Our condo has quadrupled in value since purchased in 1991. We're not looking to move, but rent for a comparable property here is way beyond our mortgage, even with homeowner dues. It makes sense to stay put and see where life takes us. Cost of living in this part of LA is pretty high, but it can be doable.
FactoryMan, we're in just 700 sf, so even if we wanted to keep a bunch of shit around (which we don't), there's just no space. It's cleansing to clear out stuff just taking up space.
(we do need a new sofa though - damned cat claws!)
700sf is a closet in some places. Holy cow.
Think Arizona and all the space they have out there.
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
We sold our place in Brooklyn for $250K more than we paid for it--and we only lived in that co-op for three years! Stupid! And a place just sold in the building for nearly $375K more than we paid for ours!
And as for the "stay put" thing. No thanks! I'll move somewhere else and rent.
I hate my state commonwealth and paying taxes to a state government that has done everything it can to oppose the will of its voters. I hate my old-as-fuck house. I hate my dumb-as-fuck Masshole neighbors. I hate their giant white heads and their ugly white faces and their atrocious fucking accents.
It's getting to the point at which I don't give a fuck anymore if my family wants to come with me. If it leads to divorce. Fine.
I am mine. Goddamn it!
Plus, I'll probably get alimony.
Well yeah, moving away is another option, but not everyone wants to move our of the city that they love and where all their friends and family are, myself included. I hate my city because of the housing crisis, but I also can't think of another place I actually want to live. At least at this point in my life, I'd rather be poor and stay in my hometown with the people I love. Plus, the climate is great here, and it's super beautiful. I can't leave it. I also don't mind paying my fair share in taxes... but I don't approve of how the skyrocketing property taxes that are based on annual assessments fuck home owners over and force them to move, usually retired folks. That is bullshit and something needs to be done about that. At this point, local governments have allowed themselves to become insanely dependent on property tax revenue growth. If the market crashes, omg, the government funding situation will be so fucked up.
Post edited by PJ_Soul on
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
Seattle has seen that type of BOOM with houses.
My sister bought a cute little house for 285K. Because of the light rail and Amazon building in the area her little house is worth 650K.
Her house doubled in 5 years time. That's just dumb.
I keep telling her to take the equity, bulldoze the house and build new with that equity then sell it for a million+. Take that money and go to the next up and comer and by you a bigger house.
Yeah, that's probably the best option. My best friend is talking about doing the same, but to build a duplex on his property so that his parents can sell their house too, and they can share one property. Then they'd all be flush... But he'd have to live right next door to his parents, which is obviously making him hesitate.
For me, such a housing market is horrible just as a renter. There is the very real fear of being demovicted so developers can
build condom towers where just a 1 bedroom unit goes for $800K. If that
happens, I won't be able to find another rental that I can even come
close to affording. The rental rates have skyrocketed right along with
the housing prices. So yeah, if I lose the place I've rented for 17
years (so am therefore paying relatively low rent because it can only legally be increased by 2% plus inflation every year, and even that is just BRUTAL), I'm pretty much hooped. I'll have to eat rice and beans and never
go out or buy anything new for the rest of the my life just to pay my
rent.... Fuck I hate this place.
dont worry...just head south of the border. Everything is peachy down here lol
A while ago, I found out about a documentary about a thing called "Minimalism". All of a sudden a looked around at what I owned realised I don't need that, or a could sell that. Or my favourite... I don't even use that. Within the next few months I had either donated, sold, or threw out a lot of what I didn't need or didn't use and realised I didn't miss anything that had left my home or garage. It really put thing into perspective that material things, for me, don't matter. Family, health, and having fun in life is what matters. You do not need that beautiful Munk Pittsburgh poster from a few years back, you want it. Focus on what matters in your life. Don't buy that new sofa because you're tired of yours, if it hasn't been worn out. Don't buy that nice car just because Conor McGregor did.
Just my input I am not trying to upset anybody.
I think a good rule of thumb is: If you haven't used something within the past year, excluding maintenance items like basic tools and a few kitchen items and maybe camping gear, get rid of it. You obviously don't need it at all.
