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.

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Gus Hobbleton: Dec 30, 2003; Can't post for 3 years!

THIS IS A VERY IMPORTANT MESSAGE FROM SOMEONE VERY IMPORTANT

quote:

http://www.chinalawblog.com/2016/01/getting-money-out-of-china-what-the-heck-is-happening.html

# ? Jan 16, 2016 20:04

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# ? May 21, 2024 15:02

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

peter banana posted:

This is why I think the condo development in Toronto/Vancouver is way more problematic than European cities and why those comparisons often fall down. Yes, Europeans live in apartments, but 3 bedroom apartments with full kitchens and bathrooms actually exist there, apartments for families with courtyards near good transit are actually a thing and that makes a huge difference. I can't even imagine trying to cart a family around while living in the Toronto waterfront where there are no amenities. If there had been some sensible development there instead of just slap up every tower as fast as possible with no urban planning, raising a family in a condo might be a legitimate proposition.

I don't know anything about Toronto or Vancouver and I don't care to learn, but in Calgary there's definitely two separate classes of condos/apartments. You have the mid-rises and high-rises near downtown (Downtown, Beltline, Kensington and Bridgeland) that are all really close to amenities and employment, and then you have a bunch of mid-rise (with the occasional high-rise) being built out in Bumfucking Egypt along McLeod Trail or in Brentwood or Quarry Park. The former class is an attractive proposition -- but expensive. The latter is more affordable, but combines everything hateful about living in the suburbs with all the unpleasantness of living in multi-family buildings.

# ? Jan 16, 2016 20:04

etalian: Mar 20, 2006

Gus Hobbleton posted:

THIS IS A VERY IMPORTANT MESSAGE FROM SOMEONE VERY IMPORTANT

lol

quote:

Well if there is a common theme, it is that China banks seem to be doing whatever they can to avoid paying anyone in dollars. We are hearing the following:

1. Chinese investors that have secured all necessary approvals to invest in American companies are not being allowed to actually make that investment. I mentioned this to a China attorney friend who says he has been hearing the same thing. Never heard this one until this month.

2. Chinese citizens who are supposed to be allowed to send up to $50,000 a year out of China, pretty much on questions asked, are not getting that money sent. I feel like every realtor in the United States has called us on this one. The Wall Street Journal wrote on this yesterday. Never heard this one until this month.

3. Money will not be sent to certain countries deemed at high risk for fake transactions unless there is conclusive proof that the transaction is real � in other words a lot more proof than required months ago. We heard this one last week regarding transactions with Indonesia, from a client with a subsidiary there. Never heard this one until this month.

4. Money will not be sent for certain types of transactions, especially services, which are often used to disguise moving money out of China illegally. This is not exactly new, but it appears China is cracking down on this. For what is ordinarily necessary to get money out of China for a services transaction, check out Want to Get Paid by a Chinese Company? Do These Three Things.

5. Get this one: Money will not be sent to any company on a services transaction unless that company can show that it does not have any Chinese owners. The alleged purpose behind this �rule� is again to prevent the sort of transactions ordinarily used to illegally move money out of China. Never heard this one until this month.

# ? Jan 16, 2016 20:23

DariusLikewise: Oct 4, 2008; You wore that on Halloween?

Furnaceface posted:

You joke but I have heard those words spoken unironically from a friend. And a ton of todays youth honestly believe it now too because of our lovely culture shift and race for the bottom.

I have to slave away at Tim Hortons for min wage how dare those people make more money and get benefits. Tear it all down so they know my pain!

Yeah that was pretty much a parody of what those people sound like. I've spent my entire adult life working for Railroad unions or management with union direct reports. It's never been as bad at people always make it out to be.

One idea I've always heard brought up is what if instead of property tax, cities were to just have their own municipal income tax and charge everyone who lives in a city for city services regardless of property ownership or would that drive up home prices more?

# ? Jan 16, 2016 20:25

vyelkin: Jan 2, 2011

DariusLikewise posted:

Yeah that was pretty much a parody of what those people sound like. I've spent my entire adult life working for Railroad unions or management with union direct reports. It's never been as bad at people always make it out to be.

One idea I've always heard brought up is what if instead of property tax, cities were to just have their own municipal income tax and charge everyone who lives in a city for city services regardless of property ownership or would that drive up home prices more?

This is a great way to encourage suburban flight while punishing poor people who have to live close to their places of work.

# ? Jan 16, 2016 21:13

ductonius: Apr 9, 2007; I heard there's a cream for that...

