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2016-2017 Housing Market

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Re: 2016-2017 Housing Market

Postby Hassel99 » Apr 20th, 2017, 10:33 pm

forum wrote:April 20th, 2017
You don't need any money to get into Real Estate, 70% of Canadians have already proven that. Anyone can walk into a bank and get their mortgage cuffs put on.




forum, wrote:Nov 18th, 2016

Not my fault I'm so irresistible. People clawing at me in here.

Yes, being Self Employed it's tougher getting a mortgage loan.
They take a good long hard look at my financials.
Sometimes jokingly, I'll ask them when they'd be putting the rubber glove on. [icon_lol2.gif]

I get qualified every year, so that I know where I stand and will be better prepared when I purchase a home.

Some things that have helped me during the qualification process:

1. Offering a larger down payment.
2. My finances are completed by a certified accountant.
3. I have been steadily increasing my income draws and dividend payments from the company.
4. I wear a slim fit tailored navy blue suit and tie during negotiations. And I smell delicious. My wife gets pretty horny when we drive to the bank.







forum wrote:They take a good long hard look at my financials.

forum wrote:Anyone can walk into a bank.


:biggrin:
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Re: 2016-2017 Housing Market

Postby Veovis » Apr 20th, 2017, 11:07 pm

forum wrote:You don't need any money to get into Real Estate, 70% of Canadians have already proven that. Anyone can walk into a bank and get their mortgage cuffs put on.


Soooooo they all can for easy and yet you still can't?
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Re: 2016-2017 Housing Market

Postby LANDM » Apr 21st, 2017, 7:16 am

Static wrote:I'm well aware of the post Bman. It is irrelevant what I do for a living. Unlike you, I have a great understanding of markets and have make educated posts. Something I have yet to come across in any of your posts, Mr.RE never Declines.


Having a "great understanding of the markets" precludes being wrong for literally years on the subject on the threads in this forum. All the time. Every time. It's all there for people to see. Being wrong for a multi year stretch and then finally being right eight or ten years later (which you haven't hit yet.....just giving you the benefit of the doubt) doesn't show a great understanding of the subject matter.

Although, I will grant you that you didn't specifically say real estate markets.
As a bartender, you would presumably have great understanding of the drinks market.

As for "have make educated posts".........yeaaaaahhhh.....right. [icon_lol2.gif] [icon_lol2.gif] [icon_lol2.gif]
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Re: 2016-2017 Housing Market

Postby Static » Apr 21st, 2017, 7:35 am

Bman wrote:Your 60 k is a downstroke for a lower end lower mainland property. Unfortunately you won't qualify for anything on a barkeeps wages and I assume someone as financially astute as yourself doesn't declare the proceeds of the tip jar.
That'll hurt you in this instance.
And you won't get the dividends from your 60k till you sell.
How ya gonna pay the rent?
Maybe you can tag one of the 7 figure partners to help keep you wrapped in drywall until you sell and can remove all your equity to live on and not let your biz grow.
I think you'll hafta continue slinging mai tais in the gay bar.
Not that there's anything wrong with it.


You are far from financially astute if you cannot figure out that six digits is in the hundreds of thousands.
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Re: 2016-2017 Housing Market

Postby Static » Apr 21st, 2017, 7:39 am

Canada's shadow banking is $1t or half of the big six.


[url]
https://betterdwelling.com/canadas-1-1- ... -as-banks/[/url]
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Re: 2016-2017 Housing Market

Postby LANDM » Apr 21st, 2017, 7:47 am

Static wrote:
Bman wrote:Your 60 k is a downstroke for a lower end lower mainland property. Unfortunately you won't qualify for anything on a barkeeps wages and I assume someone as financially astute as yourself doesn't declare the proceeds of the tip jar.
That'll hurt you in this instance.
And you won't get the dividends from your 60k till you sell.
How ya gonna pay the rent?
Maybe you can tag one of the 7 figure partners to help keep you wrapped in drywall until you sell and can remove all your equity to live on and not let your biz grow.
I think you'll hafta continue slinging mai tais in the gay bar.
Not that there's anything wrong with it.


