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

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Jolarix: Feb 28, 2004; Your reading skill has increased by +1 point(s).

Wikipedia posted:

Whalley is generally regarded as the most dangerous part of the lower mainland and is notorious for its crime.

Don't be priced out!

# ? Apr 6, 2016 01:26

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# ? May 10, 2024 21:17

McGavin: Sep 18, 2012

Lexicon posted:

Best culture in the area?? Some sort of artisanal heroin shooting gallery?

You can explore the rich Punjabi and Somali culture of gang warfare.

# ? Apr 6, 2016 05:03

froglet: Nov 12, 2009; You see, the best way to Stop the Boats is a massive swarm of autonomous armed dogs. Strafing a few boats will stop the rest and save many lives in the long term.

You can't make an Omelet without breaking a few eggs. Vote Greens.

Ahahahaha Australia is boned (paging Jumpingmanjim)

http://www.abc.net.au/news/2016-04-05/canberra-we-have-a-problem-apra/7301600

APRA's warnings portend serious problems in the banking system posted:

Banking regulators are, by necessity, cautious in their public comments. In the nuance of regulator-speak, the comments by senior officials from the Australian Prudential Regulation Authority over the past few days have been remarkably candid; about as close as their ilk come to acknowledging we have a problem.

First there was Charles Littrell, an executive general manager, who expressed APRA's "perennial concern" about the exposure of Australia's biggest banks to the mortgage market.

"It is a significant issue of concern to us that close to two-thirds of [the big four banks'] balance sheets are exposed to property � mainly housing loans," Littrell told the Australian Financial Review.

Even more telling was his comment that Australian banks were not just "too big to fail" � they were almost too big to get sick.

That's one way of describing the reality that it wouldn't take a meltdown with heavy loan losses to cause potentially catastrophic problems for Australia's financial system.

Our banks rely on offshore funding to support their lending.

Losses or loan arrears well below a level that would, on their own, raise solvency issues could still cause the cost of that funding to soar, or the funding to dry up altogether, creating a credit squeeze that could collapse house prices and undermine the economy.

Recent lending issues 'eerily similar' to 2007

APRA's chairman, Wayne Byres, was perhaps even more candid.

He was asked today about lending standards in 2007 � a question based on the story the ABC broke about secret research APRA prepared that year.

The unpublished research found that lower lending standards threatened a radical and unprecedented rise in loan arrears that could have prompted a banking crisis and a recession.

Conditions then, Byres said, were "eerily similar to some of the things we have been saying recently".

"The issues that were on the radar screen then - buoyant housing lending, commercial property lending standards - are all things that are on our agenda again ... this time around we have been a bit more active and interventionist maybe than we were last time, but I don't think the issues have particularly changed that much."

Rearguard action by APRA since late-2014

This was both an acknowledgement that the banks' lending standards have created worrying, potentially systemic, risks and a reflection on his predecessor, John Laker.

The research paper APRA suppressed under Laker's leadership ended with a quote from Ben Bernanke who advocated "micro-level policies to reduce the incidence of bubbles and protect the financial system from their effects" and "supervisory action to ensure capital adequacy".

Wayne Byres gets it.

While Laker steered clear of those "micro-policies" � or macro-prudential controls, in today's jargon � Byres has imposed higher capital requirements on the banks, controls on investor housing loans and new standards directed at loan serviceability ratios that had previously allowed the banks to lend so much that people were living just above the poverty line.

But it's a rearguard action, after many years of excess.

# ? Apr 6, 2016 05:39

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

THC posted:

"Historic Whalley"

My brother used to live in Quattro next door (which is three buildings instead of four because one burned down), and said most of his neighbours looked like Skinny Pete from Breaking Bad

He was also interviewed by cops when his downstairs neighbour was murdered, asked if he heard anything. It was a brand new building back then too.

# ? Apr 6, 2016 08:53

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

I can so imagine that being absolutely spot on.

# ? Apr 6, 2016 16:27

Furnaceface: Oct 21, 2004

My friend is either oblivious or hates me because he keeps telling me to move to Vancouver and says Surrey is fine and cheap and I shouldnt listen to the internet.

Im listening to the internet in this case.

