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.

McGavin: Sep 18, 2012

SUCK IT RENTAILURES :siren:

Metro Vancouver house prices will more than double over the next 25 years, as supply continues to be tight and more people move to the region, a senior B.C. economist predicts.

quote:

�We just have a shortage of land,� Pastrick told delegates at the annual Union of B.C. Municipalities convention Tuesday. �As long as we have ongoing growth, we will see increased demand for housing. I think it will be a national and global development as well.�

�This cycle will come to an end, but affordability will worsen,� he said. �Someone once said �they don�t make land anymore.� We will see more renters than we do today, largely because of the unaffordability.�

THEY AREN'T MAKING ANY MORE LAND YOU IDIOTS :downsbravo:

# ? Sep 28, 2016 07:19

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# ? Jun 1, 2024 14:46

I would blow Dane Cook: Dec 26, 2008

McGavin posted:

SUCK IT RENTAILURES

Metro Vancouver house prices will more than double over the next 25 years, as supply continues to be tight and more people move to the region, a senior B.C. economist predicts.

THEY AREN'T MAKING ANY MORE LAND YOU IDIOTS

This guys got what it takes to be a central banker I swear.

# ? Sep 28, 2016 07:24

Fried Watermelon: Dec 29, 2008

Yeah sucks Canada is running out of land

# ? Sep 28, 2016 14:21

Femtosecond: Aug 2, 2003

Lexicon posted:

This thing's gonna be a fiasco: https://www.biv.com/article/2016/9/...uitment-crunch/

McGavin posted:

SUCK IT RENTAILURES

THEY AREN'T MAKING ANY MORE LAND YOU IDIOTS

Don't worry you guys we can solve both these problems by building a 10 lane Massey Bridge to Delta, paving all that useless farmland and building McMansions everywhere.

# ? Sep 28, 2016 15:25

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

OSI bean dip posted:

I flew over that piece of poo poo mall earlier today and still cannot fathom why they thought that a shopping centre of its size that is in the middle of nowhere is going to be able to have the same intake that Metrotown has currently. Nobody is going to travel from Surrey or North Vancouver to go to a mall that is off of a major thoroughfare when options like Metrotown, Guildford, and Park Royal are easier to get to and have most of the poo poo that they're going to want anyway.

Its a shopping center for Chinese tourists. Barstow, CA has an outlet mall for exactly the same reason. If you hang out there during the day you'll see bus loads of Chinese tourists get dropped off on the ride between Los Angeles and Las Vegas.

# ? Sep 28, 2016 15:39

Femtosecond: Aug 2, 2003

quote:

Airbnb not driving up Vancouver housing prices, company says

Only 320 Airbnb hosts in Vancouver rent out their properties often enough to make more money than they would from long-term renters, according to new data released by the company as the city prepares to launch new regulations for short-term rental services.

That represents only 0.11 per cent of the almost 300,000 housing units in the city, says the author of the report, Airbnb�s head economist, Peter Coles. Most of the rest of Airbnb�s hosts don�t rent out their housing enough to compensate for the loss of the average $2,000 a month possible for long-term rentals, he said. Average earnings by hosts are only $6,600 a year.

�Just over 8,500 listings � about 3 per cent of the Vancouver housing stock � participating in occasional homesharing is not a material driver of housing prices,� concludes Mr. Coles�s analysis.

The U.S.-based company argued its data showed Airbnb is not having a dramatic effect on Vancouver�s housing market, where critics have complained short-term rentals are eating up supply and inflating prices in a region with vacancy rates of below 1 per cent. A report summarizing the company�s findings was set to be released Wednesday, as the City of Vancouver announces a proposed set of regulations that are expected to place limits on Airbnb and similar services.

The report concludes almost half of the 8,500 hosts who did rent out units last year did so for fewer than 30 nights.

University of B.C. business professor Tom Davidoff agreed that Airbnb is likely not a significant factor in the Vancouver region�s rising home prices.

Mr. Davidoff, with whom Airbnb consulted to understand the impacts of short-term rentals on rents, said the general public frequently looks at the fact that Airbnb is popular in expensive neighbourhoods and concludes that it is Airbnb that drives up rents there.