DariusLikewise posted:

One idea I've always heard brought up is what if instead of property tax, cities were to just have their own municipal income tax and charge everyone who lives in a city for city services regardless of property ownership or would that drive up home prices more?

This would create wealthy bedroom communities where rich people live, separated from everyone else by distance and literal walls. The core of cities which actually require more money to maintain would rot out, a process accelerated as incomes dropped as rents (both residential and commercial) dropped. This would inevitably be blamed on the people living in the cities (most likely immigrants and historically poo poo upon ethnicities), rather than the short sighted, greedy fucks who aren't willing to help pay for the society in which they live.

# ? Jan 16, 2016 21:21

Baronjutter: Dec 31, 2007; "Tiny Trains"

ductonius posted:

This would create wealthy bedroom communities where rich people live, separated from everyone else by distance and literal walls. The core of cities which actually require more money to maintain would rot out, a process accelerated as incomes dropped as rents (both residential and commercial) dropped. This would inevitably be blamed on the people living in the cities (most likely immigrants and historically poo poo upon ethnicities), rather than the short sighted, greedy fucks who aren't willing to help pay for the society in which they live.

Isn't this already the reality in most of the US?

# ? Jan 16, 2016 21:25

ductonius: Apr 9, 2007; I heard there's a cream for that...

Baronjutter posted:

Isn't this already the reality in most of the US?

It would seem so. My point was going from property tax in the GVRD to municipal income tax would make it happen here too, more so than it already does.

# ? Jan 16, 2016 21:28

Femtosecond: Aug 2, 2003

vyelkin posted:

You may not like the answer, which is that raising property taxes is unpopular with voters and 99% of Canadian politicians right down to the city councilor level are spineless sacks of poo poo who would burn down an orphanage if it would win them a single vote and wouldn't cure cancer if it would cost them a single vote.

I absolutely agree. Metro Vancouver politics has settled into a routine with the incumbent parties being well intrenched. The Mayor of Burnaby has been in power for a thousand years and this is Robertson's 3rd term. Vancouver quietly raises property taxes about 2% each year and folks have accepted this with little to no grumbling. No one wants to upset the balance and hand opponents an issue to build support around.

# ? Jan 16, 2016 23:16

unlimited shrimp: Aug 30, 2008

peter banana posted:

No, those are good questions. Firstly, there are specific apple varietals for making cider, different from the Granny Smiths and Honeycrisps you get at the store. There are basically no cider orchards in Canada, so our plan was to build one. Our plan was to just make cider out of dessert apples in the first 5 years our trees were growing and start a new brand when the cider apple trees mature. We will still do that. The product development is happening now in our basement. We would probably need our own farm for a production area, that's the main thing, and obviously the orchard.

If we were doing any other sort of farming I would lease forever, no question. But you can't really lease with orchards. Trees are a long term investment and certain soil and light conditions have to be in place to grow them. The Georgian Triangle supplies something like 2/3 of Ontario's apples, I think. There are things called plant hardiness zones, and they can't be easily interchanged. Moreover this is a tourism area, so people stop in to try things and that's where you make sales. Moving to somewhere more remote effects logistics in a big way. If your lease runs out for whatever reason, you'd have to rip up all of your money for basically nothing.

This cider business has been in the works for 3 years now and back then, it seemed like we were at the top of the housing market, it seemed like things were going to turn back then. It's included taking time out of careers for training and getting seed money so far. It's not just something that can be easily walked away from. Maybe it is "lol job creator" poo poo, but markets where people are priced out of doing something productive really do have knock on effects. Small businesses are important, especially in rural areas where there isn't a huge diversity of jobs. There's no way I could have predicted land prices going up so much in the area, even a few years ago. Plus I want to build a business (again). Maybe some people think small towns deserve to die, and maybe they're right, but not everyone is suited to live in a city, and I honestly don't think anyone is suited to live in suburbia, so we can have a variety of community planning and local jobs are a part of that, in my view.

Please also start distilling applejack and also hire me to be your distiller thanks. Wifey & I want to settle in Beaver Valley but neither of us can find work out there

# ? Jan 17, 2016 00:36

Hal_2005: Feb 23, 2007

DariusLikewise posted:

Yeah that was pretty much a parody of what those people sound like. I've spent my entire adult life working for Railroad unions or management with union direct reports. It's never been as bad at people always make it out to be.

One idea I've always heard brought up is what if instead of property tax, cities were to just have their own municipal income tax and charge everyone who lives in a city for city services regardless of property ownership or would that drive up home prices more?

