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http://www.cbc.ca/news/canada/nova-scotia/canadian-forces-major-sues-feds-over-moving-bill-1.2603391quote:
hahaha holy poo poo i need to join the loving army time to cut back on mustache wax major. 
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Apr 9, 2014 05:34
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Why does the treasury board have that policy? Don't we already provide base housing?
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Apr 9, 2014 06:07
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Paper Mac posted:Why does the treasury board have that policy? Don't we already provide base housing? The better question is why the gently caress does a house cost 405k in Edmonton.
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Apr 9, 2014 06:37
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Cultural Imperial posted:The better question is why the gently caress does a house cost 405k in
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Apr 9, 2014 07:45
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I think you will find that there are several cows hemming in available land in the area, and since they don't make any more of it, those houses have effectively infinite long term growth potential. Also the bank gave them a 400K mortgage, so like most Canadians they just threw it at a house since there is no price at which real estate isn't a good investment. If I were to be charitable, there is probably some additional labour costs for construction in Alberta with the tar sands sucking the workforce north. Idiocy is probably the correct answer though.
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Apr 9, 2014 09:19
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http://www.cbc.ca/news/canada/british-columbia/serial-bad-tenants-leave-b-c-landlords-in-the-lurch-1.2603174quote:B.C. landlords are calling for a bad tenant registry after several became unwilling targets of a pair of apparent serially-delinquent renters. being a landlord is hard u guys
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Apr 9, 2014 15:02
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Being subject to a registry that denies you HOUSING, likely without a trial or any kind of hearing, is so hilariously likely to be abused by scummy and honest landlords, and swinging the power balance so wildly out to one side that it MUST be a Conservative policy plank somewhere.
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Apr 9, 2014 15:36
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Kafka Esq. posted:Being subject to a registry that denies you HOUSING, likely without a trial or any kind of hearing, is so hilariously likely to be abused by scummy and honest landlords, and swinging the power balance so wildly out to one side that it MUST be a Conservative policy plank somewhere. Exactly. If party A owes party B money, we already have a mechanism in place to deal with that - it has existed for centuries.
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Apr 9, 2014 15:40
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Toronto, Vancouver, and Calgary are the three best cities in the world for real estate investment: http://www.thestar.com/business/real_estate/2014/04/09/toronto_vancouver_calgary_rated_tops_for_real_estate_investment.bb.htmlquote:Their star ranking doesn’t come so much from short-term metrics like return on investment, but their longer term “resilience” — a stellar combination of “low vulnerability and high adaptive capacity,” says the unusual report, more than three years in the making, by the U.K.-based Grosvenor Group. Yes, once international capital has turned London into a luxurious ghost town, it should definitely come here.
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Apr 9, 2014 15:49
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Cultural Imperial posted:http://www.cbc.ca/news/canada/british-columbia/serial-bad-tenants-leave-b-c-landlords-in-the-lurch-1.2603174 Sounds like a bunch of people bought investment properties with no idea of the pitfalls. "Deadbeat renters are a thing? Really? Why didn't my real estate agent tell me this!"
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Apr 9, 2014 15:51
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Segue posted:Toronto, Vancouver, and Calgary are the three best cities in the world for real estate investment: http://www.thestar.com/business/real_estate/2014/04/09/toronto_vancouver_calgary_rated_tops_for_real_estate_investment.bb.html Quote, "These three cities have a great deal of economic dynamism". Where did they get their info from? Bob rennie?
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Apr 9, 2014 16:05
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FrozenVent posted:Sounds like a bunch of people bought investment properties with no idea of the pitfalls. We need to protect our property owners from the scourge of renters bro.
