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.

namaste friends: Sep 18, 2004; by Smythe

I don't know how you could get much lower than single mom in vancouver. I mean, all the women here are uneducated and you're lucky if they graduated high school. For the most part they all work as waitresses and yoga instructors, all hoping to make it big one day by hooking the big catch: a big time realtor.

# ? Sep 27, 2015 04:17

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# ? Jun 1, 2024 00:13

Rime: Nov 2, 2011; by Games Forum

Hey CI, go gently caress yourself with a razor. :tipshat:

# ? Sep 27, 2015 04:22

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

Or we could all just hang out in the diefenbunker and not be sucked into this horrible life of whine.

# ? Sep 27, 2015 04:50

blah_blah: Apr 15, 2006

CI is just projecting Jenny Kwan onto all other single mothers.

# ? Sep 27, 2015 05:21

Throatwarbler: Nov 17, 2008; by vyelkin

Look I'm all for turning Vancouver into Srebenica or whatever but that article is some racist bullshit. Non-residents not paying the same taxes as residents isn't a "legal loophole", it's like that in most other countries except the US, or is that what we call all laws that we don't like now? I assure you that there are plenty of whites who also work outside of Canada and don't pay Canadian taxes. Interesting how it's suddenly haram because oh no dirty non-whites are doing it too?

Same thing with assets. Maybe there should be some kind of federal tax on all assets like everyone here is apparently hoping for, but until that law actually happens, it's not an actual law? Lots of people own lots of things without a lot of employment income, old retired people for instance, what if I told you that many old retired people who own houses but have no employment income in Canada are actually white? Then it's OK right?

Last time I checked Chinese were still a minority, if full disclosure of assets was such a cornerstone of your Anglo Saxon heritage, you would think the law in Canada and other Anglo majority countries would reflect that?

# ? Sep 27, 2015 14:37

Marijuana Nihilist: Aug 27, 2015; by Smythe

If they don't like it, they can go back to China.

Canada for Canadians

# ? Sep 27, 2015 14:41

tagesschau: Sep 1, 2006; D&D: HASBARA SQUAD
THE SPEECH SUPPRESSOR

Remember: it's "antisemitic" to protest genocide as long as the targets are brown.

Throatwarbler posted:

Look I'm all for turning Vancouver into Srebenica or whatever but that article is some racist bullshit. Non-residents not paying the same taxes as residents isn't a "legal loophole", it's like that in most other countries except the US, or is that what we call all laws that we don't like now? I assure you that there are plenty of whites who also work outside of Canada and don't pay Canadian taxes. Interesting how it's suddenly haram because oh no dirty non-whites are doing it too?

Same thing with assets. Maybe there should be some kind of federal tax on all assets like everyone here is apparently hoping for, but until that law actually happens, it's not an actual law? Lots of people own lots of things without a lot of employment income, old retired people for instance, what if I told you that many old retired people who own houses but have no employment income in Canada are actually white? Then it's OK right?

Did you read the article? We're talking about residents of Canada who appear not to be reporting foreign income. Income earned outside Canada while you are a resident of Canada for tax purposes (a home, spouse, or dependants in Canada, Canadian bank accounts, Canadian driver's license) is generally subject to Canadian tax.

You'd have to be pretty na�ve to believe that it's possible for people who declare poverty-level incomes to have huge increases in net worth year after year after year and not be failing to declare all of their income.

Throatwarbler posted:

Last time I checked Chinese were still a minority, if full disclosure of assets was such a cornerstone of your Anglo Saxon heritage, you would think the law in Canada and other Anglo majority countries would reflect that?

CRA requires you to fill out a form reporting your foreign assets if they have a cost basis over C$100,000. The U.S. Treasury Department requires you to report all of your foreign financial accounts if they were worth more than US$10,000 at any point during the year, and the IRS requires you to report those and other assets if they were worth more than various six-figure amounts during the tax year and/or at the end of it. So do tell us again what values the law reflects.

# ? Sep 27, 2015 14:59

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

Throatwarbler posted:

Look I'm all for turning Vancouver into Srebenica or whatever but that article is some racist bullshit. Non-residents not paying the same taxes as residents isn't a "legal loophole", it's like that in most other countries except the US, or is that what we call all laws that we don't like now? I assure you that there are plenty of whites who also work outside of Canada and don't pay Canadian taxes. Interesting how it's suddenly haram because oh no dirty non-whites are doing it too?

Same thing with assets. Maybe there should be some kind of federal tax on all assets like everyone here is apparently hoping for, but until that law actually happens, it's not an actual law? Lots of people own lots of things without a lot of employment income, old retired people for instance, what if I told you that many old retired people who own houses but have no employment income in Canada are actually white? Then it's OK right?

