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quote:
Well I guess you have to remember he's speaking in terms of Canada as a whole. It's not his job to really give a poo poo about individual markets that make no sense like Vancouver and Toronto. lol gently caress this country
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# ? Apr 28, 2015 22:22 |
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# ? May 13, 2024 11:23 |
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For the past several decades Toronto Vancouver and Calgary have been a black hole of debt and misery and they've almost reached a point where they're going to tear apart the space time fabric of the country and we'll have an orgy of despair and confusion as the entire upper echelons of our society try to escape and those of us left behind end up living like rural Russians. Gonna be neat to watch.
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# ? Apr 28, 2015 23:02 |
Ehhh Calgary has always been boom/bust. And Vancouver has always been boom, and so it always will be! jk, my mom was telling me the other day about when interest rates were 13% and every house on the block was for sale in the 80s. Which of course is when we chose to sell and move to New Zealand/Australia, only to come back when Sydney was in the shitter and Vancouver was booming again. I don't get Toronto though. It seems to thrive only because there are lots of people there, and there are lots of people there so it thrives.
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# ? Apr 28, 2015 23:19 |
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triplexpac posted:Make sure to attempt any and all home repairs yourself, no matter how daunting. Also take photos of the progress for us I'm in a similar situation as yourself, so please do this so I can learn from all your mistakes.
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# ? Apr 28, 2015 23:26 |
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Reverse Centaur posted:Ehhh Calgary has always been boom/bust. And Vancouver has always been boom, and so it always will be! jk, my mom was telling me the other day about when interest rates were 13% and every house on the block was for sale in the 80s. Which of course is when we chose to sell and move to New Zealand/Australia, only to come back when Sydney was in the shitter and Vancouver was booming again. Yeah that's when my parents decided to sell their 2nd investment home. Everyone at the time even told them it was stupid and they couldn't pick a worse time to sell
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# ? Apr 28, 2015 23:29 |
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Rime posted:I can't blame them for trying to get the real estate valuation of the corridor out of the city, when the city has done the same to all the other land that CP gave them for free. Yeah this is a good point. I believe the City offered CP some sort of contract where if the City ever changed its mind and development CP would be paid compensation, but I guess CP didn't go for it. I don't think it's much in doubt that the gardeners have no real rights to the land. The controversy stems from the acts by CP being dick moves with no business case behind them.
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# ? Apr 28, 2015 23:34 |
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Femtosecond posted:Yeah this is a good point. I believe the City offered CP some sort of contract where if the City ever changed its mind and development CP would be paid compensation, but I guess CP didn't go for it. The railways are famous bastards, absolutely awful corporations of the worst sort and only accountable at the federal level for the most part, meaning they can gently caress over local communities. Then have them trying to deal with the shifty loving developer-owned Vancouver local governments? Real recipe for a fair and honest exchange.
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# ? Apr 29, 2015 00:20 |
Yeah both sides just wanna sell condos for lots of money, there's no good guys.
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# ? Apr 29, 2015 00:27 |
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Baronjutter posted:The railways are famous bastards, absolutely awful corporations of the worst sort and only accountable at the federal level for the most part, meaning they can gently caress over local communities. Then have them trying to deal with the shifty loving developer-owned Vancouver local governments? Real recipe for a fair and honest exchange. I like the way they told World's BEST MAYOR Nenshi to go poo poo in his hand, more or less, even if some of their passive-aggressive bullshit since has actually inconvenienced me personally.
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# ? Apr 29, 2015 00:29 |
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Reverse Centaur posted:Yeah both sides just wanna sell condos for lots of money, there's no good guys. I dunno I think the notion that the City is wanting to scoop up this land for peanuts and then develop it is a tinfoil hat theory. If you want to take the evil developer angle there's plenty of money to be made for the City by building the street car line, then up zoning parcels at major stops to higher density condos. The fact that this plan has existed for so long, from government to government, makes me think it was made by urban planner technocrat street car nerds that would push back against any government scrapping it for short term gain. The street car plan along Arbutus makes too much sense not to proceed with. Even though Vision is clearly pro-development, they've made good decisions around transportation policy so I think they listen to their urban planners (somewhat).
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# ? Apr 29, 2015 00:42 |
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I would imagine CP's position is that Vision may not be in power forever, and there is nothing stopping a garbage party like the NPA from selling the land to developer buddies down the road and they have done to CP gifted land in the past. Thus, it makes sense for them to play hardball now and run some trains up and down the rails. I do not agree with it as a taxpayer, but it's certainly very understandable.
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# ? Apr 29, 2015 00:54 |
Femtosecond posted:I dunno I think the notion that the City is wanting to scoop up this land for peanuts and then develop it is a tinfoil hat theory. I am pretty sure this has nothing to do with street cars. That line was supposed to be where the Canada line was going until NIMBYs chased it east to Cambie. This is purely about condos, it's already a filthy rich area and no one wants public transit there. Also street cars are retarded. RRT/skytrain 4 lyfe.
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# ? Apr 29, 2015 01:17 |
This place just sold for $1.35 million just west of the tracks. I expect "houses" like this to some day occupy the rail line area in the southern part, with another smaller laneway house in the back. And of course skinny condos closer to Broadway.
