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

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namaste friends: Sep 18, 2004; by Smythe

lmao there's a 2 bedroom 800 sqft apt selling for 700k in my building near the Mt Pleasant clock

# ? Feb 14, 2015 08:20

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# ? Jun 4, 2024 21:55

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/life...&click=sf_globe

quote:

77 WALTER HARDWICK AVE., UNIT 404, VANCOUVER

ASKING PRICE $1,299,000

SELLING PRICE $1,225,000

Days on market Seven

Taxes $3,845

Maintenance fees $723.39

Listing agent Danny Chow, Rennie & Associates

Selling agent Bryan Yan, Regent Park Realty

The Action: The seller of this Olympic Village condo paid $1.565-million plus HST in 2010 � a loss of more than half a million dollars, according to selling agent Bryan Yan. �If they got in early, they got burnt,� he says.

He says prices dropped in 2013, when the city took over sales. At that time, he sold a 1,200-square-foot unit, with a water view, in the same building for $860,000. �That�s more like a Burnaby price,� Mr. Yan says.

Last December, he advised a client to purchase this unit, and she jumped on it. She�d been looking for three months in Richmond and Yaletown as well.

�I said to her, �If you had talked to me a year earlier, I would have got you an even better deal [in the building],�� Mr. Yan says.

What They Got: The two-bedroom, 1,292-sq.-ft. unit at Kayak at the Village on False Creek was one of the first Olympic Village sales. It features radiant heating and cooling, hardwood floors, gourmet kitchen, twenty-four-hour concierge and membership to the Gold Medal Club with indoor pool, gym and sauna. The platinum LEED-certified building is steps to the seawall, Canada Line and shops.

The Agent�s Take: �It�s worth $1.225-million right now, but in the next couple of years it will revert back to the $1.5-million price. Within three to four years, it should. It has the water view and people pay heavily for the water view,� Mr. Yan says.

As well, Mr. Yan says, it has the Chinese practice of feng shui on its side. Properties facing water to the north are forecast to have good feng shui in the coming years, he says.

Real estate only goes up. And feng shui has never been a more important sales feature.

# ? Feb 14, 2015 08:22

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/glob...rticle22990420/

quote:

At 28, Bonnie and Robert are �very focused on planning for the added expense of one or two children,� Bonnie writes in an e-mail. They have set aside $10,000 for in vitro fertilization (IVF) treatments.

He works in customer service, she in insurance. Together, they bring in about $142,000, including overtime. Their first priority now is to save $12,000 to help finance Bonnie�s maternity leave.

what

quote:

While Bonnie and Robert are young and have good jobs, they are carrying a mortgage load of $555,000, Ms. Day notes. They have a combined net worth of about $139,900.

On average, they are out of pocket by about $300 a month on their rental property, leaving them with a surplus of only $395 a month.

what

quote:

Monthly disbursements: Groceries, clothing $700; dining, drinks, entertainment $400; club memberships, grooming $180; vitamins $100; Internet, cellphone $200; mortgage $1,735; property taxes, utilities, insurance $740; leisure expenses $580; travel, vacation $400; transportation $850; life insurance $195; critical illness $117; loan payments, car and parents $1,208; miscellaneous (donations, gifts, emergencies) $450; his pension plan contributions $550. Total: $8,405 Surplus: $395

What the gently caress kind of unconventional bullshit mortgage is this

# ? Feb 14, 2015 08:32

Sassafras: Dec 24, 2004; by Athanatos

Sassafras fucked around with this message at 18:27 on Feb 20, 2015

# ? Feb 14, 2015 08:53

etalian: Mar 20, 2006

Using mom and dad as piggy banks is the heroic Canadian way

Also lolling how they are so excited about $6000 a year on travel instead of putting a single cent in the RRSPs.

From all those bad financial decision stories you can see how the average canadian is badly exposed to the local real estate market, given how in most stories
local real estate makes up 70%-80% of their total net worth.

etalian fucked around with this message at 09:12 on Feb 14, 2015

# ? Feb 14, 2015 09:05

sauer kraut: Oct 2, 2004

I wanna know more about those 100$/month vitamins.

