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"What we’re most excited about at Bosa False Creek is the introduction of our BosaEQUITY™ program. BosaEQUITY™ is the first program of its kind; an innovative concept that’s geared to help tenants become homeowners. Rent an apartment at Bosa False Creek and each month 15% of your rent is placed in a BosaEQUITY credit account towards a downpayment in a future Bosa Properties or BlueSky Properties home, to a maximum of 3% of the value of the home.* " "Bosa has come out with an absolutely BRILLIANT home selling tactic by giving individuals who rent in their rental projects an equity in the purchase of a Bosa condo." gently caress was already posted a page ago. I just find it funny because on my local city forums everyone's saying it's such an amazing idea.
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# ? Sep 12, 2014 20:58 |
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# ? May 16, 2024 18:11 |
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I really hope this Bosa scam takes off. We need a new contemporary Great Depression to traumatize an entire generation into financial literacy.
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# ? Sep 12, 2014 21:01 |
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I like that they're selling it that part of your rent is just going into a totally free rewards program, rather than them obviously jacking the rents up 15% (or more) to force you to pay into a fund that can only be spent on buying one of their condos. Bosa though is trying to build a really modest apartment building here in Victoria, but it's next to some hippie houses that do "urban farming" (ie letting 90% of an empty lot sit over-grown and covered in garbage but sometimes they plant a potato or two) and they managed to get a loving picket line and start a petition. I've never seen such levels of NIMBYism, even in Victoria. They're framing it all from social-justice angles which is hilarious because it's a bunch of homeowners upset their view will be blocked by some rentals. They're also saying the small grocery store in the podium is a "BIG BOX" store. They also say it's "out of scale" for the neighbourhood. It's 4 stories on one side, 8 on the other. It's neighbours are a 4 story apartment and some 2.5 story houses on one side and an 11 story building on the other. Bosa seems like a scummy developer but the building its self seems fine and the resistance to it is really weird and embarrassing. Apparently the residents want only 2-3 story town-houses and retail that is tiny and reserved for LOCAL businesses only. Baronjutter fucked around with this message at 21:30 on Sep 12, 2014 |
# ? Sep 12, 2014 21:02 |
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Just remember that Bosa is of the same cut as MAC Marketing which took its two marketing drones to try and say that Chinese New Year is a hot time to buy property if you're visiting from China.
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# ? Sep 12, 2014 21:27 |
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triplexpac posted:The housing market is confusing. The Fincial Post these two headlines running: Starts tapering off is a leading indicator for stagnation or declines in home prices. Similarly, a lot of starts usually precede upward movement in prices. Or to put it another way, the canary in the coal mine is coughing and choking. Mexplosivo posted:All the "Canada's robust banking system" headlines that came out during 08/09 certainly helped in reinforcing the new-found Canadian smugness. To this day you're still getting the "We're not the US guy, we don't have sub-prime " reasoning. I still haven't gotten an acceptable response (imo) to my next question: "What about Spain? Ireland? France? Italy? UK?... They didn't have sub-prime, are you like any of those?" And subprime is just an industry term for "lending to people who we normally wouldn't lend to." Guess what we Americans would classify all this no-doc and low-doc poo poo in Canada (hint: it wouldn't be classified as prime ) axeil fucked around with this message at 21:37 on Sep 12, 2014 |
# ? Sep 12, 2014 21:34 |
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Meanwhile in Australia. Two and a half million dollars: Three point eight million dollars: (sold at auction for $760,000 over the reserve price, equivalent to about $5,500/m², or $510/ft²) I like this thread since it's basically like reading about the Australian housing market with the names changed. We both rode the resources and immigration rollercoaster up, and by god we're going to Themla and Louise this motherfucker over the cliff together, too.
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# ? Sep 13, 2014 14:58 |
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Between the long histories of the mistreatment of our respective aboriginal poples, the moral panics about the Yellow Invasion, and the constant pining for developing our northern frontiers, Australia and Canada really do have a lot in common.
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# ? Sep 13, 2014 16:30 |
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Mola Yam posted:Meanwhile in Australia. Making so many of the same mistakes we are too. Hopefully that plan to let you guys use retirements funds as a down payment doesn't go anywhere. Everyone looting their own retirement funds here is one of the more depressing aspects of our bubble.
