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http://www.cbc.ca/news/canada/british-columbia/new-cmhc-rules-make-it-easier-for-homeowners-with-suites-to-borrow-money-1.3171813quote:First-time home buyers in Metro Vancouver's hot housing market will soon get a break when it comes to buying a new home. Got to help those idiots who want "mortgage helpers" to help them with their burden.
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Jul 29, 2015 18:10
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Soooo... the CMHC is either run but complete morons or real estate agents, right? Or is it just the CPC trying to kick the can down the road far enough to get re-elected?
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Jul 29, 2015 19:28
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We grabbed the tiger by the tail and no matter what happens we won't let it go.
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Jul 29, 2015 19:30
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rrrrrrrrrrrt posted:Soooo... the CMHC is either run but complete morons or real estate agents, right? Or is it just the CPC trying to kick the can down the road far enough to get re-elected? Yeah I wouldn't expect anyone to rock the boat until after the election at least. No one wants to be the one in charge when it all comes crumbling down and Canada becomes a post-bubble apocalyptic wasteland
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Jul 29, 2015 19:54
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Albertan Debt Porn: I just had a customer (oil worker) sign to trade their 1.5 month old vehicle for a loss of $30,000 since he rolled $15,000 over into that truck. His current deal has him spending $1280/month for 96 months in a midgrade truck that will have a total cost of borrowing of $125,000. I tried to tell him not to (lateral truck move) but I can't tell an Albertan how to spend his money. Ram tough.
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Jul 29, 2015 20:21
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125k in truck debt how what how why god drat.
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Jul 29, 2015 20:23
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Killin_Like_Bronson posted:Albertan Debt Porn: I just had a customer (oil worker) sign to trade their 1.5 month old vehicle for a loss of $30,000 since he rolled $15,000 over into that truck. His current deal has him spending $1280/month for 96 months in a midgrade truck that will have a total cost of borrowing of $125,000. I tried to tell him not to (lateral truck move) but I can't tell an Albertan how to spend his money. Ram tough. It's a good thing insolvency rates in Canada will never ever go up!
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Jul 29, 2015 20:27
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ray_finkle posted:How's the Whistler market this summer (I recall you saying in this thread you're looking at buying)? I moved from there last fall but talking with some people last summer it seemed that prices were going up due to American interest but I wasn't sure if that was just Realtor BS talk. I know this thread is pretty anti-buying in most cases but with Whistler I feel like buying is better (EDIT: in a lot of cases) just due to the lack of reasonable rental stock at not-outrageous prices. That and not dealing with slumlords. I was lucky and I rented a 2 bedroom 2 bathroom condo in Creekside for $1400 ($700 each) from the parent's of a friend of my roommate but I know that without that hookup we'd be in some illegal dump previously occupied by 15 Australians. From what I can tell it hasn't really moved much at all the last year or so. Maybe up a couple percent, but I'd be shocked if it was higher than inflation and it's nowhere near Vancouver levels of crazy. A lot of the low-ish end stuff that I'm looking at (3 bed/1 bath fixer uppers around 1000sqft) are asking for around 50-100k more than assessment, but they're still at under 500k. Some condo fees are loving ridiculous though, yeah. A lot are in the reasonable $200-$300 a month range, but I've seen some in the $700-$1100!!! a month range that just make me go "wtf?!?!" But yeah, we got really lucky with our landlords, and trying to find a place to rent in Whistler is the most soul sucking experience there is. Plus rents are so high that buying is actually not the shittiest idea ever. HookShot fucked around with this message at 20:31 on Jul 29, 2015 |
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Jul 29, 2015 20:28
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Killin_Like_Bronson posted:Albertan Debt Porn: I just had a customer (oil worker) sign to trade their 1.5 month old vehicle for a loss of $30,000 since he rolled $15,000 over into that truck. His current deal has him spending $1280/month for 96 months in a midgrade truck that will have a total cost of borrowing of $125,000. I tried to tell him not to (lateral truck move) but I can't tell an Albertan how to spend his money. Ram tough. Every story like this makes me feel unreasonably good about my 8 year old used compact car. Thank you.
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Jul 29, 2015 20:59
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PK loving SUBBAN posted:Every story like this makes me feel unreasonably good about my 8 year old used compact car. Thank you.  Trade/sell it when you know its only going downhill. Dealers will overpay for crap and underpay for valuable vehicles. Get someone else's bad decision by buying a late model used with warranty remaining. Never sign first pen.
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Jul 29, 2015 21:08
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Killin_Like_Bronson posted:
Even with zero interest - zero down? On something practical, not a "I'm an oilsands employee" status symbol?
