Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Post
  • Reply
Throatwarbler
Nov 17, 2008

by vyelkin

Cultural Imperial posted:

http://www.vancourier.com/news/owners-of-vancouver-s-first-cohousing-complex-move-in-1.2195550


supppppppppppppppppppppppppppppplllllllllllllllllllllyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy

lol these loving morons

This is literally a People's Commune. Next step: execute the kulaks and then half the inhabitants starve to death because noone puts any effort into the communal meals.

Adbot
ADBOT LOVES YOU

Juul-Whip
Mar 10, 2008

How many rubles does a unit run you in Glorious People's Commune?

sat on my keys!
Oct 2, 2014

Cultural Imperial posted:

apart from jobs, why even live in ontario

Winter is my favourite season, and I'm led to believe that normal people don't like to live in close quarters to psychotics like me. Ontario seems like a good holding pen for my type.

Vehementi
Jul 25, 2003

YOSPOS
My friend's doing a housing co-op like that - not sure about the communal meals etc. but they're looking to buy a few contiguous plots to make some ~30 unit complex on.

Lexicon
Jul 29, 2003

I had a beer with Stephen Harper once and now I like him.
Standard microeconomics teaches us that as price rises for a thing, the demand drops. Yet with assets, especially housing, it's exactly the opposite. Does this phenomenon have a name? (other than stupidity/greed)

Baronjutter
Dec 31, 2007

"Tiny Trains"

"Don't miss the boat" or "Get in while you can"

blah_blah
Apr 15, 2006

Lexicon posted:

Standard microeconomics teaches us that as price rises for a thing, the demand drops. Yet with assets, especially housing, it's exactly the opposite. Does this phenomenon have a name? (other than stupidity/greed)

There are things like Veblen goods.

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

Lexicon posted:

Standard microeconomics teaches us that as price rises for a thing, the demand drops. Yet with assets, especially housing, it's exactly the opposite. Does this phenomenon have a name? (other than stupidity/greed)

FOMO

namaste friends
Sep 18, 2004

by Smythe

blah_blah posted:

There are things like Veblen goods.

I've never heard of this. It explains, well, all of Vancouver's disposible income consumption behavior

Precambrian Video Games
Aug 19, 2002



In the Star's latest puff piece on Southwest Ontario: Guelph a preferred option over Toronto at least according to one woman with a dog who loved undergrad there. Also a CMHC specialist informs us that young professionals move from TO to Barrie and Hamilton and the Shwa. How many? Uh, some. Why? Because they want a white picket fence and a yellow lab/golden retriever (of course that is the exact breed this person owns).

PT6A
Jan 5, 2006

Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

eXXon posted:

In the Star's latest puff piece on Southwest Ontario: Guelph a preferred option over Toronto at least according to one woman with a dog who loved undergrad there. Also a CMHC specialist informs us that young professionals move from TO to Barrie and Hamilton and the Shwa. How many? Uh, some. Why? Because they want a white picket fence and a yellow lab/golden retriever (of course that is the exact breed this person owns).

You can't hate on labs and goldens, they are the pretty much the best dogs ever.

computer parts
Nov 18, 2010

PLEASE CLAP

Lexicon posted:

Standard microeconomics teaches us that as price rises for a thing, the demand drops. Yet with assets, especially housing, it's exactly the opposite. Does this phenomenon have a name? (other than stupidity/greed)

Elasticity.

namaste friends
Sep 18, 2004

by Smythe

PT6A posted:

You can't hate on labs and goldens, they are the pretty much the best dogs ever.

Are you the dumbest person ever

TROIKA CURES GREEK
Jun 30, 2015

by R. Guyovich

Lexicon posted:

Standard microeconomics teaches us that as price rises for a thing, the demand drops. Yet with assets, especially housing, it's exactly the opposite. Does this phenomenon have a name? (other than stupidity/greed)

This is exactly why cheap credit with long payoffs is the number one driver of real estate prices spiraling out of control. Because at the end of the day what most people are looking at is monthly cost, not total cost, so you can hide price rises with long cheap loans. Actually it's not even just real estate prices, the increases in college education (at least in the states) are partly a function of this same effect.


blah_blah posted:

There are things like Veblen goods.

Interestingly enough, you will see this effect with ivy league university's in the US. I suppose it could also be happening in luxury housing as well, and that could trickle down and cause price increases throughout the market.

Mercury_Storm
Jun 12, 2003

*chomp chomp chomp*

blah_blah posted:

There are things like Veblen goods.

