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Clark is satisfied with the current market and worries that if taxes on foreign real estate investors are implemented, “housing prices will drop.” “That’s good for first-time home buyers but not for anybody who is depending on the equity in their home to maybe get a loan or use that to finance some other projects,” she said Tuesday.
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May 24, 2016 20:34
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I love how stratas can just vote not to do a report so they don't have the condition of their building in writing so don't have to spend any money and can say everything is fine.
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May 24, 2016 20:35
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Throatwarbler posted:The word "crisis" has basically lost all meaning. I am also an idiot
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May 24, 2016 20:47
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I'd like it if the NDP would hammer away at the libs being in bed with the developers driving this poo poo but that would actually be an effective tactic that might win them votes so we can't have that.
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May 24, 2016 20:49
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yippee cahier posted:If they voted with a 3/4 majority to skip the depreciation report, that's an enormous red flag. If they ignored the fact that $250 won't pay for ongoing maintenance, that's a regular sized red flag. I'd be curious to know what percentage of stratas in BC are doing the latter. I've been told that all the developers anchor fees incredibly low for sales purposes and depreciation reports will often state dramatic fee increases (i.e. Double) are necessary in order to fully cover expected costs and have no special assessments. Considering that most people are at their limit with their monthly mortgage payment alone, actually following a depreciation report to the letter would cause an AGM revolt. The only strategy for most strata councils is probably to quietly increase fees by like 3% a year and hope that doesn't rock the boat too much. (That and sell their unit before special assessments start to appear on schedule)
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May 24, 2016 20:53
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Femtosecond posted:I'd be curious to know what percentage of stratas in BC are doing the latter. I've been told that all the developers anchor fees incredibly low for sales purposes and depreciation reports will often state dramatic fee increases (i.e. Double) are necessary in order to fully cover expected costs and have no special assessments. Considering that most people are at their limit with their monthly mortgage payment alone, actually following a depreciation report to the letter would cause an AGM revolt. The only strategy for most strata councils is probably to quietly increase fees by like 3% a year and hope that doesn't rock the boat too much. (That and sell their unit before special assessments start to appear on schedule) The developer in my building set the strata fees so low to make sales that they just straight up left off some major items from the budget, and we didn't find out until we started getting calls from lawyers. We ended up having to collect a special levy to make payments, and we'll probably need to raise strata fees by double to make ends meet next year.
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May 24, 2016 20:59
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Any of your fellow neighbours gonna be under significant financial stress from double strata fees? 
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May 24, 2016 21:02
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Cultural Imperial posted:Any of your fellow neighbours gonna be under significant financial stress from double strata fees? There are a couple younger ones that I'm somewhat worried about but for the most part they are all old italian ladies whose husbands passed and sold their million dollar SFHs for millions and bought a "cheap" condo.
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May 24, 2016 21:04
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ZShakespeare posted:There are a couple younger ones that I'm somewhat worried about but for the most part they are all old italian ladies whose husbands passed and sold their million dollar SFHs for millions and bought a "cheap" condo. Do you live on hastings in burnaby or something?
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May 24, 2016 21:08
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We've had this conversation before.
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May 24, 2016 21:10
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Ah yes, I'm tired of the hassle of using my home to live in, can finally get back to using it finance other projects.
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May 24, 2016 21:10
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Dreylad posted:By all accounts it was the fact that they got their co-op program up and running well before anyone else. Most of my UW eng friends are off in the valley making money and I'm still in town jerking off looking for a job with a grad degree in pure math and no employable skills like a dipshit. On the plus side I don't have to hang out with engineers and tech bros, though.
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May 24, 2016 21:15
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attackmole posted:Most of my UW eng friends are off in the valley making money and I'm still in town jerking off looking for a job with a grad degree in pure math and no employable skills like a dipshit. smh you took math instead of B Sc for brogramming, get it together and buy a million dollar mansion
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May 24, 2016 21:23
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yippee cahier posted:Ah yes, I'm tired of the hassle of using my home to live in, can finally get back to using it finance other projects. 1. Take out a reverse mortgage 2. Loan your money to first time home buyers for their down payment. 3. Profit!
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May 24, 2016 21:28
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attackmole posted:Most of my UW eng friends are off in the valley making money and I'm still in town jerking off looking for a job with a grad degree in pure math and no employable skills like a dipshit. why the gently caress aren't you working in finance jfc
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May 24, 2016 21:31
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Cultural Imperial posted:why the gently caress aren't you working in finance jfc My parents ask me the same question every week. Finance has the double whammy of involving boring math and being evil as poo poo so I'm trying to avoid it, but maybe another week or two of no bites on job applications and I'll cave. I just graduated last month so I'm not really in desperation mode yet.
