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etalian posted:remember how everyone though everything was fine before the US real estate bubble burst? How many times do you need to be told that it's different this time? A US style crash could never happen in Canada, because we're smarter, prettier, more honest and generally all-around better that *those people* (Americans).
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# ? Jan 24, 2015 17:55 |
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# ? May 21, 2024 17:51 |
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Yeah, I second the WTF on the Powell River buzz recently. It's an extremely isolated dying mill town with no economy, horrible horrible people, and one of the worst rates of teenage drug and alcohol abuse in the entire province. (The "talented young people" that guy is going on about are the same ones that drive logging trucks drunk at 10am, so watch out!). The place has no redeeming qualities and may god have mercy on the soul of anyone who is stupid enough to move to that godforsaken shithole. And yet it's being fluffed all over the loving place for some reason. Rime fucked around with this message at 18:13 on Jan 24, 2015 |
# ? Jan 24, 2015 18:11 |
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Rime posted:Yeah, I second the WTF on the Powell River buzz recently. It's an extremely isolated dying mill town with no economy, horrible horrible people, and one of the worst rates of teenage drug and alcohol abuse in the entire province. (The "talented young people" that guy is going on about are the same ones that drive logging trucks drunk at 10am, so watch out!). The place has no redeeming qualities and may god have mercy on the soul of anyone who is stupid enough to move to that godforsaken shithole. It's also roughly 5 hours away from Vancouver, I hope your job doesn't have lots of airplane travel. At least you get a piece of land: https://www.youtube.com/watch?v=Em4lLEY8O9s
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# ? Jan 24, 2015 18:14 |
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It's sort of odd to use "we have low real estate prices" as a marketing point. I mean, if a place has low real estate prices, fine, but to trumpet about it is more or less to fully admit that a place is either not a desirable place to live or there are gently caress all job opportunities there.
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# ? Jan 24, 2015 18:56 |
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Lexicon posted:It's sort of odd to use "we have low real estate prices" as a marketing point. I mean, if a place has low real estate prices, fine, but to trumpet about it is more or less to fully admit that a place is either not a desirable place to live or there are gently caress all job opportunities there. you open a respected businesses like a free trade coffee bean roasting company.
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# ? Jan 24, 2015 19:06 |
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Rime posted:Yeah, I second the WTF on the Powell River buzz recently. It's an extremely isolated dying mill town with no economy, horrible horrible people, and one of the worst rates of teenage drug and alcohol abuse in the entire province. (The "talented young people" that guy is going on about are the same ones that drive logging trucks drunk at 10am, so watch out!). The place has no redeeming qualities and may god have mercy on the soul of anyone who is stupid enough to move to that godforsaken shithole. It's really, really bizarre how most of these stories could be transplanted to almost any small town in Canada if you only change a few details. Do you have the hosed up kids running around knifing gay people and shooting at/bashing cats, or the parks full of empties and condoms (and I mean full)?
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# ? Jan 24, 2015 22:27 |
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Lexicon posted:It's sort of odd to use "we have low real estate prices" as a marketing point. I mean, if a place has low real estate prices, fine, but to trumpet about it is more or less to fully admit that a place is either not a desirable place to live or there are gently caress all job opportunities there. Or the job opportunities that pay well are not really dependent on local demand (think government jobs). Anecdotally, our province recently tried to "spread the wealth" by moving several of their department offices to rural areas. I'm trying to find the article (other NSposters might be more familiar with this) but at the DFO, pretty much everyone who could resigned.
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# ? Jan 24, 2015 22:32 |
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Sassafras fucked around with this message at 02:35 on Jan 26, 2015 |
# ? Jan 25, 2015 00:27 |
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Isentropy posted:It's really, really bizarre how most of these stories could be transplanted to almost any small town in Canada if you only change a few details. Do you have the hosed up kids running around knifing gay people and shooting at/bashing cats, or the parks full of empties and condoms (and I mean full)? No, but kids throw large bonfire parties on abandoned logging roads and toss full propane tanks into them. It's a different kind of hosed up from the east coast, I guess.