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# ? Apr 29, 2015 03:41 |
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Reverse Centaur posted:I am pretty sure this has nothing to do with street cars. That line was supposed to be where the Canada line was going until NIMBYs chased it east to Cambie. This is purely about condos, it's already a filthy rich area and no one wants public transit there. Everything you say about the NIMBYs is correct, but I'm still doubtful that the city would flip this for property development. At the moment no one in this neighbourhood is ready for increased density, and a street car line is not on the table for the immediate future, but I think the city is taking a very long view here and keeping options in place for when easier to develop areas* are fully developed, and more people make use of and recognize the advantages of public transit. The city has gone to great effort to keep spaces open for future street car lines (eg. Pacific Boulevard, 1st Ave in the Olympic Village) and I think they want to keep the option on the table. Supposing the City bought the complete Arbutus lands tomorrow I'd expect it to remain a "greenway" for several decades before serious thought would go into whether it should be a street car line or not. * eg. The entirety of the Cambie corridor
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# ? Apr 29, 2015 04:01 |
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Didn't get the house. It went for way over asking. The agent didn't even ask us if we wanted to start a bidding war because she knew we're both at least somewhat financially literate and able to think ahead further than our next monthly payment.
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# ? Apr 29, 2015 04:16 |
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EvilJoven posted:Didn't get the house. It went for way over asking. The agent didn't even ask us if we wanted to start a bidding war because she knew we're both at least somewhat financially literate and able to think ahead further than our next monthly payment. That's what you get for being financially responsible. For shame. Seriously though, it sucks that taking the sane and responsible approach to homeowning results makes it impossible to actually land one. I'd be very curious to find out if the buyer's offer is actually within their means or if they're overstretching themselves for it... Guess you'll find out when the home gets foreclosed once the bubble bursts?
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# ? Apr 29, 2015 04:22 |
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Warren buffet said something like "when the tide goes out then you'll know who's not wearing any pants".
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# ? Apr 29, 2015 04:45 |
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Jan posted:That's what you get for being financially responsible. For shame. We keep waiting, our bank balance keeps getting bigger and if we don't buy until we're 40 then well by then the bubble will have probably burst and we'll be paying cash.
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# ? Apr 29, 2015 04:56 |
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Guess who's now a property speculator?quote:Province bets on rising land values http://www.vancouversun.com/touch/story.html?id=11012061
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# ? Apr 29, 2015 05:13 |
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http://www.theglobeandmail.com/repo...b+Article+Linksquote:Don’t buy into the misplaced optimism of ‘Sunny Stephen’ This is really worth reading. Luke Kawa is loving killing it, which is why he's going to work for Bloomberg.
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# ? Apr 29, 2015 05:15 |
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To be fair holding onto a property knowing an area is going to be getting a massive upgrade is pretty sensible. We'd all be yelling at the government giving away property to developer friends for pennies if they sold it now knowing it was going to be worth way more later.
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# ? Apr 29, 2015 05:24 |
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PT6A posted:Yeah, people told me "take the bus in Spain! It's great!" and I'm like, "but won't I get my head chopped off and nibbled on by a lunatic or something?" and they said, "No, it's completely different from North America and buses don't suck horribly!" EvilJoven posted:Oh gently caress no our mortgage is super low. Under 2.7% Sucks you didn't get the place. See if there's anything appealing that's been on the market for a while, that's how my realtor was able to screw the sellers of our current house down.
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# ? Apr 29, 2015 05:54 |
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No it's pretty loving dumb. I'm not paying taxes so my government can play property speculator. Remember what happened to the potemkin village in 2008? Remember the hedge fund that was in charge? Fortress made it look like a sure thing didn't it?
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# ? Apr 29, 2015 05:54 |
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quote:A new $535-million casino-hotel at BC Place, under construction on the opposite side of the stadium from Site 10C, is also likely to increase land values around the stadium. No I'm pretty sure this is going to be a white elephant and a giant failure just like the current casino.
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# ? Apr 29, 2015 06:17 |
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Baronjutter posted:To be fair holding onto a property knowing an area is going to be getting a massive upgrade is pretty sensible. We'd all be yelling at the government giving away property to developer friends for pennies if they sold it now knowing it was going to be worth way more later. Nope. That future value will be built into the price sans some risk premium of it not happening, and if they auction it properly they'd get a fair value. They shouldn't be speculating.
