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looooooolllquote:Q. If the cost of a new home is too man gently caress these loving people
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Sep 10, 2013 17:49
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I don't often find myself on the same side as real estate developers, but a 100% jump in a 5-figure tax from one year to the next strikes me as a little odd. This is the kind of cost that should've been set in stone decades ago, and then adjusted for inflation.
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Sep 10, 2013 17:54
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Lexicon posted:I don't often find myself on the same side as real estate developers, but a 100% jump in a 5-figure tax from one year to the next strikes me as a little odd. This is the kind of cost that should've been set in stone decades ago, and then adjusted for inflation. The city is just getting their cut of what recently has been much larger pie. Unfortunately they waited until the market is on the cusp of a return to normal so those fees will likely have the predicted serious downside. Not to say that the industry is deserving of any sympathy. v: Those fees are two or three years too late to actually redistribute the wealth. If developers are still getting the same margins during the next 5 years that they have been, then we are all doomed. ocrumsprug fucked around with this message at 18:34 on Sep 10, 2013 |
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Sep 10, 2013 18:24
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Lexicon posted:I don't often find myself on the same side as real estate developers, but a 100% jump in a 5-figure tax from one year to the next strikes me as a little odd. This is the kind of cost that should've been set in stone decades ago, and then adjusted for inflation. To me it's more like a precision strike at hammering out a new world order for the real estate industry. Developers have gotten extremely rich in the last 10 years. It's time to redistribute that wealth.
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Sep 10, 2013 18:26
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Cultural Imperial posted:To me it's more like a precision strike at hammering out a new world order for the real estate industry. Developers have gotten extremely rich in the last 10 years. It's time to redistribute that wealth. Fair enough. They should've thought of that over, you know, the 10 years though.
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Sep 10, 2013 18:53
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Lexicon posted:Fair enough. They should've thought of that over, you know, the 10 years though. I think you're touching on an interesting problem relating to municipal politics. How do you plan for the long term when your mandate is for 4 years? I know this isn't a new question and to some extent, it has been answered by federal bureacracy. However, municipal employees are a much different beast. With respect to Vancouver, we can make educated statements to the effect that city bureaucracy never saw the 2008 credit crunch coming when they made their foray into real estate speculation with the potemkin village. Property tax rates in vancouver have risen by what, 15-20% in 5 years? That's fuckin crazy high and rest assured, they sure as hell didn't plan on it.
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Sep 10, 2013 19:03
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Cultural Imperial posted:I think you're touching on an interesting problem relating to municipal politics. How do you plan for the long term when your mandate is for 4 years? I know this isn't a new question and to some extent, it has been answered by federal bureacracy. However, municipal employees are a much different beast. Yeah. Clearly a difficult problem. I don't think the Olympic village debacle has been given the opprobrium by the public that it deserves, by the way. Wall-to-wall financial incompetence (plus bad luck of course). I can think of no better exemplar for why government's should focus on extracting fair and appropriate taxes rather than trying to make a quick buck along with everyone else.
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Sep 10, 2013 19:15
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I'm currently living in the hellscape that is Phoenix, AZ and I'm planning on moving back to Winnipeg some time in the next year. Looking at the house prices and I can't believe what things are selling for up there. It's been less than two years but anything in my two target areas are way over priced for what you can get.
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Sep 11, 2013 05:34
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Oh for gently caress'S sake. Garth Turner is reporting that apparently real estate boards are booking multiple transactions on single sales. http://www.greaterfool.ca/2013/09/10/mlscapades/ quote:Go to realtor.ca. Zoom in on Burlington, Ontario, for example. Go to ‘Gallery view.’ See for yourself. Above is a screen shot of listings that pop up – in duplicate or triplicate. The town house unit at 2301 Cavendish Drive is listed three times – with separate MLS numbers. The one with no letter before it is with a local board, while the ‘W’ is a listing on the Toronto board and the ‘H’ lists it with the Hamilton board. Again, I outwardly wonder - why has society decided any of this is ok? The cartels, the opacity, the rent-seeking, and now what appears to be outright fraud, if true.
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Sep 11, 2013 15:18
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Lexicon posted:Oh for gently caress'S sake. Garth Turner is reporting that apparently real estate boards are booking multiple transactions on single sales. Well it's a pretty creative way to feed the buy a home fast while you can, sales have never been this high!
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Sep 11, 2013 15:27
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Lexicon, where's that Canadian finance/investing thread you promised? *shakes fist* I'm more of a lurker, but I'd love to see that kind of thing here.