Last time I checked Chinese were still a minority, if full disclosure of assets was such a cornerstone of your Anglo Saxon heritage, you would think the law in Canada and other Anglo majority countries would reflect that?

I'm ethnic Han, don't ask me about money you white devils.

# ? Sep 27, 2015 15:34

Guest2553: Aug 3, 2012

jm20 posted:

I'm ethnic Han, don't ask me about money you white devils.

This but unironically, roundeyes always finna hold a brother back.

# ? Sep 27, 2015 16:50

Kafka Esq.: Jan 1, 2005; "If you ever even think about calling me anything but 'The Crab' I will go so fucking crab on your ass you won't even see what crab'd your crab" -The Crab(TM)

turn left thread

# ? Sep 27, 2015 17:18

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

Kafka Esq. posted:

turn left thread

https://www.youtube.com/watch?v=tWWoiNTcKS4

# ? Sep 27, 2015 17:27

etalian: Mar 20, 2006

With the stock market being down, now is the time to cash and move all your investments over to real estate.

# ? Sep 27, 2015 17:28

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/report-on-business/economy/british-columbias-resilient-economy/article26549819/

quote:

The bounty in B.C.
While much of Canada and the world endure unsettled economic weather, British Columbia finds resilience in diversification and its direct access to Asian markets

Robin Silvester stands up and gestures out his corner-office windows. As chief executive of Port Metro Vancouver, he enjoys a panoramic view that spans the heart of Canada�s busiest port and the gateway for much of the country�s trade with Asia.

�Look across the water,� Mr. Silvester says. �That�s a $120-million investment.�

He is pointing to Richardson International Ltd.�s new grain silos, which add 80,000 tonnes of storage capacity to a facility that has been humming away at capacity for years, shipping grain to a growing middle class along the Pacific Rim. To Mr. Silvester, the grain terminal is a prime example of the strength of the British Columbia economy.

�We look around the port, we see all those sorts of activities going on. They�re making multimillion-dollar investment decisions in port capacity,� he says. �That of itself generates a lot of construction jobs, and generates capacity that creates long-term operating jobs supporting Canadian trade.�

It is all part of a port ecosystem that has created more than 70,000 jobs in the Lower Mainland and is actually expanding � after more than $700-million in public investment in the past five years, and hundreds of millions of private-sector cash. There�s the north shore of Burrard Inlet, where tug boats pull huge freighters in to be filled up with Canadian grain, oilseed and wood products on their way to Asian markets. And there�s the terminal on this side of the water, where massive container ships lurch up to the bright orange cranes that unload manufactured retail goods that have crossed the Pacific.
Vancouver�s thriving port is symbolic of B.C.�s robust economy, which some expect to outpace all other Canadian provinces this year and next. And as the outlook has darkened across Canada � notably in neighbouring Alberta, where plunging oil prices have slowed the once-churning economy and layoffs continue to ripple � B.C.�s ongoing success looks all the more remarkable. Businesses here have benefited from, and are seizing on, a confluence of positive factors ranging from a diverse work force and specialized skill sets, to policy-makers who long ago recognized that the future lay in emerging markets across the Pacific, rather than south of the border.

Local real estate and commercial developments are surging ahead, tax credits and talent have nurtured a booming digital media sector, and favourable conditions have led to a spike in retail spending by B.C.�s �supercharged consumers,� as Royal Bank of Canada calls them. The tourists keep pouring in, at least partly through Vancouver International Airport � which is gaining new routes to Asia and luring travellers from other parts of Canada as the low loonie keeps Canadian vacationers away from the United States. There is now also a concerted push to make Vancouver the regional base for Asian firms seeking to tap into a resurgent U.S. economy and Vancouver�s Asia expertise.
�The centre of gravity of Canada�s trading relationship has shifted,� Mr. Silvester says. �The U.S.-Canada relationship is always going to be big, but trade with Asia now is huge. And B.C. is so well placed to take advantage of that.�

Debt-free forecast
To be sure, B.C.�s economy is not immune to global headwinds: In this resource-rich province, some players are being doubly hammered as prices for commodities, including coal, drop sharply due to a slowdown in China, B.C.�s key export market. There is also uncertainty surrounding the provincial government�s big bet on exporting liquefied natural gas (LNG) to Asia, a venture limping ahead in a challenging global market.

But recently, the B.C. government said it is set to post a $277-million surplus for the 2015-16 fiscal year, the province�s third consecutive balanced budget. Over the same time period, Alberta�s government expects to run a $5.9-billion deficit, the largest on record.

