Real estate prices 101/financial issues/rentals, etc.

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Re: Real estate prices 101/financial issues/rentals, etc.

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Re: Real estate prices 101/financial issues/rentals, etc.

Post by ckil »

BC Landlord wrote: Jun 9th, 2021, 9:39 pm
ckil wrote: Jun 9th, 2021, 7:41 pm https://www.greaterfool.ca/
Love the source, ... "greater fool" :biggrin:
He was quoting an anonymous realtor who regularly comments on the local market in his blogs.
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Re: Real estate prices 101/financial issues/rentals, etc.

Post by ckil »

LANDM wrote: Jun 10th, 2021, 6:12 am
ckil wrote: Jun 9th, 2021, 7:41 pm "As of yesterday, Kelowna broke through that mark, with detached houses gaining $23,000 in the last month. Look at the chart below, says our resident on-the-ground blog dog analyst. “If we get the 8 rate hikes that some are forecasting for a +2% increase in rates within the next year, then the leg down adjustment will be doubled to a -$302,871 drop in price (from whatever we peak out at in the coming months) on the average Kelowna home by 2023.”"

price.JPG

https://www.greaterfool.ca/
I love that this chart shows how wrong Static and Bnoel were all those years and how their current incarnation continues to be.
But, one day.......... :biggrin:
And yes, the irony of "greater fool" is fabulous.
The greater fool is one that does not have a few years in savings to weather the coming storm. At least there is home equity to borrow. "You're richer than you think!" Removed
Last edited by Catsumi on Jun 11th, 2021, 5:49 pm, edited 1 time in total.
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LANDM
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Re: Real estate prices 101/financial issues/rentals, etc.

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ckil wrote: Jun 11th, 2021, 7:54 am
LANDM wrote: Jun 10th, 2021, 6:12 am

I love that this chart shows how wrong Static and Bnoel were all those years and how their current incarnation continues to be.
But, one day.......... :biggrin:
And yes, the irony of "greater fool" is fabulous.
The greater fool is one that does not have a few years in savings to weather the coming storm. At least there is home equity to borrow. "You're richer than you think!" Removed
Gosh, there seems to be anger there for some reason. Removed

Re: savings, that should be standard practice for anyone, along with a well rounded portfolio of investments.......including real estate. What you say there is hardly earth shattering.

It’s too bad when some, whom consider themselves "investors" and who claim to manage others money, don’t subscribe to basic tenets of wise investment and, in fact, don’t even consider real estate to be an investment. Instead spending years with their head in the sand calling for failures whilst the alternate proof is literally presented every day.

Oh well, we can only hope that when people reach mental adulthood they can mature and straighten out their flaws. I notice some are well into their 40’s and are still ignorant of basic facts. I’ve even noticed that some of them wait until that point, at an arguable peak of the market, to finally "give in" and buy. Truly puzzling. :135:
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oldtrucker
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Re: Real estate prices 101/financial issues/rentals, etc.

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ckil wrote: Jun 11th, 2021, 7:54 am few years in savings to weather the coming storm.
You're right. The storm has just started. House prices will be going up by 10-15% every year for at least the next 5 years or at least until the Libs are no longer in power. The more money saved to pay for the upcoming ultra high rents -the better.

Buy 10 houses, you can't lose.
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Re: Real estate prices 101/financial issues/rentals, etc.

Post by ckil »

LANDM wrote: Jun 11th, 2021, 12:40 pm
ckil wrote: Jun 11th, 2021, 7:54 am

The greater fool is one that does not have a few years in savings to weather the coming storm. At least there is home equity to borrow. "You're richer than you think!" Removed
Gosh, there seems to be anger there for some reason. Removed

Re: savings, that should be standard practice for anyone, along with a well rounded portfolio of investments.......including real estate. What you say there is hardly earth shattering.

It’s too bad when some, whom consider themselves "investors" and who claim to manage others money, don’t subscribe to basic tenets of wise investment and, in fact, don’t even consider real estate to be an investment. Instead spending years with their head in the sand calling for failures whilst the alternate proof is literally presented every day.

