|
All I read here is that the CMHC has no profit motive like Fannie Mae and Freddie Mac so they're not handing out NINJA loans like candy. Whereas the FMs were motivated by creating value for the shareholder~ and also had government gurantees backing their investments, the CMHC only has government gurantees backing their investments . Also, the CMHC is the genesis that is all and good with the prosperity of Canadians blah blah blah gently caress you evan siddall
|
# ? Jun 30, 2014 03:34 |
|
|
# ? Jun 1, 2024 04:45 |
|
http://blogs.vancouversun.com/2014/06/27/why-vancouver-housing-is-unaffordable-and-what-to-do-about-it/quote:Edward Yang is sad about the city he grew up in. His parents emigrated from Taiwan to B.C. without much money, yet in the early 1990s they were able to afford a small house in East Vancouver. All these motherfuckers are pointing in the wrong direction. Immigration might have some effect on house prices, but the real 'one to one' correlation is between ease of obtaining mortgages and house prices.
|
# ? Jun 30, 2014 03:54 |
|
Cultural Imperial posted:http://blogs.vancouversun.com/2014/06/27/why-vancouver-housing-is-unaffordable-and-what-to-do-about-it/ It's just too convenient of a scapegoat rather than admitting that there's something rotten in the Canadian mortgage system.
|
# ? Jun 30, 2014 04:30 |
|
quote:Moos and Skaburskis found, beginning in the 2000s, “immigrants, particularly from Asia, increasingly arrived with established wealth, and many were known to continue earning income outside the country. This led to a decoupling of housing from local labour market participation.” Who knew that immigrants would be criticized for not taking jobs?
|
# ? Jun 30, 2014 04:32 |
|
Again, I think you guys are too easily conflating the Vancouver story with the Canada story. The CMHC does not operate an especially lax set of policies in the lower mainland alone.
|
# ? Jun 30, 2014 04:39 |
|
Lexicon posted:Again, I think you guys are too easily conflating the Vancouver story with the Canada story. No, it doesn't. But real estate prices are inflated in major cities across Canada, and these articles for some reason never seem to mention that a significant portion of the problem in Vancouver could be caused by domestic trends. Once again, we need more reliable data before we can begin pointing to wealthy Chinese immigrants as the main cause of this phenomenon. I haven't read Ley's study, but if this is his primary evidence: quote:Ley discovered almost a one-to-one correlation over a 25-year period between Metro Vancouver becoming one of the most unaffordable real estate markets in the world and a surge of international immigration and offshore investing Then I don't have a lot of faith in the utility of his research to explain Vancouver's real estate market. Connections between, for instance, Canadian industries and Chinese demand for energy and natural resources, or major global developments like the downturn of 2008, could independently have had a major impact on both BC's real estate market and on Chinese emigration and offshore investing. I think this is just about the fifth or sixth article or op-ed that has appeared in the last couple of weeks exclusively blaming wealthy Chinese immigrants for Vancouver house prices.
|
# ? Jun 30, 2014 12:32 |
|
You're right about needing more evidence, and that "one-to-one" statement has zero meaning, statistically or otherwise. I think it's simply self evident that there are vast amounts of exogenous money driving large parts of the Vancouver market (e.g. SFH, Coal Harbour) though. I'm not saying necessarily even Asian - could be from elsewhere in Canada or the USA. But definitely exogenous. And it's compelling that all of that has a downstream effect - the upper Income deciles (which ain't especially high, being Vancouver), which might've aspired to live somewhere on the west side, ends up cobbling together 1M+ for houses on the east side. And so on down the line. Add in the CMHC, and a city and national culture that's already obsessed with real estate - and, well, that's Vancouver for you.
|
# ? Jun 30, 2014 13:31 |
|
Lexicon posted:You're right about needing more evidence, and that "one-to-one" statement has zero meaning, statistically or otherwise. I agree that foreign investment is definitely a factor, and very well could be a major one. I just wish that someone would produce a study that integrates both domestic and foreign real estate investment into one model so that we can begin at the very least to attempt to disentangle the two categories and weigh the contribution of each to the current situation.
|
# ? Jun 30, 2014 13:46 |
|
MeinPanzer posted:I agree that foreign investment is definitely a factor, and very well could be a major one. I just wish that someone would produce a study that integrates both domestic and foreign real estate investment into one model so that we can begin at the very least to attempt to disentangle the two categories and weigh the contribution of each to the current situation. Agreed completely. It'd be a very difficult thing to do though - on a data availability basis alone - and that's assuming you get over the political opposition to such a thing (lol).
|
# ? Jun 30, 2014 13:53 |
|
To marks to the guy in the article speaking out about rennie's ridiculous assertion that real estate is affordable if you cut out the top 20% off the market.
|
# ? Jun 30, 2014 14:49 |
|
VanCity is now offering 2.5% down mortgages. https://www.vancity.com/Mortgages/TypesOfMortgages/DownPaymentHelper/?xcid=logout_downpayment_helper
|
# ? Jun 30, 2014 18:27 |
|
Lead out in cuffs posted:VanCity is now offering 2.5% down mortgages. Pffft, it ain't a proper bubble until the 110% mortgage deals start popping up.
|
# ? Jun 30, 2014 21:53 |
|
LemonDrizzle posted:Pffft, it ain't a proper bubble until the 110% mortgage deals start popping up. RBC offers a 7% cash-back mortgage and TD offers a 6% one. So not quite 110%, but close!
|
# ? Jun 30, 2014 22:29 |
|
Here is a great post from one of my favourite bear blogs that illustrates why overseas money is only part of the problem:quote:Fun fun I wondered what I could buy today with an inflation adjusted income vs what I bought in 2004.
|
# ? Jun 30, 2014 23:47 |
|
Franks Happy Place posted:Here is a great post from one of my favourite bear blogs that illustrates why overseas money is only part of the problem: Pretty much the only way to keep homes "affordable" in a bubble is to have ever decreasing credit costs.
|
# ? Jul 1, 2014 00:54 |
|
http://business.financialpost.com/2014/06/30/hgtv-effect-pushes-home-renovation-spending-to-record-63-billion/quote:
gently caress all of you profligate motherfuckers
|
# ? Jul 1, 2014 02:46 |
|
I'm kind of shocked by the idea that only 25% of the people renovating are using home equity to finance it, but, having dabbled in the kitchen business for years, it's not really surprising how far it has risen. The GTA had a two year period where the amount of kitchen related businesses doubled, whether it was faucets, appliances, floors, cabinets, cookbooks or fancy copper pans. In fact, the glut of new businesses in the market actually led to a big convention being held at the Living Arts Centre in Mississauga, in addition to the Home Show that usually goes on in Toronto. Two gigantic conventions within rock throwing distance of each other.
|
# ? Jul 1, 2014 10:58 |
|
Do that many Canadians even cook? All I see are statistics and reports that say that Median Modern Two-Income Household barely cooks at all. Like this one I found in a few minutes: http://www.ats-sea.agr.gc.ca/inter/5527-eng.htm
|
# ? Jul 1, 2014 13:35 |
|
http://blogs.reuters.com/financial-...tral-bank-says/quote:
So all of these things are of low to medium risk of happening. Everything is ok and none of this will probably ever happen. Thanks Bank of Canada. namaste friends fucked around with this message at 14:10 on Jul 1, 2014 |
# ? Jul 1, 2014 14:01 |
|
Cultural Imperial posted:http://blogs.reuters.com/financial-...tral-bank-says/ They're evaluating potential threats to the economy in the next year, none of those risks are guaranteed to happen by then. Seriously, this document is a red flag to anyone paying attention, but instead of START PANICKING NOW at the bottom they put please govern yourselves accordingly. I don't think that's out of line.
|
# ? Jul 1, 2014 14:37 |
|
Kafka Esq. posted:You read moderate probability as a prediction it won't happen? Most of these things will happen. This isn't a question of probability, it's a question of how soon.
|
# ? Jul 1, 2014 15:48 |
|
I've been saying this for about two years, BC's economy is going to experience some hilarious unforeseen economic shocks once weed becomes legal in Washington state. That day is coming this weekend. Enjoy your home renovations retards.
|
# ? Jul 1, 2014 16:21 |
|
Cultural Imperial posted:I've been saying this for about two years, BC's economy is going to experience some hilarious unforeseen economic shocks once weed becomes legal in Washington state. That day is coming this weekend. Enjoy your home renovations retards. Eh, we still supply most of Canada. Maybe we'll pivot and start running it to China next.
|
# ? Jul 1, 2014 16:26 |
|
Bleu posted:Do that many Canadians even cook? All I see are statistics and reports that say that Median Modern Two-Income Household barely cooks at all. Like this one I found in a few minutes: http://www.ats-sea.agr.gc.ca/inter/5527-eng.htm Anecdotal but 2 friends I know "made it" they both have very nice jobs and renovated their kitchens. Granite countertops, brand new gas oven, super expensive pots and pans, professional knives (I love these), the works. They both eat out 6 days a week. I can't afford to eat out; I cook every day. I use a 30 year old electric stove, with plastic countertops and a $10 walmart knife set
|
# ? Jul 1, 2014 16:46 |
|
Total anecdote, but when I moved here from the UK as a teenager, I can still remember being struck by how lovely Canadian kitchens (lower mainland, admittedly outside of Vancouver for the most part) belonging to my friends and family here were compared to ones most people had back in the UK. Crappy cabinets and countertops, ancient electric ranges, etc, seemed par for the course. So maybe Canada was simply a bit behind the curve, and has caught up. Obviously the paper real estate gains helps, I imagine.
|
# ? Jul 1, 2014 16:52 |
|
I have had a string of roommates pushing 30 who are mystified by how to use a dishwasher, an oven, or take out the garbage. The "Canadian Man/Woman-child" who can barely care for themselves and relies on eating out to survive is alive and well in our era, I assure you.