A friend of mine couldn't get anyone to rent rooms in his flat which he pays roughly 3600 USD a month for... until he nearly doubled the price. After that he had no trouble filling the vacancies.

:ughh:

Also reminds of energy drinks like red bull, which were actually very cheap at first but weren't popular... until the price was doubled (or even tripled or more).

computer parts
Nov 18, 2010

PLEASE CLAP

TROIKA CURES GREEK posted:

Interestingly enough, you will see this effect with ivy league university's in the US. I suppose it could also be happening in luxury housing as well, and that could trickle down and cause price increases throughout the market.

Ivy League schools are popular for reasons outside of price. They literally have so much demand that they can fill every single one of their spots twice over with perfect SAT/ACT scoring students with years and years of volunteer work and crap like that.

Plus no one actually pays the sticker price unless you're already filthy rich anyway.

tagesschau
Sep 1, 2006
Guten Abend, meine Damen und Herren.

TROIKA CURES GREEK posted:

Interestingly enough, you will see this effect with ivy league university's in the US.

No, not really. Demand is high, but it doesn't go up in correlation with the price of tuition (and the sticker price of tuition is more than what most students at a lot of the Ivies are paying). It may be status-symbol-y, but it isn't a Veblen good.

Furnaceface
Oct 21, 2004




eXXon posted:

In the Star's latest puff piece on Southwest Ontario: Guelph a preferred option over Toronto at least according to one woman with a dog who loved undergrad there. Also a CMHC specialist informs us that young professionals move from TO to Barrie and Hamilton and the Shwa. How many? Uh, some. Why? Because they want a white picket fence and a yellow lab/golden retriever (of course that is the exact breed this person owns).

Its actually (sadly) accurate. The number of young families moving from the GTA to Barrie is kind of staggering, especially when you consider how many keep their jobs down there. I dont understand how people can so willingly accept a sudden commute of 1.5+ hours each way just for the sake of home ownership. Especially moving into such a car focused city like Barrie, though these days I think they just it as an excuse to show off their brand new Porche, Audi and BMW they went balls deep into debt to buy.

PT6A
Jan 5, 2006

Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Furnaceface posted:

Its actually (sadly) accurate. The number of young families moving from the GTA to Barrie is kind of staggering, especially when you consider how many keep their jobs down there. I dont understand how people can so willingly accept a sudden commute of 1.5+ hours each way just for the sake of home ownership. Especially moving into such a car focused city like Barrie, though these days I think they just it as an excuse to show off their brand new Porche, Audi and BMW they went balls deep into debt to buy.

Probably because their kids would have to deal with that sort if they went to school in Toronto proper or something.

I'd rather do pretty much anything more than commuting for 3 hours per day. That sounds like my personal idea of hell.

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

PT6A posted:

I'd rather do pretty much anything more than commuting for 3 hours per day. That sounds like my personal idea of hell.

I have had many older people ask why my wife and I don't move out to PoCo or Langley to find a house we can saddle ourselves with and they are always amazed that I would bring up hour-plus commutes as a negative. They say stuff like "but you can get a nice car"*. I don't want a nice car! I don't want any car, preferably. I would rather not drive! I commute about 45min total a day and that's about as much as I can stand, and really, only that much because I can go to the grocery or the bottle depot on the way home to break it up.

According to the close-to-retirement guys I come across, what I'm supposed to be doing is spending most of my disposable income on a house and then whatever cash I have leftover goes into the rapidly depreciating assets otherwise known as cars. :suicide:

*Two cars, actually! My wife doesn't need one to get to her work currently and I have one only because I work out in the rear end end of Lulu island.

etalian
Mar 20, 2006

THC posted:

How many rubles does a unit run you in Glorious People's Commune?

lmao

quote:

Creating the kind of community that cohousing proponents seek isn’t cheap. The Vancouver Cohousing group, which acted as developer, had to find a large enough plot of land on which to build in the city’s notoriously pricey real estate market. The group didn’t add the usual 15 per cent developer markup, but it still had to cover building costs. Prices ended up ranging from about $285,000 for a studio to just over $800,000 for a large unit. But residents could opt for smaller, less expensive suites because they have access to so much common space. Other advantages include the ability to share childcare and vehicles.

The City of Vancouver, meanwhile, insisted two of the 31 units had to be rentals in perpetuity. Vancouver Cohousing purchased those units as a community and once their mortgages are paid off, the rental income will become revenue. The one-bedroom rental went for $1,500 a month, while the three-bedroom went for $2,900.

