Buy a house, get a free car.
The REBGV stats for June 2010 are now available. If a month ago was a good time to buy some Vancouver real estate, than right now is an even gooderer time! If you were shopping for the benchmark home a month ago, you can now buy that same house and get a FREE CAR with it! Best Place on Meth pointed out some of the more dramatic drops and we’ve put together this handy guide for suggested cars you can get with the price difference.
The overall REBGV benchmark price for all housing in all areas is down just over 1 percent which is a little over $10k. You’re not going to get a brand new car for that much, but you could get this sweeeet 1992 Toyota Supra replete with go-fast fin and still have enough left over for a great little road trip:
The big drop for the month was in the benchmark house price on the west side. You’re not going to want to drive that supra up to your west side bungalow, but with about $90k extra to spend you can arrive in style with this 2005 Aston Martin DB9:
The dramatic percentage drop prize goes to West Vancouver Apartments, where the one month drop saw a loss of $77,664 or 11.5%! Go pick yourself up an apartment and a 2007 Maserati:
Crashcow pointed out that there’s even more drama in the West Van Apartment benchmark if you go back another month to the April Peak.
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July 5th, 2010 at 10:23 pm
I suppose if you wanted to be environmentally responsible you could get 5 or 6 brand new Toyota Yaris instead of the Aston Martin..
July 6th, 2010 at 1:14 am
Vancouver Island is getting beaten up as well…YOY sales dropped 20% for the Island (excludes Victoria), and 28% for Nanaimo.
They are down a whopping 30%+ in Victoria.
Isn’t the Island where all the seniors go to retire and has the best whether in all of Canada? I think I’ve heard this story someplace else before…I wonder where?
July 6th, 2010 at 1:43 am
I think the best price drop car translation would be the number of 2009 Toyota Prius’ you could buy.
Because just like the car, I think most buyers will find that the brakes on this market don’t work to well on a downward slope, and they’ll be plenty of recalls from the manufacturer.
July 6th, 2010 at 6:25 am
You only get the car if you buy! Sorry Supraboy Cmhc doesn’t cover cars.
July 6th, 2010 at 6:47 am
Nice straight up lie from Global News this AM as Richard Detman says although sales are down 30% prices continue to increase. WTF? Bloody liars.
July 6th, 2010 at 6:47 am
I pity the fools who bought in may!
So, how many here pay more than 10k/month for rent?
July 6th, 2010 at 7:10 am
Nice post Pope! Good visuals, I remember doing something similar to that when trying to quit smoking years ago… if I quit now I could save $XXX per year… etc…etc…
I got sucked in to an argument on RE. God, I’m so sick of even talking about it. This dude was telling me that it never goes down, it’s never a bad time to buy etc…etc… He sounded like he was reading from a script. I’m not even making up the fact he said “everyone wants to live here”. There were more too.
When I talked about interest rates and how they affect prices he said I was thinking too far ahead… WTF??? Unbelievable. It was okay to think 5 years down the road as long as I’m also factoring that prices will be higher, much higher, but not okay to think 5 years ahead about where interest rates are. It was mind boggling.
Here’s what I discovered upon some reflection. This dude, a new homeowner, wanted me to buy a place so badly it was a bit disturbing. If I’m wasting my money renting, why does it concern him? It’s my money. The only reason I can think of is that he’s insecure about his new purchase.
PS – I quit smoking 8 years ago.
July 6th, 2010 at 7:21 am
Pope said,”…you could get 5 or 6 brand new Toyota Yaris”
Everyone, let’s not get overly bullish about buying the house today.
Wait next month and you could get 6 Taris’ for yourself and 5 for your husban/wife… and maybe 1 for your previous landlord because he’s been so nice over the years subsidizing your shelter
July 6th, 2010 at 7:26 am
@Vansanity:
“The only reason I can think of is that he’s insecure about his new purchase”
Misery loves company!
July 6th, 2010 at 7:48 am
This is why I sold my house in 2007 and have been renting since; even if I’ve spent $50-$60-$70K on rent before I purchase again, I know I’ll still be ahead because I can recoup the rent expense in a year just through price declines. Now I am beginning to smell blood in the water!