But, he said, those neighbourhoods were expensive anyway and the impact of Airbnb taking a certain slice of the available stock is minimal.

�If Airbnb eats up 1 per cent over a period of five years, that is probably driving prices up by 2 per cent,� said Mr. Davidoff, who was not paid for his advice to Airbnb. �The impact just doesn�t look as big as you might think.�

Airbnb�s release of the new set of data undercuts reports that have been done by researchers in Vancouver and elsewhere, who have extracted what information they can from Airbnb�s public site to conclude that most of Airbnb�s revenue comes from a core group of commercial operators.

They�ve said Airbnb presents a false picture by saying most hosts are just renting out their units sporadically, as a way of making a bit of extra money.

But Airbnb officials say those researchers have access only to imperfect data � the public listings and their assumptions about how often they are rented out.

They say the data that Airbnb analysts can glean from the inside give a much more accurate picture of how many days owners are renting their units and what income they�re making.

However, even the insider Airbnb study isn�t complete, acknowledged Mr. Coles and Mr. Davidoff.

It�s difficult to tell from the data how many units are being kept out of the long-term rental market by owners who are making less than $2,000 a month, but are choosing the convenience of short-term renters because nothing currently prevents them from doing that.

Mr. Davidoff also said it�s possible the impact on the rental-housing stock or on particular neighbourhoods could be higher than the study suggests.

Airbnb calculated that 320 units was only 0.11 per cent of the total Vancouver housing stock: every house, townhouse and condo in the city.

But those 320 units are likely primarily coming from the smaller pool of rental stock, which is about half of all Vancouver housing. And some popular neighbourhoods might have even higher proportions of Airbnb units compared with the total number of rentals available there.

Whatever Airbnb�s numbers are, city officials are getting set to announce regulations for short-term rentals Wednesday that are expected to put limits on them.

Indications from city staff are that short-term rentals will be restricted to houses and condos that are primary residences, with some kind of yearly cap on the number of nights in a year � anywhere from 90 to 180 � they can legally be rented out.

It's hard to believe this side of the story when independent research has come up with such dramatically different numbers. Anyway too late Airbnb as legislation is coming this morning at 9am. Maybe get a better PR firm next time?

# ? Sep 28, 2016 16:39

Snuffman: May 21, 2004

Femtosecond posted:

Anyway too late Airbnb as legislation is coming this morning at 9am. Maybe get a better PR firm next time?

Any word on what's in this legislation?

# ? Sep 28, 2016 17:22

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/penultsquire/status/781169915323559936?s=09

# ? Sep 28, 2016 17:52

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Snuffman posted:

Any word on what's in this legislation?

50% of what is current will be permitted to continue.
Business licenses will be required.
Auditing of licenses and listing will occur.

https://twitter.com/VanMayorsOffice

# ? Sep 28, 2016 17:58

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

OSI bean dip posted:

I flew over that piece of poo poo mall earlier today and still cannot fathom why they thought that a shopping centre of its size that is in the middle of nowhere is going to be able to have the same intake that Metrotown has currently. Nobody is going to travel from Surrey or North Vancouver to go to a mall that is off of a major thoroughfare when options like Metrotown, Guildford, and Park Royal are easier to get to and have most of the poo poo that they're going to want anyway.

I can't remember ever trying to get to the ferries and being like "wow I'm so early and not stressed, should totally kill an hour somewhere before I get in line!"

# ? Sep 28, 2016 18:21

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

ocrumsprug posted:

50% of what is current will be permitted to continue.
Business licenses will be required.
Auditing of licenses and listing will occur.

https://twitter.com/VanMayorsOffice

I like this. :getin:

# ? Sep 28, 2016 18:22

Furnaceface: Oct 21, 2004

CBC ran a story last night about Vancouver landlords demanding sexual favours from their female tenants in addition to their rent and rape crisis centers across the city are being flooded with calls.

