FFFA! Income, Losses, Investment

Its the end of another beautiful week and a long weekend to boot!

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

Here’s a few recent links to kick off the chat!

19.8% Avg loss at Olympic Village 2011-2014
Retirement savings at risk?
Oliver sees no bubble
CMHC brings risk to taxpayers
BC buyers seek investments
Canadian RE among most overvalued
$1000 house

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

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Westside Realtor
Guest
Westside Realtor

This sharp buying weakness in the upper end of the sfh market has every possibility of turning into a rout.

Jmho

patriotz
Member

Well I thought I had the perfect plan. Rent a nice place in a trendy part of town, and wait for prices to go down.

What went wrong? Landlord wanted to move back in. Now if it was just me I would have rented another place, but as it isn’t just me I decided to see if I could make buying work.

Had to look outside my old neighbourhood, but I found a house on a big lot, price $330,000. Taxes about $3000/year, rental value about $1750/month. Great deal? No. But one I can live with. There might be some downside on the price going forward, but what matters to me is value, i.e. ownership costs versus rent, not expectation of price changes going forward.

Hope you all have the opportunity to get a comparable deal some day. Happy Thankgiving everyone.

patriotz
Member

Ottawa slow to monitor temporary foreign worker program compliance

Newly released details on the temporary foreign worker program reveal that only a handful of public servants – and for many years none at all – were assigned to investigate whether employers were following the rules.

Before 2010, not a single government worker was responsible for monitoring compliance with the program, even as about 200 federal employees processed employers’ applications to bring in foreign workers.

Westside Realtor
Guest
Westside Realtor

Not a bad deal at all Patriotz.

Sunny SoCal
Guest
Sunny SoCal

oh its coming!!

“British Columbia, which has the most expensive homes in the country in Vancouver, had the worst record. Only 48% of households said they could still afford their home if interest rates were to climb by two percentage points.”

http://www.theprovince.com/business/mortgages/refinancing/What+your+mortgage+rate+went+points/6373794/story.html

William
Guest
William

A friend trying to sell in east van said he thinks he missed the peak in buying strength.

Is east van finally stalling out?

George
Guest
George

New reality show coming soon to a TV near you is called Ultra Rich Asian Girls in Vancouver:

http://www.vancouversun.com/entertainment/Photos+Ultra+Rich+Asian+Girls+Vancouver+show/10278268/story.html

Westside Realtor
Guest
Westside Realtor

Just wrapped up coffee with a colleague who does about 7x’s the dollar volume of my team, well placed in HAM circles.

She basically said that the flow of $ has trailed off sharply and she’s not seeing any changes to that trajectory, although she still thinks the pricing will stay firm.

On that factor, I disagree with her, but it’s just my best guess/assessment of what we are seeing (and her also), the bids are fewer and weaker than I can recall in quite some time.

Zero Down Forty
Guest
Zero Down Forty

Patriotz bought! This must be the peak.

Loon
Guest
Loon

@patz

330k is a steal for an sfh anywhere in the lower mainland, so I’m guessing you are looking way out of town ?

If you are not anticipating gains but downside risk in the near term, are you not an anti-speculator ?

I’m sure most buying now are anticipating downside, so why buy now ?

Back at you, and happy thanksgiving to all.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL!

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

#9 says it all. patriotz has been wrong about EVERYTHING for as long as he has been on this site, and for all we know even longer.

Van Coffee
Guest
Van Coffee

#10
Clearly not the Lower Mainland with those metrics relative to rent.

Van Coffee
Guest
Van Coffee

and I ^^^^^^^ to Bull Bull Bull

LOLOLOLO

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

patroditz lives in ontario.

chilled
Member
chilled

You’re all a bunch of turkeys!!!!!

Van Coffee
Guest
Van Coffee

“Patroditz”…… CLASSIC. You’re on fire.

Many Franks
Member
Active Member

@Patriotz: Congrats! I hope you’ll be sticking around here? I’d miss your commentary.

Garbage
Guest
Garbage

The Cat in the Hat say:

Patriotz bought. Time to close the blog.

crikey
Guest
crikey

Welcome to home/mortgage ownership and all it entails, Patriotz. Happy to see you join patiently on your terms.

Remember, ownership doesn’t mean you can’t believe that Vancouver is in a bubble, has fundamentals completely out of whack that is also destroying the social infrastructure. I’ve been this way all along since my first post here.

Oracle
Guest
Oracle

Congrats Patriot ,

Poloz just announced that the next rate move might be down.

Plus the Express Entry Immigration program is set to become online in January 2015. Huge inflows of permanent workers..

Unfortunately, its all one big ponzi like everything else..

On a side note, the new BC liquor laws..unbelievable corruption. JP owns the Lib gov.

Oracle
Guest
Oracle

PS. Way to play the blog dwellers here. Well done.

Dave
Member
Active Member

In all sincerity, when a voracious bear purchases, it may signal a top. Market trends often reverse at points like this.

To let you guys in on a secret, yours truly is no longer a home owner. I rent. I do have other real estate interests though.

Van Coffee
Guest
Van Coffee

Dave –
Smart move.
You are in Vancouver where it makes no sense to buy anything.

VMD@work
Guest
VMD@work

Congrats patriotz on the home purchase!

Bears can rent or own depending on lifestyle needs/wants and financial capability. Bears just don’t buy investment properties.

I will likely buy later next year for own residence (and no, no basement “mortgage helpers” for me. Pool table and wet bar it shall be). But I will remain bearish Vancouver RE for the next several years, i.e. I won’t buy condos here for pure investment.

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