Just as an aside, I have recently commented on several news1130 articles on their website regarding Real Estate and NONE of my ‘negative’ comments re. the articles have been posted. I guess they don’t want to offend the industry.
July 6th, 2010 at 7:55 am
The Globe and Mail:
Vancouver home sales drop sharply
http://www.theglobeandmail.com.....le1629806/
July 6th, 2010 at 7:59 am
@Crash:
I have similar experiences with commenting on News1130 stories. These guys are true whores.
July 6th, 2010 at 8:04 am
@The Pope: Six brand new Yaris… You buy tree, you wife buy tree?
July 6th, 2010 at 8:26 am
Bear you know that short selling mean you can lose infinite amount of money. You should know that if you don’t you should. If you short sell house and rent instead you could lose infinite amount of money since house never go down in Vancouver. This is big risk to take with family finances bear. You will retire in dirty van down by river.
July 6th, 2010 at 8:40 am
Supersmart Bull & Superduper Bull Time – You Property tax is now 4 day late. City Worker no happy! Add 5% penalty to figure and send tomorrow.
You no pay we auction house Sept 5!
July 6th, 2010 at 9:00 am
The Globe article says Still, the 2,972 sales made it the second-busiest June on record for the West Coast city
I recall looking at a table that VHB providing indicating that this June was on track for being the third worst in a decade – and this presumed that sales would come in a little over 3,000. WTF?
VHB, can you weigh in on this? JR
July 6th, 2010 at 9:15 am
Oh boy bears, time to celebrate by pretending to get free cars. Let’s face it male nurses, you are not buying West Van apartment or Van West detached. So forget about free car, stick to Chinese bicycle.
This stat package is good news for bears, showing stagnation. But don’t get too excited like FIFA player on penalty kick, you might kick wide. One month do not make trend. Very high price – small amount = Still very high price = No bears buying. Even grouse grind has small dips.
Also, I look at comment from yesterday after I take day off. As I expect, no good comment from paranoid crazy chicken tin foil bear. Please get hobby like origami or Playstation, because there is no CREA conspiracy or coming depression with squirrel cooking. Also, if your view of world is based on fact that everyone in Vancouver is idiot you need to question who is idiot. Just like every family have black sheep. If yours doesn’t, look in mirror.
July 6th, 2010 at 9:18 am
@specialfx3000: Well, what do you expect? News 1130 is a Rogers Media company, and we all know that Rogers is out there to make as much money as they can.
July 6th, 2010 at 9:25 am
N0 #17
Supersmart Bull that is your lamest post yet. Seriously you are slipping and obviously starting to panic.
Also you keep slipping in and out of your accent those ESL classes are paying off big time.
July 6th, 2010 at 9:28 am
@Johnnyrent:
It is incorrect to say that this June was the second busiest on record.
June 2005 sales = 4333
June 2006 sales = 3951
June 2007 sales = 4244
June 2008 sales = 2425
June 2009 sales = 4259
June 2010 sales = 2972
I posted the charts here:
http://housing-analysis.blogspot.com
July 6th, 2010 at 9:41 am
Have the stats packages been uploaded for the REBGV and FVREB?
Please post links, thanks.
July 6th, 2010 at 9:54 am
From greaterfool.ca:
In Vancouver, Blog Dog Jane – now trying to sell her condo – writes: “I did as you and the realtor suggested…reduced my price. In order to be at the lowest price of all comparable condos in my neighborhood, I went from 498K to 439K. That is matching the lowest of the condos, and beating all others. Us sellers are sucking each other’s prices down in bidding war of our own…a race to sell before the buyers go elsewhere or wait any longer. It’s just money, right? How long is it going to take to make that back in those preferreds?!!! The price was dropped this morning and presto – there were 4 requests for showings today. Maybe we’ll get lucky and have a bidding war and recoup a few thousand that we dropped. Maybe we’ll get lucky and simply be able to sell before having to drop the price any more.”
This is asset deflation, coming to a hood near you.
July 6th, 2010 at 9:59 am
2nd busiest in June?!
not cool. How can we get in touch with this guy. I’d like to send him a (professional, of course) email to voice my opinion on his analysis.
July 6th, 2010 at 10:04 am
Unless the prices fall 50%, this is a non-event. Remember – we were celebrating in 2008. Then came the flying pigs and prices went to reach new record highs.
