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!

Sort by:   newest | oldest | most voted
Westside Realtor
Guest
Westside Realtor

I think you’ve gobbled down too mu h Turkey meat today Oracle.

Go peddle your bullshit somewhere else.

Prices have only gone down on the westside over the past three months.

Hope your efforts to land a mate and start a family vs moving away as prices are insane (man, how you’ve changed your tune, just hilarious) are going well

Ya, sure, you are probably dating super models now, let is know how that is going you bullshit artist.

Oracle
Guest
Oracle

Flipped the lot I bought 3 months ago. Sold for $540k. Made 30K after expenses and the crap I had to put up with Westside.

Now, on to buying a older house in North Delta. Must be 60 foot wide lot, alley in the back would be awesome.

I’ll let you know how that goes Westside.

Heard Herd selling
Guest
Heard Herd selling

Oil and markets crashing so will real estate

kabloona
Member
kabloona
@192 – Man, you beat me to it….saw that article posted on CBC.ca. 🙂 http://www.cbc.ca/news/canada/toronto/fears-that-shoddy-toronto-condos-could-become-future-slums-1.2796979 I love the part about condos becoming “future slums”…..that about sums it up for me. I also think the City of Toronto is addicted to building fees, so they are in no position to stop the boom. “The Building Code is a joke, the Condominium Act is a joke,” said David Fleming, a condo buyer turned realtor. “The City of Toronto relies on the permits, the fees for its tax base, and construction and condos are what is carrying the city. You do not kill the goose that lays the golden egg.” Fleming bought a pre-construction condo in 2005 that was scheduled to be finished in 2007. When he finally got his unit’s keys in 2010, the rest of the building was still under construction,… Read more »
T
Guest
T

http://www.theglobeandmail.com/news/british-columbia/land-banking-leaves-lower-mainlands-fertile-farms-fallow/article13268864/

Because some people view land investments as a hedge against inflation and speculate on future zoning developments. ie. Our major players and empty lots downtown.

@193
Guest
@193

“Why buy 3 empty houses if you actually have a clue how to grow a business or invest your money?”

Because life is about more than just making money. Once you make some you want to enjoy it. Besides most people buying RE think it is a good investment. She said she lives in 1 house, uses a condo for guests and I suspect the others she rents. Wealthy people often own real estate and do not plow every penny back into their business. Jimmy Patison owns several properties in the Lower Mainland too as do may other affluent business people.

Harry Wang
Guest
Harry Wang

another one bites the dust

Volkswagen stuck on stairs near Irving K Barber

http://ubyssey.ca/blog/volkswagen-stuck-stairs-near-irving-k-barber-342/

BWilson
Guest
BWilson

@ 190 I didn’t say it was literally stolen, obviously not likely in this case I said “found or stolen” and the point remains. Why buy 3 empty houses if you actually have a clue how to grow a business or invest your money? Seems like poster child for the Investor Immigrant Program. She’s just using Vancouver as a dumping ground for money gained in a corrupt system.

T
Guest
T

http://www.gulf-times.com/us-latin%20america/182/details/412164/canada-condo-boom-rolls-on-as-buildings-fall-apart

This article was found on both yahoo news and Gulf news(Qatar) wonder if any of our Canadian Reuters affiliates will pick up on this story.

Shut It Down Already
Guest
Shut It Down Already

Patriotz, sure, didn’t want to press you for details. But I remember you saying before that buying should be much cheaper than renting, to offset the lack of mobility or whatever

It also seems that your opportunity cost is quite high, if I’m reading your post correctly.

@189
Guest
@189

“That seems to be more in-line with how someone with stolen or found money would ‘invest’ their capital.”

So people who steal money solicit a newspaper to run a story on where their money is hidden even giving out the specific property addresses with how much they paid? That would be the opposite I would expect what a person with stolen money would do.

BWilson
Guest
BWilson

@ Dunbar.

I personally believe that she probably does own a bunch of properties around Vancouver, I have heard anecdotes of similar stories.

