Canada's 'housing bubble' deemed close to bursting - Page 125

Xelebes · #**2481** Posted **Apr 1, 2015, 1:22 PM**

Quote:

Originally Posted by Stryker

Whats equally concerning are people that have little interest in the financial issues of fellow canadians.

As if living in BC should be some privilege of the wealthy of people can afford.

If people were speculating on the price of tap water, just because they can, should they not be held accountable for barring the average person from water.

You're going to have to spend a bit more time and effort to flesh out that analogy.

st7860 · #**2482** Posted **Apr 1, 2015, 2:41 PM**

Quote:

Originally Posted by Xelebes

You're going to have to spend a bit more time and effort to flesh out that analogy.

Better not mention that a certain group exports dozens of containers of bottled water per month from BC

st7860 · #**2483** Posted **Apr 1, 2015, 2:44 PM**

Quote:

Originally Posted by ozonemania

Condos seem to be doing okay. This past week, a relative of mine wanted to sell their condo quickly so they posted it about 20% below assessed value (it needed interior renovations). Within a week, they had sold their condo after a bidding war which saw them sell for about 15% above assessed value. Was not by a 'foreigner' but by someone local.

***

While I'm posting, I might as well say that I find some of the attitudes expressed in this thread to be repugnant. Honestly, this forum is one of freedom of expression, so say what you will, it is what it is.

Just step back and really listen to yourselves, you just sound like horrible, hateful, self absorbed people. I'm not even talking about being politically correct either. You sounds worse than the people that purportedly offend you.

If I even have to spell out for you WHY your rhetoric is so destructive, then you are not nearly as thoughtful as you think.

If you're reading this thinking: "oh well doesn't he sound all high and mighty", don't assume that that I disagree that foreign ownership is a problem in this city.

That would be far too simplistic.

There is a subculture in Vancouver that consists of people that think everyone has the Constitutional Right to live anywhere they want. In Canada there's the complete freedom of movement between provinces but no right to afford any place you want. If someone can't afford to buy, then they rent. Vancouver rents are low compared to a mortgage with a 30% down payment.

crazycrazydoesdoes · #**2484** Posted **Apr 1, 2015, 3:52 PM**

Quote:

Originally Posted by dleung

I know, tons of people are like him. Kinda disappointed he didn't ask to review my immigration papers.

A 8 bedroom house in Bridle Path is now worth $100K, because that's how much I have, ding!

Cornholio, is dleung a bonafide Canadian to you yet? Curious minds want to know!

lio45 · #**2485** Posted **Apr 1, 2015, 3:59 PM**

Quote:

Originally Posted by dleung

Quote:

Originally Posted by Stryker

You seem to be running with some absurd notion that things are worth what people are willing to pay.

Things are worth what people can actually afford to pay.

A 8 bedroom house in Bridle Path is now worth $100K, because that's how much I have, ding!

Well, we do know that a tightening in lending criteria will cause a visible curbing in the raise of prices, so it's a fact that Stryker is not entirely wrong there.

(The mid-2000s Sunbelt bubble was also mostly caused by just allowing people to afford more.)

If no one could afford to pay more than $100k for a 8-bedroom house in Bridle Path, for whatever reason, then you couldn't sell that place for more than that.

lio45 · #**2486** Posted **Apr 1, 2015, 4:05 PM**

Quote:

Originally Posted by st7860

There is a subculture in Vancouver that consists of people that think everyone has the Constitutional Right to live anywhere they want.

Yeah, that's extreme and ridiculous. (I totally disagree with Stryker's last post.)

Quote:

Vancouver rents are low compared to a mortgage with a 30% down payment.

This is IMO a really good indicator that the current property price levels are abnormal.

"Desirability" acts on rents too. Look at free market rents in Manhattan, or the heart of London. Or, to keep it more apples to apples with Van, even rents in San Francisco.

TorontoDrew · #**2487** Posted **Apr 2, 2015, 4:00 PM**

Housing market softening everywhere but Toronto and Vancouver, BMO says

cbc news

The much-ballyhooed "soft landing" in real estate may already be underway, Bank of Montreal says, as booming price gains in two of Canada's three biggest housing markets are the exception rather than the rule in the rest of the country.

