Canada's 'housing bubble' deemed close to bursting - Page 229

LFRENCH · #**4561** Posted **Dec 20, 2015, 3:46 PM**

Quote:

Originally Posted by rousseau

I don't see the downside of having a weak Canadian dollar against the U.S. dollar..

except goods that are priced at USD, which become more expensive. Good example of this is in new vehicles, which are priced for the north american market in USD. When the dollar flew high, few manufacturers changed their MSRP's but instead offered bigger "delivery allowances". Those in recent times have started to shrink and very likely may disappear if the dollar keeps heading back south.

Does is the low dollar worth this type of trade of? that is the million dollar question.

sunsetmountainland · #**4562** Posted **Dec 23, 2015, 4:59 AM**

Quote:

Originally Posted by mistercorporate

Sunsetmountaintroll is taking stupidity to a whole other level, if we're in the habit of banning trolls can we also get in the habit of banning super dumb yet obnoxiously outspoken people? The stupidity on some of these posts is hurting my brain.

I got good laugh at your expense! The troll calling someone a troll?

So you really added some perspective to this thread as always!

Quote:

troll
One who posts a deliberately provocative message to a newsgroup or message board with the intention of causing maximum disruption and argument

I use information with informed stats or information. I certainly have opinions like you! Opinions are not trolling. Your anti Russian stance was trolling

I hope that we learned something today!

sunsetmountainland · #**4563** Posted **Dec 23, 2015, 5:23 AM**

Quote:

Originally Posted by MolsonExport

http://vibrantvictoria.ca/forum/index.ph...-i-was-suspended-from-skyscraperpagecom/

Yes my name is Jim I did send a message to two people when I was suspended from this site. Both messages were direct to individuals, not on a forum.
I was upset with reason so I messaged two individuals one being Mike K. from Vibrant Victoria. The other to Xelebes.

Just so you understand any information I gave confidentiality and you provided means that any personal information is not confidential information on this site.

Be that as it may be, what information I provide to this site that you do not think is correct is your own personal problem.

Since you are not smart enough to argue my points and need to project a personal vendetta it just makes my posts more valid!

Although you do put up some nice pictures in your defence!

MolsonExport · #**4564** Posted **Dec 23, 2015, 2:40 PM**

You clearly have a personal vendetta against Ontario and all the people living in this province.

I take issue with your attitude, which is all that I know about you. A personal vendetta? Don't make me laugh.

Your points are more valid because of....what?

For the record, I lived in BC on two occasions, and for more than 5 years. I absolutely love British Columbia, but the housing prices are clearly reaching insanity levels in Vancouver. This opinion bothers you mightily, but it shouldn't....unless you cannot contemplate what it will be like holding the bag when the bottom falls out of the market, which it surely will.

miketoronto · #**4565** Posted **Dec 23, 2015, 2:52 PM**

Quote:

Originally Posted by travis3000

As a real estate agent I can say it's probably a good thing. A few less people will be able to qualify for mortgages, but it's better they take an extra year or two to save more. Just adds an extra layer of protection.

As a real estate agent, what is your view on the old commie block condos that are in well maintained buildings?

I know we have discussed this topic before. But we talk about the overheated prices. However, for the older condos, which are larger, and in well maintained buildings. The prices are often still really good.
Yes maintenance fees are higher. But that is often because the units are larger, and so the cost is going to be higher.

I wonder if people will start snapping up these nice older condos. I saw one on the MLS system in a well maintained building, in a great location. Huge condo for only $220,000. While match box condos a few blocks away are going for $300,000 or more, and houses over a million.

flar · #**4566** Posted **Dec 23, 2015, 6:19 PM**

Quote:

Originally Posted by ssiguy

Certainly the Ontario and Quebec economies will do well with the declining dollar but much of the damage has been done.

Harper's "energy superpower" policy led to a soaring of the Canadian dollar and the advantages of Central Canadian manufacturing were quickly swept away. It was classic Dutch Disease. Many manufacturers left and will not come back but those that stayed will reap the rewards of higher exports thru the low dollar subsidy.