# ? Apr 6, 2016 19:38

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

Move to Vancouver, live in a 600 sq ft microcondo that cost you 700k where your condo contingency fund is essentially a pay-as-it-breaks. Engage your inner FOMO and YOLO to YVR today.

# ? Apr 6, 2016 20:40

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

Is everyone in the Lower Mainland on some kind of drugs or something?

# ? Apr 6, 2016 20:42

Pimpmust: Oct 1, 2008

At least you don't have this... yet?

quote:

The average size of an apartment in Stockholm is about 68 square meters, with 2.5 room apartment. The price on the black market is about 625,000 crowns, or 250 000 per room (9000-10000 per square meter)

Stockholm options:
1. Sign up for the renting contract waiting list for your city of choice (with a small yearly fee) and wait 25+ years for maybe a shot at an apartment (unless the waiting list time creeps up another year or three)
2. Cough up tens of thousands of dollars cash for a "first hand" renting apartment contract, if you get caught selling you may face 2 years of jail time
3. Pay market prices (1600 dollars/month for 35 m2? A steal!) by renting second hand
4. Take a loan, cover 15 % yourself for a total of hundreds of thousands/millions of dollars to buy a spot in a housing cooperative or one of the rare few condos.

:toot:

# ? Apr 6, 2016 21:42

quaint bucket: Nov 29, 2007

PT6A posted:

Is everyone in the Lower Mainland on some kind of drugs or something?

Beautiful Mountains�

# ? Apr 6, 2016 21:47

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

PT6A posted:

Is everyone in the Lower Mainland on some kind of drugs or something?

in whalley? ya

# ? Apr 6, 2016 21:50

Mantle: May 15, 2004

Pimpmust posted:

At least you don't have this... yet?

Stockholm options:
1. Sign up for the renting contract waiting list for your city of choice (with a small yearly fee) and wait 25+ years for maybe a shot at an apartment (unless the waiting list time creeps up another year or three)
2. Cough up tens of thousands of dollars cash for a "first hand" renting apartment contract, if you get caught selling you may face 2 years of jail time
3. Pay market prices (1600 dollars/month for 35 m2? A steal!) by renting second hand
4. Take a loan, cover 15 % yourself for a total of hundreds of thousands/millions of dollars to buy a spot in a housing cooperative or one of the rare few condos.

Can you translate this into Canadian?

# ? Apr 6, 2016 21:55

quaint bucket: Nov 29, 2007

So I just found out that my landlords are having a nasty separation and now I'm not sure how this is going to affect our rental.

Welp. :magical:

Wife and I are looking at possibly buying up here now. We're starting to get a little more committed to living up here (so much cheaper) with private school setting up for the kids. I've been looking at historical pricing for Prince George and noticed it hasn't really gone up like crazy hard. Maybe like $20k after 5 years for a SFH.

But OTOH, I like where I'm renting now. Either I rent for my current expense or buy a place and save $200-400/month aside for repairs and to continue building my contingency funds.

# ? Apr 6, 2016 22:04

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

PT6A posted:

Is everyone in the Lower Mainland on some kind of drugs or something?

This is pretty accurate - that condo is near the "Gangland" text. I live between alcoholics and ugly new condos in the north, and my wife got sucked into that Stella & Dot poo poo for a while:

v this is the biggest version I could find unfortunately. And no yoga cults is on lululemon HQ on Cornwall and Burrard, Chip Wilson's house is in the "boomer hippies and white liberals" area, which he definitely isn't either of.

UnfortunateSexFart fucked around with this message at 03:35 on Apr 7, 2016

# ? Apr 7, 2016 03:19

Baronjutter: Dec 31, 2007; "Tiny Trains"

I'd love to see a bigger version or an inset map for the core. Can't read any of the places my friends live.
Also is "yoga cults" right on the LuLu lemon guy's house?

# ? Apr 7, 2016 03:21

HookShot: Dec 26, 2005

I laughed at "actual cougars"

# ? Apr 7, 2016 03:42

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

A friend of mine's brother had a recent close extrication from an actual yoga cult in the area. No joke - they had this kid near-brainwashed, and routinely hallucinating, etc. Legit scary stuff.

# ? Apr 7, 2016 07:13

Mantle: May 15, 2004

Lexicon posted:

A friend of mine's brother had a recent close extrication from an actual yoga cult in the area. No joke - they had this kid near-brainwashed, and routinely hallucinating, etc. Legit scary stuff.