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# ? Apr 29, 2015 06:24 |
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Reverse Centaur posted:This place just sold for $1.35 million just west of the tracks. I expect "houses" like this to some day occupy the rail line area in the southern part, with another smaller laneway house in the back. And of course skinny condos closer to Broadway. I saw this same house posted to a FB article by some Americans complaining about Canadian housing prices. While the space is absolute poo poo, it's by a beach, in Vancouver and has a piece of land albeit skinny. It's obviously over priced but it is not reflective of the market as a whole. If people wanna live in a detached in downtown vancity or Toronto they have to pay the speculators, flippers, and real estate wizards who drive up prices. Just a bit outside the cities it becomes arguably reasonable, sort of. Albino Squirrel posted:If there's one thing people in Canada need to learn, it's this. I asked my sister if her and her fiancé could afford her house if mortgage rates tripled and she was all "nope let's hope that doesn't happen! " This is exactly what people need to think about. I'm willing to bet a lot of households would lose their shirts if it rates even doubled let alone tripled. Also what's with Canada and the race to own the largest possible house? i hear chatter around me frequently of people saying 2000 sq ft is not enough for 3-4 people to live comfortably
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# ? Apr 29, 2015 06:48 |
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Femtosecond posted:No I'm pretty sure this is going to be a white elephant and a giant failure just like the current casino. I wonder how much the taxpayer contributed to this development. I know we just replaced a huge amount of the $500m+ BC Place roof last year due to structural flaws.
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# ? Apr 29, 2015 08:12 |
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More silly news from the land down under:quote:
http://www.wsj.com/articles/worry-over-debt-as-australian-house-prices-rise-1430207189
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# ? Apr 29, 2015 13:12 |
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quote:“We were very lucky,” said Ms. Spears. The 37-year old isn’t concerned that mortgage repayments threaten to eat up around 62% of their household income during the nine months she plans to be on maternity leave. Wait, what? Isn't it considered "normal" that a household spends about a third of its net income on housing? No bank here would give a loan to buy a house if almost two thirds of your income would go into servicing that debt, especially considering the current, almost non-existent interest rates.
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# ? Apr 29, 2015 13:39 |
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They would if it were guaranteed by the government.
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# ? Apr 29, 2015 14:11 |
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OhYeah posted:Wait, what? Isn't it considered "normal" that a household spends about a third of its net income on housing? No bank here would give a loan to buy a house if almost two thirds of your income would go into servicing that debt, especially considering the current, almost non-existent interest rates. Also the zero down payment, although it's unclear if they cross collateralized other properties.
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# ? Apr 29, 2015 14:39 |
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EvilJoven posted:Didn't get the house. It went for way over asking. The agent didn't even ask us if we wanted to start a bidding war because she knew we're both at least somewhat financially literate and able to think ahead further than our next monthly payment. Sorry to hear that. As much as I buy into the doom and gloom about the housing market, I'd love to own a house at a reasonable price someday. Do you know how much it ended up going for?
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# ? Apr 29, 2015 15:02 |
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I think most people in this thread are angry that the market priced them out of real estate before they were in a position to take advantage while it was cheap. I'm definitely severely frustrated that in a very short time cost of living outpaced my income by miles. I can't find a place to live anywhere that doesn't strip me of like 50-60% of my income.
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# ? Apr 29, 2015 15:06 |
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Kraftwerk posted:I think most people in this thread are angry that the market priced them out of real estate before they were in a position to take advantage while it was cheap. I have roommates that are paying for most of my townhouse. My $255k townhouse is only costing me $759 to live in, all utilities included. Minus the principal payment and I'm really down to under $200. Otherwise I'd be paying 50% of my income for the place. As long as the value of my place doesn't crash (Halifax), these few years should really help me get ahead. It's worth it. Owning a place and renting out rooms is totally different than sharing a rental with roommates. There's a respect for property that develops when the owner is living on site.
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# ? Apr 29, 2015 15:19 |
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I got in during 2010, and now my house investment is up 30-40%. The mortgage is being serviced with sub 20% household net income. I think in general people are servicing their total housing costs with 50% of their net income, which is ludicrous.
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# ? Apr 29, 2015 15:25 |
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jm20 posted:I got in during 2010, and now my house investment is up 30-40%. The mortgage is being serviced with sub 20% household net income. Yeah, the wife and I are at about 20% of our income, give or take a few points, depending on my overtime and all that. Our investement is probably up about 20%, but I'm not counting on it as an investment, just a place to live that is cheaper than renting a 3 bedroom around here.
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# ? Apr 29, 2015 15:31 |
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What's property tax like in Canada? All of this just blows my mind, the ~3% effective property tax rate in Texas means that even with homestead exemptions my coworkers are paying ~$20k property taxes per year on their ~$700k houses. I just can't imagine throwing away that much money.
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# ? Apr 29, 2015 15:34 |
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Twerk from Home posted:What's property tax like in Canada? All of this just blows my mind, the ~3% effective property tax rate in Texas means that even with homestead exemptions my coworkers are paying ~$20k property taxes per year on their ~$700k houses. I just can't imagine throwing away that much money. I asked my friend about this. She says the bank rolled her property taxes into her mortgage, so it adds $130 to every mortgage payment Edit: And we're in Toronto so apparently that's pretty low, especially considering our property taxes pay for our transit and whatnot.
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# ? Apr 29, 2015 15:38 |
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triplexpac posted:I asked my friend about this. She says the bank rolled her property taxes into her mortgage, so it adds $130 to every mortgage payment And what was the price of the house?
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# ? Apr 29, 2015 15:39 |
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# ? May 13, 2024 11:23 |
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computer parts posted:And what was the price of the house? I want to say it was roughly 750k. A nice deal for a detached house a 20 minute streetcar ride from downtown.
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# ? Apr 29, 2015 15:40 |