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Cultural Imperial posted:Yeah really I don't see how this loving thing is any different than leasing a v6 accord and a parking spot. At least a v6 accord won't have load-bearing particleboard. I bet the shoddily constructed mobile home will make a condo look like a reliable low-maintenance piece of housing by comparison.
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Jan 22, 2015 07:06
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Cultural Imperial posted:I'm guessing that thing is 100sqft. That's $400/sqft. C'mon man Hold on, I'm on the line to get one myself right now.
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Jan 22, 2015 07:17
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Facebook vancouver friends celebrating that they can finally afford to be home owners thanks to the rate drop...
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Jan 22, 2015 07:26
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Its mostly older mobile homes that had load bearing particle board and liquid nails attached studs/walls. Pre-1990s in general. After that time period things start to improve though I still wouldn't call them decently made up until around the late 1990's/early 2000's. They're on par quality wise with the cheaper built homes these days but the price has also gone up dramatically for them when brand new. The price also plummets dramatically for one after a few years use though. They depreciate worse than cars so look at slightly to moderately used ones if you're interested in one. They're definitely not for everyone but they can be surprisingly decent and affordable to live in these days. The real trouble is finding one in a trailer park that isn't scummy as heck or a retirement community that won't let you live there. If you can put up with the driving distances you can sometimes find them on the outskirts of the suburban areas on a acre or 2 for non stupid prices even in a bubble. Don't plan on ever making money selling them if you do buy one. Also try to buy one that is on a concrete or block foundation. The metal and concrete piers that rest on the ground are what you normally see used to support a mobile home because they're cheap but they also cause the house to shift too much and become uneven over time. Cracks will open up in the outer shell on the sides and roof and once that happens water will get in and then repairs get real expensive and real difficult in a very little amount of time. If you do get one on metal/concrete piers then get it checked for level every year or 2 + inspect the roof/exterior 2-3 times a year. Particularly before and after winter. A pound of prevention will be worth fucktons of cure here.
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Jan 22, 2015 07:41
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My buddy had a cabin with uninsulated walls, not unlike a caravan or this pile of garbage. Guess what temperature it gets when it's 5 outside? Yeah it's 5 inside. 0 outside? 0 inside. I hope you like spending money on fuel.
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Jan 22, 2015 08:18
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PC LOAD LETTER posted:Paying off bubble prices requires more than living within your means though. Particularly if you're making the median national wage or less. In that situation you need to not only live as a ascetic but to also not have any financial disasters befall you for at least a decade or 2. She paid it off 4 years ago, it took her 6 years to pay it off. She bought in 2004.
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Jan 22, 2015 08:58
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So pre bubble years for Canada. Good on her but that is still pretty tough for most people to do. Even with making large sacrifices in their standard of living due to the stagnating/declining wages over the last few decades.
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Jan 22, 2015 09:22
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A lot of people can't afford their debt load but are 100% sure their equity will build faster than their debt so they'll come out ahead in the end. Even if it means they need to take out more debt to pay off their debt, which they know is absolutely unsustainable, but their house will be worth 100,000 more in a few years unless the government does something anti-homeowner so it's all good. A lot of people go into huge non-housing debt because they have no money to spend after their mortgage payments, so everything else goes on credit card or some other form of loan. But they can keep that up for 5 years at least, maybe they'll have 50k in debt after that, but their house will be 100k more so that's 50k profit. And surely by then they'll be making more money. They can sell the house, pay off all their debts and use that 50k for the minimum down payment on a bigger house, and repeat! Baronjutter fucked around with this message at 17:17 on Jan 22, 2015 |
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Jan 22, 2015 17:14
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An oldie but a goodie reminding us the cost of living in the best place in earth Check out @jason_kirby's Tweet: https://twitter.com/jason_kirby/status/558275543108714496?s=09
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Jan 22, 2015 17:19
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PC LOAD LETTER posted:So pre bubble years for Canada. Good on her but that is still pretty tough for most people to do. Even with making large sacrifices in their standard of living due to the stagnating/declining wages over the last few decades. Yeah, it worked out well for her, there were a couple of years I tried to convince her that putting the lump sum into the markets would be a better idea but she is "risk adverse" so always put it into her condo. She makes good money and even maxed out her RRSPs nearly every year, I don't know how she did it sometimes.
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Jan 22, 2015 17:47
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Baronjutter posted:A lot of people can't afford their debt load but are 100% sure their equity will build faster than their debt so they'll come out ahead in the end. Even if it means they need to take out more debt to pay off their debt, which they know is absolutely unsustainable, but their house will be worth 100,000 more in a few years unless the government does something anti-homeowner so it's all good. This is mindboggling to me, it's just so precarious, the slightest thing changes and everything you built collapses. Slapdash economics.
