This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Search found 266 matches

by VanLord
Tue Aug 30, 2016 12:24 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

I saved 150k and bought my house in East Van when I was 29. That was at a job I started at 32k per year and worked my way up to about 60k by the time I bought the house.  Luckily I was able to invest and that helped me get money I needed for the downpayment as well. not that easy when you aren't li...
by VanLord
Tue Aug 30, 2016 11:45 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

A year old, but outlines Canada's top 1%, 5%, 10%. You only needed to make $222k to be in the top 1% (but the average income of the top 1% earners was over $450k). Only $115k to be in the top 5%. Only $90k to be in the top 10%. Of course, most the people making these top tiered are in Ontario, Albe...
by VanLord
Tue Aug 30, 2016 11:14 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

I guess it would make sense to first disclose that I don't personally know people who are working professionals, large mortgage, and living paycheck to paycheck. So I can't back any counter argument up with anecdotal examples. I'm just saying it could happen... Your example of the house in East Van...
by VanLord
Tue Aug 30, 2016 10:58 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

My mistake: the mortgage calculator I was using was adding int property tax and insurance into the payment. Most people agree with you that maintenance is a "small" thing and shouldn't be considered. I disagree - houses need painting, roofs need replacing, water heaters have a shelf life, appliance...
by VanLord
Mon Aug 29, 2016 8:52 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

House in East Van - 1M Mortgage - Monthly Housing Expenses $5860 , less 2 Mortgage Helper suites $2000 total per month , leaves Monthly housing at $3860 Large Condo Downtown - 800 k Mortgage - Monthly Housing Expenses $4650 Medium Condo Downtown - 500k Mortgage - Monthly Housing expenses $3050 So l...
by VanLord
Mon Aug 29, 2016 8:09 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

Your google must work different than mine.  Typed "liar loans bc" and came up with http://globalnews.ca/news/2140474/liar-loans-helping-to-inflate-ontarios-hot-housing-market-experts/ http://globalnews.ca/news/2186549/banks-step-up-scrutiny-after-flare-up-of-liar-loans-in-housing-market/ Not some a...
by VanLord
Fri Aug 26, 2016 8:45 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

Google "liar loans" or "mortgage fraud" in Canada. Prepare to be frightened. I'm guessing that you don't read business sections of newspapers, this stuff is well known. Here's the first article I found on liar loans..haha, and um I have subscriptions to both the Globe and The Sun so I get my share ...
by VanLord
Fri Aug 26, 2016 6:23 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

Google "liar loans" or "mortgage fraud" in Canada. Prepare to be frightened. I'm guessing that you don't read business sections of newspapers, this stuff is well known. Here's the first article I found on liar loans..haha, and um I have subscriptions to both the Globe and The Sun so I get my share ...
by VanLord
Fri Aug 26, 2016 1:35 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

Working people with a motgage of 1 million? Working class folks with 500k mortgage? Fuck that's funny. No, it's not funny it's sad, it's dangerous and, in Vancouver, it's widespread.  The banksters are only too happy to give a $500K mortgage to a couple earning a combined income of $95K. The second...
by VanLord
Fri Aug 26, 2016 11:20 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

If two working professionals can qualify for 1 million mortgage with no CHMC that means +200,000 K down payment minimum + 150-200k year combined income. The chances are they are no idiots, some of them living pay cheque to pay cheque plossible but majority of them doing that? Highly unlikely Perfec...
by VanLord
Thu Aug 25, 2016 4:53 pm
Forum: Real Estate Talks
Topic: Vancouver indvidual property sales details
Replies: 4691
Views: 1346041

Re: Vancouver indvidual property sales details

It's 150k above asking in a "crashing" market! If such a sale exists is the market really crashing? Its actually quite funny to see all of these frantic posts and scenarios, that could happen, but are pretty unlikely.  I love the latest from Really real, trolling for old threads.  Seems that old we...
by VanLord
Wed Aug 24, 2016 1:51 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

This is why I feel there won't be a epic crash like the states everyone is pointing to. Slow deflation or stagnation is what I see coming Also foreclosure works differently in Canada than in the States, you can't actually walk away and hand the keys to the bank.  The Bank goes to court and gets an ...
by VanLord
Wed Aug 24, 2016 12:29 pm
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

This is why I feel there won't be a epic crash like the states everyone is pointing to. Slow deflation or stagnation is what I see coming Also foreclosure works differently in Canada than in the States, you can't actually walk away and hand the keys to the bank.  The Bank goes to court and gets an ...
by VanLord
Wed Aug 24, 2016 9:44 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

What this move created is uncertainty - the market is no longer bulletproof, and I think that will make many locals wonder twice before going all in.
Very true, which is why we have seen the dramatic drop in sales volume, everyone is wait and see mode
by VanLord
Wed Aug 24, 2016 8:32 am
Forum: Real Estate Talks
Topic: Vancouver's housing market crash hits home.
Replies: 147
Views: 33489

Re: Vancouver's housing market crash hits home.

this may have been already said but in light of recent foreign tax 1. sellers don't want to sell (means less available properties) 2. buyers aren't buying - waiting for a price drop (less buyers) 3. things get stalled as a result 4. construction projects stalled, jobs lost foreign buyer tax has don...