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May 24, 2016 21:58
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Baronjutter posted:I love how stratas can just vote not to do a report so they don't have the condition of their building in writing so don't have to spend any money and can say everything is fine. I've wondered how widespread condo flipping in Vancouver impacts strata council decision making. A flipper majority on a council would be amazing. I attended a strata meeting were an attendee represented a group of flippers renovating one of the units. The meeting consisted almost entirely of his direct neighbors yelling at him about the noise produced by the work. In fairness to both of them the walls in that building were super thin so even normal conversation carried through, let alone renovation work. I think the only reason he attended was to vote against any raise in fees or special assessments. In retrospect that place was a great object lesson in the perils of condo ownership. The thin walls allowed me to hear the exact moment when the couple next door's marriage fell apart (there was even plate smashing!). Most of the owners didn't occupy their units but played amateur landlord and were completely shocked when evicted tenants defaced the interiors. It was a 4-story wooden structure that probably would have killed everyone inside in the event of a fire (there were at least sprinklers). I'm pretty sure it will collapse during the inevitable west-coast earthquake, assuming the land underneath doesn't liquefy first. The owners had paid a massive special assessment a few years before I lived there, where major water damage had occurred due to improperly installed cladding. Everyone had to move out while the old cladding was ripped off and replaced at enormous expense. Any recently built self-managed condo in Vancouver is necessarily going to be run by people buying into a massive property bubble. If you're dumb enough to think this is a good idea you're too dumb to manage an apartment building.
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May 24, 2016 22:17
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The only special assessment I paid was to install a new emergency pump, and it ended up keeping out all the water during the 2013 Calgary floods despite the fact we're very near to the river and were in the mandatory evacuation zone. That's a special assessment I have absolutely no problem paying.
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May 24, 2016 22:34
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Here is a funny article I found on my own and am posting in this thread. It is funny because younger people have grown up in a society that normalizes extreme levels of debt. http://www.theglobeandmail.com/globe-investor/personal-finance/genymoney/50000-in-debt-23-year-old-refused-to-go-bankrupt/article30124034/ This chap is now "debt free" in that his only debts are massive real estate related debts, which don't count in our society as debt.
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May 24, 2016 23:07
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PT6A posted:The only special assessment I paid was to install a new emergency pump, and it ended up keeping out all the water during the 2013 Calgary floods despite the fact we're very near to the river and were in the mandatory evacuation zone. That's a special assessment I have absolutely no problem paying. When it's for an upgrade that prevents later problems its fine, yeah, it's just a drat joke that everyone seems to treat them as the "business as usual" approach to funding everything via lurching from catastrophe to catastrophe. Would linking strata insurance rates to fund levels and having had the building properly examined (i.e. do it right or suck up some heavy increases in premiums) help at all?
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May 24, 2016 23:11
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Cultural Imperial posted:why the gently caress aren't you working in finance jfc Pure math CI, it might as well be philosophy in terms of employability. You can get through some pure math programs without learning a single thing that isn't 20 steps removed from real world applicability.
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May 24, 2016 23:24
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It's true. Basically I'm a case study in what happens if it every fork in your math education where you have the choice "do I pick something useful or do I pick what I think is the most neat?" you choose the second thing. And then you try to reenter the real world after spending years studying enumerative discrete geometry instead of learning stats or coding. I'm pretty sure that I can convince someone to hire me eventually, but it's an ongoing process and in another month or two of unemployment the serious jadedness might set in.
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May 24, 2016 23:42
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leftist heap posted:Pure math CI, it might as well be philosophy in terms of employability. You can get through some pure math programs without learning a single thing that isn't 20 steps removed from real world applicability. I have a pure math Ph.D and it's worked out very well for me. I went into tech, but I could just as easily have done finance instead.
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May 24, 2016 23:42
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Cultural Imperial posted:Any of your fellow neighbours gonna be under significant financial stress from double strata fees? nah, i rent. my neighbors are hosed though. there's a scary notice in my elevator right now about inspectors needed access to units in the near future
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May 25, 2016 01:15
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ZShakespeare posted:I'd like it if the NDP would hammer away at the libs being in bed with the developers driving this poo poo but that would actually be an effective tactic that might win them votes so we can't have that. Last time I thought about this I came to the conclusion that it actually wouldn't help the that much. Look at the last election results, the already have the tidings where this would help. The NDP are basically perma hosed by redneck and wealthy BC.
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May 25, 2016 03:23
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My wife was 6 semesters in to her 4 year honours BMath when she went to the career councillor to ask what she could actually do with her degree and was basically told that on its own it was worthless but it made a good stepping stone towards another degree or a Masters or a teaching degree. So my wife said gently caress it switched to the 3 year general program and now she's a foreman in a construction company. Fortunately their specialty is fixing foundations not new subdivisions so they might survive the housing market crash.
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May 25, 2016 04:10
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EvilJoven posted:Fortunately their specialty is fixing foundations not new subdivisions so they might survive the housing market crash. This is actually really smart since anything built in the boom is going to have so many corners cut that she will have an endless supply of work for decades to come. As long as people can afford to pay for it to be fixed instead of just vacating and letting it crumble. 