# ? Feb 14, 2015 09:47

I would blow Dane Cook: Dec 26, 2008

sauer kraut posted:

I wanna know more about those 100$/month vitamins.

"Vitamins"

# ? Feb 14, 2015 11:22

Professor Shark: May 22, 2012

Jumpingmanjim posted:

"Vitamins"

That $100 and month on "vitamins" is going to shift over to him when Bonnie gets pregnant, hopefully he can handle it or that house of cards is going to collapse!

# ? Feb 14, 2015 13:01

Throatwarbler: Nov 17, 2008; by vyelkin

Cultural Imperial posted:

http://www.theglobeandmail.com/life...&click=sf_globe

Real estate only goes up. And feng shui has never been a more important sales feature.

What the hell is "radiant cooling"? DO they mean running cold water through the pipes underneath the floorboards? Because that doesn't really work.

# ? Feb 14, 2015 14:36

AVeryLargeRadish: Aug 19, 2011; I LITERALLY DON'T KNOW HOW TO NOT BE A WEIRD SEXUAL CREEP ABOUT PREPUBESCENT ANIME GIRLS, READ ALL ABOUT IT HERE!!!

Cultural Imperial posted:

http://www.theglobeandmail.com/glob...rticle22990420/

what

what

What the gently caress kind of unconventional bullshit mortgage is this

You could easily drop 2k-3k a month off of that and put it in savings without seeing the slightest reduction in quality of life. gently caress dumb rich people who have no idea how to handle money. :psyduck:

# ? Feb 14, 2015 14:50

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

AVeryLargeRadish posted:

You could easily drop 2k-3k a month off of that and put it in savings without seeing the slightest reduction in quality of life. gently caress dumb rich people who have no idea how to handle money.

I love it when someone who makes 250 000 a year starts to explain that if you really count all the expenses, it isn't *that much* he's making. Yeah, but what about this you dumb rear end in a top hat: move out of your 3-storey huge rear end mansion and get a nice, new and modern apartment in the city centre. Sell your stupid Porsche and buy a Honda S2000 instead, if you seriously cannot live without a sports car.

# ? Feb 14, 2015 15:27

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

OhYeah posted:

I love it when someone who makes 250 000 a year starts to explain that if you really count all the expenses, it isn't *that much* he's making. Yeah, but what about this you dumb rear end in a top hat: move out of your 3-storey huge rear end mansion and get a nice, new and modern apartment in the city centre. Sell your stupid Porsche and buy a Honda S2000 instead, if you seriously cannot live without a sports car.

I know some wives of rich oilpatch guys who think they should have over $10,000/month "allowance" to spend on whatever they like. Like, beyond housing and shared expenses, because that's already taken care of.

What in the actual gently caress? How do you spend that much money and still think you need more? You could eat out every day (with good wine, no less), drive an expensive car, and take a fairly luxurious vacation once a month no problem.

# ? Feb 14, 2015 17:26

tagesschau: Sep 1, 2006; Guten Abend, meine Damen und Herren.

etalian posted:

Using mom and dad as piggy banks is the heroic Canadian way

I haven't asked, but I'm pretty sure my in-laws have been strongly hinting at helping us buy real estate if we want them to. I'm also pretty sure my wife is on board with not doing so in this market, because we've done such unusual things as "travel outside Canada ever."

Seriously, I have no idea why Canadians who have traveled outside the country, especially to the U.S., believe that somehow housing should cost twice as much here because of magic.

# ? Feb 14, 2015 17:54

Dreylad: Jun 19, 2001

PT6A posted:

I know some wives of rich oilpatch guys who think they should have over $10,000/month "allowance" to spend on whatever they like. Like, beyond housing and shared expenses, because that's already taken care of.

What in the actual gently caress? How do you spend that much money and still think you need more? You could eat out every day (with good wine, no less), drive an expensive car, and take a fairly luxurious vacation once a month no problem.

New clothing every month could easily chew through half of that 10 grand.