I will start celebrating once the Vancouver West benchmark house price is at $800,000. Oh, wait a minute… still insane!
July 6th, 2010 at 10:13 am
I’ve been thinking about the recent price action and how it relates to buyer pschology. Here’s my take:
Buyers have a budget, let’s say 500k but rather than buy a 500k condo for 450k as prices fall they would rather get the 550k condo for 500k. They are getting a free upgrade in features/size/location or so they think. Prices are still very high and perception is that real estate will continue to rise so they still try to buy as much as they can. Properties that are selling are the desirable ones that have lowered their prices to compete with the 18,000+ listings. There is no more urgency to buy anything you can afford so you won’t be priced out because they can see all the listings they have to choose from. That loss of urgency means it takes longer to sell the worst properties that previously had bidding wars so the low end does not contribute as much to the sales figures. So prices as a whole are being lowered but for the most part just the desirable properties sell. That’s why the average hasn’t fallen but the benchmark has. Nothing scientific of course but I think it makes sense.
July 6th, 2010 at 10:39 am
There’s an interesting poll/thread that’s been going on for a couple weeks in a forum at RedFlagDeals.
There are some naive points of view, but I was a little surprised to see that almost 50% believe a crash is coming. Note that this a general interest site for shoppers looking for deals.
Real estate crash – yes, no, maybe?
http://forums.redflagdeals.com.....be-905498/
This was one of my favourite posts. The poster believes that prices in Edmonton will see a “steady and stable increase”. Here’s his reasoning:
They’ve been going up for years! Prices always go up right (even when they go down)?
Another great quote:
July 6th, 2010 at 10:47 am
@bubbly:
True we were celebrating in 2008, and then along came the lowest interest rates since the invention of fire.
What’s going to save the market this time?
July 6th, 2010 at 10:53 am
@Best place on meth: Fire?
July 6th, 2010 at 11:02 am
The whores have a new strategy, they say they’re actually happy about the number of building perimts going down. This way, they say, they can squeeze the buyers by restricting their inventory. I guess their forgetting about everyone elses inventory eh?
http://www.vancouversun.com/bu.....story.html
Now lets see, if inventory keeps rising and sales keep slowing, prices have to keep increasing ….right? Is this the old analogy where its said the ‘figures don’t lie and liars can’t figure?’
It heartening to see the pimps and whores in the industry and media banding together to push back the tide. I feel like I’m on the beach with King Canute. This is history folks. If they can engineer a public outcry then maybe the government will start throwing more tax dollars at the problem.
1) Property tax deferral (whaddya mean you cant afford your taxes)
2) Free daycare ( whaddaya mean you can’t afford kids and a mortgage)
3) free downpayments ( hell the CMHC will pay that)
4) unethical HELOCS ( heres some free cash to qualify for the apllication..whddaya mean you don’t have a job)
5) free money ( whaddya mean the tax payer won’t buy you a house)
6) phony interest rates ( no problem if you’re dead before you pay this sucker off, you’re building equity right? Don’t worry about the price you pay we’ll get you in with low monthly payments)
July 6th, 2010 at 11:04 am
@bubbly:
Still long road ahead of us, but we’ll catch up with reality eventually so 50% is not good, must be more. See this two townhomes that sort of match in terms of location, size, amenities, etc. However one in Seattle is a bit bigger, newer and has a two car garage + backyard but… this is WCS and everyone wants to live here;)
Vancouver: http://www.karinsmith.com/2160.....6.property
Seattle: http://search.idxnw.com/flyer1.....p;ln=36956
July 6th, 2010 at 11:09 am
@Vansanity: As someone once said, quitting smoking is the easiest thing the in the world to do–I’ve done it hundreds of times. It’s the not starting again that’s the difficult part.
Congratulations on remaining smoke-free for 8 years.
July 6th, 2010 at 11:11 am
it would not surprise me if they add up sales, new listings, and price changes to get the “second busiest june stat. all those things keep realors “busy” right? spin baby spin!
July 6th, 2010 at 11:30 am
@Raguz: You forgot to mention that the Kits townhome is “boutique”, has crown mouldings, 122 sq ft of crawlspace and offers modern Kits lifestyle. $1,198,000 is not enough for that gem.
