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Mr. Wynand posted:...more unemployment and wage stagnation.
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# ? Aug 13, 2013 06:55 |
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# ? May 21, 2024 18:36 |
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The retirement of boomers may never happen. It's irrelevant anyway. As mentioned previously, what's more important is what happens when banks start to call in their HELOCs.
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# ? Aug 13, 2013 07:03 |
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The people I've spoken to who live in Ottawa are convinced that it's the safest market to purchase a house in, and even if the bubble pops housing prices will only remain stagnant and not actually go down, as was apparently the case in 2008. Please tell me that they're wrong so that I can buy a nice property in New Edinburgh for a steal instead of a crack house in Vanier in 2016.
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# ? Aug 13, 2013 07:55 |
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Ottawa's housing inventory is twice the amount at this time last year.
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# ? Aug 13, 2013 14:42 |
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Italy's Chicken posted:You're almost pointing out something that may happen to balance out everything: boomers retire creating more jobs for the current unemployed to take over. I don't think anything drastic will happen to Canada, at least until the generation of "maxed credit" nears retirement. Not necessarily, as if this mass retirement happens aggregate demand in the economy will decline noticeably.
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# ? Aug 13, 2013 14:45 |
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Just so I can follow what's going on. When 'inventory' is thrown around, in this thread, does this mean the number of houses on the market that have not yet been sold?
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# ? Aug 13, 2013 16:18 |
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Just helped a friend score a two-bedroom apartment in Calgary yesterday. The rent is pretty insane, the building had some damage (though not to his unit) from our floods, and it was still the last one offered by any of the major rental companies anywhere in the city (for a halfway reasonable price, that is). As long as rental availability rates are well under 1%, as is the case here, can it really be called a bubble even if prices are exploding? Obviously it's a response to supply and demand as much as it's speculation.
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# ? Aug 13, 2013 16:19 |
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PT6A posted:Just helped a friend score a two-bedroom apartment in Calgary yesterday. The rent is pretty insane, the building had some damage (though not to his unit) from our floods, and it was still the last one offered by any of the major rental companies anywhere in the city (for a halfway reasonable price, that is).
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# ? Aug 13, 2013 16:30 |
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PT6A posted:Just helped a friend score a two-bedroom apartment in Calgary yesterday. The rent is pretty insane, the building had some damage (though not to his unit) from our floods, and it was still the last one offered by any of the major rental companies anywhere in the city (for a halfway reasonable price, that is). I'm not sure Alberta is the best example here given our economy is based largely on resource extraction, when that goes to poo poo so will our housing prices but somehow I don't see the price of oil dropping anytime soon nor the tar sands being exhausted. I pay $930 for a bachelor right now and have been looking for other places but finding a 1 bedroom in a nice building for less than $1200 isn't exactly a happening proposition. Ft. McMurray is the most notable example of this but I don't see housing coming down in Edmonton or Calgary anytime soon.
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# ? Aug 13, 2013 17:22 |
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The RECAPITATOR posted:Just so I can follow what's going on. When 'inventory' is thrown around, in this thread, does this mean the number of houses on the market that have not yet been sold? Yeah.
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# ? Aug 13, 2013 19:44 |
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It's one of the scariest words in Canada now.
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# ? Aug 13, 2013 20:14 |
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I'll be honest, I didn't believe any of you guys saying Calgary has a rental problem. http://calgary.en.craigslist.ca/apa/3974472711.html This is loving bullshit.
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# ? Aug 13, 2013 20:56 |
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That has to be a mistake. That is obscene.
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# ? Aug 13, 2013 21:08 |
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That's a pretty bog standard "delusional landlord wanting to rent a furnished apartment" listing. For instance, this.
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# ? Aug 13, 2013 21:15 |
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Fine-able Offense posted:That's a pretty bog standard "delusional landlord wanting to rent a furnished apartment" listing. If one of those windows doesn't open a time-space portal to NYC, that's pretty nuts.
