Canada Housing/Debt: Trust me, I'm a landlord.

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namaste friends: Sep 18, 2004; by Smythe

Hey you guys remember how zenefits rode into Vancouver on its white highly paid job horse

Lmao

# ? Feb 12, 2016 04:46

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# ? Jun 7, 2024 04:55

I would blow Dane Cook: Dec 26, 2008

I assume a full stack developer is a pancake cook.

# ? Feb 12, 2016 04:46

Rime: Nov 2, 2011; by Games Forum

Cultural Imperial posted:

Hey you guys remember how zenefits rode into Vancouver on its white highly paid job horse

Lmao

They still have listing up for $200k+ senior devs. I don't understand how they haven't been filled yet.

Something fishy there.

# ? Feb 12, 2016 04:55

etalian: Mar 20, 2006

Why can't Vancouver have a useful startup.

Like a startup based on the idea of building and detonating the atomic bomb in Vancouver?

Make the BSG pilot real

etalian fucked around with this message at 07:39 on Feb 12, 2016

# ? Feb 12, 2016 04:57

namaste friends: Sep 18, 2004; by Smythe

http://www.theglobeandmail.com/repo...rticle28732915/

quote:

Energy companies are digging in for another year of downturn by slashing spending, costs and staff as crude prices dip to new multiyear lows.

Cenovus Energy Inc., ARC Resources Ltd. and Precision Drilling Ltd. cut or suspended dividends while announcing capital-expenditure budgets that will be even more miserly than last year. Cenovus served notice it will cut more jobs after it reduced its work force by 24 per cent in 2015.

The moves accompanied fourth-quarter results that showed the harsh impact of U.S. benchmark oil prices that averaged just over $42 (U.S.) a barrel in the period, 42 per cent below the year-earlier quarter. Since then, crude has tumbled further and on Thursday it settled at $26.21, its lowest in almost 13 years.

The relentless slide puts more pressure on exploration and production companies to reduce costs and spending to the bare minimum.

�No company today in survival mode should really be paying a dividend. I know they want to return value to their shareholders, but they return value to their shareholders by surviving for the next two years,� said Brook Papau, analyst at RS Energy Group.

Tough medicine by some of the sector�s leading lights is an indication of more pain to come in the next few weeks as companies announce financial results. The industry has shed well over 40,000 people, and it is unlikely they will be hired back quickly, even if a recovery takes hold later this year. Meanwhile, share prices in many cases are at or near multiyear lows.

Cenovus, one of the country�s largest oil sands producers, reduced its quarterly payout by 69 per cent to 5 cents (Canadian) a share. It also cut its 2016 budget by around 16 per cent to $1.2-billion to $1.3-billion. It made the reductions as it reported a fourth-quarter net loss of $641-million, or 77 cents a share, compared with a loss of $472-million, or 62 cents a share.

Cenovus lost money on all its oil sands production in January as crude prices withered, chief executive Brian Ferguson said. He stressed that the company has the financial resources, including $8-billion of cash and undrawn credit facilities, to weather the storm.

�The changes we�ve made and announced today on capital, operating cost, work force and the dividend � if the prices we�re experiencing today run through 2018, given the strength we�ve got on our balance sheet, we�re still in good shape financially,� he said in an interview. �We do have more flexibility if we need it, but at this point we�ve done everything we need to do at these prices. If prices drop further, we�re prepared to make additional changes.�

Mr. Ferguson said Cenovus has yet to determine the size of coming staff cuts, but he told a conference call that it is unlikely to come close to the 1,500 let go in 2015.

ARC Resources halved its monthly dividend and cut its 2016 capital budget by nearly 30 per cent to $390-million. The company lost a net $55-million, or 16 cents a share, in the fourth quarter, compared with profit a year earlier of $114-million, or 36 cents a share.

ARC has about 15-per-cent fewer workers than it did two years ago. Chief executive Myron Stadnyk said this is due to the oil-price downturn and the fact that some focus has shifted to the Montney basin in Alberta and British Columbia from more labour-intensive Southern Alberta wells.

But Mr. Stadnyk said the company is better-positioned than many companies due to its low debt. The oil rout has driven home the message that the Canadian energy industry has to be efficient enough to compete against U.S. natural-gas plays as well as oil producers around the world, he said.

�I think everyone has always kind of known this. But it�s just right in our faces now,� he said in an interview.

Precision, the country�s largest contract driller, suspended its dividend as it reported drilling activity in the fourth quarter dropped by about half from a year earlier because energy companies slammed the brakes on spending. Its net loss totalled $271-million, or 93 cents a share, compared with a net loss of $114-million, or 39 cents a share. The company also booked $7-million in restructuring costs in the fourth quarter, primarily due to severance payments.