July 6th, 2010 at 11:32 am
Because it’s way CHEAPER.
Duh.
July 6th, 2010 at 12:08 pm
…..Why pay a landlord when you can pay a mortgage?
Why pay for accomodation when a landloard will pay most of the costs for you?
July 6th, 2010 at 12:33 pm
The anthem for CREA everywhere “Dead or Alive – You Spin Me Round (Like a Record).
http://www.youtube.com/watch?v=zJv5qLsLYoo
Someone should seriously hack the CREA site so this song plays in a never ending loop.
July 6th, 2010 at 12:53 pm
#30 Rag, the devious realshit in Vanc doesn’t mention ‘time on the market’ as is law in Washington. The US example has been for sale in this listing incarnation for six months. Its obviously overpriced and will be reduced in time. More telling would be to check out the market comps in the area.
And check out the property taxes for the Kits dog…..$3800 …plus mortgage plus strata …oyyoyoy..that adds up fast. Just to turn the key on this pup is an extra grand a month on top of the mortgage…..hear that sucking sound folks……sssssslllllluuuuurrrrrpppppppp goes your ‘equity’. These people will need to raise chickens to put an omelette on the table after expenses.
Whaddya think the mortgage these ‘entrepeneurs have…95%? Whats that..something pushing $5000 grand a month? Bwhahahahahahahaha oh yeah, thats Kits Splendour all right.
Does anyone wonder how the city hall staff raises got jacked up when this projected revenue was supposed to last ‘forever’. Shitty Hall already admits that costs are going up faster than they can control them..WTF does that mean..to me it says….incompetant management.
July 6th, 2010 at 1:01 pm
re: “second busiest june on record” statement in the globe and mail article. the author seems to have misread the rebgv release where june 09 is stated to be the second busiest. they mention that to cushion the news of the 30% yoy drop. sloppy work by G&M.
July 6th, 2010 at 1:57 pm
Paul the Octopus has predicted that Spain will defeat Germany in tomorrows semi-final, and that Vancouver’s benchmark prices will decline a further 2.4% in July.
Go Paul!
July 6th, 2010 at 2:10 pm
@Johnnyrent:
Holy Batman, talk about shoddy journalism.
Anyone thinks they’ll issue a retraction?
July 6th, 2010 at 2:41 pm
A guy named Brian Ripley was on BNN during noon today talking about the falling Van RE.
Based on his “Plunge-O-Meter” Van prices will fall from peak of $818K down to $503K, or about 38.5% drop by about Mid 2013.
http://www.chpc.biz
This is gonna be the slowest but most entertaining train wreck. LoL…
July 6th, 2010 at 2:42 pm
@Bilbo Bloggins:
This is not just shoddy journalism – it is lies and deception and manipulation at its finest. Sure, they will make a correction on the eleventh page on the bottom in tiny print in a few days… that will make it OK, won’t it?
Goebbels, now this guy was a master of propaganda – he said if you repeat a lie enough times it becomes truth. The thing is, it didn’t work out too well for him in the end, did it?
July 6th, 2010 at 2:57 pm
@SuperSmartBull:
Let the poor celebrate.
They cannot buy a house anyway.
Leave them with the dream of owning a car if house prices drop !
July 6th, 2010 at 3:11 pm
@Alum:
Yes let them celebrate. If you rent a property to someone who cannot afford to buy it, you are losing money. Wealth equalization in action.
July 6th, 2010 at 3:20 pm
Life is good for renters.
Get my car, get my vacation, and put away enough savings to buy a nice house in a couple years time after the train wreck is over.
July 6th, 2010 at 3:53 pm
New Listings 225
Price Changes 134
Sold Listings 109
July 6th, 2010 at 3:58 pm
paulb, u rock dude
do you think we could see 20,000 this month? what is current inventory?
July 6th, 2010 at 4:02 pm
Listen up bulls.
You got to know when to hold ‘em, know when to fold ‘em.
Know when to walk away, know when to run.
July 6th, 2010 at 4:03 pm
@Raz:
Yes, renting is good… and how!
Looking forward to selling my car and picking up a brand new spanking luxury SUV at year end.
Packin the kids & taking them on a 10-day cruise in the fall as well.
Thanks landwhores.