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Apr 9, 2014 16:07
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Cultural Imperial posted:We need to protect our property owners from the scourge of renters bro. Bring the "Lord" back to landlord. In the ruling sense not the Jesus sense
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Apr 9, 2014 16:10
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FrozenVent posted:Sounds like a bunch of people bought investment properties with no idea of the pitfalls. I'm honestly baffled that so many people are so keen to become amateur landlords. First off, all the usual detractor talking points aside (high transaction costs, illiquid, etc) - it's simply a terrible investment generally. Net of all costs, a condo in most places in say, BC, will barely break 4% in annual return, and that's assuming all goes to plan. But more relevantly - I wouldn't do it irrespective of how good the return was. It could yield 25% and I wouldn't be interested. I could not be loving bothered with the hassle of receiving phone calls to have toilets unplugged, filtering out idiots on Craigslist, etc, etc. That people willingly sign up for this truly mystifies me. That said - I love that they do 
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Apr 9, 2014 16:10
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Lexicon posted:I'm honestly baffled that so many people are so keen to become amateur landlords. First off, all the usual detractor talking points aside (high transaction costs, illiquid, etc) - it's simply a terrible investment generally. Net of all costs, a condo in most places in say, BC, will barely break 4% in annual return, and that's assuming all goes to plan. You're forgetting the guaranteed 5-10% p.a. capital appreciation there, bub. 
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Apr 9, 2014 16:18
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If I could make a decent living wage at it I'd love being a landlord. Not for a condo but my own little apartment building. Nothing huge, maybe 20-30 units. Get to know all the tenants, screen well, keep the building in perfect shape, charge a fair rent and treat the tenants well. I'm very social and I like fixing and building things, seems like a pretty good gig if you like that sort of thing. A lot of landlords seem to loving hate people, hate buildings, and hate dealing with finances. I'm not sure why they do it. I guess anyone who gets into the game without knowing what they're getting into, thinking they just sit on the building and get rent and never factored upkeep or dealing with problem tenants into it are going to get jaded and grumpy fast. "I did all the math before I went into this! The rent is $1300, the mortgage is $1200, I should be making $100 a month on each of these condos I bought! But this loving tenant clearly broke the sink as some sort of class war related attack on his better but I won't let them sabotage my success! Now the government wants me to pay TAXES?!? Jackles! Vultures!! This society hates entrepreneurs!" Also someone with a whole apartment building is in it for the rents, most rental condo owners just see the renter as subsidizing their mortgage and the real "investment" is the increasing value of the condo. I sort of know a few tar sand workers and every single one of them puts their money into condos. Buy a condo with a large downpayment, rent it out to break even (or even a slight loss) on the mortgage, repeat. Some of them have 5-6 condos now. They aren't making a cent being a landlord but they brag about how it's basically a "free investment". Baronjutter fucked around with this message at 16:28 on Apr 9, 2014 |
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Apr 9, 2014 16:25
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Yeah somebody clearly never heard of checking references. Hell, professional rental companies do credit checks.Baronjutter posted:Also someone with a whole apartment building is in it for the rents, most rental condo owners just see the renter as subsidizing their mortgage and the real "investment" is the increasing value of the condo. I sort of know a few tar sand workers and every single one of them puts their money into condos. Buy a condo with a large downpayment, rent it out to break even (or even a slight loss) on the mortgage, repeat. Some of them have 5-6 condos now. They aren't making a cent being a landlord but they brag about how it's basically a "free investment". What could go wrong? Other than the tar sands drying up and interest rates rising before they have those paid off, leaving them underwater on not one but six properties.
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Apr 9, 2014 17:12
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Lexicon posted:I'm honestly baffled that so many people are so keen to become amateur landlords. First off, all the usual detractor talking points aside (high transaction costs, illiquid, etc) - it's simply a terrible investment generally. Net of all costs, a condo in most places in say, BC, will barely break 4% in annual return, and that's assuming all goes to plan. People like the feeling of having power over others. It makes them feel smart "Heh this idiot is paying my mortgage for me; I'm such an advanced investment genius!"
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Apr 9, 2014 17:15
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Get a certified cheque for first and last, bam, problem solved.
