Comments on: CBC: What you should know before buying a condo

By: Tony Danza

Tony Danza — Fri, 11 Jan 2008 20:48:24 +0000

So what was the point of your original post then? I hope you don’t slink off and hide once this all comes to a head, like all the other idiots on the RE blogs in the US.

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By: Tony Danza

Tony Danza — Fri, 11 Jan 2008 20:46:48 +0000

SATV? Helloooooo…

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By: Tony Danza

Tony Danza — Fri, 11 Jan 2008 20:46:06 +0000

Why don’t you tell them to sign up at the longshoreman’s hall or go to work with SATV? Or do they make more than $50 an hour with MBA’s? /sarcasm

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By: krrish1

krrish1 — Fri, 11 Jan 2008 18:58:53 +0000

sidelines,

Your link cover the wage rate till 2006,This is 2008 there is a flat rate let’s say you start your shift @8am $32 per hour,4am shift $40 per hour,and night shift $50 per hour,for casual workers there is no other benifit like dental-medical plus it’s depend on how many jobs are available on time for all three shifts you can either check that online every day or try your luck on shift you like to work.

Imporant I never lie to anyone,MIND IT all that top info were taken through top rates a warehouse worker does not necesserly mean to make $25 starting most of job start @13 bus driver 20 and city 20.

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By: Drachen

Drachen — Fri, 11 Jan 2008 16:43:18 +0000

“even lending your car to your roommate who then kills someone with your car and you go to jail for it!”

Jail? There’s a guy on death row (maybe dead already) in Texas. He drove his friend to a party, the friend killed someone. The driver had no idea his friend intended any harm. They were gang members and they both had a history of violent crime but STILL!

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By: sidelines

sidelines — Fri, 11 Jan 2008 15:41:55 +0000

If you want to know how much longshoremen are getting paid, just have a look at their collective agreement. Wages are high, sure, but the regular day shift rate isn’t $50/hr, but $30.96/hr.

http://www.ilwu500.org/Docs/Co.....202003.pdf

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By: scullboy

scullboy — Fri, 11 Jan 2008 14:53:58 +0000

Yeah I landed back in Vancouver…. for now. After seeing what NYC has to offer and comparing that to Van….. well….. if we aren’t well on our way back to normality by 2010 I’m off to Miami.

The whole “greatest place on earth” mentality exhibited by people like Krrsh gets *really* grating after a while.

There are three guys at work who moved here from Toronto. They’re pretty much Van’s ideal demographic, young guys with MBAs and new families (babies etc). All three are saying if things don’t improve within the year they’re returning to Toronto because even with good educations and good jobs they really can’t afford a decent lifestyle here.

That combined with my recent trip and Condohype’s site have convinced me the entire city’s been sold a bill of good. “we have Hollywood people and LuLulemon and the seawall, therefore we can justify ripping you off for a home that’s poorly built.”

No thanks, man. I’d prefer Miami. There’s a risk of hurricanes but there is also tond of Cuban and Latin culture, gorgeous beaches all year round and beachfront condos at about half the cost of homes in Van.

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By: Andreas

Andreas — Fri, 11 Jan 2008 14:21:47 +0000

Also I’m proud to say I’m Canadian. Can’t say I support the policies of the USA.

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By: Andreas

Andreas — Fri, 11 Jan 2008 14:20:58 +0000

Up here you get a slap on the wrist for going to jail. Down there you can get life for anything… even lending your car to your roommate who then kills someone with your car and you go to jail for it!

I’ve been to several us cities, such as most of arizona (phoenix tucson etc…) LA, San Jose, Buffalo, Dallas etc… I grew up canadian and I have no plans to go down there any time soon. Maybe for the cheap chicken wings =p

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By: Andreas

Andreas — Fri, 11 Jan 2008 14:18:01 +0000

Understandable . Yes but you gotta remember that not everyone in vancouver is paying mortgages right now, and not everyone is moving out, and alot of people renting are renting from people who have owned their house for 25 years. My rent right now is 700 for a 2 bedroom in richmond.

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By: krrish1

krrish1 — Fri, 11 Jan 2008 07:15:40 +0000

Have you ever been to the US?

is that a minus point?

Our Sofia had a trip to New York she has landed back in Vancouver safely.Strataman had a trip there and he is back to Vancouver.Let me remind you here Vancouver is expensive city but all people are buying return tickets when the go for trips.

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By: patriotz

patriotz — Fri, 11 Jan 2008 06:38:08 +0000

And who is to say if prices will drop that much to a much more reasonable rate?

The invisible hand, that’s who. Assets are only worth anything because of the income they generate. In the case of housing, that’s the market rent. Landlords are not going to buy or hold properties long term that they are losing money on, any more than people held on to dot-com stocks that weren’t earning money. And it is the landlords who determine market pricing, because they are the most rational buyers.

That’s really all there is to it. It seems that most people still don’t get that there is a necessary relationship between house prices and rents, just as there is a necessary relationship between bond prices and interest rates. The only difference is that the latter adjusts instantaneously, while the former adjusts slowly due to illiquidity and short-term inelasticity.

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By: enonymous

enonymous — Fri, 11 Jan 2008 05:45:07 +0000

Wrong place wrong time? Are you talking about buying while prices are dropping or buying at the peak of the market? Thats a mighty big brush you use to tar the states with, more congestion all over? WTF? The US has a wider range of environments, population, culture, etc than Canada so there are lots of options. Is Vancouver better than all US cities to you? Have you ever been to the US?

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By: Andreas

Andreas — Fri, 11 Jan 2008 05:22:49 +0000

Oh and who the hell wants to live in the states? Being at the wrong place at the wrong time, really has negative consquences. More congestion, diffrent lifestyle.

