever-increasing population and density, so don't start up some local community petition when a developer shows up trying to build a mid-rise apartment in front of the spacious backyard you've had for the past 30 years because you don't want poor people coming into your neighbourhood decreasing property values. There has to be balance though. That's so much developable land in GVRD that slowly gets permitted out. Why is there a bunch of warehouses around terminal? That will be developed, but not until the other condos in the city have reached market saturation. It has nothing to do with the interests of the citizens. Link to comment Share on other sites More sharing options...
kingofsurrey Posted March 11, 2021 Share Posted March 11, 2021 In a nutshell. The real estate market in BC is going up. Simple as that. Cheap access to money hyper inflates prices....... 1 Link to comment Share on other sites More sharing options...
themcdeal Posted March 11, 2021 Share Posted March 11, 2021 Unfortunate reality for many is that they need to relocate if they want they want a certain life style. I'm 29 and make a good living (110k), and managed to save up 250k. I'm not wasting my life living pay cheque to pay cheque paying a 1M mortgage so I can have an average house that my parents paid 200k for 20 years ago. 2 1 Link to comment Share on other sites More sharing options...
86Viking Posted March 11, 2021 Share Posted March 11, 2021 I feel for the people trying to get in the market today, I would NEVER commit to buying any property WITHOUT an inspection...not that they really do a lot but it kind of covers your ass but more so gives you peace of mind. I bought my house 4 years ago, it has gone about $250k since, I was planning on upgrading to a bigger house with a garage and more square footage, but not doing that now with these crazy prices! The mortgage rates are super low, I went with my bank for my 1st mortgage but they currently are only offering me 2.1% for 5 years fixed where you can go elsewhere and get 5 years fixed for 1.5%. I also looked at a 10 year fixed mortgage for just over 2%. Has anyone changed mortgage brokers when renewing their mortgage, if so how was that process? Link to comment Share on other sites More sharing options...
themcdeal Posted March 11, 2021 Share Posted March 11, 2021 How much does a home inspection cost? Why would people opt to not get one? Seems like common sense to do so. Link to comment Share on other sites More sharing options...
taxi Posted March 11, 2021 Share Posted March 11, 2021 1 hour ago, themcdeal said: How much does a home inspection cost? Why would people opt to not get one? Seems like common sense to do so. 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. Link to comment Share on other sites More sharing options...
Russ Posted March 12, 2021 Share Posted March 12, 2021 Wife sent me this that people are flipping lots now she was looking at ppl. Link to comment Share on other sites More sharing options...
themcdeal Posted March 12, 2021 Share Posted March 12, 2021 Looks like we're entering into the hysteria phase Link to comment Share on other sites More sharing options...
JM_ Posted March 12, 2021 Share Posted March 12, 2021 On 3/10/2021 at 7:23 PM, GetFocht said: We got into the market. Didn't have to compete on a home that was taking an offer in 5 days. We wrote early, no subjects and the sellers took it. Finally. congrats. What did you get into? 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: congrats. What did you get into? Nice detached in Abbotsford. Feels like sellers are maybe thinking a change is coming and we submitted early and they took it. 1 Link to comment Share on other sites More sharing options...
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