Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

ocrumsprug posted:

It's their database, so who do you presume is looking to defeat the system?

I just mean: there could be a rule that listed properties are identified by their address. No monkeying with delisting and creating new listing IDs etc to juice the stats. There's a huge public interest in this data being accurate and transparent.

This will never happen because it assumes the government cares about the public interest, and everything FIRE is already a completely circus anyway.

# ? Sep 23, 2014 06:05

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# ? May 16, 2024 04:43

etalian: Mar 20, 2006

Australia:Boom to Bust is pretty good book, read it on Kindle.

# ? Sep 23, 2014 06:09

PC LOAD LETTER: May 23, 2005; WTF?!

Lexicon posted:

I just mean: there could be a rule that listed properties are identified by their address.

As with many issues right now in the US and Canada its not that solutions don't exist or are impossible or even kinda difficult to implement its that the money in politics is against it.

Therefore the politicians are against it.

Or at least they 'look the other way' on the issue while somehow 'forgetting' to inform the public about any possible problems. Much of the reason why this stuff continues to go on is because the public at large is simply ignorant of both the problem of stat juking and how serious stat juking is in the long run to the health of the economy.

Instead the media and politicians have been in non stop Buy! BUY!! BUY!!! mode for at least the last 5 yr in Canada IMO. In the US it started in the early 2000's and only let up for a while during the bust when the mantra became 'Green Shoots!!' for a few years before going right back into Buy! BUY!! BUY!!! mode. It really is incredible when you stop and think about it just how long these sorts of booms/bubbles can build up. And how soon people forget the last one.

PC LOAD LETTER fucked around with this message at 08:24 on Sep 23, 2014

# ? Sep 23, 2014 08:19

I would blow Dane Cook: Dec 26, 2008

Meanwhile in Straya:

quote:

Derelict Newtown squat sells for $1.7 million

"Evict the rich" was spray-painted over an eastern suburbs auction centre ahead of the Monday night sale.

Vandals who graffitied an eastern suburbs auction centre over the weekend and super-glued the locks shut failed to dampen buyer enthusiasm for the properties on offer on Monday night.

Bradfield Cleary recorded a 100 per cent clearance rate on the evening with all eight properties finding buyers. One of the listings was an abandoned warehouse in Newtown that had been used as a long-running squat. It sold for $1,725,000 under the hammer.

At some stage on Saturday night or early Sunday morning "Evict the rich" and "Developers f--- off our city" were spray-painted across the windows of Cooley Auctions headquarters in Double Bay.

Damien Cooley, from Cooley Auctions suggested the incident could be related to the scheduled auction of 164-166 Wilson Street, Newtown, given the nature of the graffiti.

"As well as spray-painting all sorts of colourful words they also spray-painted a symbol," Mr Cooley said of the vandals.

He said the symbol, an O with a zig-zag through the middle, also featured on a banner that appeared outside the Newtown squat.

Last month police evicted squatters from the warehouse. They had reportedly been occupying the building since 2001.

The squatters were given notice ahead of their eviction and had left the premises by the time police arrived.

At the time, several residents told Fairfax Media they had belongings locked inside the property.

On Monday night there were 20 registered bidders keen on the 145-square-metre warehouse.

Marketed as an "abandoned parkside warehouse" with "limitless redevelopment options" it sold to a family who plan to restore it and move in.

"They loved the facade and the historical nature of it and the character and want to bring it back to life," said selling agent Anthony Puntigam from Bradfield Cleary.

Mr Puntigam would not disclose the reserve price but said it went for "well over".

"It was possibly the most keenly sought-after property I've had for a long long time," he said.

On early Monday morning a man from Enmore was arrested close to the head office of McGrath Estate Agents in Edgecliff.

The 26-year-old was charged with possessing graffiti implements.

Acting Inspector Matt West, of Rose Bay police, said the man was found with "references to McGrath and other real estate agencies affiliated with the Millers Point sales".

McGrath has sold three of the four state-owned properties that have been offloaded at Millers Point as part of the government's sell-off of public housing. Cooley Auctions has not been involved with any of those sales.

It is not known whether the two incidents are related.

http://smh.domain.com.au/real-estate-news/derelict-newtown-squat-sells-for-17-million-20140923-10kp2d.html

# ? Sep 23, 2014 09:36

OhYeah: Jan 20, 2007; 1. Currently the most prevalent form of decision-making in the western world

2. While you are correct in saying that the society owns

3. You have not for a second demonstrated here why

4. I love the way that you equate "state" with "bureaucracy". Is that how you really feel about the state

If your income to housing prices ratio is worse than London, you know you're loving going down in flames sooner or later.

# ? Sep 23, 2014 10:45

Antifreeze Head: Jun 6, 2005; It begins; Pillbug

Cultural Imperial posted:

Do any of you remember the tech boom in 2000? I was in 4th/5th year of university and everyone was loving day trading. I mean loving everyone. I also remember thinking, wow this stinks to high heaven, how the gently caress is pets.com supposed to make money? What loving dotcom is actually making money?

I stayed the gently caress away from that poo poo. If it's smells like bullshit, it's likely to be bullshit.

This reminds me of something and an older friend of mine who worked as a stock broker at that time told me.

Basically, every company that rolled out a webpage was being hailed as some great investment opportunity and the entire industry was rushing to plow cash into any company that went online.

He did this too, but really rethought the whole idea when a local company that mostly hocked infomercial stuff and compilation albums went online and he was getting people from all over the planet throwing money at it. That company was K-Tel and now their Wikipedia page even has a section devoted to the weirdness that went on with that stock.

