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

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

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

Lexicon posted:

Not too many idiot Canadian kids at UBC who also own Ferraris though.

i went to ubc and parked in rose garden and there were plenty of canadian (read: white) kids with expensive sports cars parking there before the mainland invasion

# ? Jun 20, 2016 04:20

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# ? May 12, 2024 22:13

James Baud: May 24, 2015; by LITERALLY AN ADMIN

James Baud fucked around with this message at 11:14 on Aug 25, 2018

# ? Jun 20, 2016 05:17

namaste friends: Sep 18, 2004; by Smythe

James Baud posted:

Wait, hold up... You're complaining because the thing we made fun of you for doing in advance, saying it was a huge hassle and not worth it to just to save 50ish bucks but you did anyway because you knew better than us, was, in fact, a huge hassle?

Look on the bright side! The extra days screwed up probably saved an extra 5-10!

autism: not even once

# ? Jun 20, 2016 05:39

Throatwarbler: Nov 17, 2008; by vyelkin

I've never met a single person in China who has ever heard of UBC, even among those who have relatives living in Vancouver. Maybe 2 in 100 have ever heard of Vancouver. The only people who have expressed interest in sending their children to Canada for schooling were moderately prosperous migrant workers from the countryside who were considering it because high school in Canada is much cheaper and easier than trying to get their kids into any school in Beijing without a Beijing hukou.

# ? Jun 20, 2016 05:50

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Help, I accidentally saved for retirement. Can someone help me undo that so I can buy undeveloped land in a province teetering on the brink of economic collapse?

# ? Jun 20, 2016 06:01

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

Throatwarbler posted:

I've never met a single person in China who has ever heard of UBC, even among those who have relatives living in Vancouver. Maybe 2 in 100 have ever heard of Vancouver. The only people who have expressed interest in sending their children to Canada for schooling were moderately prosperous migrant workers from the countryside who were considering it because high school in Canada is much cheaper and easier than trying to get their kids into any school in Beijing without a Beijing hukou.

three of the top five schools in china (peking, fudan, zhejiang) have dual enrollment programs with ubc covering undergrad, masters and phd programs

# ? Jun 20, 2016 06:40

namaste friends: Sep 18, 2004; by Smythe

Lmao yeah I'm really gonna hire some rear end in a top hat with a Chinese PhD not from tsinghua

# ? Jun 20, 2016 07:09

cowofwar: Jul 30, 2002; by Athanatos

Throatwarbler posted:

I've never met a single person in China who has ever heard of UBC, even among those who have relatives living in Vancouver. Maybe 2 in 100 have ever heard of Vancouver. The only people who have expressed interest in sending their children to Canada for schooling were moderately prosperous migrant workers from the countryside who were considering it because high school in Canada is much cheaper and easier than trying to get their kids into any school in Beijing without a Beijing hukou.

The kids coming across to study are not children of rural farmers.

# ? Jun 20, 2016 13:00

HookShot: Dec 26, 2005

James Baud posted:

Wait, hold up... You're complaining because the thing we made fun of you for doing in advance, saying it was a huge hassle and not worth it to just to save 50ish bucks but you did anyway because you knew better than us, was, in fact, a huge hassle?

Look on the bright side! The extra days screwed up probably saved an extra 5-10!

Well I did get a $30 credit on my next bill, sooooo...

# ? Jun 20, 2016 13:16

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

# ? Jun 20, 2016 16:11

namaste friends: Sep 18, 2004; by Smythe

http://business.financialpost.com/news/economy/housing-crash-in-canada-could-cost-mortgage-lenders-almost-12-billion-moodys-warns

quote:

Housing crash in Canada could cost mortgage lenders almost $12 billion, Moody�s warns

If Canada were to experience a U.S.-style housing crisis, with house prices falling by up to 35 per cent, mortgage lenders including the country�s big six banks could lose nearly $12 billion, according to a new report from Moody�s Investors Service.

Mortgage insurers including CMHC would rack up further losses of as much as $6 billion, according to the ratings agency, which crunched the numbers to test how Canada�s housing market would respond to stresses such as a sharp increase in interest rates or an employment shock where people lost their jobs and were unable to make mortgage payments.

