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ocrumsprug posted:If it hadn't happened more than once I would suspect it was just a landlord fishing for a desperate renter. Basically just the cheapest 2br's they can find that aren't total rats nest slums.
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Aug 14, 2014 20:39
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Yeah, my mom is being evicted by a shithead so we're back looking at a place for her and my brother again. They went to see one last week which was a 2 bedroom basement, so horrific that it should have been torn down. Like, film quality horror show of a house. Turns out it IS being torn down, the owner is just looking to rake in $3000/month (between the top and bottom suites) while he waits for the demolition permit to go through in six months or so. The best part was he was wearing no less than 4 gold chains and drove up in a Lambo.  Edit: Bwahahaha, only $117k! Rime fucked around with this message at 21:36 on Aug 14, 2014 |
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Aug 14, 2014 20:46
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I am curious how much of an effect the Vancouver love of demolishing tear downs for McMansion construction, is having on what would have been historically relatively stable rental properties. e: It is for sure affecting it, but I am curious if this is why we are seeing the rental crunch? I would have expected some of the bajillion new condos to have alleviated a lot of that stress.
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Aug 15, 2014 00:19
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^ Same. I would've thought rents would if anything have been deflating a bit.
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Aug 15, 2014 00:22
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Anything built within the last 10 years just isn't going to have reasonable rents. Once you get into new-condo landlords, they all want what will close to cover their mortgage, which is generally quite a bit higher than an older rental of the same size would go for. I mean even in Victoria you can get an amazing big 2br in a purpose built rental kept in perfect condition for about $1300, but a newer condo rented out would only give you 1br for the same price, or want $1600-2000 for the same size. Sure it's got important features like granite countertops and floor to ceiling windows, but for a normal working person none of that matters, they just need space for their family. I'd love in-unit laundry but I'm not paying 200-300 more for that, I can't afford that. In vancouver there's tons of rentals, but those 20 units of $1500 a month 1br condos were built on top of an older 5 unit house-apartment that were only $1000 a month, or gave you 2br for the same price. The density is increasing, but the affordability goes down. And without much of an economy or job prospects outside of a few areas I don't know who's going to be paying these rents in vancouver. Maybe people will just have to put up with paying more for less, maybe the granite countertop will have to keep that family of 3 in a 600sqft condo happy. Baronjutter fucked around with this message at 01:09 on Aug 15, 2014 |
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Aug 15, 2014 01:06
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It's also worth noting that the "inlaws suites" being built into basements in the past decade are vastly smaller than they previously were. Like, half the square footage for double the price.
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Aug 15, 2014 01:33
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I pay 1550/month for my hipster main st apt in a new building. Mainly because after living in the UK, I couldn't stand the thought of living in another medieval shithole apartment.
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Aug 15, 2014 01:56
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Cultural Imperial posted:I pay 1550/month for my hipster main st apt in a new building. Mainly because after living in the UK, I couldn't stand the thought of living in another medieval shithole apartment. I bet you live in that abortion on 6th, don't you.
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Aug 15, 2014 02:03
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Franks Happy Place posted:I bet you live in that abortion on 6th, don't you. Stop posting and get back to your anger management class dear. (USER WAS PUT ON PROBATION FOR THIS POST)
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Aug 15, 2014 02:09
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Cultural Imperial posted:Stop posting and get back to your anger management class dear. Uh OK. 
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Aug 15, 2014 03:25
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Sassafras fucked around with this message at 09:22 on Aug 21, 2014 |
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Aug 15, 2014 04:23
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What the gently caress is this rent bidding poo poo? I've never heard of such a thing. My current landlady picked me out of a crowd of loving losers because I had ~job~
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Aug 15, 2014 04:41
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Sassafras fucked around with this message at 09:22 on Aug 21, 2014 |
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Aug 15, 2014 04:57
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Cultural Imperial posted:I pay 1550/month for my hipster main st apt in a new building. Mainly because after living in the UK, I couldn't stand the thought of living in another medieval shithole apartment. Don't you live in Seattle? Or am I hopelessly confused?
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Aug 15, 2014 05:17
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If the rental market is actually tightening up, this means we're headed for a soft landing~~
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Aug 15, 2014 05:20
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Lexicon posted:Don't you live in Seattle? Or am I hopelessly confused? I rent two places.
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Aug 15, 2014 05:21
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Cultural Imperial posted:I rent two places. Pride of double tenancy!
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Aug 15, 2014 05:32
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CI, are you a sassy black lady? I feel like I know you in person.
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Aug 15, 2014 05:35
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Rime posted:CI, are you a sassy black lady? I feel like I know you in person. that's racist
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Aug 15, 2014 05:44
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http://www.cbc.ca/news/canada/british-columbia/david-michael-michaels-guilty-of-65m-investment-fraud-1.2735423quote:The B.C. Securities Commission has convicted Victoria-area financial adviser David Michael Michaels of perpetrating a massive fraud that cost hundreds of investors a total of $65 million. quote:The securities commission said Michaels used a weekly radio infomercial on CFAX in Victoria to promote his business, telling potential investors he gave up his registration as a stockbroker because he had lost faith in the market and resigned when he foresaw the impending market crash. quote:In addition, the BCSC said that "virtually all of the roughly $65 million invested by Michaels's clients is now worthless, leaving many of them financially destitute while their home equity loans remain." quote:No criminal charges have been laid against Michaels in relation to the investigation. My two favorite things. Baby boomers and HELOCs. This is good news for anyone selling real estate that's guranteeing returns. Also, prideful owners will backstop their losses with their houses as collateral. Kinda like the CMHC does with subprime borrowers.