Wikipedia posted:

Dot com bubble's effect on K-tel

In mid-April 1998, during the Dot com bubble, news that the company was simply expanding its business to the Internet sent the thinly traded stock shooting from about $3 to over $7 in one day (3:1 split adjusted). In spite of the early gains, the company was deemed by many to be a complete bomb, and the short interest of the stock swelled. The price of the stock peaked at about $34[12] in early May, and began to decline, reaching $12 in November and eventually pennies. The vicious advance was fueled mainly by a massive short squeeze that financially devastated traders who held short positions and were either "bought in" or simply forced to cover the positions at very high prices because of the great losses.

K-Tel was unable to sustain the growth and profitability. The company completed a 1-for-5000 reverse split on July 18, 2007, reducing the number of public shareholders to under 300 and allowing the company to delist itself. It changed its symbol to KTLI and moved from the NASDAQ market to the Over-The-Counter market.

# ? Sep 23, 2014 14:14

namaste friends: Sep 18, 2004; by Smythe

Oh man it's been a long time since I heard the name of k-tel.

Class action suit being brought against a developer in Toronto for poor construction quality. Also lol at 8 ft ceilings instead of 9 as shown in the blue prints.

http://m.thestar.com/#/article/business/real_estate/2014/09/22/condo_developer_hit_with_29_million_classaction_suit.html

# ? Sep 23, 2014 15:14

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

PC LOAD LETTER posted:

As with many issues right now in the US and Canada its not that solutions don't exist or are impossible or even kinda difficult to implement its that the money in politics is against it.

Therefore the politicians are against it.

Or at least they 'look the other way' on the issue while somehow 'forgetting' to inform the public about any possible problems. Much of the reason why this stuff continues to go on is because the public at large is simply ignorant of both the problem of stat juking and how serious stat juking is in the long run to the health of the economy.

Instead the media and politicians have been in non stop Buy! BUY!! BUY!!! mode for at least the last 5 yr in Canada IMO. In the US it started in the early 2000's and only let up for a while during the bust when the mantra became 'Green Shoots!!' for a few years before going right back into Buy! BUY!! BUY!!! mode. It really is incredible when you stop and think about it just how long these sorts of booms/bubbles can build up. And how soon people forget the last one.

Yup; you're absolutely correct about this. I presented that address solution in full knowledge that it would never happen because of the monied interests it would harm.

# ? Sep 23, 2014 15:47

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Lexicon posted:

Yup; you're absolutely correct about this. I presented that address solution in full knowledge that it would never happen because of the monied interests it would harm.

A few year ago when CREA won the court case against them for control of the data, that was driven by a Zillow clone, correct?

It is a shame the realtor lobby has such sway with the politicians. Hopefully whichever government is in power when it collapses, breaks their monopoly in retaliation for letting it get like is has.

# ? Sep 23, 2014 16:06

cowofwar: Jul 30, 2002; by Athanatos

Relying on a private realtor database for public data usage is retarded. Shouldn't municipal governments have the information for when properties change hands?

# ? Sep 23, 2014 17:47

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

I was visiting my dad for the weekend, he has cable so I spent a fair amount of time watching home reno/buying shows. It was hilarious. Someone wanted $500,000 for a house that would need to be completely renovated from top to bottom.

# ? Sep 23, 2014 18:19

Antifreeze Head: Jun 6, 2005; It begins; Pillbug

cowofwar posted:

Relying on a private realtor database for public data usage is retarded. Shouldn't municipal governments have the information for when properties change hands?

Yes, though they are slow with or overly protective of the data. The most recent publically viewable list my city has cuts off on April 1, 2012.

# ? Sep 23, 2014 18:26

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

triplexpac posted:

I was visiting my dad for the weekend, he has cable so I spent a fair amount of time watching home reno/buying shows. It was hilarious. Someone wanted $500,000 for a house that would need to be completely renovated from top to bottom.

If I take my land with dilapidated shack on it, and sell it for the same amount as the next door land and nice house, I just need to say "land value only" in the advert.

It's like "yoink", and you just have to accept it. :smug:

# ? Sep 23, 2014 18:27

Baronjutter: Dec 31, 2007; "Tiny Trains"

My rent just went up by $38, the maximum allowed. The landlord said he could have put it up higher because something something lease but we're good tenants so he'll only put it up $38. Well there goes another $450 a year. I wish we owned and never had to worry about rent increases!!!

# ? Sep 23, 2014 18:29

Blade_of_tyshalle: Jul 12, 2009; If you think that, along the way, you're not going to fail... you're blind.

There's no one I've ever met, no matter how successful they are, who hasn't said they had their failures along the way.

triplexpac posted:

I was visiting my dad for the weekend, he has cable so I spent a fair amount of time watching home reno/buying shows. It was hilarious. Someone wanted $500,000 for a house that would need to be completely renovated from top to bottom.

I like watching those shows because they are just so divorced from sanity. I also hate those shows because they are just so divorced from sanity :stare:

# ? Sep 23, 2014 18:31

namaste friends: Sep 18, 2004; by Smythe

Love it or list it Vancouver is the best. Everyone is a millionaire on that show.

# ? Sep 23, 2014 18:42

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

Cultural Imperial posted:

Love it or list it Vancouver is the best. Everyone is a millionaire on that show.

Haha that's one of the ones I watched. It was really confusing.

This Indian family had a 4 bedroom home. They had 4 kids sharing two beds in one bedroom, yet upstairs they had two empty bedrooms. The hosts were walking around this house getting more and more confused as they went. It had something to do with the parents wanting everyone sleeping on the same floor (why buy that house in the first place then?)

Oh yeah and the house was worth 1.4 million but the dude wanted to buy a new house cause the one bathroom didn't have enough light.

# ? Sep 23, 2014 18:51

namaste friends: Sep 18, 2004; by Smythe

Did you know that your credit history doesn't affect your ability to get a mortgage?

quote:

RBC Canada ‏@RBC_Canada Sep 20
Did you know 56% of newcomers mistakenly believe credit history is needed to qualify for a mortgage? Learn the truth: http://bit.ly/1pmZKV5

https://twitter.com/RBC_Canada/status/513372048304140289

I had no loving clue. In the US, the rate and amount of money you can borrow is absolutely dependent upon your credit history.