Kevin Neveu, Precision�s CEO, didn�t disclose how many employees have been laid off but hinted how drastically the oil field service company�s manpower has been reduced.

�We�re running about half the number of rigs now that we were a year ago. And in that structure, there�s probably 30-40 jobs tied to a rig � between the rig crew and support operations,� Mr. Neveu said. �It�s been deep and meaningful, and painful for our company and for our employees � and for the people who are at home right now.�

Burn it down :lol:

# ? Feb 12, 2016 05:17

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

Husky energy, -400 persons

# ? Feb 12, 2016 05:19

Rime: Nov 2, 2011; by Games Forum

Remember when almost everyone in here was saying that oil would never drop low enough for active operations to be rendered unprofitable, and that things would be back to normal before the end of 2015? :allears:

This is how it will play out when the housing / construction boom finally implodes too.

# ? Feb 12, 2016 05:23

namaste friends: Sep 18, 2004; by Smythe

Rime posted:

Remember when almost everyone in here was saying that oil would never drop low enough for active operations to be rendered unprofitable, and that things would be back to normal before the end of 2015?

This is how it will play out when the housing / construction boom finally implodes too.

hey some of us have insider connections in the oil industry so we got the straight dope and

# ? Feb 12, 2016 05:33

namaste friends: Sep 18, 2004; by Smythe

http://www.huffingtonpost.ca/2016/02/11/toronto-vancouver-house-price-forecast_n_9210530.html?ncid=tweetlnkcahpmg00000002

quote:

Toronto, Vancouver Home Prices To Turn Negative As Mortgage Rates Creep Up: TD Bank

The party will end in the Toronto and Vancouver housing markets this year, TD Bank says in a new report.

It's a party many say has gotten too rowdy: Home prices in Toronto are up 14 per cent in a year, while in Vancouver they're up nearly 20 per cent, leading to reports of "shadow flipping" and other harbingers of housing-market trouble.

TD Bank economist Diana Petramala says there won't be a crash � but neither will the party continue.

Thanks to an �upward drift� in mortgage rates, home sales in Canada�s two red-hot housing markets will cool this year � albeit from very high levels seen in 2015.

�The lofty activity last year has likely left these two markets more vulnerable to even a gradual increase in interest rates and regulatory rule changes,� economist Diana Petramala wrote.

Mortgage rates are moving upward because of �a squeeze on bank funding costs amid tighter financial conditions,� Petramala wrote, adding some banks have already raised their mortgage rates by some 0.3 percentage points since December.

That will slow the pace of home sales in Toronto and Vancouver. Home price growth will slow to 4 per cent in Toronto this year, from 14 per cent over the past year, TD predicts. Prices in Vancouver will rise 7 per cent this year, from a near 20-per-cent growth pace over the past year.

In 2017, TD sees house prices coming down in both cities, with a �moderate� decline in house prices in Toronto, and a 2-per-cent decline in Vancouver.

But those expecting a housing crash �are likely to be disappointed,� TD says, because there is still plenty holding up those housing markets.

The cities are seeing �a sharp uptick in population� as people leave regions with rising unemployment rates, such as Alberta. Additionally, the loonie�s decline has made Canadian real estate less expensive for foreigners, and foreign investment will remain strong, TD Bank says.

Three Housing Markets

Petramala says Canada in essence has three housing markets right now: �The booming� (Toronto and Vancouver), �the struggling� (cities in Alberta and Saskatchewan), and �the stable� (the rest of Canada).

Alberta�s population isn�t growing like it was during the oil boom years, and the province has too much new housing coming online in the next few years, Petramala's report says. Calgary home prices are expected to fall 10 per cent this year, with Edmonton prices falling 8 per cent.

The �rest of Canada,� as the report puts it, has seen modest sales and price growth, and isn�t as vulnerable to mortgage rate hikes.

These markets �will likely feel less of a pinch� as mortgage rates rise, Petramala wrote.

Rates Hikes May Be Further Off Than Thought

While major Canadian lenders like CIBC, Royal Bank and TD have all raised mortgage rates in recent months, some say further upward pressure on interest rates won't come as soon as the lenders expect. With stock markets in what now looks like a prolonged slump, the U.S. Federal Reserve may hold off on further interest-rate hikes.

And some mortgage lenders are still pushing rates to record lows, such as Ontario's Meridian Credit Union, which last week launched a 1.69-per-cent one-year fixed-rate mortgage.

