-DLC- Posted January 2, 2022 Share Posted January 2, 2022 3 minutes ago, JM_ said: they can't, its over for many. But thats also not the end of things. We need actual good rental options and co-op ownership, to make sure people have good options. Exactly....we're being pushed out, but with no feasible options. A lot of speculating and foreign ownership creating this issue...needs to be cracked down on. Too little too late though. Richmond had a property tax deferment program for seniors...Dad took advantage of it (going through cancer/unable to work). Was ridiculously low interest.... .35% at one time I believe. Then the province took over the program and it jumped to 2%. Really screwing people over. Link to comment Share on other sites More sharing options...
JM_ Posted January 2, 2022 Share Posted January 2, 2022 Just now, -DLC- said: Exactly....we're being pushed out, but with no feasible options. A lot of speculating and foreign ownership creating this issue...needs to be cracked down on. Too little too late though. I'm a big believer in the ownership co-op model where people can get together and really reduce costs to make low rise apartments. Vancouver is literally sitting on billions in land holdings that could be used for this. And yet.... Thats why I want to slap Kennedy Stewart when I hear him talk, he yaps about housing but does nothing outside of a few prefabs for homeless folks (which I support 100%) 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 2, 2022 Author Share Posted January 2, 2022 4 minutes ago, JM_ said: they can't, its over for many. But thats also not the end of things. We need actual good rental options and co-op ownership, to make sure people have good options. People keep telling me to sell my rental cause the real estate market is so high. I tell them the rental market is higher. There is not enough inventory. I'm a nice landlord and havent increase rent in 4 years. If i renovict I could easily double the asking, 1 Link to comment Share on other sites More sharing options...
Type R Posted January 2, 2022 Share Posted January 2, 2022 Its pretty crazy.. I bought my house (on the high side) for $420k and I put another 30k on it to finish basement and install heat pump. That was 2011. Today the government says its value is $694k, and its up 23.5% from last year. Whats crazier is I'm going through separation, so had it professionally appraised, and its parked at $820k in todays market. Link to comment Share on other sites More sharing options...
JM_ Posted January 2, 2022 Share Posted January 2, 2022 Just now, bishopshodan said: People keep telling me to sell my rental cause the real estate market is so high. I tell them the rental market is higher. There is not enough inventory. I'm a nice landlord and havent increase rent in 4 years. If i renovict I could easily double the asking, that does make you a good person, thats happening too much. But I get it, its a free market with no real controls, many don't have your pov. Glad your'e up and around - how's it going today? 1 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 2, 2022 Author Share Posted January 2, 2022 26 minutes ago, JM_ said: that does make you a good person, thats happening too much. But I get it, its a free market with no real controls, many don't have your pov. Glad your'e up and around - how's it going today? Thanks. Lots better. Just in the throat now. 1 1 1 Link to comment Share on other sites More sharing options...
lx Birdie xl Posted January 2, 2022 Share Posted January 2, 2022 My dad bought his current home for $114k in '95. Nearly worth 1mil now. Link to comment Share on other sites More sharing options...
Elias Pettersson Posted January 2, 2022 Share Posted January 2, 2022 I'm looking to buy a house in Kitsilano. Beautiful area. I'm sick of renting downtown. I'm hoping I qualify for enough of a mortgage to buy a nice home with a laneway house for my parents when they visit in the summer. I wonder how much of a mortgage I will qualify for with a salary of $7.35 million? 1 Link to comment Share on other sites More sharing options...
Gurn Posted January 2, 2022 Share Posted January 2, 2022 8 minutes ago, Elias Pettersson said: I'm looking to buy a house in Kitsilano. Beautiful area. I'm sick of renting downtown. I'm hoping I qualify for enough of a mortgage to buy a nice home with a laneway house for my parents when they visit in the summer. I wonder how much of a mortgage I will qualify for with a salary of $7.35 million? I'd suggest holding off on a major purchase, untill your future earnings stabilize. you are currently a short term contractor, with a murky future, income wise. 3 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 2, 2022 Author Share Posted January 2, 2022 (edited) 11 minutes ago, Elias Pettersson said: I'm looking to buy a house in Kitsilano. Beautiful area. I'm sick of renting downtown. I'm hoping I qualify for enough of a mortgage to buy a nice home with a laneway house for my parents when they visit in the summer. I wonder how much of a mortgage I will qualify for with a salary of $7.35 million? You probably still cant afford Chip's house. That lulu leggings guy https://dailyhive.com/vancouver/chip-wilson-point-grey-mansion-worth Edited January 2, 2022 by bishopshodan 1 1 Link to comment Share on other sites More sharing options...