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Aug 15, 2014 06:29
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Baronjutter posted:So my friends in Vancouver had a baby and now they're looking to rent a place big enough to have a baby in.... Now every listing they try to get turns into a bidding war. They didn't get the last apartment, a small 2br for $1800, because someone else offered $2000. Apartment bidding! Vancouver is a poo poo place to live. That sounds like New York, except for the fact that people bidding on rentals in NYC actually have the income to back it up.
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Aug 15, 2014 13:15
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Cultural Imperial posted:My two favorite things. Baby boomers and HELOCs. This is good news for anyone selling real estate that's guranteeing returns. Also, prideful owners will backstop their losses with their houses as collateral. Kinda like the CMHC does with subprime borrowers. But the brochure said guaranteed... the BROCHURE said GUARANTEED! If you can't trust a brochure what can you trust in this world.
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Aug 15, 2014 21:39
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Baronjutter posted:Basically just the cheapest 2br's they can find that aren't total rats nest slums. sounds like bullshit man. ive been living in kits for some time, take a walk around the area 10 blocks east/west of granville between 1st and 16th ave and there are lots of signs out there for 2bdrms. Maybe the asking price is ridiculous but I know quite a few people in the area renting that size for around 1400 to 1600. e: my bad, you didn't say kits. Where are they looking? JawKnee fucked around with this message at 21:46 on Aug 15, 2014 |
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Aug 15, 2014 21:43
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I'm not a finance guy but some big developer wanted to build a bunch of Victoria's tallest skyscraper condos out in the loving middle of nowhere rural/suburban colwood. Nothing sat right with me for this project, I could not believe they would ever get built. When I got the job to do some work there they seemed to be pressing forward, but once again I refused to believe it would happen and made sure I got paid asap. Shortly after I got paid the whole thing went bankrupt and a ton of people got very very upset. They had done some unique financial arrangement where the developer some how helps people with their mortgage, but they have to then pay a % of the gains in equity in the future. It was really weird and a lot of people were calling it out as a red flag. Is anyone familiar with what I'm talking about? I wish I could remember the details other than "weird suspicious financing". Also who the gently caress builds 20+ story towers in the middle of nowhere?? /\/\ I asked my friend why they were having so much trouble and they're looking for a THREE bedroom due to the two of them + baby + teenage son.
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Aug 15, 2014 21:46
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ooh yeah, 3 is a hard find unless you're renting a house.
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Aug 15, 2014 21:59
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Or someone is fine with living in a literal broom closet. Which is also the case for many two bedrooms now that I think about it.
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Aug 15, 2014 22:01
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JawKnee posted:ooh yeah, 3 is a hard find unless you're renting a house. Weird, isn't it? Even condos, for the most part, don't have many three-bedroom plans. "You want to be a desirable, walkable location and have a family? Well, gently caress you!" The other problem this creates is a mentality where apartment living is seen as something that either poor, single people do (in inexpensive apartments) or affluent single/DINK people do (in more expensive apartments or condos), which drives suburban demand and is a nightmare for urban planning.
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Aug 16, 2014 15:50
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EvilJoven posted:I buy everything including my morning coffee on Visa, haven't paid a dime in interest or fees in over a decade and now I get enough points to subsidize vacations. Yeah, I do this too. I put everything on my cashback card and then pay it off once a week. At the end of the year, I have a couple of hundred extra bucks to do whatever with. If you can pay it off regularly, it's a good idea.
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Aug 16, 2014 15:57
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PT6A posted:Weird, isn't it? Even condos, for the most part, don't have many three-bedroom plans. Toronto council has to force developers to build 3 bedroom units and even still they are as rare as unicorns. Here's a great piece on the fallout. It's also why I love my 3 bedroom with backyard and grass and gardens. Never moving. http://www.torontolife.com/informer/features/2014/06/11/stuck-in-condoland/ jot posted:Yeah, I do this too. I put everything on my cashback card and then pay it off once a week. At the end of the year, I have a couple of hundred extra bucks to do whatever with. If you can pay it off regularly, it's a good idea. Same. This is how people who know how to handle credit roll. Saltin fucked around with this message at 16:57 on Aug 16, 2014 |
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Aug 16, 2014 16:53
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I bet they're worried about 3 bedroom apartments all becoming whorehouses that spread their blight against neighboring property values.
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Aug 16, 2014 16:57
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Bip Roberts posted:I bet they're worried about 3 bedroom apartments all becoming whorehouses that spread their blight against neighboring property values. It's all economics. Most people cannot afford what a developer would want for a proper 3 bedroom, and 3 one bedrooms will make the developer more profit anyhow. It's mass shortsightedness that will definitely have an impact on the city. Toronto council and planning have shown epic levels of buck grabbing and no level of "how is this poo poo going to pan out?"
