Selling Price $1,360,000
Asking Price (Final) $1,198,800
Maintenance Fee $551.41
Maint. Fee per SqFt $0.24
Size of House 2,300 sqft
Price per SqFt $591
Basement Full, Fully Finished
Age of House 16 years old
Property Taxes $4,175.52 (2020)
Ownership Interest Freehold Strata

My friend bought a 16yr old townhouse for 1.36mil, it was listed for 1.98mil. They paid roughly 13% over asking cuz they had 2 other parties competing hard for it too
at 1.55% rate, they're paying roughly 4,567.34/mo + 600 strata fees + property tax + home insurance etc. safe to say around 5.5k/mo or so
now if the rates go up to 2.8-3.2% they're looking at paying almost 6.5k+/mo

in 5 years time, if their townhouse prices go up, and it can be sold for 1.5mil, great, they just made back what they overpaid for this year. Their house would have to go significantly higher for them to gain huge profit from a 5 year investment, it will still make it a good investment though, nothing can really beat BC housing investment lol

they could rent it out, and move out to a bigger place, but good luck finding someone to pay more than 6.5k/mo for the place + while you're paying for another bigger place.

also ur dad's place jumping 50% doesn't really relate to the amount you borrow from the bank. For example, if our target to borrow from the bank is 500k, it can be 400k next year after we save up more and so on etc.

well assuming you're looking at around a million dollar place, just the bid increase in 13% would result in an extra $26k if you wanna put 20% down. That's not even factoring how much properties went up on average around here.

26,000 is quite a bit for normal folks, especially if they're already paying rent

i dunno, personally since im looking to upsize, i hope house prices come down, but ive been hoping for 5+ years now lol

yeah at first I was pissed at missing out on the bonanza but when I think about it, idk. in 5 years lenders are going to have a good chunk of the country by the balls. they can crank up the interest rate at will and by then the BoC will probably have done the same so people go back to buying bonds - and governments will need that because they're also knee deep in debt and no one is going to lend them money at current rates. despite the retarded increase in housing prices rents haven't really changed and actually decreased in some circumstances. then real incomes have taken a hit due to COVID too. so the only way out of higher interest rates is going to be to sell for most, and it will be a rush because of how tight the mortgage payments already are.

idk if people waiting to buy will be any better off tho, because the market has simply been decoupled from reality for so long. at most I think we might see prices drop to pre-pandemic level which were already very much unaffordable. at the end of the day we have a lot of immigrants, a shitton of unregulated foreign money and nowhere enough new builds to keep up. the world in general is going to shit and Canada is simply less shitty than nearly everywhere else so people and money will keep pouring in.

This post was edited by Hizkuntza on Apr 17 2021 04:31pm

so what you're saying is... all in on dogecoins?

to illustrate how fucking retarded the market is rn, I'm currently working from home at my old folks' home in Richmond. It's a good ~2000 sqft finished (3 beds + two bedroom-sized dens + 3 baths) with garage and a huge yard. they even negotiated free lawmowing in their tenancy agreement. 2600/month + utilities which usually is ~200/month. the house sold for $1.2 million in 2016! It would probably sell for close to $2 million nowadays.

and there's a bungalow for sale in the same cul de sac which is like 1600 sqft and a complete tear down (doesn't like it's ever been renovated, 45 years old) for $1.2 million. will probably sell over asking. the mortgage for the bungalow at ask and 5% down would be $4500/month even with a pisslow 1.45% interest rate. you'd be lucky to rent that piece of shit for $2000/month.

so we're almost at $1,000/sqft deep in the suburbs even tho what people actually can afford to pay to live there is only a fraction of the equity value. something has to give.



I don't think crypto is necessarily the answer. I'm sure there will be another huge crypto boom when central banks crank up interest rates and spike hyperinflation fears. Thing is, all the debt people will be owing is going to be denominated in national currencies. So the crypto will have to be sold to pay off that money. Unless the US Feds decide to simply print money and hand it over to the government then I'd still buy crypto but I'd look for an exit point to flip.

Personally I'd rather park money in portfolios because I feel financially comfortable even without a mortgage (maybe thanks to that?) and not worrying about investments everyday is rather liberating.

This post was edited by Hizkuntza on Apr 17 2021 04:51pm

Geez property taxes are so cheap down here lol

It's for a townhouse tho, small ass compared to a house

Navalny is expected to die,

Insane how he survived an assassination attempt and still decides to go back to Russia. Small brain plays. Don't fuck with Putin it ain't Canada brah

when did he leave Russia?

I thought he was still in their jail/prison

When Putin ordered to kill him while he was in Europe if I remember correctly. They poisoned his underwear. This was exposed when Navalny 500iq'd one of the assasinators, and found out how they tried to kill him. So after surviving the attack, and got better, he still chose to return to Russia. Then he was arrested etc. Etc.