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


Moderator: admin

 
yoinky
Real Estate Talker
Posts: 11
Joined: Fri Apr 27, 2007 7:23 pm
Contact:

Fri May 04, 2007 4:42 am

1) Age / Location / Occupation

25, Currently downtown, Self employed web developer, father of 2 little ones 2yrs & 6months

2) What real estate do you own?

Nothing

3) What's your view on the market going forward? Buyer or seller? Which parts of the market?

I'd like to be living in a house with a YARD (they rarely make those any more). I'm very analytical and learning about this market in every free moment I've got. Currently I think we lack fundamentals, the market increases are unsustainable, also called "irrational exuberance" (coined before the dot com crash). The only reason people drive up demand is they believe it will keep going up. I believe in this "bigger fool's market" it will be impossible to predict when someone will blink because it's based entirely on psychology. It could be soon if people realize a house isn't a retirement, paying for it and nothing else isn't much of a life, and all the creative financing the banks can throw at you will hit the bidding war limit some time. Unless of course your happy to live in a chicklet sized apartment or town home, without a cent left to save towards something big enough to raise a family in.

I think (and hope) there will be at least a 15% correction, if interest rates go up then it could possibly go up to 30%.

4) Anything else?

- We have the worst affordability rate in the country, it's unrealistic to spend 7X your income or ~70% of your gross BEFORE TAX income on housing.
- We also have the highest consumer debt in the country. How can you "move up" later when we're spending 110% of every dollar we make annually?
- We're the 13th most unaffordable market (labeled "Severely Unaffordable") in the English speaking world, we've got the #4 most expensive downtown city per sqft in the world (above NYC, England and Tokyo, etc)
- We're a great city, and our economy is strong, but we're no where near those cities or even Calgary for GDP
- Frenzied and competitive bidding is a sign of desperation, families are buying out of fear ("or be priced out forever!") and and investors are buying out of greed ("it's a sure thing, it ALWAYS goes up!")
- 2010 isn't Expo 86, the world already knows where here this time, and we've already seen inflation twice what the previous 3 host cities saw and have 2.5 years left.
- What will our hot economy be like when everyone is house poor working just to pay their mortgage, they won't be out shopping and buying stuff, going to a movie or dinner, or saving and investing much
- In the next 25 years the number of Canadians 55 and older will go from 1 in 8 to 1 in 4 and lots will be down sizing
 
champs
Real Estate Talker
Posts: 42
Joined: Sat May 05, 2007 10:45 am
Contact:

Mon May 07, 2007 1:10 pm

1) 31, Vancouver, Engineer

2) a condo in Vancouver, house in Edmonton

3) I'm still bullish, but cautiously

4) Absolutely amazed at the prices of downtown condos and especially Woodwards. Seems that the condo glut theory never really materialized as the vacancy rate is so low. If these Woodwards assignments sell for 700/SF I will personally bow down and kiss Bob Rennie's shoes... uh.. I take that back I wont but I'll still be impressed.
 
pthovan
Newbie
Posts: 5
Joined: Fri Jul 21, 2006 11:26 pm
Contact:

Thu May 10, 2007 11:55 pm

40, accountant, Burnaby

Own detached house in North Burnaby, bot at the bottom of market in 1999

One drastic world event is all it takes. War, terrorist event, etc. If people get scared, interest rates will increase. Not even Vancouver will be immune to the foreclosures. There's too many people I've seen with big mortgages, or with upcoming mortgages on presales, that they cannot carry should rates increase.

US market is collapsing, and it looks like the S&L bust about 15 years ago when apartments in the US (I remember Arizona) could be had for $20K / door. Anyone remember that? I'll be looking for investments south of the border
 
ubcbiology
Newbie
Posts: 1
Joined: Tue May 15, 2007 1:15 pm
Contact:

introduction

Mon May 21, 2007 10:55 pm

1) 22, Coquitlam, Paramedic/ longshoremen/ pre-med student

2) a brand new condo in Coquitlam

3)no opinion

4) no opinion
 
User avatar
kitsgal
Real Estate Talker
Posts: 166
Joined: Wed May 23, 2007 7:54 pm
Contact:

Thu May 24, 2007 8:41 pm

1) 38/ Vancouver/ Government/ took real estate course just for "fun" in order to learn more about the business but do not work as a realtor

2) Own a house in Kits and a condo downtown.

3) As for the market...hmmm...who can say. When I bought my first place a few years ago, friends said I was silly and that I was buying at the peak of the market. I reno'd and sold that place four years ago and made enough to buy my house in Kits. Currently, I am holding and watching. Feeling much more cautious than before...looking outside LM for investment.

4) Have been lurking in the forum for a while. Have learned a lot and enjoyed the discussion even when it is heated! Thanks to all who participate and share their thoughts.
 
sunwukong
Real Estate Talker
Posts: 41
Joined: Wed Jun 27, 2007 11:37 pm
Location: Burnaby
Contact:

Thu Jun 28, 2007 2:28 pm

1) 39/Burnaby/IT consultant & independent software developer
2) house and condo in North Burnaby
3) mostly concerned with commercial market right now
4) learning as much as I can reading forums like this
 
User avatar
Beachball
Real Estate Talker
Posts: 40
Joined: Thu Jun 28, 2007 12:47 pm
Contact:

Thu Jun 28, 2007 3:53 pm

1) 27 / Vancouver / Systems Analyst
2) None
3) I think this is a new paradigm Vancouver is entering. Multi-family units are now the new normal, as they are in other dense cities around the world. And so, the prices have accordingly risen on condos to where single family homes used to be priced.