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Jan 22, 2015 17:47
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Baronjutter posted:A lot of people can't afford their debt load but are 100% sure their equity will build faster than their debt so they'll come out ahead in the end. Even if it means they need to take out more debt to pay off their debt, which they know is absolutely unsustainable, but their house will be worth 100,000 more in a few years unless the government does something anti-homeowner so it's all good. I don't know of anyone who does this (though this might be due to having relatively few friends who own, and if someone did do this I'm guessing they wouldn't blather about it to anyone). Actually fun fact: we pay only a little more now for our mortgage + utilities than when we rented. We were getting hosed at the last place though, so ymmv.
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Jan 22, 2015 17:55
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AVeryLargeRadish posted:This is mindboggling to me, it's just so precarious, the slightest thing changes and everything you built collapses. Slapdash economics. And a shockingly large number of the voting public are in this situation or something close to it, which is why no party will touch the issue. No one wants to be the person to tip over the house of cards, so they just wait until it falls over on its own, all while frantically trying to buttress things.
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Jan 22, 2015 17:56
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Baronjutter posted:And a shockingly large number of the voting public are in this situation or something close to it, which is why no party will touch the issue. No one wants to be the person to tip over the house of cards, so they just wait until it falls over on its own, all while frantically trying to buttress things. It makes about as much sense as avoiding medical treatment because you don't like doctors, sure it might suck now, but it will suck a whole hell of a lot worse later on because they neglected it and let it get so bad it could not be ignored. The political class should be hung from the loving rafters, anyone who was paying attention could tell what was going on and it's the job of the people supposedly running things to manage stuff like this. 
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Jan 22, 2015 18:20
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Baronjutter posted:And a shockingly large number of the voting public are in this situation or something close to it, which is why no party will touch the issue. No one wants to be the person to tip over the house of cards, so they just wait until it falls over on its own, all while frantically trying to buttress things. Do you have sources for any of this or are you pulling it out of your rear end?
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Jan 22, 2015 18:23
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AVeryLargeRadish posted:It makes about as much sense as avoiding medical treatment because you don't like doctors, sure it might suck now, but it will suck a whole hell of a lot worse later on because they neglected it and let it get so bad it could not be ignored. The political class should be hung from the loving rafters, anyone who was paying attention could tell what was going on and it's the job of the people supposedly running things to manage stuff like this. This is literally my wife when it comes to dentists. "I don't want to go to the dentist because he'll almost certainly need to do work on my teeth, also I haven't been in a long time so the work will probably be really bad". And we have a good dental plan. I probably need some work done too, but now I'm terrified every dentist is a rapist and or will trick/up-sell us into expensive and unneeded procedures.
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Jan 22, 2015 18:24
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Baudin posted:Do you have sources for any of this or are you pulling it out of your rear end? http://m.theglobeandmail.com/globe-...?service=mobile
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Jan 22, 2015 18:34
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That article doesn't have a reference to anything he was talking about.
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Jan 22, 2015 18:38
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Baudin posted:That article doesn't have a reference to anything he was talking about. Try reading the 250 pages of thread that predate your arrival.
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Jan 22, 2015 18:57
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Franks Happy Place posted:Try reading the 250 pages of thread that predate your arrival. I did. You guys make a lot of claims without actually having proof. e: or use "proof" which doesn't actually say what you claim it does, which is even better. e2: which is really worthy for me because I agree with a lot of points brought up, but the hyperbole is a bit much
Baudin fucked around with this message at 19:00 on Jan 22, 2015 |
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Jan 22, 2015 18:58
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Canadian household debt sitting at 162% of income isn't hyperbole, and if you want to hand wave it away and be obtuse then I guess that's your prerogative.
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Jan 22, 2015 19:01
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Cultural Imperial posted:http://www.reddit.com/r/vancouver/comments/2t5cd5/an_alternative_to_the_hellish_housing_costs_in/ This is my favorite tiny house story. No insurance, no hitchlock, no house. Boggles the mind. https://caseyfriday.com/2014/12/end-of-an-era-our-tiny-house-was-stolen/ quote:The online Tiny House Community – with the exception of a small group of wonderful people (maybe even you included!) – is largely a group of miserable human beings who feel overly entitled. I am so sick of their poo poo. 