# ? Feb 12, 2016 05:35

Rime: Nov 2, 2011; by Games Forum

What a tactful way for the banks to say "we finally realized we're missing out on hundreds of billions in interest on these idiots."

# ? Feb 12, 2016 05:57

Nine of Eight: Apr 28, 2011; LICK IT OFF, AND PUT IT BACK IN; Dinosaur Gum

blah_blah posted:

Given demographics I think a lot of healthcare related-occupations are a pretty safe bet.

You'd think, but at my hospital a bunch of nursing jobs were eliminated, and instead new hires since 2014 are "Part time occasional" with "replacement scheduling" to give us full time / part time equivalent hours instead of having actual full time / part time postings. Previously to this month the union was filling a bunch of grievances because they were pissed at us getting good hours with less seniority, arguing that we should be getting float nurse part time postings instead (which is reasonable enough but I kinda like my day shift posting to my own unit instead of getting pimped out to the whole hospital).
This month however the union had to do a sort of 180 to try and protect us by any means possible after they found out that there's talk of layoffs, which are awful convenient when you've got a whole pile of employees who don't actually have a real job title :smithicide:

Tl;dr version: austerity sucks, the new collective agreement increasing the % of full time postings may end up shafting a bunch of young nurses, Quebec liberals poo poo as usual.

# ? Feb 12, 2016 06:02

namaste friends: Sep 18, 2004; by Smythe

Facebook reaction to the revelation that BC housing market growth could slow to 7%

https://twitter.com/FIVRE604/status/698000098882486272

https://twitter.com/FIVRE604/status/698000255380369410

# ? Feb 12, 2016 06:05

Furnaceface: Oct 21, 2004

CI please make sure you are not probated the day the bubble officially bursts. I cant imagine this thread without you when the realtors have to face reality.

# ? Feb 12, 2016 06:13

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

Nine of Eight posted:

You'd think, but at my hospital a bunch of nursing jobs were eliminated, and instead new hires since 2014 are "Part time occasional" with "replacement scheduling" to give us full time / part time equivalent hours instead of having actual full time / part time postings. Previously to this month the union was filling a bunch of grievances because they were pissed at us getting good hours with less seniority, arguing that we should be getting float nurse part time postings instead (which is reasonable enough but I kinda like my day shift posting to my own unit instead of getting pimped out to the whole hospital).
This month however the union had to do a sort of 180 to try and protect us by any means possible after they found out that there's talk of layoffs, which are awful convenient when you've got a whole pile of employees who don't actually have a real job title

Tl;dr version: austerity sucks, the new collective agreement increasing the % of full time postings may end up shafting a bunch of young nurses, Quebec liberals poo poo as usual.

Yeah, you'd have to be mad to think you're getting a nice, stable job as a public servant in Ontario or Quebec. If you're going into health care, I'd look at the analytics side. There's lots of work for people who can screw with data in epidemiology, I think OttawaU even has a biostatistics degree. Governments (and american health orgs) are desperate to find which services can be cut or find cheaper treatments faster, business is pretty good for smart nerds in that field.

Or you could get your foot in the suicide house cleaner door in Calgary and franchise out as broke boomers start offing themselves en masse rather than move out of their 4 bed/3 bath houses.

# ? Feb 12, 2016 06:19

namaste friends: Sep 18, 2004; by Smythe

I'd love to see suicide by rolling-coal-exhaust-piped-into-the-cab

imagine the irony of a guy in blackface, dead from suicide with confederate flags on the vehicle

# ? Feb 12, 2016 06:22

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.

Cultural Imperial posted:

I'd love to see suicide by rolling-coal-exhaust-piped-into-the-cab

imagine the irony of a guy in blackface, dead from suicide with confederate flags on the vehicle

OK this one made me laugh.

# ? Feb 12, 2016 06:25

Newfie: Oct 8, 2013; 10 years of oil boom and 20 billion dollars cash, all I got was a case of beer, a pack of smokes, and 14% unemployment.
Thanks, Danny.

Cultural Imperial posted:

Facebook reaction to the revelation that BC housing market growth could slow to 7%

https://twitter.com/FIVRE604/status/698000098882486272

https://twitter.com/FIVRE604/status/698000255380369410

Only one other thing has been described as going up up up with no stop recently, and I'm pretty sure bitcoin is a better investment than Vancouver housing.

