Brannock posted:

Not if he gets assassinated via car bomb 2 days after inauguration.

Pimpmust posted:

This seems to be the general pattern if you check out that housing index graph the Economist runs, and it can take up to a decade to "recover" to near previous price levels.

Unless you are Ireland, then things will just get bonkers.

Cultural Imperial posted:

The Irish market is getting expensive as hell. Proving that they're some of the dumbest loving people on earth.

Redgrendel2001 posted:

Good old casual racism against the Irish!

Redgrendel2001 posted:

Good old casual racism against the Irish!

Redgrendel2001 posted:

Good old casual racism against the Irish!

Redgrendel2001 posted:

Good old casual racism against the Irish!

Rime posted:

Gypsies are the worst. People who've never been to eastern europe go all bleeding heart when they hear locals talk about the gypsies but seriously.

Seriously. gently caress the gypsies.

Lexicon posted:

Anyone know what the status quo is like in Ireland these days? I haven't heard much about their housing market since things went truly pear shaped in 2009/2010.

quote:

http://www.cbc.ca/news/business/millennials-should-move-in-with-parents-to-prosper-say-financial-experts-1.3183511?cmp=rss

Millennials should move in with parents to prosper, say financial experts

Retreating home now seen as a smart decision rather than a cop-out

Millennials have gotten a bad rap for their habit of moving in with their parents after post-secondary school. There's even a disparaging term for the phenomenon — "failure to launch syndrome."

But some financial experts say we've got it all wrong. In an era of sky-high tuition and soaring housing costs, they argue the group known as Generation Screwed can help unscrew themselves by moving home to pay off debt.

Canadian university costs to rise 13% over 4 years: report
GTA home ownership, rent getting less affordable for more people
"For these graduates, the biggest financial advantage they have is living at home and taking the rent part off of the table," argues Christine Romans, chief business correspondent for CNN in New York.

In her new book, Smart Is the New Rich: Money Guide for Millennials, she advises cash-strapped young people that retreating home is the best economic move they can make.

A shameful move?

The vote of confidence would have helped Katelynn Langer when she moved home in October to pay off her student debt and get her life in order. At the time, the 25-year-old worried that other people would judge her. So she referred to her mother as her "roommate" in conversations.

"I always tried to tiptoe around the fact that I lived back at home with my mom," says Langer, who shares an apartment in New Hamburg, Ont., with her 50-year-old mother, Marjorie.

Langer was embarrassed because of the bad press surrounding the boomerang generation. According to Statistics Canada's 2011 census, 25.2 per cent of young adults between the ages of 25 and 29 were living at home, more than twice the percentage in 1981.

Boomerang kids trend returns in latest Canadian census
In a recent blog, financial commentator and TV personality Kevin O'Leary told young adults, "Bunking in with your folks when the going gets tough deprives you of the chance to realize your potential."

Just weeks ago, a commentary in the Chicago Tribune informed millennials that living at home was hurting the economy, because it cut down on their spending.

Moving home to get ahead

It's all nonsense, according to Romans. "If they move out, they don't have the money to move the economy forward anyway," she argues.


Christine Romans CNN millennials
In her new book, Smart is the New Rich: Money Guide for Millennials, CNN's Christine Romans says moving home is the smartest financial move many young people can make. (Wiley)

She contends it's better for the economy and for debt-plagued millennials if they move home and save up. She says, typically, new grads don't have the cash to invest and are working low-paying jobs because they haven't launched their careers yet. So, "the only lever they have is the housing lever. It's the only thing they really have to move forward."

Langer believes moving home has definitely helped her move forward.

She lived on her own for a year after getting two diplomas, in recreation and leisure and drug and alcohol addiction counselling. Even though she was working two waitressing jobs, she found she could barely make a dent in her approximately $28,000 in student loans.

Despondent about her future and looming debt, she moved in with her mother.

"[My loan] was too big not to make the decision to move back home," says Langer. She continued working two jobs and, without the burden of big rent bills, managed to cut down her debt by $8,500.

Speaking from experience

Langer's positive experience has led her to stop feeling ashamed about her living situation. "Now, I just kind of own it. It's helped me, it's helped my happiness and I feel like I was able from October to now make a huge dent in my student loan."

Financial writer Krystal Yee in Vancouver is also a fan of exercising the home advantage. "That sacrifice to move home and kind of swallow your pride is worth it," she says.

The 32-year-old is speaking from experience. After finishing her studies at age 24, she found herself saddled with just over $20,000 in student loans and other debt.

"I was really scared," she says. "I thought, how could I start my life as an adult if I've got all this debt hanging over me?"

So Yee stayed home with her folks for a year after school and worked doggedly to become debt-free. "For me, it worked out perfectly," she says.

Let's make a deal

But she cautions that the move home must involve careful planning. She says young people have to recognize that this is a temporary living arrangement where they need to meet concrete financial goals.

"You're not there to mooch off your parents. You're there to become a better adult, get yourself on your feet."

Romans recommends two years at home. She advises millennials to sign a two-year contract with their parents that includes a mutual one-year out if anyone isn't keeping up his or her end of the deal.

Of course, there's another party involved in that deal — the parents. O'Leary told millennials in his commentary that moving back home is "crippling your parents financially."

Yee says that problem is easily solved by contributing to household expenses. While she isn't charged market value, Langer pays her mother $200 in rent and helps with household bills.

So her mother Marjorie says her daughter is actually a financial help rather than a strain. "Being able to share food expenses and household [costs] is great," she says.