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# ? Jan 25, 2015 02:08 |
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I can honestly say I really hope there's video of that
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# ? Jan 25, 2015 03:37 |
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In Kelowna we used to throw apple bins into the bonfire and then dance in them. Last one to be in it before it flashed over from nothing to a thirty foot inferno, won. We also could have had an NA/AA chapter in my high school. ocrumsprug fucked around with this message at 03:52 on Jan 25, 2015 |
# ? Jan 25, 2015 03:47 |
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lolling at Canadians hoping for a soft landing, given how all the hot air and speculation associated with a bubble leads to a rapid drop over time:
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# ? Jan 25, 2015 03:55 |
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http://www.theglobeandmail.com/news...rticle22571913/quote:
poor baby boomer fuckwit can't afford $1500 extra in property tax i think this is worse than the shop owner in ft macmurray claiming that labour mobility was holding his business hostage namaste friends fucked around with this message at 16:41 on Jan 25, 2015 |
# ? Jan 25, 2015 16:37 |
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http://www.rew.ca/news/editorial-don-t-believe-the-hype-why-vancouver-isn-t-that-unaffordable-1.1741028quote:
quote:
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# ? Jan 25, 2015 17:07 |
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I love that logic. First, rich foreign investors don't count, because they only make up a third of the relatively insignificant luxury market. But we should still count their incomes along with Canadians, because reasons? Oh also the luxury segment is insignificant but somehow heavily biases the median sale price because other reasons.
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# ? Jan 25, 2015 17:16 |
Cultural Imperial posted:http://www.rew.ca/news/editorial-don-t-believe-the-hype-why-vancouver-isn-t-that-unaffordable-1.1741028 This train ain't stopping for no one!
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# ? Jan 25, 2015 17:20 |
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eXXon posted:I love that logic. First, rich foreign investors don't count, because they only make up a third of the relatively insignificant luxury market. But we should still count their incomes along with Canadians, because reasons? Oh also the luxury segment is insignificant but somehow heavily biases the median sale price because other reasons. Also, including their incomes would largely be pointless because the methodology utilizes medians, not averages. The point of using the median is that if the people at the 50th percentile can't buy the house at the 50th pecentile, or close to it, then your housing market is probably not accessible to the general population.
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# ? Jan 25, 2015 17:31 |
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Cultural Imperial posted:http://www.rew.ca/news/editorial-don-t-believe-the-hype-why-vancouver-isn-t-that-unaffordable-1.1741028 lmao So basically Vancouver isn't unaffordable for regular people because: 1. All the high priced SFH are actually owned by rich people/overseas Chinese and should be removed from the sample set. 2. Thanks to ultra-low rates home ownership is actually cheaper now than in the past and there's no reason why rates would go up in the future. 3. Most people buying those 1+ million homes will be able to make a big downpayment since they already owned a previous property. lmao let's buy a home based on advice from someone with a literature degree, who really can explain why all the stats that point to a inflated market don't actually reflect reality: https://www.linkedin.com/pub/joannah-connolly/24/640/237 etalian fucked around with this message at 17:37 on Jan 25, 2015 |
# ? Jan 25, 2015 17:32 |
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quote:He observed that because of the current historically low interest rates, the mortgage payments on a typical home in 2014 were only slightly higher than those made on a home in the late 80s and early 90s. Allowing for the increase in average annual income in that time, and it is now probably cheaper to pay a mortgage on a typical home than it was back then. Of course, Chrystal is in the business of getting people to buy homes, but his point is nevertheless valid. lmao
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# ? Jan 25, 2015 17:37 |
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etalian posted:
a lit degree from a poly lol
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# ? Jan 25, 2015 17:38 |
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She doesn't seem to get how in a loan even a few "small" points can make a mortgage go from barely affordable to unaffordable. For canada it's a even bigger issue given how it doesn't have 10+ year fixed loans like the US, so interest rate fluctuations can be a big deal.
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# ? Jan 25, 2015 17:42 |
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etalian posted:She doesn't seem to get how in a loan even a few "small" points can make a mortgage go from barely affordable to unaffordable. That and she's apparently never heard of inflation.
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# ? Jan 25, 2015 17:51 |
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etalian posted:lmao Explaining statistics to journalists is a significant part of my job. It makes me want to kill myself.
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# ? Jan 25, 2015 18:05 |
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4 ≤ 2.89 ≤ 6
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# ? Jan 25, 2015 18:23 |
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Cultural Imperial posted:That and she's apparently never heard of inflation. In the real-world: -You can't toss things out of your sample set just because it doesn't seem right or the homes are just owned by rich Chinese -Lots of new loans are probably being done with minimal downpayment similar to the US bubble because people don't have savings/enough previous equity to at least meet a 20% downpayment -The amount of debt loading/wage stagnation means you wouldn't need a big increase in the interest rate to put people's monthly budget underwater in terms of net cash flow
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# ? Jan 25, 2015 18:33 |
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Further reading, the very well written and easy to read Monetary Policy Report January 2015. If you get into an IRL argument with some lolbtard goldbug inflatioista, you will be able to beat his dumb rear end into the ground with this sceptre of knowledge +10. http://www.bankofcanada.ca/wp-content/uploads/2014/07/mpr-2015-01-21.pdf
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# ? Jan 25, 2015 18:51 |
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^ I'm really getting sick of seeing that Canadarm thing. We get it - Canada put an appendage thing in space.
