Renting: The last, best real estate bargain?

Somebody at the Sun has started looking at rent / buy ratios.  

Many Franks posted this in the comment section yesterday:

Barbara Yaffe discovers renting. Contains a few groaners. Renting a place may be the last, best real estate bargain and a majority of the city’s residents are taking full advantage

Vancouver rents have remained reasonable in part because of a 2.2-per-cent limit on annual increases imposed by the provincial government.

NO! Bad Barbara.

In a recent bulletin, [David and Mark Goodman] report Canadian Mortgage and Housing Corporation numbers that demonstrate it’s 32.5-per-cent cheaper to rent rather than own a one-bedroom unit in Vancouver.

“The gap increases considerably once strata fees, maintenance costs and taxes are taken into account.”

WTF kind of buy/rent comparison EXCLUDES strata/maintenance and tax?

Apartment building owners in Vancouver since 2007 have faced a municipal moratorium on the demolition of rental housing stock, and are reluctant to evict tenants in order to do needed upgrades.

Renoviction. When a phenomenon is popular enough to coin its own term, “reluctant” might be overstating the case.

The Goodmans are predicting that landlords of these older, minimally upgraded buildings soon may find themselves confronting tough new competition.

They report as many as 49 rental buildings, with 5,849 suites, could come on stream in the region within the next three years.

And the popularity of renting in Metro Vancouver may grow, says the Goodman Report, because of an increasing wariness about Canada’s possibly overvalued real estate.

“We live in a very special place with abundant resources and continuing investment from abroad,” says the newsletter. But with all the housing-bubble talk, “as a B.C. real-estate owner you’re wise to be cautious.”

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InstaForex

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Esther
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Esther

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Bayan Knight
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Bayan Knight

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Newcomer
Member
Newcomer

(OT) Higher tipping percentages are great for restaurants. They can attract better servers at lower fixed costs. The server is then exposed to more risk, and the restaurant to less. They can also keep those fixed cost savings off of the menu price, so that the customer perceives the price as being low. At the same time, servers who have a larger percentage of their take-home pay dependent on tips will work harder. In addition, the customer who gives the larger tip, therefore helping to transfer risk to the server and reduce the restaurant’s fixed costs, gets to feel like a big shot and a benefactor of the server.

Heard Herd selling
Guest
Heard Herd selling

Lotsa rumours going on, many are true, Vancity real estate turning blue. Boo whoo:-)

Son of Ponzi
Guest
Son of Ponzi

# 178
it’s been well documented that there are twice as many care cards as Citizens in BC.
No wonder the Health Services are stretched to the limit by people misusing the system.

VHB
Member
VHB

Apr-2014
Total days 20
Days elapsed so far 3
Weekends / holidays 0
Days missing 0
Days remaining 17
7 Day Moving Average: Sales 138
7 Day Moving Average: Listings 266
SALES
Sales so far 422
Projection for rest of month (using 7day MA) 2343
Projected month end total 2765
NEW LISTINGS
Listings so far 869
Projection for rest of month (using 7day MA) 4522
Projected month end total 5391
Sell-list so far 48.6%
Projected month-end sell-list 51.3%
MONTHS OF INVENTORY
Inventory as of April 3rd, 2014 15410
MoI at this sales pace 5.57

Gov Oliver
Guest
Gov Oliver

Can someone explain why detached home prices continue to increasein Surrey and North Delta? All while Townhomes and Condo prices have been flat the last 5 years.

Why the divergence?

Could it be that mortgage changes only affected the bottom of the market. The detached market seems unaffected. The only ones buying and selling detached are those that were in the market before or those that bring foreign money in. Yes?

Maybe land for detached is running out in Surrey?

RealityCheck
Guest
RealityCheck

BC Health Ministry moving to put Carecard info on drivers licences.

Says 9 Million carecards out there for a population of 4.5 million.

Care to explain this one Patriots??

With the new high tech licences, they can cross reference digital picture so there will be no fraud that way.

Someone has been getting free healthcare….