However, if you know a lot of people who are self made/entrepreneurial that is typically not how they handle their money. Why dump a bunch of money into empty houses with negative carry when you could be investing in business that you can grow into possibly much larger businesses? That seems to be more in-line with how someone with stolen or found money would ‘invest’ their capital.

@186
Guest
@186

“We had a 15% pullback in 08-09.”

Sorry, I should have said pullback. Last time oil prices pulled back so did Surrey building lots. The average Surrey building lot pulled back by about $200K. Nothing to worry about for Surrey building lot owners if gas is 15 cents per liter cheaper. That savings more than makes up for it.

@177
Guest
@177

“In the meantime explain these rental prices:”

I put in “Prompton” in the CL search box which is the Concord Pacific owned RE rental company to see what they are asking for rents. It seems downtown rents for prime Yaletown Marnianside locations are still in the $2.00 to $2.50 per square foot range for a 2 bedroom. That is about the same as it was 5 years ago.

http://vancouver.craigslist.ca/search/van/apa?query=prompton&bedrooms=2

You can rent a condo that sells for $800K for $2500 per month which includes the $200 per month property taxes and $500 per month maintenance fee for a net of $1700 per month and special assessments go to the owner.

ham
Guest
ham

“@172
October 13, 2014
“Gas price decline will help some hold on longer than others.”

Last time oil tanked so did RE prices”

Real estate prices have not tanked since the 90’s. Why do u need to lie about something that did not happen? We had a 15% pullback in 08-09. Even yhe die hard bears knows your comment is not true.

Joe Mainlander
Guest
Joe Mainlander

@#180 The only problem with MAC Marketing was that they weren’t very good at ‘HAM-washing’ our housing bubble, and got caught. The other guys are more sophisticated in their placement of news items.

tedeastside
Member
tedeastside

@179…. but you can ski and kayak in the same day

doesn’t that make it worth spending 9x your income in a backwater with dismal job opportunity like vancouver

@175
Guest
@175

“The reason prices in Richmond didn’t go up in the late 90s despite a large influx of Chinese is due to the 1997 Asian currency crisis.”

Huh? They immigrated here and bought houses and condos at higher numbers during the late 90s than they have over the past 13 years. What does that have to do with the Asian currency crisis? They had the means to buy in the 90s just like today.

Maybe the difference is more localized ie credit availability, interest rates, CMHC policies, etc?

Dunbar
Guest
Dunbar

…..Except for first nations which is now a very small population base in Canada we are all immigrants….

Don’t let the fact the so called ‘first nations’ were also immigrants ruin your point.

patriotz
Member

@177: “In the meantime explain these rental prices:”

All the properties I looked at appear to be empty.

Dunbar
Guest
Dunbar

http://www.theglobeandmail.com/report-on-business/vancouvers-real-estate-boom-the-rising-price-of-heaven/article21071391/

I wonder if the Globe expended any effort checking on the Realtor’s claim about owning 5 homes – smells like a fantasy MAC marketing ploy to me.

patriotz
Member

@178:

My idea of sad is borrowing 9x your income to buy a crapbox in a city with poor job opportunities.

But to each their own.

ostritch
Member
ostritch

What’s the broad picture, Patriotz? That’ you’ve grown rich on investments so that you had to leave Vancouver and buy on the outskirts of Ottawa? That sounds like a pretty m/b/sad scheme to me.

ostritch
Member
ostritch

You are misreading what is happening in China. It’s not a crackdown on systemic corruption. How could it be? It’s a political purge of the old guard in favour of the new guard. With a 10-yr term, the first 2 years of which are spent cutting off or disappearing those with connections to the old leader. The next 8 will be the same for the new group of men and women with connections.

In the meantime explain these rental prices:
http://vancouver.craigslist.ca/search/van/apa?bathrooms=2&bedrooms=2

If somehow craigslist is no long the place to find rented accommodation in the city, please say where it’s moved to.

Why do rents continue to go up when there is so much building going on?

patriotz
Member

@175:

But the peak was in late 1994.