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.

Furnaceface: Oct 21, 2004

etalian posted:

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.

Turns out Canadians are not as smart as we like to think we are. Especially when it comes to being smart with money. :downs:

# ? Jan 23, 2015 03:21

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# ? Jun 1, 2024 01:12

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
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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.

It's right next to the most expensive neighbourhood in Canada. But it's still a shithole. Here's a labelled map for those not familiar

But it does have open year round washrooms!

# ? Jan 23, 2015 03:45

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Why would anyone want to live in Vancouver in the first place? If there's one thing CI and I can agree on, it's that Vancouver is full of assholes :v:

# ? Jan 23, 2015 03:50

Terebus: Feb 17, 2007; Pillbug

Reverse Centaur posted:

It's right next to the most expensive neighbourhood in Canada. But it's still a shithole. Here's a labelled map for those not familiar

But it does have open year round washrooms!

Haha, he probably works downtown and has to cross Lions Gate. That bridge is an utter nightmare. He could have just gotten a downtown apartment for an extra $100-$150 a moth in rent with actual indoor plumbing.

# ? Jan 23, 2015 03:51

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

PT6A posted:

Why would anyone want to live in Vancouver in the first place? If there's one thing CI and I can agree on, it's that Vancouver is full of assholes

Well technically it's North Vancouver. :colbert:

# ? Jan 23, 2015 03:55

etalian: Mar 20, 2006

Terebus posted:

Haha, he probably works downtown and has to cross Lions Gate. That bridge is an utter nightmare. He could have just gotten a downtown apartment for an extra $100-$150 a moth in rent with actual indoor plumbing.

but it has amenities like being close to a industrial park, sewage plant, flood plain and also lots of street noise at night.

# ? Jan 23, 2015 03:59

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
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Terebus posted:

Haha, he probably works downtown and has to cross Lions Gate. That bridge is an utter nightmare. He could have just gotten a downtown apartment for an extra $100-$150 a moth in rent with actual indoor plumbing.

Yeah, my father in law was interested in the Evelyn development up the hill on Taylor Way and I urged him not to buy there because he won't be able to get out of his house for several hours around 9am and 5pm. $2,000,000 doesn't get you the type of lifestyle it used to.

OSI bean dip posted:

Well technically it's North Vancouver.

If we're getting really technical it's actually prestigious West Vancouver. The DNV border ends east of the reserve, on Whonoak road, south of Marine.

And also the north shore is the least ruined part of the metro at this point. :colbert:

# ? Jan 23, 2015 04:03

etalian: Mar 20, 2006

Are rents really that high in Vancouver?

# ? Jan 23, 2015 04:08

Grand Theft Autobot: Feb 28, 2008; I'm something of a fucking idiot myself

on the left posted:

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.

No?

More like $2,900 plus taxes and insurance.

# ? Jan 23, 2015 04:13

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
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etalian posted:

Are rents really that high in Vancouver?

Here's the only CL listing I could find close to it, a 1,200 sq ft basement suite: http://vancouver.craigslist.ca/nvn/apa/4859377904.html

$2,350 including utilities

Four blocks further away from all the lovely stuff though.

# ? Jan 23, 2015 04:18

on the left: Nov 2, 2013; I Am A Gigantic Piece Of Shit

Literally poo from a diseased human butt

Grand Theft Autobot posted:

No?

More like $2,900 plus taxes and insurance.

You are right, I calculated interest wrong.

# ? Jan 23, 2015 04:21

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

This thread is a living testament to Vancouverites lack of ability to critically evaluate the value of property. Let's not act too surprised about this person and their expensive camper trailer.

# ? Jan 23, 2015 06:55

Rime: Nov 2, 2011; by Games Forum

While tiny houses are indeed completely impractical within the zoning reality of the lower mainland, some of you guys are also just being smug assholes. I watched it get built and it's a solid piece of craftsmanship. Her original estimated costs were $500/month to park it over there, I wonder what caused the rates to spike up so high.

# ? Jan 23, 2015 07:36

Baronjutter: Dec 31, 2007; "Tiny Trains"

Rime posted:

While tiny houses are indeed completely impractical within the zoning reality of the lower mainland, some of you guys are also just being smug assholes. I watched it get built and it's a solid piece of craftsmanship. Her original estimated costs were $500/month to park it over there, I wonder what caused the rates to spike up so high.

I hope no one ever steals your boat

# ? Jan 23, 2015 07:42

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

$500/month still seems very high, though.

# ? Jan 23, 2015 14:49

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Rime posted:

While tiny houses are indeed completely impractical within the zoning reality of the lower mainland, some of you guys are also just being smug assholes. I watched it get built and it's a solid piece of craftsmanship. Her original estimated costs were $500/month to park it over there, I wonder what caused the rates to spike up so high.

