err, 28 – he corrected himself in 16…. reading is good

Umm:

15, you cannot deduct rental losses from your other income ie)employment or other investment.

Yes you can and I have done it (in the 80's, not lately – taking a small operating loss at 12% interest is something entirely different from taking a loss at 4% interest).

A revenue property is the same as any other investment and subject to the same rules. You can deduct interest paid to buy stocks from your other income, for example.

One exception – you cannot however use capital cost allowance (aka depreciation) to create or increase a loss on a rental property. The loss must exist without CCA.

dboywahhh:

I'm not insecure, just tired of this troll, who has nothing of value to offer. I am not about to get into any debate about policing, that's not why i come on here.

I also question who dboywahhh is – is that you realpaul?

Shortfall to own investment RE in Vancouver!

Min Morg rates,lowest ever, property values WILL decline over the next $??$? years!

Buy now or forever be priced out of the Van market!

BULLSHITT!!!!!!!!!!!

WAIT TIME IS ON YOUR SIDE SAVE NOW FOR YOUR DOWNPAY ON YOUR MORTG.

BUY, when, sorry, BUY WHEN YOU CAN AFFORD THE HOME YOU WANT WHEN YOU CAN!

Franco:

The Chinese population in Vancouver is approx equal on a percentage basis to that of San Francisco.

Please explain why they are not holding up that market if that is your premise….

And PLEASE do not say something like "Because Vancouver is better!"

Does anyone know how to lodge a formal complaint on here? I am a serving rcmp officer and find realpaul's comments offensive and completely detached from real estate.

Hi you miserable Bears are still in consistent denial hah!!

Has Van RE been flopped like US?

Has Van RE been abandoned ?

Has Van RE been in whatever negatively as you expected?

It seems you guys are still in some sort of mental delusion;should have a psychiatric assessment done early.

Vancouver RE will never end up like US because its 600000 PLUs Chinese population can sustain it alone.

Whining liked a miserable lazy child, can't lead you to a house. Stop spending senseless in beer and weed and start saving for your future,otherwise you will be left homeless or paying 1000 plus for a tiny bedroom in balmoral hostel on Hasting street.

realpaul:

You having a serious mental problem – get a life….This is supposed to be a site about real estate ….

15, correction, yes you can.

15, you cannot deduct rental losses from your other income ie)employment or other investment.

Wow. All I can say

http://www.theprovince.com/Business/Village+could…

I also found another one in Kits for approx $1.4MM boasting annual rental revenue of $60k.

House in even worse shape.

What a deal! 😉

Vancondobear:

PS Thinking is may be some rental income tax to pay along with this also…but I am too lazy to calculate.

Quite the opposite, because you are paying out of your pocket to cover the shortfall between the rent and the interest, taxes, etc. you get a loss which you can deduct from your other income.

Isn't that great? Better buy now! I've also got an ostrich farm which will give you the same writeoff. Sound good?

Vancondobear: $80K gross on $1.5MM is a egregiously poor investment, even by Vancouver standards. Cash machine is right, only it's cash going out, not going in 😆

OK So there is a "Kitsilano Cash Machine"!!!! listed for sale (1957 West 1st) for a meager $1,498,000. Hhhmmmmm. For fun I did a back of the envelope. The seller claims the property garners a whopping $80k gross per annum in rental revenue. And prop taxes are $4500/yr. Let's estimate abt $6000/yr in maintenance and upkeep. Damn those tempermental $350 bucks a pop garbage disposals…plus someone needs to mow the lawn etc and I already have a job. So that leaves net of approx $70k/yr. Now – moving to the mortgage with $150k down – you are looking at approx $105,000 per annum in mortgage payments. I would need to make an extra $55k/yr in my real job to keep this baby afloat. This seems more like a slot machine than a cash machine! PS Thinking is may be some… Read more »

Surreyreal. Or, is it surreal?

Pam and Courtnell (not a popular guy on the Sunshine Coast!) cant be this stupid, I gather one last grab at publicity to flog some pre-sales to meet financing requirement. Vanabanker may know, what is pre-sale requirement now for construction financing?

crap..

I take that back

we're # 2

Calgary is down 13.3%

oh well.. it was fun while it lasted.. Maybe we can catch them !

THE GREATEST PLACE ON EARTH for a real estate meltdown..

On the Teranet site

http://www.housepriceindex.ca

If you go to "Communiques" and click on the June 2009 report there are some interesting charts that show the Vancouver Index (calculated using sale prices of homes sold more than once during an observed period – I think..) is down %11.9 from the peak of June 2008 and still falling like a rock.

oh and we're #1 ! Yeah! Finally..

Thanks to Teranet for patiently explaining to me where to find this info.

http://www2.macleans.ca/2009/06/26/dont-believe-t…

Don't believe the Hype

"Investors" Buying up Homes With Their Credit Cards

Since the collapse of the U.S. housing market, desperate sellers have been dropping prices. Prices are sometimes so low that Americans are snatching the deals up with their credit cards.