You are far from financially astute if you cannot figure out that six digits is in the hundreds of thousands.


Unfortunately, you are just far from financially astute. Period.
There is no contingency involved. You have shown it here for years.

Do you participate in fantasy football along with fantasy investing? [icon_lol2.gif]

Bman likes this post.
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Re: 2016-2017 Housing Market

Postby forum » Apr 21st, 2017, 8:21 am

Home Capital still falling. It's all startng to come out in the wash now. The party is over. No more free booze. Hangover time.

Thanks for the trophy.

Marc Cohodes probably sportin a pretty big boner right now.

On the TSX, Home Capital's shares fell more than 20 per cent, dropping $4.61 to close at at $17.71. Shortly before the end of the trading day, the stock reached a new 52-week low of $17.43.


http://www.cbc.ca/beta/news/business/home-capital-shares-osc-1.4077678
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Re: 2016-2017 Housing Market

Postby LTD » Apr 21st, 2017, 8:35 am

and yet here where it actually matters nothing has changed no trophy for you numb nuts
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Re: 2016-2017 Housing Market

Postby W105 » Apr 21st, 2017, 9:18 am

from the letter on Castanet this morning...the struggle is very real for average hard working Families..our housing/rental market is a mess


We tried to do a rent to own, again refused. Again a substantial deposit, at least 25-30% of the purchase price of a home, which again equals about $80,000 required. Our combined income just doesn’t meet their criteria. One company told us I had a better chance at winning the lottery than finding suitable living space.

Last but not least, we tried to get a piece of property and then build a home. Again, good luck with that. We need to own the land outright to try and borrow the money. To purchase the land, we need approx. 25-50% down. The land we were looking at was listed for $119,000, meaning we need $50,000 down. Once we have the land, the banks would then maybe, possibly approve us for a loan to build the home. But that is depending again on CMHC or the lenders. Go figure.

As we are in a home currently till June 1, 2017, and paying $1,600 on rent, plus utilities, plus food, plus, plus, plus, we are very pleased that we actually will have managed to save $10,000. This has been accomplished by my son working 16 hours a day and me working 8-12 hours a day. Living with no extra luxuries, but this doesn’t even seem to matter. All lenders see is a number obtained by the stress test the government has imposed on the working class, and unfortunately we don’t meet that criteria outlined in that test. On the other hand, we are at present paying our landlord’s mortgage. It makes no sense to me how we can do that and never miss a payment, Why should we be penalized for not being able to come up with the requirements of a stress test used to determine our eligibility to afford a mortgage? Please explain?
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Re: 2016-2017 Housing Market

Postby Atomoa » Apr 21st, 2017, 10:21 am

I was discussing the condo market in Vancouver awhile back - more analysis.

http://www.theglobeandmail.com/real-est ... e34771425/

Vancouver’s presale condo market is in need of regulation and transparency, say realtors whose clients are being routinely shut out of the frenzied market.

The presale market is the “wild west” of the industry, says realtor Steve Saretsky, who posted a blog post recently, titled “Vancouver Pre Sale Condo Ponzi Scheme.” Mr. Saretsky, who often speaks out against his own industry, says it’s common that offshore investors get first dibs on presale purchases. Those purchases are assigned, or flipped, to local buyers at a premium. He says in recent months, as the condo market has hit a fever pitch, so too has the flipping.

Speculative buying is driving prices up, shutting out owner-occupiers and adding to an already unaffordable market. Mr. Saretsky says that the presale market, once considered an unknown entity, is now viewed as a low-risk moneymaker. Full financing isn’t required until completion, which is several years away. During that interim, buyers can flip the property, and assign it to other buyers. If they are foreign, they dodge the 15 per cent transfer tax, which isn’t due until completion. He sees buildings that completed long ago remain half empty. Many of the units appear on Craigslist or the Multiple Listing Service once the building is complete, a sign that buyers have already maximized the gains to be had.