That said, if prices start to come down by next year, I'll probably buy a condo. Otherwise, I think I've got no choice but to move to another city, even though I've lived my whole life here.

By the way, against the sentiment of some on this board, there's nothing inherently wrong with bringing up a family in a condo - it is normal in a lot of the world. People just aren't used to it here yet, since almost the entire last generation (and those before) was brought up in single-family homes. I think this attitude will definitely change over the next decade or two.
 
Infojunkie
Newbie
Posts: 5
Joined: Thu Jun 21, 2007 12:57 pm
Contact:

Wed Jul 11, 2007 11:47 am

1) 35 / Tri-Cities / Senior Manager & business owner
2) Condo
3) I have watching prices in my area drop over the last 6 mths as I had previously predicted (on VHB's website almost 2 yrs ago). I wanted to rent in early '06 and then buy in early '08 but my husband didn't care about $, he had no interest in moving that many times. $ means nothing to him...
4) The Vancouver is no better than any other market. The Olympics argument has been show in Sydney & Salt Lake City to be untrue. Yes, there is a run up - but it doesn't persist! We have a stilted economy here with no head offices located here. That means we are not an economic player. IF the highway expansion of the Port Mann goes through, there will be some health in the housing market as it opens up new development. But I am seeing lots of condos and t/homes take forever to sell here. Its already slowing down but the RE propaganda hasn't reach Joe Sixpack yet. Once confidence has been dented, we can watch it slide back down. We've been borrowing each year's new home buyer and at some point, you run out of places borrow.
 
kev12345
Real Estate Talker
Posts: 12
Joined: Sun Aug 05, 2007 9:52 pm
Contact:

Wed Aug 08, 2007 6:43 pm

1) Age / Location / Occupation
2) What real estate do you own?
3) What's your view on the market going forward? Buyer or seller? Which parts of the market?
4) Anything else?

1) 24/outskirts of the lower mainland/construction

2) renting

3) waiting for prices to drop to more reasonable levels before i consider buying an overpriced shoebox.

4) i build these condo's for a living and it blows me away how much money people pay for these things... if you guys only knew what lay behind those walls. in fact theres a cell phone in the 23rd floor of the hudson somewhere.
 
Canadiana
Real Estate Talker
Posts: 41
Joined: Wed Aug 08, 2007 12:26 pm
Contact:

Wed Aug 15, 2007 6:29 pm

1) I'm 19, I switch up between BC and Ottawa
2) Don't own any Real Estate (see age for most of the reason behind that one!) but do intend to begin investing in it hopefully within 5 years.
3) In BC, I can see it being a seller's market for the next 5 years or so before it reaches its peak and prices decrease a little bit.
4) I've begun a website, CanadianaProperty.ca for Real Estate agents to list their properties. I'm hoping this website will offer a service to buyers, sellers and agents, and will help me learn more about Real Estate and the various markets in the process. (If I wasn't allowed to post that link, please let me know and I'll edit it out).

:)
 
67895123
Site Admin

Fri Aug 17, 2007 8:26 am

hey, my name is Mr. Pv

i just started my website a little while ago

so the website might help u out a little so

come check on it, and feel free to leave a comment or anythg

mr-pv.blogspot.com
 
feimi
Newbie
Posts: 3
Joined: Mon Sep 03, 2007 9:17 am
Contact:

Mon Sep 10, 2007 9:08 pm

1) 32 / Port Coquitlam / Accountant
2) a townhouse
3) Not sure, feel the price is going to be stable for a couple of years.
 
mortgageexpert
Real Estate Talker
Posts: 86
Joined: Tue Sep 11, 2007 9:35 am
Location: Vancouver
Contact:

Thu Sep 13, 2007 8:30 am

Hi everyone,

1. I'm 22, I've been in Vancouver for 4 years. I live in North Burnaby. I am a licensed mortgage broker, dealing with over 90 lenders in the market.

2. I don't have my own RE at the moment, but I am surely wanting to in the next 2 years or so. I would love to learn every bit about RE investing.

3. In terms of the direction of the market, I believe it would remain strong at least for the next five years. There will still be growth, but I think the pace is going to be slower.

4. Anyone who has any questions about mortgage or financing, please do not hesitate to pm me.

-Susan-
We make mortgages easy, really easy. Visit www.susangozali.ca
 
dreamon
Real Estate Talker
Posts: 204
Joined: Fri Dec 16, 2005 12:45 pm
Contact:

Wed Oct 03, 2007 5:11 pm

Hi Gang...

I am:

- agent working in Vancouver (Downtown, Westside etc).

- contrarian.

- finding the 'Bull and Bears' thing savagely boring..
 
jackandjerry
Real Estate Talker
Posts: 24
Joined: Mon Oct 01, 2007 1:26 am
Contact:

Fri Oct 12, 2007 1:39 pm

15/chinese lived here for 10years/student
I own nothing but soon there will be SOMETHING.

Who is online

Users browsing this forum: No registered users and 32 guests