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Apr 9, 2014 17:16
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Lead out in cuffs posted:Other than the tar sands drying up and interest rates rising before they have those paid off, leaving them underwater on not one but six properties.
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Apr 9, 2014 17:26
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Lexicon posted:I'm honestly baffled that so many people are so keen to become amateur landlords. First off, all the usual detractor talking points aside (high transaction costs, illiquid, etc) - it's simply a terrible investment generally. Net of all costs, a condo in most places in say, BC, will barely break 4% in annual return, and that's assuming all goes to plan. Oh God, my last apartment was the main floor of a house in downtown Toronto. I lived there while it was in the process of being sold. The previous owners had contracted a management agency because I guess they didn't live in the city. We figured out in the first week that we couldn't turn on the electric kettle and the toaster without overloading the circuit breaker and calling the basement tenant to flip it. Anyway, we call the management company, they send an electrician, put in a new breaker, done. Well, we also tell the management company that the exterior is basically falling apart because the lawn's never been raked or anything. Instead of a landscaper, our landlord showed up. "Yeah," he said, "we're gonna have to sell this house." "Oh, why?" "Well, we got this management company to maintain it, but they just call a specialist and charge us for it. It's not as lucrative as we thought it'd be." Um....isn't that what management companies are meant to do?  Anyway, it gets sold to some analyst at CIBC. This guy has a full time job,but his wife doesn't work. It turns out that the top floor isn't up to code because the previous owners just ignored it. I know the house was listed at $675k, because we had thought of buying it. We moved out in November 2012. Dude is still trying to get that top floor up to code. This poor guy. I hope he lowballed that offer, but I'm not optimistic. Landlording seems awful, but yeah, that's because my experiences with landlord is just that they don't give a poo poo about making apartments habitable. Right before I moved away from Dublin in 2008 the city council had passed new tenancy laws which actually included required on-site laundry. That sure would be awesome  Baronjutter posted:They aren't making a cent being a landlord but they brag about how it's basically a "free investment". How do they define "free" and "investment"? Also are they aware of any other investments? Like, at all?
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Apr 9, 2014 18:00
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It's amusing. All the really rich people I know avoid being [residential] landlords like the plague, and none of them made any substantial part of their fortune through owning residential properties. I don't know where people are getting the idea that "investment properties" are such a good idea, because it certainly can't be by looking at how rich people actually made their money.
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Apr 9, 2014 18:14
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There's this real idea out there that LAND and realestate are the safest and most real investments. Stocks and mutual funds and all that can just vanish at the drop of a hat and are confusing. But owning land, owning a building, that's a real investment, that's something you can touch and see. Also being a land LORD is like nobility, you get to make huge profits via rent-seeking and don't have to do any work, you just need the capital to buy and you're the boss! I used to think like this as a kid/teen. Most all the rich people I knew were immigrants who bought up tons of property since coming over here with nothing, but the market and world is very different now vs the 50's. People have these ideas of either flipping house after house for massive profit each time, or buying up a whole rental empire. I mean a 10 unit apartment building would be giving you 10,000 a MONTH, 10,000 a month of free money just for owning the building. Also even if you're starting small with a single condo, it's still great money. The tenant covers the mortgage for you so that makes it basically free, but you get to keep that 5% value increase a year. By the time your mortgage is paid off it will be worth double and you'll not have paid a cent towards it due to idiot renters paying your mortgage for you. Renters are just idiots too short-sighted and lazy to INVEST. Transaction costs? What ever it's peanuts compared to what you'll make when you sell. Gotta spend money to make money. Upkeep? What ever, replace a faucet or something every few years? That's easy enough, or hell I'll just hire a management firm. Isn't that mostly the tenants job anyways? Market not giving me 5% a year? lol sure every realtor I talk to says we're going to be at least doubling again in the next 10-20 years.