�The latter is more likely to occur, but probably only if there�s a global slowdown as well, as Canada�s economy is so highly tied to global trade,� said Jason Mercer, an assistant vice-president at Moody�s and lead analyst on the report.

The ratings agency says rising household debt relative to income in Canada, along with rapidly increasing house prices, has created similar conditions to those in the United States prior to the financial crisis of 2008. However, the report released Monday concludes that Canada seven largest mortgage lenders would be able to absorb such a downturn �without catastrophic losses.�

�We believe that while a U.S.-severity mortgage event would lead to substantial losses, it would not threaten rated bank solvency,� the report said.

The banks would generate sufficient internal capital to cover the stress losses within a few quarters, the report says, noting that Canadian Imperial Bank of Commerce would be the only �negative outlier� in the group, given that bank�s larger proportion of domestic mortgage operations relative to peers.

�While RBC (Royal Bank of Canada) would suffer the largest absolute loss, CIBC�s capital is most at risk owing to its operational focus on Canadian retail lending,� said the report, which based its stress scenarios on historic mortgage delinquencies in Canada in the 1990s and the U.S. experience in 2008.

Moody�s suggests Canada-wide house price declines would be on the order of 25 per cent, while the red-hot markets in British Columbia and Ontario would experience steeper declines of 35 per cent.

The authors point out that banks and mortgage insurers don�t just have to deal with declines in house values when calculating losses from foreclosures. Additional costs include legal fees, back taxes, real state fees, and outlays for necessary repairs.

Mercer, the lead author, says the Moody�s analysis suggests a bank would realize only $550,000 on a $1 million home in British Columbia, after taking into consideration a 35 per cent decline in the price, and additional foreclosure costs of around $100,000.

The ratings agency says the probability of a large, wide-reaching housing and banking downturn in Canada is reduced by a number of important structural differences with U.S. mortgage markets, including explicitly government-guaranteed mortgage insurance, lower rates of subprime lending and lower prevalence of �originate-to-distribute� securitization practices.

�Further, Canadian policy-makers have adjusted macro-prudential policies in light of risks revealed by the U.S. experience, which were unforeseen and exacerbated the crisis,� the report says.

Still, the authors say modelling a U.S.-style crisis for Canadian banks provides insights into �systemic vulnerabilities,� such as the potential for exacerbated house price declines due to the expected experience of a sub-group of lightly regulated mortgage lenders.

Moody�s calculates that �riskier underwriting practices� could affect about six per cent of the overall mortgage market because some lenders are not subject to enhanced mortgage underwriting guidance issued by regulators of deposit-taking banks and credit unions.

�In the event of a housing downturn, these riskier loans could exacerbate price declines,� the report says.

�The riskier loans, in theory, would default first,� explains Mercer. �And when those houses are sold in foreclosure, prices of nearby properties fall.�

The Moody�s analysis also highlights the potential for government guarantees to be challenged in times of crisis, as occurred during the U.S. housing meltdown when mortgage paperwork was frequently challenged and rejected.

Mercer says the losses calculated in Moody�s stress analysis would be more evenly split between banks and mortgage insurers including CMHC and two private insurers if the insurers did not challenge and reject claims.

�The banks would lose about $8 billion [and] the insurers would lose about $9 billion,� Mercer said, noting that the Canadian experience would likely be less dramatic than in the U.S. because the Canadian government explicitly backs CMHC and the two private insurers.

However, he added that there has been a trend toward less taxpayer support in the banking system.

�This could include mortgage insurers,� Mercer said.

While mortgages tend to be high quality in Canada compared to U.S. home loans at the time of the crisis, the Moody�s report also notes that higher debt levels make Canadian consumers vulnerable to an employment or interest rate shock that would exacerbate their debt-servicing burden. There was almost $1.6 trillion in mortgage debt outstanding at the end of March, including home equity lines of credit, more than double the amount outstanding 10 years ago.

�Highly indebted consumers are more sensitive to employment or interest rate shocks, either of which could increase mortgage delinquency rates,� the report says. �At the same time, overvaluation concerns raise uncertainty around collateral values, and litigation and/or a government risk-transfer reversal could lead to further unexpected loss at Canadian banks.�
The report also notes a �five-year balloon loan feature� of Canadian mortgages, which Moody�s says exposes borrowers to refinancing risk since debt repayments would increase when interest rates rise.

