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Thread: real estate..... is it true??

  1. #361
    Quote Originally Posted by rgkv View Post
    I talked with the new owners to see what there plans are. As I thought, plan was to tear it down, build the monster house, make big profit. Problem now he said was.. can't get loan on property, over mortgaged, no money to build... need to rent till market returns..
    I think it will be years till they can even get what they payed for it.
    Numbers don't make sense, IMHO. Value has dropped $350-$400K and that is affecting their ability to build a Monster home? Even if the value didn't drop and stayed the same, not really sure how they were even planning on tearing down a home, getting permits, plans,etc.... And building this monster home to make a huge profit. If the drop in the market has stopped their ability to do something, then they were not very smart or prepared (had a strong cash reserve or access to money) in the first place. Most likely received dumb advice from someone or came up with the crazy idea themselves. The way it sounds they wanted to make a killing and if that was the plan, they would have had to spend hundreds of thousands of dollars (high hundreds to over a million) to get the job done.
    "The envy of all mankind". Don't believe me, just ask her

  2. #362
    Quote Originally Posted by Samranchoi View Post
    Numbers don't make sense, IMHO. Value has dropped $350-$400K and that is affecting their ability to build a Monster home? Even if the value didn't drop and stayed the same, not really sure how they were even planning on tearing down a home, getting permits, plans,etc.... And building this monster home to make a huge profit. If the drop in the market has stopped their ability to do something, then they were not very smart or prepared (had a strong cash reserve or access to money) in the first place. Most likely received dumb advice from someone or came up with the crazy idea themselves. The way it sounds they wanted to make a killing and if that was the plan, they would have had to spend hundreds of thousands of dollars (high hundreds to over a million) to get the job done.
    Maybe they had the money or bank backing for a well laid out plan, buy for a mil {or so} build for 6 to 8, sell for 2.2 or so,, using the same numbers minus the 400 loss in value, profit disappears and, for now anyways they can't get more money for the sale of the build.. so, no deal

  3. #363
    I am (was) in a high demand area and based on my observations in the last two months the market has died (in relative terms) - inventory is not moving or if, verrrrry slow.

    My guess is that things will stabilize over the next couple of years. I don't know if the Chinese government clamping down on the 50k per year FX limit is a part of the cause, limiting the bribery money entering Canada?

  4. #364
    MOI is still very low so prices can still keep going up. Will be interesting to see what happens when condo prices plateau. I suspect active listings will start to increase over the summer as mortgage originations plummet and market uncertainty creeps in.

    Conversely, there are still many folks strongly bullish on the Toronto housing market on other forums I visit.


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  5. #365
    Quote Originally Posted by The "Bone" Ranger View Post
    I am (was) in a high demand area and based on my observations in the last two months the market has died (in relative terms) - inventory is not moving or if, verrrrry slow.

    My guess is that things will stabilize over the next couple of years. I don't know if the Chinese government clamping down on the 50k per year FX limit is a part of the cause, limiting the bribery money entering Canada?
    Statistically from Canadian government released a couple months ago, ownership of real estates in Canada by foreigners are very small in percentage. If I remember them right, foreigners only own about 3% of real estates in the GTA and around 5% in Vancouver.

    All of these real estate prices' craziness (up and down) are not from the foreigners. However, I solely believe that they are all from the Canadian speculators (some says investors) who are the main force of the real estate prices' up and down.

    It's a normal psychology that the problems which we have had such as real estates' pricing problems in Canada are not caused by Canadian but from foreigners such as Chinese. It's more of the psychological thinking of most of human beings and not a fact. In other word, all of the problems which we have had are not caused by our own actions but other people actions.

  6. #366
    My belief is that although they are a small percentage of the buyers, they were driving the prices up. If something is for sale and someone with the bribery money comes in and starts making high offers, others will have to jump in to compete and so forth. Also, it is too coincidental that ever since they slapped the foreign buyers' tax that the market cooled off?

    Quote Originally Posted by NiceToMeetYou View Post
    Statistically from Canadian government released a couple months ago, ownership of real estates in Canada by foreigners are very small in percentage. If I remember them right, foreigners only own about 3% of real estates in the GTA and around 5% in Vancouver.

    All of these real estate prices' craziness (up and down) are not from the foreigners. However, I solely believe that they are all from the Canadian speculators (some says investors) who are the main force of the real estate prices' up and down.

    It's a normal psychology that the problems which we have had such as real estates' pricing problems in Canada are not caused by Canadian but from foreigners such as Chinese. It's more of the psychological thinking of most of human beings and not a fact. In other word, all of the problems which we have had are not caused by our own actions but other people actions.

  7. #367
    Stats Can is useless and can’t be relied upon

    How many Chinese have numbered Canadian companies with themselves as nominal directors and family members/friends who are Canadian citizens acting as purchasers?

    When Stats Can Can did deeper into who actually controls these numbered companies and report back with a percentage then I’ll believe that they’ve really got to the bottom of it (foreign ownership).

    In places like Richmond BC and North Van I wouldn’t be surprised to see 85-90% Chinese ownership structured through numbered companies.

    Don’t believe Stats Can, they don’t want to dig deeper lest they be labelled racist by our politically correct state broadcaster the CBC (a branch of the Liberal party of Canada).