# ? Sep 23, 2014 20:37

Azerban: Oct 28, 2003

Wait...what? I figured that was essentially the main thing it was used for.

# ? Sep 23, 2014 20:41

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

It probably did matter before they removed CMHC coverage limits. I bet if you are currently shopping for a 1.3 Million mortgage, the bank has checked your credit history.

e: wtf

rbc posted:

Provided you meet all of Royal Bank of Canada�s eligibility and credit criteria, you may be eligible for an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan of up to an original balance of $1,250,000 even if you have no Canadian credit history. To take advantage of these offers you must show proof of entry into Canada and provide supporting documents such as a passport and landing papers, or permanent resident card.

# ? Sep 23, 2014 20:52

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

A fun game I like to play when walking around downtown Vancouver is to see how many units are occupied as opposed to not. Generally I just see the opposite side of this tower at the Hotel Georgia but today I was able to see this.

I think I could count with my two hands how many appeared to be actually occupied based on this side.

# ? Sep 23, 2014 20:54

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

Cultural Imperial posted:

Did you know that your credit history doesn't affect your ability to get a mortgage?

https://twitter.com/RBC_Canada/status/513372048304140289

I had no loving clue. In the US, the rate and amount of money you can borrow is absolutely dependent upon your credit history.

They're probably just especially lax with immigrants because it's the only meaningful source of new customers (most Canadians are too stupid to ever switch banks, and stick with whatever bank they happened to start off a kiddy saving account with umpteen years ago).

# ? Sep 23, 2014 21:03

melon cat: Jan 21, 2010; Nap Ghost

Cultural Imperial posted:

Did you know that your credit history doesn't affect your ability to get a mortgage?

https://twitter.com/RBC_Canada/status/513372048304140289

I had no loving clue. In the US, the rate and amount of money you can borrow is absolutely dependent upon your credit history.

Whoh, hold the phone, there. What that Twitter feed is saying is that "56% of newcomers mistakenly believe credit history is needed to qualify for a mortgage." That means newly-landed immigrants. Usually, the Big 5 banks have special programs in place for new immigrants to obtain new credit, which includes mortgages. The reason: The new immigrants are a great way to get new business, and in many cases they end up being creditworthy people.

As for the rest of us non-immigrants, credit history absolutely affects our ability to get a mortgage. When you get pre-approved for a mortgage, you can bet that they're pulling your credit bureau from Equifax or Transunion.

Here's something that will surprise you, though. Only recently have mortgage accounts been added to your credit report. This change happened about 2 years ago. Prior to that, mortgages weren't included on your credit history. At all.

Yeah. :psyduck:

# ? Sep 23, 2014 21:48

namaste friends: Sep 18, 2004; by Smythe

# ? Sep 23, 2014 22:07

etalian: Mar 20, 2006

Cultural Imperial posted:

Oh man it's been a long time since I heard the name of k-tel.

Class action suit being brought against a developer in Toronto for poor construction quality. Also lol at 8 ft ceilings instead of 9 as shown in the blue prints.

http://m.thestar.com/#/article/business/real_estate/2014/09/22/condo_developer_hit_with_29_million_classaction_suit.html

A friendly reminder that during a bubble people get excited over scoring a condo pre-sale despite not even being able to check out the finished building or have a contractor do a home inspection

also this too:

quote:

Since then, Charney has also initiated a $30 million class-action suit against Elad Canada Inc., claiming that it failed to deliver on marketing promises of �easy underground access� to the Sheppard subway line and nearby Fairview Mall from its Emerald City Condominiums project at Don Mills Rd. and Sheppard Ave. E.
Instead, residents were surprised to find on move in that there was no tunnel.

# ? Sep 23, 2014 23:12

namaste friends: Sep 18, 2004; by Smythe

http://www.vancourier.com/news/social-housing-project-generates-729-police-calls-in-first-16-months-1.1385917

quote:

A man in handcuffs lies face down on the sidewalk outside the Marguerite Ford Apartments, a recently opened 147-unit social housing complex on the edge of the former Olympic Village.

A crimson shin pad pokes out from one of the man�s pant legs.

A police officer in plain clothes stands next to him, holding a bat-sized wooden stick seized from the combatant who turns out to be a resident of the apartments at 215 West Second Ave.

Police arrested him after he and another tenant got into a fight with a former resident in the lobby. The fight spilled out onto the sidewalk, where police on patrol intervened in the melee.

The incident � the aftermath of which was witnessed by the Courier in March and featured in a photograph with this article � was one of hundreds police responded to over the past 16 months at the building.

Vancouver police answered 729 calls to the Marguerite Ford Apartments from the month it opened in May 2013 to August of this year. The calls involved fights, drugs, weapons, threats, break-ins, stolen property, frauds, suicide attempts, domestic disputes, missing persons, abandoned 911 calls and assisting paramedics and firefighters.

In comparison, the 129-unit social housing building known as First Place, located a few blocks east near Main and First Avenue, recorded 261 police calls in its first 16 months of operation.

Why such a disparity?

The simple answer, as provided by city manager Penny Ballem, is this: Too many homeless people with mental health and addictions issues were moved into Marguerite Ford too quickly and didn�t get the support they needed.

�The honest truth is, we got behind there,� said Ballem by telephone from her office. �That got away on us and we�ve done a lot of work to bring it back.�

Surveillance cameras, a security guard, creating one entrance and exit to the building, adding more staff, more visits from health care workers, forming a committee that includes neighbours and relocating some tenants are among the changes.

Still, the police answered 357 calls to the building over the first eight months of this year. Owners of neighbouring condominiums continue to be concerned for their safety and told the Courier of drug activity, fights, a steady stream of arrests, loitering and other concerns identified in police statistics.