Please tell me they were just exaggerating about this because that sounds like some kind of third world nightmare scenario. :negative:

# ? Sep 28, 2016 18:37

namaste friends: Sep 18, 2004; by Smythe

It's Vancouver the rear end in a top hat of North America what did you expect?

# ? Sep 28, 2016 18:47

Juul-Whip: Mar 10, 2008

loving Vancouver women are so stingy with their sexual capital, can you really blame those lads for getting innovative :goonsay:

# ? Sep 28, 2016 18:49

Shifty Pony: Dec 28, 2004; Up ta somethin'

ocrumsprug posted:

50% of what is current will be permitted to continue.
Business licenses will be required.
Auditing of licenses and listing will occur.

https://twitter.com/VanMayorsOffice

A better summary: http://mayorofvancouver.ca/news/city-proposes-licence-short-term-rentals

quote:

Under the proposed framework, principal resident owners and renters who wish to list part or all of their home on a short-term rental site will require a business license, and will have to post their license number in any advertisement for rental.

To obtain a short-term rental business license, principal residents would need to prove:

Control of the home they propose for short-term rental, through a copy of title or tax assessment (owners), or signed tenancy agreement (renters) that permits short-term sublets.
The property�s strata by-laws must not prohibit short-term rentals.
Regular personal business at this address, through a valid government ID with photo and address and a utility bill or piece of government correspondence dated within the last three months.
Short-term rentals would remain illegal in homes that are not principal residences (e.g. empty and investment properties) or structures such as boats or trailers that are not considered dwellings.

Short-term rental licensees may be subject to a hotel or other tax that will be re-invested to fund affordable housing initiatives in the city.

# ? Sep 28, 2016 19:01

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

quote:

Regular personal business at this address, through a valid government ID with photo and address and a utility bill or piece of government correspondence dated within the last three months.

I don't get what is meant by this. Is this municipal government speak for the unit has to have utilities?

# ? Sep 28, 2016 19:33

Snuffman: May 21, 2004

ocrumsprug posted:

I don't get what is meant by this. Is this municipal government speak for the unit has to have utilities?

Makes sense, helps stop fake listings?

# ? Sep 28, 2016 19:41

pinarello dogman: Jun 17, 2013

ocrumsprug posted:

I don't get what is meant by this. Is this municipal government speak for the unit has to have utilities?

It's to prove that the place is a principal residence.

# ? Sep 28, 2016 19:45

Femtosecond: Aug 2, 2003

Here's the globe and mail article about the new Airbnb rules. Phone posting so no fancy formatting.

Vancouver proposes strict limits on Airbnb rentals
http://www.theglobeandmail.com/news/british-columbia/vancouver-strict-limits-on-airbnb/article32104303/

It still sounds to me that a lot of the details aren't known. A very important aspect of this is enforcement, which there are no details of. If Vancouver isn't going to work with Airbnb or much more substantially enforce the bylaws then this will not work.

# ? Sep 28, 2016 20:37

HookShot: Dec 26, 2005

crbrsd posted:

It's to prove that the place is a principal residence.

Yeah, so you have to show say your driver's license or BC medical card with that address on it, plus a bill (hydro, cell phone, bank, whatever) or government letter (MSP) dated within three months to prove you do live there.

# ? Sep 28, 2016 20:41

Scaramouche: Mar 26, 2001; SPACE FACE! SPACE FACE!

Speaking of renting in Vancouver, I posted this in goonmeets but it probably belongs here too:
---
Wow looking for a place is so dispiriting. Things have improved, in that I'm not being ignored on applications completely, and have actually been arranging viewing appointments. But you get there, 10 other people are there, you fill out the same goddamn forms, your reference contacts say no one has called them, and then no one every contacts you. Over and over and over. it's to the point where I'm not even excited a little bit about a nice place, instead just gearing up for another round of disappointment. I've been doing 2 viewings/applications a day lately, all with their attendant applications and paperwork. Now I'm applying for crap I wouldn't have even touched at the beginning, and not because I'm picky but because >that is the only thing available<. So now I have to pay too much for a malodorous crap shack, and I can't get out of that.

