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.

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Rime posted:

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.

I think once you realize a developer just built a brand new city for about a million people, in one go, you can logically accept that anything is possible.

# ? Sep 28, 2015 14:58

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# ? May 15, 2024 16:30

Vehementi: Jul 25, 2003; YOSPOS

Rime posted:

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.

You mean that people's extremely confident and matter of fact posts might be backed up by something other than stalwart research?

# ? Sep 28, 2015 16:35

Giant Goats: Mar 7, 2010

My 65-year-old father and his wife live in a small Southern Ontario city and have a completely paid-off bungalow worth about $230,000. It's a nice house that's been well-maintained and upgraded, single level living, enough room for guests, close to amenities, affordable property taxes - exactly what you'd want if you were a working class Baby Boomer couple with growing mobility issues poised to retire this year.

As someone who lives in another province and whose work often involves seniors' health care, it's always been a load off my mind to know they have a house where they can likely live independently for many years to come while saving enough to leave themselves the option of private care in the future.

So of course my dad calls me today to tell me how he just put 10% down on a $400,000 two-bedroom cottage three and a half hours away that is only habitable in the summer months.

I ventured that for only a portion of the money they'd be putting towards that place, they could probably afford several nice vacations a year, including during the winter when they might actually be wanting to get away.

His response: "Those vacations wouldn't be an investment!"

# ? Sep 28, 2015 20:53

Furnaceface: Oct 21, 2004

Giant Goats posted:

My 65-year-old father and his wife live in a small Southern Ontario city and have a completely paid-off bungalow worth about $230,000. It's a nice house that's been well-maintained and upgraded, single level living, enough room for guests, close to amenities, affordable property taxes - exactly what you'd want if you were a working class Baby Boomer couple with growing mobility issues poised to retire this year.

As someone who lives in another province and whose work often involves seniors' health care, it's always been a load off my mind to know they have a house where they can likely live independently for many years to come while saving enough to leave themselves the option of private care in the future.

So of course my dad calls me today to tell me how he just put 10% down on a $400,000 two-bedroom cottage three and a half hours away that is only habitable in the summer months.

I ventured that for only a portion of the money they'd be putting towards that place, they could probably afford several nice vacations a year, including during the winter when they might actually be wanting to get away.

His response: "Those vacations wouldn't be an investment!"

Holy crap this reads eerily similar to my parents.

Except they see the housing bubble for what it is and wouldnt even consider using property as an investment. :v:

# ? Sep 28, 2015 21:50

bring back old gbs: Feb 28, 2007; by LITERALLY AN ADMIN

My parents want to sell their large house and move into a smaller house in a more affordable area.

# ? Sep 28, 2015 22:09

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

My parents have downgraded housing three times in the last five years and are living off the income. Their current condo is worth $500k, their old oceanfront house in Deep Cove that they had in 2010 is worth about $1,500,000 now. They sold for $900k.

They just turned 70 and can maybe downgrade one more time before they're broke.

# ? Sep 28, 2015 22:27

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

My parents are doing minor renovations to the same townhouse they've lived in since '87.

# ? Sep 28, 2015 22:34

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)

My parents were sacrificed to the god Mammon.

# ? Sep 28, 2015 22:35

namaste friends: Sep 18, 2004; by Smythe

I've managed to talk my parents away from the cliff of buying another home. They're now watching and waiting for the market to turn while they rent.

I win this thread.

# ? Sep 28, 2015 22:43

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)

That's what I meant.

# ? Sep 28, 2015 22:44

Terebus: Feb 17, 2007; Pillbug

I have no parents, I birthed myself.

# ? Sep 28, 2015 22:51

ehhhhhhnnnnnn: Jun 3, 2008; Can't post for 3 years!

this is the only canada thread?

ehhhhhhnnnnnn fucked around with this message at 01:02 on Sep 29, 2015

# ? Sep 29, 2015 00:46

McGavin: Sep 18, 2012

ehhhhhhnnnnnn posted:

Hi, just wanted to pop in to say they didn't let Elizabeth May into this debate because she'd mop the floor with everybody.

I also saw the Canada tag and decided to post about something completely unrelated.

# ? Sep 29, 2015 00:48

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

32MB OF ESRAM posted:

My parents want to sell their large house and move into a smaller house in a more affordable area.

My parents are planning to sell their big house, and move into a downtown penthouse that's worth about the same amount. I think it's a pretty good call, and it's going to make the discussion about, "y'all are too goddamn old to drive!" a lot easier in a decade or two. They also are selling their vacation house, because they finally realized that, after upkeep on that is all paid for, they could take wicked vacations somewhere that isn't in the precise middle-of-nowhere BC.

# ? Sep 29, 2015 01:36

Ccs: Feb 25, 2011

My parents live in America. I'm just in Canada to take advantage of how your government pays 60% of all film-industry salaries. Thanks, taxpayers.