Their frustration and anger has reverberated all the way to Victoria and Housing Minister Rich Coleman�s office. The provincial government is the chief financier for construction and operating costs of 14 social housing buildings already built or in development on city properties, including the Marguerite Ford Apartments, which cost $38 million. (The city donated the property worth $5.2 million and waived $772,000 in municipal costs, while the Streetohome Foundation contributed $2.9 million).

In an interview, Coleman said he�s �not happy with the outcome� of the experiment at Marguerite Ford and made it clear the provincial government was concerned about the city�s desire to increase the ratio of homeless people in the building.

Now he�s questioning whether to continue moving such a high percentage of homeless people, who typically have mental health and addictions issues or both, into the four remaining buildings to be built under the 14-site agreement with the city.

�We were concerned that mix might not work as well as other mixes,� said Coleman. �But there was some tension back then about the fact that the city management wanted a mix change and they were being somewhat demanding with regards to it.�

Added Coleman: �Given the experience of Marguerite Ford, we�re going to want a whole lot more rigour put to the next buildings if we�re going to tenant it in a similar way.�

Coleman�s position puts the province and city in a potential battle that could ultimately derail Mayor Gregor Robertson�s promise to find homes by 2015 for more than 500 people living on the street.

That�s because the mayor�s promise hinges largely on hundreds of homeless people moving into the four remaining social housing buildings, which total 477 units.

As Coleman pointed out, it was Robertson�s pledge to end street homelessness by 2015, not his.

Complex needs

The trigger for the city to push for more homeless people in the buildings occurred in October 2011 when city council learned only 37 per cent of tenants at the first four buildings had previously been homeless.

�It�s a real concern and certainly one I�ll raise with [Coleman] and ensure the taxpayer investment in those sites is respected by homeless people getting housed,� Mayor Gregor Robertson told the Courier at the time.

Coleman said the provincial government reluctantly agreed to revise the original memorandum of understanding with the city to allow for what�s become known as the 50-30-20 formula.

It means at least 50 per cent of the tenants must be from the street or a shelter, 30 per cent from single-room occupancy hotels and 20 per cent at risk of homelessness, including people discharged from hospitals and jails.

The new mix first came into play at the Marguerite Ford building, which so far has the largest number of units among the 10 buildings already open across the city.

The original agreement reached between the city and the province in 2007 indicated the Marguerite Ford building would house a third to half of residents who had a mental health and addiction problem, or both.

�What we ended up here with, frankly, is a group of people with complex needs,� said Coleman, emphasizing the negative ripple effect a project such as Marguerite Ford can have on convincing other neighbourhoods to accept social housing. �Today, if I went to a public hearing, I suspect I would get everybody pointing to Marguerite Ford and saying, �We don�t want this around.� And that�s an outcome I never wanted to have because I think it�s important to integrate this form of housing so [homeless] people get better outcomes.�

City council�s desire in 2011 to boost the number of homeless people in the buildings prompted the city�s former housing director Cameron Gray to write a letter to council, warning them of the consequences of such a move.

�The partnership with B.C. Housing is achieving exactly what was intended,� he wrote in 2011, noting, however, it was council�s prerogative to fill the buildings with more homeless people. �But it should be done explicitly with B.C. Housing�s agreement, and council needs to realize it is late in the process and there could be design, program and financial consequences.�

Gray urged the city to applaud the early success of the partnership with B.C. Housing instead of lamenting that only 37 per cent of tenants in the first four buildings were previously homeless.

In an interview this month, Gray said had the city sought his advice, he would have told them to slowly move in people so relationships could be built between tenants and staff.

He, like Coleman, said the problems with the Marguerite Ford building should not be blamed on RainCity Housing, the non-profit hired to provide support services for the tenants at a cost of $1.4 million per year. The Sanford Housing Society is responsible for operating the building at a cost of $2.1 million per year.

�In this case, you�ve had the city in their desire to deal with the homelessness issue impose upon the non-profits too much direction as to whom they could select,� Gray said. �If you�ve got Big Brother � whether it�s the city or the province � telling them who to put where, you�ve got a recipe for ongoing conflict and friction, which will drive the non-profits mad and cost the taxpayer money.�

Added Gray: �The city pushed too hard and now they have to back off. And backing off is a lot harder. Getting a project back on track once it�s sort of lost it is a lot harder than managing it from when it stays on track. So I hope that the city learns from this.�

quote:

Mental health and addictions

Bill Briscall, communications manager for RainCity, said there was no interference from the city or the province in selecting the tenants. But Briscall acknowledged the size of the building�s population and mix of tenants meant for a longer time to establish relationships with residents.

It�s the biggest building RainCity manages.

A document obtained by a Freedom of Information Act request with the city revealed 70 per cent of Marguerite Ford tenants were accessing primary care through Vancouver Coastal Health, including mental health and addictions support.

That was in November 2013.

Amelia Ridgway, acting associate director for RainCity, said that percentage is probably higher now but she didn�t have a breakdown when contacted last week. Both Briscall and Ridgway, who were interviewed via speaker phone, said connecting tenants with health care was important. But so, too, was introducing them to a variety of programs available at the building, including a women�s group, cooking classes and a beekeeping project, which have given tenants a positive outlet.

Ridgway noted a survey of tenants in November 2013 found that 83 per cent of respondents said they enjoyed living at Marguerite Ford and 76 per cent acknowledged it was a more positive environment than their previous living conditions.

�What we know from our experience is the first year of housing folks can be a bit of a challenging year because you have a group of people coming inside, some of whom for the first time in a long time,� she said.

That is a conclusion reached by Shayne Williams, the executive director of the Lookout Emergency Aid Society, which manages First Place, the social housing building at 188 East First Ave. that recorded 261 police calls in its first 16 months of operation.

Though First Place isn�t yet located in a heavily populated residential neighbourhood like Marguerite Ford, which might explain some of the disparity in volume of calls to the two buildings, Williams described the first year at First Place as �pretty volatile,� with a range of calls similar to those generated at Marguerite Ford.