The monthly strata fee is 38 cents a square foot. The cost of communal meals will be tracked and shared.

Donelda Rose, a retired teacher, lives in a 930-square-foot, two-bedroom unit with partner Monty Bruce. The pair paid just under $700,000, but have no regrets.

- See more at: http://www.vancourier.com/news/owners-of-vancouver-s-first-cohousing-complex-move-in-1.2195550#sthash.6aPFyvgY.dpuf

Mandibular Fiasco
Oct 14, 2012

ductonius posted:

I have had many older people ask why my wife and I don't move out to PoCo or Langley to find a house we can saddle ourselves with and they are always amazed that I would bring up hour-plus commutes as a negative. They say stuff like "but you can get a nice car"*. I don't want a nice car! I don't want any car, preferably. I would rather not drive! I commute about 45min total a day and that's about as much as I can stand, and really, only that much because I can go to the grocery or the bottle depot on the way home to break it up.

According to the close-to-retirement guys I come across, what I'm supposed to be doing is spending most of my disposable income on a house and then whatever cash I have leftover goes into the rapidly depreciating assets otherwise known as cars. :suicide:

*Two cars, actually! My wife doesn't need one to get to her work currently and I have one only because I work out in the rear end end of Lulu island.

After living my whole life in car-dependent communities, and having jobs that required car travel, I now live near a SkyTrain line where there is excellent bus service, and have a job where I can take the train to get to work. It is heaven! My truck is starting to get a bit old, and I have no longer any desire to replace it with something else. I need a vehicle to do really three things - drive to the ocean to go scuba diving, drive to the mountains to go skiing, and getting groceries every so often when I need to buy more stuff than I can carry. A well-maintained ten-year old truck seems to do that just fine.

My old job had me driving a lot, and I observed the health of the people who had the brutally long commutes quite closely. Sure, they might have owned a postage stamp house in a subdivision in Abbotsford, but they were morbidly obese and had all sorts of chronic diseases (hypertension, thyroid problems, auto-immune diseases, hypercholesterolemia, heart rhythm problems, etc.). Not that these observations are scientifically valid, but it seemed a common-enough trait amongst many of them.

Furnaceface
Oct 21, 2004




Cholesterol, thyroid and autoimmune issues are largely inherited. :ssh:

It wouldnt surprise me one single bit if the added stress from long lovely commutes amplified the negative effects of those diseases though.

Juul-Whip
Mar 10, 2008

Yeah I know, I read that part, I was wondering how much an actual People's Commune cost to live in. Fwiw my parents rented a 3br in a relatively new East Van housing co-op for like $1200 a month when I was a wee lad. (Late 80s-mid 90s)

sbaldrick
Jul 19, 2006
Driven by Hate

Desmond posted:

Clearly, we are living in the wrong city/country.

http://www.trulia.com/property/3203919167-702-W-Main-St-Crawfordsville-IN-47933#photo-16 Pretty much my dream house without some of the crazy wallpaper.

Never look at housing prices in US cities outside of of like the 6 big coast centres because you'll want to kill yourself.

My father lives just outside city with drat good job prospects in the 48th richest county in the United States and a house there averages like 200k unless you want a horse farm.

HookShot
Dec 26, 2005

sbaldrick posted:

Never look at housing prices in US cities outside of of like the 6 big coast centres because you'll want to kill yourself.

My father lives just outside city with drat good job prospects in the 48th richest county in the United States and a house there averages like 200k unless you want a horse farm.

Yeah, a friend of mine who used to live in Florida sent me a link to the house she wants to buy and it's an absolutely phenomenal, like brand new bungalow with a bunch of land not too far from Orlando and it was like 190k.

large hands
Jan 24, 2006

HookShot posted:

Yeah, a friend of mine who used to live in Florida sent me a link to the house she wants to buy and it's an absolutely phenomenal, like brand new bungalow with a bunch of land not too far from Orlando and it was like 190k.