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May 25, 2016 05:02
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One of their divisions is installing outside waterproofing stuff for new foundations. The waterproofing crew says the new subdivisions are so bad they're going to be set for life picking up these houses and putting proper foundations under them once the current crop of Swiss cheese concrete basements start coming apart.
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May 25, 2016 05:22
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blah_blah posted:UBC is probably the second best school in Canada behind Toronto. It has better faculty, research output, etc than McGill. That being said they have made some truly awful choices in the past few years, from Vantage College to firing Arvind Gupta. U of T is the best graduate school and research university, sure (though that's still program-dependent). As an undergraduate institution, it's a mixed bag and for the most part the undergrads just serve to fund expensive labs and some of the highest professor salaries of any public university in the world. Waterloo's co-op programs especially are just plain better and many of them can set you up for life or until your startup crashes and burns and sets fire to the incubator. Precambrian Video Games fucked around with this message at 14:31 on May 25, 2016 |
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May 25, 2016 14:28
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leftist heap posted:Last time I thought about this I came to the conclusion that it actually wouldn't help the that much. Look at the last election results, the already have the tidings where this would help. Rednecks need help too, the NDP just needs to get its head out of its rear end and actually court their vote.
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May 25, 2016 15:34
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I'm here in Seattle where people are having a panic over housing prices. As a Canadian I get a little confused when they talk about how "out of control" housing is, but you can still get detached houses for under $500K in the city.
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May 25, 2016 16:40
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slush posted:I'm here in Seattle where people are having a panic over housing prices. As a Canadian I get a little confused when they talk about how "out of control" housing is, but you can still get detached houses for under $500K in the city. If a small, simple, and conservatively design / run down house / apartment costs more than 5 years median gross income to own: your economy is hosed.
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May 25, 2016 17:18
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slush posted:I'm here in Seattle where people are having a panic over housing prices. As a Canadian I get a little confused when they talk about how "out of control" housing is, but you can still get detached houses for under $500K in the city. Where? There ain't no inventory; I find that hard to believe. Even houses in the sticks like the Renton Highlands are going 20-30% over asking price and are on the market for < 5 days. In zip code 98032 there's like 6 whole properties for sale. Relevant: http://www.geekwire.com/2016/seattle-redfin-fastest-market/ I live near Covington where the median household income is $59k and the median house price is just shy of $400k. This is 35 miles outside of the city. I know this isn't anywhere close to Vancouver, but at least your rent is still cheaper than here. Even this far out of the city you'll be spending $1200+ on a 1 BR. This is a working class suburb and the rent is way too damned high. Guess all the foreign investor lemmings priced themselves out of SF so now they picked up the pace in ruining Seattle too.
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May 25, 2016 21:54
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Lacrosse posted:Where? There ain't no inventory; I find that hard to believe. Even houses in the sticks like the Renton Highlands are going 20-30% over asking price and are on the market for < 5 days. In zip code 98032 there's like 6 whole properties for sale. A friend of mine just scored one in West Seattle recently for under $500K.
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May 26, 2016 07:01
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Pretty quiet here lately. Must be the new normal. Or maybe we took Rich Coleman's advice and just stopped whining:quote:“I guess some people just have to get up and whine every day, I don’t know,” says Coleman. “You just have to look at it — the glass is half full, not half empty, right? We’re getting there. Over 2,000 units have been built in the city in the last five [to] seven years.” http://www.news1130.com/2016/05/25/coleman-housing-minister-whine/
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May 27, 2016 06:26
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http://vancouver.craigslist.ca/van/vol/5605667720.html
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May 27, 2016 08:44
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these worthless experiences are actually sought after by professional schools in healthcare which is really stupid. in ontario you have to complete 40 hrs of volunteering and i met someone the other day who did so at a cafe. supposedly this isn't uncommon.
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May 27, 2016 12:01
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Trouble in "paradise" https://www.facebook.com/groups/561114324038999/permalink/630493087101122/
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May 27, 2016 13:50
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Rime posted:If a small, simple, and conservatively design / run down house / apartment costs more than 5 years median gross income to own: your economy is hosed. I think what he's saying is that he realizes Canada is completely hosed, but seeing people freak out about housing in Seattle, which seems cheap by comparison, fully demonstrates just how hosed Canada is. THC posted:Clark is satisfied with the current market and worries that if taxes on foreign real estate investors are implemented, “housing prices will drop.” Jfc People have obviously taken out a bunch of HELOCs on the back of the housing bubble, just like they did in the US. But, goddamn, not wanting housing prices to fall because that will limit your ability to leverage yourself further on housing-related debt is pure 
Grand Theft Autobot fucked around with this message at 14:10 on May 27, 2016 |
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May 27, 2016 13:59
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Edit: doublepost
Grand Theft Autobot fucked around with this message at 14:10 on May 27, 2016 |
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May 27, 2016 14:04
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