It's obviously sucky, but I'm a healthy, full-time employed white dude who receives a greater than average wage with no debts or especial expenses or responsibilities or pets, and it's nearly to the point where I can't find a place (not counting Richmond/Surrey/Langley/White Rock/Pitt Meadows/Maple Ridge). I can't imagine being say, a senior, disabled, single parent with children, or even a visible minority (my muslim coworker has some horror stories from when he moved here). The system is completely broken.

# ? Sep 28, 2016 22:03

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

That single dad with teen-aged daughter and son is not going to have a good time in a 2br condo, I predict.

# ? Sep 28, 2016 22:06

Brannock: Feb 9, 2006; by exmarx; Fallen Rib

I mean, Canada is practically China these days, eh?

http://money.cnn.com/2016/09/28/investing/china-wang-jianlin-real-estate-bubble/index.html

quote:

Chinese billionaire Wang Jianlin made his fortune in the country's real estate market -- and now he's warning that it's spiraling out of control. It's the "biggest bubble in history," he told CNNMoney in an exclusive interview Wednesday.

Bubble is a sensitive word in China after the dramatic rise and spectacular crash in the country's stock market last year, which wiped out the savings of millions of small investors who thought Beijing wouldn't allow the market to drop.

After struggling to contain the fallout from the stock market debacle, China's leaders could face a similar headache in the real estate sector.

The big problem, according to Wang, is that prices keep rising in major Chinese metropolises like Shanghai but are falling in thousands of smaller cities where huge numbers of properties lie empty.

"I don't see a good solution to this problem," he said. "The government has come up with all sorts of measures -- limiting purchase or credit -- but none have worked." It's a serious worry in China, where the economy is slowing at the same time as high debt levels continue to increase rapidly. There are massive sums at stake in the real estate market: direct loans to the sector stood at roughly 24 trillion yuan ($3.6 trillion) at the end of June, according to Capital Economics.

"The problem is the economy hasn't bottomed out," Wang said. "If we remove leverage too fast, the economy may suffer further. So we'll have to wait until the economy is back on the track of rebounding -- that's when we gradually reduce leverage and debts." He says, though, that he's not worried about the prospect of a "hard landing" -- a sudden and catastrophic collapse in economic growth.

Wang's comments carry weight. He is the richest man in China, according to Forbes and Hurun Report data from 2015, and his real estate and entertainment empire brought in revenue of about $44 billion last year.

Wang has been warning of trouble in the Chinese property market for a while. His Dalian Wanda Group, which has developed huge malls and office complexes across China, has been gradually cutting back on its real estate business.

So are housing bubbles just growing everywhere or what? Easy credit/debt seems to be behind the Chinese bubble as well. If the China housing bubble goes, does that trigger Australia and Canada too? What happens to all the rich Chinese who haven't yet hidden their money in Vancouver?

# ? Sep 28, 2016 22:11

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

Scaramouche posted:

Speaking of renting in Vancouver, I posted this in goonmeets but it probably belongs here too:
---
Wow looking for a place is so dispiriting. Things have improved, in that I'm not being ignored on applications completely, and have actually been arranging viewing appointments. But you get there, 10 other people are there, you fill out the same goddamn forms, your reference contacts say no one has called them, and then no one every contacts you. Over and over and over. it's to the point where I'm not even excited a little bit about a nice place, instead just gearing up for another round of disappointment. I've been doing 2 viewings/applications a day lately, all with their attendant applications and paperwork. Now I'm applying for crap I wouldn't have even touched at the beginning, and not because I'm picky but because >that is the only thing available<. So now I have to pay too much for a malodorous crap shack, and I can't get out of that.

It's obviously sucky, but I'm a healthy, full-time employed white dude who receives a greater than average wage with no debts or especial expenses or responsibilities or pets, and it's nearly to the point where I can't find a place (not counting Richmond/Surrey/Langley/White Rock/Pitt Meadows/Maple Ridge). I can't imagine being say, a senior, disabled, single parent with children, or even a visible minority (my muslim coworker has some horror stories from when he moved here). The system is completely broken.

drat, sorry to hear that. Purely curious: what's the approximate monthly rent and housing type you're aiming for?