Though that program is also likely to crash if the housing bubble crashes and provincial governments have to cut costs somewhere...

# ? Sep 29, 2015 01:39

Juul-Whip: Mar 10, 2008

My mom keeps talking about a loving float home :sigh:

# ? Sep 29, 2015 01:40

Bloody Hedgehog: Dec 12, 2003; 💥💥🤯💥💥
Gotta nuke something

ehhhhhhnnnnnn posted:

this is the only canada thread?

One thread can pretty much cover everything about this country.

# ? Sep 29, 2015 01:47

I would blow Dane Cook: Dec 26, 2008

THC posted:

My mom keeps talking about a loving float home

Sea levels can only go up!

# ? Sep 29, 2015 02:05

Mister Facetious: Apr 21, 2007; I think I died and woke up in L.A.,
I don't know how I wound up in this place...

ehhhhhhnnnnnn posted:

this is the only canada thread?

There's a Blackberry deathpool thread in YOSPOS. :laffo:

# ? Sep 29, 2015 02:06

bring back old gbs: Feb 28, 2007; by LITERALLY AN ADMIN

PT6A posted:

My parents are planning to sell their big house, and move into a downtown penthouse that's worth about the same amount. I think it's a pretty good call, and it's going to make the discussion about, "y'all are too goddamn old to drive!" a lot easier in a decade or two. They also are selling their vacation house, because they finally realized that, after upkeep on that is all paid for, they could take wicked vacations somewhere that isn't in the precise middle-of-nowhere BC.

My parents were looking into condo livin' too, but I think they settled on a 1 storey. They like keeping a garden but won't miss the lawn.

# ? Sep 29, 2015 02:07

McGavin: Sep 18, 2012

ehhhhhhnnnnnn posted:

this is the only canada thread?

There's a whole forum for that poo poo.

# ? Sep 29, 2015 03:47

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

32MB OF ESRAM posted:

My parents were looking into condo livin' too, but I think they settled on a 1 storey. They like keeping a garden but won't miss the lawn.

Yeah, my parents like their current place, but being able to walk to the grocery store, restaurants, bars, theaters and so on is just too tempting (and I must say that I agree). That simply doesn't exist in a "house" format. I expect they might miss their garden, but the suburbs is no place to grow old. Not to mention the convenience of "lock the front door and go" for vacations. Also, now they'll be within walking distance so we can have dinner together (which we do a few times per month because my parents are awesome and I love them deeply), but not so close that anyone will drop by unannounced.

# ? Sep 29, 2015 04:29

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/report-on-business/economy/household-debt-rises-at-fastest-pace-in-nearly-three-years/article26572223/

quote:

Household debt rises at fastest pace in nearly three years

Canada�s household debt levels rose at their fastest year-over-year pace in nearly three years in August, as Canadians continued to pile into residential mortgages in the wake of the Bank of Canada�s second interest-rate cut in six months.

The central bank released new data showing that total Canadian outstanding household credit rose to $1.869-trillion in August, up an annualized pace of 5.9 per cent from July. Compared with a year earlier, household debts were up 5 per cent, the highest year-over-year increase since October, 2012.

Over the past three months � a time period the bank uses to indicate the recent credit trend � household credit rose at a 5.6-per-cent annualized pace, the fastest since March, 2012.

The acceleration of debt growth at the household level in August came on the heels of the Bank of Canada�s decision in mid-July to cut its key interest rate to 0.5 per cent from 0.75 per cent in an effort to stimulate a struggling Canadian economy that contracted in the first half of the year. The cut, coming on top of a similar quarter-percentage-point cut in January, dampened borrowing costs and provided a renewed green light for home buyers in Canada�s long-overstretched housing market.

Residential mortgage debt jumped 7.5 per cent annualized in the month, raising the three-month pace to 7 per cent, its fastest since April, 2012. On a year-over-year basis, mortgage growth was 5.9 per cent, a 32-month high.

But consumer credit � which includes credit cards, car loans, personal lines of credit and other personal loans � grew at a much tamer 2 per cent annualized in August, continuing its recent slowing trend. The three-month annualized pace of 2.3 per cent matches the lowest since the beginning of 2014, and the 12-month increase of 2.9 per cent matched an 11-month low.

�The residential mortgage boom is continuing to be the driver of the overall credit trend,� said Royal Bank of Canada economist Laura Cooper.

She said the moderate gains in consumer credit reflect a healthy pace of consumer spending, the brisk pace of mortgage lending is evidence that Canada�s overall housing demand remains buoyant.

�The [Bank of Canada�s] 25-basis-point cut is not having a huge impact,� she said, noting that mortgage rates were already near historic lows before the central bank trimmed its key rate. �But at the same time, it is abetting it,� she said, by cooling any upward pressure on mortgage rates.