#Canucks Posted January 2, 2022 Share Posted January 2, 2022 2 hours ago, Warhippy said: This is the house I spent a decade in. Purchased for under $170k in 2004, sold recently for $540k ish. Immediately listed for $1.3 million https://www.bcassessment.ca//Property/Info/QTAwMDA5NFNRMA== Did they list within 90 days? Link to comment Share on other sites More sharing options...
Warhippy Posted January 2, 2022 Share Posted January 2, 2022 Just now, #Canucks said: Did they list within 90 days? They Approached the city immediately after taking possession for rezoning. They attempted this for almost 5 months and were unsuccessful in changing the zoning laws. After that they listed for $1.3 million and it is now up for just over $1 million. Essentially a $540,000 purchase which will be doubled immediately. I spoke personally to a number of developers after dealing with the city myself, they refused to touch it because they knew the property and zoning issues. Which is why I chuckled at someone wanting it so badly. The supreme irony, is they could squeeze 3 properties on it and still make an absolute fortune of $750,000+ starting price per place as it is RIGHT downtown. 10 minute walk from the beach, 15 minute walk from the hospital, gyms and grocery stores within 5 mins as well. But everyone wants to be greedy. Link to comment Share on other sites More sharing options...
#Canucks Posted January 2, 2022 Share Posted January 2, 2022 (edited) 5 minutes ago, Warhippy said: They Approached the city immediately after taking possession for rezoning. They attempted this for almost 5 months and were unsuccessful in changing the zoning laws. After that they listed for $1.3 million and it is now up for just over $1 million. Essentially a $540,000 purchase which will be doubled immediately. I spoke personally to a number of developers after dealing with the city myself, they refused to touch it because they knew the property and zoning issues. Which is why I chuckled at someone wanting it so badly. The supreme irony, is they could squeeze 3 properties on it and still make an absolute fortune of $750,000+ starting price per place as it is RIGHT downtown. 10 minute walk from the beach, 15 minute walk from the hospital, gyms and grocery stores within 5 mins as well. But everyone wants to be greedy. I own a small brokerage and am licensed myself. If they are successful in selling the property without disclosure to you about what they were going to do, you could be entitled to a boat load of cash. A. Your realtor did not do their job educating themselves on the value. B)the purchase party should have made a disclosure for purposes of real estate redevelopment. Just something to keep in mind. Edited January 2, 2022 by #Canucks Link to comment Share on other sites More sharing options...
drummer4now Posted January 2, 2022 Share Posted January 2, 2022 36 minutes ago, bishopshodan said: You probably still cant afford Chip's house. That lulu leggings guy https://dailyhive.com/vancouver/chip-wilson-point-grey-mansion-worth Funny in 2020 the family and I went near his house because there is a beautiful beach behind his property and I swear I saw him smoking a cigar playing mini golf in the back yard… The neighbourhood in which the house is built on is crap with broken down houses nearby.. 1 Link to comment Share on other sites More sharing options...
Warhippy Posted January 2, 2022 Share Posted January 2, 2022 1 minute ago, #Canucks said: I own a small brokerage and am licensed myself. If they are successful in selling the property without disclosure to you about what they were going to do, you could be entitled to a boat load of cash. A. Your realtor did not do their job educating themselves on the value. B)the purchase party should have made a disclosure for purposes of real estate redevelopment. Just something to keep in mind. I had tried to sell the property privately after trying to rezone it for years. NOBODY was willing to bite due to the rezoning issues. Trust me, it's bad. apartments on either side, but duplex behind. No alley access that would be viable as the duplex parking area buts up to the fence and the apartment follows up directly to the back of a way to small garage which would not leave enough space for multiple vehicle passage I work(ed) with a lot of realtors and developers in my time and they all knew the risk. I hired a person I knew with ties to a Vancouver firm and it was purchased site unseen as they thought it would be a steal and slam dunk for development. Until it wasn't. When they offered me $540,000 instead of my $480,000 asking without conditions I signed a second after the email came in and was in the office less than 10 minutes later to finalize. Link to comment Share on other sites More sharing options...