# ? Sep 28, 2016 22:23

RealityWarCriminal: Aug 10, 2016

Rock bottom interest rates and easy credit have been a thing globally since like 2009. I'm surprised they aren't more bubbles, really.

e: not exactly "since" 2009, but that's when the trend started.

RealityWarCriminal fucked around with this message at 22:39 on Sep 28, 2016

# ? Sep 28, 2016 22:34

MickeyFinn: May 8, 2007; Biggie Smalls and Junior Mafia some mark ass bitches

Brannock posted:

I mean, Canada is practically China these days, eh?

http://money.cnn.com/2016/09/28/investing/china-wang-jianlin-real-estate-bubble/index.html

So are housing bubbles just growing everywhere or what? Easy credit/debt seems to be behind the Chinese bubble as well. If the China housing bubble goes, does that trigger Australia and Canada too? What happens to all the rich Chinese who haven't yet hidden their money in Vancouver?

Its not just the easy credit that is leading to the housing bubbles, it is the spatial confinement of income gains to the larger cities. Pretty much the world over only the top 20% of income earners are actually making gains in that income and almost all of them live in big cities. Who would want to live in the smaller cities with the promise of stagnant wages and an emptying social and work scene?

# ? Sep 28, 2016 22:36

Rime: Nov 2, 2011; by Games Forum

Shifty Pony posted:

A better summary: http://mayorofvancouver.ca/news/city-proposes-licence-short-term-rentals

If they actually enforce this, and that's a huge if given how little they enforce any housing-related bylaws in this city, this will be fantastic.

# ? Sep 28, 2016 22:38

Juul-Whip: Mar 10, 2008

I got the first place I applied to. Maybe you're doing something wrong, or you have 3 inch gauged earlobes or something

Juul-Whip fucked around with this message at 22:50 on Sep 28, 2016

# ? Sep 28, 2016 22:39

Baronjutter: Dec 31, 2007; "Tiny Trains"

Some of my poor poor friends in Victoria are having to move and looking for places and it's really bad. It's bad but if you're just a normal ideal renter you'll get a place. You'll pay, but you'll get a place. Where things get hosed is if you're any class of renter a landlord might not like, or if there's classes of renters landlords prefer over you. Maybe you got a cat or a dog or a bird or a pet of some sort, maybe you've got a baby, maybe you've got a teenaged son, maybe you look weird. You have no idea why you aren't getting called back.

My tips for getting accepted on an apartment:
-Have a stable well paying traditional job
-No pets
-No kids
-Be older than 25, 30 is better.
-Look totally normal, no weird piercings or tattoos.
-Don't come off as a person who ever has visitors or any sort of social gatherings.

Bonus CBC tip
-Sexual favours for landlord????

# ? Sep 28, 2016 22:45

Scaramouche: Mar 26, 2001; SPACE FACE! SPACE FACE!

Lexicon posted:

drat, sorry to hear that. Purely curious: what's the approximate monthly rent and housing type you're aiming for?

Eh, it wasn't really a "woe is me" post, it was more about me realizing the kind of privilege I enjoy by not belonging to any of those classes, and realizing how much worse it could be.

At this point I'm looking for anything in East Van, South Van, West Burnaby, Downtown, and even considering New West now. Looking for myself in a studio, bachelor, 1br, 1br suite, loft, laneway, whatever etc. I even applied for one of those moronic "micro-suites" downtown that is basically a glorified hostel without maid service because I gots to get out by end of the month.

That's the sad part really, I can't even get excited about "oh this place could be nice" or "my friends would love it here" instead it's: I'm getting a piece of crap nothing like I want because there is nothing else.

# ? Sep 28, 2016 23:18

rhazes: Dec 17, 2006; Reduce the rectal spread!
Use glory holes instead!

An official message from the British Columbia Centre for Disease Control

Baronjutter posted:

My tips for getting accepted on an apartment:
-Have a stable well paying traditional job
-No pets
-No kids
-Be older than 25, 30 is better.
-Look totally normal, no weird piercings or tattoos.
-Don't come off as a person who ever has visitors or any sort of social gatherings.