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
I also think it is easier to say "I need to pay some bills" than it is "I believe these items are at the top of their value and I want to cash out"
Well only if you are a bullshitter . Im honest and its not about the value now. But about now its time i can't keep the things i love because i can no longer pay my way .
brixton 93
astoria 06
albany 06
hartford 06
reading 06
barcelona 06
paris 06
wembley 07
dusseldorf 07
nijmegen 07
this song is meant to be called i got shit,itshould be called i got shit tickets-hartford 06 -
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Post edited by PJ_Soul on
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
We sold our place in Brooklyn for $250K more than we paid for it--and we only lived in that co-op for three years! Stupid! And a place just sold in the building for nearly $375K more than we paid for ours!
And as for the "stay put" thing. No thanks! I'll move somewhere else and rent.
I hate my state commonwealth and paying taxes to a state government that has done everything it can to oppose the will of its voters. I hate my old-as-fuck house. I hate my dumb-as-fuck Masshole neighbors. I hate their giant white heads and their ugly white faces and their atrocious fucking accents.
It's getting to the point at which I don't give a fuck anymore if my family wants to come with me. If it leads to divorce. Fine.
I am mine. Goddamn it!
Plus, I'll probably get alimony.
Hey now, it’s not that white!
The whole world will be different soon... - EV
RED ROCKS 6-19-95
AUGUSTA 9-26-96
MANSFIELD 9-15-98
BOSTON 9-29-04
BOSTON 5-25-06
MANSFIELD 6-30-08
EV SOLO BOSTON 8-01-08
BOSTON 5-17-10
EV SOLO BOSTON 6-16-11
PJ20 9-3-11
PJ20 9-4-11
WRIGLEY 7-19-13
WORCESTER 10-15-13
WORCESTER 10-16-13
HARTFORD 10-25-13
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
Vancouver, BC. Yup, we've got an honest to god crisis on our hands at this point. The government is attempting to kind of confront it, but it's all wussy shit that has no long term impact whatsoever. The problem just keeps getting worse by the month, literally. Get this - my friend's property was valued at $650,000K in Sept 2016 (bought for $280K in about 2007). By January 2017, only 4 months later, it was valued at over $800K. My parent's place (built for about $32K in 1971), was assessed at $850K in 2016. The 2017 assessment was $1.3M. My sister and her (rich) husband bought their place for about $2.3M about 4 years ago... For 2017 it was assessed at $7.6M for fuck's sake. Obviously having property values go up that dramatically that quickly is a prelude to disaster for everyone besides the rich.... not good for them either, if they can't even find employees to help them stay rich. The average price of a home in Vancouver proper is now well over $1M, and it's not much lower across the entire Metro Vancouver area. It's nuts. Even 7 year old townhouses way the fuck out in the burbs are going for $600K, and the problem is even starting to grow in the interior, like in Kelowna, and over on the Island in Victoria. Even if the market has a huge correction at this point, say goes down 20% or something... everything is still completely unaffordable, as average salaries have been almost totally stagnant for years. The correction would have to be more like 60% before people could reasonably afford shit again, and obviously that would signal a MASSIVE economic crash. It's just nuts. I can't believe anyone allowed this to happen. Did our leaders in BC ever drop the ball big time.
Post edited by PJ_Soul on
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
We sold our place in Brooklyn for $250K more than we paid for it--and we only lived in that co-op for three years! Stupid! And a place just sold in the building for nearly $375K more than we paid for ours!
And as for the "stay put" thing. No thanks! I'll move somewhere else and rent.
I hate my state commonwealth and paying taxes to a state government that has done everything it can to oppose the will of its voters. I hate my old-as-fuck house. I hate my dumb-as-fuck Masshole neighbors. I hate their giant white heads and their ugly white faces and their atrocious fucking accents.
It's getting to the point at which I don't give a fuck anymore if my family wants to come with me. If it leads to divorce. Fine.
I am mine. Goddamn it!
Plus, I'll probably get alimony.
Hey now, it’s not that white!
Shut the fuck up, cracker! Even your goddamn hair is white, Masshole!
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
We sold our place in Brooklyn for $250K more than we paid for it--and we only lived in that co-op for three years! Stupid! And a place just sold in the building for nearly $375K more than we paid for ours!
And as for the "stay put" thing. No thanks! I'll move somewhere else and rent.