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# ? Sep 13, 2014 17:16 |
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Dreylad posted:Between the long histories of the mistreatment of our respective aboriginal poples, the moral panics about the Yellow Invasion, and the constant pining for developing our northern frontiers, Australia and Canada really do have a lot in common. Also deeply unpopular hyper-conservative governments bent on destroying both the economy and environment as quickly as possible before they're booted out. The whole "dredge the great barrier reef for coal ships!!" thing feel so similar to the BC pipeline issues.
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# ? Sep 13, 2014 17:25 |
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http://www.theglobeandmail.com/report-on-business/economy/canadians-are-feeling-the-financial-squeeze/article20501623/?click=sf_robquote:Canadian workers are feeling pinched when it comes to their finances, with a growing number saying they are living paycheque to paycheque. tl;dr canadians are loving stupid and watch too much hgtv
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# ? Sep 13, 2014 18:00 |
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Obviously these people living paycheck to paycheck need to use high leverage to participate in a thinly regulated investment opportunity.
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# ? Sep 13, 2014 18:12 |
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Strongest banking system in the world.
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# ? Sep 13, 2014 18:49 |
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Cultural Imperial posted:http://www.theglobeandmail.com/report-on-business/economy/canadians-are-feeling-the-financial-squeeze/article20501623/?click=sf_rob Articles like this really put my financial position in perspective
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# ? Sep 13, 2014 21:26 |
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FYI not having a single dollar worth of debt owns. gently caress home ownership, rent forever.
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# ? Sep 14, 2014 05:52 |
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EvilJoven posted:FYI not having a single dollar worth of debt owns. gently caress home ownership, rent forever. Yeah it sort of owns being debt free and also not having to visit home depot every few weeks/call a contractor to fix annoying house problems. Also no more weeding the lawn, sealing the driveway or having to mow it during the summer.
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# ? Sep 14, 2014 17:03 |
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etalian posted:Yeah it sort of owns being debt free and also not having to visit home depot every few weeks/call a contractor to fix annoying house problems. I'd hate to mow a driveway in the summer in addition to sealing it. Ditto on this. I see home ownership as a way to shackle me. As it stands I'd like to be able to jump ship to Europe (dual nationalities) and not have to worry about the home I left behind.
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# ? Sep 14, 2014 17:08 |
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melon cat fucked around with this message at 04:12 on Mar 16, 2019 |
# ? Sep 14, 2014 17:20 |
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I'd love to own a home, but not for any financial reasons. I love mowing laws, building fences, improving poo poo. I have enough friends and family in trade to get free/cheap help with anything I can't do my self. I never want to move. Even if it worked out a little worse than renting I'd be all over a house. But right now it's not a "little worse" it's insanely worse, not worth the benefits. I mean when I bought my car, for some reason power locks were $2000 extra. I'd love power locks, but not at $2000 more. I think a lot of housing-literate people are in the same place, they want a house but not at the ridiculous premium vs renting. We're paying about 1300 a month for rent, 900 a month for the car (which will go away next year), and about 150 more in misc utilities/telcom. If I could find a good house where we'd be spending under 2000 a month on the mortgage that would be manageable. Even if it's a soft landing/stagnated market that's ok, I don't mind losing a few percent on my "equity". But I'm not so loving stupid to buy something, even something I can afford, to see it's value drop 20% or more over my lifetime with it.
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# ? Sep 14, 2014 18:20 |
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Don't get me wrong, I'd like to own a house, too. I like doing poo poo like that. What I don't like is being saddled with an increasingly unreasonable debt load in a society where the average person has steadily decreasing stability. EDIT: renting a house (or in my case the main floor level of a 2 story duplex) is the best of both worlds. We get very few of the hassles of owning (like when the landlord had to spend 5 figures putting a roof on the place this spring) but we still get the benefits of living in a house; basement with our own laundry and wash basin, extra storage, a front lawn to BBQ in. EvilJoven fucked around with this message at 20:01 on Sep 14, 2014 |
# ? Sep 14, 2014 19:29 |
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OSI bean dip posted:I'd hate to mow a driveway in the summer in addition to sealing it. Do it. I regret not doing this earlier in life. You'll pick up experience in a real economy that you'll never see in Vancouver (or anywhere else in Canada) that will make you much more marketable when you decide to come back to Canada.