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Apr 9, 2014 18:21
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Baronjutter posted:Renters are just idiots too short-sighted and lazy to INVEST. Most of the affluent/rich people I know indeed on their own homes, and possibly vacation properties, and consider it good inasmuch as it's a fairly reliable hedge if you don't buy in the middle of a bubble, so it can't be said that they're opposed to ownership completely. Owning a residential property that you yourself are not living in, though, is a completely different matter, and I don't see many people I would consider "successful" doing it. If you want to be a full-time landlord, that's a different matter, but you require a lot more capital to get that started.
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Apr 9, 2014 18:52
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Baronjutter posted:If I could make a decent living wage at it I'd love being a landlord. Not for a condo but my own little apartment building. Nothing huge, maybe 20-30 units. Get to know all the tenants, screen well, keep the building in perfect shape, charge a fair rent and treat the tenants well. I'm very social and I like fixing and building things, seems like a pretty good gig if you like that sort of thing. The parents of a good friend of mine did exactly that. The immigrated from BC to Texas when he was in highschool (where the rent laws skew wildly in favor of the landlord) and leveraged themselves into a 30 unit building in a good school district with 5% down on a 2 million dollar purchase. Apparently his dad makes ~150k net p/a doing it, though the first few years were pretty drat lean.
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Apr 9, 2014 18:52
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Claverjoe posted:The parents of a good friend of mine did exactly that. The immigrated from BC to Texas when he was in highschool (where the rent laws skew wildly in favor of the landlord) and leveraged themselves into a 30 unit building in a good school district with 5% down on a 2 million dollar purchase. Apparently his dad makes ~150k net p/a doing it, though the first few years were pretty drat lean. Buying apartment buildings with appropriate CAP rates and working as a landlord can be completely worthwhile, otherwise you wouldn't see REITs and property management companies doing it and making super consistent profits. What you don't see are REITs set up owning random condos in various buildings and houses as rental units.
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Apr 9, 2014 19:12
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http://politicsrespun.org/2014/04/resistance-is-futile-steveston-developers-pr-flacks-and-the-borg/ Onni are rear end in a top hat developers. They bought Steveston land zoned for mixed maritime use. Built a condo project for mixed residential and commercial use. Richmond won't rezone. Onni hires some rear end in a top hat named Bob Ransford to conduct social media pr campaign to get Richmond to rezone. quote:
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Apr 9, 2014 19:36
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I know people in Victoria that want to do what this guy does, professionally. They work close with developers to try to get "grass roots" support for developments and blast ads for projects on social media. Sort of marketing/proponents for hire. They started out just caring about density in the city and fighting against a rather nimby and height-phobic council, something I participated in, but by doing it so much they've basically drank way too much developer/realtor kool-aid.
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Apr 9, 2014 19:43
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ocrumsprug posted:Buying apartment buildings with appropriate CAP rates and working as a landlord can be completely worthwhile, otherwise you wouldn't see REITs and property management companies doing it and making super consistent profits. Exactly - rental income makes sense in multi-unit building; single family homes and condos (Especially condos) are a stupid choice. Of course if you own an apartment block, it's going to be more work than owning a single condo, so the lazy landlord "Free money" types don't get involved in that. A few years back I considered buying a triplex, renting one unit to my father for cheap (He's handy with maintenance), living in one and renting out the other. I think that would have worked out ok; if I'd needed to move out of town I'd have let my father handle the building and rented the last unit out. Then I realized that triplexes in my area were up to $450 000 each, and even my real estate agent friend went  .
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Apr 9, 2014 19:48
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Baronjutter posted:I know people in Victoria that want to do what this guy does, professionally. They work close with developers to try to get "grass roots" support for developments and blast ads for projects on social media. Sort of marketing/proponents for hire. They started out just caring about density in the city and fighting against a rather nimby and height-phobic council, something I participated in, but by doing it so much they've basically drank way too much developer/realtor kool-aid. I knew of friends of friends who did the same thing for bodog. Professional astroturfing is a good source of economic growth in BC it seems.