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By: Andreas

Andreas — Fri, 11 Jan 2008 05:21:50 +0000

And who is to say if prices will drop that much to a much more reasonable rate? I’m not denying there is speculation, but people still need a place to live, for now. And as long as the economy stays stable there will always be people here to rent. And if it has to revert to working for 8 dollars an hour again like it did in those times, maybe people in the rental units will have to cut down their spending and not buy the beamers.

Sadly emigration has been getting higher ever since the announcment olympics. I’m really curious to know how many of them are in my age group (early 20’s)

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By: patriotz

patriotz — Fri, 11 Jan 2008 04:34:13 +0000

if this is what the accepted standard for the cost of housing in vancouver then so be it

“Accepted standard”? You think prices are determined by social attitudes or something?

Did the the “accepted standard” for house prices in Vancouver fall 45% from 1981 to 1984? Everyone seemed to think that the high prices were here to stay. Or maybe it had something to do with supply outrunning demand due to prices not being supported by rents and incomes? You think?

Or like, say, in the entire US of A over the last two years? The whole country, execept a few academics and Internet cranks, had “accepted” that prices would never go down.

God this stuff is getting lame.

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By: scullboy

scullboy — Fri, 11 Jan 2008 03:13:31 +0000

The other thing people forget is that even if a maid/doogwalker/trainer/whatever makes $x / hour, there’s no guarantee how many hours a week they’ll work.

Banks and brokers don’t like to give out mortgages to these people for that very reason….

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By: freako

freako — Fri, 11 Jan 2008 02:48:29 +0000

But the bad news is, even if you have a union, your employer wonâ€™t pay you a wage thatâ€™s beyond his point of profitability.

Oh, he may have to because wages are set by supply and demand. Thus he will may have to pay wages above his point of profitability. Until he goes bankrupt that is.

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By: sheeplessinvancouver

sheeplessinvancouver — Fri, 11 Jan 2008 02:00:12 +0000

Longshoreman like to live on the east side because it’s close to the hiring hall. You have to pass fairly stringent physical tests to get on the list and don’t make much to start, but can be doing pretty well after a few years.

I was told this by someone who gave up being a carpenter after he got on the list at the hall. He made up for not working full-time at first by doing the odd carpentry and handyman jobs while waiting for a call.

Oh yes, and granite countertops and stainless steel appliances are not high on their list of priorities when they’re looking for a place to live so Yaletown condos are not big with this crowd.

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By: jesse

jesse — Fri, 11 Jan 2008 01:52:15 +0000

“…if you were to take the contract to a lawyer and decide that you didnâ€™t like something, well, the developer would likely just let you out and return your deposit.”

Just wait until there is an oversupply and nothing is selling. It’s amazing what you can cross off and add in contracts when someone is despearate enough.

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By: sheeplessinvancouver

sheeplessinvancouver — Fri, 11 Jan 2008 01:51:57 +0000

House cleaners average $25 an hour and a lot of them are self-employed. Dog walkers can make up to $50 an hour. Not sure if I’d consider either unskilled though as they’re better at what they do than I would be.

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By: Asun

Asun — Fri, 11 Jan 2008 00:44:50 +0000

The future of real estate agents in UK? Check it here .

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By: Will

Will — Thu, 10 Jan 2008 23:56:14 +0000

Back to the topic at hand… though I often have trouble with Wendy’s reports (she is a vicious opinionator, IMO) I thought the report was bang on. It was not balanced in any way (never are with Marketplace)but then it was a Buyer Beware Warning. She didn’t say “don’t buy” but she did say “If you’re going to buy then this is what you need to watch out for.” And everything she discussed and the lawyer advised was spot-on.

Developers can, and have been, playing fast and loose in a market that is in full Bull mode. Not every developer has been as flagrant with the loopholes as those mentioned in the piece… but the opportunity is there. She covered everything from changes to spec to cancellations and how that affects the people who have invested money and time (time being more valuable in a rising market… lose it and you lose out).

The lawyer and Wendy advise you take a realtor with you to the sales centre. Can a realtor help you on the showroom floor? Yes. They can help with the contract and, more importantly, keep you calm and level-headed at signing. Negtiations? Maybe. Not so much on the first day of sales (the manic stage) but later with unsold suites.

In this market, if you were to take the contract to a lawyer and decide that you didn’t like something, well, the developer would likely just let you out and return your deposit. There would be no renegotiation. Not when there is often a wait list for rescinded contracts. Still, you have to thank the government for enacting a 7day grace period to rescind. This is a big comittment and one not to be taken lightly.

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By: jesse

jesse — Thu, 10 Jan 2008 23:06:02 +0000

“Currently I know someone at my work who works full time at 2 jobs to get what he wants. Everything is achievable if you really work for it.”

Yeah there are those that will work their butts off to achieve their goals. I don’t fault someone for this. The problem comes when 2 jobs are not available. You want to really work for it but it just is not possible, or it is possible but only at $10/hour and not $25.

It’s the old story — either things revert to the average or they don’t. It could be that the next generation needs to work 2 jobs to afford property but given how cheap rents are I think more people will opt for a more balanced life, once REAL prices are shown not to increase at 5%+/year forever.

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By: scullboy

scullboy — Thu, 10 Jan 2008 22:24:29 +0000

Hey That’s brilliant, why didn’t I think of that?

I’ll just go ask my employer to double my salary so I can afford a showebox downtown. I’m sure they won’t laugh in my face…. I mean if prices won’t come down they’ll just have to double my salary and the salaries of all those people who want to buy houses.

Wow…. just…. wow.

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