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# ? Aug 13, 2013 21:29 |
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Fine-able Offense posted:That's a pretty bog standard "delusional landlord wanting to rent a furnished apartment" listing. That's an apartment? The pictures make it look like a hotel room.
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# ? Aug 13, 2013 21:30 |
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Zeitgueist posted:If one of those windows doesn't open a time-space portal to NYC, that's pretty nuts. Blade_of_tyshalle posted:That's an apartment? The pictures make it look like a hotel room. That company (https://www.rentitfurnished.com) is my own personal chuckle factory.
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# ? Aug 13, 2013 21:30 |
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Blade_of_tyshalle posted:That's an apartment? The pictures make it look like a hotel room. That's like 250SQFT bigger than the apartment I rent right now.
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# ? Aug 13, 2013 22:05 |
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Zeitgueist posted:If one of those windows doesn't open a time-space portal to NYC, that's pretty nuts. Why would you ever want to leave VANHATTAN?????
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# ? Aug 13, 2013 22:10 |
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Would you believe that furnished short term rentals are in demand? Mostly from the newly divorced/separated segment of Vancouver's population.
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# ? Aug 13, 2013 22:13 |
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Fine-able Offense posted:That's a pretty bog standard "delusional landlord wanting to rent a furnished apartment" listing.
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# ? Aug 13, 2013 22:16 |
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Scald posted:I'm not sure Alberta is the best example here given our economy is based largely on resource extraction, when that goes to poo poo so will our housing prices but somehow I don't see the price of oil dropping anytime soon nor the tar sands being exhausted. Would require something really drastic such as the next door neighbor dramatically reducing oil dependence. In many ways the US relationship in the mess is similar to the one between China and Australia, piles of energy exports to the US market brings in piles of hard cash which helps pump things up such as the local housing market for oil metros.
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# ? Aug 13, 2013 22:17 |
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etalian posted:Off-topic but you can look up a interesting solution called the Vienna model for housing. While this is impossible in most Canadian cities, from first glance this seems to be very, very possible in Halifax. Mostly because there are no actual tenants besides the big entertainment complexes/cabaret bars really left in the downtown area. I rarely like the idea of private-public partnerships but this actually seems like a very good way to take care of two problems at once.
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# ? Aug 13, 2013 22:31 |
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etalian posted:Would require something really drastic such as the next door neighbor dramatically reducing oil dependence.
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# ? Aug 14, 2013 01:17 |
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Sassafras fucked around with this message at 08:09 on Nov 26, 2013 |
# ? Aug 14, 2013 03:30 |
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Sassafras posted:For all that people laugh at that site, I have friends who very successfully rent out places they furnished for ~1000 bucks on there for 600-800 per month above what would otherwise be market rent. If nobody used it, would it exist?
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# ? Aug 14, 2013 03:46 |
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Isentropy posted:While this is impossible in most Canadian cities, from first glance this seems to be very, very possible in Halifax. Mostly because there are no actual tenants besides the big entertainment complexes/cabaret bars really left in the downtown area. I rarely like the idea of private-public partnerships but this actually seems like a very good way to take care of two problems at once. It also encourages competition since the lease agreements with the city government are really attractive to private companies and they do some really innovative design work/attractive architecture to help win the bids. The whole concept really depends on federal level subsidies but makes more sense than inadvertently helping out real estate speculation such as in the Canadian bubble.
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# ? Aug 14, 2013 04:06 |
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Sassafras posted:For all that people laugh at that site, I have friends who very successfully rent out places they furnished for ~1000 bucks on there for 600-800 per month above what would otherwise be market rent. If nobody used it, would it exist? I'll just continue to assume it is a place for whores to rent for incalls.