I hate my state commonwealth and paying taxes to a state government that has done everything it can to oppose the will of its voters. I hate my old-as-fuck house. I hate my dumb-as-fuck Masshole neighbors. I hate their giant white heads and their ugly white faces and their atrocious fucking accents.
It's getting to the point at which I don't give a fuck anymore if my family wants to come with me. If it leads to divorce. Fine.
I am mine. Goddamn it!
Plus, I'll probably get alimony.
Hey now, it’s not that white!
Shut the fuck up, cracker! Even your goddamn hair is white, Masshole!
It’s called “salt and pepper”!
The whole world will be different soon... - EV
RED ROCKS 6-19-95
AUGUSTA 9-26-96
MANSFIELD 9-15-98
BOSTON 9-29-04
BOSTON 5-25-06
MANSFIELD 6-30-08
EV SOLO BOSTON 8-01-08
BOSTON 5-17-10
EV SOLO BOSTON 6-16-11
PJ20 9-3-11
PJ20 9-4-11
WRIGLEY 7-19-13
WORCESTER 10-15-13
WORCESTER 10-16-13
HARTFORD 10-25-13
Well, my parents paid off their house in full and now the bank doesn't own shit. Yes, it took them 30 years. But now it's theirs. So assuming you intend to actually pay off the entire thing, I think it's good. Plus, even if you don't and sell it, and assuming the housing market goes up and up, then you're good too. The problem comes when you either can't even pay it off, or when the market crashes and can't even sell it for what you bought it for. But for everyone I know, because of where I live, they are all going to make out like bandits if the market doesn't crash. If they bought a house for $300K 8 years ago, it is worth at least $800K+ now. It's crazy. The only problem is that if they sell now, sure, they made a ton of money, but they can't upgrade their home at all because all the other homes increased in value in the same crazy fucking way. Best to just stay put... which I guess makes it all completely moot, lol. There is definitely something to be said for renting. It's not just the interest on the mortgage, but you never have to pay all that money for maintenance and shit (not to mention all the time you save for the same reason). However, assuming the market does not crash, renting provides you with zero security in retirement, and that's kind of scary.... although in a lot of cases, the old folks who own their homes that went up so much in value now find that they can't even pay the property taxes that skyrocket with every annual assessment. It's terrible. I rent, and given the housing market I just described here, I am never going to own.... and I just have to pray that my pension, the Canada Pension Plan, old age security, and whatever my parents have left to leave me will keep a roof over my head when I'm old.
We sold our place in Brooklyn for $250K more than we paid for it--and we only lived in that co-op for three years! Stupid! And a place just sold in the building for nearly $375K more than we paid for ours!
And as for the "stay put" thing. No thanks! I'll move somewhere else and rent.
I hate my state commonwealth and paying taxes to a state government that has done everything it can to oppose the will of its voters. I hate my old-as-fuck house. I hate my dumb-as-fuck Masshole neighbors. I hate their giant white heads and their ugly white faces and their atrocious fucking accents.
It's getting to the point at which I don't give a fuck anymore if my family wants to come with me. If it leads to divorce. Fine.
I am mine. Goddamn it!
Plus, I'll probably get alimony.
Hey now, it’s not that white!
Shut the fuck up, cracker! Even your goddamn hair is white, Masshole!
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
I understood none of this.
I was never any good in English class.
And I skipped economics to go get stoned in a ditch.
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
I understood none of this.
I was never any good in English class.
And I skipped economics to go get stoned in a ditch.
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
To further comment on housing prices and affordability, things are going to change as interest rates rise in the U.S. Its already beginning. Affordability diminishes, demand tapers and this insane rate of appreciation slows down or reverses course. I’ve been in the mortgage business for 17 years and have seen it first hand before (like most of us). The difference today from 2008 is that the people buying homes now can afford them. It’s the inevitable spike in interest rates and inflation, that’s been overdue since our government started printing money 10 years ago, that will derail this train.
I understood none of this.
I was never any good in English class.
And I skipped economics to go get stoned in a ditch.
That makes two of us! We have more in common than just living in 2 dysfunctional, high cost states.