�B.C. doesn�t have spectacular growth, but it is stable and it is steady, and it is occurring in the face of some real fiscal trauma elsewhere in the country and elsewhere in the world,� B.C. Finance Minister Mike de Jong said in an interview. �We are diversified in terms of our economic production and in terms of the markets that we supply. British Columbia�s economy has proven to be remarkably resilient, where other economies have faltered.�

Mr. de Jong predicts two more annual surpluses through the 2017-18 fiscal year, which would make five balanced budgets in a row. As long as there aren�t economic shocks to knock the forecast off course, B.C. will have wiped out the province�s direct operating debt by 2019-20 � marking the first time that has happened since 1975-76.

Another boost for B.C. is coming from an influx of new residents from other parts of Canada and overseas. From 2011 to 2013, more B.C. residents moved to Alberta than the other way around � but that trend began reversing in the third quarter of 2014. In the first quarter of 2015, B.C. actually reaped a net gain of 1,118 people from Alberta. If B.C.�s LNG aspirations come to fruition, some experts say Alberta�s oil slump could provide a labour pool of skilled workers drawn by the thousands to help construct massive LNG export terminals.

Even if Albertans don�t cross the Rockies for employment, they are looking to their neighbour for vacations. �We�re seeing strong demand from all sorts of markets,� says Tourism Victoria president Paul Nursey. The lower loonie has prompted Canadians to increasingly stay in this country for holidays, and that has been a boost for B.C.�s tourism sector.

Victoria has been bustling with visitors from other provinces, as well as from the U.S., China, Australia and Europe � with demand rising for everything from horse-drawn carriage rides to whale-watching tours. Vancouver is also seeing its tourism industry thrive, helped by improved air connections. Vancouver International Airport handled a record 19.4 million passengers last year, up nearly 8 per cent from 2013. The airport is now on pace to break last year�s record traffic.

New flights are bringing in more travellers from Australia, China, France and Japan, among other destinations. And Air Canada has chosen Vancouver as one of its hubs for the new Boeing 787 Dreamliner, which has helped entice more passengers on flights to and from Tokyo, Seoul, Shanghai and Beijing.
The Conference Board of Canada forecasts that the Vancouver region will be the fastest-growing economy this year among its survey of 13 major Canadian metropolitan areas. The Vancouver region�s strengths include retail, finance and real estate � contrasting sharply with financial pain in Calgary and Edmonton, the board notes. A Nordstrom department store and the sleek Telus Garden office tower, which also houses Amazon employees, opened last week in downtown Vancouver.

Singapore-based shipping operator AAL is opening an office in Vancouver, a move made possible by the newly created Vancouver International Maritime Centre, whose goal is to attract new investment.

Diversification underpins resilience

Benjamin Tal, CIBC World Markets Inc. deputy chief economist, says the B.C. economy is well-diversified, providing the province with the resilience to withstand trouble spots such as depressed coal prices.

CIBC forecasts B.C. will be the leader among the provinces with 2.8-per-cent growth in real gross domestic product next year. The Conference Board of Canada and RBC are also picking B.C. to be No. 1 next year, with predictions for real GDP growth of 3.4 per cent and 3.1 per cent, respectively.

Mr. Tal says B.C. stands out because of subdued economic performances in other provinces, notably Alberta and Ontario. �B.C. is not booming, but it is doing better than elsewhere,� he says.

Core to the province�s success, says Lori Ackerman, the mayor of Fort St. John in northeast B.C., are resource-based communities like hers. �We are blessed with agriculture, forestry and natural gas,� she said during a visit to Vancouver this week. �I can see products that have come from the regions down to the port to be shipped out to world markets.�

In northwestern B.C., DP World�s container terminal is undergoing a major expansion at the Port of Prince Rupert while a new port opened recently in Stewart, focusing on handling cargo such as wood chips for export and cement powder for import.

�I was in Stewart for the recent grand opening, and that is another port that is going to enable us to ship our products abroad,� Ms. Ackerman says. �There�s lots of good stuff happening in B.C.�

That optimism spills over to businesses, which benefit from one of the lowest provincial corporate tax rates in Canada.

In northwest B.C., Rio Tinto Group has been the major driver of economic growth. In 2012, Rio Tinto began its $4.8-billion (U.S.) modernization project at its aluminum smelter site in Kitimat. At the peak of construction, the project employed 3,500 workers. The Haisla First Nation benefited through contracts during construction.