Story time please

# ? Apr 7, 2016 07:41

Diamato: Jul 17, 2006; Everybody's got a price for the Million Dollar Man

"With the consistent increase in sales and shortage of inventory the Nanaimo residential average sales price continued to climb in March hitting an all-time high of $398,053 and is poised to break the $400,000 mark for the first time in history next month. There are currently only 271 single family homes for sale in Nanaimo, down from 425 this time last year (-37%). This combined with 162 units sold, up from 129 in March of 2015 (+26%) has created a strong seller�s market leading to multiple offers becoming far more common and many homes selling for above asking price. Homes are also selling in record time with average days on the market (DOM) at 39.

Strata and vacant land markets are also starting to follow suit with condo prices up over 6% in the last 12 months, 33% less inventory and sales up 29% has led to increases in prices in almost all buildings. There�s a pronounced shortage of raw land in Nanaimo; a problem that likely isn�t going to go away."

Nanaimo market is hot boys, time to get in. When my parents moved to the island in 2001 they bought their place for about 170k. Comparable homes in the area have been sold recently for 450k-500k.

# ? Apr 7, 2016 07:44

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

Reverse Centaur posted:

This is pretty accurate - that condo is near the "Gangland" text. I live between alcoholics and ugly new condos in the north, and my wife got sucked into that Stella & Dot poo poo for a while:

v this is the biggest version I could find unfortunately. And no yoga cults is on lululemon HQ on Cornwall and Burrard, Chip Wilson's house is in the "boomer hippies and white liberals" area, which he definitely isn't either of.

Unfortunately characterizing SFU as full of Radicals and Communists is entirely out of date

# ? Apr 7, 2016 08:55

cowofwar: Jul 30, 2002; by Athanatos

Oh God a seller's market in Nanaimo. If there's a region that will fall out the bottom on a buyer's market that is it.

# ? Apr 7, 2016 10:10

BCR: Jan 23, 2011

BCR fucked around with this message at 11:55 on Apr 7, 2016

# ? Apr 7, 2016 11:12

Descend to slumber: May 12, 2001

cowofwar posted:

Oh God a seller's market in Nanaimo. If there's a region that will fall out the bottom on a buyer's market that is it.

Oh for fucks sake, is there no town in BC arm-pitty enough to escape the ravages of the provincial real estate market?

# ? Apr 7, 2016 14:27

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Descend to slumber posted:

Oh for fucks sake, is there no town in BC arm-pitty enough to escape the ravages of the provincial real estate market?

Nanaimo is just a cheap Harbour Air flight to downtown Vancouver, so it is trying to sell itself as a rich mans exclusive suburb now.

# ? Apr 7, 2016 15:32

Fried Watermelon: Dec 29, 2008

There is gently caress all to do in Nanaimo

# ? Apr 7, 2016 17:30

Tsyni: Sep 1, 2004; Lipstick Apathy

Fried Watermelon posted:

There is gently caress all to do in Nanaimo

Do you like malls?

# ? Apr 7, 2016 17:34

cowofwar: Jul 30, 2002; by Athanatos

Fried Watermelon posted:

There is gently caress all to do in Nanaimo

Cocaine and hookers.

# ? Apr 7, 2016 17:43

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

Descend to slumber posted:

Oh for fucks sake, is there no town in BC arm-pitty enough to escape the ravages of the provincial real estate market?

I reckon it's all spillover pressure from Vancouver.

Even if there's never a crash in Vancouver and things just cool off and stay flat there for awhile it's going to totally nuke prices in all these crap towns.

# ? Apr 7, 2016 17:55

Descend to slumber: May 12, 2001

cowofwar posted:

Cocaine and hookers.

As a resident of Nanaimo I would advise avoiding both at all times.

There are also virtually no decent jobs here so a big chunk of the population is going to feel a lot of pain in a few years if the area takes off as "suburb" (exurb?) of Vancouver.

Descend to slumber fucked around with this message at 19:54 on Apr 7, 2016

# ? Apr 7, 2016 18:20

cowofwar: Jul 30, 2002; by Athanatos

Descend to slumber posted:

As a resident of Nanaimo I would advise avoiding both at all times.

