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Anonymous
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Anonymous

@Vancouver: …..I would be buying in an instant…..

How can I help you realize your dream? Really, if I can help you purchase in any way, short of lending you the money, I will. I’d love to see you get everything you deserve.

Vancouver
Guest
Vancouver

Vote down the farts – this blog is a bunch of debt carrying renters. None of you have any stocks or the money for a downpayment. Why even worry about prices when you don’t have 2 cents to rub together to buy even a nice dinner out.

joe_blown_away_by_high_housing_costs
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joe_blown_away_by_high_housing_costs

@Anonymous, Vancouver

I would appreciate reading a compelling bull argument for Vancouver. Don’t just give me one example of a rental unit which could be an exceptional, outlier case, assuming that your numbers are correct. One example does not make a compelling argument.

I want to see something that looks at the fundamentals and the large scale trends, variables such as incomes, rents, pop. growth, immigration, credit availability, inventory levels, supply, demand. Use those variables based on large data sets, not just one example, to make the bull argument.

I am very open minded. I am not beholden to any one ideology or bull/bear position on the market. I can be convinced and persuaded in either direction, if someone makes a strong enough argument. I would welcome a strong bull argument and I would vote it up.

Vancouver
Guest
Vancouver

Every $350-400k condo rents for $1650-1800 currently.
Every $550-600k condo rents for $2150-2400 currently.

Please show me facts otherwise. Please!!!!

Rent is killing me in this city. I could be saving a fortune by owning……NO JOKE!!!

Anonymous
Guest
Anonymous

@Vancouver: you might be wrong on that. the people on this blog earn 6 figure incomes, have several PhD degrees, a few sacks of cash in the bedroom, and …rent!

jesse
Member
@VHB: “I would guess we’ll see a slow down in price drops in January-April” Prices are usually more robust in the first half of the year than the second half. Part of that in my view is due to logistics surrounding schooling transitions as well as a “tradition” of buying/selling in the spring. I’m harping on this population growth thing but I think there are a few harbingers that do not bode well for 2013: 1) Population growth is unlikely to markedly rebound. That means lower dwelling formation than was the case in 2009. 2) Construction starts have bounced off their lows and have continued to grow into this year. Completions, however, are still relatively low compared to past years. Completions lag starts and are set to rebound in 2013. 3) Unabsorbed multis are high. I don’t have the data… Read more »
Vancouver
Guest
Vancouver

“@Vancouver: you might be wrong on that. the people on this blog earn 6 figure incomes, have several PhD degrees, a few sacks of cash in the bedroom, and …rent!”

Cute! Don’t make fun of them, they will foreclose you.

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
@Vancouver “Why even worry about prices when you don’t have 2 cents to rub together to buy even a nice dinner out.” You don’t know that. I think there are a lot of very wealthy bears who wish to invest their money in things that will make them money and they believe real estate is a money loser right now. Garth Turner comes to mind–his blog is more about where to invest your wealth as opposed to just being a real estate blog. THat said, I admit I have next to no money and I rent. But I still have a stake in this argument about real estate. I have watched as the real estate bubble has absolutely decimated my community in Vancouver. I have watched as people have been forced out of their homes en masse. Actually, I have… Read more »
Manna from heaven
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Manna from heaven

Vancouver, my nice, new one-bedroom rents for $1,550. Similar units in the building are priced at close to $500k. Do the math.

Vancouver
Guest
Vancouver

joe_blown_away_by_high_housing_costs –
Someone honest, I like that!
I personally can’t get over how high rents are.
I think prices will fall and I will wait a few years before buying.
But when people use the rent vs buy argument I want to punch them.
It is ridiculously cheap to own versus renting so I feel your pain.

Vancouver
Guest
Vancouver

Manna from heaven –
Prove it, where?
$500k places rent for about $1800.

B!B!B!
Guest
B!B!B!

@Manna from heaven: maybe… MAYBE… they are priced at $500k, but i guarantee they would never sell for that much. i think you need to double check your facts.

Vancouver
Guest
Vancouver

Manna from heaven –
$500K purchase price.
$400k mortgage at 3% = $12,000
Property Tax = $1,500
Strata fees = $3,000
Total = $16,500 per year.

You pay $1550 x 12 = $18,600.

You could be SAVING $2,100.

Makaya
Member
Makaya
@Vancouver: Here is a little example for you: This place rents for $1900 (I was actually renting it for $1800 before I left a few weeks ago). In the same building, a similar unit is for sale at $498K. With 10% down (25 years @4%), your mortgage payment will be $2367 to which you have to add $310 in condo fees and probably about the same in property taxes. So you’re looking at $2987 per month (which does not include the maintenance you might have to do. In the first year, your total mortgage payment will be $28,405, of which $10,747 will go to your principal and $17,657 in interest payments. So, on a monthly basis, your interest payments+condo fees+ppt taxes would be: $1471+310+300= $2081 So here it is: cheaper to rent than to own in Vancouver and no financial… Read more »
Makaya
Member
Makaya

@Vancouver:
I wrote a message for you but it got stuck in the moderation list. So here is the same message split in 2:

This place rents for $1900 (I was actually renting it for $1800 before I left a few weeks ago).

http://www.crosbypm.com/properties/395/

Anonymous
Guest
Anonymous

@Makaya: That’s not fair, your not supposed to use actual numbers, you’re supposed to make them up (or at least arbitrarily chop of the top 20%). As long as you don’t use actual numbers and ignore all the risk a condo here can look like a decent buy.

registered
Member
registered

5 Anonymous Says: “I think the point is what a joke Vancouver architecture is.”

Vancouver once had some truly unique and wonderful buildings that came down for the current crop of generic teal towers. A real shame.

Makaya
Member
Makaya

@Makaya: Oups, got unstuck very quicly. Please vote down this and the previous message.

Anonymous
Guest
Anonymous

@Vancouver: ….$400k mortgage at 3% = $12,000….

Actually: $400k mortgage at 3% = $20,000 but you’ll have to renegotiate next year. But don’t let that get in the way of a lousy argument.

Only 10 more grades to go and you’ll graduate from high school. Hang in there!

Vancouver
Guest
Vancouver

Makaya – now go back and use the current 3% mortgage rate.

Grade 2 people!

Vancouver
Guest
Vancouver

Anonymous –

Grade 2 again for you!

$12,000!!!!!!!!!!!!!!!

The other $8,000 is YOUR money!!!!!!!!!!!!!!!!!

groundhog
Guest
groundhog

@Vancouver

You are only calculating interest costs in the mortgage, not principal payments.

Vancouver
Guest
Vancouver

groundhog – exactly!!!!

Who gets the rest of the money?

Why is this so hard to understand?

groundhog
Guest
groundhog

@Vancouver

“Grade 2 again for you!

$12,000!!!!!!!!!!!!!!!

The other $8,000 is YOUR money!!!!!!!!!!!!!!!!!”

Jeez, sorry I responded your argument. Thought you were just doing a simple miscalculation. Now I see you’re not worth responding to.

Anonymous
Guest
Anonymous

@Vancouver: “You could be SAVING $2,100.”

Only if you’re not earning anything on that 100K DP you implied. If you can’t earn 2.1%, you’re probably dead.

I have a great idea!! Why not just up your DP to 40%? Then you’re saving even MORE!