Chicken. Posted January 2, 2022 Share Posted January 2, 2022 only 5% increase for my condo in coquitlam centre... smallest gain in recent years not bad. Link to comment Share on other sites More sharing options...
#Canucks Posted January 2, 2022 Share Posted January 2, 2022 8 minutes ago, Warhippy said: I had tried to sell the property privately after trying to rezone it for years. NOBODY was willing to bite due to the rezoning issues. Trust me, it's bad. apartments on either side, but duplex behind. No alley access that would be viable as the duplex parking area buts up to the fence and the apartment follows up directly to the back of a way to small garage which would not leave enough space for multiple vehicle passage I work(ed) with a lot of realtors and developers in my time and they all knew the risk. I hired a person I knew with ties to a Vancouver firm and it was purchased site unseen as they thought it would be a steal and slam dunk for development. Until it wasn't. When they offered me $540,000 instead of my $480,000 asking without conditions I signed a second after the email came in and was in the office less than 10 minutes later to finalize. Sounds like you got out and got paid. Not a bad deal. Good for you! Link to comment Share on other sites More sharing options...
Warhippy Posted January 2, 2022 Share Posted January 2, 2022 7 minutes ago, #Canucks said: Sounds like you got out and got paid. Not a bad deal. Good for you! I was looking for a lot more initially. I held it for almost 6 years before I started the rezoning process. 2 years later I started shopping it. 3.5 years later I started the sale process. nice and quietly. Then my current home came up, circumstances were beyond favourable for the home we got vs the amount of work it needs when weighed against the cost. I found a realtor with vancouver ties, put it up at a more than reasonable ask. They offered more, I told the realtor to inform them of the rezoning issues they politely told us either sign or find another buyer. Ok cool, thanks bye and gl. They'll still almost double their money but we found out they wanted to slap a 6 or 7 unit row home on there at a $675,000 starting point Same devloping company that created these. https://www.cheriecarpenter.ca/listings/view/304190/penticton/111-166-power-street-penticton-bc Link to comment Share on other sites More sharing options...
#Canucks Posted January 2, 2022 Share Posted January 2, 2022 8 minutes ago, Warhippy said: I was looking for a lot more initially. I held it for almost 6 years before I started the rezoning process. 2 years later I started shopping it. 3.5 years later I started the sale process. nice and quietly. Then my current home came up, circumstances were beyond favourable for the home we got vs the amount of work it needs when weighed against the cost. I found a realtor with vancouver ties, put it up at a more than reasonable ask. They offered more, I told the realtor to inform them of the rezoning issues they politely told us either sign or find another buyer. Ok cool, thanks bye and gl. They'll still almost double their money but we found out they wanted to slap a 6 or 7 unit row home on there at a $675,000 starting point Same devloping company that created these. https://www.cheriecarpenter.ca/listings/view/304190/penticton/111-166-power-street-penticton-bc Yeah sounds like they wanted to get away with stealing property. I am personally glad they did not. I am a firm believer in making sure everyone gets their piece in this crazy market. Link to comment Share on other sites More sharing options...
Warhippy Posted January 2, 2022 Share Posted January 2, 2022 12 minutes ago, #Canucks said: Yeah sounds like they wanted to get away with stealing property. I am personally glad they did not. I am a firm believer in making sure everyone gets their piece in this crazy market. Honestly, many (not all) but a large margin of real estate agents are essentially modern day used car salesmen. Allowing an agency to police itself is insane. Reading numerous stories about federal action coming in on how canada's real estate agents and agencies conduct themselves and it's not pretty. Realtor forcing a couple to go in $230,000 over asking because of all the offers...except their were none and the agent pocketed a massive commission. Blind bidding, shadow flipping etc. It's kind of insane. Without mentioning our allowance of foriegn entities to purchase homes wholesale from trusts and off shore accounts without ever setting foot in canada or paying taxes the same way you or i would. 1 Link to comment Share on other sites More sharing options...
.thumb.jpg.580a09bd1100c1df9f5864deacf2f782.jpg)
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now