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Jan 22, 2015 19:06
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Rime posted:Canadian household debt sitting at 162% of income isn't hyperbole, and if you want to hand wave it away and be obtuse then I guess that's your prerogative. But that debt isn't all sitting in credit cards which would be insane, it's sitting in lower interest mortgages, debt financed car loans (which are awful but less bad than credit cards), and lines of credit (which are similar). T Goddamnit that's what I get for posting without double checking first. http://www.investopedia.com/terms/d/disposableincome.asp http://business.financialpost.com/2014/12/15/canadians-household-debt-hits-record-162-of-disposable-income/ quote:Credit-market debt such as mortgages rose to 162.6 per cent of disposable income, Statistics Canada said Monday in Ottawa. The second-quarter figure was revised to 161.5 per cent from an initial 163.6 per cent. Baudin fucked around with this message at 20:37 on Jan 22, 2015 |
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Jan 22, 2015 19:12
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Baudin posted:That's also disposable income, not gross or even net. e: to be less of a jerk, disposable income is your income after taxes and benefits, i.e. your takehome pay. It's not "money you have left over after paying all your taxes and covering all your living expenses." If the average Canadian household is carrying debt equal to 162% of disposable income, they do indeed owe more than they make in a year. LemonDrizzle fucked around with this message at 19:20 on Jan 22, 2015 |
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Jan 22, 2015 19:17
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LemonDrizzle posted:
Is it the money you have left to throw away on luxury goods as long as your mortgage rate remains below 4% for the next 20 years?
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Jan 22, 2015 19:24
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Baudin posted:Do you have sources for any of this or are you pulling it out of your rear end? Which part are you objecting to, specifically? Here are some stats I guess: 47% of Canadians still live paycheque to paycheque posted:But there are still a large number that would face difficulties after one week of not receiving their cheques, and savings rates remain low, the results show. quote:Of the $1.3 trillion of debts owed by Canadians in 2012, $1.0 trillion (77.0%) was in mortgages, a share virtually unchanged from 1999. However, the total amount of mortgage debt has increased substantially, up from $453.6 billion in 1999 and $650.8 billion in 2005. Someone can do the math better than me but extrapolating from http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil109-eng.htm then the total debt load between 1995 and 2012 has doubled, adjusted for inflation. quote:On the debt side, more than three-quarters of total debt owed by Canadians stems from mortgages. The total amount of mortgage debt grew “substantially” in recent years, Statscan said, to $1-trillion in 2012 from $650.8-billion in 2005. The median value of mortgages was also higher in 2012 than in previous years. quote:Household debt service ratio (household mortgage and non-mortgage interest paid as a proportion of disposable income) declined to 6.9% in the second quarter. However, household credit debt (consumer credit, mortgages and other loans) rose by 1.3 per cent in the quarter. Which is to say, if interest rates rise and housing appreciation evaporates, that ratio gets a lot worse. The home prices are massively inflated (by 30% - 60% depending on who you ask) and if there's a price correction downwards, that net worth disappears while the debt remains. unlimited shrimp fucked around with this message at 19:42 on Jan 22, 2015 |
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Jan 22, 2015 19:25
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And there are many, many, many Canadians who are leveraged out the rear end on high-interest credit cards. I'm talking $30k+ that they can't pay down because the banks gave them that much credit while making minimum wage.
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Jan 22, 2015 19:36
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http://www.timescolonist.com/business/league-group-co-founder-says-he-s-effectively-homeless-1.1003516 “I’m truly sorry and distressed that your investment is tied up in this CCAA process. While it likely won’t make you feel any better, I felt it important that you know mine is too,” he wrote, noting he invested the bulk of his savings in League’s IGW real estate investment trust and smaller amounts in other League investment vehicles. Arruda said he also used two personal lines of credit to borrow $150,000 to invest in League, and used a $45,000 bank overdraft to lend money to League when it faced financial difficulty. “I believed in our investments and our mission as much as you did,” he wrote. “My own investment choices speak volumes about my intentions and expected outcomes for League and its investments, and my character.” Actual developers putting them selves into crazy debt to build 25 story condos in the middle of rural nowhere because they truly believe. Baronjutter fucked around with this message at 20:30 on Jan 22, 2015 |
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Jan 22, 2015 20:22
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I don't know anyone who expressly planned on using profits from a home sale to bail them out of untenable situations, but I definitely know plenty of people for which that ended up being the case. Those people have typically struggled to keep themselves at sustainable debt loads their entire lives though. That said I doubt there is any hard data on that exact scenario.
