FFFA! It’s Friday again!

Well well, look at that, you made it to the end of another work week.

This is Friday and that means it’s time for another Friday Free-for-all, our regular end of the week news round up and open topic discussion thread for the the weekend.

Here are a few recent links to kick of the chat:

Can the industry police itself?
Ultimate buy / rent calculator
Boom a bust for heritage buildings
Canada job market not quite best
Leaving the city for better economics
Tiny homes
Is the worst over for Looney?

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Jann
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Jann

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Candra
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Candra

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all brend
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all brend

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flow thru welfare for landlords
Guest
flow thru welfare for landlords

Landlord’s need to worry about vacancy rates. With the slave trade spigot off, there’s still quite a bit of wiggle room in mortality rates … better hope your older tenants stay fit, active, alive and keep receiving the goo dole… or else…

Keep waiting renters
Guest
Keep waiting renters

@95

Pretty weak response. No comment on the need to buy at the bottom or else wasted years as a renter. Guess its true – bears you have to wait another ten years or you wasted those years of renting. You timed the market on the way up (badly) and now have to time the market on the way down (good luck).

patriotz
Member
@92: What is fundamentally (pun intended) wrong with your argument is that your outlook is primarily speculative. Suppose I buy a restaurant for $500K. After a year, do I try to find out what the restaurant would sell for to find out my return? No, because my business isn’t buying and selling restaurants, it’s running a restaurant and what I’m concerned with is my cash flow and non-cash expenses such as depreciation, which comprise my operating return. That the way businesses do it, and that’s the way accountants and the tax man do it. Only when I sell the restaurant, whenever that is, do I look at capital gains or losses. Likewise, if I buy a house, I’m ahead of the renter if my expenses are lower, and I’m behind the renter if my expenses are higher. I don’t know… Read more »
M-
Member
M-
Member
@92: I think your premise is false, but I haven’t down-voted you, because your comment deserves some visibility. The way I read your post, your premise is that the buyer from 5+ years ago bought at or below whatever prices may dip to in the future. And that only a new buyer loses equity if they buy in before prices bottom out. I disagree strongly with that premise: I know a few people who are “stuck” in their condos, having bought 3-5 years ago, and being effectively underwater once transaction costs have been taken into account. Others have been able to sell, but at a great loss… One friend bought a new $500K townhouse in 2011, and recently sold it at a moderate loss. Taking into account PPT, GST (incl rebate), realtor fees, mortgage break costs, and the lower sale… Read more »
Let Patriotz respond
Guest
Let Patriotz respond
@34: “So you are essentially screwed if you wait to buy, for even if you buy when prices are falling, as you will lose out on your renter ‘savings and investments’ as prices continue to drop for years. ” Patriotz @ 60 – What are you talking about? If buying is more expensive than renting, you’re ahead waiting to buy even if prices simply stay flat. _____________________ To clarify, and contextualize your snippet from the post, the scenario applied to a renter sitting on the sidelines for some years and investing the ‘difference between owning and renting,’ and comparing that to a buyer from 5 or 10 years ago – someone who clearly must have equity. Very simply, if that renter buys in a declining market in the coming years, then he loses the money he ostensibly saved and invested… Read more »
An Observer
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An Observer

@90

There were over 1600 $2 million+ properties last year at this time and it got as high as 1750+ in July of 2013. It also broke 1750 at the end of June in 2012 and was about 1550 this time in 2012. I don’t have this type of info from before 2012.

It’s possible we’ll break the record this year if we see a big spike in listings but right now we’re a little below 1600

UBC in crisis mode
Guest
UBC in crisis mode

There are 1500 properties in GVRD which are more expensive than this one:

262 W KING EDWARD AV, Cambie, Vancouver West, $2,000,000.00
http://www.realtylink.org/prop_search/Detail.cfm?MLS=V987987&REBoards=All&From=MLS

We need a lot of millionaires who are willing to buy them.