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# ? Sep 14, 2014 20:00 |
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Cultural Imperial posted:Do it. I regret not doing this earlier in life. You'll pick up experience in a real economy that you'll never see in Vancouver (or anywhere else in Canada) that will make you much more marketable when you decide to come back to Canada. For sure. For anyone really serious about doing well in most careers (outside of a few, largely Toronto-based exceptions), it's foolish to remain in Canada, or God-forbid, Vancouver. Which is not to say that everyone *should* leave, or that it's bad or neglectful if you don't. But if you're highly ambitious, and wondering about the paltry size of your paycheque or the scope of your opportunities, and still live in Canada – well, there's your answer.
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# ? Sep 14, 2014 20:26 |
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It also makes sense to rent for a year or 2 if you relocate to a new area. Helps you test the water in terms of the job being a good match and also gives you more time to find out which areas fit you better if you do decide to buy a place.
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# ? Sep 14, 2014 20:53 |
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Is it feasible to rent a decent place in Toronto without having a roommate/significant other living with you? The prices are loving insane. For it to get even close to reasonable I need to live somewhere on Parliament and Wellesley or on Jane Street. Unless you make 60k+ I can't see how the numbers make sense.
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# ? Sep 14, 2014 22:58 |
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Kraftwerk posted:Is it feasible to rent a decent place in Toronto without having a roommate/significant other living with you? The prices are loving insane. For it to get even close to reasonable I need to live somewhere on Parliament and Wellesley or on Jane Street. Unless you make 60k+ I can't see how the numbers make sense. Yeah the rents according to places like Numbeo around around $1400-$1600 meaning you need a pretty high paying job to have your own place. It's the other dumb aspect of the bubble since you need more long lasting durable rental properties but instead are getting piles of more speculative properties like condo complexes. But but more condos means you can have more rental supply due to investor properties but the reality is even a condo investment property is renting for much higher than similar rental complex. http://www.thegridto.com/life/real-estate/no-vacancy/
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# ? Sep 14, 2014 23:22 |
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Strongest banking system in the world. Then envy of the g8.
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# ? Sep 15, 2014 00:09 |
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There are multiple "alternative financial organizations" that will also finance your mortgage down payment so you can effectively buy a house with 0% down.
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# ? Sep 15, 2014 00:14 |
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Ain't that the truth. Can't wait till money mart starts offering bridge funding for people who can't make their monthly payment.
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# ? Sep 15, 2014 00:20 |
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http://www.bcbusiness.ca/people/canadas-new-startup-visa-finally-handed-outquote:
Hey you know who else has an investor visa? America. Nice job Chris 'child molester' Alexander.
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# ? Sep 15, 2014 01:16 |
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Cultural Imperial posted:http://www.bcbusiness.ca/people/canadas-new-startup-visa-finally-handed-out So I take the Vancouver bay area knock-off scheme is a great success?
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# ? Sep 15, 2014 03:24 |
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Kraftwerk posted:Is it feasible to rent a decent place in Toronto without having a roommate/significant other living with you? The prices are loving insane. For it to get even close to reasonable I need to live somewhere on Parliament and Wellesley or on Jane Street. Unless you make 60k+ I can't see how the numbers make sense.
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# ? Sep 15, 2014 05:26 |
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etalian posted:So I take the Vancouver bay area knock-off scheme is a great success? If by great success you mean it's creating a shitload of jobs that pay approximately half of what they'd pay in the bay area then yes you're correct.
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# ? Sep 15, 2014 05:45 |
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Cultural Imperial posted:If by great success you mean it's creating a shitload of jobs that pay approximately half of what they'd pay in the bay area then yes you're correct. Vancouver is basically tech industry halfway house.
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# ? Sep 15, 2014 05:46 |
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etalian posted:Vancouver is basically tech industry halfway house. I've coined the term "Bangalore North", which I use to troll friends and family.