I wonder what it cost in '06

Rime
Nov 2, 2011

by Games Forum
[q[/b]uote="HookShot" post="457364242"]
Yeah, a friend of mine who used to live in Florida sent me a link to the house she wants to buy and it's an absolutely phenomenal, like brand new bungalow with a bunch of land not too far from Orlando and it was like 190k.
[/quote]

And there are still Canadians who think I'm unreasonable when I suggest $300k for a bungalow in Bella Coola, or Courtenay, or anywhere in canada is an absurd price. "Well what do you expect houses to cost, nothing in life is free you know!"

loving Redditors. :jerkbag:

Furnaceface
Oct 21, 2004




Rime posted:

loving Realtors. :jerkbag:

ftfy

blah_blah
Apr 15, 2006

computer parts posted:

Ivy League schools are popular for reasons outside of price. They literally have so much demand that they can fill every single one of their spots twice over with perfect SAT/ACT scoring students with years and years of volunteer work and crap like that.

Plus no one actually pays the sticker price unless you're already filthy rich anyway.

To add to this, the Ivy Leagues aren't even the most expensive schools in the US on pure sticker price. That whole top 25 list is a mix of private schools from 'world-class' (Columbia, Chicago) to 'pretty good, I guess' (Sarah Lawrence, Fordham, Pitzer, Drexel).

quaint bucket
Nov 29, 2007

Rime posted:

[q[/b]uote="HookShot" post="457364242"]
Yeah, a friend of mine who used to live in Florida sent me a link to the house she wants to buy and it's an absolutely phenomenal, like brand new bungalow with a bunch of land not too far from Orlando and it was like 190k.

And there are still Canadians who think I'm unreasonable when I suggest $300k for a bungalow in Bella Coola, or Courtenay, or anywhere in canada is an absurd price. "Well what do you expect houses to cost, nothing in life is free you know!"

loving Redditors. :jerkbag:
[/quote]

I get that a lot in Prince George. I'm perfectly content w renting downtown, 10 min walk from work.

"Why don't you buy a house"
"Because $300k+ is ridiculous for the market"
"But you're throwing money awaaaay"
"Nope." :fuckoff:

Mandibular Fiasco
Oct 14, 2012

quote:


I get that a lot in Prince George. I'm perfectly content w renting downtown, 10 min walk from work.

"Why don't you buy a house"
"Because $300k+ is ridiculous for the market"
"But you're throwing money awaaaay"
"Nope." :fuckoff:

I lived there too. When I moved, the moving guy asked me if I felt I had thrown my money away by renting an apartment for several years. I told him I bought two things with that money - one, a place to live for all that time, and two, the ability to leave town without having to look back. Both very valuable in my view.

namaste friends
Sep 18, 2004

by Smythe
http://www.cbc.ca/news/canada/calgary/albertans-moving-west-kootenay-housing-market-1.3489152

quote:

Albertans moving west factor in hot Kootenay housing market
What a difference a year makes, Nelson listing goes from stagnant to bidding war

The housing market in the B.C. Kootenay region is heating up.

In some communities there is now a lack of houses on the market, analysts say.

Cameron Muir is the chief economist for the British Columbia Real Estate Association.

He says that's partly because of high consumer confidence and low interest rates, but reverse migration from Alberta is also playing a factor.

"For many years it was draining population from British Columbia on a net basis so people in B.C. would move to Alberta in search of jobs," Muir tells CBC News.

"Now that's kind of shifted the other way around where young people are staying in the province and then we are seeing some people moving here from Alberta as well."

Muir says the change in provincial movement is affecting the Kootenay region the most.

Realtor Geoff Purdy was selling a cute little starter home in Nelson but it sat on the market for a year.

Last month, suddenly there was interest. Then a bidding war.

"It was on the market for just about a year and we had multiple offers on it and I sold it for over asking price," Purdy said.

Muir says B.C.'s housing market is forecast to stay healthy this year, but not as red hot as it is right now.


Keeping buying retards

HookShot
Dec 26, 2005
I always forget Nelson is technically in the Kootenays, in my head they end at Kamloops and anything north of that is nowhereland.

Squibbles
Aug 24, 2000

Mwaha ha HA ha!

HookShot posted:

I always forget Nelson is technically in the Kootenays, in my head they end at Kamloops and anything north of that is nowhereland.

Your BC geography knowledge seems... Odd. The entire Okanagan region separates Kamloops/Thompson-Nicola from the Kootenays.

I always kind of think of Nelson as being the heart of the Kootenays but I guess it's the West-Kootenays. Cranbrook would be the middle of the East?

HookShot
Dec 26, 2005

Squibbles posted:

Your BC geography knowledge seems... Odd. The entire Okanagan region separates Kamloops/Thompson-Nicola from the Kootenays.

I always kind of think of Nelson as being the heart of the Kootenays but I guess it's the West-Kootenays. Cranbrook would be the middle of the East?