�We just had a really, really challenging tenant mix,� said Williams, noting police calls have dropped since First Place opened in August 2012. Police statistics show 105 calls between January and August of this year.

To decrease problems at First Place, Williams said it was important to gain the trust of a core group of residents to get them linked with services and programs to help them and, by extension, bring calm to the building.

�People who are staying with us need our help and connecting them to the appropriate specialist to take that next step is really a large part of our job,� he said.

RainCity�s experience with the challenges at Marguerite Ford forced the non-profit to take a more calculated approach in filling up the former Biltmore hotel, which is now a temporary housing site. RainCity slowly moved people into the building on Kingsway and ensured women and families were the first tenants. This mix, Briscall said, set the tone for the building.

�And it�s going really well,� he said, noting a similar approach will be taken when RainCity begins to manage another one of the 14 buildings on Princess Street in the Downtown Eastside. That building is scheduled to open early in the new year with 146 units, one fewer than Marguerite Ford.

The Courier requested an interview with a tenant of the Marguerite Ford building but RainCity said it was unable to find someone willing to share their story. RainCity had initially asked that questions be emailed before an interview could occur and allow all quotes to be reviewed before publication, which the Courier rejected.

Sanford Housing Society declined a request for a tour of the building but confirmed two of the building�s units sustained fire and water damage. A plugged toilet that overflowed and an apartment sprinkler that was set off also caused water damage to the building. All four incidents were covered by insurance. Other incidents required window glass to be repaired at a total cost of $7,000 and $5,000 to fix light fixtures. Elevator access panels were also ripped out.

Neighbourhood fears

The sensitivity around the building and its problems was evident in the Courier�s interviews with residents of the James condominium complex, which shares the alley with the Marguerite Ford building.

Three residents told stories of people injecting drugs in the alley and a narrow pathway alongside the James building. They talked about needles discarded on property � one tenant�s dog stepped on a needle � tenants throwing furniture from their windows, a naked man passed out in their elevator, people loitering on residents� steps, people sleeping in the alley, police using their homes to conduct surveillance and frequent screaming, yelling and loud music coming from the Marguerite Ford building

The residents, some of whom paid $800,000 or more for their homes, requested their names not be published because they didn�t want to attract the attention of any problem tenants. A member of the strata council�s executive said via email that his lawyer advised him not to speak publicly about his concerns.

In heavily redacted Freedom of Information documents obtained by the Courier, an email sent in August 2013 from a resident to the city�s Brenda Prosken, who is responsible for the city�s housing file, said �the city�s desire to end homelessness should not come at the expense of our residents.�

David Kwong did speak to the Courier on the record. He is the president of the strata councils for The Foundry building and Wall Centre East, which are neighbours to the Marguerite Ford building.

Kwong regularly attends meetings with the committee set up to address problems associated to Marguerite Ford. Kwong said the committee should have been created prior to the building opening but is thankful he now has a venue to speak to others, which include representatives from RainCity, Vancouver Coastal Health, the VPD and the city.

Kwong said he twice witnessed people injecting drugs in the narrow pathway alongside the James building. The Foundry and Wall Centre East have had attempted break-ins and he�s noticed spent needles on both properties.

�We have never had that before,� he said of the incidents.

In the past few months, however, Kwong said there appears to be less suspicious activity or public disorder in the neighbourhood, saying �if we don�t see it, then it�s better.� And, he added, �as long as [tenants] are not harassing people, I�m OK with that.�

He said he understands the need to provide housing for people with mental health and addiction problems. He also understands the type of housing needed for such people cannot be centralized in one neighbourhood.

But Kwong pointed out the Marguerite Ford building is within two kilometres of the Yukon shelter (at Fifth and Yukon) and the First Place building East First Avenue.

�It�s too strong of a concentration,� he said. �But if you ask me if it�s getting better here, I would say yes � at least compared to what was happening in the beginning.�

1,803 homeless

The city manager and the mayor also believe things are improving at Marguerite Ford, pointing out the police calls for August dropped to 28 from a high of 63 in November 2013.

That�s good news for all concerned, particularly for Robertson, who is seeking re-election in November and holding steady on his promise to end street homelessness by 2015.

�We�re trending in the right direction and it�s an ongoing issue that we�ll need to manage carefully,� he said of the problems at Marguerite Ford. �But this is all part of taking care of people who are most vulnerable and ensuring they have a place to live and they get the support they need.�

The Metro Vancouver Homeless Count conducted in March revealed a total of 1,803 people identified as homeless in Vancouver, with 536 on the street and 1,267 in shelters. That total is the highest it�s ever been since homeless counts have been conducted in Vancouver.

The mayor�s push to get more people off the street is bolstered by the findings of a Mental Health Commission of Canada study released in April that showed it�s cheaper to house the homeless than to treat them on the street.

For every $10 invested in the so-called housing first model, $8.27 was saved in money spent on services for society�s most vulnerable people that include hospital visits, shelter stays, interactions with police and the judicial system, said the report, which involved participants from the At Home/Chez Soi project at the former Bosman hotel downtown.

Though Robertson is on the political front lines of the homelessness crisis, Ballem is working behind the scenes with B.C. Housing CEO Shayne Ramsay and others to get more homeless people into the 14 social housing buildings.

She has no plans to back off on the aggressive approach.

Here�s one reason: �Every single ribbon cutting around these [14] sites, there�s a huge sign behind Mr. Coleman that says �provincial homelessness initiative.� So that was a conversation that Shayne and I had � like, OK, it�s our homeless initiative, it�s your provincial homelessness initiative. If only 30 per cent of the people in the units are homeless, that�s a tough thing to sell to the public because they think we�re solving homelessness with all this money.�

Here�s another reason: �We can make a decision to back off on that [50-30-20] formula. But at the end of the day, we�ve got 1,800 homeless in the city. If you back off and reduce the number of homeless by half, then the question is: �Where is the rest of the capacity that we�re going to be able to use?��

Meanwhile, police continue to answer calls to the Marguerite Ford building, which Police Chief Jim Chu said has �taxed the resources� of his patrol officers working the district. He said police continue to work with RainCity to ensure proper services, staff and support are in place for the tenants.