While the closely watched national average price figure released on the 15th of every month by the Canadian Real Estate Association is still showing strong annual gains, "strong gains have been entirely a Toronto and Vancouver story," BMO economist Robert Kavcic says in a research note Thursday.

more... http://www.cbc.ca/news/business/housing-...toronto-and-vancouver-bmo-says-1.3019181

st7860 · #**2488** Posted **Apr 2, 2015, 4:09 PM**

Quote:

Originally Posted by lio45

Yeah, that's extreme and ridiculous. (I totally disagree with Stryker's last post.)

This is IMO a really good indicator that the current property price levels are abnormal.

"Desirability" acts on rents too. Look at free market rents in Manhattan, or the heart of London. Or, to keep it more apples to apples with Van, even rents in San Francisco.

Makes sense. Vancouver and Toronto attract a lot of people and that isnt necessarily related to employment.

Stryker · #**2489** Posted **Apr 2, 2015, 4:12 PM**

Quote:

Originally Posted by lio45

Yeah, that's extreme and ridiculous. (I totally disagree with Stryker's last post.)

Whatever you wanna believe.

I'm hardly socialistic in my beliefs.

However if the majority of housing isn't afforable for the majority of people something is wrong.

I personally can't stand when liberal blab on about rich folk.

However this is clearly a situation where the rich are dominating life as we know it in vancouver.

st7860 · #**2490** Posted **Apr 2, 2015, 4:42 PM**

Quote:

Originally Posted by Stryker

Whatever you wanna believe.

I'm hardly socialistic in my beliefs.

However if the majority of housing isn't afforable for the majority of people something is wrong.

I personally can't stand when liberal blab on about rich folk.

However this is clearly a situation where the rich are dominating life as we know it in vancouver.

Wanting house prices to be lower for everyone is the definition of a planned socialist economy lol.

I dont see rich dominating life either

TorontoDrew · #**2491** Posted **Apr 2, 2015, 4:47 PM**

I would kill for Montreal prices. Awesome city and very affordable.

st7860 · #**2492** Posted **Apr 2, 2015, 4:48 PM**

Quote:

Originally Posted by TorontoDrew

I would kill for Montreal prices. Awesome city and very affordable.

I thought snow tires are required by law in Quebec, or is that Ontario. I forgot which of the two provinces.

kwoldtimer · #**2493** Posted **Apr 2, 2015, 4:49 PM**

Quote:

Originally Posted by TorontoDrew

I would kill for Montreal prices. Awesome city and very affordable.

Especially now, with average prices down 5% on the year.

TorontoDrew · #**2494** Posted **Apr 2, 2015, 4:52 PM**

Quote:

Originally Posted by st7860

I thought snow tires are required by law in Quebec, or is that Ontario. I forgot which of the two provinces.

What?

lio45 · #**2495** Posted **Apr 2, 2015, 5:05 PM**

Quote:

Originally Posted by st7860

Makes sense. Vancouver and Toronto attract a lot of people...

I was saying the opposite... if you think Vancouver is a hot magnet for people, then how do you reconcile that belief with the documented fact of free market rents being that low over there?

"Desirability" and "limited supply of housing compared to demand" result in high free market rents.

lio45 · #**2496** Posted **Apr 2, 2015, 5:06 PM**

Quote:

Originally Posted by TorontoDrew

I would kill for Montreal prices. Awesome city and very affordable.

Spare a life, and just move to Montreal...

lio45 · #**2497** Posted **Apr 2, 2015, 5:09 PM**

Quote:

Originally Posted by Stryker

However if the majority of housing isn't afforable for the majority of people something is wrong.

There's plenty of super affordable housing in nearly all areas of the country.

1overcosc · #**2498** Posted **Apr 2, 2015, 5:10 PM**

I'm considering moving to either Montreal or Toronto in the next few years, and certainly one of the things leaning in Montreal's favour for me is the cheap real estate.

Stryker · #**2499** Posted **Apr 2, 2015, 6:17 PM**

http://www.cbc.ca/news/business/housing-...toronto-and-vancouver-bmo-says-1.3019181

Canada's apparently in for a soft landing, or at least that's according to Air Canada.

Stryker · #**2500** Posted **Apr 2, 2015, 6:24 PM**

Quote:

Originally Posted by 1overcosc

I'm considering moving to either Montreal or Toronto in the next few years, and certainly one of the things leaning in Montreal's favour for me is the cheap real estate.

Yeah it's funny how much better off quebec seems to be than the rest of canada.

no housing or oil crash, tonnes of culture