I am not an expert on the movement, but I suspect if you are paying comparable money a month to an apartment for your plumbingless van/shack/trailer, you may have missed the point of something.

# ? Jan 23, 2015 15:44

Grand Theft Autobot: Feb 28, 2008; I'm something of a fucking idiot myself

on the left posted:

You are right, I calculated interest wrong.

You're lucky I'm not a realtor, or you'd have the shiniest crack shack on the block right now.

# ? Jan 23, 2015 16:13

namaste friends: Sep 18, 2004; by Smythe

That reddit thread is full of examples of studios cheaper than that outhouse.

# ? Jan 23, 2015 16:13

namaste friends: Sep 18, 2004; by Smythe

quote:

@RobTAnderson And if we're worried about housing market, changing CMHC policy a more obvious place to start.

https://twitter.com/MikePMoffatt/status/558607884574289920?s=09

Agree 100%.

# ? Jan 23, 2015 17:05

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

Cultural Imperial posted:

https://twitter.com/MikePMoffatt/status/558607884574289920?s=09

Agree 100%.

Yeah, make everyone buy one of those neato tiny homes before they can buy a regular house. No one gets grandfathered in!

# ? Jan 23, 2015 17:31

Rime: Nov 2, 2011; by Games Forum

ocrumsprug posted:

I am not an expert on the movement, but I suspect if you are paying comparable money a month to an apartment for your plumbingless van/shack/trailer, you may have missed the point of something.

Very much. The point is to bypass zoning laws in rural areas by being in impermanent structure, which obviously doesn't work in this city.

# ? Jan 23, 2015 17:40

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Cultural Imperial posted:

That reddit thread is full of examples of studios cheaper than that outhouse.

That's not fair, at least in an outhouse you can poo poo and not have to worry about later dumping the piss and poo poo out of your ersatz toilet.

# ? Jan 23, 2015 20:05

ja_raul: May 1, 2005

Long time lurker in this thread, and a rentailure

This happened to someone I know:

http://www.cbc.ca/news/canada/british-columbia/craigslist-luxury-rental-scam-victims-stage-citizen-s-arrest-in-vancouver-1.2928845

Should we expect more scams in this hot housing climate, or this a Vancouver only type problem? (the problem of paying multiple thousands of dollars up front before moving into a suite).

edit: also the VPD suck, but perhaps this is for another subforum..

ja_raul fucked around with this message at 22:34 on Jan 23, 2015

# ? Jan 23, 2015 22:30

LemonDrizzle: Mar 28, 2012; neoliberal shithead

ja_raul posted:

Should we expect more scams in this hot housing climate, or this a Vancouver only type problem? (the problem of paying multiple thousands of dollars up front before moving into a suite).

That scam's pretty old, I've heard of it being run in the UK and the states in the past.

# ? Jan 23, 2015 22:32

Shifty Pony: Dec 28, 2004; Up ta somethin'

LemonDrizzle posted:

That scam's pretty old, I've heard of it being run in the UK and the states in the past.

Craigslist rental scams are depressingly common but normally they are run remotely with the "landlord" laiming to be out of country and asking the victim to wire money (or mail it to an intermediary) for the deposit and rent. Having someone actually tour the place and set up a physical office is pretty goddamn ballsey.

Also that's some serious bullshit that the VPD threatened them with arrest for confinement when the guy was carrying with multiple forms of ID all under different names. I could understand an admonishment over risking their own skin but that's about it.

# ? Jan 23, 2015 22:48

Rime: Nov 2, 2011; by Games Forum

The VPD hates being made to look incompetent in the face of a serious crime, as their autonomy has been under threat ever since Pickton.

Expect a renewed push to integrate them into the RCMP now that Chu stepped down today.

# ? Jan 23, 2015 22:57

namaste friends: Sep 18, 2004; by Smythe

http://ftalphaville.ft.com/2015/01/23/2099282/the-bank-of-canadas-rate-cutting-folly/

quote:

The Canadian central bank surprised markets this week by cutting its base rate by 25 basis points. Jon Hartley, co-founder of Real Time Macroeconomics, argues that the Canadian central bank�s decision to cut interest rates will exacerbate the Canadian housing bubble and wasn�t needed to offset the fall in the oil price.

Early this week, the Bank of Canada unexpectedly announced a change in its key benchmark interest rate for the first time in four years. However, rather than raising its benchmark interest rate as Fed has said it intends to do later this year, Canada�s central bank has lowered its overnight interest rate by 25 basis points to 0.75%.

Bank of Canada governor Stephen Poloz cited that the primary motivating factor in its policy decision was the lower price of oil which it claims are �unambiguously negative� for the Canadian economy. This view is flawed as the oil and gas industry contributes to less than 6% of Canada�s GDP, despite the country�s international fame for its oil sands.