Son of Ponzi
Guest
Son of Ponzi

# 173
Some Vancouver Condos are still leaking.
———
Understatement of the first 3 months of the year.
Just drive by #3 at Wiiliams and see the damage.
Also, I drove over the Burrard Bridge recently.
There is a 30 story highrise under tarps.
Wow, imagine the assessments.

kabloona
Member
kabloona
Some Vancouver Condos are still leaking…. “Mouldy Vancouver condo blamed on reno firm” http://www.cbc.ca/news/canada/british-columbia/mouldy-vancouver-condo-blamed-on-reno-firm-1.2597476 “A Vancouver father says his family is stuck living in a condo plagued with mould, after the construction firm rainscreening their building failed to deal with leaking water. Kristian Gordos, who lives in False Creek with his partner and two young daughters, says New City Contracting began rainscreening work outside the building in April 2013. In Sept. 2013, he noticed water coming up through his living room floorboards and contacted the building’s strata as well as the construction company, which accepted responsibility. “They did a patch on the outside and supposedly helped and everything got dried up, but it never got explored any further and I don’t think it was cleaned up properly,” said Gordos. The living room floor seemed to be fixed, but in January… Read more »
Son of Ponzi
Guest
Son of Ponzi

#173

@Ponzi
at to be honest Vienna is not even considered one of the top “fun” cities. I have been in Madrid at Christmas time and I did not even think for a second that they are in depression. Streets were packed, everybody was having fun, 100′s of thousand people in the main square for NY Eve with drinks.
———————
I give you that one. In Europe 100”s thousands of people can celebrate with drinks in public spaces, and go home happily.
In Vancouver, we’d have a mega riot.

Son of Ponzi
Guest
Son of Ponzi

#173
well, if your criteria for the best city is “fun”, then New Orleans comes to mind, or Las Vegas,
or DisneyWorld, the happiest place on earth.

Babcoock
Guest
Babcoock

@Ponzi
at to be honest Vienna is not even considered one of the top “fun” cities. I have been in Madrid at Christmas time and I did not even think for a second that they are in depression. Streets were packed, everybody was having fun, 100’s of thousand people in the main square for NY Eve with drinks.

Son of Ponzi
Guest
Son of Ponzi

This is a snap shot of the Kaerntner Strasse shopping and entertainment district in Vienna, the most livable city on Earth.
http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/02/18/101423583-182085689.530×298.jpg?v=1392729217

Son of Ponzi
Guest
Son of Ponzi

Vancouver used to be first!
http://www.cnbc.com/id/101423558

Heard Herd selling
Guest
Heard Herd selling

98.8% of asian restaurant are cash only ie no revenue for CRA, enables break even small restaurant owners to buy overpriced home. The CRA is feeling the pinch and will go hunting

Son of Ponzi
Guest
Son of Ponzi

specuskeptic you look like Ozzie.

Son of Ponzi
Guest
Son of Ponzi

That’s why I like Asian restaurants.
Good food.
Quick, efficient service.
Tipping optional.

Specuskeptic
Member

The “submit” form appears not to be working. So… http://www.cbc.ca/news/business/canadian-housing-data-dangerously-incomplete-cibc-warns-1.2596751?cmp=fbtl

Ben Tal talking about opaque RE data in Canada. File under “N” for “No Shit Sherlock”

Snake
Guest
Snake
Heard Herd selling
Guest
Heard Herd selling

Rumor has it Vancity bars and restaurants have been down 30% yoy last1/4 2014, ditto for car sales, ppeople are tapped out, this is it ….splat shit all over it really is gonna Suck after being blown for the last 10 yrs, sorry but I’m right and your wrong

T
Guest
T

Stopped dining out because of tip expectations. I don’t see the minimum wagers at gas stations, Mac Donalds, convenience stores get any tip. Tipping shouldn’t be expected when there is a minimum wage in place.

I’ve known golden arches that bring home nearly 6 digits just waiting.

Heard Herd selling
Guest
Heard Herd selling

Canucks have hit misery, Vancity real estate has peaked, we’ve had a good 10 yr run, now it’s 7-10 yrs of tuff time’s, brace yourselves