I'm from Vancouver, everything east of Hope is the Kootenays until Revelstoke, everything east and directly south of there is The Rockies.

Also the Okanagan is basically just what's along the Crow's Nest.

ocrumsprug
Sep 23, 2010

by LITERALLY AN ADMIN

Squibbles posted:

Your BC geography knowledge seems... Odd. The entire Okanagan region separates Kamloops/Thompson-Nicola from the Kootenays.

I always kind of think of Nelson as being the heart of the Kootenays but I guess it's the West-Kootenays. Cranbrook would be the middle of the East?

Once you get East of Kelowna, or north of Kamloops, BC is pretty much "Here Be Dragons".

PittTheElder
Feb 13, 2012

:geno: Yes, it's like a lava lamp.


Perfectly rational choice. The Interior is a way nicer place to live than Alberta.

namaste friends
Sep 18, 2004

by Smythe
I think of Nelson as being where all the vietnam war draft dodgers hid out.

you loving kids

Adbot
ADBOT LOVES YOU

namaste friends
Sep 18, 2004

by Smythe

quote:


The Big Short Won't Happen In Canada
by Elisa Krovblit, huffingtonpost.ca
February 24 12:57 PM
Are you worried that the Canadian market is in for its own "Big Short"? With five Oscar nominations, The Big Short was one of the blockbusters of 2015. Not your typical hit, it was more of interest to market watchers and financial types. It was an intense movie, doing its best to explain why banks needed bailouts and homeowners found themselves in foreclosure with the U.S. market crash in 2008. And if you're worried that we're next for a 'Big Short' in Canada, you can relax.


The circumstances are different and we're not at a risk for a Canadian "Big Short." The difference is in our banking practices.

Of course, the hysterics may point to the slumping dollar, the potential of rising interest rates, the new rules on mortgages and the non-stop talk of a bubble as signs that we're headed for financial crisis, but I doubt we'll see any broad financial disaster. There's no bubble. Inflated prices? That's market value -- supply and demand at work. New mortgage rules are a safeguard.

Let me explain.

The Big Short was predicated on greed, irresponsibility and opportunity. Real estate markets were hot and banks were making massive amounts of money on mortgages. Bonuses were given based on the number of mortgages approved, so there was huge motivation for mortgage approval. The banks were stacking these mortgages together to back bonds. Between obscene bonuses, great business on the books and happy new homeowners, it seemed like a win-win-win all around.

Except a huge number of those mortgages were given to people who should never have been approved. Bonds that were backed by what should have been solid AAA mortgages were actually being backed by mortgages that were likely to default.

And that's precisely what happened.

Mortgages defaulted and, as the market plummeted, homes became worth much less than their mortgage value. Short sales were common for banks to try to recoup whatever they could, but they lost a lot of money on these mortgages that couldn't be recouped.

To make it worse, in 2005, one multi-millionaire surgeon-turned-hedge fund manager dug deep into this data and discovered the disparity, predicting the crash. He realized that these mortgages weren't strong and that the foundation of the money market was much, much weaker than anyone realized or wanted to admit.

So he did what any renegade hedge fund manager would do -- he saw an opportunity to make a lot of money and he bet against the banks. The banks took his bet -- what they perceived to be a high-stakes-no-risk bet -- because this scenario seemed incredulous, completely impossible to them. In fact, two other fringe investor groups found out what he was doing and opted to do it too.

And we know what happened next -- the "impossible" happened.

Have you ever tried to get a mortgage in Canada? You need to qualify. You need to provide tax assessments, pay slips, T4s -- you need to prove your income and verify in triplicate that you'll be able to pay the mortgage. With good income and great credit, you're not a huge credit risk. With big banks bound by minimum down payments and very specific approval criteria, mortgages in Canada are stable.

As an additional safeguard to the health of the Canadian mortgage industry, the government introduced new legislation in February of 2016, raising the minimum down payment on mortgages. The ratio of borrowing to value is lower this way, enabling the banks to sell properties for what is owed on them to recoup loss in the case of mortgage default and foreclosure. Even if the market were to downturn, the borrow-to-value ratio would compensate the banks appropriately.

While we may experience market volatility -- and we have in the past -- our market is stable. As for 'The Big Short'? Grab some popcorn, it's a really interesting movie, but I just don't think Canada will ever be starring in it.


http://m.huffpost.com/ca/entry/9307482

Ok lol

  • 1
  • 2
  • 3
  • 4
  • 5
  • Post
  • Reply