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
Vancouver, BC. Yup, we've got an honest to god crisis on our hands at this point. The government is attempting to kind of confront it, but it's all wussy shit that has no long term impact whatsoever. The problem just keeps getting worse by the month, literally. Get this - my friend's property was valued at $650,000K in Sept 2016 (bought for $280K in about 2007). By January 2017, only 4 months later, it was valued at over $800K. My parent's place (built for about $32K in 1971), was assessed at $850K in 2016. The 2017 assessment was $1.3M. My sister and her (rich) husband bought their place for about $2.3M about 4 years ago... For 2017 it was assessed at $7.6M for fuck's sake. Obviously having property values go up that dramatically that quickly is a prelude to disaster for everyone besides the rich.... not good for them either, if they can't even find employees to help them stay rich. The average price of a home in Vancouver proper is now well over $1M, and it's not much lower across the entire Metro Vancouver area. It's nuts. Even 7 year old townhouses way the fuck out in the burbs are going for $600K, and the problem is even starting to grow in the interior, like in Kelowna, and over on the Island in Victoria. Even if the market has a huge correction at this point, say goes down 20% or something... everything is still completely unaffordable, as average salaries have been almost totally stagnant for years. The correction would have to be more like 60% before people could reasonably afford shit again, and obviously that would signal a MASSIVE economic crash. It's just nuts. I can't believe anyone allowed this to happen. Did our leaders in BC ever drop the ball big time.
Scary shit. I may live in a bubble but I didn’t know parts of Canada were as f’d up as the U.S. I was thinking of moving there to ditch this shit hole...now where do I go?
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
Vancouver, BC. Yup, we've got an honest to god crisis on our hands at this point. The government is attempting to kind of confront it, but it's all wussy shit that has no long term impact whatsoever. The problem just keeps getting worse by the month, literally. Get this - my friend's property was valued at $650,000K in Sept 2016 (bought for $280K in about 2007). By January 2017, only 4 months later, it was valued at over $800K. My parent's place (built for about $32K in 1971), was assessed at $850K in 2016. The 2017 assessment was $1.3M. My sister and her (rich) husband bought their place for about $2.3M about 4 years ago... For 2017 it was assessed at $7.6M for fuck's sake. Obviously having property values go up that dramatically that quickly is a prelude to disaster for everyone besides the rich.... not good for them either, if they can't even find employees to help them stay rich. The average price of a home in Vancouver proper is now well over $1M, and it's not much lower across the entire Metro Vancouver area. It's nuts. Even 7 year old townhouses way the fuck out in the burbs are going for $600K, and the problem is even starting to grow in the interior, like in Kelowna, and over on the Island in Victoria. Even if the market has a huge correction at this point, say goes down 20% or something... everything is still completely unaffordable, as average salaries have been almost totally stagnant for years. The correction would have to be more like 60% before people could reasonably afford shit again, and obviously that would signal a MASSIVE economic crash. It's just nuts. I can't believe anyone allowed this to happen. Did our leaders in BC ever drop the ball big time.
Scary shit. I may live in a bubble but I didn’t know parts of Canada were as f’d up as the U.S. I was thinking of moving there to ditch this shit hole...now where do I go?
We were considering a nice coastal farm on Cape Breton in November 2016. It had multiple structures (I think two houses, a barn, a studio and a workshop), ~20 acres (including beach, pasture for livestock, plots for farming/gardening and forest), and it was less than C$400K.
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
Vancouver, BC. Yup, we've got an honest to god crisis on our hands at this point. The government is attempting to kind of confront it, but it's all wussy shit that has no long term impact whatsoever. The problem just keeps getting worse by the month, literally. Get this - my friend's property was valued at $650,000K in Sept 2016 (bought for $280K in about 2007). By January 2017, only 4 months later, it was valued at over $800K. My parent's place (built for about $32K in 1971), was assessed at $850K in 2016. The 2017 assessment was $1.3M. My sister and her (rich) husband bought their place for about $2.3M about 4 years ago... For 2017 it was assessed at $7.6M for fuck's sake. Obviously having property values go up that dramatically that quickly is a prelude to disaster for everyone besides the rich.... not good for them either, if they can't even find employees to help them stay rich. The average price of a home in Vancouver proper is now well over $1M, and it's not much lower across the entire Metro Vancouver area. It's nuts. Even 7 year old townhouses way the fuck out in the burbs are going for $600K, and the problem is even starting to grow in the interior, like in Kelowna, and over on the Island in Victoria. Even if the market has a huge correction at this point, say goes down 20% or something... everything is still completely unaffordable, as average salaries have been almost totally stagnant for years. The correction would have to be more like 60% before people could reasonably afford shit again, and obviously that would signal a MASSIVE economic crash. It's just nuts. I can't believe anyone allowed this to happen. Did our leaders in BC ever drop the ball big time.