“Obviously they presold them offshore,” says Mr. Saretsky. “They bought them three years ago, made a lot of money, and they don’t have any intention of living in them.

“If you call one of the developers, they say, ‘we are only selling to friends and family and we are open to the public next week.’ But what is friends and family? What is the definition? It’s basically offshore. And everybody in the industry knows it, and nobody likes to talk about it.”
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Re: 2016-2017 Housing Market

Postby Merry » Apr 21st, 2017, 12:28 pm

W105 wrote:from the letter on Castanet this morning...the struggle is very real for average hard working Families..our housing/rental market is a mess


We tried to do a rent to own, again refused. Again a substantial deposit, at least 25-30% of the purchase price of a home, which again equals about $80,000 required. Our combined income just doesn’t meet their criteria. One company told us I had a better chance at winning the lottery than finding suitable living space.

Last but not least, we tried to get a piece of property and then build a home. Again, good luck with that. We need to own the land outright to try and borrow the money. To purchase the land, we need approx. 25-50% down. The land we were looking at was listed for $119,000, meaning we need $50,000 down. Once we have the land, the banks would then maybe, possibly approve us for a loan to build the home. But that is depending again on CMHC or the lenders. Go figure.

As we are in a home currently till June 1, 2017, and paying $1,600 on rent, plus utilities, plus food, plus, plus, plus, we are very pleased that we actually will have managed to save $10,000. This has been accomplished by my son working 16 hours a day and me working 8-12 hours a day. Living with no extra luxuries, but this doesn’t even seem to matter. All lenders see is a number obtained by the stress test the government has imposed on the working class, and unfortunately we don’t meet that criteria outlined in that test. On the other hand, we are at present paying our landlord’s mortgage. It makes no sense to me how we can do that and never miss a payment, Why should we be penalized for not being able to come up with the requirements of a stress test used to determine our eligibility to afford a mortgage? Please explain?

My heart goes out to you, because I remember well the days when we too were saving up to buy our first home. But this is a very expensive area when it comes to real estate. Have you ever considered relocating?

When we were first starting out we had to avoid places where homes were expensive, and to this day we still can't afford to buy in Kelowna. If I were you I'd consider finding work in a less expensive area, with an eye to possibly moving back to Kelowna one day, after you've had a chance to build up some equity in your new home.
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Re: 2016-2017 Housing Market

Postby W105 » Apr 21st, 2017, 12:34 pm

thanks for the concern Merry, but I didn't write the letter, I just quoted some of it...thankfully we own and have for yrs, BUT we bought back in the mid 80's where it seems like the average hard working Canadian had a chance to get into the market...

but this rental market right across BC is going insane !! apparently Penticton is just as bad, same as Vernon..
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Re: 2016-2017 Housing Market

Postby Merry » Apr 21st, 2017, 12:36 pm

W105 wrote:thanks for the concern Merry, but I didn't write the letter, I just quoted some of it...thankfully we own and have for yrs, BUT we bought back in the mid 80's where it seems like the average hard working Canadian had a chance to get into the market...

but this rental market right across BC is going insane !! apparently Penticton is just as bad, same as Vernon..

Again, increasing supply is the only viable answer. When there are more homes available for purchase, and more apartments available for rent, prices will come down.
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Re: 2016-2017 Housing Market

Postby Static » Apr 21st, 2017, 3:46 pm

I am not sure about Kelowna , although I am certain. it is the same , Vancouver has tens of thousands of residences that do not list with realtors and will not show up on MLS. at his whole shortage thing is a joke.

There is a reason why 10% of the population control 90% of the wealth.
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Re: 2016-2017 Housing Market

Postby Even Steven » Apr 21st, 2017, 3:53 pm

Apartments down town Vancouver - starting at $1.7M!

https://www.onni.com/1335howe/
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