The Story Of Burnaby Joe – “He finished high school and has worked in the building trades his whole life. Owns his own home. Now bought his 18 and 19 year old daughters each a new condo.”

“I had some drinks with a friend last night who told me about a friend (let’s call him Burnaby Joe) of his who has contributed to the craziness here in Vancouver. Burnaby Joe is in his mid-50s, born and raised on the east side of Italian parentage. He finished high school and has worked in the building trades his whole life. He owns his own home (probably mortgage-free) in Burnaby.
Anyway, my friend told me about Burnaby Joe’s pretentious and spoiled daughters–18 and 19 years old – who have almost as many shoes as Imelda Marcos in their “clothes room” at home. Each of these girls is as of recently the proud owner of a new condo in the North Burnaby area.
How many of these cases are around? How did Burnaby Joe finance the purchase of these two condos? Cash? HELOC? When the market turns will Burnaby Joe both the means and fortitude to hang on while equity drops monthly?”

oneangryslav2 at VCI 11 Jul 2012 11:32am

19 responses to “The Story Of Burnaby Joe – “He finished high school and has worked in the building trades his whole life. Owns his own home. Now bought his 18 and 19 year old daughters each a new condo.”

  1. Hmmm. Could also be:

    -inheritance
    -lottery
    -investments

    Anyhow, from this I don’t see any reason to automatically decide that the guy’s money is ill-gotten.

    Hey, he even may have made money in the real estate bubble. If so, then he’s either astute or lucky… or both. Can’t fault him there either.

    Or, maybe it’s a HELOC. That’s his decision. Not a wise one, but one none-the-less.

    —-

    In other news, the whining has begun in earnest:

    http://o.canada.com/2012/07/16/bryan-tighter-mortgage-rules-out-of-place-in-softening-real-estate-market/

    Title: Tighter mortgage rules out of place in softening real estate market

    Quote: “This comes just as new, tighter mortgage-lending rules went into effect early in July, the key change being a shortening of the allowed repayment period on a government-backed insured mortgage to 25 years from 30.”

    Well, I note that the “tightening” to 25 years is really just getting us back to where we began. Much of the rest of the CMHC/mortgage policy is still loose compared to few years ago. But people have short memories.

  2. Isn’t this kind of similar to complaining about parents buying their high school age kids new BMWs? Cars depreciate in value too!

  3. My parents bought me a condo when i graduated college… There is nothing wrong with a HELOC when you’re mortgage free on a house you paid 300k for that’s now worth 3 million.

  4. Maybe he saved.

  5. I also note that trades are pretty lucrative, considering that 90% of the country erroneously thinks tha the best way to provide for your future is a four-year degree.

    Pipe-fitters, etc., are more in demand than ever.

  6. Sorry but “Burnaby Joe” was always referred to Joe Sakic, who grew up in Burnaby and was an NHL great with the Colorado Avalanche. I am sure he could afford more than a few properties.

    • Hopefully he hasn’t returned to BC; former NHLers are known for getting into some “Bearish” situations after their NHL careers are over.

  7. Burnaby Joe works for Bosa, and his daughters’ condo’s come at an employee reduced price. There isn’t much that bothers Joe these days, but so much of his Leo-the-lion ego is tied up in the fortunes of the Home Country, Italy, that it’s tough reading in the news Austerity may hang around for awhile. The old days were much easier, just move the decimal point on the Lira, patronize the family, move a decimal on the Lira, patronize the family,,,,, but those damn Germans and their euro hammer…. pfffft, they better be careful or Joe is gonna fill cement shoes…

  8. when you paid 125K for your Burnaby house decades ago it makes it possible to sock money away via work and investments. Sounds like Burnaby Joe has a solid work ethic and is good with money.

    • Question: how possible is it to sock money away in investments if instead of paying 125K for your house, or even 500K, you pay 1 million? Answer: for the typical Vancouver family, next to impossible.

  9. Joe_Blown_Away_By_High_Housing_Costs

    I like his name!

  10. I grew up in North Burnaby with a whole bunch of Burnaby Joes and Antonios. If he is in his 50’s (like me) then he likely bought his first fixer-upper (he is a tradesman after all) house right after high school for well under $100,000 likely with a (now modest) down payment from Mom and Dad. Italian families like to do that. He likely rented out the basement to pay the mortgage, or more likely, lived in the basement and rented out the top floor. Unlike me, he did not go to university or grad school, so no tuition, student loans and deferred purchase. Many of the Burnaby Joes that I have met recently are on to their second or third houses (never mind condos) and I am in the process of hiring one of them to reno my 20 year old kitchen. As I pointed out to me son, in our Port Moody neighbourhood which is full of SFU profs, teachers and engineers, the wealthiest families are the plumbers, builders and gas fitters. Clearly this scenario is impossible for the latest crop of Burnaby Joes (or more likely Maple Ridge Joes).

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