True, all the factories that left for Mexico, Asia and right-to-work states are gone for good. This all started before Harper, although his policy made the situation worse.

lio45 · #**4567** Posted **Dec 23, 2015, 11:34 PM**

Quote:

Originally Posted by miketoronto

I wonder if people will start snapping up these nice older condos. I saw one on the MLS system in a well maintained building, in a great location. Huge condo for only $220,000. While match box condos a few blocks away are going for $300,000 or more, and houses over a million.

I'd be curious to see that MLS link!

(Since this thread often also serves as the general real estate discussion thread, I think it would be interesting to take a collective look at this slice of the Toronto market, just for fun.)

someone123 · #**4568** Posted **Dec 23, 2015, 11:52 PM**

One of the weird thing about Vancouver condos is that there isn't even much of a discount for buying before a building is constructed, despite the fact that buyers are assuming a huge risk that the building may not be built well or may not be constructed at all. I've heard lots of stories of people being sold one layout and then finding out that they need to have a structural column placed in their living room, etc. Any problem like that can lop a significant amount of money off of the value of the property.

The gap with older buildings is even larger, to the point that many of them are a relative bargain. The old ones do need new maintenance but if they are well-maintained they can be fine. It's the new-ish ones that tend to get into huge trouble because something wasn't built right and there isn't enough money saved up to fix it.

I guess a lot of people just like shiny new buildings and buy into the condo advertising.

ssiguy · #**4569** Posted **Dec 24, 2015, 12:19 AM**

Here's the latest from Vancouver.

*** Please note that the following article contains information that some readers may find offensive and make them want to puke. Reader discretion is advised ***

Turns out a condo owner is pissed off because there is an upcoming council media. He was informed by the board president that he was welcome to come as an "observer".

The email continued "However, please understand the council team for this fiscal is using Mandarin as the preferred language of communication" he went on. "Therefor we have no intention of using English during the meeting on Dec 8th. That's the most efficient way for the team this year".

Andreas Kargut has filed a complaint against the board with the BC Human Rights Tribunal as he says he feels discriminated against.

Me Kargut goes on to say "This isn't a social club. It's a legal entity and the legal languages in Canada are English and French".

I personally don't think the Chinese council had any intention of making the group a "social club" and know that it is a business entity. That of course is the problem..........they view it as a business entity and clearly think that no one who doesn't speak Mandarin has any business living there.

rousseau · #**4570** Posted **Dec 24, 2015, 12:19 AM**

How good a deal/investment would it be to get one of those condos at 1 King West where you allow it to be used as a hotel room and pay for housekeeping but can still book it for yourself for nights when you want to use it as a pied-à-terre?

I wonder what the carrying costs would be with the housekeeping and booking fees? Wouldn't it potentially be more lucrative than just having a regular tenant?

SignalHillHiker · #**4571** Posted **Dec 24, 2015, 12:29 AM**

If it's worthwhile to buy it but rent it to a tenant on a monthly basis, then it is more profitable to rent it as a hotel room. AirBnB comes close to that and I've had two friends rent out single rooms in their house using it. One cleared at least $2,000/month in a neighbourhood where the rent would be about $700 for it, and the other - I believe (it's Ayreonaut, if he sees this he can confirm) cleared $1,000/month on my street, where rooms top out at $600.

And in downtown TO you don't have worries like the October-November and February-March tourist droughts.

miketoronto · #**4572** Posted **Dec 24, 2015, 1:08 AM**

rousseau · #**4573** Posted **Dec 24, 2015, 2:01 AM**

Quote:

Originally Posted by SignalHillHiker

If it's worthwhile to buy it but rent it to a tenant on a monthly basis, then it is more profitable to rent it as a hotel room. AirBnB comes close to that and I've had two friends rent out single rooms in their house using it. One cleared at least $2,000/month in a neighbourhood where the rent would be about $700 for it, and the other - I believe (it's Ayreonaut, if he sees this he can confirm) cleared $1,000/month on my street, where rooms top out at $600.

And in downtown TO you don't have worries like the October-November and February-March tourist droughts.

I've stayed in AirBnB places before. I bet it's really worth it if you're willing to do the work. Waiting around for guests ("we'll be there by 5!"--they get stuck/lost in traffic and don't show up until 7), housekeeping, cleaning up after disasters that probably make up, what, 1 out of 10 guests? The kid we booked through in Montreal had about five or six new condos on the go with AirBnB. His parents put up the money from Lebanon to buy them, and he rented them out. They were probably making a killing, and had great assets in a bunch of properties in downtown besides.

