Does anybody know anything about the Vancouver British Columbia Canada Housing...

SniperGod
SniperGod

Does anybody know anything about the Vancouver British Columbia Canada Housing market?

The market is very inflated. two bedroom ranchers are selling for over a million dollars.
I am currently 23 years old and born and raised in Vancouver. I currently make $36/hr and $38/hr on night shifts.
Last year i grossed just over $80000 CAD. I have saved up $40000 so far and i am wanting to put a down payment on a
new $300000 two bedroom condo. Now here is my question what are the odds this inflated market is going to crash?
Obviously i dont want to have a $250000 fixed mortgage and have my condo be worth $50000 in two years.

I know some of you are saying keep renting but i am sick of
A: having a roommate
B: Giving $500 a month to a chink who doesn't speak any English so i have to go through is spoiled son.

Should i take the plunge and buy an apartment or should i use my funds and invest it into the stock market.
Also if i do go into the stock market would it be wise to put it into an investment firm or are those just jew shills who will steal my money?

Pic related
Its a $2,000,000 House in vancouver

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http://www.greaterfool.ca/
ZeroReborn
ZeroReborn

@SniperGod
well, as a rich and affluent chink, i suggest you keep renting to pay for my countryman's expenses. i also suggest you buy into the bubble and continue inflating my property values. thanks whitey. you lose either way.

AwesomeTucker
AwesomeTucker

@ZeroReborn

y-you're welcome Mr.Hung

if i buy will it pop when all you gooks are leave the country?

Nojokur
Nojokur

what am I reading

Spazyfool
Spazyfool

The housing market in Vancouver and Toronto will eventually burst soon, even the Chinese media acknowledged this

Lord_Tryzalot
Lord_Tryzalot

@SniperGod
buying at the top of a bubble

Fuzzy_Logic
Fuzzy_Logic

@SniperGod

Where do you plan on buying?

It probably won't go to 50k but maybe to 200k or a bit less. When?

No one knows.

What is the probability that the bubble will burst? High. When?

No one knows.

Ignoramus
Ignoramus

@SniperGod

So practically speaking, 500 is not bad for rent. Who cares if the son is spoiled?

Don't like your roomate? Change roommates. Don't like where you live? Change it.

Freedom is the asset you have by renting. It is valuable but difficult to quantify. If you are going to stay in BC, maybe buy the condo. If you want the optionality, rent and stop bitching.

Good on ya for saving 40k.

Stupidasole
Stupidasole

millennials finally waking up to the reality

Welcome.

likme
likme

@AwesomeTucker
You might want to follow this big hairy bastard for awhile before leaping into that abyss these days.
http://www.greaterfool.ca/
I lived there for about 5 years and got out right before the Olympics came to town, real nice place no question but crack sheds for more than a million? Wew! Crazy.

massdebater
massdebater

To me, a condo is literally the worst of both worlds

Lunatick
Lunatick

Nice income man, what do you do?

Boy_vs_Girl
Boy_vs_Girl

Change renters if your current place bugs you so much. There's absolutely no reason a guy without a wife or kids should consider buying a house, especially in your overinflated bubble.

Evil_kitten
Evil_kitten

"Waaah I don't want to give money to chinks"
Not knowing that they violate plenty of landlord laws
Not keeping evidence of these several transgressions and void contracts
Not skipping on rent for a few months while they try to evict you
Not taking them to court for all the transgressions and winning the property or at least some money.

The Crown in Ontario looooves to fuck these chinks over. Especially if you get a merchant lawyer.

Don't be stupid. Fuck over the chinks.

If they try and fuck with you pay a russian to kneecap the son. Russians would practically do it pro bono.

Rinse. Repeat.

I fucking love Toronto.

Methshot
Methshot

@Evil_kitten
I'm amazed at how few people take advantage of the crazy tenant protections that exist in Canada.

Most (all?) of Canada doesn't even have proper security deposits. They have free legal council. Seriously. What the fuck is a shitty landlord going to do about stuff if you make even a half assed attempt to notify the landlord about stuff and generate some semblance of a paper trail.

Evilember
Evilember

@Boy_vs_Girl
implying a man with a family wouldn't suffer more from the market downturn

there's no reason for ANYONE to enter the market. if you're so whipped in your marriage you need to buy a house to make it work, your marriage is already a failed one

jfc, I'd be angry simply paying the property tax

Firespawn
Firespawn

@SniperGod
Buy high, sell low. Its the Veeky Forums way!

w8t4u
w8t4u

@SniperGod
Does anybody know anything about the Vancouver British Columbia Canada Housing market?
It's shit.

likme
likme

It wont crash.

The reason it isnt the same as the last crash is the last crash houses were propped up by debt that wasnt sustainable where as Vancouver is propped up by foreign capital and a new class of millionaires in china. Your best bet is to move to either Victoria or Kelowna

Techpill
Techpill

@Spazyfool
chinese media
that is controlled by the state
the state where hundreds of thousands of the richest chinese are taking their money out of
not biased

GoogleCat
GoogleCat

@SniperGod
I was also paying 500 for a room and I was sharing the house with 5 others students.We had indian students who were paying 400 for a room in the basement.Vancouver real estate is fucked, bc government does not care but the bubble is going to burst eventually.

You may buy an apartment for 350.000 in burnaby/New west/coquitlam/richmond if you want. But I think you should wait until shit hits the fan and then, you can buy an aparment for a cheper price and have some money to play with.You are welcome

Lord_Tryzalot
Lord_Tryzalot

@SniperGod
The UBS Global Real Estate Bubble Index says Vancouver homes are the most overvalued in North America. Google it and read the full report.

Deadlyinx
Deadlyinx

@SniperGod

Could be worse. Here is a $2mil house in San Francisco. 2 beds 2 baths 1,496 sqft

viagrandad
viagrandad

@SniperGod
What do you do that nets 36/hr?

moving there in sept, looking at a $2000/m downtown

idontknow
idontknow

Better question, what's the best way to turn a profit when the housing bubble in canadia bursts?

Just short the 5 major banks?

SomethingNew
SomethingNew

@idontknow
Buy property near a university.

Canada will never let a university go under, too much reputation to uphold (and too many overpaid profs with overvalued pensions).

The more Canadians that can't afford / see through the lie that is university, the more high paying Asians they'll bring in.

God I wish universities were publicly traded

BunnyJinx
BunnyJinx

@SomethingNew

Most property around universities are at least somewhat inflated, Guelph, Kingston, etc. anywhere GTA is bubble hell, Calgary is Detroit, and Quebec is fckin french.

It's almost too much work to pick good tenants with all the retards, international students, and if one day they're smart enough to read tenant laws, it'll suck.

Strictly in the financial sector, I'm thinking if home owners start defaulting on mortgage payments, the only way investors can get in on it is shorting the bank stocks?

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