Oh well, we can only hope that when people reach mental adulthood they can mature and straighten out their flaws. I notice some are well into their 40’s and are still ignorant of basic facts. I’ve even noticed that some of them wait until that point, at an arguable peak of the market, to finally "give in" and buy. Truly puzzling. :135:
Good one LANDM Still does not change the fact RE is overvalued. If you cannot see that then it is you lacking in mental adulthood.
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Re: Real estate prices 101/financial issues/rentals, etc.

Post by LANDM »

ckil wrote: Jun 12th, 2021, 7:36 am
LANDM wrote: Jun 11th, 2021, 12:40 pm

Gosh, there seems to be anger there for some reason. Removed

Re: savings, that should be standard practice for anyone, along with a well rounded portfolio of investments.......including real estate. What you say there is hardly earth shattering.

It’s too bad when some, whom consider themselves "investors" and who claim to manage others money, don’t subscribe to basic tenets of wise investment and, in fact, don’t even consider real estate to be an investment. Instead spending years with their head in the sand calling for failures whilst the alternate proof is literally presented every day.

Oh well, we can only hope that when people reach mental adulthood they can mature and straighten out their flaws. I notice some are well into their 40’s and are still ignorant of basic facts. I’ve even noticed that some of them wait until that point, at an arguable peak of the market, to finally "give in" and buy. Truly puzzling. :135:
Good one LANDM. Still does not change the fact RE is overvalued. If you cannot see that then it is you lacking in mental adulthood.
So I literally use the term "peak of the market" and you claim I can’t see that? [icon_lol2.gif] [icon_lol2.gif]
Why are you so angry? removed

For those that thought the market was overvalued for the past dozen years, they were demonstrably wrong throughout that time period. It wasn’t some sort of secret.....there were those, notably Static and Bnoel, who were angrily trying to make that argument throughout that time period against all proof staring them in the face on a daily basis.
But, I’m sure they were able to manage other people’s money really well. [icon_lol2.gif] even though Static, the master of inconsistent claims, was a bartender by his own admission. [icon_lol2.gif] [icon_lol2.gif]
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fluffy
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Re: Real estate prices 101/financial issues/rentals, etc.

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oldtrucker wrote: Jun 11th, 2021, 12:50 pmHouse prices will be going up by 10-15% every year for at least the next 5 years or at least until the Libs are no longer in power.
Okay, I'll bite. How are the Liberals driving house prices up ? And how can the current boom be changed ?
Populism is to democracy what sensationalism is to journalism.
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fluffy wrote: Jun 12th, 2021, 10:03 am Okay, I'll bite. How are the Liberals driving house prices up ? And how can the current boom be changed ?
A new kind of Canadian class system — success dependent on inheritance

https://www.thespec.com/opinion/contrib ... tance.html

The Liberals flooded the market with 450 billion dollars of free printed money = hyperinflation

The Liberals told the commercial banks to give out mortgages to anyone with a pulse.

The Liberals told the commercial banks to allow over-leveraged people to deffer their morttage payments while they bought secondary properties.

Result - biggest wealth transfer in history. There is no an entire generation of Canadians that mathematically will never be able to save fast enough for a house unless they have parental help.

1 out of every 5 houses in Canada is now a investment property.

Bank of Canada now owns 50% of Canada's entire debt.

Last year they didnt even own 5% of our debt.

Now that we have the highest house prices in the world, with the lowest supply of homes, they are going to bring in 400,000 new customers that need a house the minute they get here.

Awesome news for landlords - more bidding wars and zero-condition offers and cash-offers sight unseen on moldy basement suite rentals! Making Canada strong!

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Re: Real estate prices 101/financial issues/rentals, etc.

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The article you linked to doesn't convey the same conclusions you do. It says the wealth transfer is a result of baby boomers aging and dying off, a death rate aided in some degree by Covid deaths of senior citizens. Your contention that housing prices are effected by covid benefits is a real stretch of imagination. An extra couple of grand a month, especially when restricted to unemployed people, doesn't not give anyone the financial power to enter the housing market. The people benefiting from this price run-up are those who were already in the housing market.
Populism is to democracy what sensationalism is to journalism.
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Re: Real estate prices 101/financial issues/rentals, etc.

