Post pictures of your most recent purchase

[TheWipprSnappr]

Congrats! My Fiance and I bought in Brookside last year.

The market in KC is absolutely bonkers again, considering selling.

Thanks! We have been searching since February so it took a bit to find the right one. Our apt lease wasn't up until may anyway so we had the time. But the market was definitely pretty thin especially with our given criteria. I think we got pretty lucky!

Congrats. We are hoping to close on ours this week as well

Thanks! Congrats, and good luck! Keep us posted!

[Powling]

Congrats! My Fiance and I bought in Brookside last year.

The market in KC is absolutely bonkers again, considering selling.

The market up here in Ontario is insane right now too. I've never seen so many places for sale at the same time. Even my parents are considering moving and they have been in the same house since they moved here from England 40 years ago.

We just got into our house in February 2016. Stopped into my realtor the other day to say hi and they said the market is so hot right now that my place has likely gone up 25% in the last year. Crazy.

[Joe G]

We just got into our house in February 2016. Stopped into my realtor the other day to say hi and they said the market is so hot right now that my place has likely gone up 25% in the last year. Crazy.

I closed September 30, 2015. Refinanced in September 2016, house appraised for 15% more.

Since then it's up another 10-12%. Crazy. Eerily similar to 05, 06, 07...

[Todd Black 88]

The market up here in Ontario is insane right now too. I've never seen so many places for sale at the same time. Even my parents are considering moving and they have been in the same house since they moved here from England 40 years ago.

We just got into our house in February 2016. Stopped into my realtor the other day to say hi and they said the market is so hot right now that my place has likely gone up 25% in the last year. Crazy.

You folks are getting the increase in foreign buyers that our government tried to curtail by adding a 15% foreign buyers tax to last year. Our market slowed for about 4 months, but the markets within BC that were not part of the 15% tax got increased volume sales. Ontario is getting that as well and will continue until our federal government does something about foreign buyers.

As an idea of what their purchasing power does to a market, my house was purchased for 399,000 in 2002 by the PO. I bought it in 2006 for $635,000. Its assessed for taxes at 1.48 million today, with a knocked on the door offer of 1.8 million. That's 11 years and almost 300% increase. Stupid

It's not for sale.

[panose30]

Startecs tailights pink version ,new trunk badge and respect your elders decal
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[Powling]

You folks are getting the increase in foreign buyers that our government tried to curtail by adding a 15% foreign buyers tax to last year. Our market slowed for about 4 months, but the markets within BC that were not part of the 15% tax got increased volume sales. Ontario is getting that as well and will continue until our federal government does something about foreign buyers.

As an idea of what their purchasing power does to a market, my house was purchased for 399,000 in 2002 by the PO. I bought it in 2006 for $635,000. Its assessed for taxes at 1.48 million today, with a knocked on the door offer of 1.8 million. That's 11 years and almost 300% increase. Stupid

It's not for sale.

I know, its getting crazy over here. I always said that I'd love to live in Vancouver but could never afford it (29 years old, building my career, etc...). But if I had never bought my condo 5 years ago that I sold to buy my house last year, I wouldn't be able to get into the market right now.

No wonder so many people in their 20's still live at home these days. Hard to buy a $500,000+ house with a $35k income and no deposit.

[Todd Black 88]

I know, its getting crazy over here. I always said that I'd love to live in Vancouver but could never afford it (29 years old, building my career, etc...). But if I had never bought my condo 5 years ago that I sold to buy my house last year, I wouldn't be able to get into the market right now.

No wonder so many people in their 20's still live at home these days. Hard to buy a $500,000+ house with a $35k income and no deposit.

I hear ya. I am a bit older at 42, and my wife and I do decently on combined income, but if we had not jumped into the market with both feet and bought our "city home" townhouse in 2002 we would not be living here.

We bought that thing for $200k and sold for $400k 3 years later. With $200k down payment on that house, we were maxed out at $435k mortgage. Shitting bricks, and an all original 1967 home.

I really don't know how 20 something's are ever going to own here.

[rturbo 930]

I really don't know how 20 something's are ever going to own here.

I'm guessing they mostly won't. I don't understand how markets like Vancouver and CA are sustainable. I simply don't understand how it works.

My area here isn't cheap, but at least it's within reason.

[MR E30 325is]

The younger generation (millennials as they call them) actually have very little desire to own homes.

I do a lot of research into long term, buy and hold, real estate investing, as I do this as a way of making passive income. I read and read. And one thing I continue to see is the lack of interest in being tied to one place, due to a home mortgage, and that the younger generation feels that home ownership is part of the old American dream, and it no longer applies to them.

I also read (and see firsthand with my own tenants) a lack of desire to be financially responsible for components in a house. I have been told by my tenants that they are glad that I am responsible for taking care of cap ex. stuff like water heaters or furnaces and roofs. They don't want to have to worry about fixing those 'expensive' things.

The funny (maybe tragic) part is, they make me enough money to buy half a dozen water heaters a month, or a brand new furnace every 3 months. And they certainly last much much longer than that.

I am interested to see where this trend (young people not wanting to own homes) goes.

*This is obviously not a statement of every single persons intent with home ownership, merely a trend I notice in my daily research.

[ThatOneEuroE30]

And thats why my plan is to just find an acre lot and drop a double wide trailer with a decent sized shed. Can do all that for 250k or under and be on city sewage and electricity.

[Todd Black 88]

That's a good plan.

I am trying to convince my wife to sell and cash out, move to Italy, buy a gelato cart for the beach and chillax.

[ThatOneEuroE30]

That's a good plan.

I am trying to convince my wife to sell and cash out, move to Italy, buy a gelato cart for the beach and chillax.

Only thing i wouldn't like about Italy is driving. Seems like they are strict and the streets are very narrow.

[Todd Black 88]

In the cities it is, in the country side it's amazing. Just watch your speed.

[Todd Black 88]

Oh, and back on topic, I bought one just like this.

[jmg]

I am interested to see where this trend (young people not wanting to own homes) goes.

They'll be left in the dust when time comes to retire and they realize that they have no equity in their dwelling because it's a rental. In the LEAST, if they are home owners they could do a reverse mortgage and have a home to live in past 60. Hopefully they have other sources of passive income or a sizable retirement fund or pension otherwise they will be living in a tiny apartment and barely surviving. But the best thing about being young and dumb is that you're only young for so long. Eventually they will realize that they can't rent the rest of their lives and start buying property in their 30s and 40s and then they will be fine. I didn't buy my first condo until I was 27.