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# ? Aug 14, 2013 04:23 |
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Sassafras posted:For all that people laugh at that site, I have friends who very successfully rent out places they furnished for ~1000 bucks on there for 600-800 per month above what would otherwise be market rent. If nobody used it, would it exist? A lot of times big oil will pay the tab for someone's living arrangements if they have to travel for work. I'm sure Calgary is chock full of oil company rentals that are empty most of the time. Even here in St. John's I know people personally renting out condos which while decent are not nearly worth the four grand a month they are pulling in. People are alot more frivolous with company money.
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# ? Aug 14, 2013 10:41 |
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hahaha why in gently caress are there condos in St. John. ~density~ in the maritimes
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# ? Aug 14, 2013 15:26 |
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I'm not sure why but housing has really gone crazy all across Newfoundland. In the small town where I grew up there is probably 20,000 people nothing but space and land is gonna run you around 70-100 thousand for a postage stamp. In St. John's it gets even worse, all the new developments are running you roughly 350k and it's all sold and developed by the same contractors (probably part of the issue). I mean in the grand scheme of the country it's not that high but you are living in Newfoundland so you would figure prices would be a bit more sane.
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# ? Aug 14, 2013 18:28 |
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In 20 years when all of this is in the rearview mirror, observers are going to marvel at the tulip-mania-like run-up in prices of land in a country whose largest and most plentiful resource is... land*. (* Yes, I get that most of it is undeveloped, and lots is uninhabitable, etc - but there's a basic reality here that we've a land price bubble in a country that has essentially infinite supply of the stuff. Not gonna end well).
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# ? Aug 14, 2013 18:34 |
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That's not a terribly compelling argument. Land isn't a fungible commodity, just because there's plenty of land in Fort Nelson doesn't mean land in downtown Vancouver should never get expensive?
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# ? Aug 14, 2013 18:39 |
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Throatwarbler posted:That's not a terribly compelling argument. Land isn't a fungible commodity, just because there's plenty of land in Fort Nelson doesn't mean land in downtown Vancouver should never get expensive? I was specifically responding to a post about an empty area in Newfoundland. The Canadian Housing/Land bubble is not a Vancouver-only phenomenon.
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# ? Aug 14, 2013 18:52 |
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Throatwarbler posted:That's not a terribly compelling argument. Land isn't a fungible commodity, just because there's plenty of land in Fort Nelson doesn't mean land in downtown Vancouver should never get expensive? Half of Vancouver is empty lots full of tumbleweeds, or single-story commercial that could easily be rezoned to five-story mixed use. The bullshit about 'running out of land' applies to literally every city in this country, no exceptions.
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# ? Aug 14, 2013 19:46 |
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Most people want to live near other people, services, jobs, culture, infrastructure. Unless we start building entire new cities with proper cores and everything from scratch, sprawling out from existing cities has rapidly diminishing returns. There's also a fairly minimum density expansion needs to justify the infrastructure, most sprawl doesn't and is essentially a ponzi scheme.
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# ? Aug 14, 2013 19:48 |
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Baronjutter, you're surely not saying that, at an extreme, we need to ban development of rural areas because that would be 'unsustainable sprawl'?
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# ? Aug 14, 2013 20:15 |
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We already do that routinely with environmentally protected areas. If GTA developers had their way, the Oak Ridges moraine would have been destroyed.
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# ? Aug 14, 2013 20:17 |
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Well of COURSE they need to blow up more greenfield for their developments! Everyone knows there's no room left to densify in Canadian urban cores. Honestly, Main Street from 7th down to Terminal is either vacant lots or single-story commercial buildings. This is the heart of Vancouver, a few blocks from the Skytrain, and there's loving used car lots and vacant strips of scrub. It's a loving disgrace.
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# ? Aug 14, 2013 20:23 |
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# ? May 21, 2024 18:36 |
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Well yeah. If you forced developers to do something with the huge empty lot across from Mario's Gelati at Quebec and 1st, that would mean a deluge of condo inventory in the area that would oh oops.
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# ? Aug 14, 2013 20:29 |