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.

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etalian: Mar 20, 2006

cowofwar posted:

But I have been assured that there is no foreign money at play in Toroncouver.

Foreign money is basically a red herring compared to the real problem of Canadian financial stupidity.

# ? Apr 25, 2015 17:45

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# ? May 27, 2024 01:06

ZShakespeare: Jul 20, 2003; The devil can cite Scripture for his purpose!

We can't possibly be the architect of our own demise. It must be the foreign horde.

# ? Apr 25, 2015 17:55

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

etalian posted:

Foreign money is basically a red herring compared to the real problem of Canadian financial stupidity.

Actually foreign money is a huge problem in Vancouver, but it's a symptom of the same disease that leads to CMHC insanity: we have no national housing strategy and we have let this poo poo get completely out of hand, because neoliberal invisible-hand-jobs are supposed to somehow cure every ill.

# ? Apr 25, 2015 17:58

ductonius: Apr 9, 2007; I heard there's a cream for that...

Lexicon posted:

You would make a terrible programmer

I've taken enough math and comp-sci courses to know all about the "number line begins with zero" sperging that goes on. Meanwhile, back in the real world, most of the time when people use numbers its in relation to the number of actual physical objects they have. People don't go around fretting about all the things they have zero of, unless they're told they have zero of them by an advertisement.

V V V - gently caress you, Dad!

ductonius fucked around with this message at 20:47 on Apr 25, 2015

# ? Apr 25, 2015 18:12

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

I have 0 STIs and I think that's grand

however I have 0 beers in my fridge and that is less than optimal

# ? Apr 25, 2015 18:16

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

ductonius posted:

I've taken enough math and comp-sci courses to know all about the "number line begins with zero" sperging that goes on. Meanwhile, back in the real world, most of the time when people use numbers its in relation to the number of actual physical objects they have. People don't go around fretting about all the things they have zero of, unless they're told they have zero of them by an advertisement.

Take it easy champ, just a stupid joke

# ? Apr 25, 2015 18:28

less than three: Aug 9, 2007; Fallen Rib

OSI bean dip posted:

You're at New West station aren't you?

Yep!

# ? Apr 25, 2015 20:40

namaste friends: Sep 18, 2004; by Smythe

Hey you know how everyone says density is necessary in Vnacouver becuase they're not making anymore land?

http://www.vancouversun.com/touch/story.html?id=11002552

quote:

Vancouver office tower boom hurts suburban growth, mayors say
By Nick Procaylo, https://www.vancouversun.comview OriginalApril 25th, 2015

Vancouver is experiencing one of its biggest booms in commercial development in decades, with 2.2 million square feet of office space being built downtown right now.
Suburban mayors say Vancouver�s ambitious plans to increase office space in its downtown core could hurt the regional growth strategy because it will create an oversupply and stop developers from building in neighbouring cities.

Vancouver is experiencing one of its biggest booms in commercial development in decades, with 2.2 million square feet of office space being built downtown right now, and with potentially another 2.4 million sq. ft. to be constructed between 2017 and 2020, said Andrew Petrozzi, vice-president of research for Avison Young.

The move is expected to boost the downtown office vacancy rate from about seven per cent to 12 per cent, Petrozzi said, which is a �a bit higher than we�d like to see� but comes as a relief to businesses that have faced a significantly tight vacancy rate in Vancouver�s downtown core in the past 15 years.

A balanced market typically sees a vacancy rate of between eight and 10 per cent.

�What is being delivered downtown is the most we�ve seen in decades,� Petrozzi told Metro Vancouver�s regional planning committee Friday. �A lot of the development in the suburbs is more measured, a bit more cautious.�

But neighbouring mayors say they are having trouble attracting commercial developments because of all of the construction in downtown Vancouver. Coquitlam Mayor Richard Stewart said his city has been unsuccessful in getting one commercial tower in its new town centre, which will be the focal point of the Evergreen Line when it opens next year. An oversupply of commercial space downtown, he said, will make it even harder for his city to attract office towers.