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Aug 16, 2014 17:02
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Yeah I can't see any way all these condo buildings with 1-2 bedrooms turning out well once everyone living there decides to move out to start a family and there aren't nearly enough people to fill the vacancies and/or the buildings are so poorly made they're already starting to fall apart. But build build build guys, there's no tomorrow.
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Aug 16, 2014 17:17
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This article came out in 2012. http://www.thestar.com/news/gta/2012/03/20/hume_are_toronto_condo_towers_slums_in_the_making.html quote:What does a 75-storey flophouse look like? According to some, we won’t have to wait long to find out.
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Aug 16, 2014 17:21
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It was my impression that Toronto city council has been trying to get more buildings with three-bedroom units built, but I wasn't able to find any definitive proof that anything is happening on a larger scale than negotiating with developers on individual projects. I did, however, find a remarkably interesting article from Toronto Life of all places on young rich families raising kids in condos and the trials and tribulations thereof, complete with oversaturated portraits. Regarding the huge numbers of 1950s and 60s era apartments with crumbling infrastructure and insufficient and/or poorly planned public spaces, that was the last major plan pushed by our previous mayor, David Miller. Search for the Tower Renewal Project and you'll find a number of articles about it, including the city's own glossy brochure. The major flaw with the plan was that Miller didn't actually do much of anything about it before leaving office and we elected a moronic shithead in his place: quote:But comments days after the election from Nick Kouvalis, now Ford’s chief of staff, call into question Ford’s commitment to those initiatives. “I was getting briefed yesterday,” Kouvalis said. “I was like … the Tower Renewal Program — what is that? We’re subsidizing (installation of low-flow) toilets ... Guys, you know that stuff’s gotta stop. The priority is the taxpayer, to stop the gravy train, and that’s what we’re going to do.”  gently caress low-flow toilets amirite?? Finally, yesterday I saw the most amazing ad from noted jewellery expert "Harold the Jewellery buyer". He's been advertising second and third mortgages for some time, but the latest ad offers to buy property outright for people who need to sell right away. Yes, I poo poo you not, the main competitor of Russell Oliver wants you to sell your loving house to him just as you would a $300 gold watch - a quick appraisal and boom, it's done!
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Aug 16, 2014 18:11
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eXXon posted:It was my impression that Toronto city council has been trying to get more buildings with three-bedroom units built, but I wasn't able to find any definitive proof that anything is happening on a larger scale than negotiating with developers on individual projects. I did, however, find a remarkably interesting article from Toronto Life of all places on young rich families raising kids in condos and the trials and tribulations thereof, complete with oversaturated portraits. If you are sore at RICH people who live in 700 sq ft condos you should prob find a different thing to be sore at. Did you ever end up buying a place in Toronto? How did you do that? Saltin fucked around with this message at 00:17 on Aug 17, 2014 |
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Aug 17, 2014 00:13
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I don't think any of those families in the toronto life mag article make much more than median family income.
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Aug 17, 2014 00:44
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Saltin posted:If you are sore at RICH people who live in 700 sq ft condos you should prob find a different thing to be sore at. Did you ever end up buying a place in Toronto? How did you do that? When did I say or imply that I was sore at them? Toronto Life is a rag that mainly caters to the upper crust, basically like the absurdly out of place shopping/fashion section of Now Magazine but like that the whole way through. If anything I'm surprised that they wrote about people living fairly reasonable lifestyles instead of yakking on about how they all should have joined bidding wars on single detached homes. Having said that, I don't recall even a single mention of the possibility of renting instead. Not that there's a huge supply of 2- or 3-bedroom apartments in the city - they'd all likely need to hunt for a few months before find something in their vicinity - but at the listed prices of most of those condos, it sure seems like all of the couples could afford to. Saltin posted:Did you ever end up buying a place in Toronto? How did you do that? Are you confusing me for someone else? Hell no.
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Aug 17, 2014 01:00
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I don't think this has come up in this thread, but there's a burgeoning little Hooverville in Oppenheimer Park in Vancouver's downtown east side. The articles are all from July, but it was still there today. There were even guys setting up more tents.
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Aug 17, 2014 04:06
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Lead out in cuffs posted:I don't think this has come up in this thread, but there's a burgeoning little Hooverville in Oppenheimer Park in Vancouver's downtown east side. I mean, it was basically inevitable after the Occupy camp. They can keep breaking them up, but that isn't going to just make the homeless go away (as much as they wish that were the case). I'm so beyond tired of living in the lower mainland at this point. I just want to buy this sick 13 acres that I found in Bella Coola, or 130 up near vanderhoof for not much more, and gtfo permanently. Need a career that would actually support this. 
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Aug 17, 2014 04:18
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Dreylad posted:Yeah I can't see any way all these condo buildings with 1-2 bedrooms turning out well once everyone living there decides to move out to start a family and there aren't nearly enough people to fill the vacancies...
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Aug 17, 2014 10:52
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