The Bank of Canada also reported that total business credit rose at a slim 2.4-per-cent annualized pace in August, to $1.728-billion, a sign that the month�s financial-market volatility and global economic stumbles may have put a chill on business loan demand. Year-over-year business debt is up a much brisker 7.7 per cent, but the trend has been slowing amid uncertainties about the Canadian and global economies. The three-month growth rate sat at 4.4 per cent annualized, the slowest in more than two years.

good job idiots

# ? Sep 29, 2015 06:35

namaste friends: Sep 18, 2004; by Smythe

http://www.vancitybuzz.com/2015/09/dontneed1million-busting-myth-need-1million-buy-home-vancouver/

quote:

Busting the myth that you can't afford a home in Vancouver
BY
VANCITY BUZZ
6:45 AM PDT, MON SEPTEMBER 28, 2015
Comments
LIFESTYLE

In all the controversy and conversation about affordability and home ownership in Vancouver, what most often gets lost is how we define home. Vancouverites seem hell bent on the idea that the single family home is the ultimate real estate play. It�s not. Talk to people who have worked their whole lives towards owning a single condo, or a family who intentionally and happily decided to buy into the low-maintenance lifestyle of compact urban living and it becomes quickly evident that there are affordable alternatives with some great perks.

Presented by Wesgroup Properties

Take Trevor Jones, a welder, and his wife, Amber, a nurse. They have an 11-month-old baby boy and have been renting in East Vancouver for years. An avid saver, he recently put together a downpayment of 5% on a new two bedroom condo in River District Vancouver and they expect to move into the brand new community along the Fraser River in a couple of years. What excites him most about his decision to live an urban, compact lifestyle is no commute (he works on Mitchell Island) and being walking distance to shops, services, riverfront trails and a new school.

When he moves in, Trevor will be paying only slightly more than the $1,750 per month rent he was paying for his two-bedroom apartment in Trout Lake. �We love Vancouver and knew we couldn�t afford a house,� he says. �I just didn�t want to drive and our condo is on the water and it was a decent price. Especially compared to other cities like London or Sydney where I�ve lived before.�

Trevor and many like him prove you #DontNeed1Million to live in Vancouver. Don�t believe the hype. Urban compact living in Vancouver is inevitable and a choice to embrace, as it is in other cities. If you expect to live in a single family house in Vancouver, you might need to adjust your expectations.

Many of the people interviewed for Wesgroup�s #DontNeed1Million campaign actually prefer living in compact urban spaces in walkable communities. They like the lock and leave, little to no maintenance, the amenities, reduced commute and the extra disposable income. And they are part of a growing trend. More than 50% per cent of residents living in Toronto and Montreal live in condos, and the number is quickly rising in Vancouver. Is that a bad thing? Not if you are worried about affordability. Check out this equation: $19,000 saved plus $65,000 household income equals a $384,000 condo.

�We wanted to live in a cool community with shopping and bank within walking distance without a commute,� Trevor says. �We found that for under $400,000 at River District where they�re building a huge, safe community with shops and services and a school that my son will go to one day. There will be a pool, park, river trails. With 5% down, we won�t be paying much more to own than we did paying rent. Condos aren�t expensive. It�s a choice. I want to live close to downtown and close to where I work. I�m a simple person. I don�t need a lot of stuff. I�d rather spend my money on other stuff like travelling. People here grew up spoiled. They expect to live in a house with a backyard. But we need to suck it up. We gotta live like everyone else.�

As all of the #DontNeed1Million homeowners can attest, those numbers are true for Vancouver. Here are some of their thoughts on condo living:

�I was renting and I didn�t want to keep paying someone else�s mortgage, but I didn�t think I had enough to buy until a mortgage broker friend told me I could do it,� says David Walmsley, a digital marketing strategist. �There�s a huge misconception in Vancouver about what people can buy. We�ve had it beaten into our heads that it�s unaffordable. It�s not.�

�We moved back here from Australia because it was cheaper to buy here,� says Jessica Thomas Cooke, founder of Wanderlust Talent Agency. �We weren�t looking for a three-bedroom home. I bought a one-bedroom home but when I tell people that, they say you bought an apartment, not a home. But it�s home to me and it doesn�t matter how big it is. I thought it was a bargain. We have to adjust our standards. This is the way the world is moving. There�s no use complaining. If you want a house for $300K, move to Saskatchewan. If you want the Vancouver lifestyle, you have to pay for it.�

For more info on the #DontNeed1Million campaign, check out @instagramvancouver and @wesgroup @riverdistrict and @thebrewerydist on Instagram.

adv

loving lol

Adjust your expectations u guys. Vancouver is for winners not losers

FYI river district is a development on the north bank of the fraser, a flood plain and deadzone bordered by a 6 lane road to the north.