The new operation opened in July. As the old plant built in 1954 winds down, the new smelter will gradually increase production to reach 420,000 tonnes of aluminum output annually.

�We�re very proud to ramp up the smelter that will secure 1,000 good-paying jobs in northwest B.C.,� says Gaby Poirier, general manager of B.C. operations for Rio Tinto. �Some workers are fourth-generation. We�re here for the long term.�

While construction has largely wrapped up at Rio Tinto�s smelter in Kitimat, an $8-billion (Canadian) federal shipbuilding contract for non-combat vessels got under way this June at Seaspan Marine Corp.�s North Vancouver facility.

The industrial success rippling across the province has also shown up in strong sales at a newly resurgent Ritchie Bros. Auctioneers Ltd. under CEO Ravi Saligram. As the oil and gas sector in Alberta pulls back, shutting sites and laying off workers, the Burnaby, B.C.-based auction house of used heavy equipment has seen record sales numbers at its Edmonton auction site. Buoyed B.C. buyers, he says, were taking advantage of Alberta�s downturn.

�Overall, we�re seeing more optimism from B.C.-based customers buying equipment at our auctions,� Mr. Saligram said in an e-mail. �The diversity of the B.C. economy appears to be shielding the impact of sector-specific downturns well.�

Metro Vancouver, in particular, has become increasingly diversified over the years � both economically and culturally. The city has long been home to a group of Hong Kong-born entrepreneurs, and new generations, who make deals between the two cities. The Hui family�s Concord Pacific Developments sculpted Vancouver�s distinctive glass skyline, while Thomas Fung, the founder of the Fairchild Group, helped shape the distinctive identity of Richmond, B.C., with his Aberdeen shopping centre full of stores from Hong Kong and Japan.

Vancouver is also home to a mix of fast-growing and established lifestyle apparel companies, such as Herschel Supply Co. (maker of the ubiquitous backpacks) and Lululemon Athletica, as well as West Coast outdoorsy retailers such as Mountain Equipment Co-op.

There are also thriving local technology companies here, such as Hootsuite and Slack, as well as branches of larger U.S. firms such as Microsoft Corp. There is a flourishing digital media, animation and special-effects sector as well, a complement to Vancouver�s sound-stage reputation as Hollywood North.

The price of success

With all that success, though, comes a few stresses.

Construction projects are booming, and house prices have soared in Vancouver. That�s good news for owners of detached houses, but has raised concerns about an �affordability crisis� that could endanger the city�s often-mentioned livability ranking. For Saeid Fard, the vice-president for product at technology start-up Sokanu, the high house prices here � as well as low wages � make it difficult to hire and retain top employees.

�You can find three or four good developers, but if you mature and you need 50 good people, it�s really hard to find them,� Mr. Fard says. He says most good software developers, contrary to stereotypes, are actually in their 30s or 40s. �Those people have families and care less about whether they can go hiking every day and more about whether they can afford a house,� he says.

Yuen Pau Woo, a former adviser to the World Bank, suggests Vancouver�s affordability issue is less about soaring house prices and related more to comparatively low wages, particularly in the Vancouver area, where the average family median income was almost $73,400 in 2013, about the same as Windsor, Ont., and far below Sudbury and Regina.

Mr. Woo, who now heads HQ Vancouver, a government-funded organization started to lure firms from China and across Asia to set up head offices to Vancouver, said that would bring higher paying jobs and more manufacturing.

�The world economy is shifting in such a way that Vancouver could be attractive,� Mr. Woo says. �The major law firms have a much larger presence in Toronto, but what we have found is that the Asia expertise of those firms is based in Vancouver. Why is that? The [Asian] deal flow is here.�

Some economists also caution that, with the average price for single-family detached homes in the city of Vancouver surpassing $2.23-million, those lofty prices are a cause for broader concern. CIBC�s Mr. Tal believes prices for detached properties appear to be �overshooting.� Still, there are economic spinoffs to the booming housing market � home renovations and furniture purchases are a boon to retailers, he says.

At the same time, some of B.C.�s traditional industries are being hit hard. Even though exports of machinery and equipment, as well as agricultural and fish products, have increased slightly over the past decade, the vast majority of B.C.�s exports are related to the province�s abundant natural resources.

Coal prices have plummeted, forcing Vancouver-based Teck Resources Ltd. to scale back production � temporarily shuttering several mines in B.C. and Alberta. The northeast B.C. community of Tumbler Ridge has been hit particularly hard by other companies that have outright halted coal-mining operations until prices for the commodity recover.

