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Geyser
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Tue May 17, 2016 2:52 pm

When condo selll for 30% above assessment, smells to me like panic! :mrgreen:

Won't end well for the new buyers. :roll:
+1

For once I agree with you. I turned from bull to bear because of the growing odds of a big correction several years ago but the bubble just kept inflating. The odds of a collapse seem so much bigger now.

I understand that you just cashed out of your condo, I'm betting that in retrospect that will prove to be a good move if you stand on the sidelines for a few years. Welcome to the dark side.

Good luck! :D
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 8:53 am

When condo selll for 30% above assessment, smells to me like panic! :mrgreen:

Won't end well for the new buyers. :roll:
Its unknown among the challenged individuals that whatever towers people see being built doesnt even begin to cover the demand thats out there
 
tdma800
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 8:54 am

A wildcard that no one really talks about, 2nd generation Asians. Chinese family structure in particular. No matter what happens to the market I have the bank of Dad and Mom to borrow from.
I doubt Asian has much to do with it, the myth that Asian parents help their kids out more than other cultures is one I see as not being borne out by evidence. Boomers have money and nothing to spend it on but the guilt of their children's happiness.
You got a lot to learn about asian vs caucasian culture. If every culture helps their young equally, why are young caucasian leaving in droves and young asian never leaving? Hint...multi-generational residence.
And wait till you see a so called Canadian stamping feet and whining that OMG an asian person got a free house from his parents. UNFAIR! WAHHHHHHHHHH
 
tdma800
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 8:54 am

A wildcard that no one really talks about, 2nd generation Asians. Chinese family structure in particular. No matter what happens to the market I have the bank of Dad and Mom to borrow from.
I doubt Asian has much to do with it, the myth that Asian parents help their kids out more than other cultures is one I see as not being borne out by evidence. Boomers have money and nothing to spend it on but the guilt of their children's happiness.
You got a lot to learn about asian vs caucasian culture. If every culture helps their young equally, why are young caucasian leaving in droves and young asian never leaving? Hint...multi-generational residence.
And wait till you see a so called Canadian stamping feet and whining that OMG an asian person got a free house from his parents. UNFAIR! WAHHHHHHHHHH
 
yzfr1
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 9:36 am

z
Last edited by yzfr1 on Mon Oct 08, 2018 2:35 pm, edited 1 time in total.
 
eyesthebye2
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 12:50 pm

There ya go jesse.
Since asians never sell their properties, the sales on those west side homes will not be available again in your lifetime. Whether you like it or not, the prices you see now are not going away.
 
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jesse1
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 5:43 pm

Parents of some privilege help their kids buy houses. Many immigrants from east Asia are of privilege. Just saying, non-Asian kids get a leg up too, maybe they are more discreet about it.
There is no shame in overpaying
 
eyesthebye2
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 7:42 pm

Sorry, 20 years here and I dont know one caucasian buyer whose family aided in the purchase of a Vancouver detached house. Condo yes, detached nada.
 
yzfr1
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Wed May 18, 2016 8:37 pm

Affluent Caucasian parents help their kids, average income Caucasians less so. Most average income Asian's help their kids. I find that most Asian families live well below their means to save income for such situations where as (and im generalizing from my experience) most Caucasians live at their means or above and have less of a discretionary fund for kids and real estate
 
Geyser
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 10:46 am

Sorry, 20 years here and I dont know one caucasian buyer whose family aided in the purchase of a Vancouver detached house. Condo yes, detached nada.
I know a whole bunch of my elderly friends have helped their kids with down payments. Perhaps you are hanging out with a younger crowd who still have mortgages and can't afford it yet.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 11:15 am

Sorry, 20 years here and I dont know one caucasian buyer whose family aided in the purchase of a Vancouver detached house. Condo yes, detached nada.
That's quite a long and esteemed time. It's a cultural thing yes. Thats why those types of Canadian's get put into a care home in their golden years oops!
 
Geyser
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 12:03 pm

Oh look! CTV ran a story on how common it is for parents to help their kids buy homes in Vancouver. Apparently, about 75% of FSBs look for parental help.
Bank of mom and dad: Many new buyers turning to parents | CTV Vancouver News

Metro Vancouver’s pricey real estate market is forcing many young buyers to pay a lot more for their first home – and many are turning to the bank of mom and dad for help, according to a new Real Estate Weekly study.

The study suggested that 75 per cent of first time buyers under the age of 30 expect some help from their parents for a down payment. Around 400 people took part in the study, which was released Sept. 11.

“We found a surprisingly large number of those respondents are really relying on the bank of mom and dad the help them with their down payments,” says Joannah Connolly, editor and content manager of Real Estate Weekly.

With the cost of a detached home averaging $1.5 million and rising, many parents are stepping in to help their adult children.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
tdma800
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 12:21 pm

Parents of some privilege help their kids buy houses. Many immigrants from east Asia are of privilege. Just saying, non-Asian kids get a leg up too, maybe they are more discreet about it.
most of the time it is centered around main in vancouver and parts of the fraser valley as well, not too many real Canadians that do it though
 
Geyser
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 1:51 pm

Parents of some privilege help their kids buy houses. Many immigrants from east Asia are of privilege. Just saying, non-Asian kids get a leg up too, maybe they are more discreet about it.
most of the time it is centered around main in vancouver and parts of the fraser valley as well, not too many real Canadians that do it though
"Not too many real Canadians"??? Source please. I am unaware of any statistics regarding the number of First Nations buyers who get help from the Bank of Mom and Dad.

FWIW, the North Shore Credit Union reports an increase in parental help by baby boomers who bough their homes in the 70s or 80s.
Chris Catliff, CEO of BlueShore Financial in North Vancouver, said his credit union has seen an increase in the number of parents who want to use the equity in their homes to help their children buy into a detached-home neighbourhood.

According to Catliff, the trend is linked to an increase in wealthy immigrant buyers who are buying homes as an investment, which has helped push prices up. Meanwhile, homeowners over the age of 55 who purchased homes in the 1970s or ’80s have seen a steep rise in their home equity.

They are now increasingly using that equity to help their children buy a house, Catliff said.

“The desire of parents is often to get their children and grandchildren into [detached-home] neighbourhoods, with great schools, and near them,” he said.

Paul Eviston, a realtor who specializes in East Vancouver, said he has seen more parents helping children buy real estate over the past two years. Houses on the city’s traditionally lower-priced east side are now regularly listed at over $1 million.
In fond memory of Taipan, a model of modesty, decency, dignity and tolerance. Long may we all prosper from the tremendous legacy of worldly wisdom and specialized real estate knowledge which he left in the "Arguments" thread.
 
yzfr1
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Re: April Sales Remain @ Record Levels Across Metro Vancouve

Thu May 19, 2016 2:18 pm

Most of the Caucasians I know get some help but not much, but they are the ones with 5% down on bad codos and living pay check to pay check

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