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Jan 22, 2015 20:32
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rrrrrrrrrrrt posted:I don't know anyone who expressly planned on using profits from a home sale to bail them out of untenable situations, but I definitely know plenty of people for which that ended up being the case. Those people have typically struggled to keep themselves at sustainable debt loads their entire lives though. True, and good posts all around guys. I really shouldn't post in a rush  e: I'm far more worried about Canadians being unable to service debts due to increased interest rate costs or job losses than people that extend during the boom beyond their means. Or assholes like this: http://www.reca.ca/consumers/publications/news-releases/2014/14-11-13-Derek-Johnson.htm or stuff like this: http://globalnews.ca/news/1562152/owners-of-condemned-penhorwood-condos-told-to-demolish-building-or-serve-jail-time/ Baudin fucked around with this message at 21:22 on Jan 22, 2015 |
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Jan 22, 2015 20:39
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etalian posted:I like how he defends his solution, saying at least he has outdoors and fresh air, unlike in a lowly apartment complex. I live in a condo about 3 km to the east of that clown and pay less than he does with 600 sq feet and indoor plumbing. Plus I'm not literally next to a sewage treatment plant/under a bridge/surrounded by busy roads on all sides/near industrial train tracks/on a flood plain/next to a crime-ridden reserve etc. It's one of the worst places you could choose to live at that price.
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Jan 23, 2015 00:10
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Crossposting this in badwithmoney.txt because it's pretty lol.read your loving contracts, toolbag posted:Hey guys, I would really appreciate some advice. Very simple facts: 1) I signed up for an online trading platform, Questrade; 2) I transferred $10 000 Canadian (CAD) cash to my Questrade trading account; 3) I bought stocks that traded on the New York Stock Exchange. This is what Canadians actually believe. In the spirit of the housing megathread, some mortgage lenders will find themselves up against the wall then the crash comes! Uninsured private mortgages at 5-15% interest for up to 95% of the cost of your house! Or if you want to bankroll this enterprise, you can average a return of 13% or more! Buy now!
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Jan 23, 2015 00:32
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Guest2553 posted:In the spirit of the housing megathread, some mortgage lenders will find themselves up against the wall then the crash comes! Uninsured private mortgages at 5-15% interest for up to 95% of the cost of your house! Or if you want to bankroll this enterprise, you can average a return of 13% or more! Buy now!
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Jan 23, 2015 02:11
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Reverse Centaur posted:I live in a condo about 3 km to the east of that clown and pay less than he does with 600 sq feet and indoor plumbing. Plus I'm not literally next to a sewage treatment plant/under a bridge/surrounded by busy roads on all sides/near industrial train tracks/on a flood plain/next to a crime-ridden reserve etc. It's one of the worst places you could choose to live at that price. Still can't get over how he paid $40,000 cash to live down by the river and also pay $900 per month lot fee. At least he isn't throwing his money away renting!
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Jan 23, 2015 02:19
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Guest2553 posted:In the spirit of the housing megathread, some mortgage lenders will find themselves up against the wall then the crash comes! Uninsured private mortgages at 5-15% interest for up to 95% of the cost of your house! Or if you want to bankroll this enterprise, you can average a return of 13% or more! Buy now! If this guy is using the value of his mortgage business to take out business loans and then using it to make loans to people, hasn't he effectively reinvented the CDO?
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Jan 23, 2015 02:27
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etalian posted:Still can't get over how he paid $40,000 cash to live down by the river and also pay $900 per month lot fee. He doesn't have to worry about retirement, he will likely die in a fire started by the gas heater he uses to heat the uninsulated povertyshack.
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Jan 23, 2015 02:32
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etalian posted:Still can't get over how he paid $40,000 cash to live down by the river and also pay $900 per month lot fee. $900/month lot fee? gently caress me, that's quite a bit of money for a tiny bit of land.
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Jan 23, 2015 02:40
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MickeyFinn posted:If this guy is using the value of his mortgage business to take out business loans and then using it to make loans to people, hasn't he effectively reinvented the CDO? It worked for Japan  up until like 1989
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Jan 23, 2015 02:43
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PT6A posted:$900/month lot fee? gently caress me, that's quite a bit of money for a tiny bit of land. At 3.5% interest and assuming land rent doesn't increase, with the same payments, dude could have bought a $686,000 piece of property ($900 monthly payment + 40k down) instead.
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Jan 23, 2015 02:58
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on the left posted:He doesn't have to worry about retirement, he will likely die in a fire started by the gas heater he uses to heat the uninsulated povertyshack. From the pics can't stop lolling how a nerdy dude thought it would be a good idea paying a premium to live in a mobile home park. Also no indoor plumbing, heating or other installed utilities.
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Jan 23, 2015 03:00
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