Yeah, the ability to raise civic level consumption taxes/income taxes sounds like a good idea on paper. Off-paper when muni's get into taxes two problems emerge. First, it creates a whole new stream of revenue which can be monetized (loaned against) or must be thrown up as collateral for your muni & project bonds. So, any revenue windfall that you thought of landing for a new pork-way rapidly becomes just another cash flow for creditors. Second, in the event you can carve taxation out of your federal government this opens up tax games between cities & provinces for haven shopping that in the past has led to accelerated ruralization (the inverse of urbanization). Texas, Arizona and Italian city states have run trials of municipal taxation and the end result has been consistent business stagnation and labor migration.

The city of Calgary & Edmonton made a strong push about this to Notley and the math is struggling to pass first review. Municipial taxation actually increases the cost of debt for city states because of the two problems above and would further compound the recession.

# ? Jan 17, 2016 00:56

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.

Hal_2005 posted:

Texas, Arizona and Italian city states have run trials of municipal taxation and the end result has been consistent business stagnation and labor migration.

Yeah, everybody's moving out of New York because there's no prospect of employment or money to be made.

# ? Jan 17, 2016 04:50

Juul-Whip: Mar 10, 2008

NYC is NYC, Vancouver is Vancouver

# ? Jan 17, 2016 05:43

ephori: Sep 1, 2006; Dinosaur Gum

Accepted an offer on my half-finished house today after being on the market for one week for not quite double what I bought it for in 2013. In Ladner. :stare:

# ? Jan 17, 2016 05:44

Juul-Whip: Mar 10, 2008

loving Ladner! Sell Ladner, it's going to be liquid soon anyway.

# ? Jan 17, 2016 05:49

ephori: Sep 1, 2006; Dinosaur Gum

No kidding. I spent all week thinking another quake was going to suck my house into the bog before I could sell it. So glad to be getting out of here.

# ? Jan 17, 2016 05:50

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

THC posted:

loving Ladner! Sell Ladner, it's going to be liquid soon anyway.

i'm trying to convince my parents to sell their place in ladner now (~1 mil) and move to salt spring or courtenay (where we have family) and bank $500k or whatever for their retirement. they think they are better off waiting a couple more years so they can keep working a little longer

# ? Jan 17, 2016 07:42

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

the talent deficit posted:

i'm trying to convince my parents to sell their place in ladner now (~1 mil) and move to salt spring or courtenay (where we have family) and bank $500k or whatever for their retirement. they think they are better off waiting a couple more years so they can keep working a little longer

exactly the same reasoning as my folks in Tsawwassen. They've had their house they bought there at around 200k, valued now at over four times that last I heard.

# ? Jan 17, 2016 07:48

Baronjutter: Dec 31, 2007; "Tiny Trains"

They'll pre-announce when housing prices are going to go down at least a year in advance so it's safe to just keep watching the prices go up.

# ? Jan 17, 2016 08:06

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

Baronjutter posted:

They'll pre-announce when housing prices are going to go down at least a year in advance so it's safe to just keep watching the prices go up.

I have trained this one well.

Seriously though, I remember a time when you were so house horny, I gave up on ever talking sense to you. Now you sound like the crustiest of bears. :feelsgood:

# ? Jan 17, 2016 08:29

Juul-Whip: Mar 10, 2008

the talent deficit posted:

i'm trying to convince my parents to sell their place in ladner now (~1 mil) and move to salt spring or courtenay (where we have family) and bank $500k or whatever for their retirement. they think they are better off waiting a couple more years so they can keep working a little longer

My folks are and will be quite comfortable in their public sector union backed retirement. I just don't want them to end up in a situation when the big one hits.

# ? Jan 17, 2016 08:40

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

the talent deficit posted:

i'm trying to convince my parents to sell their place in ladner now (~1 mil) and move to salt spring or courtenay (where we have family) and bank $500k or whatever for their retirement. they think they are better off waiting a couple more years so they can keep working a little longer

Salt Spring is not cheap at all, probably more expensive than Ladner. My parents almost moved there before settling on the old people hovel near Deep Cove. It's the only gulf island where everyone won't die in the first major natural disaster due to natural fresh water sources.

# ? Jan 17, 2016 10:09

Precambrian Video Games: Aug 19, 2002

Trigger warning: this article features a single mom, and also some typical low effort journalism examining why Canadians don't save: https://www.cbc.ca/news/business/savings-decline-canada-1.3403923

Apparently it's ( surprise) low interest rates and nothing else.

