So when’s the housing bubble bursting?

[4 Dimensional]

Condo with no kitchen located inside Vancouver hotel listed for $659K

For less than the price of a typical Vancouver condo, you could be living in the heart of the city's downtown core – as long as you don't mind a lot of dining out, or having hotel guests for neighbours.

bc.ctvnews.ca

oh so folks out here selling hotel rooms?

That’s what’s going on now of days?

 

[Helico-pterFunk]

oh so folks out here selling hotel rooms?

That’s what’s going on now of days?

I don't fucking know, man.

 

[tpotda]

@Helico-pterFunk how high are the prices in Yaletown these days?

 

[4 Dimensional]

I don't fucking know, man.

I’ve never knew that was a thing. The bastard is justifying the shit out this.


“The new owner would also apparently be free to give the property a makeover so it no longer resembles a hotel room.

Juraski said there's currently a tenant renting the home for $2,850 a month – enough to cover the cost of the mortgage, assuming a down payment of 20 per cent.

There is a work desk, a bar fridge, a kettle to make coffee or tea, and room for a hot plate, but the realtor acknowledged the condo would probably best suit someone who prefers not to make their own food.”

 

[Helico-pterFunk]

@Helico-pterFunk how high are the prices in Yaletown these days?

That's a good question. I don't quite know, but it is certainly expensive & desired real estate. I don't know anyone personally who lives there. Just some friends who are renting older places in different parts of downtown.

The bulk of my friends and coworkers live in East Van, Richmond, Burnaby, Port Moody, Coquitlam, New Westminster, and Langley.

 

[Helico-pterFunk]

I’ve never knew that was a thing. The bastard is justifying the shit out this.

There's been some local classified / Craigslist ads over the years for stuff like an enclosed balcony space deemed a 1-bedroom rental.

Closet space not big enough for an office also deemed a "bedroom".

People trying to rent out old RVs or trailers in their driveways and shit. Where do they shit if they're in a trailer? An outhouse in the renter's yard ... knock on the landlord's door to use the washroom to clean up?

Crazy world.

 

[4 Dimensional]

There's been some local classified / Craigslist ads over the years for stuff like an enclosed balcony space deemed a 1-bedroom rental.

Closet space not big enough for an office also deemed a "bedroom".

People trying to rent out old RVs or trailers in their driveways and shit. Where do they shit if they're in a trailer? An outhouse in the renter's yard ... knock on the landlord's door to use the washroom to clean up?

Crazy world.

It’s the people that is renting the space that are crazy.

 

[Helico-pterFunk]

It’s the people that is renting the space that are crazy.

Agreed. There's got to be better options to save some money (i.e. - couch surfing for awhile with a friend or family member, if available). Something before settling for some bullshit.

I used to work at a downtown shelter and there were available food banks and soup kitchens in the area. I would always remind people to PLEASE utilize those services. They were struggling to get food, and the choices were there. I accompanied an elderly lady to an appt once and she said we should stop in at the Union Gospel Mission for the lunchtime prayer. Went there and one of my coworkers at the job was actually leading it. Then everyone sat down and had soup, sandwiches, coffee, and a muffin. I thought that was great.

Worked at another location in East Van wherein it was an apartment with 4 floors of bachelor suites. Men and women. Monthly rent covered room and board. Dinner was served at 5:30pm. I would remind people there to PLEASE take a plate of food with you to your apartment. No point PRE-paying for food that you're not gonna eat, then heading to the corner store or A&W for dinner instead. Take that plate of food, put it in the fridge, and eat it later or the following day.

Everything adds up ... especially if you're on income assistance. Especially around the holidays too. Some great meals ... always made sure I set aside plates for people.

 

[4 Dimensional]

Agreed. There's got to be better options to save some money (i.e. - couch surfing for awhile with a friend or family member, if available). Something before settling for some bullshit.

I used to work at a downtown shelter and there were available food banks and soup kitchens in the area. I would always remind people to PLEASE utilize those services. They were struggling to get food, and the choices were there. I accompanied an elderly lady to an appt once and she said we should stop in at the Union Gospel Mission for the lunchtime prayer. Went there and one of my coworkers at the job was actually leading it. Then everyone sat down and had soup, sandwiches, coffee, and a muffin. I thought that was great.