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Apr 9, 2014 19:52
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Just popping in to say that I live in Toronto and really, really don't understand where people are getting the kind of money required for these $300k+ 500 sq. ft. shoeboxes that are popping up, literally, everywhere. The whole thing is like some unholy time-bomb of people living beyond their means, discovering that all these high-rises that went up in the last 8-10 years are built like poo poo and will have heinous maintenance fees, and gen-x/y-ers that are going to get baby-crazy and push back into the burbs for more space. e: want some fun? Try to convince someone that currently lives in Liberty Village that it is an impending slum.
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Apr 10, 2014 04:01
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krooj posted:Just popping in to say that I live in Toronto and really, really don't understand where people are getting the kind of money required for these $300k+ 500 sq. ft. shoeboxes that are popping up, literally, everywhere. The whole thing is like some unholy time-bomb of people living beyond their means, discovering that all these high-rises that went up in the last 8-10 years are built like poo poo and will have heinous maintenance fees, and gen-x/y-ers that are going to get baby-crazy and push back into the burbs for more space. It's basically the perfect storm of cheap easy credit and also the government underwriting people's irrational home ownership dreams. The only bright side in whole mess is Canadian banks have bit better rainy day fund than the US banks but really doesn't matter when you have a big bubble bursting.
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Apr 10, 2014 04:20
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Baronjutter, due to your job I assume you get to see a lot of old and new buildings, yes? Based upon what you've seen, what do you think about the quality of construction, of old vs. new buildings in victoria?
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Apr 10, 2014 04:21
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This is the best article on the new condos: http://www.thestar.com/news/gta/2014/02/19/degrading_condo_windows_expected_to_trigger_major_wave_of_replacements.html 
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Apr 10, 2014 04:28
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Vancity is offering 2.5% downpayment mortgages, up to a maximum of 500k. https://www.youtube.com/watch?v=XBl5MfA3QiU Canada has no subprime. Canada is a shining example of how to regulate the banks. We survived the great recession and our banking industry is the envy of the world u guyz
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Apr 10, 2014 05:11
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Cultural Imperial posted:Vancity is offering 2.5% downpayment mortgages, up to a maximum of 500k. It's nothing like the US real estate bubble.
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Apr 10, 2014 05:40
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Cultural Imperial posted:Vancity is offering 2.5% downpayment mortgages, up to a maximum of 500k. ...  I wish I still lived in Kitchener-Waterloo, tbh. After BlackBerry poo poo the bed it was no longer the trendy place to be and it looks like home prices are starting to go back to normal. MLS shows a bunch of free hold post-war brick homes for mid-high 200s, which seems fair. krooj fucked around with this message at 15:26 on Apr 10, 2014 |
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Apr 10, 2014 12:56
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krooj posted:Just popping in to say that I live in Toronto and really, really don't understand where people are getting the kind of money required for these $300k+ 500 sq. ft. shoeboxes that are popping up, literally, everywhere. The whole thing is like some unholy time-bomb of people living beyond their means, discovering that all these high-rises that went up in the last 8-10 years are built like poo poo and will have heinous maintenance fees, and gen-x/y-ers that are going to get baby-crazy and push back into the burbs for more space. It's even true in the older inner suburbs. It's disconcerting to look at the median household income for our area, compare it to our household income, and then look at (mostly single-family) home prices and realize that most people buying these homes can't really afford them.
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Apr 10, 2014 15:04
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Stop shorting Canada you guys. You don't have the same access to information that I have! http://business.financialpost.com/2014/04/10/canada-housing-market-correction-us/ quote:
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Apr 10, 2014 18:09
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Defaults happen at the end of a bubble just before poo poo hits the fan. It's not a useful metric because once they start happening it's too late.
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Apr 10, 2014 18:24
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