�We can�t build a suburban (commercial) centre in Coquitlam, it will simply be residential towers,� Stewart said. �(The residents) will all climb on SkyTrain and go downtown where the office towers are. We�ll wind up being a bedroom community with highrises instead of single-family homes.�

Burnaby Mayor Derek Corrigan said it�s irresponsible that Vancouver is aggressively building office space when other cities are trying to develop their town centres so their residents can work closer to home.

The move runs contrary to the region�s growth strategy, he said, which is intended to spread out residential and office towers around transit stops to encourage more livability and fewer commutes into downtown.

�With the increase in office space in downtown Vancouver it�s going to suck up the aspirations of suburban communities to build up office space and create jobs,� Corrigan said. �I find it frustrating. In Metrotown we�re trying to build a complete community. The downtown core in Vancouver has become massively crowded and we can�t create office space in the suburban areas.

�It�s a situation in which we have to have an effort made to spread the opportunities for office development around the region.�

Eric Aderneck, a senior regional planner with Metro, noted the region has a diversity of tenants who are looking for different types of buildings and locations to serve their purposes.

A Metro staff report noted that in the 15 years before 2010 few new office towers were built in downtown Vancouver. Several towers have since sprung up downtown, as well as in major centres such as Burnaby, with its Metrotown III and Solo buildings, and New Westminster, which has the Anvil Centre and the Brewery District.

In Surrey, Coun. Barbara Steele said her city isn�t facing any major problems attracting commercial developers because it has a strong base among the Asian and South Asian communities.

Vancouver Coun. Andrea Reimer said her city is doing what is required under the regional growth strategy, noting it was criticized five years ago for its tight vacancy rate when it was at three to four per cent, and businesses are excited about the growth. If Vancouver stopped building, she added, it wouldn�t necessarily mean that the commercial towers would move to other parts of the region � they would leave B.C., as they did previously when prospective tenants couldn�t get a lease.

�Businesses weren�t leaving Vancouver, they were leaving the region,� she said. �They aren�t going to Coquitlam. They are going to Calgary, to Seattle or Portland. This is the plan you wanted for Vancouver and what you wanted us to do.�

So literally, density is highly desired but only when it applies to residential. You don't need to earn money when you can just eat your granite countertops.

# ? Apr 26, 2015 04:39

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

less than three posted:

Yep!

Some friends of mine rented in the center building years back. Nice units but that parking is awful. Nothing like killing a street off like that.

# ? Apr 26, 2015 05:05

less than three: Aug 9, 2007; Fallen Rib

OSI bean dip posted:

Some friends of mine rented in the center building years back. Nice units but that parking is awful. Nothing like killing a street off like that.

The units were built like crap. Yeah the parking sucks but it's too close to the river to put underground. Oh well.

# ? Apr 26, 2015 06:17

Guest2553: Aug 3, 2012

Posting here instead of CanFinance because this thread is already a cesspit of loathing and anger.

FP wrote an article that sounded decent on the surface - comparing a hypothetical couple to see how they'd fare with vs without a TFSA. Then I started reading...

Their 'middle class' assumptions include each earning 80k/year, ~440k in liquid assets and 450k in home equity, because this is a fair representation of your typical Canadian family. Also, housing can only go up uP UP!, so their house is worth 4 million at the end of this thought exercise. Also wages don't increase, but houses magically appreciate at a rate over 50% higher than inflation. You'd have to be a weapons grade retard to gently caress up your retirement making that much (which some people are, I guess), but the article was pretty garbage overall. Was NP/FP always this bad?

# ? Apr 26, 2015 20:39

less than three: Aug 9, 2007; Fallen Rib

Guest2553 posted:

Was NP/FP always this bad?

Yes.

