FSW WORLDWIDE

[dxdroid]

*Ahem*
Lets be clear, by "house" you mean a 2 bedroom apartment or a 3 bedroom house on a lot? Because later is NOT available in Toronto for 800K CDN since quite a while.

Now coming to the real point, yes, growth:
Let me invite you to Nanaimo.... find it on the map.

Here is a specimen from the messed up real estate lab called Canada:

1. This is its tax valuation or what government thinks its worth:
https://www.bcassessment.ca//Property/Info/QTAwMDBENFlIVA==
2020 : 489,000
2021 : 659,000

And its listed for?
https://www.realtor.ca/real-estate/23908148/471-hillcrest-ave-nanaimo-university-district
800K CDN!

Yup! Someone could have bought a house in no-name place in Canada and would have made 300K by selling it just in one year!

And this is NOT EVEN the worst offender!

These things are not only happening in Canada As I told you it is everywhere at the moment. In Ireland but not only Ireland a lot families cannot afford to buy houses, why? Because we have investment groups who buy all the estates in one go. There was a case near Dublin where families where bidding prices and guess what, investment company shown up, they have offer to buy off the whole estate foe X amount of money just for rent. For example in Galway which is located on West side of Ireland if you want to rent out a small 2 bed apartment in city you have to spend at least 1300/1500EUR - who can afford this with the wages over here?

I would disagree about the house sky rocketed house prices in every place in Canada. Calgary has still descent prices and not only Calgary.

 

[GandiBaat]

I would disagree about the house sky rocketed house prices in every place in Canada. Calgary has still descent prices and not only Calgary.

Let me be specific. Had you EVER heard of a place called Nanaimo before? And no it is not a suburb of Vancouver if you want to ask that. It is not even on mainland Canada.

Canada is CRAZY! I am paying 3000 CDN per month for a house. And right now, that is bargain. Folks looking for renting a house are paying 4000 to 5000 CDN.

 

[dxdroid]

Let me be specific. Had you EVER heard of a place called Nanaimo before? And no it is not a suburb of Vancouver if you want to ask that. It is not even on mainland Canada.

Canada is CRAZY! I am paying 3000 CDN per month for a house. And right now, that is bargain. Folks looking for renting a house are paying 4000 to 5000 CDN.

Yea I can see it where it is and yes I can understand somehow why some houses over there can be at that price

 

[GandiBaat]

Yea I can see it where it is and yes I can understand somehow why some houses over there can be at that price

Two and a half years back, these houses were selling below 400K.

And no, you cannot "somehow" understand why they are selling like that. Even those living there do not understand that.

 

[dxdroid]

Two and a half years back, these houses were selling below 400K.

And no, you cannot "somehow" understand why they are selling like that. Even those living there do not understand that.

My house 8 years ago was sold as new for around 80k. I had to pay 170k for it now. Demand is everywhere. Such "remote" places bearing in mind that is close to Vancouver and it is nice, a lot of people will be willing to pay crazy money just to live there, specially now. We should not talk about craziness here. It can look weird but it is what it is. Also remember if we are talking about bigger cities etc. where demand is increasing, the prices will also increase unless there will be more houses available on the market. Simple as that. I am not an expert in economy or housing market but I can understand why some places started to gain a lot value since the pandemic started.

 

[GandiBaat]

My house 8 years ago was sold as new for around 80k. I had to pay 170k for it now. Demand is everywhere. Such "remote" places bearing in mind that is close to Vancouver and it is nice, a lot of people will be willing to pay crazy money just to live there, specially now. We should not talk about craziness here. It can look weird but it is what it is. Also remember if we are talking about bigger cities etc. where demand is increasing, the prices will also increase unless there will be more houses available on the market. Simple as that. I am not an expert in economy or housing market but I can understand why some places started to gain a lot value since the pandemic started.

80K to 170K is 8 years. Try 300K to 1 million in 2-3 years.

And no, its not a drive away from Vancouver. You have to take a ferry that takes most of the better part of the day. There are no halfway decent schools there. And when it comes to being scenic, entire DAMN west coast is scenic. BTW, still does not explain what made people realise its scenic all of a sudden.

Oh did I mention just across the border south, in San Juan, same houses will be available for what half or even one third the price?

Canada real estate is CrAzY and not in a good way.

 

[Hokage]

And its listed for?
https://www.realtor.ca/real-estate/23908148/471-hillcrest-ave-nanaimo-university-district
800K CDN!

Lmao. 800k for that dollhouse?! FOH!

 

[dxdroid]

80K to 170K is 8 years. Try 300K to 1 million in 2-3 years.

And no, its not a drive away from Vancouver. You have to take a ferry that takes most of the better part of the day. There are no halfway decent schools there. And when it comes to being scenic, entire DAMN west coast is scenic. BTW, still does not explain what made people realise its scenic all of a sudden.