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# ? Jan 25, 2015 19:01 |
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Cultural Imperial posted:http://www.rew.ca/news/editorial-don-t-believe-the-hype-why-vancouver-isn-t-that-unaffordable-1.1741028 #1 seems like a cry for new people to join a pyramid scheme for fear it will collapse.
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# ? Jan 25, 2015 19:06 |
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From page 24 of the MPR.quote:A soft landing in the housing sector continues to be the most likely
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# ? Jan 25, 2015 19:15 |
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MickeyFinn posted:#1 seems like a cry for new people to join a pyramid scheme for fear it will collapse. I like how they enumerate several property transitions as the 'norm' (only because these assholes want their cut of commission each time).
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# ? Jan 25, 2015 19:16 |
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Cultural Imperial posted:From page 24 of the MPR. That paragraph slipped from 'soft landing' to 'disorderly unwinding of imbalances' really quickly. Oh and the latter sure is a great euphemism for what is likely to be a recession-provoking meltdown of the housing market, which happened in the US less than a decade ago and prompted a global financial crisis.
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# ? Jan 25, 2015 19:26 |
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Lexicon posted:I like how they enumerate several property transitions as the 'norm' (only because these assholes want their cut of commission each time). Well, if you start out in our lowest tier and stay for a while, you'll get the opportunity to move up in to a higher tier where the people in the lower tiers work to make you money. All you have to do is purchase this illiquid asset and maintain it until you are ready for the next tier and then you bring someone in to the system... The more I think about the economics of house purchasing, the more I think it is a pyramid scheme.
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# ? Jan 25, 2015 19:46 |
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eXXon posted:That paragraph slipped from 'soft landing' to 'disorderly unwinding of imbalances' really quickly. Oh and the latter sure is a great euphemism for what is likely to be a recession-provoking meltdown of the housing market, which happened in the US less than a decade ago and prompted a global financial crisis. They sort of wish for a soft landing since it won't be that bad, even though bubbles tend to deflate in catastrophic rapid fashion once the cards get called.
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# ? Jan 25, 2015 19:56 |
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Joking aside I think the BoC is referring to Canada's housing market as a whole achieving a soft landing. Toronto, Vancouver and Calgary will end up as smoking holes in the ground.
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# ? Jan 25, 2015 20:02 |
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Cultural Imperial posted:Joking aside I think the BoC is referring to Canada's housing market as a whole achieving a soft landing. Toronto, Vancouver and Calgary will end up as smoking holes in the ground. Good.
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# ? Jan 25, 2015 20:09 |
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I look forward to finally being able to buy extremely isolated raw land with zero improvements on it, for less than I would pay for vast cultivated acreages with full service hookups immediately south of the border.
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# ? Jan 25, 2015 20:22 |
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Cultural Imperial posted:Joking aside I think the BoC is referring to Canada's housing market as a whole achieving a soft landing. Toronto, Vancouver and Calgary will end up as smoking holes in the ground. I dont see Toronto cratering quite like Vancouver/Calgary, but its still going to drop. The burbs surrounding Toronto and cottage country on the other hand are so hosed.
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# ? Jan 25, 2015 20:23 |
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Never underestimate a Torontonian's willingness to spend hours every day driving too and from work on insanely congested roadways in order to live in some poo poo suburb. Shortly before my wife and I abandoned southern Ontario to avoid that horse poo poo I had coworkers telling me that 3 hours of daily commuting was just the way things were and I should embrace it and move to some bullshit suburb outside Newmarket like they were all starting to do.
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# ? Jan 25, 2015 20:28 |
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Furnaceface posted:I dont see Toronto cratering quite like Vancouver/Calgary, but its still going to drop. The burbs surrounding Toronto and cottage country on the other hand are so hosed. I would love for housing prices to drop in Toronto but yeah I don't see Toronto being affected by any potential real estate crash, not because I believe in the magical power infallibility of real estate markets or anything, just that demand isn't going to drop off because so many people work in the city. But the surrounding area will probably get hit really hard, especially eastern GTA where the Oshawa GM plant is looking like it will close.
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# ? Jan 25, 2015 20:41 |
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# ? May 21, 2024 17:51 |
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Dreylad posted:I would love for housing prices to drop in Toronto but yeah I don't see Toronto being affected by any potential real estate crash, not because I believe in the magical power infallibility of real estate markets or anything, just that demand isn't going to drop off because so many people work in the city. But the surrounding area will probably get hit really hard, especially eastern GTA where the Oshawa GM plant is looking like it will close. Yo, what makes you think city employment will remain constant?
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# ? Jan 25, 2015 21:55 |