# ? Feb 14, 2015 17:58

etalian: Mar 20, 2006

AVeryLargeRadish posted:

You could easily drop 2k-3k a month off of that and put it in savings without seeing the slightest reduction in quality of life. gently caress dumb rich people who have no idea how to handle money.

A good amount of money problems can be solved by basic budgeting and learning to be content with less.

I like how they took a 8500 loan from their employer to buy stock:

etalian fucked around with this message at 18:30 on Feb 14, 2015

# ? Feb 14, 2015 18:28

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

Dreylad posted:

New clothing every month could easily chew through half of that 10 grand.

Well, yeah, and so could one bottle of DRC at a nice restaurant, but there's no reason why it should. I understand how the money is being spent, I just find it difficult to believe that someone thinks they need even additional money beyond that for doing literally nothing.

# ? Feb 14, 2015 18:53

MiddleOne: Feb 17, 2011

etalian posted:

I like how they took a 8500 loan from their employer to buy stock:

Eh, leveraging for an investment isn't the worst idea in the world as long as the rate is low enough and you have the reserves to mitigate the investment going south. We can probably take for granted that they don't but it's not like it cannot work.

# ? Feb 14, 2015 18:59

etalian: Mar 20, 2006

tagesschau posted:

I haven't asked, but I'm pretty sure my in-laws have been strongly hinting at helping us buy real estate if we want them to. I'm also pretty sure my wife is on board with not doing so in this market, because we've done such unusual things as "travel outside Canada ever."

Seriously, I have no idea why Canadians who have traveled outside the country, especially to the U.S., believe that somehow housing should cost twice as much here because of magic.

I like this bit from the book, Australia Boom to Bust:

quote:

I don�t generally compare apples and oranges, but if I were to guess which city Sydney shares the most similar characteristics with out of Geneva, London, New York and Houston , I would say Houston. In terms of cost of living, however, it is closest to Geneva. So why do Australian journalists love to compare Sydney with New York and London? Beats me. Let�s be very frank here. When it comes to economic fundamentals, Sydney is definitely no London, New York or Tokyo.

According to the Brookings Institution, the GDP of Tokyo is higher than Australia�s entire GDP. You simply cannot find an equation that gives relative reasoning to make a fair comparison between these cities, apart from them all being the major economic hubs of their countries. In 2013, several different sources, including CNBC, rated Sydney as one of the ten most expensive real estate markets in the world.

But when you think of other cities on that list� including New York, London, and let�s include Hong Kong� they all have similar characteristics. The cost per square meter of real estate is exceptionally high, but the daily cost of living is not what I believe to be unreasonable. However, the daily cost of living in Melbourne, Brisbane, Adelaide and Perth is higher than it is in New York. Yes! It costs more to live in Adelaide than it does to live in New York. And now that I am living back in Australia, it almost seems like Aussies are proud of the high cost of living.

In relation to the cost of living, Sydney and Melbourne share similar cost-of-living characteristics as Geneva, Tokyo and Zurich. Yet Australian cities� by area, geography, population and economic focus� are more similar to the greater metropolitan areas of Houston, Miami and Dubai. During the Global Financial Crisis (GFC), Miami, L.A. and Dubai were among the most notable of cities to feel the true brunt of a collapse in housing prices. The GDPs of Houston ($ 399b) and Miami ($ 292b) are higher than the GDPs of Sydney ($ 203b), Melbourne ($ 172b) and Perth ($ 102b). Relative to breadth, the GDPs of Australian cities are fairly similar to those of Miami and Houston. But why are Australians paying so much more for their properties, food and other daily essentials.

# ? Feb 14, 2015 19:04

Furnaceface: Oct 21, 2004

etalian posted:

I like this bit from the book, Australia Boom to Bust:

You could literally substitute the word "Australia" with "Canada" and "Sydney" with "Vancouver" and it would still be 100% accurate.

Why are we so dumb? When did we start thinking we were better than the rest of the world and knew more about how poo poo works? I almost want this whole bubble to explode because Im having less and less sympathy for the average Canadian.

