Real Estate Crash thread

[Timberridge]

Fixed it for you, you fucking asshole.

In my line of work, I can find the exact same job in two different geographic areas with a $70K+ per year difference in income. Now sure, housing is cheap where wages are low, but try buying a "cheap" house in the US in 2020 when you're grossing $35-40k a year. This is the fatal flaw with your point: for a lot of jobs, wages don't cover the cost of living ANYWHERE, but wages scale more closely with cost of living in expensive/desirable areas than less desirable ones.

Don't yell at me. I'm just stating the facts.

[liv2ski]

They tried that in Canada and it didnt really work all that well

Pretty much every country has experimented with that policy to discover the pitfalls of allowing unprincipled people with money in to take advantage of the system. Sadly, many people suck ass and likely are use to breaking the rules to get their wealth. You don't want those fuckers, anywhere.

[spanky]

They tried that in Canada and it didnt really work all that well

Cayman Islands allows residency/citizenship for a “fee”, I mean investment.

[m2711c]

How’s the skiing there?

[XXX-er]

Pretty much every country has experimented with that policy to discover the pitfalls of allowing unprincipled people with money in to take advantage of the system. Sadly, many people suck ass and likely are use to breaking the rules to get their wealth. You don't want those fuckers, anywhere.

the opposite of an RE crash, the RE prices in Vancover have been pretty much off the charts for many years

[liv2ski]

I read this morning that the overall appreciation rate in Canada was 18% for the last 12 months So some areas are obviously exploding higher.

[Timberridge]

What's a 20' igloo with a sealskin door going for up there?

[Toadman]

What's a 20' igloo with a sealskin door going for up there?

A case of Jack Daniels, and a box of .308. If the 20' igloo has a Musk Ox fur floor, you need to throw in for a case of beer.

[XXX-er]

I don't think Jack Daniels is really a thing up here, neither is bourbon

The housing market according to a major bank

https://thoughtleadership.rbc.com/ca...UZyddkED7KH7-I

[Harry]

Real estate prices will not drop significantly, and are going to continue this frenzied upward trend. The people driving this are making money hand over fist. We are witnessing the rapid creation of a permanent underclass in this country who will never have any hope of owning any kind of real property. It makes me sick.

Yup.

Read this, it is exactly what you are talking about.

https://en.wikipedia.org/wiki/Caste:...ur_Discontents


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[54-46]

Hilarious - on a lark I put in a bid on listing in Marin Co that was $36K over asking and wasn’t in the top 5 of 14 offers. Be careful out there!

[Toadman]

I don't think Jack Daniels is really a thing up here, neither is bourbon

The housing market according to a major bank

https://thoughtleadership.rbc.com/ca...UZyddkED7KH7-I

When I was growing up and the parents would take us into Anchorage, it was definitely a thing. Heck, any kind of alcohol was a thing. Spenard was a cesspool of drunks. And 4th avenue had you stepping on them.

[glademaster]

Yup.

Read this, it is exactly what you are talking about.

https://en.wikipedia.org/wiki/Caste:...ur_Discontents


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I know, and most people here dismiss it because they're the ones driving this bullshit.

[XXX-er]

When I was growing up and the parents would take us into Anchorage, it was definitely a thing. Heck, any kind of alcohol was a thing. Spenard was a cesspool of drunks. And 4th avenue had you stepping on them.

I think Canadians buy Canadian whiskey, I don't see much Bourbon and I never been to anchorage

[Mazderati]

Yup.

Read this, it is exactly what you are talking about.

https://en.wikipedia.org/wiki/Caste:...ur_Discontents


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Thanks for the rec. Ordered.

[Ted Striker]

What's a 20' igloo with a sealskin door going for up there?

How much money do you need to launder?

Oh, and remember to set aside enough to build the global warming protection dome

[XXX-er]

he has interviewed all the Canadain presidents at places like Tim Hortons or Harveys burgers on Yonge st, to be interviewed by Rick Mercer means you have arrived

[Timberridge]

a Musk Ox fur floor

I'm curious if fastfred has had any requests for one of these yet.

[Deebased]

In other news Lumber packs are up 30-40% in Portland. $6 2 x 4's

holy shit

Don't expect home prices to come down anytime soon

[BCMtnHound]

I think Canadians buy Canadian whiskey, I don't see much Bourbon and I never been to anchorage

A distiller told me that the name bourbon is trademarked, or some such thing, so that only corn mash fermented/distilled in the US can claim the bourbon label. Lots of canadian whiskey includes >51% corn mash, but it can't be labeled 'bourbon'.

[Toadman]

In other news Lumber packs are up 30-40% in Portland. $6 2 x 4's

holy shit

Don't expect home prices to come down anytime soon

If only there was a local source of timber in your area....

https://www.globest.com/2020/08/24/h...%20then%20some.

Rising demand has pushed up the cost of the lumber needed to build new homes, and framing lumber prices have increased more than 110% since mid-April, according to a new report from the National Association of Home Builders. Lumber prices dipped in the earliest days of the pandemic, but quickly recovered and then some.
“[The association] estimates that these recent gains have boosted typical new single-family home prices and apartment prices by approximately $14,000 and $5,000, respectively,” according to the report. “Without increased domestic production and reductions in Canadian tariffs on softwood lumber, these higher input prices will slow the market.”

[XXX-er]

buddy of mine was a lumber trader in Vancover, he told me about buying a truck load just out of Coos bay in Oregon , pays to truck it to Williams lake BC, it sits for 2 months, the market turns around he sells it to a guy in oregon 25 miles from where it was milled which sounds like a huge waste but the customer got his product, my buddy made his % ... everyone was happy

told me about buying a truckload on one phone line and selling it to a guy on the the other phone line

[mcsquared]

Past couple of weeks lumber futures have tanked. The high wasn't demand driven like most assume. It was a temporary lack of supply due to COVID. They are still higher than 2019 levels but coming down quick.

[XXX-er]

RE is booming here, buiding supplies are high and every carpenter in town is busy

[Bobcat Sig]

This. In fact, it sucks. It's a giant goddam boat anchor.

And it's fucking expensive. Sure, you gain some freedom in doing whatever the fuck you want to your structure and land, within reason. But as someone who waited and skipped a starter home... holy fuck; the entire industry is a giant wheel to separate homeowners from their money; insurance, upkeep, construction, maintenance, property taxes, HOAs (if you're fuct enough to have one), and so on.

FML

In other news Lumber packs are up 30-40% in Portland. $6 2 x 4's

holy shit

Don't expect home prices to come down anytime soon

Yup. I signed for a new roof late last month and the contractor jumped on buying materials then versus waiting until no to buy. Good on him. My hit was more around plywood, but eff me running...

Past couple of weeks lumber futures have tanked. The high wasn't demand driven like most assume. It was a temporary lack of supply due to COVID. They are still higher than 2019 levels but coming down quick.

RE is booming here, buiding supplies are high and every carpenter in town is busy

Interesting. A friend - a residential and commercial builder - the supply prices are crazy high and continue to go up. Granted, he's in Central Oregon where growth is out of control as most of California moves north.