Thing is, from what I understand 1 King West in Toronto basically provides the complete booking and housekeeping service package so you don't have to do anything. Essentially your condo would be an extra room for the hotel when and if required. I don't know the finances of it, but theoretically, just 15 nights out of 30 at $200 (probably more?) a night would be $3,000, out of which you'd deduct your service fees and housekeeping, etc.

Unless I'm missing something, this seems like a cool way to have others pay off your mortgage while still giving you a place to stay now and then if you wanted it. But I have no experience with this kind of thing, so I'm probably missing something.

mistercorporate · #**4574** Posted **Dec 24, 2015, 2:58 AM**

Quote:

Originally Posted by rousseau

How good a deal/investment would it be to get one of those condos at 1 King West where you allow it to be used as a hotel room and pay for housekeeping but can still book it for yourself for nights when you want to use it as a pied-à-terre?

I wonder what the carrying costs would be with the housekeeping and booking fees? Wouldn't it potentially be more lucrative than just having a regular tenant?

Horrid investment, you'll be paying downtown corporate taxes vs residential property taxes! People there can't get rid of their units fast enough...
I'm only referring to the 1 King West building, other surrounding buildings which are zoned as residential will not have these tax issues. I think there's an ongoing lawsuit from residents/owners regarding this.

rousseau · #**4575** Posted **Dec 24, 2015, 3:06 AM**

A-a-a-nd...I clearly have no idea what I'm talking about. Rest assured, I will not be buying a unit at 1 King West!

miketoronto · #**4576** Posted **Dec 24, 2015, 5:14 AM**

Quote:

Originally Posted by mistercorporate

Horrid investment, you'll be paying downtown corporate taxes vs residential property taxes! People there can't get rid of their units fast enough...
I'm only referring to the 1 King West building, other surrounding buildings which are zoned as residential will not have these tax issues. I think there's an ongoing lawsuit from residents/owners regarding this.

That explains why the prices are not high not he resale 1 King West units.

sunsetmountainland · #**4577** Posted **Dec 24, 2015, 5:53 AM**

Quote:

Originally Posted by MolsonExport

You clearly have a personal vendetta against Ontario and all the people living in this province.

I take issue with your attitude, which is all that I know about you. A personal vendetta? Don't make me laugh.

Your points are more valid because of....what?

For the record, I lived in BC on two occasions, and for more than 5 years. I absolutely love British Columbia, but the housing prices are clearly reaching insanity levels in Vancouver. This opinion bothers you mightily, but it shouldn't....unless you cannot contemplate what it will be like holding the bag when the bottom falls out of the market, which it surely will.

I most certainly do not have a personal vendetta against Ontario. I love the province and have been there many times!

The politics as well as some of the forumers on this site from the east I seriously disagree with.

Your Justin Trudeau holding hands in a circle singing kumbaya my lord. It is not my style. I think there are some very serious problems politically in your province. That being said this is not the provincial economy thread.

No my points are not more valid than anyone elses.

With regards to this thread, people whom do not live in the area should not be taken seriously with regards to the so called bubble.

Markets go in cycles simple. Well now with the 2008 melt down of the economy with especially the housing market in the U.S. because of the banks.
International investers are no longer buying gold in the down times especially from China they want visible assets like property.

Canadians made huge money from the 2008 meltdown in the states. The dollar was par or better. Just ask Leo.

Now the dollar is not so good great for international investors from China the U.S. whom prefer visible assets. Now Vancouver is a unique market. It is closest to Asia but also pretty close to the U.S. It has land limits. It also has mountains and a border close so it limits growth, much like Hong Kong.

Now is the time I agree with mistercorporate

University professors as well as teachers. In my opinion do not have a certain reality. I certainly am not saying your are not intelligent. You are! No argument!

However, you are not realistic or in some cases lack life intelligence!
Not an insult. Just honest opinion here. I have to say this but you do not work in the real world!
You have a certain authority over younger more inexperienced individuals this gives you a power without reality in certain areas of life.

Now this all being said makes you more reliable on government and a left wing government at that.

I agree I am an asshole but an honest one at that!

I do not sing kumbaya my lord! It just makes me different than you!

I certainly do not want a world where we all agree on everything!

Too boring!

mistercorporate · #**4578** Posted **Dec 24, 2015, 7:30 AM**

Quote:

Originally Posted by sunsetmountainland

I most certainly do not have a personal vendetta against Ontario. I love the province and have been there many times!

The politics as well as some of the forumers on this site from the east I seriously disagree with.

Your Justin Trudeau holding hands in a circle singing kumbaya my lord. It is not my style. I think there are some very serious problems politically in your province. That being said this is not the provincial economy thread.

No my points are not more valid than anyone elses.

With regards to this thread, people whom do not live in the area should not be taken seriously with regards to the so called bubble.

Markets go in cycles simple. Well now with the 2008 melt down of the economy with especially the housing market in the U.S. because of the banks.
International investers are no longer buying gold in the down times especially from China they want visible assets like property.

Canadians made huge money from the 2008 meltdown in the states. The dollar was par or better. Just ask Leo.

Now the dollar is not so good great for international investors from China the U.S. whom prefer visible assets. Now Vancouver is a unique market. It is closest to Asia but also pretty close to the U.S. It has land limits. It also has mountains and a border close so it limits growth, much like Hong Kong.

Now is the time I agree with mistercorporate

University professors as well as teachers. In my opinion do not have a certain reality. I certainly am not saying your are not intelligent. You are! No argument!

However, you are not realistic or in some cases lack life intelligence!
Not an insult. Just honest opinion here. I have to say this but you do not work in the real world!
You have a certain authority over younger more inexperienced individuals this gives you a power without reality in certain areas of life.

Now this all being said makes you more reliable on government and a left wing government at that.

I agree I am an asshole but an honest one at that!

I do not sing kumbaya my lord! It just makes me different than you!

I certainly do not want a world where we all agree on everything!

Too boring!

Dude, you're the dumbest guy here, almost as dumb as that 'Marshal' bohemian fool, is that your alter ego now that your presence on this board is looking tenuous given your mind numbing trolling? For the record, Trudeau is not an Ontarian and your sunset mountain land also voted Liberal in huge numbers...

Marshal · #**4579** Posted **Dec 24, 2015, 10:17 AM**

Quote:

Originally Posted by mistercorporate

Dude, you're the dumbest guy here, almost as dumb as that 'Marshal' bohemian fool, is that your alter ego now that your presence on this board is looking tenuous given your mind numbing trolling? For the record, Trudeau is not an Ontarian and your sunset mountain land also voted Liberal in huge numbers...

-

mistercorporate · #**4580** Posted **Dec 24, 2015, 1:11 PM**

So in other words you're an artist? I rest my case lol. Coming out of the gate with your insults about my logic and contributions to this forum when you hadn't even engaged in any exchanges with me suggests you are the emotional fool. Anyone with a brain and logical tendencies ( yes I consider emotional pretentious people to be fools, keyboard warriors at best who get crushed in the game of life) can see I'm intelligent, which is why some of the most accomplished and wealthy people on this forum send me regular messages to get advice and have openly told me about the ROI of said advice, just as the entrepreneurs (in the $400mil net worth range), professionals and prime ministers I've advised in real life have demonstrated their appreciation. Who the hell, on the other hand, are you? Do you even make as much in a year as some of us earn in a week? Not going to reference check, even you know the answer. By what benchmark do you measure your talents beyond the unicorns and rainbows up your own momma-powdered ass? There's a reason I get a lot of rope when verbally kicking the ass of some of the trolls on here. I'm the very definition of intolerant of stupidity, hence why I get on your case as well as of a choice few others who tend to get banned or suspended for their trolling or obnoxiously stupid comments eventually. Most of those trolls and fools get banned, suspended or humbled into silence yet here I am continuing to debate them aggressively without so much as a warning because I only get indignant with illogical morons and the value of my contributions is appreciated by those with brains and ambition. In this forum its all quite obvious, MolsonExport is smart, Lio is smart, frankieflowerpot despite our differences is well connected, tallerbetter is experienced in our most valuable real estate market, sd2867 has mental issues and you are an emotional, pretentious presumptuous fool.