Over the past decade, the total dollar value of wood, pulp and paper products shipped from B.C. has declined, or stagnated, though there has been a recovery since the depths of the recession. Total forestry product exports, which account for nearly 35 per cent of all of B.C.�s exports, were $12.4-billion in 2014, up from $7.6-billion in 2009, but still far below the $15.1-billion sold in 2004.

And not all is rosy on the LNG front, with many projects facing regulatory hurdles, First Nations opposition and fierce global competition.

Kenneth Courtis, the former chairman for Goldman Sachs Asia, says that the world�s natural gas supply is expanding exponentially, particularly in Australia, while global growth is slowing. This, he says, will lead to a huge glut of excess capacity that will keep prices low, and make many projects uneconomical.

�In 2020, we�re going to have natural gas coming out of our ears, like today we have iron ore coming out of our ears, and my sense is we�ll have a huge glut of natural gas,� Mr. Courtis, current chairman of Starfort Holdings, says in an interview.

Mr. Courtis says LNG is sold in lengthy 25-year contracts and requires a high degree of co-ordination, partly because of the enormous amount of expensive infrastructure involved. Mr. Courtis, who helped negotiate a $25-billion LNG contract between China and Australian companies, says he had quick access to the Australian prime minister�s office, as well as to the office of China�s premier � a degree of co-ordination he says he simply hasn�t seen from Stephen Harper�s Conservative government in Ottawa or Christy Clark�s Liberal administration in Victoria.

Global LNG supply is going to increase and many B.C. projects are stalled by regulatory delays and First Nations concerns, making the Canadian projects look increasingly unlikely, he says. �The rest of the world looks at this and goes � how serious is Canada on this?� Mr. Courtis asks. �I think betting on that would be about as risky as the Harper bet on the tar sands.�

A second wave needed
For some, the shifting dynamics across the Asia-Pacific region � particularly China�s transition from an investment- and export-led economy to one based on sustainable, domestic consumption � should have those in B.C. and across Canada re-evaluating how to take advantage of the available opportunities.

Stewart Beck, who is Canada�s former high commissioner in India, used the provincial forestry sector as an example of renewal and looking toward future markets. Burned by the U.S. softwood lumber dispute, he says, the industry realized the pitfalls of relying on one market and launched a co-ordinated strategy that also targeted building codes and government regulations on housing materials.

�They essentially created an industry in China,� says Mr. Beck, who now heads the Vancouver-based Asia-Pacific Foundation of Canada. �They caught a wave � what I�d call the first wave in China. And now they have to catch the second wave, and think about the rest of Asia.�

The crash in commodity prices, Mr. Beck says, combined with rising incomes in Asia, should make people think twice about which products and markets to focus on. In short, it may be less about shipping coal to Chinese factories and more about shipping peas, lentils, high-quality seafood and advanced technologies to a new Asian middle class from Jakarta to New Delhi.

For the moment, though, things continue to look surprisingly sunny over the near-term � as they do from the port. Mr. Silvester�s only real problem now is a lack of industrial-zoned land on which to expand, despite the broader slowdown.
�Clearly, lower oil prices have a huge impact on Alberta and a dampening effect across the Canadian economy,� he says. �But it�s kind of interesting, because we�re not seeing, necessarily, that much slowing down.�

The price of aluminum, like all commodities, is in a death spiral.

The Baltic dry index, while volatile, isn't exactly showing robust strength:
http://www.economist.com/blogs/economist-explains/2015/03/economist-explains-7

And the Fed is going to raise interest rates which means it will be more expensive for emerging markets to borrow money, in the feedback loop of declining global growth.
http://www.imf.org/external/pubs/ft/weo/2015/update/02/

But hey we have hipster backpacks, yoga clothing and hootsuite so those are good ~reasons

# ? Sep 27, 2015 17:51

HookShot: Dec 26, 2005

tagesschau posted:

Did you read the article? We're talking about residents of Canada who appear not to be reporting foreign income. Income earned outside Canada while you are a resident of Canada for tax purposes (a home, spouse, or dependants in Canada, Canadian bank accounts, Canadian driver's license) is generally subject to Canadian tax.

You'd have to be pretty na�ve to believe that it's possible for people who declare poverty-level incomes to have huge increases in net worth year after year after year and not be failing to declare all of their income.

CRA requires you to fill out a form reporting your foreign assets if they have a cost basis over C$100,000. The U.S. Treasury Department requires you to report all of your foreign financial accounts if they were worth more than US$10,000 at any point during the year, and the IRS requires you to report those and other assets if they were worth more than various six-figure amounts during the tax year and/or at the end of it. So do tell us again what values the law reflects.

Yeah, exactly this.