# ? Apr 26, 2015 20:53

blah_blah: Apr 15, 2006

Guest2553 posted:

Posting here instead of CanFinance because this thread is already a cesspit of loathing and anger.

FP wrote an article that sounded decent on the surface - comparing a hypothetical couple to see how they'd fare with vs without a TFSA. Then I started reading...

Their 'middle class' assumptions include each earning 80k/year, ~440k in liquid assets and 450k in home equity, because this is a fair representation of your typical Canadian family. Also, housing can only go up uP UP!, so their house is worth 4 million at the end of this thought exercise. Also wages don't increase, but houses magically appreciate at a rate over 50% higher than inflation. You'd have to be a weapons grade retard to gently caress up your retirement making that much (which some people are, I guess), but the article was pretty garbage overall. Was NP/FP always this bad?

The assumptions are ridiculous, but the analysis is terrible too. I'll cross post what I wrote in the other thread.

This is awful analysis on several levels.

The biggest one right off the bat: because RRSP contributions are effectively pre-tax and TFSA contributions are post-tax, there's a big difference between contributing $10k to a TFSA and $10k to a RRSP. In particular that 10k RRSP contribution produces a corresponding tax savings that should be invested in a taxable account, or a larger RRSP contribution should be made. In practice, this means that you expect that, ceteris paribus, the RRSP account will be bigger and taxed more highly -- but the end result should be about the same*.

This is actually a pretty good example of a couple that RRSPs should be good for, especially if their income breakdown was slightly more uneven (say 95k/65k or something similar). Contribute in the 22/26% federal tax bracket, withdraw the maximum amount possible in the 15% tax bracket, realize tax savings over a TFSA (withdrawing 90k present dollars per year from ages 58-71 should put a pretty good dent in the RRSP balance before it needs to be converted to a RRIF). The OAS loophole is an advantage for TFSAs, but that is fairly likely to be closed in the future via means-based testing, and RRSPs have other advantages like withholding on foreign dividends.

The actual reason that the TFSA is bad policy isn't because it's better than RRSPs for people in this situation -- it's because it's additive! These people should be able to max both their TFSAs and RRSPs, and that creates a gigantic amount of future, untaxable capital gains.

*the main reason it isn't in this example is because of the gigantic RRIF tax bill upon death, that should be avoided with better financial/estate planning.

# ? Apr 26, 2015 21:13

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Hahaha I'm about to get pre approved on a mortgage so I can try to buy a house on Tuesday gently caress me gently caress this gay earth.

# ? Apr 26, 2015 21:29

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

The good news is its a house we both like and also at a 5% interest rate with maintenance taxes insurance and the power bills its still a reasonable mortgage.

But still, I know its loving dumb.

# ? Apr 26, 2015 21:38

LemonDrizzle: Mar 28, 2012; neoliberal shithead

EvilJoven posted:

Hahaha I'm about to get pre approved on a mortgage so I can try to buy a house on Tuesday gently caress me gently caress this gay earth.

The bubble pops after the last bear turns...

# ? Apr 26, 2015 21:49

Guest2553: Aug 3, 2012

LemonDrizzle posted:

The bubble pops after the last bear turns...

Perfect tagline for a yet to be made gay porn flick.

# ? Apr 26, 2015 22:07

namaste friends: Sep 18, 2004; by Smythe

Everyone knows that the total cost is irrelevant. It'd the monthly payment that matters and nothing else

# ? Apr 26, 2015 22:27

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

EvilJoven posted:

Hahaha I'm about to get pre approved on a mortgage so I can try to buy a house on Tuesday gently caress me gently caress this gay earth.

I am so sorry.

I am so glad I purchased a crappy townhouse 12 years ago. If we hadn't, or if we had bought a lottery ticket in the form of a Vancouver house instead, there is a 100% chance I would be in divorce proceedings with my wife.

# ? Apr 27, 2015 00:12

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

EvilJoven posted:

Hahaha I'm about to get pre approved on a mortgage so I can try to buy a house on Tuesday gently caress me gently caress this gay earth.

