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Posted on: 19-05-16 12:11:23
I think besides good weather, Vancouver has closer proximity to Asian countries. There are tons of foreign investors from Asia who have unaccounted money in bulk to invest. My wife is in insurance industry and she come across many instances where the new immigrant from Asia buy mortgage free houses and they have no business/employment in Canada. They simply treat Vancouver as their second home and continue to have the business/govt. job in Asia. Nowadays, there are many students who maintain their mortgage free house and car supported by their parents from Asia.
The income disparity is broader in Asian countries. The riches don't care the housing prices as it may be peanuts to them.
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A Delhite in Toronto
Quote:
Originally posted by Delhite
I think besides good weather, Vancouver has closer proximity to Asian countries. There are tons of foreign investors from Asia who have unaccounted money in bulk to invest. My wife is in insurance industry and she come across many instances where the new immigrant from Asia buy mortgage free houses and they have no business/employment in Canada. They simply treat Vancouver as their second home and continue to have the business/govt. job in Asia. Nowadays, there are many students who maintain their mortgage free house and car supported by their parents from Asia.
The income disparity is broader in Asian countries. The riches don't care the housing prices as it may be peanuts to them.
There are more cash offers than ever before. You are right. Proximity to China, with numerous direct flights and a mere 10 hours travel time is making Vancouver a hotter market for Chinese millionaires to park their money. The problem is as people keep moving away from the city core to the farther burbs, the infrastructure is not keeping up. The local govts crying hoarse about lack of money, Transit authorities are yelling their lungs out to obtain more money for the expansions, and the existing infrastructure, i.e. buses have been flooded with people than ever before. Metro Vancouver used to be akin to the small town, not any more.
Good luck for newcomers (skilled immigrants) for buying a detached house. 3 Level with basement suite has already become a luxury for many in both GTA and Vancouver Greater area.
Stay put
. More interesting times ahead for Canadian housing.
Keep on reading these days about Icona Condo Towers coming up in Vaughan next to the upcoming Metropolitan subway station.
If other CDs have heard about it, what are the prospects as investment ? I am assuming pricing would be lesser than down town and connectivity with the new subway coming up should be good...
Please share opinion.
http://www.theiconavaughan.com/?gclid=Cj0KEQiA5IHEBRCLr_PZvq2_6qcBEiQAL4cQ0x5HDopHkdmFqIxrrOOwq8HsH6iv6YwukufslBWdxZYaAhl48P8HAQ
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Fido.
Quote:
Originally posted by Fido
Keep on reading these days about Icona Condo Towers coming up in Vaughan next to the upcoming Metropolitan subway station.
If other CDs have heard about it, what are the prospects as investment ? I am assuming pricing would be lesser than down town and connectivity with the new subway coming up should be good...
Please share opinion.
http://www.theiconavaughan.com/?gclid=Cj0KEQiA5IHEBRCLr_PZvq2_6qcBEiQAL4cQ0x5HDopHkdmFqIxrrOOwq8HsH6iv6YwukufslBWdxZYaAhl48P8HAQ
I'll suggest you against putting your money into condos. The growth prospects on condos , comparatively, is low. You have better investment avenues in RE starting from townhomes to detached. For Condos, while the price rise is gradual, the positive cash flow from rental is none or at times the admin fee will erode your rental income. Whereas there are options available in market i.e, houses where you have more than one unit to put on rent and can earn some positive cash flow on rent every month as well as price of such properties also rise at higher percentage than condos.
There will be advises coming in to wait till market dips southwards etc. , ignore those, not going to happen in this strip of world. Keep looking if you have some down payment and income worthy of second mortgage. Btw be prepared to shell out 20-25% in down-payment since this will be your second ( or +) property.
Need be do it in partnership with a trustworthy friend, that will make it easier for you to go for a detached or a semi. Good to have a buddy who can share the risk and work when you rent your property out.
Consider this coming out of a horse mouth ;-)
Sorry I have no inputs on Icona Condo Towers, just a general view point.
Surprising observation today.
Paradise Homes have a set of houses opening up for sale 4th March. In order to avoid line up and malpractices they have this time (like other builders also) opened up online booking for appointment on the 4th & 5th wherein the interested purchasers can register before hand and come on the appointment day .
The surprise was - that the registration open email came at 12 04 today and the registration close and all slots filled at 12 12 ... With in 7 minutes !!!
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Fido.
Quote:
Originally posted by Fido
Surprising observation today.
Paradise Homes have a set of houses opening up for sale 4th March. In order to avoid line up and malpractices they have this time (like other builders also) opened up online booking for appointment on the 4th & 5th wherein the interested purchasers can register before hand and come on the appointment day .
The surprise was - that the registration open email came at 12 04 today and the registration close and all slots filled at 12 12 ... With in 7 minutes !!!
How much does their House cost? I mean the one Paradise is planning to build.
Semis from mid 600s
Singles from mid -high 700s
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Fido.
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