Worked at another location in East Van wherein it was an apartment with 4 floors of bachelor suites. Men and women. Monthly rent covered room and board. Dinner was served at 5:30pm. I would remind people there to PLEASE take a plate of food with you to your apartment. No point PRE-paying for food that you're not gonna eat, then heading to the corner store or A&W for dinner instead. Take that plate of food, put it in the fridge, and eat it later or the following day.

Everything adds up ... especially if you're on income assistance. Especially around the holidays too. Some great meals ... always made sure I set aside plates for people.

You’re a good man, H-Funk.

You stay looking out for folks.

 

[Helico-pterFunk]

You’re a good man, H-Funk.

You stay looking out for folks.

Thanks man - it was a challenging job. Still in the field at a different location / employer. 1/3 the amount of people and better pay / benefits.

We'd often say in those types of environments ... you need to compensate staffing better if you want them to stick around longer. It's hard work.

I remember times working the afternoon shift from 3 - 11pm. The oncoming night staff would be coming in around 10:30 or 10:45pm, and by then you had only administered meds for 10 of the 20 people. You couldn't locate the other 10 people, and they would return home between the hours of say 12 - 4am. Or giving their key cards to dealers or prostitutes, or leaving side exit doors ajar to let people in. I think I worked there oncall for about 6 - 7 years.

Been with my current employer 18 years.

I did apply to the place I mentioned earlier (Union Gospel Mission) but didn't land the job years back. It would be a challenging place to work during a pandemic. Not sure what their restrictions were as they were so used to getting a high volume of people. I think they were giving away care package meals during recent holiday seasons, instead of doing the BIG sit down gathering.

 

[Helico-pterFunk]

As living costs surge, tenants dread B.C.'s next inflation-matched rent increase

With annual rent increases tied to inflation in British Columbia, tenant advocates are worried the next hike could force some already-struggling families from their homes.

bc.ctvnews.ca

 

[KunningLinguist]

I don't fucking know, man.

shit is wild out here bruh....

im actually interested in the tiny houses....

buy me some land at put a few of them on it and rent or sell them....

people are creating neighborhoods with those things....basically trailer parks though

 

[Helico-pterFunk]

shit is wild out here bruh....

im actually interested in the tiny houses....

buy me some land at put a few of them on it and rent or sell them....

people are creating neighborhoods with those things....basically trailer parks though

There are more and more laneway houses in the city now too. Some nice ones too - brand new - albeit not in a desirable part of the block (cars passing by right outside your window), and still pretty costly at times too.

Everyone looking to maximize space and condense living.

 

[KunningLinguist]

There are more and more laneway houses in the city now too. Some nice ones too - brand new - albeit not in a desirable part of the block (cars passing by right outside your window), and still pretty costly at times too.

Everyone looking to maximize space and condense living.

yep...

to be honest man people especially if you dont have kids dont need a 2500 sq ft house....shit you spend most of your time in the bedroom and the kitchen anyway...rest of that space is wasted...people wanted 4 and 5 bedroom houses and 2 people maybe 3 are living there....makes no sense to me....but ive always been more inclined to condo living....never cared for yards and cutting grass

 

[Helico-pterFunk]

yep...

to be honest man people especially if you dont have kids dont need a 2500 sq ft house....shit you spend most of your time in the bedroom and the kitchen anyway...rest of that space is wasted...people wanted 4 and 5 bedroom houses and 2 people maybe 3 are living there....makes no sense to me....but ive always been more inclined to condo living....never cared for yards and cutting grass

Agreed. The big homes work effectively when the space can be utilized effectively. My dad’s GF’s nephew has a big home. Yard with the pool, etc. He owns a company, and employs a number of family members. He rents out the 1300 sq ft basement to his cousin and her family of 4. She and her husband also work with him. He sets a fair rental price and has not increased it for years. He lives on the 2 floors above with wifey and their 3 kids.