Oh did I mention just across the border south, same houses will be available for what half or even one third the price?

US is totally different though. You have crazy amount of houses up for sale. I think this is chicken and egg situation. A lot of people started considering different things etc. There are small little islands around Ireland as well. I used to live on one of them for 3 years when I moved here with my family. House prices in these remote locations here also sky rocketed because a lot more people are willing to move to these location, simply because the nature of their work allows them to do it.
Market is changing and this is what we can see it now. Do you think if no one would be willing to offer this kind of money for these houses in these locations, people would still advertise them for that much? No? People are willing to pay that much and you will not change that unless suddenly everyone will say no, this is too much we are not paying for it but it will not happen

 

[GandiBaat]

Lmao. 800k for that dollhouse?! FOH!

Its not just the question of house. Tell me, before I told you, have you EVER heard of a place called Nanaimo?

 

[GandiBaat]

US is totally different though. You have crazy amount of houses up for sale. I think this is chicken and egg situation. A lot of people started considering different things etc. There are small little islands around Ireland as well. I used to live on one of them for 3 years when I moved here with my family. House prices in these remote locations here also sky rocketed because a lot more people are willing to move to these location, simply because the nature of their work allows them to do it.

First, Vancouver Island IS NOT A REMTOE ISLAND. It has many cities. Victoria is actually capital of BC for crying out loud. And no, Vancouver is not.

Second, Did I mention San Juan is more of a "remote island" than Nanaimo?

This is not some quint remote Island that rich and famous visit and own, this is a town somewhat near the capital of BC. All the growth here has been local and organic (and not vegan sadly)... by that I mean people taking MASSIVE loans and buying houses.

My bank is ready to lend me 2 million dollars and I am not even a PR, if I want to buy a house. They know me for 5 years now and thats long enough for them.

Canada is messing up its housing royally.

 

[dxdroid]

First, Vancouver Island IS NOT A REMTOE ISLAND. It has many cities. Victoria is actually capital of BC for crying out loud. And no, Vancouver is not.

Second, Did I mention San Juan is more of a "remote island" than Nanaimo.

I understand this but you also have to understand that people are willing to pay that much for it. If people would not be willing to pay that much then these prices would not be there. As I said it is a chicken and egg situation. There is a demand for it. Demand = high prices.

 

[GandiBaat]

I understand this but you also have to understand that people are willing to pay that much for it. If people would not be willing to pay that much then these prices would not be there. As I said it is a chicken and egg situation. There is a demand for it. Demand = high prices.

You know how people are able to be willing to pay that much? Do you?

The banks are willing to lend them that much at a very small interest rate. 1% or so. There is a "stress test" but it is in name only.

My own bank is happy to lend me 2 million dollars for buying house and I am not even a PR.

 

[dxdroid]

You know how people are able to be willing to pay that much? Do you?

The banks are willing to lend them that much at a very small interest rate. 1% or so. There is a "stress test" but it is in name only.

My own bank is happy to lend me 2 million dollars for buying house and I am not even a PR.

Good for you then, I am happy to hear that. Me or you, we will not change the market the way it is now. Crash can happen but it does not have to. From what I know soo far there are new banking regulations towards mortgages in Canada. Even friend of mine told me that they were capped at X amount of money. He was applying for a mortgage with his wife, and they were capped at 1.2mln -he is on a good salary 180/200k and she is getting 80k. And yes, They have tried different banks.

 

[slavicgirl]

These things are not only happening in Canada As I told you it is everywhere at the moment. In Ireland but not only Ireland a lot families cannot afford to buy houses, why? Because we have investment groups who buy all the estates in one go. There was a case near Dublin where families where bidding prices and guess what, investment company shown up, they have offer to buy off the whole estate foe X amount of money just for rent. For example in Galway which is located on West side of Ireland if you want to rent out a small 2 bed apartment in city you have to spend at least 1300/1500EUR - who can afford this with the wages over here?

I would disagree about the house sky rocketed house prices in every place in Canada. Calgary has still descent prices and not only Calgary.

In Europe price to income ratio is the worst in Paris and Lisbon followed closely by Belgrade and Prague. Warsaw, Krakow and Budapest is also close. Toronto is more affordable for locals than any of the mentioned places for locals..(ridiculous isn't it?!)

 

[slavicgirl]

I understand this but you also have to understand that people are willing to pay that much for it. If people would not be willing to pay that much then these prices would not be there. As I said it is a chicken and egg situation. There is a demand for it. Demand = high prices.

But do they have a choice? All of them will be in debt until they reach their seventies. It is infuriating to even think about it.

Not sure if it is true but I keep hearing that money laundering is also a possible cause behind the increase in house prices in Canada.