�Any resulting spike in defaults could exacerbate price corrections from foreclosure sales,� the report warns.

"Don't crash" - melissandre 2016

# ? Jun 20, 2016 20:41

HookShot: Dec 26, 2005

I feel like you guys appreciate these.

# ? Jun 20, 2016 23:26

Rime: Nov 2, 2011; by Games Forum

So, about local tech darling Zenefits:

https://www.buzzfeed.com/williamalden/129-zenefits-staff-quit-after-offer-from-ceo

Mmm, yes.

# ? Jun 21, 2016 04:55

namaste friends: Sep 18, 2004; by Smythe

what's with all these fuckin startups founded by south africans

also lmao

https://www.amazon.com/Diversity-Myth-David-Sacks/dp/0945999763

poor aggrieved billionaires

# ? Jun 21, 2016 05:18

Seat Safety Switch: May 27, 2008; MY RELIGION IS THE SMALL BLOCK V8 AND COMMANDMENTS ONE THROUGH TEN ARE NEVER LIFT.; Pillbug

There were a lot of startups formed by Germans in around 1950 too. That cash and art has to go somewhere.

# ? Jun 21, 2016 13:39

SpannerX: Apr 26, 2010; I had a beer with Stephen Harper once and now I like him.; Fun Shoe

And this is what's happening on the east coast:
Blue Mountain / Birch Cove Lakes Presentation �Public Meeting� a Complete Train Wreck

"Blue Mountain / Birch Cove Lakes Presentation �Public Meeting� a Complete Train Wreck
June 20, 2016 Ron Foley Macdonald 0 Comment Blue Mountain / Birch Cove Lakes, Halifax, Halifax City Council, Justice Heather Robertson, urban development
by Ron Foley Macdonald

The �Presentation� of Justice Heather Robertson�s report on the Blue Mountain/Birch Cove Lakes Park Proposal came to a screeching halt at a bizarre meeting held in the tiny meeting room at the Lacewood Future Inn this evening.

Hundreds of people showed up for the meeting, held in a room that had a maximum capacity for 120.

The 35-minute meeting, surely the shortest and most deranged Municipal meeting I�ve ever attended, saw Justice Robertson attempt to justify her report, while a City solicitor added some technical details, before a developer sputtered through a plan to disembowel the proposed park.

The chair repeated that questions from the public were not to be taken. The public, which spilled out into the hallway and the lobby of the hotel, had plenty of questions anyway. Once those questions started flying, the �presenters� simply gave up. They decided to cut and run, and the meeting was over, leaving a tsunami of hostility washing over the proceedings.

Holding a short meeting in an inadequate space is Bad Governance 101. There entire proceeding was an embarrassment � as one City councilor told me, it was as if Justice Roberstson had gone rogue, not understanding the process she had been brought into.

The mood of the crowd was ugly at times. When Justice Robertson said at one point that this review could be a three to five year process, for example, and that there would be a great deal more public consultation, I heard a person squeezed into the hallway near me say, �bullshit,� and another person followed up with �how much are they paying you.� At other times, it was hard to make out anything she or the other speakers said because of the boos that drowned out their remarks.

The crowd spills out into the hall. Photo credit: Shawn Cleary
The crowd spills out into the hall. Photo credit: Shawn Cleary (https://twitter.com/shawncleary)
The result was farcical, uncomfortable, and deeply troubling. Halifax Regional Municipality seems to be at war with itself in the lead-up to municipal elections.

Factions are jockeying. Rules and decorum are being thrown out the window. There is a distinct feeling that the public may finally be at a breaking point when it comes to over-development in Halifax, and the perceived all-too-cozy relationship between the developers and many city councilors.

In the case of the Blue Mountain / Birch Coves Lake Park Proposal, years of planning and public consultation seems to have been tossed away in a sudden turnaround. Whether this is a temporary aberration or a grotesque sellout isn�t yet clear, but if it looks like a duck and walks like a duck� well, you know what it is.