    Cheers

  8. #368
    * nominee

  9. #369
    100% correct

  10. #370
    Quote Originally Posted by Allwomen247 View Post
    Stats Can is useless and can’t be relied upon

    How many Chinese have numbered Canadian companies with themselves as nominal directors and family members/friends who are Canadian citizens acting as purchasers?

    When Stats Can Can did deeper into who actually controls these numbered companies and report back with a percentage then I’ll believe that they’ve really got to the bottom of it (foreign ownership).

    In places like Richmond BC and North Van I wouldn’t be surprised to see 85-90% Chinese ownership structured through numbered companies.

    Don’t believe Stats Can, they don’t want to dig deeper lest they be labelled racist by our politically correct state broadcaster the CBC (a branch of the Liberal party of Canada).

    Cheers
    100% correct

  11. #371
    Quote Originally Posted by Allwomen247 View Post
    Stats Can is useless and can’t be relied upon

    How many Chinese have numbered Canadian companies with themselves as nominal directors and family members/friends who are Canadian citizens acting as purchasers?

    When Stats Can Can did deeper into who actually controls these numbered companies and report back with a percentage then I’ll believe that they’ve really got to the bottom of it (foreign ownership).

    In places like Richmond BC and North Van I wouldn’t be surprised to see 85-90% Chinese ownership structured through numbered companies.

    Don’t believe Stats Can, they don’t want to dig deeper lest they be labelled racist by our politically correct state broadcaster the CBC (a branch of the Liberal party of Canada).

    Cheers
    Well said. You nailed it. I want to read your editorial in the paper buddy!!!

  12. #372
    Foreign numbers are high, but there is an unprecedented number of local buyers investing/flipping etc multiple properties. Much much much more than foreign buyers. Foreign buyers are pretty much concentrated in certain areas. The vast majority of the GTA is being bought up through speculation of domestic buyers. My office pretty much has hundreds of locals that own multiple properties here in the GTA. One small office may account for over 2000 speculative buys. We're an investment office. There are hundreds of offices like ours in the GTA and there are hundreds of hard core real estate speculators that don't own any financial instruments; only real estate. By all means I agree with the influence of foreign buyers(also agree with the corporate purchases you describe) but its nowhere near the number of properties being bought up by locals.

  13. #373
    Quote Originally Posted by wonkyknee View Post
    Foreign numbers are high, but there is an unprecedented number of local buyers investing/flipping etc multiple properties. Much much much more than foreign buyers. Foreign buyers are pretty much concentrated in certain areas. The vast majority of the GTA is being bought up through speculation of domestic buyers. My office pretty much has hundreds of locals that own multiple properties here in the GTA. One small office may account for over 2000 speculative buys. We're an investment office. There are hundreds of offices like ours in the GTA and there are hundreds of hard core real estate speculators that don't own any financial instruments; only real estate. By all means I agree with the influence of foreign buyers(also agree with the corporate purchases you describe) but its nowhere near the number of properties being bought up by locals.
    +1 and you nailed it.

    I knew it that this is the main factor in driving real estate in Vancouver and GTA out of the normality. As I mentioned earlier, it's a common human psychology that the problems are not caused by our own actions BUT caused by others (foreign buyers in this case).

  14. #374
    Prices and sales volume in June 2018 higher than June 2017.

    http://trebhome.com/market_news/mark...018/mw1806.pdf


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  15. #375
    Vancouver’s bubbly real estate market is deflating, say realtors
    https://www.thestar.com/vancouver/20...-realtors.html


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  16. #376
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    Real estate please stop going up


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  17. #377
    It will. Just be patient. Play the long game. Save your money. The opportunity will come, if you will be ready. Don't rush into this overpriced market.

  18. #378
    Quote Originally Posted by Barca View Post
    It will. Just be patient. Play the long game. Save your money. The opportunity will come, if you will be ready. Don't rush into this overpriced market.
    Real estate markets in both Canada and USA have crashed in the past. The best strategy is to wait until they will crash again to scoop up good homes with perhaps half of the prices they are listing right now. So weather it will be 2, 3, 5 or 7 years from today, it is worth waiting. Basically, a typical 4-bedroom and 2.5 baths of a 2-story home is listing at around 1.2 millions right now. When the real estate market will crash, it will be most likely listing for about half of the current listing price or around 600k.

    So it's best to wait until the market will crash. Meanwhile, you are enjoying your life by accumulating more cash / saving and pension money in your accounts and at the same time still have plenty of cash left in each months to spend on other things such as eating out in the restaurants, buying a new vehicle and etc.

    If you want to jump into the "over-priced" real estate right now, you will end up with no or very little money left after paying the mortgage of "over-priced" home.

  19. #379
    I don't think prices will ever be cut in half. That would mean a price reversion back to the mid to late 2000s.

    The best method is to buy whenever you can afford to. If you can't afford, don't buy. If you're going to live in the place you buy, it doesn't matter whether prices go up or down over the next decade.

    Never try to time the market for your primary residence. Life is too short... people that tried to time the market in 2008 hoping for a crash are now 10 years older and have watched their buying power erode. So a person waiting in 2008 who was 25 is now 35, and the person that was 35 is now middle aged and both are still twiddling their thumbs for a crash that has yet to materialize. Meanwhile the person that could afford to buy and did in 2008 has paid down close to half of their mortgage. If they did pre-payments they might even be mortgage-free.


    Think of the children -> http://www.numberofabortions.com/
    I want you to point your finger at me. I want you to call me names.

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