This is me. I am that person. And my landlords love me because I am literally that person. I'm somewhat unhappy with my place currently.. so I'd actually probably get a good place if I relocate? I'm pretty scared to move because of stories, my lease is up on Dec 1st...

# ? Sep 29, 2016 01:20

leftist heap: Feb 28, 2013; Fun Shoe

Baronjutter posted:

Some of my poor poor friends in Victoria are having to move and looking for places and it's really bad. It's bad but if you're just a normal ideal renter you'll get a place. You'll pay, but you'll get a place. Where things get hosed is if you're any class of renter a landlord might not like, or if there's classes of renters landlords prefer over you. Maybe you got a cat or a dog or a bird or a pet of some sort, maybe you've got a baby, maybe you've got a teenaged son, maybe you look weird. You have no idea why you aren't getting called back.

My tips for getting accepted on an apartment:
-Have a stable well paying traditional job
-No pets
-No kids
-Be older than 25, 30 is better.
-Look totally normal, no weird piercings or tattoos.
-Don't come off as a person who ever has visitors or any sort of social gatherings.

Bonus CBC tip
-Sexual favours for landlord????

The complete and utter opaqueness of trying to rent a place is very frustrating.

We looked here in Victoria back in January to March and it was very similar to Scaramouches's experience in Vancouver, though not quite as dire. Every single place you were just one of dozens of people looking at it. Most showings were like an assembly line of people coming in, people being shown the place, people filling out application forms. It was kind of depressing. The place we ended up in is nice enough, but way to expensive for what it is.

# ? Sep 29, 2016 02:13

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.

I always got the good apartment every time I moved because I was just super polite and complimentary to whomever I was talking to at any stage in the process. Channel your inner nice white lady and get the first check in on time and any apartment can be yours, ya goons.

# ? Sep 29, 2016 02:18

namaste friends: Sep 18, 2004; by Smythe

I've never been turned down for a rental because I just give my landlord a copy of my pay stub and they're like yes pls

Also I've never given references lmao

# ? Sep 29, 2016 02:21

Shifty Pony: Dec 28, 2004; Up ta somethin'

Rime posted:

If they actually enforce this, and that's a huge if given how little they enforce any housing-related bylaws in this city, this will be fantastic.

I was thinking that they might try to weasel out of it until I read that they are requiring the business license # to be included in the listing.

Not requiring that is the easiest way to get out of enforcement because you can just not bother investigating any listings under the logic of "well we can't tell for sure that is an illegal listing just from the photos". Including a requirement for the license number lets them easily spot bogus listings (no or an invalid number) and is a good sign that they plan to enforce it.

Stratas and neighbors will probably do a bit of their own enforcement too.

# ? Sep 29, 2016 02:23

leftist heap: Feb 28, 2013; Fun Shoe

peter banana posted:

I always got the good apartment every time I moved because I was just super polite and complimentary to whomever I was talking to at any stage in the process. Channel your inner nice white lady and get the first check in on time and any apartment can be yours, ya goons.

First visit is pretty key, but otherwise this is Victoria where 99% of the population is "polite white person" so that isn't much of a differentiator.

# ? Sep 29, 2016 06:23

namaste friends: Sep 18, 2004; by Smythe

http://business.financialpost.com/personal-finance/debt/canadians-are-just-200-away-from-being-overwhelmed-by-debt-new-survey-finds

quote:

More than half of Canadians are now within $200 of being unable to handle their monthly costs, a new debt survey shows.

In yet another indication of the mounting debt many Canadians are taking on, MNP Debt, part of the personal insolvency business of Calgary-based MNP LLP, said 56 per cent of those polled — up from 48 per cent surveyed six months ago — are close to facing negative cash flow should they take on up to another $200 in monthly debt.

The online survey of of 1,502 Canadians conducted between Sept. 6 and Sept. 12 also found 31 per cent are already not paying their bills on time, making them technically insolvent, MNP says.