The only problem with Langer's living situation may be that both she and her mother are so content with it. Langer admits she has no exit strategy yet. But she promises it will happen soon, perhaps when more than one-third of her student loan is paid off.

"I've moved back home to get my financial state in order and I think the taste of freedom is too fresh not to have the aspiration to move out again," she says.

jm20 posted:

Cultural Imperial posted:

While no one in Canada has said this, I love the American statements that millennials have a duty to get into and remain in a pit of crippling debt because the economy depends on it.

Holy loving poo poo if someone told me that I'd happily punch them in the loving face and vote Bernie Sanders.

Cultural Imperial posted:

While no one in Canada has said this, I love the American statements that millennials have a duty to get into and remain in a pit of crippling debt because the economy depends on it.

Holy loving poo poo if someone told me that I'd happily punch them in the loving face and vote Bernie Sanders.

OhYeah posted:

It would be pretty ironic if a major socialist pivot would start in America of all places.

On that note, why is Elizabeth Warren not running for president, because she knows she has no chance against Hillary?

Monaghan posted:

yeah I'm getting an apartment at the end of the month, but I lived with my parents after I gradated for a year and a half. Gave me a chance to get a nice little nest egg going.

We have a really dumb cultural mindset in North America that everyone should move out when they're 18.

Cultural Imperial posted:

No gypsies are really that bad, dear white humanitarian superheroes.

Rime posted:

To be fair if your parents are on disability or welfare in Canada you are forced to move out 18, or hand over 100% of your wages to your parents as their social security payments will be reduced by whatever your monthly income is.

If you make more than what your parents are given by the province, which you certainly would working part time flipping burgers, your parents will be cut off social security and you will be forced to support them on your lovely poverty line job.

Canada: because gently caress the poors, they can stay poor. Forever.

Rime posted:

Canada: because gently caress the poors, they can stay poor. Forever.

jm20 posted:

http://www.cbc.ca/news/business/millennials-should-move-in-with-parents-to-prosper-say-financial-experts-1.3183511?cmp=rss

Cultural Imperial posted:

While no one in Canada has said this, I love the American statements that millennials have a duty to get into and remain in a pit of crippling debt because the economy depends on it.

Holy loving poo poo if someone told me that I'd happily punch them in the loving face and vote Bernie Sanders.

Helsing posted:

Keep in mind that this is the country where the President's speech following the biggest terrorist attack in living memory was to tell the citizens that it was their patriotic duty to go out and shop

Rime posted:

Gypsies are the worst. People who've never been to eastern europe go all bleeding heart when they hear locals talk about the gypsies but seriously.

Seriously. gently caress the gypsies.

(USER WAS PUT ON PROBATION FOR THIS POST)

Cultural Imperial posted:

No gypsies are really that bad, dear white humanitarian superheroes.

(USER WAS PUT ON PROBATION FOR THIS POST)

quote:

"[Natives] are the worst. People who've never been to [rural Canada] go all bleeding heart when they hear locals talk about the [natives] but seriously."

OhYeah posted:

It would be pretty ironic if a major socialist pivot would start in America of all places.

quote:

http://www.cbc.ca/news/politics/stephen-harper-pledges-higher-rrsp-withdrawal-limit-for-1st-time-homebuyers-1.3188580?cmp=rss

Stephen Harper pledges higher RRSP withdrawal limit for 1st time homebuyers

Conservative leader also promises to take a closer look at role of foreign money on housing market

Stephen Harper says a Conservative government would raise the amount that first-time homebuyers can draw out of their RRSPs to buy a house — from $25,000 to $35,000 — if elected.

...

Foreign buyer scrutiny

Harper also promised to take a closer look at how foreign money may be influencing the housing market in Toronto and Vancouver, two cities that have seen outsized gains in home prices for several years now.

"We need to ensure we have the necessary information to assess the situation and take action," an announcement on the website for the Conservative Party of Canada said.

"We're announcing that our government will commit to collecting data on foreign buyer activity in Canada's housing market. We will take action in co-ordination with provinces, as necessary, to ensure foreign investment in Canada's housing sector increases the availability and affordability of homes for Canadians."

Campaign material provided by the Conservatives to The Canadian Press pointed to rules in other countries that force foreign investors to only purchase homes under construction, or to limit home ownership for foreign nationals to just the time that they live in the country.

About 15 per cent of the condos in Vancouver are empty year-round by some estimates, with the owners sitting on the properties hoping to make a profit as the prices of homes rise. Other estimates, including one calculation by the Canada Mortgage and Housing Corporation, puts the number at 2.4 per cent of the condo market.

There is also speculation that investors are driving up the cost of housing in Vancouver, raising concerns of a housing bubble in Canada's hot housing market.

THC posted:

A lot of people mad about FOREIGNERS in the property market are centrists or right-leaning. Harper won't actually do it, he's just saying he will to secure their votes.

PK loving SUBBAN posted:

Just to confirm something i believe to be true, nobody anywhere is actually tracking how much foreign money is being spent on properties correct?

Making this whole 'foreign ownership driving up prices' anecdotal at best and a jingoistic red herring at worst?

PK loving SUBBAN posted:

Just to confirm something i believe to be true, nobody anywhere is actually tracking how much foreign money is being spent on properties correct?

Making this whole 'foreign ownership driving up prices' anecdotal at best and a jingoistic red herring at worst?

Rick Rickshaw posted:

I can't believe Harper didn't do this sooner. He's been rolling the dice that the bubble wouldn't pop before election day.