Oh god Im turning into CI. :ohdear:

# ? Feb 14, 2015 21:10

Count Canuckula: Oct 22, 2014

Dreylad posted:

New clothing every month could easily chew through half of that 10 grand.

Why would anyone need new clothes every month? I get unreasonably sour when my jeans of 5+ years are torn.

# ? Feb 14, 2015 21:26

Dreylad: Jun 19, 2001

Count Canuckula posted:

Why would anyone need new clothes every month? I get unreasonably sour when my jeans of 5+ years are torn.

Always having the current fashion, a compulsion to never wear the same outfit twice, hastening the end of civilization.

# ? Feb 14, 2015 21:38

Count Canuckula: Oct 22, 2014

Dreylad posted:

Always having the current fashion, a compulsion to never wear the same outfit twice, hastening the end of civilization.

Maybe my tiny working class brain can't handle the concept of treating oneself every loving day.

# ? Feb 14, 2015 21:43

etalian: Mar 20, 2006

Dreylad posted:

Always having the current fashion, a compulsion to never wear the same outfit twice, hastening the end of civilization.

Everyone else is getting a new car, clothes or better house.

You don't want to be left behind, do you?

# ? Feb 14, 2015 21:44

namaste friends: Sep 18, 2004; by Smythe

etalian posted:

Everyone else is getting a new car, clothes or better house.

You don't want to be left behind, do you?

My favourite unironic reddit comment was "don't you know BMWs are the new Toyota corolla" in r/Vancouver. Then it went along something like if you can't afford this city then get out

# ? Feb 14, 2015 21:51

Count Canuckula: Oct 22, 2014

Cultural Imperial posted:

My favourite unironic reddit comment was "don't you know BMWs are the new Toyota corolla" in r/Vancouver. Then it went along something like if you can't afford this city then get out

When can we start eating the rich?

# ? Feb 14, 2015 21:53

namaste friends: Sep 18, 2004; by Smythe

Count Canuckula posted:

When can we start eating the rich?

Actually my mistake, it was redflagdeals forum.

# ? Feb 14, 2015 21:55

midge: Mar 15, 2004; World's finest snatch.

Do we have a thread for trading stocks in Canada? Which online services do people recommend?

# ? Feb 14, 2015 21:58

etalian: Mar 20, 2006

Cultural Imperial posted:

My favourite unironic reddit comment was "don't you know BMWs are the new Toyota corolla" in r/Vancouver. Then it went along something like if you can't afford this city then get out

As William Bernstein points out in his mini-guide, a big obstacle to reaching finance stability is just spending too much:
http://www.etf.com/docs/IfYouCan.pdf

So instead of rolling savings into investments you have people taking on more debt or just making piles of impulse puchases/going to expensive restaurants on a regular basis.

So many of those poor rich people stories in the Globe boil down to the above, even though they have fairly large household income it ends up getting eaten by things such as a lack of budget, excessive home debt payments or just keeping impulse spending in control.

# ? Feb 14, 2015 21:59

namaste friends: Sep 18, 2004; by Smythe

midge posted:

Do we have a thread for trading stocks in Canada? Which online services do people recommend?

There's a very good Canada finance thread in bfc.

# ? Feb 14, 2015 22:01

MiddleOne: Feb 17, 2011

Count Canuckula posted:

Why would anyone need new clothes every month? I get unreasonably sour when my jeans of 5+ years are torn.

Society would literally fall apart if people stopped buying things they do not need.

# ? Feb 14, 2015 22:02

etalian: Mar 20, 2006

midge posted:

Do we have a thread for trading stocks in Canada? Which online services do people recommend?

It's tough to beat Vanguard IMO

also lolling at any canadian who is overweight in domestic stocks since Canada has such a vibrant economy

# ? Feb 14, 2015 22:09

midge: Mar 15, 2004; World's finest snatch.

etalian posted:

It's tough to beat Vanguard IMO

also lolling at any canadian who is overweight in domestic stocks since Canada has such a vibrant economy

This is my concern. I'd say I'm pretty average as Canadians go. I just throw money into my RRSP and TFSA, which (AFAIK) both track Canadian mutual funds. I'm trying to educate myself on diversifying because, well, it looks like poo poo is gonna hit the fan.