But Chu also pointed out the recent decrease in calls to Marguerite Ford, which is three blocks from the VPD�s Cambie Street station, and said the department fully supports the city�s plan to spread social housing buildings across Vancouver.

�We believe that all of the hard to house � those people suffering from drug addiction and mental illness � should not be just dumped in the Downtown Eastside,� he said, noting other social housing buildings under the agreement between the city and province have �worked better,� including a highrise at Seventh and Fir and a smaller complex at 17th and Dunbar. �In fact, their best chance of recovery is living in other communities. It�s not an easy road.�

As for Coleman, who also recognizes other buildings operating under the agreement with the city are stable places to live and providing help for homeless people, he knows how easily a building�s reputation can tarnish any future work in the fight to end homelessness.

�It�s a big concern for me because I don�t want to lose the momentum and support for the people with the most needs in our communities just because we have a building that is not working.�

Best place on earth.

# ? Sep 23, 2014 23:40

Rime: Nov 2, 2011; by Games Forum

The solution to homelessness is now a rotting film set in Coquitlam, but good luck getting a government with the guts to reopen it against the tide of bleeding yuppie hearts in Vancouver.

# ? Sep 24, 2014 00:10

namaste friends: Sep 18, 2004; by Smythe

Rime posted:

The solution to homelessness is now a rotting film set in Coquitlam, but good luck getting a government with the guts to reopen it against the tide of bleeding yuppie hearts in Vancouver.

haven't you seen girl with a dragon tattoo

# ? Sep 24, 2014 00:24

Health Services: Feb 27, 2009

While out walking today, I came across a interesting artifact of the present: an election-related ad by the Ontario Real Estate Association.

The website is https://www.donttaxmydream.ca. Here is what they argue:

Ontario Real Estate Association posted:

The MLTT hurts the dream of home ownership.

In Ontario, the vast majority of us think home ownership is important. (Go to Facts for research that confirms this and other statements made here). In fact, almost 90% of Ontarians think owning a home is part of the Canadian dream*. But that dream could become even more difficult to achieve if home buyers are forced to pay another tax.

Currently, we pay a provincial land transfer tax (LTT) when we buy a home in Ontario. And every year, for as long as we own the home, we pay property taxes to our municipality.

However, in 2006, the Government of Ontario allowed the City of Toronto to charge home buyers an additional Toronto Land Transfer Tax�a whole new municipal tax that is almost equal to the provincial land transfer tax (around $4,000 for the average home). This hurt Toronto, since there were fewer real estate transactions the city lost $2.3 billion in economic activity as well as 15,000 jobs**.

So far, only Torontonians have been saddled with this unfair second tax. But that could change. Many municipalities would love the extra revenue that the Municipal Land Transfer Tax (MLTT) would put into their coffers.

The Ontario provincial election is happening soon. Find out where your local candidates and their parties stand on allowing a municipal land transfer tax in your community. And Say NO to another home owner tax�before it�s too late.

* IPSOS fact
** Altus Study

The above "IPSOS fact" is from an 'online survey commissioned by the OREA. Of the 1537 adult Ontarians that completed the survey, "nine in ten (90%) �agree� (50% strongly/40% somewhat) that homeownership is part of �The Canadian Dream�, [while] seven in ten (69%) say that it�s likely that an MLTT would limit their ability to afford a home purchase." They also found widespread opposition to the introduction of LTTs throughout Ontario, so they evidently have reason to suspect that at least some people will be receptive to these ads.

Canadians seem to display an interesting duality between policies on a personal level compared to policies that are more abstract, and I think that this might be a good example. Other polls and studies often find broad support for progressive policies, such as most Canadians (70%) agreeing that there should be more active government, and the number of that Canadians prefer a small government steadily decreasing from 65% in 2004 to around 45% in 2013 (EKOS, 2013), but once policy becomes specific, like the land tax, there's widespread opposition (at least, initially).

Health Services fucked around with this message at 00:52 on Sep 24, 2014

# ? Sep 24, 2014 00:50

namaste friends: Sep 18, 2004; by Smythe

You know what else is a Canadian Dream? loving a blonde chick with huge boobs while snorting cocaine, eating a bowl of ice cream and taking a poo poo

# ? Sep 24, 2014 00:57

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

Health Services posted:

Canadians seem to display an interesting duality between policies on a personal level compared to policies that are more abstract, and I think that this might be a good example. Other polls and studies often find broad support for progressive policies, such as most Canadians (70%) agreeing that there should be more active government, and the number of that Canadians prefer a small government steadily decreasing from 65% in 2004 to around 45% in 2013 (EKOS, 2013), but once policy becomes specific, like the land tax, there's widespread opposition (at least, initially).

People are largely incapable of taking a Rawlsian viewpoint on a policy the minute they actually benefit from it. Even smarter, more educated people � they're happy to muse and carefully weigh arguments about carbon credits or whatever nebulous thing, but as soon as it becomes something where they have an actual stake ("Should imputed rents be taxed", "should mortgage interest deduction be allowed", etc) the status quo is always the only conceivable way of doing something and society would collapse under any other possible scheme.

For a fun example of this, ask a current restaurant server whether tipping is, in general, a custom that makes sense, and one we'd immediately do from scratch if it weren't a vestigial historical practice. Not to be all Mr Pink...