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Sep 12, 2013 23:01
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rhazes posted:Lexicon, where's that Canadian finance/investing thread you promised? *shakes fist* I'm more of a lurker, but I'd love to see that kind of thing here. Sorry, I've got the first post about half written, but a minor work catastrophe emerged over the weekend and I had to put on hold. It'll be out shortly - likely tonight 
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Sep 12, 2013 23:18
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Lexicon posted:Sorry, I've got the first post about half written, but a minor work catastrophe emerged over the weekend and I had to put on hold. It'll be out shortly - likely tonight Mostly a lurker too but i'm looking forward to that thread if it helps.
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Sep 12, 2013 23:52
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Lexicon posted:Sorry, I've got the first post about half written, but a minor work catastrophe emerged over the weekend and I had to put on hold. It'll be out shortly - likely tonight No problem! I just wasn't sure if hadn't happened yet partly because you weren't sure how much interest there would be for it.
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Sep 13, 2013 00:06
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Should be done within the hour. Soliciting for titles... if nothing better it will be "The Canadian Finance and Investing thread - Paying More is our National Pastime"
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Sep 13, 2013 02:42
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Lexicon posted:Should be done within the hour. Soliciting for titles... if nothing better it will be "The Canadian Finance and Investing thread - Paying More is our National Pastime" The Canadian Finance and Investing thread - Returns Less than Inflation, Guaranteed!
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Sep 13, 2013 03:09
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On a Long Enough Timeline, All Profit Drops to Zero
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Sep 13, 2013 03:26
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ocrumsprug posted:The Canadian Finance and Investing thread - Returns Less than Inflation, Guaranteed! I like this, but it doesn't fit. Anyway, it's up: http://forums.somethingawful.com/showthread.php?threadid=3569987
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Sep 13, 2013 03:44
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So the data from the National Household Survey is out! Should reveal something interesting about the housing market/bubble right? Well maybe not ...quote:For these reasons, Statistics Canada made clear that you can’t compare NHS findings to previous census or other surveys they have conducted. The NHS is a family portrait with a lot of people missing. So much for informed policy development.
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Sep 13, 2013 16:07
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Duck Rodgers posted:So much for informed policy development. If the facts are inconvenient... don't bother recording them in the first place.
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Sep 13, 2013 16:31
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I don't know how to express my rage with the decline of stats can.
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Sep 13, 2013 16:46
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This is worth a read from the president of the federal reserve bank of san francisco: http://www.frbsf.org/our-district/p...ay-never-today/ tl;dr asset price bubbles are here to stay. people are shortsighted and make decisions based upon limited information, such as past performance to predict future performance. this exacerbates asset price bubbles. the best policy makers can do is a) formulate policy not to prevent such happenings but to dampen the effects b) work with a much longer time horizon
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Sep 17, 2013 06:52
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SO MUCH FOR THE HOUSING BUST MOTHERFUCKERS http://www.theglobeandmail.com/repo...rticle14383332/
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Sep 18, 2013 00:37
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Cultural Imperial posted:SO MUCH FOR THE HOUSING BUST MOTHERFUCKERS That's a relief, I guess I can tell the wife we *can* buy a house afterall.
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Sep 18, 2013 03:45
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ocrumsprug posted:That's a relief, I guess I can tell the wife we *can* buy a house afterall. Also that you were wrong all this time and could have been building equity! Now you're too late to the game. FACT: anyone who says there's a bubble are just jealous fools who didn't buy in early enough and now are just bitter about it.
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Sep 18, 2013 07:10
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ocrumsprug posted:That's a relief, I guess I can tell the wife we *can* buy a house afterall. Well there's no such thing as an unaffordable house purchase when interest rates are this low.
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Sep 18, 2013 16:15
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Cultural Imperial posted:Well there's no such thing as an unaffordable house purchase when interest rates are this low. Having been watching list prices decline in Vancouver for the past year from absurd to silly levels, I have instead chosen to believe that I am actually being paid to not buy a house. "Wow, you just dropped your ask price by double my families gross income. I certainly feel terrible for not buying a year ago now." Since society seems to forgive realtor math pretty easily, I am hoping I can get away with just pretending I got a 200% raise by not buying. I can then use this windfall to buy the G&M so they can tell me it isn't happening. It is sort of win-win if you think about it.
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Sep 18, 2013 17:08
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Heh, realtor math Sorry, I meant: REALTOR© Math™
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Sep 18, 2013 17:58
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Hah, first time reading this thread. Just bought a house in Halifax this summer, and this thread may have convinced me not to. But looks like it wasn't a terrible idea after all!
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Sep 18, 2013 18:46
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Rick Rickshaw posted:Hah, first time reading this thread. Just bought a house in Halifax this summer, and this thread may have convinced me not to. Well, look on the bright side here on the east coast. We don't have far to fall.
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Sep 18, 2013 20:04
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Rick Rickshaw posted:Hah, first time reading this thread. Just bought a house in Halifax this summer, and this thread may have convinced me not to. Mainly because price income makes sense for some areas while other areas such as Calgary, BC and GTA are having much worse bubble behavior looking at the price-income ratio:    Home debtorship does make sense if you have a stable job and are also in a area in which home ownership cost is more attractive for renting.
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Sep 18, 2013 20:16
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Where'd you get that info from?
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Sep 18, 2013 20:23
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Baronjutter posted:Where'd you get that info from? from numbeo even though the RBC's free reports tend to be more comprehensive and also have more useful stats: http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/house-may2013.pdf For example looking at home affordability Halifax looks good since it's still meets the conservative <25% rule of thumb of housing costs   However the GTA and Vancouver provide a amusing contrast 
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Sep 18, 2013 20:34
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Rick Rickshaw posted:Hah, first time reading this thread. Just bought a house in Halifax this summer, and this thread may have convinced me not to. Canadian Housing Bubble Thread: Location Location Location I live in Vancouver so if I had the money to buy a house I would also have the money to move to the Caribbean and sit on a beach for the rest of my life.
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Sep 18, 2013 20:45
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Rick Rickshaw posted:Hah, first time reading this thread. Just bought a house in Halifax this summer, and this thread may have convinced me not to. I'm trying to figure out what to do in halifax myself. I've got a good bit of cash in the bank and I'm just itching to pull the trigger (probably a detached $180K-200K house in spryfield or dartmouth). This ships start here bullshit sort of throws a wrench in the mix.
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Sep 19, 2013 02:36
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Initial Disclaimer/Disclosure: I work for a Big 6 bank. I have some bias. Everyone I work with sees the risk in housing. However, the general consensus is that the media has continuously overestimated the risk in terms of likelihood and severity. Likelihood: 1) The American economy is key to avoiding a collapse. Fortunately, the American recovery seems to be real (albeit bumpy). 2) Continued price inflation is a real concern. Ideally, the hottest markets need to correct 3-5% a year for a few and the other markets hopefully remain flat. Severity: 1) Canadian banks can handle a major hit. Of course it would not be fun: jobs would be lost and share prices would be beaten to a bloody pulp. But the banks are well capitalized and there is not a lot of toxic contract paper floating around. Not to mention that the Big 6 are not regional and have built-in geographic diversity. 2) Of the top 20 Canadian markets, only a few look truly bad. If the entire country looked like Vancouver then there would be "panic at the disco". The bubbles are very specific though, and as long as employment does not suffer, outlying areas may be kept afloat during a correction (Toronto/Vancouver and surrounding).
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Sep 19, 2013 07:43
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I remember when I worked for a big 5 bank and was told constantly "buy stocks in banks, even if it isn't ours, they always go up forever."
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Sep 19, 2013 09:35
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Matthew_O posted:Initial Disclaimer/Disclosure: I work for a Big 6 bank. I have some bias. I think I see the problems here. 1 is what the U.S. banks said back in the day, and 2 is just bitterly funny.
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Sep 19, 2013 16:12
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This is related to the thread I think, and pretty interesting if we're actually starting to reclaim farmland (which we should be doing): http://www.theglobeandmail.com/report-on-business/how-farmland-became-canadas-hottest-real-estate-market/article14394176/ quote:Buy land, advised Mark Twain, because, as the punch line goes, they ain’t making any more of it. Fast forward to 2013 and that advice, as a look at prices for farmland shows, seems as prescient as ever.
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Sep 19, 2013 16:17
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Matthew_O posted:Everyone I work with sees the risk in housing. However, the general consensus is that the media has continuously overestimated the risk in terms of likelihood and severity. Leaving aside housing bubble collapse doomsday scenarios - are you/your colleagues not at least slightly troubled by the international comparisons of price:rent ratios, price:income ratios etc? Canada is solidly the leader of those league tables.
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Sep 19, 2013 16:21
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