July 6th, 2010 at 4:12 pm
@Bilbo Bloggins: It’s fools like these who rent and feed the rich that will keep property prices high.
July 6th, 2010 at 4:15 pm
@Raz:
“Life is good for renters.
Get my car, get my vacation, and put away enough savings to buy a nice house in a couple years time after the train wreck is over.”
I’ve heard that story before. So how long is a couple of years? I’ve been hearing that tune since 2004. How’s the wait on the train wreck. So let’s say a house that costed 800k in the west side in 2004 now costs 2.0mill. Let it drop 20%, are you going to buy? If not, keep renting because that’s as much as it will drop.
July 6th, 2010 at 4:27 pm
For the bulls,
even if prices don’t go down (I believe they will) honestly how much more upside can there really be? Sure it might have been the wrong choice (in hindsight) to not buy in 2004, assuming one was in the market or even living here then, but really can you bulls honestly advise someone to buy now on the asssumption this is gonna really keep going higher?
Look at all the headwinds, not even factoring in the astronomical high prices? There would just be too much risk to buy now, with not much if any upside and a LOT of downside risk (financial ruin potential). It just makes sense to rent now all things considered, at a much lower cost and see what the near term future brings..
July 6th, 2010 at 4:27 pm
@Supraboy:
At least when I buy a new car, I KNOW that it’s going to depreciate by 50% after 5 years.
In your case, Supra, you don’t know what you don’t know.
July 6th, 2010 at 4:36 pm
@Supraboy:
“Let it drop 20%, are you going to buy? If not, keep renting because that’s as much as it will drop.”
Because you say so? If wishing, hoping and praying could alter market outcomes there wouldn’t be crashes.
Or do you have something more compelling than your magical thinking to predict or control the market?
July 6th, 2010 at 4:44 pm
I predict a decline of 25% by October (end of).
July 6th, 2010 at 4:49 pm
Also, I think we see a full 60% decline off of the westside sfh for anything over $3 million.
Bloodbath – that’s putting it mildly.
July 6th, 2010 at 5:11 pm
@Supraboy:
I thought it only goes up. Now it will only drop 20 percent? What will you say next? Oh it’s only 30 percent. “It’s just a flesh wound.”
July 6th, 2010 at 5:12 pm
New Listings 265
Price Changes 158
Sold Listings 131
18,041
July 6th, 2010 at 5:12 pm
@Bilbo Bloggins:
Never buy a new car. You should always lease a depreciable assets. If you buy, you should buy 3 years used. Let the first owner eat the depreciation.
Buy assets that appreciate and have the following qualities; high quality, low quantity, high utility, fair value.
Investing in assets with those four characteristics ensures you will never go broke! If you can’t ascertain whether an asset meets each of those criteria, you do not know enough about it, and shouldn’t be purchased.
Too many people don’t understand what they are buying and why. The prevailing consensus is that people need to own. The herd mentality is pervasive when it comes to housing…
July 6th, 2010 at 6:16 pm
@Supraboy:
“Let it drop 20%, are you going to buy? If not, keep renting because that’s as much as it will drop.”
That’s just the first 6 months. This is going to be a long unwinding of the real estate bubble.
July 6th, 2010 at 6:56 pm
thx paulb
i think 20,000 this month
rate hold expiries end july 27th….wind down until then, then silence
July 6th, 2010 at 7:00 pm
The real estate crash adjectives are ubiquitous on local and national media presentations. One realtard and the Credit Union cheerleader were of course spewing ‘buy it now, it won’t last’. looking at PaulB’s numbers the list/reduced ratio to sales is four to one, up from two to one in the past week. I’d say thats a good indication that the bubble has gone super nova.
Now that the sheeple are all screaming ‘crash’ the panic can only accelerate. We are seeing the biggest adjustments crack open in the high end. Those prices are the most overinflated and will come down the most. The average person won’t notice when 4 million becomes two but I’m sure that the ‘rich Chinese’ who paid these exhorbitant prices will be howling in pain when it becomes known that they’ve been suckered and lose big face.
I have to agree with the Plunge O Meter. Draw a straight line through the hyperbolic arc of the bubble and we can easily estimate the ‘benchmark’ coming down from 880 ( already down from 1 mill) into the mid 500 just to get back to the price average increases of the pre bubble market anomaly. The bubble was in fact an anomaly and will be wiped clean when the markets reasserts itself and adjusts to the historical mean.