What is clear is that there are many, many people who are very, very angry about how things have come about. Some stomped out of the meeting in the first five minutes; others walked out during Justice Robertson�s remarks. Many left during the developer�s increasingly quavering presentation. They were shaking their heads in disbelief. I can�t blame them. This might have been the strangest meeting in Halifax Regional Municipality�s entire history.

Halifax�s rampant over-development has reached a new level of madness, and the citizenry is on the verge of revolt. In the old days, pitchforks and burning torches would have no doubt been seen.

Citizens can make comments on Justice Robertson�s report and the developer�s proposals on the Blue Mountain/Birch Cove Lakes Park plans until July 4th, 2016 at clerks@halifax.ca, or by fax or mail, although at this point, with a feeling that the entire deal is a fait accompli, one wonders if anyone in power will really listen."

# ? Jun 21, 2016 14:47

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

Care to summarize that for those of us who know gently caress all about Halifax, and for whom that article communicates precisely nothing?

# ? Jun 21, 2016 15:56

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

quote:

http://www.cbc.ca/news/canada/british-columbia/b-c-family-cashes-in-on-hot-housing-market-to-wander-the-world-1.3642714?cmp=rss

B.C. family cashes in on hot housing market to 'wander' the world

Family of four will travel while reconsidering decision to live in B.C.

A young family from Surrey, B.C. is taking advantage of the hot housing market � they've sold their house to "wander" the world for a year � even if it means abandoning the coveted dream of owning a detached home when they return.

Natalie Chen, her husband Thang Ngo and two daughters have sold their five-bedroom "dream home," the majority of their possessions, and will be jetting off for at least a year.

"With the ability to cash in, why not? We have our health, we have financial freedom at a young age," said Chen. "There's no guarantee that when we're older we'll have those things."

She said they realize when they return they may not be able to buy a similar 3700-square-foot house in South Surrey.

Their house was listed for nearly $1.3 million and sold for above the asking price.

But she's counting on travelling in cities around Europe, where homes tend to be smaller, to help ease that concern.

"Realizing that we can live comfortably in a town house or a condo ... because that can give us more financial freedom to travel and do things that make us happy."

With housing prices where they are, she said her family will consider leaving B.C. altogether rather than feel "trapped" by costs beyond their comfort zone.

"We're all too afraid of leaving what everyone seems to be saying is the perfect place to live, but how do we know that for sure?" she asked.

Journey to a house

The 36-year-old recognizes she and her husband, 39, are fortunate to have owned a home early in life.

The couple bought a starter condominium in Ladner, B.C. in 2004 which they sold for a small profit.

That led to their first home in New Westminster, which turned another profit.

The house they just sold was custom-built with a private ensuite in every bedroom and looked out onto a park in the area of Summerfield.

Like other listings in their neighbourhood, she said they received multiple offers and sold their house in less than a week.

"We've just been lucky to be in the market at the right time," remarked Chen.

Taking a leap

As an entrepreneur, Chen prides herself on being a nonconformist.

She began her career in computer animation, eventually switching into the IT industry.

Three years ago, she took her biggest leap, starting a custom cake business from home.

Ngo will also be putting his career as an industrial electrician in the oil and gas industry on hold.

Their two kids, ages three and six, will be be home-schooled during the year abroad.

Chen's only worry is about how her daughters will adapt to constantly moving, but is relying on her belief that home is ultimately their family unit.

"Maybe for them, it might awaken them to new and different things as well."

They plan on beginning their travels later this summer.

Apart from starting a cake business :confused:

they have beat the market.

# ? Jun 21, 2016 16:15

namaste friends: Sep 18, 2004; by Smythe

I don't begrudge them for making money off the market. Everyone should sell right now.

# ? Jun 21, 2016 16:20

Throatwarbler: Nov 17, 2008; by vyelkin

jm20 posted:

Apart from starting a cake business they have beat the market.

None of those weird lovely small retail businesses ever seem to amount to anything when there isn't a real estate windfall to prop them up? :confused:

# ? Jun 21, 2016 16:29

SpannerX: Apr 26, 2010; I had a beer with Stephen Harper once and now I like him.; Fun Shoe

Lexicon posted:

Care to summarize that for those of us who know gently caress all about Halifax, and for whom that article communicates precisely nothing?

Only if you start doing it for west of here.