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Jul 29, 2015 21:20
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A friend who works as a PSW said she took a client for a co-worker, arrived to find a 90 year old man in an apartment with no air conditioner showing every single sign of heat stroke. The man's son had power of attorney, rolled up in a sports after she told him he was calling the ambulance yelled at her that his dad didn't need to hospital, yelled at the paramedics who said that his dad had to go to the hospital, and yelled at the doctor on the phone who explained why his dad was going to the hospital. He reminded all of them that he was a hot-shot real estate agent.
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Jul 29, 2015 21:23
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Dreylad posted:A friend who works as a PSW said she took a client for a co-worker, arrived to find a 90 year old man in an apartment with no air conditioner showing every single sign of heat stroke. The man's son had power of attorney, rolled up in a sports after she told him he was calling the ambulance yelled at her that his dad didn't need to hospital, yelled at the paramedics who said that his dad had to go to the hospital, and yelled at the doctor on the phone who explained why his dad was going to the hospital. 
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Jul 29, 2015 21:26
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Killin_Like_Bronson posted:Albertan Debt Porn: I just had a customer (oil worker) sign to trade their 1.5 month old vehicle for a loss of $30,000 since he rolled $15,000 over into that truck. His current deal has him spending $1280/month for 96 months in a midgrade truck that will have a total cost of borrowing of $125,000. I tried to tell him not to (lateral truck move) but I can't tell an Albertan how to spend his money. Ram tough. You're my favorite poster. 
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Jul 29, 2015 21:26
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http://m.newsfilecorp.com/release/16562/IIROC-Trade-Halt-Home-Capital-Group-Inc. Tldr, home capital group, issuer of sub prime mortgages in Canada has stopped trading because everyone and their dog is shorting the poo poo out of it. This makes no sense how can this be Canada has no sun prime and are banking system envy of world
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Jul 29, 2015 21:29
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Cultural Imperial posted:http://m.newsfilecorp.com/release/16562/IIROC-Trade-Halt-Home-Capital-Group-Inc. Are they the sub prime issuer that had its pace slow considerably lately? I can't recall if it was them.
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Jul 29, 2015 21:33
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Cultural Imperial posted:http://m.newsfilecorp.com/release/16562/IIROC-Trade-Halt-Home-Capital-Group-Inc. this is the beginning of the end right? god i hope so content: i'm in los angeles right now as my girlfriend does a thing at cedars sinai and it's insane what 2 million gets you here compared to vancouver. you want to live close to the beach in a 5br? sure no problem. house in the hills with a view of the whole city? ok. 3br with a yard near melrose and san vicente? you can have two!
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Jul 29, 2015 21:37
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Isentropy posted:Even with zero interest - zero down? On something practical, not a "I'm an oilsands employee" status symbol? That's practical, buy on needs because you'll want more than that.
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Jul 29, 2015 21:41
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https://twitter.com/LJKawa/status/626489809981321216  
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Jul 29, 2015 21:44
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jm20 posted:Are they the sub prime issuer that had its pace slow considerably lately? I can't recall if it was them. Yes it appears so http://online.barrons.com/articles/canadian-subprime-lender-comes-up-short-1437805136
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Jul 29, 2015 21:47
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Please let this be the beginning. 
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Jul 29, 2015 21:52
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What does it mean?
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Jul 29, 2015 21:54
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hot-shot real estate agent in...Kitchener-Waterloo
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Jul 29, 2015 21:59
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Dreylad posted:hot-shot real estate agent in...Kitchener-Waterloo I feel like I'm going to start wearing out the Vince emoji.
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Jul 29, 2015 22:10
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Isentropy posted:Even with zero interest - zero down? On something practical, not a "I'm an oilsands employee" status symbol?
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Jul 29, 2015 22:31
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Killin_Like_Bronson posted:Albertan Debt Porn: I just had a customer (oil worker) sign to trade their 1.5 month old vehicle for a loss of $30,000 since he rolled $15,000 over into that truck. His current deal has him spending $1280/month for 96 months in a midgrade truck that will have a total cost of borrowing of $125,000. I tried to tell him not to (lateral truck move) but I can't tell an Albertan how to spend his money. Ram tough.  the price people will pay for trucks astounds me. That's more expensive than a 7-series.
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Jul 29, 2015 22:58
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Albino Squirrel posted:
It's not that any single truck is that expensive, it's just that they can't bear to actually have a truck so old that it's actually paid off. I suppose if you were a complete loving retard, you could do the same thing with BMWs, but it seems to happen a lot less for some reason.
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Jul 29, 2015 23:08
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Albino Squirrel posted:
The actual truck he is buying is 'worth' $65K but he is refinancing $30K in bad decisions along with his truck. This is the part people forget when they trade in a vehicle and the value is 50% of the buyout.