In GVRD 1500 properties listed over $2 millions, it must be a record number.

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Check Again
Guest
Check Again
@34: “So you are essentially screwed if you wait to buy, for even if you buy when prices are falling, as you will lose out on your renter ‘savings and investments’ as prices continue to drop for years. ” Patriotz @ 60 – What are you talking about? If buying is more expensive than renting, you’re ahead waiting to buy even if prices simply stay flat. _____________________ To clarify, and contextualize your snippet from the post, the scenario applied to a renter sitting on the sidelines for some years and investing the ‘difference between owning and renting,’ and comparing that to a buyer from 5 or 10 years ago – someone who clearly must have equity. Very simply, if that renter buys in a declining market in the coming years, then he loses the money he ostensibly saved and invested… Read more »
M-
Member
@ Oracle #59: 1. When you buy CMHC insurance, it’s valid for the life of the mortgage (eg 25 years), provided that you stick to the amortization schedule. So if you bought a place with insurance, and now you have enough equity that you don’t need insurance anymore, you can refinance with another full 25 years, and that will nullify the original insurance. Or pull a bit of cash out when you refi. There may be other ways to drop the CMHC insurance, but your bank probably won’t “freely” let you drop it, since the insurance protects your bank. 2. I don’t know if you can insure one property with Genworth and one with CMHC, but I’d be willing to bet that the left hand doesn’t talk to the right hand, so yes, probably. 3. Are current multiple-insured owners grandfathered?… Read more »
RealityCheck
Guest
RealityCheck

Ted,

Go have a fuckn drink for once. I had some G.G. tonite and I don’t give a damn about the housing bubble…

Who cares?!…its all in your head. You can buy and if everything crashes, just declare bankruptcy. You won’t be able to get credit for 7 Years and that’s it.

Grow some.

Guy Smiley
Member
Guy Smiley

Fuck off ted.

tedeastside
Member
tedeastside

seems it never rains in Southern California

from the Vancouver cold rain to the California

where would you rather live

would-be buyer
Guest
would-be buyer
What the?
Guest
What the?

The only thing I can think of the TFW and real estate prices is that some companies like Mcdonalds were buying condos and basically forcing their TFW to rent these condos subsidizing the real estate purchases I even heard that they may of even charged the underpaid TFW above market rates

The food services TFW should never been allowed

I totally agree with the cons on this that said I am not a cons

But they do change paths when they think it’s for the best case in point the TFW and income trust reversals

HAM
Guest
HAM

Bear Life cycle

2006- Correction coming
2007- Oh man this market will fall 50%!
2008- Oh baby, market falling
2009- These buyers will get killed
2010- HAM buying everywhere
2011- This has to be the top, market will fall 75%!
2012- Yes market tanking
2013- This fall for sure man!
2014- This year for sure!
2015- Ive waitied 9 years, its almost here.
2016- 10 years now and I give up, buying in Maple Ridge.

southseacompany
Member
southseacompany

Prices dropping in China; “Homes get cheaper as prices plummet in Hangzhou”

http://www.globaltimes.cn/content/856902.shtml#.U1xYeRz8TBs

HAM is a MYTH!
Guest
HAM is a MYTH!
Aggregator
Guest
Aggregator
Looks like big daddy CMHC is in the flipping McMansions business after all Supreme Court of British Columbia, August 7, 2012 Royal Bank of Canada v. Miller [3]  The Millers signed a promissory note and executed a mortgage on their home in favour of the bank in 2007.  They did so in order to borrow $3.65 million which they spent on the construction of their home and retiring debt.  The home they built is a large luxurious structure.  The Millers maintain they spent in excess of $10 million in the acquisition of the land, construction, finishing the home, soft costs, and landscaping.  Mr. Miller is a builder and planned to use the home to facilitate the development of a luxury home building business.   [4]  The bank commenced foreclosure proceedings in December 2010.  By the fall of 2011, the amount… Read more »