# ? Feb 12, 2016 06:29

Rime: Nov 2, 2011; by Games Forum

Cultural Imperial posted:

I'd love to see suicide by rolling-coal-exhaust-piped-into-the-cab

imagine the irony of a guy in blackface, dead from suicide with confederate flags on the vehicle

# ? Feb 12, 2016 06:51

yippee cahier: Mar 28, 2005

Furnaceface posted:

CI please make sure you are not probated the day the bubble officially bursts. I cant imagine this thread without you when the realtors have to face reality.

Eh, they'll just spin the liquidation as "Sales up 15%! Excellent opportunity for value-oriented buyers!"

# ? Feb 12, 2016 07:05

Cromulent_Chill: Apr 6, 2009

Cultural Imperial posted:

http://www.goodcarbadcar.net/2016/01/canada-luxury-car-sales-figures-december-2015-year-end.html

http://media.gm.ca/media/ca/en/gm/home.detail.html/content/Pages/news/ca/en/2016/Feb/0202_Sales-February.html

Yah. Guess who jumped from Dodge. Also, leases are back. Bubble engage!

# ? Feb 12, 2016 07:12

etalian: Mar 20, 2006

Looks like all stock markets are making GBS threads themselves in 2016 as well.

China is also on the ropes, rapidly burning off all their hard currency reserves just to prop up the RMB

# ? Feb 12, 2016 07:41

blah_blah: Apr 15, 2006

Cultural Imperial posted:

Hey you guys remember how zenefits rode into Vancouver on its white highly paid job horse

Lmao

I know a decent number of people at Zenefits, including one VP-level, and surprisingly they don't seem to be panicking. Still, I can't see how they aren't hosed.

# ? Feb 12, 2016 09:27

Professor Shark: May 22, 2012

Pixelboy posted:

Wait - you moved there without a job lined up?

Did you not read this thread?

Someone I knew in highschool recently moved to Vancouver with a few other people from Halifax. She was tired of the East Coast and it's lovely (Minimum Wage) jobs. She asked if I knew anything about Vancouver a few weeks before she left and I told her that the only thing I knew about it was that they have a pretty crazy housing market going on. She then revealed that she didn't have a job lined up for when she got there :psyduck:

Oh well, she posted their hipster adventure traveling across Canada and she seems to be doing well now

# ? Feb 12, 2016 10:42

Rime: Nov 2, 2011; by Games Forum

It's not hard to find a job in Vancouver if you can talk like you aren't a retard. What is hard is finding a job which exceeds the cost of living sufficiently to develop any sort of reserve slush fund.

# ? Feb 12, 2016 12:45

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

Force all the real estate agents from BC to clean abandoned oil wells in Saskatchewan. Two birds, one stone.

# ? Feb 12, 2016 16:00

Sage Grimm: Feb 18, 2013; Let's go explorin' little dude!

Jumpingmanjim posted:

I assume a full stack developer is a pancake cook.

No, that's a short stack developer.

# ? Feb 12, 2016 16:32

cowofwar: Jul 30, 2002; by Athanatos

DariusLikewise posted:

Force all the real estate agents from BC to clean abandoned oil wells in Saskatchewan. Two birds, one stone.

Just stuff them down the pipe to cap them.

# ? Feb 12, 2016 17:15

etalian: Mar 20, 2006

This is a good example of the oil crash affect other industries. Due to energy industry imploding Westjet is try to slow deliveries of new planes:

http://business.financialpost.com/n...onomy-struggles

# ? Feb 12, 2016 17:22

my morning jackass: Aug 24, 2009

Ikantski posted:

Yeah, you'd have to be mad to think you're getting a nice, stable job as a public servant in Ontario or Quebec. If you're going into health care, I'd look at the analytics side. There's lots of work for people who can screw with data in epidemiology, I think OttawaU even has a biostatistics degree. Governments (and american health orgs) are desperate to find which services can be cut or find cheaper treatments faster, business is pretty good for smart nerds in that field.

Or you could get your foot in the suicide house cleaner door in Calgary and franchise out as broke boomers start offing themselves en masse rather than move out of their 4 bed/3 bath houses.

jobs are not really very good in healthcare analytics because there are too many people available for the small number of jobs available. Schools increases enrolment/developed professional healthcare related programs because people wanted stable job prospects post grad and now the chickens are coming home to roost so to speak.

In Ontario, jobs and funding are getting cut pretty bad right now and this will likely continue for a few years. There will always be jobs in healthcare but there are many more precarious jobs than ever before, and having a precarious healthcare job is insanely lovely due to the high rates of occupational injury/illness in comparison to most fields.

Back to the housing thing: I always feel a sense of d�j� vu reading the bank reports on RE markets. I'm pretty sure they had already predicted that 2015 would be the year where there would be soft price declines after record years but clearly that didn't happen.