Scary shit. I may live in a bubble but I didn’t know parts of Canada were as f’d up as the U.S. I was thinking of moving there to ditch this shit hole...now where do I go?
We were considering a nice coastal farm on Cape Breton in November 2016. It had multiple structures (I think two houses, a barn, a studio and a workshop), ~20 acres (including beach, pasture for livestock, plots for farming/gardening and forest), and it was less than C$400K.
Sounds fantastic. Sure beats what $400K USD gets us in our areas!
We have the same deal - rising interest rates with rising house prices... but the result is that first-time buyers can't crack into the market anymore, so they're fucked. Many younger people are moving away so they can afford to have families. Meanwhile, that hole they should be filling is being filled by foreign buyers, which is also terrible for the overall economy. An empty home tax has also been initiated, but the rich people, largely foreigners who just bought property here as an investment (buy for $500K, sell for $1.5M), don't care about those extra taxes. Pretty soon this will just be a city where nobody can find workers because the workers can't afford to live here, businesses will shut down, big companies don't want to come here because their workers can't afford to live here, public transit will struggle to find drivers and shit ... and so on... I am not looking forward to seeing what the end results are going to be, but it won't be good. At this point, a market crash would be the best thing for the city, which is ridiculous.
Unreal. If I didn’t know you were in Canada I’d swear you were talking about many parts of the US. What city are you in?
Vancouver, BC. Yup, we've got an honest to god crisis on our hands at this point. The government is attempting to kind of confront it, but it's all wussy shit that has no long term impact whatsoever. The problem just keeps getting worse by the month, literally. Get this - my friend's property was valued at $650,000K in Sept 2016 (bought for $280K in about 2007). By January 2017, only 4 months later, it was valued at over $800K. My parent's place (built for about $32K in 1971), was assessed at $850K in 2016. The 2017 assessment was $1.3M. My sister and her (rich) husband bought their place for about $2.3M about 4 years ago... For 2017 it was assessed at $7.6M for fuck's sake. Obviously having property values go up that dramatically that quickly is a prelude to disaster for everyone besides the rich.... not good for them either, if they can't even find employees to help them stay rich. The average price of a home in Vancouver proper is now well over $1M, and it's not much lower across the entire Metro Vancouver area. It's nuts. Even 7 year old townhouses way the fuck out in the burbs are going for $600K, and the problem is even starting to grow in the interior, like in Kelowna, and over on the Island in Victoria. Even if the market has a huge correction at this point, say goes down 20% or something... everything is still completely unaffordable, as average salaries have been almost totally stagnant for years. The correction would have to be more like 60% before people could reasonably afford shit again, and obviously that would signal a MASSIVE economic crash. It's just nuts. I can't believe anyone allowed this to happen. Did our leaders in BC ever drop the ball big time.
Scary shit. I may live in a bubble but I didn’t know parts of Canada were as f’d up as the U.S. I was thinking of moving there to ditch this shit hole...now where do I go?
Well.... I mean, we don't have the Trump factor or any of that crazy-ass political shit that's unfortunately happening down there, so I would say that no part of Canada is as f'd up as the U.S. anyhow, lol. No offense. We also do have that luxury of not worrying about going broke if we get sick or injured, which is a big plus, since people in Vancouver wouldn't be able to afford stitches given how fucked up the housing market is.
If you are seriously considering attempting to immigrate to Canada and want to move somewhere that's still affordable, there are about 9.4 million square kilometers where this isn't an issue. This is a problem is extremely regional, not national. Vancouver and Toronto are really the only places that are super fucked up this way (TO isn't as bad, but it's starting to catch up fast apparently).