We know that the market was an entirely artificial phenomena, called easy money. That condition has finally been recognized as dangerous to the economic health of the nation. The government has allowed the condition to persist under a false assumption of nessescary inflation. However, the bottom line is that at the present time prices have increased so much that even at a zero intrest rate no one can afford the monthly payment to service the debt. Unless anyone has a plan top increase the wages of the average pizza delivery guy or you want to start paying $500 for a haircut we have to aadmit that the market has hit the wall. It’s dead except for the few brain dead bulls and other one trick ponies that still listen to the pimps for advice.
July 6th, 2010 at 7:03 pm
Mish has something to say about the housing market in Canada:
http://globaleconomicanalysis.blogspot.com/
July 6th, 2010 at 7:57 pm
Great thread, thanks Pope; thanks BPOM.
The cars look great, like weird ads.
July 6th, 2010 at 8:00 pm
…weird reverse ads.
July 6th, 2010 at 8:04 pm
Just wondering… did BPOM get his facts from agentwill or did Will get his facts from BPOM? Same exact quotes. Someone deserves attribution.
July 6th, 2010 at 8:14 pm
FYI – From tonight’s CBC National – http://www.youtube.com/watch?v=GWqaflxCowM
Host asks is lowers sales are driving prices down too. Question isn’t answered in the piece but a flipper is profiled and everyone’s favourite UBC Econ prof gots somethin’ to say.
Kind of clarifies the recent G&M article, and to a broader audience as well.
July 6th, 2010 at 8:15 pm
Watch the clip with the vuvuzela on – little extra bear treat. Hilarity ensues….
July 6th, 2010 at 8:16 pm
Interesting, only 250 sales entered Mon/Tue. No blip due to the Canada Day holiday. We are currently running a monthly rate around 2500-2700.
July 6th, 2010 at 8:32 pm
junius #56,
You don’t think. You just copy.
Get your own name asshole.
July 6th, 2010 at 8:35 pm
Junius – get lost.
You have nothing to add to the discussion here. Go get yourself a date on your eHarmony account.
junius
July 6th, 2010 at 8:35 pm
Junius #70
Go buy a house.
Or two.
Take a hike.
junius
July 6th, 2010 at 8:37 pm
junius junior
You have a lot to learn. I’m the alpha male here!
I am omnimpotent!
Junius
July 6th, 2010 at 8:39 pm
ho hum Pops.
Your call on the Vancouver housing market has been dead wrong since day one.
Go borrow your brains out and leverage up your winnings.
junius
July 6th, 2010 at 9:00 pm
@specuskeptic: love it with the vuvezela. how come it reminds me of the sounds of mosquitos on a beautiful Northern Ontario morning? http://www.soundboard.com/sb/Mosquito_sounds.aspx
hmmm – Mosquito animal spirit invading the market – could be an interesting time for flipping RE agents.
July 6th, 2010 at 9:23 pm
@specuskeptic: Thanks for the CBC-clip link.
Love the flipper story. “He’s invested in two other houses.”
Yes, of course, pyramiding.
Clearly the whole house of cards has to collapse for most people to actually get it.
July 6th, 2010 at 9:25 pm
Registering for a user account on this site will prevent other people from posting under your user name.
July 6th, 2010 at 9:50 pm
vreaa
you tell him, and thanks!
he’s been tailing me around for weeks
junius
July 6th, 2010 at 10:20 pm
63 anonymous Says:
July 6th, 2010 at 7:03 pm
Mish has something to say about the housing market in Canada:
http://globaleconomicanalysis.blogspot.com/
+++++++++++++++
I saw Garth holding Mish in a headlock, extreemly pissed for nary an attempt to paraphrase.
July 6th, 2010 at 10:23 pm
@Mike:
Thoust r right. I only bring up the brand new SUV comment as a comment on how liquid and better off I am currently renting.
Will likely lease (I have a business to write the expense off) or look at a used vehicle from the States.
July 6th, 2010 at 10:30 pm
I’m almost starting to think that this JUNIUS thing is some sort of split personality thing, a ‘Carrie’ thing, a typical day on the downtown eastside.