The Bank of Canada also entirely discounts the positive economic impact that lower oil prices have for the Canadian consumer. Federal Reserve Chair Janet Yellen herself has said that �the decline we�ve seen in oil prices is likely to be, on net, a positive� for economic growth in the U.S. where the oil and gas industry accounts for 2.5% of GDP, a similarly small fraction of the broader economy.

To put these numbers in context, oil and gas accounts for 30% of Russia�s GDP. No doubt, the falling price of oil helped spur its recent currency crisis, but largely because of its resulting fiscal instability as oil provides nearly 40% of the Russian government�s tax revenues, according to the American Enterprise Institute. Canada�s oil-related tax revenues fail in comparison.

The Bank of Canada has cited some job loss data in the oil sector namely, that oilsands giant Suncor announced it intends to cut 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices.

This view focused purely on one sector ignores the recent job growth in other sectors of the Canadian economy, namely manufacturing, which may be already benefiting from reduced oil prices which lower input costs. During this month alone, auto component manufacturer Linamar announced 1,200 new jobs in Guelph, Ontario, while automaker Chrysler announced it will invest $2-billion at its assembly plant in Windsor, Ontario. Last month, U.S. aerospace manufacturer Pratt & Whitney announced it intends to spend $1 billion to create 1,500 jobs in Ontario and Quebec.

While during the past two months Canada�s economy witnessed a slight decline in the overall number of people working, this was largely due to a drop in part-time employment. Meanwhile, overall full-time employment in Canada has consistently improved as Alphaville has observed.

The facts are that as of December 2014, the Canadian unemployment rate remains unchanged at 6.6% close to its pre-recession levels of 6% while year-over-year core CPI inflation sits at 2.1%, above the Bank of Canada�s official 2% target.

These are hardly sufficient economic conditions that should compel a central bank to begin a new period of interest rate reduction.

Not to mention, the Bank of Canada has acknowledged that the Canadian housing market is overvalued by as much as 30%. A monetary policy of reduced interest rates will only act to exacerbate the Canadian housing bubble much like the Federal Reserve�s persistently low interest rates in 2003-2005 contributed to the American housing bubble which eventually burst in 2008.

The reactionary policy response to cut the benchmark rate with no advance warning on the basis of little labor market data also threatens the central bank�s ability to anchor interest rate expectations ahead of a rate rising cycle likely to begin in both the U.S and the U.K. later this year. To make matters worse in this regard, the Bank of Canada also scrapped its interest rate forward guidance last year, rendering the Canadian central bank unable to communicate its future policy intentions unlike the U.S. Federal Reserve.

The risks of an overheating Canadian housing market are much more serious than the mixed economic impact of falling oil prices. Canadian home prices have nearly doubled since 2001 according to the Teranet Canadian Home Price Index, which uses the similar methodology to the U.S. S&P Case-Shiller Home Price Index. Canadian home prices were virtually unaffected by the 2008 U.S. housing market collapse and have continued to rise since then.

The average debt-to-disposable income ratios among Canadian households continue to reach new highs above 160% which eclipse the levels of near 130% seen at the height of the housing bubble in the U.S. which peaked in 2007. Major Canadian banks like BMO, TD and CIBC, some of the major players in issuing the mortgage debt underlying the Canadian housing boom, have all echoed similar concerns about a potential housing market bubble.

Part of this overheating may be helped by an already weakening Canadian dollar. Before this week�s interest rate cut, the Canadian dollar fell by more than 8% relative the U.S. dollar during 2014. On the Bank of Canada interest rate news alone, the Canadian dollar fell further by more than 2% against the U.S. dollar.

Is the Canadian economy doomed to the fate of another housing bubble? Perhaps not. A strong regime of macroprudential tools including loan-to-value ratio caps on new mortgages were put in place by the late Canadian Finance Minister Jim Flaherty to slow the growth of the housing market. A 2014 IMF Working Paper found that the last three rounds of macroprudential policies implemented in Canada since 2010 were associated with lower mortgage credit growth and house price growth.

Over the past year, the IMF and the OECD have both issued warnings about a potential Canadian housing bubble that may be due for a correction, urging the Canadian government to further utilize macroprudential policy tools to tighten mortgage standards and proactively cool the housing market.

Ultimately it will also take cooperation from the Bank of Canada to raise interest rates to ensure a smooth landing for Canadian home prices.

The Bank of Canada along with Canada�s Finance Department, which sets the country�s macroprudential policies, should work together to tackle the Canadian housing bubble and avoiding repeating the economic mistakes made in the U.S. leading up to the Great Recession, rather than focusing on the transitory effects of the oil market.