Ikantski posted:

Ah no, I don't think you're racist at all. If anything I am the racist in this conversation. I was saying that people wouldn't think of rich chinese tax evaders if you went and stood on a busy street corner in Thunder Bay, Winnipeg and maybe even Vancouver with a giant sign that reads

"When someone claims that 'their culture' is the reason why they can't contribute to Canadian society or obey Canadian laws but still expect to receive the same services that other Canadians have paid for, they can go and get hosed"

So, I am the racist here because, as a result of my interactions with many rural people, I've heard that language and probably exact sentence used to describe natives way more than any other group and so if I heard that, I'd think the person was talking about natives. Maybe I'm totally wrong, it'd be an interesting vox pos/social experiment to try and see who gets pissed off at you and why. Or you could do it and when people walk up to you all fuming with SJW rage, hand them a flyer about Chinese tax evaders or something.

Ah sorry, I misunderstood your post. Yeah, people are super racist against natives, and that's lovely, since they usually don't get the same services as other Canadians, despite paying the same taxes. It would be an interesting experiment for sure. But I imagine most people would just walk past and you'd just end up with crazies trying to have a chat.

# ? Sep 27, 2015 18:12

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

holy poo poo when I posted yesterday I thought I'd get a few angry replies worth a chuckle and then you'd all move on but it's been 24 hours I'm legit regretting posting that and you guys are wound way way too tight.

Lighten the gently caress up and have a laugh, nobody is getting out of this life alive (and nobody is getting out of this economic crisis with their finances intact).

# ? Sep 27, 2015 18:18

sbaldrick: Jul 19, 2006; Driven by Hate

Reverse Centaur posted:

Speaking of that, I don't know why Vancouver natives haven't gotten into the condo racket more. They don't have to listen to the OCP, they could build multiple Burj Khalifa style towers on that land, make a killing and live in the penthouses while being set for generations. Then take all the condos back from white people 100 years from now.

So far only the reserve to the east has done a few four storey woodframes. There's almost no discount for not owning the property (leasehold).

The Aboriginals in BC are smart enough not to build towers but instead own all the land that's under the towers, the real way to get rich.

# ? Sep 27, 2015 19:21

etalian: Mar 20, 2006

Still lolling on how people were saying the BRIC countries would be taking over the whole world in a few years.

# ? Sep 27, 2015 19:33

MiddleOne: Feb 17, 2011

Well they seemed scary until they all crashed and burned just like the west, it was the delay that made it seem a reality. :v:

# ? Sep 27, 2015 19:38

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

BRICs wealth was from selling poo poo to us and we're not buying.

# ? Sep 27, 2015 20:02

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

sbaldrick posted:

The Aboriginals in BC are smart enough not to build towers but instead own all the land that's under the towers, the real way to get rich.

Not really. They still own the land regardless, building towers is selling the sky above it with the option to take it back with no compensation in (usually) 100 years, especially with the views/location the north shore reserves have. It's easy money.

They are planning towers south of Park Royal. Just never see any actual progress on building them...

# ? Sep 27, 2015 23:24

etalian: Mar 20, 2006

EvilJoven posted:

BRICs wealth was from selling poo poo to us and we're not buying.

also was based on simple commodities which are even more volatile and unpredictable than even stocks

# ? Sep 27, 2015 23:59

namaste friends: Sep 18, 2004; by Smythe

Wait until you guys see what the tsawassen band is doing lol

# ? Sep 28, 2015 00:19

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

slowly, up out of the boring fields next to a run down water-park (and trailer park), a behemoth, larger than any other such mall in BC, begins to arise

# ? Sep 28, 2015 00:21

namaste friends: Sep 18, 2004; by Smythe

Don't forget the best paintball field in bc

# ? Sep 28, 2015 00:32

Kraftwerk: Aug 13, 2011; i do not have 10,000 bircoins, please stop asking

etalian posted:

Still lolling on how people were saying the BRIC countries would be taking over the whole world in a few years.

Remember back in the 1980s when everyone thought Japan would take over the world?

# ? Sep 28, 2015 00:57

I would blow Dane Cook: Dec 26, 2008

Kraftwerk posted:

Remember back in the 1980s when everyone thought Japan would take over the world?

Hmmm will China go down the same road as Japan?

# ? Sep 28, 2015 02:29

Kraftwerk: Aug 13, 2011; i do not have 10,000 bircoins, please stop asking

Jumpingmanjim posted:

Hmmm will China go down the same road as Japan?

