13% of Vancouver parents consider buying a condo for children
With the non-stop eroding of housing affordability in Vancouver, what else can first timers expect to buy except condos? Well, my folks didn’t buy me one anyway.
Tags: house prices, Real estateCNW release – Want a condo? Ask mom and dad. According to the 4th TD Canada Trust Condo Poll which surveyed Canadians who would consider purchasing a condo, 13% of Vancouverites would consider buying a condo for their adult children.
“Vancouverites continue to see the value in purchasing a condo, whether it is a place to call home for themselves or for their children,” says Chris Wisniewski, Associate Vice President, Real Estate and Secured Lending, TD Canada Trust. “Affordability and stable monthly expenses can make condos very attractive for both first-time buyers and investors.”
Why buy a condo?
The most popular reason for Vancouverites to consider purchasing a condo is affordability. This number is nearly double the national average (45% compared to 24%). Less maintenance (21%) and wanting to downsize from a house because they are retired or approaching retirement (15%) are the second and third most important factors.
Vancouverites choose condos
Respondents in Vancouver were the most likely in the country to say that if they had more money, they would buy a house rather than a condo (53%). Vancouverites are also the most likely to consider raising a family in a condo (42% versus 36% nationally).
Is a condo a good investment?
Forty-seven percent of Vancouverites surveyed would consider investing in a condo that is not their primary residence. This is the highest percentage in the country with the national average being 37%. Of those Vancouverites, 61% cite potential rental income as the main reason. However, the number who feel the market conditions have stayed the same or improved for buying a condo as an investment has dropped from 54% in 2009 to 24% in 2010. Also, the number of respondents who would purchase a condo as an asset to sell when prices go up dropped from 29% in 2009 to 21% this year.
“In the B.C. market, condo properties continue to be popular primary residences as they remain the most affordable option for first-time buyers,” says Barry Rathburn, Mobile Mortgage Specialist, B.C., TD Canada Trust. “I’ve also seen many Snowbirds and frequent travellers finding that a condo provides worry-free ownership while they are away travelling.”
Vancouverites know what they want to pay
The majority of Vancouverites (66%) say they would spend no more than $400,000 for a two bedroom condo. However, Vancouverites are also the most willing in the country to pay more than $400,000 (31% versus 15% nationally). While Vancouver residents may be willing to pay more for their condo, they would not be willing to shell out big condo fees: only 8% would be pay more than $400 per month.
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Your folks didn’t buy you a condo? But you are already a middle-aged person. You are old enough to have adult children yourself. You should buy one for me, expat_hk_boy.
ha ha funny
I bet those 13% of Vancouver parents who consider buying a condo for children are all rich immigrants from overseas.
Local Canadians don’t have the money as they are already drowning in debts, job loss, tax hikes, cost of living going up, “usa tourists not coming due to high canadian dollar” and other financial woes.
For someone who claims to be canadian, it is no wonder her folks didn’t buy a condo for her–>no money.
Actually, I know as many white 20 yr olds whose parents bought condos for them, as I know chinese 20 yr olds whose parents bought condos for them. This is rare, cause in general, I know a lot more chinese than I do whites. More specfically, parents usually contribute to the purchases, rather than making the entire purchase.
There are actually, a lot of English families who are very rich in Canada. The English are the richest group, afterall. Even in Vancouver, the most expensive neighbourhoods are where white English families live.
kc, yes, that’s true. Many white people in expensive neighbhourhoods in Vancouver are very rich. Espeically, North Van and West Van.
How much do the parents contribute to the purchases?
But those rich white people in Vancouver mostly inherit their money. They are not rich because they have good jobs in Van.
BTW, did your folks buy you a nice car to start? BMW, Lexus, Volvo, Mercedes-Benz? Not even that huh?
BMO’s mortgage fraud claims won’t be probed
The lack of police response does not surprise former RCMP officer Chris Mathers, who said police forces simply can’t tackle alleged frauds of this magnitude.
“There just aren’t enough police officers to investigate these crimes,” said Mathers, a Toronto-based corporate crime consultant. Mathers said fraud is rampant in Canada and police forces are already swamped.
“If you double the number of investigators, you will just have double the number of crimes being investigated and still have a whole bunch stacked in a pile and waiting to go.”
http://www.cbc.ca/canada/calgary/story/2010/05/09/calgary-bmo-mortgage-fraud.html
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There aren’t enough donut cops to investigate these crimes? Fraud is rampant? So mess up?
I am reading this comment at CBC. It is “bull’s eye” indicative of what Canada really is:
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Everyone is focusing on the straw buyers, the MP, and the banks. No one has mentioned innocent victims….single mom gives notice of her rented home due to the raise in rent which would equal 110% of their entire income instead of 80%. A friend of a friend knows a place she can afford but it isn’t ready when it’s time to move. Friend puts her up temporarily in their rental home including storing everything they own in the garage. Owner of the friends home gets permission to seize all belongings due to a rental dispute, including single mom and child’s belongings even though the owner knows the items are not the renters – the owner sees an easy money maker-keeping items he’s not entitled too. One minute the single mom is struggling, the next her and her child have nothing – no home, no clothes, no identification, absolutely nothing. The Owner of the house uses the single mom’s social insurance card, copy of driver’s license, bank statements, passport and birth certificate for mortgage and bank fraud. The home the single mom is waiting to move into is still is not available for unknown reasons. The single mom has contacted the police, the RCMP, the MP, the Alderman and TransUnion Canada regarding the fraudulent activity but no one will assist the single mom who has been completely devastated by this situation. No one is being charged, no one is being held accountable, no one will look into it, no one will get back to her, no one cares because it has not affected them. The single mom and child have massive debt they can’t afford, they have been homeless, and are about to become homeless again. After a 11/2 years they have a trial but no lawyer to represent them because they do not have any money and legal aide won’t help them. Justice = Money which victims don’t have!
“BMO’s mortgage fraud claims won’t be probed
The lack of police response does not surprise former RCMP officer Chris Mathers, who said police forces simply can’t tackle alleged frauds of this magnitude.”
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Don’t worry. BMO won’t suffer any risks of mortgage defaults. CHMC will pick up all the loss. All mortgage insurance in Canada is government backed.
Chinataren, CMHC will pick up all the loss? So who pays for it in the end? This is just one BIG scheme, isn’t it?