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Jul 29, 2015 23:10
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PT6A posted:It's not that any single truck is that expensive, it's just that they can't bear to actually have a truck so old that it's actually paid off. I suppose if you were a complete loving retard, you could do the same thing with BMWs, but it seems to happen a lot less for some reason. Usually the German cars are leased because their value at the end of a lease period is approximately $0. The dealership usually takes a pretty good whack of money out of the buyers on their down payment as well as their lease return penalties (which are strenuously inspected and fined well in excess of the repair value). In my experience talking to people who drive a chain of new German cars these two lump sums are usually financed via HELOC if it can't be directly afforded through their salary. Upon the termination of the lease and the return of the car, they are either sold as "certified pre-owned" (dealer demos, corporate fleet, out-of-country lemon law, magazine loaner cars) or auctioned to other dealerships (most retail cars). In either event they usually end up with people who mean well but can't afford to maintain them, and then eventually arrive with people who neither intend to nor can maintain them. It's the used buyer that usually ends up being seriously underwater in this fashion on a chain of used VWs/Mercedes/BMWs purchased from predatory buy here pay here lots that specialize in fraudulently financing valueless auction bait to the image-conscious customer. Note that some German cars are actually getting much better for resale and not falling apart immediately after the second owner takes delivery (Mercedes, although the CLA remains to be seen) but there are also some real minefields in places the average Canadian customer wouldn't expect (Mini). The luxury car treadmill absolutely pulls a poo poo ton of otherwise productive cash out of homeowners' pockets and out of the country, and easy financing only makes doing so more popular, even for families that realistically can't afford to take those risks. They're overwhelmingly the McMansions of cars. Seat Safety Switch fucked around with this message at 23:37 on Jul 29, 2015 |
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Jul 29, 2015 23:16
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Killin_Like_Bronson posted:The actual truck he is buying is 'worth' $65K but he is refinancing $30K in bad decisions along with his truck. This is the part people forget when they trade in a vehicle and the value is 50% of the buyout. What kind of brain damaged justification did he say for trading away a vehicle only a month and a drat half old?
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Jul 29, 2015 23:21
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Cultural Imperial posted:http://www.theglobeandmail.com/report-on-business/calgarys-housing-market-feeling-the-effects-of-falling-oil-prices/article25751226/ All the articles about the soft landing/minor correction will hopefully be really hilarious in hindsight a year or two from now. Oil price crash basically removed the biggest external cash cow for Alberta.
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Jul 29, 2015 23:24
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Mr Luxury Yacht posted:What kind of brain damaged justification did he say for trading away a vehicle only a month and a drat half old? Maybe his friends made fun of him because he got the smaller diesel that doesn't roll coal as well.
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Jul 29, 2015 23:25
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Albino Squirrel posted:
I had a client who worked for his dad at a construction business. We were trying to argue that he didn't make a ton of money working for his dad. Then he and his dad purchased a nearly $100,000 truck. Guess what came up during cross examination.
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Jul 29, 2015 23:31
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Mr Luxury Yacht posted:What kind of brain damaged justification did he say for trading away a vehicle only a month and a drat half old? Sunroof. No exaggeration. Sunroof.
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Jul 29, 2015 23:34
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Killin_Like_Bronson posted:Sunroof. No exaggeration. Sunroof. People who are that goddamn stupid really do deserve to be mired in eternal poverty.
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Jul 29, 2015 23:36
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Killin_Like_Bronson posted:Sunroof. No exaggeration. Sunroof. loving  probably would have been cheaper to have one installed e: assuming you want one in the Canadian Prairies haha
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Jul 29, 2015 23:36
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JawKnee posted:loving According to the internet like, $2000. So yeah he spend like $100,000 on something he could have got in probably the same amount of time for 1/50th of the price hahaha burn Alberta to the ground.
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Jul 29, 2015 23:42
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Mr Luxury Yacht posted:burn Alberta to the ground. How would anyone tell the difference? 
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Jul 29, 2015 23:46
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Killin_Like_Bronson posted:Sunroof. No exaggeration. Sunroof. For around 65k you can get an Aston Martin DB9. Sure, it will be expensive as hell to insure and drive, but on the other hand, you've got an Aston Martin while your friends are driving around in trucks like some God drat hillbillies. Just think of the girls you would pick up with an Aston vs "ladies" you will be picking up with a truck.
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Jul 30, 2015 00:05
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OhYeah posted:For around 65k you can get an Aston Martin DB9. Sure, it will be expensive as hell to insure and drive, but on the other hand, you've got an Aston Martin while your friends are driving around in trucks like some God drat hillbillies. Just think of the girls you would pick up with an Aston vs "ladies" you will be picking up with a truck. Yes, but the Aston Martin is a small car meant for the gentleman who is satisfied with the size of his member, whereas the giant luxury truck, barring the 1% who actually use it for work, is for the sort of person who needs a microscope to find their penis and wishes to compensate for it.
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Jul 30, 2015 00:08
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