It's possible... The trouble with China is they haven't gone past the "copy western technlogy" phase yet. Japan used to make copies of whatever tech they got their hands on, but then they started making improvements to it and selling better versions back to the west which made them successful. China continues to copy things. Some of my business associates tell me a lot of people are pulling their production out of China and sending it to Mexico because China is actually trying to discourage outsourcing of manufacturing they already know how to do. Some firms are conscious that they have high value processes that if copied would kill their competitive edge. They aren't going to give that up to China.

Currently China has a very serious problem with the way it structures its debt. There is a shadow banking system currently in play and real-estate assets are so overvalued that there are entire cities that sprung up in the middle of nowhere with no inhabitants/businesses to fill them.

The only reason China hasn't had a 1990s style Japanese asset price bubble yet is becuase the Chinese government has a lot more control over its economy than the Japanese ever did. It may not be a communist country anymore but the appendages of central planning allow for a state-capitalist economy to flourish.

# ? Sep 28, 2015 02:42

HookShot: Dec 26, 2005

I remember when I was like five years old I had a toy that broke once and I overheard my mom commenting to my dad later "yeah all this stuff that's made in China now is the stuff that's always breaking. It's not Japan making them anymore."

# ? Sep 28, 2015 03:32

etalian: Mar 20, 2006

Kraftwerk posted:

Remember back in the 1980s when everyone thought Japan would take over the world?

Also how their stock market wasn't overvalued with having PEs of 50/60 and price to book in the 4-5 range.

# ? Sep 28, 2015 03:41

Mantle: May 15, 2004

No wonder this circuit failed. It says "Made in Japan".

-- Doc Brown

# ? Sep 28, 2015 05:03

Rime: Nov 2, 2011; by Games Forum

Kraftwerk posted:

Currently China has a very serious problem with the way it structures its debt. There is a shadow banking system currently in play and real-estate assets are so overvalued that there are entire cities that sprung up in the middle of nowhere with no inhabitants/businesses to fill them.

This is a complete myth that has been perpetuated by endless streams of lovely blogspam and clickbait sites. Most of these cities now have healthy populations, and even the South China Mall is doing roaring trade.

It's really frustrating to see people just parrot it out without bothering to fact check, especially since most of those cities would have been empty for well over a decade at this point which is something that any logical brain should pause at.

# ? Sep 28, 2015 05:35

I would blow Dane Cook: Dec 26, 2008

quote:

NAB names top postcodes at risk of mortgage default

National Australia Bank has identified 34 Sydney postcodes where it believes there may be rising risk in the mortgage market, and it will require home buyers to stump up a deposit of at least 20 per cent.

The lender has also red-flagged 22 post codes in Western Australia and 11 post codes in Queensland as even higher-risk areas, where it says there has been a "significant deterioration in credit risk."

In a note received by mortgage brokers last week, NAB listed more than 80 "restricted postcodes" across the country where it is capping the percentage of a property's purchase price it will lend, known as a loan-to-valuation ratio.

Within this group, NAB identified 40 highest-risk postcodes, which were dominated by mining areas in WA and Queensland.

Known as "Group A restricted postcodes" these are "areas where significant deterioration in credit risk has been observed," the bank said.

In these areas, NAB said it had introduced a cap of 70 per cent on loan-to-valuation ratios for new lending - meaning new borrowers will need a deposit of at least 30 per cent.

NAB also included a second group of "Group B" postcodes where it is eyeing future risks and capping LVRs for new lending at 80 per cent.

The second group of postcodes takes in "areas which are exhibiting characteristics which may indicate future deterioration in credit risk," the bank said.

This group was dominated by Sydney suburbs, which accounted for 34 of the 43 postcodes listed in this category.

It included a range of suburbs from across city, ranging from inner-city areas such as Glebe and Chippendale, to Campsie, Kingsgrove, Chatswood, Baulkham Hills and Cabramatta.

Five Melbourne suburbs were also included on the list of "Group B" areas, including the Melbourne CBD, St Kilda Road Central and Abbotsford.

NAB will also cap LVRs at 80 per cent in central business districts of Adelaide, Perth and Brisbane, the note says.

"We continually review our risk settings to ensure we're lending responsibly and sustainably. This is a very normal practice for any bank," a NAB spokeswoman said.

"We recognise that in any property market, no two suburbs are the same and these strategies take into account a range of economic factors and provide an extra level of caution to our risk settings."

While banks commonly take a more cautious approach to mining and one-industry towns, brokers say it is unusual for a bank to adopt such a cautious approach towards suburbs in Sydney.

It comes after NAB chief risk officer last month David Gall said the bank had developed a list of 40 hostpots, but it did not identify the areas.