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# ? Sep 15, 2014 05:48 |
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Had dinner with the in-laws and was asked by them why my partner and I haven't bought a house yet. Mother-in-law is palpably autistic and is a good reason why male chauvinism probably existed in the 70s. Father-in-law has been retired for almost a decade and is laughing it up on a government defined benefit pension. They own a house in the west side of vancouver which, for the love of god, I hope they have paid off since they've been living in it since the late 70s. Mother-in-law: Why don't you guys buy a house? It's the responsible thing to do. Me: Because they're too expensive. The ratio between median income and house prices is the largest it's ever been historically. Mother-in-law: No it's not. Houses were really expensive when we bought ours. They're always going to be expensive. Father-in-law: The housing market is high because of foreign investment. Me: No it's not. The housing market is high because everyone and their dog can get a mortgage. Also, everyone and their dog can get a HELOC. <examples of my difficult experience getting pre-approved for a mortgage and Axeil's anecdotes about applying for a HELOC in the US> Me: When people making 40k a year are getting approved for 300k mortgages or more, that's how I know there's something wrong with the housing market and I don't want to participate in such a market. Then I realize I just put my foot into it. Brother-in-law who wasn't at dinner has a job doing manual labour and has been on sick leave for 6 months. He lives in North Van with his family in a house that's worth, oh gently caress I don't even want to know, which was bought about 4 years ago. Rumour is that his mortgage payment is around 2500/month. Housing discussion ends abruptly.
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# ? Sep 15, 2014 06:02 |
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Holy poo poo. I know this is reddit but if it's true, wtf. http://www.reddit.com/r/vancouver/comments/2gcavp/what_does_a_load_of_laundry_cost_in_your/ckhr1nh quote:> First, I hesitate to do this. But whatever.
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# ? Sep 15, 2014 07:24 |
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Seems to be true. http://globalnews.ca/news/1556561/tenants-of-west-end-apartment-building-fight-eviction-notices/ http://metronews.ca/news/vancouver/1151160/greed-eviction-landlord-must-be-stopped-west-end-mla/ http://www.vancitybuzz.com/2014/09/vancouver-tenants-fight-building-owners-greed-eviction/ I knew someone that lived at Plan A real estate and they would go through building managers like hotcakes among a whole host of other issues.
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# ? Sep 15, 2014 11:46 |
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Cultural Imperial posted:Had dinner with the in-laws and was asked by them why my partner and I haven't bought a house yet. Mother-in-law is palpably autistic and is a good reason why male chauvinism probably existed in the 70s. Father-in-law has been retired for almost a decade and is laughing it up on a government defined benefit pension. They own a house in the west side of vancouver which, for the love of god, I hope they have paid off since they've been living in it since the late 70s. I am glad my anecdotes about how things are down here in the US helped lead to a very awkward family dinner.
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# ? Sep 15, 2014 13:23 |
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Cultural Imperial posted:Housing discussion ends abruptly. I am quite curious how long the conversation would have lasted if, instead of rejecting real estate, you instead described a HELOC daisy-chaining scheme and your slumlord plan to build a condo rental empire. At what point would their alarm bells start to go off? I hypothesize that they would be super happy for you, finally showing some initiative. For science...
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# ? Sep 15, 2014 14:56 |
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Kraftwerk posted:Is it feasible to rent a decent place in Toronto without having a roommate/significant other living with you? The prices are loving insane. For it to get even close to reasonable I need to live somewhere on Parliament and Wellesley or on Jane Street. Unless you make 60k+ I can't see how the numbers make sense. Yes, it is. You can find 1 bedroom apartments for 1100-1200/month within about 1 km of Yonge & Bloor, either around Church/Jarvis (no need to go as far as Parliament), or near Spadina. You'll be paying around $15k/year for housing and minimal utilities, so you can scrape by with $30k after tax. If you're a single earner making minimum wage - roughly $21k/year of taxable income - then no of course you can't afford it on your own. Of course, by "you can find" I meant that at any given moment there are a few such vacancies in buildings of varying quality and quality of management. Whether you can view them in time to sign the lease before anyone else is another matter. Precambrian Video Games fucked around with this message at 15:18 on Sep 15, 2014 |
# ? Sep 15, 2014 15:03 |
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# ? May 16, 2024 18:11 |
melon cat posted:The only way that you'd be able to do this is to find a shoebox-sized bachelor apartment. Have you considered the Yonge & Eglinton area? I know that it's not in the neigbourhood you specified, but it's very close to the subway line, and there's plenty of smaller bachelor apartments there for half-decent rental rates. And its a great neighbourhood near the Granet brewpub
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# ? Sep 15, 2014 15:12 |