# ? Sep 24, 2014 01:14

Professor Shark: May 22, 2012

Do you know what these woman make? Waitressing is the #1 job for single mothers, it's a job that anyone can do without a college education! :mad:

# ? Sep 24, 2014 01:26

namaste friends: Sep 18, 2004; by Smythe

One of my friends in Seattle has an MFA in creative writing from UW. He just graduated and now he's waiting tables. Ugh

# ? Sep 24, 2014 01:28

Baronjutter: Dec 31, 2007; "Tiny Trains"

The few restaurant staff I know make more than me, it's close to 20-25 an hour after their tips. Abolish tipping, clearly these anecdotes are a useful measure and these guys aren't extremely lucky to work in expensive clubs or airport restaurant/bars.

# ? Sep 24, 2014 01:44

namaste friends: Sep 18, 2004; by Smythe

Baronjutter posted:

The few restaurant staff I know make more than me, it's close to 20-25 an hour after their tips. Abolish tipping, clearly these anecdotes are a useful measure and these guys aren't extremely lucky to work in expensive clubs or airport restaurant/bars.

Surely wait staff don't work 40 hours a week?

# ? Sep 24, 2014 01:48

namaste friends: Sep 18, 2004; by Smythe

http://www.rew.ca/news/self-employed-how-to-qualify-for-a-mortgage-1.1382063

quote:

What�s a �Stated Income" Mortgage?

Prior to the US housing bust of 2008, many lenders in the US and Canada offered �stated income� loans, where borrowers could qualify for a loan based on the amount of income they claimed to earn without producing a paper trail to verify that income. Small business owners often claim as many deductions as they can to lower their taxable income, so �stated income� mortgages allowed them to essentially have their cake and eat it too � qualifying for a mortgage even on a small taxable income.

However, the US mortgage crisis raised concerns about this practice and whether it allows people to borrow more than they can actually afford. New regulations in both countries have made �stated income� loans less common. Two years ago, Canada�s Office of the Superintendent of Financial Institutions introduced Guideline B-20, which requires federally regulated banks to evaluate applications for residential mortgages and home equity lines of credit with more scrutiny.

quote:

Some Canadian banks still offer �stated income� mortgages. If you�re trying to secure a �stated income� loan for a half-million dollars or more, it becomes more difficult.

Under B-20, some lenders will only lend two-thirds of the property�s purchase price, so you may need a down paymentof 35 per cent or more (compared to the typical minimum of just 5 per cent). Some lenders will allow a �stated income� loan with as little as 10 per cent down, but this is rare and your income must be considered reasonable.

# ? Sep 24, 2014 02:02

namaste friends: Sep 18, 2004; by Smythe

http://m.ft.com/cms/s/0/6412e84e-42e8-11e4-9a58-00144feabdc0.html

quote:

It has enjoyed 23 years of economic growth on the back of a China-inspired commodity boom. But Australia’s luck may be running out, as a cooling Chinese economy prompts a fall in prices of its key exports and job cuts across the resources sector.

On Tuesday, BHP Billiton Mitsubishi Alliance (BMA), the country’s biggest coal miner, became the latest company to react to softening demand for resources from China, axing 700 jobs – 7 per cent of the joint venture’s total workforce – and warning of further cost cuts.

“We want to ensure that BMA continues to operate viably, providing ongoing employment in the local region,” says Lucas Dow, BMA asset president.

Australia’s mining employment fell by 25,000 to 212,200 in the three months to the end of August, underlining the challenges facing the industry and an economy in transition that needs to generate growth from other sectors.

China’s appetite for iron ore and coal drove a decade-long mining boom in Australia with companies investing almost A$400bn on projects between 2003-2012.

During this period, mining’s share of national output doubled as Beijing’s share of resource exports jumped from 8 per cent in 2002-03 to 52 per cent in 2012-13.

But a combination of a slower Chinese growth and a ramp up in global supply of iron ore and coal has caused commodity prices to drop. This week, iron ore fell below US$80 for the first time in five years, alarming investors and prompting a sell of in the Australian dollar and the local stock market.

“The downturn in iron ore prices has an inevitable flow on impact on mining services, construction investment and the wider economy,” says Chris Richardson, economist at Deloitte Access Economics.

“State and federal budgets are impacted by lower prices with lower royalties and less company tax collected,” he says.

The reddish brown ore – a key ingredient in steel – accounts for A$1 in every A$5 of Australia’s export income. Mr Richardson estimates a US$1 fall in iron ore price could cause national income to drop by A$700m and the annual tax take to be reduced by A$250m.

The impact will be felt hardest in Western Australia, where the Pilbara region produces most of the iron ore shipped abroad and the state government assumed prices would average $122 through 2014.

Last month, Moody’s downgraded Western Australia’s credit rating to Aa1, saying it faced a A$1bn hit to its budget with iron ore prices falling below A$90.

Mike Nahan, Western Australia’s treasurer, said on Tuesday that the fall in iron ore prices was “getting to the point of real worry”. He has flagged A$6bn in state assets sales by 2017.

The federal budget, which is in deficit to the tune of A$49bn, could also face further headwinds if commodity prices do not recover.

This week Roubini Global Economics predicted a slowdown in China and a tough federal budget could cut Australia’s growth to 2 per cent of gross domestic product in 2015, down from about 3 per cent. It says that this could prompt interest rate cuts and a 20 per cent slide in the value of the Australian dollar.

Most economists say such fears are overblown and point to a weakening dollar as a shock absorber that will aid the resources companies and other industries.

“One of the key benefits of a flexible Australian dollar exchange rate is that it assists in cushioning the domestic economy from the shocks resulting from rapid shifts in external demand and income conditions,” says Richard Gibbs, chief economist at Macquarie.

Companies that derive more than half their earnings overseas will benefit from higher earnings, while the country’s commodity exports will become more cost competitive, enabling resource companies to increase market share, he says.

Australia’s big three miners BHP Billiton, Rio Tinto and Fortescue have played a key role in driving down iron ore prices by flooding the market with supply.

