Housing

Anyone here from Canada or have knowledge regarding the Housing Market in BC/Vancouver?

I just sold my apartment for $335K (bought in 2012 for $205K). I will have around $180K cash. I'm also going to make around $90K CAD in the next 5 months.

I'm very nervous, as I don't know what's the best thing to do.

What if I buy now and the market crashes and prices go down? I will be fucked. I'm just 29. Don't want to get fucked this early in life. My idea is to wait 2-3 months before I buy, hoping that shit hits the fan in the meanwhile.

However people around me (uncle, mother, etc) say 'you will miss the boat son. Prices just keep going up and up...'

WHAT DO?

Move back to China chinkboi.

>However people around me (uncle, mother, etc) say 'you will miss the boat son. Prices just keep going up and up...'

lol
ignore these people
vancouver market is inflated as fuck

can't guarantee the market will crash in your timeframe but it is a bubble waiting to pop so would advise extreme caution when purchasing

you will definitely lose money at some point but if you are wise with your house hunting you will lose less

fuck yeah android jones

takes me back to my DMT days

nevermind, apparently it's another artist. obviously heavily influenced, he pulls it off

I'm not Chinese. And except for a partial help for the down-payment, I didn't get any help from parents.

So would YOU buy now, or wait?

Psychedelics changed my life. I was a post-modernist communist hipster having no skills nagging about the system and everything. After taking mushrooms everything changed.

My career went from minimum wage making pizzas to making +$120K this year in 4 years. I also work from home and barely ever work more than 5 hr a day. Not bragging (I'm user here, what's the point of bragging) but just saying Psychedelics can be incredibly powerful tools to change one's life.

you are one of the few people that have managed to have a healthy relationship with psychedelics. get the message, hang up the phone.

i used to love listening to terence mckenna. he was far out there but interesting nonetheless

a crash is inevitable imo . might not happen in 3 months but it will happen eventually and you wont want to be holding then

you work at home making pizzas? do you sell then by phone ?site ? are you fat ? nice bro

what did he mean by this

...

> Prices just keep going up and up...'

I literally met my friend's boomer mom (its not what you think it is) recently and she told me the same thing - you gotta buy NOW, it can only go up from here. Living completely in a bubble and looking for suckers to prop it up. Prices will come down, Canadian salaries can't support 350k 400sq shoeboxes, and there is a huge backlash growing against foreign buyers-investors (just check plebbit/r/canada)

nice just bought 100k

Buy CFI and hold for 1 year and you will have at least 10x what you invested.

I am willing to wait decades but I have no desire to live in the area and would only care to buy if there is money to be made

if you have a job and friends/family in the area it may well be worth to buy.

Since my parents helped me with the downpayment 5 years ago, it's really difficult for me to do what I will with the money. Their mentality is "Vancouver keeps getting immigrants, meaning there is always demand, hence prices only go up, and even if comes a drop, it will recover and bounce back".

So one solution I can think of is not pushing it too much and buy a $400-$500K apartment in Langley or Maple Ridge so that if shit hits the fan, I don't lose too much.

Me and my partner are renting in one of the islands near Vancouver (pic related).

So I guess I can give you all an advice in case you are young: Help from parents/relatives may be nice at first, but there will be strings-attached. It fucking sucks. You don't feel independent.

Yeah so the shitty thing is, I'm not going to be living in the place I buy. Otherwise I had nothing to worry about.

Houses on this Island I live in are very expensive and there are not many options either. Otherwise I would just buy a house that I like and live in it for years.

Yeah I love McKenna, but I don't agree with him on many things. I prefer Alan Watts and Robert Anton Wilson.

Sold an apartment in Vancouver for 335k? What was it, a wardrobe?

Move to Montreal, our bubble is only starting. Pretty nice city too.

I meant Metro Van.

The apartment was in Coquitlam. It's non-rental and 40 years old. So yeah, a piece of shit. Has outdoors pool though.

>parents paid downpayment
are you planning on paying them back with interest? If not, I wouldn't count this as an investment success but rather a handout from standing upon the shoulders of generational wealth. You've essentially been renting an apartment, except they put down a big downpayment to ensure you were earning equity. Do the right thing user. Most of us aren't so lucky.

This makes a lot of sense. Instead of worrying so much about what was essentially a help from parents and not my own earned money, and do what they wish to be done with the money: invest it again in housing.

By the way the only reason I sold the other apartment and buying a new one is that it was non-rental. Otherwise I could have just rent it out.

Me and my partner just didn't want to live in the city anymore.

Still though, I have a feeling that the bubble might burst in the next 3-4 months.... it will be so painful to witness.

>US household debt-to-income (2008): 125%
>Canada household debt-to-income (2017): 160%

>US debt-service ratio (2008): 12.5%
>Canada debt-service ratio (2017): 14.0%+

>US real housing prices (2008): 100
>Canada real housing prices (2016): 180+

Average hourly earnings are low. Interest rates are rising.

See also, Home Capital Group.

Run, OP. You did good, and made money.

Well fuck

As someone living in Van, part of me thinks, if not hopes that the whole thing will fall apart because that kind of growth is unsustainable. There's so much shady Chinese money propping it up though that I can't help but wonder if even the entire Canadian economy collapsing 2008-style would be enough to bring the whole thing back down to earth.

From what I understand our entire economy is based on Housing (foreign money-laundering) and natural resources.

Oil prices have gone low. If Housing bubble bursts, Canada will be fuuuuuuuucked.

I'm in the same boat OP.

I have a decent wad I could combine with the first time home buyer loan and family loans for a 20%+ downpayment, but I'm scared to invest in this market.

Is it better to play the renting game while investing and growing my wad and waiting for a housing market crash in the next 5-10 years?

Who knows.

Honestly, if I didn't have strings attached to my parents/uncle, I would definitely sit on the money until the market crashes, because from what I see, it won't take 5-10 years. My guess is more like 2-3 years. Probably even less.

But again, the initial downpayment wasn't my money so I should probably stop worrying and do whatever they want me to do.

I just can't imagine how the prices can go much higher than this. People are already moving out. How can anyone afford to stay? The city needs waiters and burger flippers and other low-wage workers.

OP, have you seen how fomo in crypto make anons be left with heavy bags? Like those who bought DGB at 2k?

Don't fomo the housing meme.