Way to time the market. The good news is it can only go up from here, especially condos.

# ? Apr 27, 2015 00:21

I would blow Dane Cook: Dec 26, 2008

It has been said (in this thread at least) that the bubble will burst when the last bear turns bull. So if CI comes in and announces he's just bought a new condo it's time to be worried.

# ? Apr 27, 2015 01:27

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

I'm not the one that needs convincing, it's my wife.

That's gonna be a hard sell, even at 5% it's less than our rent. But it's still a dumb as gently caress idea.

loving help me.

# ? Apr 27, 2015 01:28

etalian: Mar 20, 2006

EvilJoven posted:

The good news is its a house we both like and also at a 5% interest rate with maintenance taxes insurance and the power bills its still a reasonable mortgage.

But still, I know its loving dumb.

Well it depends on the market places like GTA, Calgary and Vancouver have the worst bubble characteristics right now.

# ? Apr 27, 2015 01:30

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Winnipeg.

It's a 1100 square foot bungalow with a big rear end detached garage that's big enough for 2 cars and a workshop in the middle (weird layout). It needs drywall work, a little plumbing, paint and some flooring, all stuff my wife has done in homes worth millions of dollars.

It's on a 50' x 100' wide lot in a good neighborhood that's as bikeable (we rode it today) and as decent a bus service as we have now.

Selling for 189K. With a 25 year mortgage at 5% we still save over 400 a month more than our rent. That covers the taxes and insurance and even has some left over.

We already pay all the bills on the house we rent now so basically all we need is to budget a bit for maintenance. Right now we're pulling in much more money than we spend and my wife just admitted that unless things change she's pretty sure having children is off the table.

So it's not as boneheaded a move as it could be, I guess.

But still gently caress me, I'm the last bear...

# ? Apr 27, 2015 02:00

Wasting: Apr 25, 2013; The next to go

Even though it's Winterpeg, that's hardly a life-destroying mortgage -- unless you're carrying some other significant debt already or have a precarious employment situation.

# ? Apr 27, 2015 02:07

apatheticman: May 13, 2003; Wedge Regret

Has Winnipeg figured out what the hell its economy runs on yet?

# ? Apr 27, 2015 02:08

Wasting: Apr 25, 2013; The next to go

apatheticman posted:

Has Winnipeg figured out what the hell its economy runs on yet?

I would assume seasonal depression-related alcoholism

# ? Apr 27, 2015 02:12

Coxswain Balls: Jun 4, 2001

EvilJoven posted:

I'm not the one that needs convincing, it's my wife.

That's gonna be a hard sell, even at 5% it's less than our rent. But it's still a dumb as gently caress idea.

loving help me.

Did you use one of those spreadsheets that calculates the overall cost over the entire amortization period of the loan, including insurance, property taxes, maintenance and so on? My partner doesn't seem to be as house-hungry as yours, but every so often she gets the itch to look up real estate listings and we discuss getting a home/land sooner rather than later. The last time we had that discussion is when we started shuffling our money into self-managed index funds, and we spent the evening playing with the spreadsheet together. The only way we wouldn't end up ahead by renting is if we purchased a house in the North End or Point Douglas or something.

We haven't discussed purchasing a house any time soon since. Sure, we'd love to get some land and build a sweet as hell dome home on it, but now we both understand how ridiculously leveraged we would be to get one with current conditions, children or no. The current plan is if we have kids, we can have them in our current apartment and hopefully home prices won't be so ridiculous by the time things begin to get cramped. Lots of other people seem to be pulling it off in our building, so here's hoping.

# ? Apr 27, 2015 02:16

etalian: Mar 20, 2006

Wasting posted:

Even though it's Winterpeg, that's hardly a life-destroying mortgage -- unless you're carrying some other significant debt already or have a precarious employment situation.

Winnipeg also wasn't as grossly distorted as some other markets.

on the side note even "reasonably" priced markets got influenced by the bubble:

Just look at 2003 when the slope changes dramatically after being fairly flat for many years

# ? Apr 27, 2015 02:25

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

EvilJoven I hope you find house insurance that covers flooding.

# ? Apr 27, 2015 03:24

Ceciltron: Jan 11, 2007; Text BEEP to 43527 for the dancing robot!; Pillbug

jm20 posted:

EvilJoven I hope you find house insurance that covers flooding.

Are "Acts of God" a thing in Canadian insurance?

# ? Apr 27, 2015 03:46

Jan: Feb 27, 2008; The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.

Ceciltron posted:

Are "Acts of God" a thing in Canadian insurance?

Yes, though areas prone to flooding will usually have special exemptions against it.

# ? Apr 27, 2015 03:49

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Actually Winnipeg doesn't flood anymore. There's a floodway.

Selkirk will drown before any Winnipeg basement gets soggy.

# ? Apr 27, 2015 03:55

Baronjutter: Dec 31, 2007; "Tiny Trains"

Under 200k for a 1100sqft house with a big garage and no major deal-breaker issues? I'd jump on that in a second regardless of the housing market. Like at such a low price who cares what the market does, just enjoy it as a place to live. I don't care that my car won't be worth more in 10 years. Enjoy your house, live in it for a long time and maybe when you retire you might break even or just lose a little but you'll have enjoyed a nice house the whole time.

"Pride of ownership" is an actual thing. If you really enjoy your house that's worth something, even if you don't come out ahead financially. The question is always just how much is the enjoyment of owning a house worth to you? It's when people buy a house entirely thinking it's a money-making investment that they're an idiot. If you go in with both eyes open buying because you want a house, not because you expect it to make you rich, then it's ok (so long as you can afford it).

# ? Apr 27, 2015 04:48

HookShot: Dec 26, 2005

Yeah, honestly, if I were in your situation I would probably jump on that house. It sounds good!

# ? Apr 27, 2015 05:37

Brannock: Feb 9, 2006; by exmarx; Fallen Rib

1100 sounds on the low end to me, having lived in an apartment roughly that size and still having had space conflicts with a roommate.

If it's nice and there's no other red flags, though, sub-200k is a decent price. I'd probably wait out the market though. YMMV

# ? Apr 27, 2015 05:53

namaste friends: Sep 18, 2004; by Smythe

Winnipeg's market is not in good shape. Inventory is high as hell. On the other hand, if you make a sane family income relative to the money you're borrowing, it's a good buy. Pray you don't lose your job.

# ? Apr 27, 2015 06:02

I would blow Dane Cook: Dec 26, 2008

quote:

Canada�s Magnificent Housing Bubble Goes Nuts, Cracks

Even �Second-Time Buyers� need help from mom & dad

A housing bubble is a huge party. Everyone gets drunk and has a good time. The economy booms because housing, particularly construction, is a very local business. It creates local jobs. People spend this money. Businesses get this money. Governments exact their pound of flesh. But there is a drawback to a housing bubble, beyond the fact that it will eventually crash with terrible consequences: New entrants into the market are getting locked out by soaring prices.

Canada�s housing bubble has been a sight to behold. Home prices only dipped 8% when the US housing market crashed. Then it re-soared. Now, across the country, home prices are 26% higher than they were at the already crazy peak in 2008. In Toronto, they�re 42% higher! Prices in the major urban centers where young people like to live have become a challenge for first-time buyers.

First-time buyers are special. One, they�re the foundation of a healthy housing market; they represent growth. And two, they don�t benefit from any run-up in home prices. Current homeowners profit from the housing bubble by owning a home that has gotten pricier. When they move, they sell an overpriced home, which soothes the pain of buying another overpriced home. But first-time buyers feel the full brunt of the bubble price.