He also (pre covid) loves to host parties. Been there for 3 Christmas parties from 2017 - 2019. Easily 25 - 30 people there and he’s doing the bulk of the cooking. People all over the house. Went there for a pool party in 2016 - same thing. Always thought it was the right kind of big house. Everyone’s invited.

But alot of times people just buy big, but don’t need much. Just too excessive or costly to heat or cool unless you can budget for it.

 

[Helico-pterFunk]

A Vancouver den renting for $750 is so small anyone over 5'9" tall won't be able to fit in it

A windowless den in a downtown Vancouver studio is about half the size legally allowed for a prison cell in Canada – and it's being rented for $750 a month.

bc.ctvnews.ca

 

[Helico-pterFunk]

BC considers capping rents as inflation threatens to "shock" renters | Urbanized

BC may intervene to cap rent increases, as record-high inflation threatens to “shock” renters with the largest hikes seen in decades.

dailyhive.com

Sellers are rapidly "losing their grip" on BC housing market: RBC | Urbanized

Demand is cooling and sellers are "losing their grip" on the housing market in BC according to a new report from RBC.

dailyhive.com

 

[BrownTurd]

Basically, the bank will get a bail out to pay for the house and they will still take the house from you

 

[BrownTurd]

Jesus FUCK

Dumb ass Crackas I swear. The bank will get a nice bailout package in which will pay off the house. But these oil on hot pavement smelling Crackas will shout it is not American to get hand outs.

The bank will take billions to payoff all the houses and kick they ass out.

 

[4 Dimensional]

Crazy how fast things can change.

Our market is cooling off. Houses are staying listed longer and prices are starting to fall. This lets me know it was investors fucking up our market and now these bastards are stuck with overpriced property they can’t sell as fast anymore.

We just go out new pre-approval. Now that the power is shift in favor of the buyer (relatively speaking, in terms of bidding), we are going to continue to be patient.

Like I mentioned before, my city isn’t major, so we don’t have the economics to sustain overpriced houses. We’ll see what happened moving forward.

 

[DC_Dude]

Crazy how fast things can change.

Our market is cooling off. Houses are staying listed longer and prices are starting to fall. This lets me know it was investors fucking up our market and now these bastards are stuck with overpriced property they can’t sell as fast anymore.

We just go out new pre-approval. Now that the power is shift in favor of the buyer (relatively speaking, in terms of bidding), we are going to continue to be patient.

Like I mentioned before, my city isn’t major, so we don’t have the economics to sustain overpriced houses. We’ll see what happened moving forward.

Good stuff....Yeah I am getting hit left and right about homes in the Charlotte area...Prices dropping left and right....Should be interesting over the next few months...

 

[4 Dimensional]

Good stuff....Yeah I am getting hit left and right about homes in the Charlotte area...Prices dropping left and right....Should be interesting over the next few months...

Our lender was impressed with the wife and I debt to income ratio. I have been paying down my credit and paid off a loan. I’m really trying to go into a new crib with little to no credit debt. I’m going to use my credit to furnish the entire house. I ain’t take shit with me when I leave here

 

[woodchuck]

Our lender was impressed with the wife and I debt to income ratio. I have been paying down my credit and paid off a loan. I’m really trying to go into a new crib with little to no credit debt. I’m going to use my credit to furnish the entire house. I ain’t take shit with me when I leave here

The minute you close on that house, you're going to be bombarded with cc offers!

 

[DC_Dude]

Our lender was impressed with the wife and I debt to income ratio. I have been paying down my credit and paid off a loan. I’m really trying to go into a new crib with little to no credit debt. I’m going to use my credit to furnish the entire house. I ain’t take shit with me when I leave here

Right same here....Yeah that debt to income ratio is so key. One thing that was key to me was paying my credit card off, car off, and having my loans discharged (120K - thank you Biden) all in 2022.

I am going to either use my credit card (get those reward points LOL) or do 0% interest for all furniture. Everything in my current condo is either getting sold or sent to the goodwill...LOL

SU MOTHERFUCKER!!! LOL

 

[4 Dimensional]

The minute you close on that house, you're going to be bombarded with cc offers!

Man, I bet so. I’m good on them CCs too. I have enough with some solid limits. I’m only utilizing 16% now.

 

[4 Dimensional]

Right same here....Yeah that debt to income ratio is so key. One thing that was key to me was paying my credit card off, car off, and having my loans discharged (120K - thank you Biden) all in 2022.

I am going to either use my credit card (get those reward points LOL) or do 0% interest for all furniture. Everything in my current condo is either getting sold or sent to the goodwill...LOL

SU MOTHERFUCKER!!! LOL

I was going to transfer a care credit balance to a 0% interest card that my wife and I share, but her utilization is right at 30%, so it would mess her up if I did that. So I’m just going to eat the interest and pay it off faster. I don’t want her credit to take a hit while she is digger herself out a hole.

I got this $1400 car payment I got to eat today. catalytic converter and O2 censors.

Like you said, I’m going to use the CC to get the cash back rewards, but pay the balance off as soon as.

 

[4 Dimensional]

Home price decline odds: This interactive map shows the likelihood in your local housing market | Fortune

The cooling U.S. housing market has seen the odds of a home price decline spike. At least on a regional level.

fortune.com

 

[jagu]

Uh oh, I think it has started. I was looking at homes in Smyrna Ga today in realtor.com and one page had 6 price reductions in an area where people would pay $50k over asking price last year. The price reductions ranged from $10- $75k.

 

[moblack]

Uh oh, I think it has started. I was looking at homes in Smyrna Ga today in realtor.com and one page had 6 price reductions in an area where people would pay $50k over asking price last year. The price reductions ranged from $10- $75k.

Think what will happen when them companies liquid the homes they paid to much for? it'll be a blood bath

 

[OutlawR.O.C.]

Think what will happen when them companies liquid the homes they paid to much for? it'll be a blood bath

They won't.

Those companies bought most of those properties with the intention of forcing would be home owners out of the housing market and into their ridiculously overpriced rental properties.

The housing market going to shit not only doesn't affect this it will actually work in their favor since there will be even more people forced to rent from them.

 

[moblack]

They won't.

Those companies bought most of those properties with the intention of forcing would be home owners out of the housing market and into their ridiculously overpriced rental properties.

The housing market going to shit not only doesn't affect this it will actually work in their favor since there will be even more people forced to rent from them.

I feel what you saying but they gone have to product profits to them shareholders. If mortgages fall so will rental prices eventually.

 

[OutlawR.O.C.]

I feel what you saying but they gone have to product profits to them shareholders. If mortgages fall so will rental prices eventually.

Not at all, its apples and oranges.

Mortgage rates have no affect on rental prices which are controlled by the companies that are renting these properties with no regulation.

In fact if/when a crash occurs it will enable them to purchase more than they would have been able to in this current market.

And the amount they're able to charge, like any business, is dependent on demand.

And with so many people forced to remain or become renters as opposed to homeowners the demand will higher than ever which means they'll continue to charge far in excess of what they should and I can't see that changing.

 

[4 Dimensional]

They won't.

Those companies bought most of those properties with the intention of forcing would be home owners out of the housing market and into their ridiculously overpriced rental properties.

The housing market going to shit not only doesn't affect this it will actually work in their favor since there will be even more people forced to rent from them.

The only saving grace is certain neighborhoods that have banned investors from buying and renting out properties. One area code has them completely shut out. On the other hand, another area code, they are wildin the fuck out. So it seems it depends on the area where investors are racking up.

 

[jagu]

Think what will happen when them companies liquid the homes they paid to much for? it'll be a blood bath

Why would they liquidate it? It is the perfect time for them to turn to being landlords. with high interest rates, people won’t be buying homes.

 

[The Plutonian]

Good formula and to add on from my experience, If you can find a local owner/developer/builder that is willing to sell to you by becoming the bank and backing your loan with them you can pull off your second investment home by using the rent/own method, this helps with bypassing the huge hurdle of buying a second property using traditional banks.

Explain more fam, need to understand it.