# ? Jan 23, 2015 23:38

cowofwar: Jul 30, 2002; by Athanatos

Cultural Imperial posted:

http://ftalphaville.ft.com/2015/01/23/2099282/the-bank-of-canadas-rate-cutting-folly/

Election year

# ? Jan 24, 2015 00:11

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

cowofwar posted:

Election year

What? Again? This stupid country...

# ? Jan 24, 2015 00:23

etalian: Mar 20, 2006

Cultural Imperial posted:

http://ftalphaville.ft.com/2015/01/23/2099282/the-bank-of-canadas-rate-cutting-folly/

remember how everyone though everything was fine before the US real estate bubble burst?

# ? Jan 24, 2015 00:25

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

Practically everyone I know thinks this is insane, where are all these people who are celebrating this? Vancouver?

# ? Jan 24, 2015 02:11

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Kafka Esq. posted:

Practically everyone I know thinks this is insane, where are all these people who are celebrating this? Vancouver?

Obviously all those people you know need a better PR department. The mortgage brokers and realtors have spoken, and it isn't like Global is going to fact check when there is a press release to read on air.

# ? Jan 24, 2015 03:26

namaste friends: Sep 18, 2004; by Smythe

http://www.cbc.ca/news/canada/british-columbia/powell-river-launches-youtube-campaign-to-appeal-to-young-residents-1.2921838

I ain't gonna lie. I thought twice about this when I read the article. For about 5 seconds.

get the gently caress out of here scott randolph

lol loving townies in small town bc

namaste friends fucked around with this message at 06:38 on Jan 24, 2015

# ? Jan 24, 2015 06:35

B33rChiller: Aug 18, 2011

just me being dumb.

B33rChiller fucked around with this message at 05:06 on Mar 23, 2022

# ? Jan 24, 2015 07:40

Baronjutter: Dec 31, 2007; "Tiny Trains"

Cultural Imperial posted:

http://www.cbc.ca/news/canada/british-columbia/powell-river-launches-youtube-campaign-to-appeal-to-young-residents-1.2921838

I ain't gonna lie. I thought twice about this when I read the article. For about 5 seconds.

get the gently caress out of here scott randolph

lol loving townies in small town bc

Ok, are they paying people to spam forums and poo poo about Powell River? In the last few days I've suddenly seen so many forum and news article and facebook comments talking about how amazing Powell River is. On Victoria's mayor's facebook page there's this one dude posting like a loving robot on every comment about how Victoria is looking more and more like a "chinese factory" because it's all skyscrapers and there's no air or open space anymore and everyone needs to move to Powell River because they have nature and open space and fresh air. I've seen people on forums register just to go on a rant about Powell River being amazing. But it's always sort of angry, it's always in reply to some news or event and them making GBS threads all over what ever it being talked about then talking about how Powell River doesn't have this or that problem.

Are they paying idiots to do this as some sort of attempt at social media?

Also 2 years ago I had some family move there to make a go at it. Cheap housing, ok little town, maybe they can have a go at it, sure beats Victoria prices! Nope, they're back. No jobs, no hope there.

# ? Jan 24, 2015 09:26

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Baronjutter posted:

Powell River because they have nature and open space and fresh air

Lol this Powell River?

# ? Jan 24, 2015 10:05

HookShot: Dec 26, 2005

The Tomahawk restaurant on Phillip sort of near there really owns though.

They have a burger available that has like four different kinds of meat on it, including a hot dog.

# ? Jan 24, 2015 16:17

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

Go god, Powell River is in the middle of no where. Is that one of those outposts you keep around to light a beacon in case Yetis invade from Yukon?

# ? Jan 24, 2015 16:38

cowofwar: Jul 30, 2002; by Athanatos

MickeyFinn posted:

Go god, Powell River is in the middle of no where. Is that one of those outposts you keep around to light a beacon in case Yetis invade from Yukon?

Powell River is the last stop before Desolation Sound. Which is beautiful as an outdoor recreation area but kind of desolate.

# ? Jan 24, 2015 16:54

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# ? Jun 1, 2024 01:12

etalian: Mar 20, 2006

MickeyFinn posted:

Is that one of those outposts you keep around to light a beacon in case Yetis invade from Yukon?

lol

Cultural Imperial posted:

http://www.cbc.ca/news/canada/british-columbia/powell-river-launches-youtube-campaign-to-appeal-to-young-residents-1.2921838

I ain't gonna lie. I thought twice about this when I read the article. For about 5 seconds.

get the gently caress out of here scott randolph

lol loving townies in small town bc

only oil bucks would make people willingly move to a rural small town

congrats on attracting millenials Powell River!
https://www.youtube.com/watch?v=YTOY9vMHN7U

https://www.youtube.com/channel/UCTjnjuyV43lMB-D-7SXWMiQ

etalian fucked around with this message at 17:12 on Jan 24, 2015

# ? Jan 24, 2015 17:08

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