NAB said the postcode policy would apply to all new loan applications received that had been received after September 18.

The managing director of mortgage broker Homeloanexperts.com.au, Otto Dargan, said the policy may affect first home buyers especially, as they typically had smaller deposits.

With Sydney dwelling prices up 17.6 per cent in the last year, Mr Dargan also questioned whether the policy was a vote of no confidence in parts of Sydney.

"It could be NAB did this for internal reasons, such as being overexposed in those suburbs. Or it could be vote of no confidence in large parts of the Sydney property market," he said.

http://www.afr.com/business/banking-and-finance/nab-names-top-postcodes-at-risk-of-mortgage-default-20150928-gjwb6x

Some of the list of postcodes is here:

http://www.macrobusiness.com.au/2015/09/nab-jacks-mortgage-deposits-on-high-risk-burbs/

# ? Sep 28, 2015 08:44

HookShot: Dec 26, 2005

Don't banks still have to get loan mortgage insurance for properties with under 20% deposit? If that's still the case, the move surprises me. I would have imagined that they would cap LVRs at 20% to force buyers to get the insurance so they're on the hook for literally nothing.

edit: lol my sister in law just sold her townhouse in North Ryde.

HookShot fucked around with this message at 08:56 on Sep 28, 2015

# ? Sep 28, 2015 08:54

I would blow Dane Cook: Dec 26, 2008

http://www.smh.com.au/business/bank...928-gjwfwa.html

Sorry the full list of postcodes is here.

I think 20% is enough to avoid LMI.

# ? Sep 28, 2015 09:00

HookShot: Dec 26, 2005

Yeah, your first AFR link had the whole list too.

That's the weird thing though. Any bank should be limiting deposits TO 20% so they have to get the LMI. I mean, it's more responsible from a "being responsible" standpoint for them to set a minimum deposit requirement, but that goes against everything banks have ever done. Unless they think the LMI isn't going to pay out in the case of a huge bubble burst.

# ? Sep 28, 2015 09:09

I would blow Dane Cook: Dec 26, 2008

Yeah but if an average Sydney or Melbourne is a million bucks, who the hell has 20% of that that can't pay cash anyway.

# ? Sep 28, 2015 09:21

HookShot: Dec 26, 2005

Jumpingmanjim posted:

Yeah but if an average Sydney or Melbourne is a million bucks, who the hell has 20% of that that can't pay cash anyway.

Anybody with $200k in equity in their existing place. Which with the way the market's been going, is going to be basically anybody that bought a place before 2005 or so.

# ? Sep 28, 2015 09:26

Baronjutter: Dec 31, 2007; "Tiny Trains"

So aparently Ukraine doesn't have a stock market and there's basically no where for people to invest money. The only investments are very risky direct investments that will promise 20% or somethig crazy then go bankrupt after a few years, or real-estate. So anyone who wants a safe place to put money puts it into buying housing. Rents are stupid expensive here compared to the wages and prices are great from a Canadian perspective since you can get a nice apartment or house for like 100k but 100k is still insane ridiculous money for most people here. There's no middle class, you either make a couple hundred a month or you're an oligarch, very very little inbetween. There's no stock market either. Mortgage rates start around 10% and go way up the poorer you are.

Even with all this Kiev is just wall to wall new condo towers. They haven't really changed their styles or massing since soviet times though so it's often hard to tell a 90's building from a 2000's building from a 1960's building since none of them are ever cleaned or maintained and after a few years all look the same. The rich all buy them as investments to rent out and the tiny middle class snaps them up to live in or try to start growing their money. People here don't have enough experience with realestate or investing so everyone is buy-crazy. People also like to buy foreign real-estate because it's seen as safer. So they'll buy a couple apartments in spain or a house in Greece and try to rent it out for vacations. A ton of people lost everything in 2008 and all construction in the city stopped but now it's all back on but this time it's different and Ukraine has changed and now that it's moving closer to europe and away from Russia's influence things can only go up up up to buy now.

I mean there's probably some truth in this. Buying in the middle of a war and economic crisis is about as "ground floor" as you can get. Our middle class friends here bought their condo pre-sale a few years ago and it's nearly doubled in value since.

# ? Sep 28, 2015 09:41

I would blow Dane Cook: Dec 26, 2008

Good to hear that housing markets are dysfunctional all over the world.

# ? Sep 28, 2015 10:35

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# ? Jun 1, 2024 00:13

MiddleOne: Feb 17, 2011

Most of the west has got food and water nailed down at this point so it makes no sense that shelter is the one mystery humanity has yet to solve.

# ? Sep 28, 2015 13:29

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

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