Vancouver Real Estate - Bubble or Nonsense?

[Clarkey]

Originally Posted by bizaro86

By direct do you mean flying YYC-YVR-HKG?

Because unless I've missed something pretty big, you can't fly from Calgary to Hong Kong without stopping.

I've spent 2 hours in a Hong Kong airport, this is what my wealthy co-worker told me who's from HK.

[Wormius]

Originally Posted by VladtheImpaler

To de-rail the thread once more, I've just realized that houses in Toronto are cheaper than in Calgary, at least in the sense of what you get house-wise and location-wise for the same amount...

By "location-wise" did you mean "Toronto"? Because that instantly decreases the value of any property.

[Wormius]

Originally Posted by The Yen Man

I feel exactly the same as you when I watch shows like Property Virgins and House Hunters when they show the houses in the States. $300K down there gets you something that would cost almost $1M here in Calgary. It's insane.

It does provide some optimism that if you own a house in Calgary or Vancouver you will be well set up for retiring in the location of your choosing.

Maybe not dt HK, Beijing, or Tokyo though.

[Sr. Mints]

My folks bought their house for $68,000 bucks, and my mom sold it a few years ago for a ####load more than that. I hope very much for the same in 20-30 years, but that just seems impossible.

[bizaro86]

Originally Posted by Clarkey

I've spent 2 hours in a Hong Kong airport, this is what my wealthy co-worker told me who's from HK.

Unless he's wealthy enough to own something like this: http://businessaircraft.bombardier.c.../3_2_3_4_1.jsp I don't think he's flying non-stop between Calgary and Hong Kong. No commercial airlines currently offer flights. There isn't currently enough demand to fill any plane that could fly that far (it's a long-ass way). Maybe when Air Canada gets the 787.

[The Yen Man]

Originally Posted by Clarkey

A wealthy Chinese guy I work with claims that this same effect is about to hit Calgary. He said that wealthy Chinese (he is one of them) are starting to opt to move to Calgary instead because you get more bang for your buck here. Apparently the advent of flights direct from Calgary to Hong Kong have also contributed to the desirability of Calgary.

Not discrediting your co-worker, but I know several Hongers and Mainlanders, and I find a lot of them tend to talk out of their butts before they've listened to the whole truth. So they'll hear some rumour from somewhere, and they'll already start telling other people that rumour before they've checked it for any validity.

[Oil Stain]

Originally Posted by Sr. Mints

My folks bought their house for $68,000 bucks, and my mom sold it a few years ago for a ####load more than that. I hope very much for the same in 20-30 years, but that just seems impossible.

I think it is possible for you.

Assuming you pay $300,000 for a house today. If inflation stays relatively stable at 3% then in 20 years you could sell your house for $540,000, and in 30 years you could sell it for $728,000.

That is if there are no major periods of inflation, and no housing booms.

Your parents likely had a mortgage through the 70's and 80's when there was god awful inflation and likely paid three times the interest rate you are paying on your mortgage so you have to factor that in as well. It's all relative.

[squiggs96]

Originally Posted by Oil Stain

Your parents likely had a mortgage through the 70's and 80's when there was god awful inflation and likely paid three times the interest rate you are paying on your mortgage so you have to factor that in as well. It's all relative.

I was talking with my mom who was telling me about paying 18% in the early 80s when I was a baby. That must have been brutal, especially compared to rates today.

Good news, as the overnight rate held steady at 1% and bank prime held at 3%. The next rate announcement is not until July 19th.

[Winsor_Pilates]

Just went to a massive Realtor event for a new development near the Olympic Village. Huge turnout, they gave away 5 pairs of tickets to Vegas on their private plane. I didn't win
Very unique looking building and competitive price points, should be another quick Vancouver condo sale.

[squiggs96]

Originally Posted by Winsor_Pilates

Just went to a massive Realtor event for a new development near the Olympic Village. Huge turnout, they gave away 5 pairs of tickets to Vegas on their private plane. I didn't win
Very unique looking building and competitive price points, should be another quick Vancouver condo sale.

What is the building name and who is the builder? When is the onsale date? Did you take a look at the row homes on Cambie and 33rd?

Very unique? More unique than other unique buildings? No. It's unique or it's not. Rare, neat, cool, distinct and futuristic are all acceptable. #endrant

How do you catch a unique rabbit. Unique up on it. #terriblejoke

[Winsor_Pilates]

It's called Central by Onni. On sale June 11 according to website, but likely deals can be done before that.
I'd say yes, more unique than other unique. It's 2 towers about 12 stories with a giant bridge section across the top of them with another 5-6 stories, and a giant park below.
http://ownatcentral.com/

Didn't have a chance to check out the row houses unfortunately

[Winsor_Pilates]

Bump for the Vancouver contingent of CP.

I have an exclusive discount on a new presale condo development being sold in downtown right now. It's only available through me and about 4 other Realtors & is limited to the next small handful of sales, as they're trying to get to a certain sales mark for financing purposes.
Since I focus a lot on new developments, I sometimes get these incentives to pass on to my client base and investors, especially when they need a few extra deals.

I'm not affiliated with the developer, and not trying to push their building as an employee, sales person of theirs, or anything like that.

I can't say too much specifics here, but if anyone in Vancouver is interested in a new condo downtown for a home or investment, send me a PM for details.