“I’m sure there are many households on the edge. It’s not new, but if you look at the debt-service ratios, they have been grinding up, too,” said Doug Porter, chief economist with Bank of Montreal, referring to the amount of money relative to income needed to cover principal and interest costs. “The concern is obviously if we did get a sustained increase in interest rates.”

A survey this month from TransUnion found 718,000 Canadians can’t even absorb a 25-basis point increase in interest rates without being in a negative cash flow situation. One percentage point would drive 917,000 over the edge, the credit rating agency found.

In another recent study, the Canadian Payroll Association said 48 per cent of Canadians couldn’t make ends meets if they missed just one paycheque – a dire picture of a country living paycheque-to-paycheque.

Canadians are showing no signs of slowing down their debt consumption. The latest numbers from Statistics Canada indicate household debt as a ratio of disposable income rose to 167.6 per cent in the second quarter from 165.2 per cent in the first quarter.

Porter said about 70 per cent of debt is tied up in mortgages and tied to booming housing markets. But in general there might be a sense of “the boy who cried wolf” when it comes to getting consumers to believe they could face a jump in interest rates, which stand at 2.7 per cent for a loan tied to the prime lending rate.

MNP said there is some positive news about debt costs. More Canadians now say they are concerned about their debt —52 per cent, up from 43 per cent six months ago.

“It’s actually positive to see that a growing number of Canadians are concerned. Many households have come to rely on cheap credit in order to cover expenses, but we can’t continue to be comfortable taking on more credit to finance a lifestyle we can’t afford,” said Grant Bazian, president of MNP Debt.

Scott Hannah, the chief executive of the Vancouver-based Credit Counselling Society, said every study makes him a little more anxious about the abilities of Canadians to handle an interest rate hike.

“I think consumers are safe in the short-term, but in dangerous territory in the mid-term,” he said. “A lot of people are at the point they just have so little ability to make change because of their debt levels.”

I can't loving wait to hear the whining from all you motherfuckers about how you didn't know that your economic circumstances could change and how it's not your fault that you can't pay your debts

loving Canadians get hosed

# ? Sep 29, 2016 13:51

namaste friends: Sep 18, 2004; by Smythe

# ? Sep 29, 2016 14:14

Reince Penis: Nov 15, 2007; by R. Guyovich

namaste faggots posted:

I've never been turned down for a rental because I just give my landlord a copy of my pay stub and they're like yes pls

Also I've never given references lmao

I had a landlord once tell me not to bother with references because even if your a bad tenant the odds of getting a bad review are virtually nil, because landlords WANT bad tenants to move out.

# ? Sep 29, 2016 14:17

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# ? Jun 1, 2024 14:46

Albino Squirrel: Apr 25, 2003; Miosis more like meiosis

the talent deficit posted:

it's absurdly hard to get licensed to practice medicine in canada. my girlfriend is a radiologist resident and her sister is a psych attending, both graduated from an excellent us medical school, both have grandparents with canadian citizenship and neither can get a spot in a canadian residency program so they can get certified here. the only way foreign doctors are getting licensed in canada is if they do years in some manitoba shithole as a family physician (at which point they've earned it)

The scary thing is that the international medical graduates that have made it through are a complete crapshoot in terms of quality. Some are absolutely fantastic. Some seem to have difficulty with aspects of care in Canada such as "don't rape your patients," "you need to actually complete your charts and not double bill all the time," and "seriously, don't rape your patients, what is wrong with you" The list of disciplined physicians is usually a good read, and is disproportionately populated by IMGs.

It's unethical that Canada doesn't train enough physicians to serve our population. There was a substantial reduction in med school spots in the 90s, partly at the behest of the CMA to restrict the physician supply, and that's shameful. There's more than enough work to go around, and we don't need to be stealing doctors from other countries and ruining their healthcare systems.

Baronjutter posted:

They do a pretty good job but not perfect. Munich is nimby as gently caress so the housing supply is super limited there compared to other cities, so there's a minor mania to buy now because they aren't building more munich!

Hey, they rebuilt the entire city after the war, they can clearly build a second Munich on top of there :colbert:

# ? Sep 29, 2016 15:00

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

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