So the Bank of Montreal (BMO), in its Home Buying Report, determined just how difficult it�s getting in Canada. The survey found that 42% of the potential first-time buyers, those hardy folks that haven�t been discouraged by the soaring prices, expect to recruit the help of mom and dad, and in a big way.

To begin with, which is not a good sign, first-time buyers whittled down their budget by C$3,400 on average from last year to C$312,700 (US$259,000).

By comparison, the median home price in the US, according to the NAR, was $212,000 in March. First-time buyers in the US are struggling too, and many have thrown in the towel. They accounted for 30% of all homebuyers in March, down from 40% during normal times. But first-time buyers tend to buy below the median price. So their Canadian counterparts have to jump over much higher hurdles.

They plan to put down almost C$60,000, according to the BMO survey. But since they don�t have this kind of money, they expect to ask their parents for C$37,500 on average.

Even current homeowners who want to move to another home � the second-time buyers � are having a tough time dealing with their dreams, which have grown beyond their reach despite my elaborate theory above. And so 42% of them, same proportion as first-time buyers, are expecting financial help from their folks.

But they�ve got a much bigger nut to crack: they expect to spend on average C$473,900 (US$391,000) and make a down payment of C$123,000. But they don�t have it. So they expect their parents to contribute about C$95,000!

�Whether buying a first home or moving onto another home, we�re seeing more and more buyers embark on the journey with help from family,� is how the report explained this phenomenon.

And to deal with this crazy housing market, first-time buyers get increasingly intrepid: the number of those willing to enter into bidding wars jumped to 48%, a big increase from last year, when only 35% were willing to do so. Second-time buyers are more reticent. Only 36% said they�d enter into a bidding war.

But running over competitors and chasing prices higher has an impact: �The increase in competition from a growing number of Millennial buyers is helping to push up prices�.�

We knew it. It�s their fault.

In the US, a Redfin survey reported that 49% of its agents found that the single greatest challenge for first-time buyers wasn�t getting a mortgage or anything like that, but finding a home on the market that they could �actually afford.� Another 27% cited competition from other buyers [read� Here�s What�s Killing the American Dream].

�The lack of affordability has changed the market quite a bit,� commented WOLF STREET contributor Melissa Terzis, a realtor in Washington, D.C. �What we are seeing in DC is that most first-time buyers are now coming to the table with financial assistance from their parents.�

No word on second-time buyers yet. But the way prices have been rising�.

Canada�s housing bubble is truly magnificent. Since 2000, home prices have jumped 140%. A number of years book double-digit gains, fired up by easy money, a resource boom that has now crashed, and in certain metropolitan markets an influx of wealthy, motivated foreign buyers. So home prices in Vancouver and Toronto are expected to continue rising �over the next few months.� But in other cities, the party has already ended. Read� Magnificent Housing Bubble Unravels in Much of Canada

http://wolfstreet.com/2015/04/24/housing-bubble-gone-wild-42-of-second-time-buyers-in-canada-rely-on-mom-dads-checkbook-to-buy-a-home/

# ? Apr 27, 2015 09:33

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Talked it over last night and wet still bidding on the house but we aren't going over asking price and have a list of a half dozen conditions and the house is assessed at 230K so I'm not too worried, I have better odds of winning the lotto than getting this house and tbh if we get it its a good house.

As for our income, we both do alright. This will be about a 2:1 house to income ratio (historical average is 3.5:1) and we have no debt and relatively secure jobs.

Worst case is bankruptcy and I don't have anything worth taking because I'm not a materialistic prick so welp.

# ? Apr 27, 2015 13:40

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# ? May 27, 2024 01:06

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Cultural Imperial posted:

INSERT CITY HERE market is not in good shape. Inventory is high as hell. On the other hand, if you make a sane family income relative to the money you're borrowing, it's a good buy. Pray you don't lose your job.

tl;dr Canada housing. CI are you a Real Estate broker now?

# ? Apr 27, 2015 14:59

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

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