But then again, there could be two Junius’ and for that I apologize. Handle jacking is as bad as driving up the shoulder and cutting in.
July 6th, 2010 at 10:30 pm
@Bilbo Bloggins: Do you really feel like you’re saving so much money renting? Vancouver is still a damn expensive place to rent, granted at about 50% the cost of owning.
I don’t feel like we are banking so much cash… and at 50% the cost of owning I can’t figure out how the home-debtors are even meeting expenses on a monthly basis!
I’m just wondering though, what are ppl actually paying to rent and how what do you figure the market price of your rental is? I’ll go first: Area and approx square footage would be interesting too…
Yaletown, 1200 sf, $2400 /month, est Mkt Price, $800k.
July 6th, 2010 at 11:16 pm
@CashedOut:
Westend 1 Bedroom $1035 700sqft.
I would guess $350-400K for an equivalent building in the area.
Don’t forget the maintenance fees.
July 7th, 2010 at 12:04 am
Abbotsford, $950 for 950 sqft includes heat.
July 7th, 2010 at 12:11 am
Also to compute price to rent I think you should subtract the strata fee from the rent, to show what you would actually save by buying. For me it is something like $150/mo, and the places sell to lunatics for 180-200k, so the ratio is 225-250x. Not that I would buy the place.
July 7th, 2010 at 12:31 am
Man this it too funny;
http://vancouver.en.craigslist.....69068.html
Yeah, I’ll live in your tool shed and pay you too!!
Can I bring my kitties?
http://www.youtube.com/watch?v=j-_34Uflm5Q
July 7th, 2010 at 2:48 am
@Man does registering screw things up:
“Can be viewed evenings weekdays or weekends during the day. ”
Can also be seen if you shade your eyes and squint really hard.
July 7th, 2010 at 7:47 am
Royal Le Crap article soft sells the obvious.
http://www.vancouversun.com/bu.....story.html
July 7th, 2010 at 8:15 am
Well bear now that Canadian in running for podium finish in TDF real estate market about to take off like Contador after cobble stone crash. Bear will be lying on side of road in pain like Frank Schleck after market double in next 3 year. Just like TDF you never know what can happen. Ryder Hesjedal was domestic for Vandevelde two days ago bear and now maybe podium in paris.
July 7th, 2010 at 8:21 am
@CashedOut:
Sure, my numbers
2550 rent. Mkt value 1.25M
Renting gives you huge intangibles.
Mobility is the biggest one.
I hate fixing things. Once the condo I’m in hits 5yrs or more
its time to move. Ya call me a leech.
Hey I didn’t set this system up.
July 7th, 2010 at 8:32 am
@CashedOut:
Rent $1350, 2 bed, 2 bath 977 sq feet
6 year old building
market value est $400k
July 7th, 2010 at 9:21 am
@CashedOut:
Forgot to address your high rent question.
Compare rents in Vancouver to Toronto or Calgary.
High end condo like Waterfront in Eau Claire (Calgary) is 2850 for 915sf.
You can get into Shangri-La 1100sf for 2850.
Yes, living in downtown is expensive everywhere.
Think 2850 is a lot to pay for rent? That is cheap.
Consider mortgage payment would be easy 4600.
Amateur condo landwads don’t know how to calculate their ROI.
They don’t factor in holding costs, property taxes, or strata.
Everything is dependent on finding that sucker buyer.
Yet they wont be able to handle the worse case scenario.
Which is holding the darn condo for 35yrs while losing over 2000
a month during that time.
Rents are dependent on local incomes.
They are not guaranteed to rise over time.
But you can be assured that taxes, interest rates, and strata fees will.
If you make less than 70K, you should not be in downtown.
My advice to lower income earners, find a nice basement
suite near transit. They don’t have the same appeal as
an apartment, but your dollar will go far.
And there are many newer or newly renovated suites for
rent at reasonable prices all over the city.
September 10th, 2010 at 3:05 pm
I think I’ve got an even better rent deal that most of the posts I’ve seen on here.
It’s in New West, but in the Queen’s park area (super nice and close to all amenities and skytrain.) Also is 1 bed but at least 700sqft.
$750 a month,
includes heat, hot water and full cable