There are also virtually no decent jobs here so big chunk of the population is going to feel a lot of pain in a few years if the area takes off as "suburb" (exurb?) of Vancouver.

I was born in Nanaimo and moved to the tri-cities when I was six. If I had stayed I would probably be slinging coke.

# ? Apr 7, 2016 18:38

Baronjutter: Dec 31, 2007; "Tiny Trains"

Nanaimo has a statue of their dead mayor dressed as a pirate on their waterfront and a mediocre floating pub on an island outside the habour. It also has quite a few malls! It's also one of the only places on the island you can see actual trains. The city centre has a depressing "decayed main street" feel as the town's malls long ago sucked most the of economic relevance out of it, while the malls are all dated and depressing and being replaced by big-box stores further out. Chinese skyscrapers will soon crowd the downtown though, so buy now.

#nanaimofacts

# ? Apr 7, 2016 22:43

ChairMaster: Aug 22, 2009; by R. Guyovich

The whole reason I live here instead of Victoria is because I can afford to live here, I don't know where I'd go if it became like Vancouver. I guess I'd have to go to like Ladysmith or something.

# ? Apr 7, 2016 23:43

Rime: Nov 2, 2011; by Games Forum

The Overwaitea in Port Hardy still has a soda-mixing machine, and apartments there rent for like $300/month. Sounds like the best place on earth, really.

# ? Apr 7, 2016 23:48

Jolarix: Feb 28, 2004; Your reading skill has increased by +1 point(s).

I heard all the upper-level penthouses in Coombs are being bought out by goats.

# ? Apr 8, 2016 00:03

Descend to slumber: May 12, 2001

ChairMaster posted:

The whole reason I live here instead of Victoria is because I can afford to live here, I don't know where I'd go if it became like Vancouver. I guess I'd have to go to like Ladysmith or something.

I only moved to Nanaimo because my partner and I both got jobs here around the same time. The affordability is a particularly nice benefit of living here compared with Victoria, Vancouver or Fort St. John.

That said I'd probably rather live in Victoria, I have before and I really miss it.

Also, the city centre is gradually beginning to improve, and the Chinese skyscraper had its approval (or whatever) rescinded by the city because the proponent never made a move on building it.

# ? Apr 8, 2016 00:23

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

Jolarix posted:

I heard all the upper-level penthouses in Coombs are being bought out by goats.

# ? Apr 8, 2016 00:40

Baronjutter: Dec 31, 2007; "Tiny Trains"

I'm shocked at the amount of Nanaimoites in the thread. Vancouver island seems really over-represented.
Other than housing what is cheaper in Nanaimo? (oh and used cars, used cars cost less in Nanaimo!) A lot of people cite "cost of living" for the reasons of living in various places but I'm always curious how much cheaper things are. Like is basic food and utilities cheaper in other cities? Things in Vancouver all seem the same prices as in Victoria, it's just rents are higher but most everything else seems on par. The incomes and job prospects in small towns seem to more than make up for any cost of living savings too. But I guess if you can get a rare good paying job in a small town that can translate to pretty comfortable finances.

# ? Apr 8, 2016 01:04

Tsyni: Sep 1, 2004; Lipstick Apathy

Baronjutter posted:

I'm shocked at the amount of Nanaimoites in the thread. Vancouver island seems really over-represented.
Other than housing what is cheaper in Nanaimo? (oh and used cars, used cars cost less in Nanaimo!) A lot of people cite "cost of living" for the reasons of living in various places but I'm always curious how much cheaper things are. Like is basic food and utilities cheaper in other cities? Things in Vancouver all seem the same prices as in Victoria, it's just rents are higher but most everything else seems on par. The incomes and job prospects in small towns seem to more than make up for any cost of living savings too. But I guess if you can get a rare good paying job in a small town that can translate to pretty comfortable finances.

Gas is cheaper than Vancouver. Wooo.

# ? Apr 8, 2016 01:56

Femtosecond: Aug 2, 2003

You guys are going to regret not buying now when you're priced out of Nanaimo and have to commute to Vancouver from Comox.

# ? Apr 8, 2016 03:21

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# ? May 10, 2024 21:17

quaint bucket: Nov 29, 2007

I'm gonna be laughing all the way to the bank when they eventually build a physical bridge across to vancouver island.

# ? Apr 8, 2016 03:37

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