# ? Jan 17, 2016 16:25

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

Triggered. Also not sure what this has to do with interest rates.

quote:

Newly better-paid Megan Coady says she spends a fair bit on restaurants as well — perhaps too much.

"I don't buy groceries," she says. "I'm on the go most of the time, so I eat out a lot."

She admits though that she's not too busy to head to the pub for a pint or two after work on occasion.

"I battle with myself over this sometimes, but I obviously enjoy spending my money socially," she says with a laugh.

# ? Jan 17, 2016 16:37

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)

Frankly, the word "tr*gger" makes me fearful of the guns we need to ban.

# ? Jan 17, 2016 17:04

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

https://twitter.com/alex_macdonald/status/688165144828837888

I am glad that Uber allows for anyone to be a real estate broker and a cut-rate taxi driver at the same time.

# ? Jan 17, 2016 19:51

Deep Dish Fuckfest: Sep 6, 2006; Advanced
Computer Touching; Toilet Rascal

I assume his hobby is being a landlord for airbnb rentals.

# ? Jan 17, 2016 19:56

ductonius: Apr 9, 2007; I heard there's a cream for that...

Call me when a landlord drives her tenants to a strip club, gives them a lap dance then hooks them up with a variable rate CMHC insured mortgage on a condo. Then - ONLY THEN - will we be in a bubble.

# ? Jan 17, 2016 20:34

sbaldrick: Jul 19, 2006; Driven by Hate

Strip clubs are still owned by the mob who would never be involved in something as shady as being a mortgage broker

# ? Jan 17, 2016 22:01

Professor Shark: May 22, 2012

Imagine that scene from The Godfather where they sit down with The Turk except instead of narcotics it's mortgages and/or condos and Don Corleone is like:

Don Corleone posted:

I said that I would see you because I had heard that you were a serious man, to be treated with respect. But I must say no to you and let me give you my reasons. It's true I have a lot of friends in politics, but they wouldn't be so friendly if they knew my business was mortgages and building condos instead of gambling which they consider a harmless vice. But mortgages and building condos, that's a dirty business. It makes no difference, it don't make any difference to me what a man does for a living, you understand. But your business is a little dangerous.

# ? Jan 17, 2016 23:51

I would blow Dane Cook: Dec 26, 2008

quote:

Philadelphia�s first condominiums available for purchase in bitcoin will have their first open house today in the city�s historic Manayunk district. Susanna Kunkel, a veteran Philadelphia realtor, arranged the bitcoin offering as a way to entice tech-savvy, entrepreneurial-oriented buyers who are an important customer for modern urban condominiums.

The four condos from Falcon Condominiums range in size from 2,024 to 2,293 square feet of interior space. The initial asking price for each is 795 bitcoin.

Manayunk, a National Historic District, is a commercial neighborhood teaming with renovated Victorian storefronts located 15 minutes from Center City Philadelphia, King of Prussia, Chestnut Hill, and The Main Line.

Charting New Waters

�I�m really charting new water here,� Kunkel told CCN. �I just don�t think that (bitcoin) has been offered to our technology community as an option. Philadelphia has a growing presence of creative startup companies. As a realtor, I need to be in touch with our different communities and the trends.�

The condos, newly-constructed on the site of a former Polish social hall, has been on the market for one year. Kunkel recently came up with the idea of offering the four units for sale in bitcoin and suggested it to the property�s owners, who welcomed the idea.

The units are well suited to bitcoin-oriented buyers, Kunkel said. The condos have a flexible floor plan that can be used for work and as a meeting space that can accommodate 10 to 15 people. Kunkel envisions an entrepreneur who wants to work out of their home.

She said there have been private condo sales paid in bitcoin in Philadelphia, but this is the first publicly-listed offering. �It is the first mainstream, full-service offering in bitcoin,� she said.

Kunkel has promoted the offering on her blog and through social media. Phillymag.com, Philadelphia Magazine�s website, ran an article about it on Thursday. Kunkel has since received inquiries but no offers as of this report.

Pic 3

BTC Tied To Dollar Price

The property�s listing by phillyliving.com and on the multiple listing service does not carry the bitcoin price, only the dollar price. The prices for the four units range from $365,000 to $395,000. If a buyer makes an offer in bitcoin, the bitcoin amount will be based on the bitcoin-to-dollar exchange rate at the time of the offer. The amount may need to be adjusted when the transaction closes based on any change in the exchange rate.

Pic 6

�The seller is not going to take on the risk of bitcoin (price) fluctuating,� Kunkel said.