In nut shell, there is going to be a bloodbath in the municipal elections soon, everyone feels that the councilors are in the pocket of developers, and they aren't happy. That meeting was way shorter than most meetings, the public wasn't allowed any questions, and the location they chose was too small for the amount of people that normally go to something like that locally.

Here's another from the Chronically Horrid, which is currently being run by scabs so I didn't want to post:

"There was no shortage of opinions at a public meeting on plans to create a park in the Blue Mountain-Birch Cove Lakes area Monday.

Most of them weren�t favourable.

A crowd of about 200 people crammed into a meeting room at the Future Inn to voice their opinions but were told they weren�t allowed to speak or ask questions. At that point, things got a little noisier. Most were concerned about private development in and around the proposed parklands.

�This is just a money grab,� said Charles Lienaux, who rose early in the meeting to object to the procedure. He said all parties should have an opportunity to speak to the issue. After the meeting he vowed to organize a group to oppose the plan.

Lienaux said the report by facilitator Justice Heather Robertson was based upon the �wrong premise� that the owners of the private lands have the right to develop their lands or the city must pay them for what the lands would be worth if developed. In one case, that would mean a $6-million payout for 210 acres � more than double its assessed value. He said regional council should prohibit the proposed development.

He wasn�t the only one.

�We�ve waited 10 years for some kind of word and now there�s no sharing of views?� said James Boyer, environmental chairman of the Canadian Association of Retired Persons Nova Scotia chapter.

�Everything is being done behind closed doors.�

Coun. Reg Rankin said the municipality will consider all aspects of the proposal, including the views and questions of the public, who have until noon July 4 to send them to council.

�Ultimately it�s a question of what we can afford,� said Rankin. �But it was not intended, was never intended, to be (just) a wilderness park.�

Not everyone was opposed. One man who sat in the front row said the notion of a housing development there doesn�t bother him.

�I�ve been waiting 50 years to get someone to do something,� he said. �I like it 100 per cent.�

The municipality�s regional plan, approved in 2006, outlined the creation of a public wilderness park around the Birch Cove Lakes and the Blue Mountain area. In 2009 the province designated 4,300 acres of Crown land within and just west of the proposed park boundary as protected wilderness area. Combined with the 315-acre proposed regional park, it would create an area two-thirds the size of the Halifax peninsula.

But landholders who own more than 1,300 acres within the park area wish to develop their properties and have been trying to do so since 2007. The development pressures have affected the original vision of the proposed park. After the facilitator�s report, a revised proposal has emerged that would include residential development.

Robertson cautioned the crowd that this meeting was �a mere starting point� and it would still take 3-5 years and �significant public consultation� to complete the approval process.

While previously there were plans for a park surrounding the Birch Cove Lakes, a new proposal by municipal staff would protect headwaters of both the Birch Cove Lakes and Nine Mile River Watersheds.

This would include 22 lakes and countless wetlands that contribute to downstream lakes and rivers in areas of the municipality already developed.

At a time when bio-diversity is declining owing to impact from human beings, the large-tract approach preserves a variety of ecosystems native to the area. Significant lands on the interior of the proposed park have already been protected by the province as the Blue Mountain�Birch Cove Lakes wilderness area."

And another, from the CBC:
"A public presentation was held Monday night in Halifax on the facilitator's report on proposed boundaries for Blue Mountain-Birch Coves Lakes Regional Park.

Plans for the municipality to develop the park have been in the works since 2006. The city would like to create a regional park around what is now a provincial wilderness area. But much of the land adjacent to Blue Mountain-Birch Cove Lakes is privately owned. The Annapolis group is looking to build subdivisions in the area.

That has led to an independent facilitator being brought in to come up with a solution.

The solution presented Monday night was to allow homes to be built along one side of some lakes, as a way to provide access to a park.

"The mood in the room and spilling out into the hallways ... was one of great frustration and anger that this was being put forward instead of what people were hoping and expecting, which was an agreed upon price to acquire the necessary lands to protect those lakes," said Raymond Plourde, wilderness coordinator for the Ecology Action Centre.

Written feedback, not verbal

Plourde said the report never resulted in an agreement between municipal park staff and developers, therefore it was a failure and "so the report should be no basis for determining park boundaries."

Verbal comments from the public were not recorded as the municipality asked all feedback to be submitted in writing.

"A lot of people feeling upset essentially that they didn't have an opportunity to ask any questions or give comments. It felt very tightly scripted and tightly controlled and it was not a very respectful process for public engagement," said Plourde.

Plourde said allowing homes to be built around the park would ruin its ecological integrity.

Our 'Central Park'

"The area is simply too important just to let it be paved over with McMansions and McCondos sprawling out," said Plourde, "There are studies ... going all the way back to the early 1970s identifying the Birch Cove Lakes as important linchpin area, ecologically speaking."

Plourde likened the Blue Mountain-Birch Coves Lakes Regional Park to New York City's Central Park.

"This is our Central Park. This is our great park of our city and in particular our councillors are smart enough to recognize green infrastructure is worth investing in in the same way as built infrastructure," said Plourde.

Councillor wants decision soon

Blue Mountain-Birth Cove
Annapolis Group, one of the developers, said it was willing to sell Halifax 210 acres to help create the park, but at a price tag more than double what the HRM believes it is worth. (CBC)

Ahead of the meeting, Coun. Reg Rankin said he didn't want to spend another decade negotiating a deal.

"Some critics are saying 'buy the whole thing,' well when you're into it for $35 million � and that's not taking into account roads, public access for walk, bikes and transit," said Rankin.

Rankin insists the final decision rests with regional council and that public feedback will be taken into account. The councillor would like a decision to be made before the municipal election in October."

# ? Jun 21, 2016 16:37

namaste friends: Sep 18, 2004; by Smythe

Can you summarize that for me? I don't give a gently caress about you people in the East but my schadenfreude is getting itchy

# ? Jun 21, 2016 16:54

SpannerX: Apr 26, 2010; I had a beer with Stephen Harper once and now I like him.; Fun Shoe

namaste faggots posted:

Can you summarize that for me? I don't give a gently caress about you people in the East but my schadenfreude is getting itchy

I've got a summary for you, Fook off. That east enough for ya?

# ? Jun 21, 2016 17:00

namaste friends: Sep 18, 2004; by Smythe

so it's inconsequential, much like the lives of all maritimers gotcha

# ? Jun 21, 2016 17:32

SpannerX: Apr 26, 2010; I had a beer with Stephen Harper once and now I like him.; Fun Shoe

namaste faggots posted:

so it's inconsequential, much like the lives of all maritimers gotcha

Same with ethnic hans, or anyone else, for that matter.

# ? Jun 21, 2016 17:53

Professor Shark: May 22, 2012

namaste faggots posted:

Can you summarize that for me? I don't give a gently caress about you people in the East but my schadenfreude is getting itchy

Maritimers continue to get lovely government on all levels, nothing ever changes. poo poo is going to be great in Sept when teachers go on Work to Rule.

# ? Jun 21, 2016 18:39

Mantle: May 15, 2004

jm20 posted:

Apart from starting a cake business they have beat the market.

I saw this posted on Reddit and most of the comments were about how they would regret selling.

A million dollars in my 30s? I don't think I'd be worrying.

# ? Jun 21, 2016 19:39

Baronjutter: Dec 31, 2007; "Tiny Trains"

Mantle posted:

I saw this posted on Reddit and most of the comments were about how they would regret selling.

A million dollars in my 30s? I don't think I'd be worrying.

Right but if they hadn't sold they could have had 20 million by the time they retire, and now they're priced out for ever because that same house will 100% be worth 20 million in a few decades.

# ? Jun 21, 2016 19:51

Jimbozig: Sep 30, 2003; I like sharing and ice cream and animals.

Yo I wanna buy a house in Toronto. When is this bubble gonna pop so I can afford it? A 35% drop in prices? Yes please! Sometime this year, please!

Or I could give up, sell my soul, and move to Ajax or Bolton like everyone else.

# ? Jun 21, 2016 21:15

namaste friends: Sep 18, 2004; by Smythe

Jimbozig posted:

Yo I wanna buy a house in Toronto. When is this bubble gonna pop so I can afford it? A 35% drop in prices? Yes please! Sometime this year, please!

Or I could give up, sell my soul, and move to Ajax or Bolton like everyone else.

just buy now

if you can't afford it in future the PMSELFIE is going to forgive your debt anyway so #yolo

# ? Jun 21, 2016 21:26

Furnaceface: Oct 21, 2004

e: ^^^ drat it CI beat me to it. :argh:

Jimbozig posted:

Yo I wanna buy a house in Toronto. When is this bubble gonna pop so I can afford it? A 35% drop in prices? Yes please! Sometime this year, please!

Or I could give up, sell my soul, and move to Ajax or Bolton like everyone else.

Pretty sure the Liberals are so tied to housing that they will bail out anyone caught up in the impending bubble burst anyway so you may as well go all in!

# ? Jun 21, 2016 21:27

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

If you can't afford to be part of the solution you may as well enjoy being part of the problem.

# ? Jun 21, 2016 21:36

Wasting: Apr 25, 2013; The next to go

The persistent devaluation of our currency through retarded mortgage debt and negative interest rates (with inflation) is almost enough to make me buy gold, but I keep hoping for some kind of sanity to return to the world economy, our little part of it especially. The only groups benefiting from this are governments, bankers, and homepretendowners, the latter of which being the bottom of that food chain.

Wasting fucked around with this message at 01:10 on Jun 22, 2016

# ? Jun 22, 2016 01:07

namaste friends: Sep 18, 2004; by Smythe

Well they did the exact opposite during the great depression so if you have any better ideas maybe you can let bernanke, Friedman, Krugman, etc know

# ? Jun 22, 2016 02:09

Rime: Nov 2, 2011; by Games Forum

Lol if you still don't realize that this is all a deliberately orchestrated slow-burn designed to reduce the income equality which arose post-ww2, and return the world to a system of wealth feudalism with a clear and unbreakable class divide.

Go read Piketty, you disgusting ingrates. :colbert:

# ? Jun 22, 2016 03:25

Seat Safety Switch: May 27, 2008; MY RELIGION IS THE SMALL BLOCK V8 AND COMMANDMENTS ONE THROUGH TEN ARE NEVER LIFT.; Pillbug

Rime posted:

Lol if you still don't realize that this is all a deliberately orchestrated slow-burn designed to reduce the income equality which arose post-ww2, and return the world to a system of wealth feudalism with a clear and unbreakable class divide.

Go read Piketty, you disgusting ingrates.

Nobody with the attention span to finish Piketty is arguing politics on the internet.

# ? Jun 22, 2016 04:02

Baronjutter: Dec 31, 2007; "Tiny Trains"

Rime posted:

Lol if you still don't realize that this is all a deliberately orchestrated slow-burn designed to reduce the income equality which arose post-ww2, and return the world to a system of wealth feudalism with a clear and unbreakable class divide.

Go read Piketty, you disgusting ingrates.

I read it ! I did!
This is good too http://ricardo.ecn.wfu.edu/~cottrell/socialism_book/
Get all your socialisms

# ? Jun 22, 2016 04:05

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

Wasting posted:

The persistent devaluation of our currency through retarded mortgage debt and negative interest rates (with inflation) is almost enough to make me buy gold, but I keep hoping for some kind of sanity to return to the world economy, our little part of it especially. The only groups benefiting from this are governments, bankers, and homepretendowners, the latter of which being the bottom of that food chain.

About the only dumber thing than thinking you can time the market with gold is thinking you can do it with sell foreign currency.

Inflation since the financial crisis of 2007-2008 has been as close to zero as can be expected, until the past year and a half or so.

# ? Jun 22, 2016 12:44

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

Lord please, the time has come to cleanse humanity from the Earth.

https://www.facebook.com/escrowrestolounge/

Or at least from Barrie.

# ? Jun 22, 2016 13:34

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# ? May 12, 2024 22:13

Professor Shark: May 22, 2012

I was juts listening to a thing on CBC Radio about the wealth transfer from Boomers to their kids, specifically about cottages and how they were going to cause massive family fights in the near future.

They had a guy on talking about how he and his siblings divided up their parent's cottage. 2 of the 5 didn't want to go in with their siblings, 1 because they thought it would cause infighting, the other because they thought it was a bad use of money.

The other three bought them out, you could sense the perilous financial situation from the way the guy was talking haha

# ? Jun 22, 2016 14:00

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

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