# ? Sep 29, 2015 06:39

HookShot: Dec 26, 2005

Ugh yeah that Vancitybuzz article showed up on my Facebook feed and I got like one paragraph in before I rage quit the tab.

# ? Sep 29, 2015 06:49

upgunned shitpost: Jan 21, 2015

Is 'The River District' on the rear end-end of the Killarney slope or the northside of Powell near Nanaimo?

So many terrible places to live with these dumbshit names.

# ? Sep 29, 2015 06:52

namaste friends: Sep 18, 2004; by Smythe

lmao wtf is killarney slope

# ? Sep 29, 2015 07:00

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

jfood posted:

Is 'The River District' on the rear end-end of the Killarney slope or the northside of Powell near Nanaimo?

So many terrible places to live with these dumbshit names.

lol, apparently 4th and Burrard is now called "the distillery district". There's not even any goddamn hipster alehouses anywhere near.... just the factory of foulness that is Molson.

# ? Sep 29, 2015 07:08

upgunned shitpost: Jan 21, 2015

41st down to the Fraser, east side. It's mostly co-ops, social housing.

# ? Sep 29, 2015 07:11

the talent deficit: Dec 20, 2003; self-deprecation is a very british trait, and problems can arise when the british attempt to do so with a foreign culture

jfood posted:

Is 'The River District' on the rear end-end of the Killarney slope or the northside of Powell near Nanaimo?

So many terrible places to live with these dumbshit names.

it's the killarney one. the no commute thing is hilarious since he'll have to navigate marine drive and the knight street bridge to get to work. i guess he could buy a boat

# ? Sep 29, 2015 07:12

the talent deficit: Dec 20, 2003; self-deprecation is a very british trait, and problems can arise when the british attempt to do so with a foreign culture

Lexicon posted:

lol, apparently 4th and Burrard is now called "the distillery district". There's not even any goddamn hipster alehouses anywhere near.... just the factory of foulness that is Molson.

north mt pleasant has a bunch of signs declaring it 'brewery creek'.

# ? Sep 29, 2015 07:13

upgunned shitpost: Jan 21, 2015

the talent deficit posted:

it's the killarney one. the no commute thing is hilarious since he'll have to navigate marine drive and the knight street bridge to get to work. i guess he could buy a boat

He can listen to Seattle radio stations, clear as a bell, during those three hours! Gotta find the upside to plugging your life savings into a literal dead zone.

# ? Sep 29, 2015 07:20

I would blow Dane Cook: Dec 26, 2008

MNI reports on the latest from SAFE (State Administration of Foreign Exchange:

Putting a cap on annual cash withdrawals, of CNY100,000 for Chinese citizens using bank cards at overseas ATMs
(The current limit is CNY10,000 daily, but no annual limit)
China is facing pressure from capital outflows
The SAFE has called on banks to step up checks to limit outflows but cash withdrawals at overseas ATMs create a loophole for people to move money overseas

http://news.forexlive.com/!/china-capital-outflow-safe-limits-yuan-cash-withdrawals-at-overseas-atms-20150929

# ? Sep 29, 2015 07:50

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

Lexicon posted:

lol, apparently 4th and Burrard is now called "the distillery district". There's not even any goddamn hipster alehouses anywhere near.... just the factory of foulness that is Molson.

The expensive snowboard and mountain bike boutique district

# ? Sep 29, 2015 08:17

I would blow Dane Cook: Dec 26, 2008

Hey CI what do you think of the new video Carl Icahn made?

# ? Sep 29, 2015 12:56

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

JawKnee posted:

The expensive snowboard and mountain bike boutique district

Yes! Put this man on the renaming team.

# ? Sep 29, 2015 14:06

namaste friends: Sep 18, 2004; by Smythe

Icahn is a duplicitous little shithead who will go the ends of the earth to further his own personal interest. cf. Herbalife.

# ? Sep 29, 2015 14:21

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

the talent deficit posted:

north mt pleasant has a bunch of signs declaring it 'brewery creek'.

Not to defend developers renaming parts of Vancouver (gently caress you East Village) at their whim, but Brewery Creek is as old as Vancouver. A hundred years ago, there was a creek running down what is now Scotia Street and was where a number of breweries were located. A "brewery creek" if you will.

One of the original buildings is still there on 6th.

# ? Sep 29, 2015 14:45

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

You don't need 1 million if you're fine raising a family in a tiny one bedroom condo in a terrible neighbourhood, sheesh when will you Millenials stop being so entitled

# ? Sep 29, 2015 15:11

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# ? May 15, 2024 16:30

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

triplexpac posted:

You don't need 1 million if you're fine raising a family in a tiny one bedroom condo in a terrible neighbourhood, sheesh when will you Millenials stop being so entitled

I for one am glad there exists real estate marketing companies willing to speak truth to power about this.

# ? Sep 29, 2015 15:23

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