Post edited by PJ_Soul on
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
^ I wish I was serious about getting out of here but it’s just talking out of my ass. I think moving out of a broke state like IL would do wonders to start.
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
Yeah, kids are definitely a huge factor, both when it comes to renting vs owning, as well as debt load. Kids are so damn expensive!!! I don't have any for a few very good reasons, but not being able to afford them at all where I am is one of those reasons. If I did have a kid, I'd feel extremely unstable if I kept renting, since you can be evicted at any time, really. All they have to do is sell the building and you're fucked. I think I'd want a home that is guaranteed to be permanent if I had children.
Post edited by PJ_Soul on
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
That's winning the lottery. It sucks to lose our parents but inheriting not one but two houses?
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
Yeah, kids are definitely a huge factor, both when it comes to renting vs owning, as well as debt load. Kids are so damn expensive!!! I don't have any for a few very good reasons, but not being able to afford them at all where I am is one of those reasons. If I did have a kid, I'd feel extremely unstable if I kept renting, since you can be evicted at any time, really. All they have to do is sell the building and you're fucked. I think I'd want a home that is guaranteed to be permanent if I had children.
My daughter is cool, but my son is a dickhead. I'm changing our trust so that she gets all of it, although she sucks with money. Little weasel still owes me $45 for her mom's birthday present. And she stopped doing her chores, so she's not getting any income to pay me back.
Hmm.... Maybe I'll just donate it all to charity. Fuck those little twerps!
I live in a low cost of living state so I avoid a lot of the problems some of you are describing. If I did buy a home I would definitely intend to pay it off but I'm probably going to end up inheriting two as it is. Another thing I waffle back and forth about is having kids. If I don't have kids I can see just continuing to rent.
Yeah, kids are definitely a huge factor, both when it comes to renting vs owning, as well as debt load. Kids are so damn expensive!!! I don't have any for a few very good reasons, but not being able to afford them at all where I am is one of those reasons. If I did have a kid, I'd feel extremely unstable if I kept renting, since you can be evicted at any time, really. All they have to do is sell the building and you're fucked. I think I'd want a home that is guaranteed to be permanent if I had children.
My daughter is cool, but my son is a dickhead. I'm changing our trust so that she gets all of it, although she sucks with money. Little weasel still owes me $45 for her mom's birthday present. And she stopped doing her chores, so she's not getting any income to pay me back.
Hmm.... Maybe I'll just donate it all to charity. Fuck those little twerps!
If you are actually serious, that really sucks man and I feel for ya. I always really empathize with parents who, through no fault of their own, end up with an asshole for a kid. There are plenty of them out there, and it's really shitty and sad. If you're not serious, that's fucking hilarious.
With all its sham, drudgery, and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. ~ Desiderata
Comments
Think Arizona and all the space they have out there.
astoria 06
albany 06
hartford 06
reading 06
barcelona 06
paris 06
wembley 07
dusseldorf 07
nijmegen 07
this song is meant to be called i got shit,itshould be called i got shit tickets-hartford 06 -
RED ROCKS 6-19-95
AUGUSTA 9-26-96
MANSFIELD 9-15-98
BOSTON 9-29-04
BOSTON 5-25-06
MANSFIELD 6-30-08
EV SOLO BOSTON 8-01-08
BOSTON 5-17-10
EV SOLO BOSTON 6-16-11
PJ20 9-3-11
PJ20 9-4-11
WRIGLEY 7-19-13
WORCESTER 10-15-13
WORCESTER 10-16-13
HARTFORD 10-25-13
RED ROCKS 6-19-95
AUGUSTA 9-26-96
MANSFIELD 9-15-98
BOSTON 9-29-04
BOSTON 5-25-06
MANSFIELD 6-30-08
EV SOLO BOSTON 8-01-08
BOSTON 5-17-10
EV SOLO BOSTON 6-16-11
PJ20 9-3-11
PJ20 9-4-11
WRIGLEY 7-19-13
WORCESTER 10-15-13
WORCESTER 10-16-13
HARTFORD 10-25-13
If you are seriously considering attempting to immigrate to Canada and want to move somewhere that's still affordable, there are about 9.4 million square kilometers where this isn't an issue.
That is winning the lotto!
Hmm.... Maybe I'll just donate it all to charity. Fuck those little twerps!