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fluffy wrote: Jun 12th, 2021, 10:03 am
oldtrucker wrote: Jun 11th, 2021, 12:50 pmHouse prices will be going up by 10-15% every year for at least the next 5 years or at least until the Libs are no longer in power.
Okay, I'll bite. How are the Liberals driving house prices up ? And how can the current boom be changed ?
By adding one Edmonton, or one Calgary in population every 2 years or one Saskatoon AND a Regina every year in population to Canada ,creating a massive housing shortage and massive demand.
RE market will be protected at ANY cost .ANY COST.
It's called giv'er away .
It's called stacking the deck(voters) for your party by selling the country out.
Immigration is a direct dial for supply/ demand, prices in the RE market. It's all connected to the JTLibs macro plan for Canada.
I'm not 99% sure. I'm 100% sure that as long as JTLibs are here, housing will constantly be going way up.
Buy 10 houses....you can't lose.
Some may view my politically incorrect opinions as harsh and may be offended by them. Some think political correctness will be our undoing.
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Re: Real estate prices 101/financial issues/rentals, etc.

Post by Vacancyrate »

fluffy wrote: Jun 12th, 2021, 11:05 am The article you linked to doesn't convey the same conclusions you do. It says the wealth transfer is a result of baby boomers aging and dying off, a death rate aided in some degree by Covid deaths of senior citizens. Your contention that housing prices are effected by covid benefits is a real stretch of imagination. An extra couple of grand a month, especially when restricted to unemployed people, doesn't not give anyone the financial power to enter the housing market. The people benefiting from this price run-up are those who were already in the housing market.
I never said COVID benefits. Most of the "economic COVID relief" went into Canadian real estate/mortgage creation. 54% of GDP growth of the entire Canadian economy in Q1 this year was residential real estate investment.

The wealth transfer happened this year and because of soaring house prices.

The average Canadian house gained 180,000 in value this year. That's almost 3x the amount of the average Canadian household income from those lame things called "jobs" where you actually have to pay taxes on your earned income.

You are right though - it was a giant pump of assets.

Canadian homeowners see net worth increase by $730 billion in 2021 first quarter, renters gain only $43 billion

https://www.straight.com/news/canadian- ... nters-gain

The article I linked talks about how there are now two distinct economic classes of people in Canada thanks to moves by the Liberals and the Bank of Canada in the last 18 months.

1. Those that are set to inherit

2. Those that are not.

Unless you marry into it, win the lotto, or invent the next iPhone it's now mathematically impossible for the NOT class to "work and save their way" into the the INHERIT class without a catastrophic real estate devaluation in Canada. That will never be allowed to occur. Propriety owners have too much political power and lawmakers are all property holders and their entire families net worth is tied directly into their ATM Canadian House™

The Canadian dream is dead.

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Re: Real estate prices 101/financial issues/rentals, etc.

Post by BC Landlord »

Vacancyrate wrote: Jun 12th, 2021, 10:26 am A new kind of Canadian class system — success dependent on inheritance
Passing wealth from generation to generation has been around since biblical times. Inheritance is not up for grabs. Just because your parents took some wrong turns in their lives, or squandered money otherwise, doesn't mean you don't have to do your part to make something and pass it onto your own kids. Don't expect someone else to do it for you.
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Re: Real estate prices 101/financial issues/rentals, etc.

Post by Vacancyrate »

BC Landlord wrote: Jun 12th, 2021, 11:26 am Passing wealth from generation to generation has been around since biblical times. Inheritance is not up for grabs for everyone. If your parents took some wrong turns in their lives, or squandered money otherwise, it doesn't mean you don't have to do your part to make something and pass it onto your own kids. And don't expect someone else to do it for you.
Very true, passing things on has always been around.

The thing is (as the article that you didn't read suggests) is now that house prices are so disconnected from wages it's mathematically impossible for those people who will not inherit Canadian Real Estate Wealth to work their way into owning a home.

You're gaslighting.

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