To complete a title transfer where funds are held in escrow, the party holding funds in escrow must be willing to accept bitcoin. Kunkel�s blog directs prospective buyers to an explanation by the title company that will handle the settlement, World Wide Land Transfer.

During the change of title, the buyer�s money floats through escrow usually held by a title insurance company, except in states like New York where it is common for either the buyer�s attorney or a bank attorney to handle the escrow. Either way, this party moves the buyer�s money to the seller, the creditor who is being paid off if applicable, the government recorder of deeds, and the tax agencies if taxes are being paid. The bitcoin will only become available to the buyer if the title insurance provider or the attorney handling the escrow is willing to accept bitcoin to close the transaction.

Whether or not the realtors get paid their commissions in bitcoin would be for the realtors and the seller to decide.

Also read: First major bitcoin real estate purchase recorded

Real Estate Embraces Bitcoin

The Philadelphia offering reflects the rising use of bitcoin for real estate transactions.

The World Wide Land Transfer website noted that a New York City-based brokerage, Bond New York, is already accepting bitcoin as payment for real estate transactions. Noah Freedman, co-founder of the brokerage, said bitcoin is a convenient and inexpensive way for customers to transfer money. He cited reduced or non-existent processing fees as a key bitcoin benefit.

Echoing these sentiments was Ragnar Lifthrasir, president of an organization called the International Bitcoin Real Estate Association, in a recent article in Opp.Today (Overseas Property Professional). Lifthrasir said the blockchain is positioned to improve options for real estate record keeping. He also said bitcoin can make real estate a liquid asset, eliminate fraud, reduce costs, hasten transactions, improve financial privacy, democratize investing, internationalize markets, and reemphasize equity.

The Philadelphia open houses are scheduled for Sunday, Jan. 17 and Jan. 31 from 1 p.m. to 3 p.m.

https://www.cryptocoinsnews.com/philadelphia-gets-first-bitcoin-condo-offerings/

# ? Jan 18, 2016 00:02

Professor Shark: May 22, 2012

Man that is a pretty awesome Power Combination

When this all blows up I hope everyone has their phones out to take pictures of confused, mentally destroyed people who have no idea how this could have happened

# ? Jan 18, 2016 00:08

Guest2553: Aug 3, 2012

If you got in early enough and somehow managed to not get hacked/scammed/molested in an alley purchasing a condo isn't the worst thing you could do with buttcoins...

e. touche
vvvvv

Guest2553 fucked around with this message at 00:23 on Jan 18, 2016

# ? Jan 18, 2016 00:13

Deep Dish Fuckfest: Sep 6, 2006; Advanced
Computer Touching; Toilet Rascal

Coincidentally, I'd say that getting hacked/scammed/molested in an alley purchasing a condo is probably a likely outcome of this, if typical bitcoin business practices are any indication.

# ? Jan 18, 2016 00:18

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

http://data.cnbc.com/quotes/CLC1

oil futures worthless; get hosed alberta

# ? Jan 18, 2016 01:32

Pixelboy: Sep 13, 2005; Now, I know what you're thinking...

the talent deficit posted:

http://data.cnbc.com/quotes/CLC1

oil futures worthless; get hosed alberta

Iran can now sell oil on the market... more fuel on the proverbial fire.

# ? Jan 18, 2016 02:34

sbaldrick: Jul 19, 2006; Driven by Hate

Jumpingmanjim posted:

https://www.cryptocoinsnews.com/philadelphia-gets-first-bitcoin-condo-offerings/

This is going to be really funny when the US government seize their homes because it's unlaw gain due to a crime.

# ? Jan 18, 2016 03:35

ianmacdo: Oct 30, 2012

sbaldrick posted:

This is going to be really funny when the US government seize their homes because it's unlaw gain due to a crime.

yah, all these idiots that think bitcoin is anonymous
hope we get another chart like this.

# ? Jan 18, 2016 07:03

etalian: Mar 20, 2006

Remember all those dumb articles after the oil crashing saying things would get better for Alberta in 2016:
http://www.cbc.ca/news/canada/calgary/alberta-economy-shrink-2016-q1-atb-outlook-1.3403674

Full report here in PDF format:
http://atb.com/SiteCollectionDocuments/About/Alberta-Economic-Outlook-Q1-2016.pdf

Nope, the albertan economy is expected to contract even more in 2016

# ? Jan 18, 2016 09:12

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# ? May 21, 2024 15:02

vyelkin: Jan 2, 2011

Just saw this on facebook, someone is dreaming about the return of manufacturing:

# ? Jan 18, 2016 15:40

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

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