Between 2010 and the end of 2013 they expanded production by 40 per cent and the country now supplies half of global exports. Rob Rennie, Westpac’s head of foreign exchange strategy, says that higher export volumes would to some extent cushion the impact of the price fall.

But what the Australian economy needs is diversified growth in construction, tourism and agriculture to pick up. Joe Hockey, Australia’s treasurer, says that economic reforms are crucial to increasing competitiveness, but suggests that the medium to long term outlook for the country is bright.

“We are part of the fastest growing region in the world. The desire of Asia to claw its way out of adversity and in some cases poverty will be the driver of global economy for the rest of the 21st century,” he says.

You know who else has a poorly diversified, natural resource export based economy?

# ? Sep 24, 2014 02:33

namaste friends: Sep 18, 2004; by Smythe

http://www.macleans.ca/economy/economicanalysis/the-household-debt-bomb-why-banks-want-saving-from-themselves/

quote:

In about a month, Ed Clark, the CEO of TD Bank, will retire, bidding adieu to the company�s familiar green armchair for the last time. He�s had an impressive run. As the one-time head of Canada Trust, Clark engineered what was essentially a reverse takeover of the much larger Toronto-Dominion Bank after it bought Canada Trust in 2000. And, under his watch, TD recently catapulted past the Royal Bank of Canada to become the largest financial institution in the country by total assets, which, as of last quarter, stood at a staggering $922 billion. So the man knows banking. And, this being Canada, where a handful of Goliaths dominate the industry, thanks to government-decreed oligopoly, he�s acutely familiar with the unseemly tango bankers and politicians are forever locked into.

Which is why it was so informative when Clark voiced concerns recently about the fragility of household finances in light of ultra-low interest rates and the easy access to mortgage credit. �Where these issues have been dealt with successfully is governments who lay out a framework for an industry,� he told the Canadian Press last week. Individual banks, he said, aren�t able to �change the world . . . It�s not possible in a competitive capital system.�

To paraphrase Clark, it�s cutthroat out there, and no bank can afford to lose any lending business to rivals, even if those rivals take undue risks by issuing loans to people who can�t really afford them. As such, it�s necessary for government to tighten lending rules to keep the industry from rocketing out of control.

Or, to distill Clark�s message further still: Stop us before we hurt ourselves.

It�s a measure of the insanity gripping Canada�s real-estate-obsessed, household-debt-driven economy that it�s come to this: bankers asking government to impose restraint on banks. Just as telling, though, has been the response from government, namely Finance Minister Joe Oliver, who, ultimately, holds the levers over any further tightening, and who thinks everything is just peachy. �We�re looking at things,� he said this week, �but we�re not going to be doing anything dramatic. We don�t see the need for it.�

Related: Our addiction to housing debt in 11 charts

It shouldn�t be a surprise that Oliver is hesitant to intervene. Real estate has been one of the few consistent bright spots in the economy over the past five years. With job growth stalling, the economy remains dangerously reliant on people borrowing money to buy homes and fill them with stuff. As the chart below shows, real estate has surpassed manufacturing in its importance to the economy and left the resource sector far behind.

quote:

The government will also say it�s already taken steps to dampen the housing market, such as capping amortization periods at 25 years and nixing mortgage insurance for second homes, though none of these measures has done anything to temper soaring house prices. And, while the growth in household debt has indeed slowed from the torrid double-digit increases witnessed immediately after the recession, it still grew faster than disposable incomes did last quarter.

We�re long past the point of saying we shouldn�t have gotten ourselves into this mess in the first place. But we shouldn�t have. Successive governments used the Canada Mortgage and Housing Corporation�the Crown corporation that insures lenders against losses�as an economy-boosting plaything, moral hazard be damned.

To his credit, CMHC�s current boss, Evan Siddall, is far more open than his predecessor ever was about how the agency views the market. He�s also mused about introducing some form of deductible that lenders would have to pay on mortgage insurance claims. In theory, that would compel lenders to think twice about the quality of the mortgages they�re taking on, lest they, gasp, be on the hook, should their loans go bad. (It was that possibility that Oliver was responding to when he assured the housing market he has no plans to �do anything precipitous.�)

Yet Siddall remains firmly in the �What, me worry?� camp. Citing CMHC�s housing market analysis tool, he said last week that �despite some overvaluation, there are no immediate problematic housing market conditions at the national level.�

Related: Take the Canada-U.S. housing bubble quiz and try to tell which country the bubble-denial quotes refer to.

What we�re left with is our bizarro real estate world, where the only detached home in Vancouver listed for less than $600,000 is a houseboat. (Don�t forget to mention the $1,050 monthly moorage fee when meeting your banker for that mortgage.)

The debate over whether, and to what extent, the government should intervene in the mortgage lending business is all the more pressing, now it�s clear just how long the Bank of Canada intends to keep interest rates low. On Monday, Carolyn Wilkins, the bank�s deputy governor, said that even after the economy returns to full capacity, growth is expected to be slow and, as such, the so-called neutral interest rate will be roughly 1.5 percentage points lower than it was before the financial crisis.

In other words, cheap debt is here to stay. So banks, with their downside exposure limited, will keep on finding ways to dish out loans, questionable or not. At least until someone rescues them from themselves.

# ? Sep 24, 2014 02:54

etalian: Mar 20, 2006

Cultural Imperial posted:

http://www.macleans.ca/economy/economicanalysis/the-household-debt-bomb-why-banks-want-saving-from-themselves/

lmao, it's hard to not to see similar themes to the AUS bubble after reading House of Debt since the healthly Canadian economy is also now basically being pushed along by real estate and commodity speculation.

# ? Sep 24, 2014 02:59

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# ? May 16, 2024 04:43

Precambrian Video Games: Aug 19, 2002

The slope of that red line looks pretty steady, I wouldn't worry about it.

# ? Sep 24, 2014 03:27

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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