Author Topic: Garth Turner - Real Estate in Canada  (Read 488411 times)

rb

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Re: Garth Turner - Real Estate in Canada
« Reply #360 on: February 21, 2015, 08:03:57 PM »
Nope, that's tax gravy  :)


gokou3

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Re: Garth Turner - Real Estate in Canada
« Reply #361 on: February 21, 2015, 10:33:23 PM »
Forget the yield. Where do I get something for 198k in Vancouver. Or maybe that's the price of the bus?
This ad is for a development in a bad area of Surrey, a suburb of Vancouver.  The developer is Concord Pacific which is famous for making cookie cutter condos.  The price is probably for a 300-400SF studio unit.  As for 12% yield, the investor will consider himself lucky if he can gross half of that figure.

augustabound

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Re: Garth Turner - Real Estate in Canada
« Reply #362 on: February 22, 2015, 03:51:53 AM »
This ad is for a development in a bad area of Surrey, a suburb of Vancouver.  The developer is Concord Pacific which is famous for making cookie cutter condos.

I think they're at 19 and counting for condos surrounding the Skydome and CN Tower here.
There was an article I read that asked, "Is Concord Cityplace a ghetto in the making?"
The main point seemed to be the "investors" buying and renting them out.

Even some city councillors are/were raising concerns about it. How long is it sustainable etc.
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Liberty

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Re: Garth Turner - Real Estate in Canada
« Reply #363 on: March 03, 2015, 07:19:34 AM »
Quote
“With the loonie falling about 10% against the U.S. dollar in the last six months,” said the Financial Post yesterday, “foreigners who have their money parked in greenbacks or in currencies pegged to the American dollar are likely to ramp up their interest in the Canadian marketplace, say industry experts.”

See what I mean? It’s a relentless and consistent message, yet one which is supported by no authoritative data. And any empirical attempt to counter it – as CMHC did recently with a survey showing only 2% of condos in 416 or 604 are foreign-owned – is instantly attacked.

So, what are we to think? If a massive doubling of mortgage debt on the part of Canadian citizens is not enough to make it clear who the buyers are, what is?

Well, here’s a glimpse.

The Victoria Real Estate Board tracks exactly who buys real estate in that market, BC’s second-largest. Yeah, I know. Victoria is not Vancouver, 115 watery km away. Maybe there are twice as many foreign buyers in Van. Maybe it’s five times. But at least this is a good starting point in understanding who is buying houses in one of the priciest cities in the country, and a provincial capital. The numbers below were just released privately to members of the Victoria Real Estate Board:



By the way, of the 1.64% of Victoria buyers who were foreigners, 50% were from the US.

Of course, such stats won’t change the minds of those who hate without thinking, or blame others for their shortcomings. That’s the nature of prejudice. We all have some.

But it’s a fair assumption all real estate board have similar numbers. Guess why they’re not published?

http://www.greaterfool.ca/wp-content/uploads/2015/02/VIC-BUYERS-CHART.png?8f4c78
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alertmeipp

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Re: Garth Turner - Real Estate in Canada
« Reply #364 on: March 29, 2015, 02:44:08 PM »
so how many of you do not own a house and are renting in the Toronto and Vancouver area?

The house market is just red hot in these two places (other cities like Calgary, Montreal, Ottawa have been slowing down already). In Toronto, almost nobody thinks this rise is going to stop anytime soon. House are selling with multiple competing offers even in the suburb area, 15% over asking is becoming a norm.

Is it a good time to keep renting? Or just jump in the band wagon as the foreigner money and cheap rate will be around for quite a while?

I am renting and feel pretty confused.
« Last Edit: March 29, 2015, 02:49:44 PM by alertmeipp »

enoch01

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Re: Garth Turner - Real Estate in Canada
« Reply #365 on: March 29, 2015, 04:06:30 PM »
so how many of you do not own a house and are renting in the Toronto and Vancouver area?

The house market is just red hot in these two places (other cities like Calgary, Montreal, Ottawa have been slowing down already). In Toronto, almost nobody thinks this rise is going to stop anytime soon. House are selling with multiple competing offers even in the suburb area, 15% over asking is becoming a norm.

Is it a good time to keep renting? Or just jump in the band wagon as the foreigner money and cheap rate will be around for quite a while?

I am renting and feel pretty confused.

It is always darkest before dawn.

alertmeipp

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Re: Garth Turner - Real Estate in Canada
« Reply #366 on: March 29, 2015, 07:04:47 PM »
>>It is always darkest before dawn.


I just don't know what will slow it down unless tmw China said no more capital flight. But chance of it is zero.

cwericb

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Re: Garth Turner - Real Estate in Canada
« Reply #367 on: March 30, 2015, 05:04:18 AM »
The subject of this thread was Garth Turner’s prediction of the imminent collapse of a real estate bubble in Canada.

But this thread and his comments originated over three years ago
Politicians and diapers must be changed often, and for the same reason. - Mark Twain

alertmeipp

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Re: Garth Turner - Real Estate in Canada
« Reply #368 on: March 30, 2015, 05:17:32 AM »
The subject of this thread was Garth Turner’s prediction of the imminent collapse of a real estate bubble in Canada.

But this thread and his comments originated over three years ago.

Yes. It probably will take a 30 percent plus correction just to bring the price back to 3 yrs ago in some area.

We have quite a bit of institutions saying it is overpriced by 20 30 percents since few years ago. 

Mind blowing thing


Liberty

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Re: Garth Turner - Real Estate in Canada
« Reply #369 on: March 30, 2015, 05:36:47 AM »
The subject of this thread was Garth Turner’s prediction of the imminent collapse of a real estate bubble in Canada.

But this thread and his comments originated over three years ago.

Timing is hard, for sure, but value remains value. I'm sure people thought tech stocks were overvalued in 1997... Didn't make them fairly valued in 1999 because there hadn't been a crash yet.
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen