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large hands posted:she's gonna rebel against daddy and wind up as an LPC apparatchik married to an old stock realtor after finishing 3/4 of a liberal arts degree
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Aug 25, 2016 04:39
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Ikantski posted:after finishing 3/4 of a liberal arts degree majoring in weed philosophy and a minor in gender studies
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Aug 25, 2016 04:40
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Her best friend will be Jenny Kwan's child.
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Aug 25, 2016 06:04
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As an actual foreigner-looking-to-move-to-Canada I'm continually astonished at how willing you guys are to sell out wholesale to us even with the most idiotic of terms. You're better than this.
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Aug 25, 2016 06:14
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Dear God why do you want to move here There are no jobs. The cost of living is atrocious. The loving people are assholes
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Aug 25, 2016 06:29
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I just love how at some point the person writing this must've thought "this really needs a Pokemon to seal the deal"
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Aug 25, 2016 06:31
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namaste faggots posted:Dear God why do you want to move here Personal reasons. I assure you it isn't for jobs or COL or the cultural personality. Frankly I'm gambling that the USA decides to annex Toronto sometime in the next couple decades. UCAS!
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Aug 25, 2016 06:41
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THE BEATWEAVER posted:Has anyone stopped to consider the offensive stupidity of selling off the bulk of our university endowment lands in order to build outrageously expensive condos for chinese millionaires to buy? I think this was the intention of the endowment lands concept? To be developed and the profits used to fund the university? I'm not saying it wasn't a terrible idea. The concept doesn't incentivize the creation of nearby low cost student housing and the result is that you have all the students living in East Van and taking the insanely full 99 B Line across the entire city every day into school.
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Aug 25, 2016 07:00
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THE BEATWEAVER posted:Has anyone stopped to consider the offensive stupidity of selling off the bulk of our university endowment lands in order to build outrageously expensive condos for chinese millionaires to buy? Except it's not stupid at all, since it is a BUBBLE. Sell off the lands while prices are high in the bubble, let the foreigners buy the bag, then after the bubble collapses the university could get the land back for cheap and even with the bonus of it already sorta developed.
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Aug 25, 2016 10:48
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Aug 25, 2016 11:02
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How can they afford these things they aren't even Chinese.
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Aug 25, 2016 11:07
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Man, all I got from my agent was a nice grill/smoker.
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Aug 25, 2016 12:33
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I got a 15 dollar gift card to the local coffee shop
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Aug 25, 2016 13:41
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My agent gave me a nice fire pit for the backyard  How happy and naive I was.
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Aug 25, 2016 14:56
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Jumpingmanjim posted:How can they afford these things they aren't even Chinese. They were lucky enough to be born in the Greatest Place On Earth
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Aug 25, 2016 16:02
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A 35% downpayment is fairly conservative. A bank would make money on a delinquent loan when it's secured against a house unless the market really poo poo tanked and the lendee walked away. Which they cannot in BC I think.
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Aug 25, 2016 16:10
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cowofwar posted:A 35% downpayment is fairly conservative. A bank would make money on a delinquent loan when it's secured against a house unless the market really poo poo tanked and the lendee walked away. Which they cannot in BC I think. I cannot walk away from a mortgage in BC. Chinese nationals can walk away from quite a few things by getting on a plane back to China.
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Aug 25, 2016 16:34
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ocrumsprug posted:I cannot walk away from a mortgage in BC. The banks could only lose in that scenario if prices dropped more than 35% though. cowofwar is right. If I was investing my money and had to choose, I would rather invest in mortgages that are 35% down with no income verification vs 5% down with income verification.
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Aug 25, 2016 16:40
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cowofwar posted:A 35% downpayment is fairly conservative. A bank would make money on a delinquent loan when it's secured against a house unless the market really poo poo tanked and the lendee walked away. Which they cannot in BC I think. This post is a great example of how insane this market has become. People like you now think it's OK to lend hundreds of thousands of dollars to loving students with no income verification required No loving bank thinks it's a good idea to foreclose a mortgage Jesus Christ man haven't you been paying attention to the Americans
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Aug 25, 2016 16:42
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Ikantski posted:The banks could only lose in that scenario if prices dropped more than 35% though. cowofwar is right. If I was investing my money and had to choose, I would rather invest in mortgages that are 35% down with no income verification vs 5% down with income verification. No loving bank is making this calculation and thinking hmmm great idea Layton, let's toast your promotion at the golf course after work
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Aug 25, 2016 16:43
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Except that one bank which literally does that? 
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Aug 25, 2016 16:46
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I didn't say CIBC had made a rational justification for that stupid mortgage. Edit: CIBC isn't saying that foreclosure is a reasonable profit center. Foreclosures are a banking albatross. I mean gently caress, it's a non performing loan namaste friends fucked around with this message at 16:58 on Aug 25, 2016 |
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Aug 25, 2016 16:49
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The 35% down payment is such a departure from everything else, it is almost believable that they are banking on that calculation. The market is so insane, I wouldn't have been surprised if that advert was for 0% downpayment, unverified income mortgages for international students.
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Aug 25, 2016 16:52
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ocrumsprug posted:The market is so insane, I wouldn't have been surprised if that advert was for 0% downpayment, unverified income mortgages for international students. That's literally how retail credit and car loans have begun to function in many countries as of this year. Credit is treated like air.
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Aug 25, 2016 16:56
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namaste faggots posted:No loving bank thinks it's a good idea to foreclose a mortgage Jesus Christ man They wouldn't have to foreclose though. Even if the market tanks 30% and the student loses their method of paying their mortgage, they can sell the place on their own and cover it. The 35% down gives them so much buffer. If students could get a mortgage with 95% down with no income verification, you wouldn't care right? 5% down without income verification would be ludicrous. Somewhere in between, you're comfortable with the risk. 35% doesn't seem that bad (to me). If house prices drop more than 35%, the international student portfolio is probably going to be the last of their worries.
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Aug 25, 2016 16:58
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James Baud fucked around with this message at 11:17 on Aug 25, 2018 |
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Aug 25, 2016 17:01
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Femtosecond posted:I think this was the intention of the endowment lands concept? To be developed and the profits used to fund the university? Fuuuuuck don't remind me the students are coming back Working at UBC is magical during the summer, it's a beautiful campus and I have it almost to myself Then the rest of the year I have to share it (and the 99B) with UBC students. loving mouthbreathers
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Aug 25, 2016 17:01
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Ikantski posted:They wouldn't have to foreclose though. Even if the market tanks 30% and the student loses their method of paying their mortgage, they can sell the place on their own and cover it. The 35% down gives them so much buffer. If students could get a mortgage with 95% down with no income verification, you wouldn't care right? 5% down without income verification would be ludicrous. Somewhere in between, you're comfortable with the risk. 35% doesn't seem that bad (to me). If house prices drop more than 35%, the international student portfolio is probably going to be the last of their worries. You're assuming that in the event of such a situation that they'll be able to sell the home in a reasonable period of time. If you have an entire market that goes sideways and everyone's home takes a 20-30% haircut, you're going to have to find buyers that may or may not exist anymore.
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Aug 25, 2016 17:12
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https://twitter.com/financialpost/status/768841050114953218?s=09 Oh up to 30%? lmao quote:
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Aug 25, 2016 17:18
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Are there any good articles theorizing how a possible housing slow/crash would affect the dollar? If home prices start trending downwards sharply would we see an immediate effect on the dollar due to "confidence"? Or would we have to wait for housing starts to slow/stop and jobs to start hemorrhaging to see the dollar go down? Or even then is our dollar still too coupled to commodity prices for it to make any difference? If the dollar tanks down to $0.65 again (all my savings are outside of Canada) and housing prices come down 10-15%, I could actually afford to comfortably buy something better than a 550ft2 poorly laid out, poorly constructed condo.
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Aug 25, 2016 17:20
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James Baud posted:Prices went up ~30% in each of 2015 and 2016 if you missed it, from values that were already way high. Sure but that's still the worst case scenario (where they default the day after they take the loan). Prices will probably rise for another year or three while the students are paying down the mortgage. OSI bean dip posted:You're assuming that in the event of such a situation that they'll be able to sell the home in a reasonable period of time. If you have an entire market that goes sideways and everyone's home takes a 20-30% haircut, you're going to have to find buyers that may or may not exist anymore. Yeah for this individual but it averages out for the bank. If the market drops 30% and hundreds of their accounts have to sell to cover the mortgage, some will sell fast, some slow, some high, some low but it will average to around 30%. Otherwise the market would have dropped more than 30%? If it drops more than 30%, they're probably out of business anyways. e: ^ lol
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Aug 25, 2016 17:20
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A foreclosure lawyer told me that the banks don't care about foreclosure and it's no big deal, so I guess at the moment they have total confidence in their ability to resell a property and still be ok. This is an awfully bullish stance. I wonder how much prices have to drop before that opinion changes. Additionally I wonder if there's a difference between detached houses and condos. The lawyer may have only been referencing the latter. My feeling is that there's always going to be more demand for detached homes and the glut in supply will be in condos. Overpriced shoebox condos could be what the banks really take a bath on.
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Aug 25, 2016 17:39
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Those cars are owned (or leased) by Scenic Rush...they're a rental company that lets you drive up and down the Sea-To-Sky corridor in a variety of Supercars. Unlikely the people in the photo also own the company.
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Aug 25, 2016 17:45
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Why would you rent a supercar somewhere other than a track? I can already do well over the speed limit in pretty much any passenger car on any highway in Canada.
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Aug 25, 2016 17:53
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Never underestimate the lengths people will go to in order to appear more wealthy than they are. I find it tacky.
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Aug 25, 2016 17:57
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PT6A posted:Why would you rent a supercar somewhere other than a track? I can already do well over the speed limit in pretty much any passenger car on any highway in Canada. The illusion of prestige and the overwhelming, anxious need to prove that your money has value by spending it on something
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Aug 25, 2016 18:08
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I guess that makes sense, but why not do it in Vegas or someplace where you can also thrash it around a track if you choose? But then again, I suppose if I were the target market for this sort of thing, I wouldn't have gotten the babby Mustang.
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Aug 25, 2016 18:13
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guys, Canadians are parochial and ostentatious retards????? how could this be????
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Aug 25, 2016 18:24
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The people who put the appearance of wealth so high up on their list of priorities generally don't take nearly as much time to actually experience things. What's the point in taking a car on the track? It costs more and you can't post self aggrandizing selfies on Instagram nearly as easily while trying to hit an apex just right as you can pulled over on the shoulder somewhere..
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Aug 25, 2016 18:25
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EvilJoven posted:The people who put the appearance of wealth so high up on their list of priorities generally don't take nearly as much time to actually experience things. What's the point in taking a car on the track? It costs more and you can't post self aggrandizing selfies on Instagram nearly as easily while trying to hit an apex just right as you can pulled over on the shoulder somewhere.. Likewise, what's the point of living in thriving multicultural metropolis when you could just live in Winnpeg?
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Aug 25, 2016 18:47
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