I also have issues with their analysis of the markets themselves. They describe Toronto and Vancouver in a bubble (in the isolationist sense) where anyone outside of those regions can attest to how these markets distort the areas around it. There are neighbourhoods in Hamilton that have seen up to 101% price increases over the past 9 years. Mostly due to Toronto transplants moving here for cheaper housing. As each year passes the extent of this distortion increase further as people are priced out of closer markets.

# ? Feb 12, 2016 17:26

ZShakespeare: Jul 20, 2003; War gives the right to the conquerors to impose any condition they please upon the vanquished.

Full stack developer is code for "we want to save money by only paying one salary"

# ? Feb 12, 2016 17:26

Fried Watermelon: Dec 29, 2008

Cultural Imperial posted:

I'd love to see suicide by rolling-coal-exhaust-piped-into-the-cab

imagine the irony of a guy in blackface, dead from suicide with confederate flags on the vehicle

# ? Feb 12, 2016 20:04

sbaldrick: Jul 19, 2006; Driven by Hate

Nine of Eight posted:

You'd think, but at my hospital a bunch of nursing jobs were eliminated, and instead new hires since 2014 are "Part time occasional" with "replacement scheduling" to give us full time / part time equivalent hours instead of having actual full time / part time postings. Previously to this month the union was filling a bunch of grievances because they were pissed at us getting good hours with less seniority, arguing that we should be getting float nurse part time postings instead (which is reasonable enough but I kinda like my day shift posting to my own unit instead of getting pimped out to the whole hospital).
This month however the union had to do a sort of 180 to try and protect us by any means possible after they found out that there's talk of layoffs, which are awful convenient when you've got a whole pile of employees who don't actually have a real job title

Tl;dr version: austerity sucks, the new collective agreement increasing the % of full time postings may end up shafting a bunch of young nurses, Quebec liberals poo poo as usual.

Someone hasn't worked in healthcare that long

# ? Feb 12, 2016 21:07

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

Nine of Eight posted:

shafting a bunch of young nurses

nice

# ? Feb 12, 2016 21:08

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

This reddit thread is pretty sad. https://www.reddit.com/r/vancouver/comments/45g33y/as_someone_who_just_moved_to_alberta/

Highlights:

quote:

I miss Vancouver so much.

I moved (to Edmonton) 6-7 months ago, I didn't see this poo poo coming at all.

I moved because I found a job offer that gave me a decent pay but since then they've changed it to minimum wage (70% lower than I was making). I've been trying to find another job but no one is hiring in the salary range I was in with the experiences that I have. I live with my parents ... so I can technically survive but its completely depressing with this winter and general griminess of Edmonton.

I am currently a car salesman, I had a great minimum monthly guarantee until they took it away. Now I am here, technically making less than minimum wage if you count it by the hours and I haven't seen a single customer in a week. The mood here is absolute gloom as so many people have lost their jobs, all retailers are losing profit since the oil industry crash is trickling down to everything else.

I think I might actually be becoming depressed.

# ? Feb 12, 2016 22:55

Baronjutter: Dec 31, 2007; "Tiny Trains"

http://www.theglobeandmail.com/opinion/a-crisis-in-vancouver-the-lifeblood-of-the-city-is-leaving/article28730533/

Hootsuite warns that the housing bubble is going to kill Vancouver's booming tech sector.

# ? Feb 12, 2016 23:53

ZShakespeare: Jul 20, 2003; War gives the right to the conquerors to impose any condition they please upon the vanquished.

because hootsuite wasn't already doing that

# ? Feb 12, 2016 23:57

etalian: Mar 20, 2006

Honestly you could only think Vancouver was the best city in the world if you never travelled.

# ? Feb 13, 2016 01:36

Rime: Nov 2, 2011; by Games Forum

etalian posted:

Honestly you could only think Vancouver was the best city in the world if you never travelled.

Telling that to someone who has never travelled is pretty fuckin' funny to watch though. More defensive than an outed pedophile.

# ? Feb 13, 2016 01:47

Juul-Whip: Mar 10, 2008

Maybe they have travelled but only to Mexico or something

# ? Feb 13, 2016 01:51

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# ? Jun 7, 2024 04:55

HookShot: Dec 26, 2005

Vancouver isn't the best city in the world, but it is a very good city to live in compared to a lot of others.

Just because you liked Barcelona on your two week holiday there doesn't mean it's a good place to live.

It would be even better if real estate wasn't completely hosed up though.

# ? Feb 13, 2016 02:07

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

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