|
# ? Jul 1, 2014 17:05 |
|
Rutibex posted:Anecdotal but 2 friends I know "made it" they both have very nice jobs and renovated their kitchens. Granite countertops, brand new gas oven, super expensive pots and pans, professional knives (I love these), the works. They both eat out 6 days a week.
|
# ? Jul 1, 2014 17:30 |
|
There's a big difference between things that are just cosmetic (granite countertops) and things that can be expensive, but are clearly better or more useful, like good knives, a gas range instead of electric, or good quality pots and pans (though those are, I would say, much less helpful than good knifes and a gas range).
|
# ? Jul 1, 2014 17:33 |
|
PT6A posted:There's a big difference between things that are just cosmetic (granite countertops) and things that can be expensive, but are clearly better or more useful, like good knives, a gas range instead of electric, or good quality pots and pans (though those are, I would say, much less helpful than good knifes and a gas range). Yeah I have cooked in their kitchen and believe me I notice a difference. The knives alone are a huge deal. They also have stuff like a professional mixer, a deep frier, professional food processor, etc.
|
# ? Jul 1, 2014 17:59 |
|
PT6A posted:good knifes and a gas range). Yup. If you have both of these, the rest is just aesthetic detail.
|
# ? Jul 1, 2014 18:32 |
|
What you mean you Ballers don't use a knife service
|
# ? Jul 1, 2014 18:43 |
|
Paging Cultural Imperial: a piece in The Economist about possible BC implications of weed legalization in certain states: http://www.economist.com/blogs/americasview/2014/06/cannabis-british-columbia I'm pretty squarely in the camp of bad consequences for BC, but it's very hard to quantify.
|
# ? Jul 2, 2014 01:35 |
|
Kafka Esq. posted:I'm kind of shocked by the idea that only 25% of the people renovating are using home equity to finance it, but, having dabbled in the kitchen business for years, it's not really surprising how far it has risen. The GTA had a two year period where the amount of kitchen related businesses doubled, whether it was faucets, appliances, floors, cabinets, cookbooks or fancy copper pans. In fact, the glut of new businesses in the market actually led to a big convention being held at the Living Arts Centre in Mississauga, in addition to the Home Show that usually goes on in Toronto. Two gigantic conventions within rock throwing distance of each other. Yup the US had a similar HELOC granite countertop spending binge before the market crashed.
|
# ? Jul 2, 2014 01:49 |
|
Lexicon posted:Yup. If you have both of these, the rest is just aesthetic detail. On one hand, I really wish I had a gas range. On the other hand, I'm fairly happy to not give the other people in my building a way of causing me massive inconvenience, injury or death, given that they've already managed to start things on fire with the tools at hand. My good knives, though? You can have them when you pry them from my cold, dead fingers. I also love my Le Creuset Dutch oven that I got as a Christmas present, even though I could probably do without it. It's just... great. Lexicon posted:Paging Cultural Imperial: a piece in The Economist about possible BC implications of weed legalization in certain states: http://www.economist.com/blogs/americasview/2014/06/cannabis-british-columbia It probably won't hit Vancouver for another little while, but they guys I know in the Kootenays are already suffering from legalization in Colorado and whatnot. I guess we'll just have to wait and see how much of the province's economy was actually built on marijuana.
|
# ? Jul 2, 2014 01:53 |
|
Lexicon posted:Paging Cultural Imperial: a piece in The Economist about possible BC implications of weed legalization in certain states: http://www.economist.com/blogs/americasview/2014/06/cannabis-british-columbia Thanks lexicon. Lol gently caress those Emery idiots
|
# ? Jul 2, 2014 02:14 |
|
We like to check out open houses and I always have an eye for the kitchens given that we cook and bake from scratch every day. Good knives and a gas range is right. Fancy pots and pans are bullshit. They tend to be very heavy and full of dumb poo poo like copper. No professionals use these - just basic frying pans and pots. The heavy ones defeat the purpose of a gas range which is fine temperature control. Anyways, lots of renovated kitchens look pretty but are completely impractical. You can tell they were designed and planned by people who don't use their kitchen. Useless islands full of poo poo in the direction path between fridge, sink, range. No counter space. Appliances everywhere.
|
# ? Jul 2, 2014 06:10 |
|
Have you noticed that a lot of houses in vancouver now have 2 kitchens? The wolf range doesn't get used.
|
# ? Jul 2, 2014 06:17 |
|
Cultural Imperial posted:Have you noticed that a lot of houses in vancouver now have 2 kitchens? The wolf range doesn't get used. Wtf, why?
|
# ? Jul 2, 2014 11:53 |
|
Lexicon posted:Wtf, why?
|
# ? Jul 2, 2014 12:17 |
|
|
# ? Jun 1, 2024 04:45 |
|
For the really strict vegan/Muslim/breatharian in your life.
|
# ? Jul 2, 2014 12:18 |