But like most people, the whole industry is a huge loving mess for a newbie to try and understand, probably by design.

# ? Feb 14, 2015 22:19

MiddleOne: Feb 17, 2011

etalian posted:

also lolling at any canadian who is overweight in domestic stocks since Canada has such a vibrant economy

It's kinda of a lovely time to be an investor over-all really. Canada is standing at the edge of the abyss, the EU could burst into flames at any moment due to the negotiations with Greece, China seems to be at the tipping point and Africa is just a risky as it has always been. On the positive India and the US have been on a loving roll and show no prospects of stopping in the immediate future.

# ? Feb 14, 2015 22:23

etalian: Mar 20, 2006

midge posted:

This is my concern. I'd say I'm pretty average as Canadians go. I just throw money into my RRSP and TFSA, which (AFAIK) both track Canadian mutual funds. I'm trying to educate myself on diversifying because, well, it looks like poo poo is gonna hit the fan.

But like most people, the whole industry is a huge loving mess for a newbie to try and understand, probably by design.

For any investor even american it's really important to avoid home country bias.

Given the all eggs in one basket nature of the Canadian economy at this moment I would seriously avoid giving Canadian stocks a large portion of a retirement account.

Places like TD do offer index mutual funds to cover both US and international stocks.

# ? Feb 14, 2015 22:28

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

quote:

I don�t generally compare apples and oranges, but if I were to guess which city Sydney shares the most similar characteristics with out of Geneva, London, New York and Houston , I would say Houston. In terms of cost of living, however, it is closest to Geneva. So why do Australian journalists love to compare Sydney with New York and London? Beats me. Let�s be very frank here. When it comes to economic fundamentals, Sydney is definitely no London, New York or Tokyo.

I was just in Tokyo in the end of December and I was absolutely surprised how cheap the everyday essentials are (eating out, clothes, electronics, transport, etc). Seriously, I've never spent so little money on so good food as in Tokyo. So while the real estate is probably expensive, everything else really isnt. I'm not sure that's the case with cities like Vancouver or Sidney.

# ? Feb 14, 2015 23:46

etalian: Mar 20, 2006

OhYeah posted:

I was just in Tokyo in the end of December and I was absolutely surprised how cheap the everyday essentials are (eating out, clothes, electronics, transport, etc). Seriously, I've never spent so little money on so good food as in Tokyo. So while the real estate is probably expensive, everything else really isnt. I'm not sure that's the case with cities like Vancouver or Sidney.

Japan is also on the extreme side of the rent/buy ratio since real estate prices have continued to deflate after their asset bubble burst in the early 90s.

# ? Feb 15, 2015 00:37

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

etalian posted:

Japan is also on the extreme side of the rent/buy ratio since real estate prices have continued to deflate after their asset bubble burst in the early 90s.

-40% to +80%? :psyduck:

Look what country is on top, heh.

# ? Feb 15, 2015 00:46

etalian: Mar 20, 2006

OhYeah posted:

-40% to +80%? Look what country is on top, heh.

The CMHC rental surveys tell a similar story, given the sky high home prices most canadians would be better off renting.

# ? Feb 15, 2015 00:56

namaste friends: Sep 18, 2004; by Smythe

Holy poo poo the market is hot. There's a massive lineup of people looking to view an 800sqft 2br selling for 700k in my building. loving lol

# ? Feb 15, 2015 01:09

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# ? Jun 4, 2024 21:55

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

Yes, gentlemen, the "bubble" is a myth. Here's a photo of the line up to buy a condo in the middle of hipsterville Vancouver (Mt Pleasant) today:

One of the floorplans

I mean gee whiz, how could you not want a living room smaller than your tiny rear end bedroom with no closets for $600,000?

Oh and it looks like this on the outside

UnfortunateSexFart fucked around with this message at 01:24 on Feb 15, 2015

# ? Feb 15, 2015 01:11

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

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