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They'll be starting a consultation to consider if lenders should shoulder some of the risk of CMHC insured mortgages. "Canada’s system of 100 per cent government-backed mortgage default insurance is unique compared to approaches in other countries." is a pretty diplomatic summary of current policy. http://www.fin.gc.ca/n16/data/16-117_2-eng.asp
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Oct 3, 2016 17:21
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Risky Bisquick posted:I don't think anyone expected the actual supply limited area of labrador west to survive a downturn in their only local employer. They couldn't truck in trailers fast enough to sell over there. You're underestimating the stupidity in the region.
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Oct 3, 2016 17:21
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China built a replica of the whole town of Halstatt, Austria. Cargo cult Old World European charm. The trailer doesn't go into it much, but this is the documentary I saw about it: https://www.youtube.com/watch?v=XqWKJ-Q2buE
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Oct 3, 2016 17:31
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blah_blah posted:Rent control is actually bad and heavily market distorting. It's one of the few issues that basically every economist, left- or right-wing, agrees with. lol (USER WAS PUT ON PROBATION FOR THIS POST)
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Oct 3, 2016 17:44
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namaste faggots posted:https://twitter.com/noshortre/status/782975760734781440?s=09 I want to believe.
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Oct 3, 2016 17:50
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https://twitter.com/LJKawa/status/782985328252583937?s=09
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Oct 3, 2016 17:53
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blah_blah posted:Rent control is actually bad and heavily market distorting. It's one of the few issues that basically every economist, left- or right-wing, agrees with. Economists don't give a poo poo about political realities or what is feasible: http://www.npr.org/sections/money/2012/07/19/157047211/six-policies-economists-love-and-politicians-hate Even left-wing economists will say that there should be 0% corporate tax rate and people shouldn't be able to deduct mortgage interest, but that would cause riots in the streets.
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Oct 3, 2016 17:54
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Twerk from Home posted:Economists don't give a poo poo about political realities or what is feasible: No income taxes, so what, only have sales tax?
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Oct 3, 2016 18:01
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Baronjutter posted:No income taxes, so what, only have sales tax? Some flavor of "consumption tax", perhaps aggressively taxing energy consumption.
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Oct 3, 2016 18:04
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Baronjutter posted:No income taxes, so what, only have sales tax? Yes, nothing but consumption taxes that are ~*magically*~ implemented perfectly progressively. Somehow. And what is the empirical evidence that this is a good way to run an entire country? ¯\_(ツ)_/¯ Let's dial back the reverence for economists just a little bit here. It's not exactly an elite club. Our old pal Stephen Harper counts himself among them.
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Oct 3, 2016 18:11
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Twerk from Home posted:Economists don't give a poo poo about political realities or what is feasible: They say that taxes discourage things so why discourage income? Then farther down they say to tax consumption. So we want to discourage people from buying goods or services and that will be better for the economy.
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Oct 3, 2016 18:13
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namaste faggots posted:https://twitter.com/noshortre/status/782975760734781440?s=09 I hope so. Also, I took enough courses to call myself an economist lol no one should listen to me
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Oct 3, 2016 18:14
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leftist heap posted:Wouldn't want to distort that Vancouver housing market, would we? The rental market is only loosely connected to the housing market in Vancouver and has been this way for a long time. Vancouver has housing prices on par or exceeding basically every city in North America, but rents are low in comparison. Furnaceface posted:Youre an idiot. Nationalize all rental housing. There is virtually zero purpose-built rental housing in Vancouver that has been built in the last 10 years (and probably a fair bit longer). A big part of this is that rent control makes constructing purpose-built rental housing very unattractive on the construction/development side. I'm sure it felt very good to type 'Nationalize all rental housing' and I know you'd be in favor of repossessing people's condos that are currently being rented out (I could get behind that too, just for the laughs), but the broader point is that there basically is no rental housing and this is generally considered an expected consequence of rent control. There's a separate argument that our politicians should have the foresight to make development/rental situations that are in the long-term good of their constituents and not the development/construction companies that donate to them, but in Vancouver/BC that's about as likely as full nationalization. Twerk from Home posted:Even left-wing economists will say that there should be 0% corporate tax rate and people shouldn't be able to deduct mortgage interest, but that would cause riots in the streets. They can't in Canada. And virtually every economist you could find would also be against the unlimited capital gains exemptions on primary residences, this thread's favorite example of bad policy and the fiscal policy that is most responsible for the current housing bubble. Economists say a lot of ridiculous poo poo, much of which is ideologically driven, but the issues which they have broad consensus on are mostly reasonable. In particular the net effect of rent control is just that certain renters subsidize other ones, and that subsidized renters either become rent-seekers as well (through subletting) or lack physical and economic mobility.
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Oct 3, 2016 18:38
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https://twitter.com/gbonnell/status/782991225301430272?s=09
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Oct 3, 2016 18:47
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Takes less than a year for lawyers for to find more loopholes in the Canadian swiss cheese tax code.
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Oct 3, 2016 18:57
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Going off the "equal monthly payments rule" this looks like a 30% drop in prices. 
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Oct 3, 2016 19:16
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Holy poo poo, I have a family income well over $100,000 and I would never, ever in my life consider spending $650,000 on a home jesus christ 
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Oct 3, 2016 19:16
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you'll never get on the property ladder with that attitude
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Oct 3, 2016 19:17
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That's with 40k down. Though 650 in the GTA is... a modest SFH.
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Oct 3, 2016 19:19
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HookShot posted:Holy poo poo, I have a family income well over $100,000 and I would never, ever in my life consider spending $650,000 on a home jesus christ Same. TD and VanCity have both shown me that we can afford $850,000 and I think that is crazy.
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Oct 3, 2016 19:21
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Adjust your life expectations and pay 50+% of your income to service your housing needs. What's wrong with you people.
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Oct 3, 2016 19:24
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Nothing in the bond yields suggests that interest rates are going to hit 4.64% http://www.bankofcanada.ca/rates/interest-rates/canadian-bonds/
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Oct 3, 2016 19:26
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Leave Vancouver/Toronto and you all could probably increase your standard of living,including buying a house, despite taking a pay cut. Also owning a modest detached single family dwelling with a garage is pretty swell. A lot of work in the first few weeks but overall I give the experience a solid 7.5 out of 10. I honestly feel a bit of pride when I do something to improve the place.
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Oct 3, 2016 19:26
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Standard of living in a hell of a lot more than your disposable income and square footage of house though.
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Oct 3, 2016 19:27
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blah_blah posted:The rental market is only loosely connected to the housing market in Vancouver and has been this way for a long time. Vancouver has housing prices on par or exceeding basically every city in North America, but rents are low in comparison. OK, please point out the market based solution to rent control for which there is broad consensus among economists. Then for fun narrow it down to the ones that are remotely politically tractable. Keep in mind that the majority of the economist hand-wringing over rent control generally comes from the SF/NYC area where their rent control laws are vastly different than BC's. Hell I'd be satisfied with *any* evidence that the effect of rent control on rental construction in BC is anything but a rounding error compared to cheap credit and foreign investment making other construction more lucrative.
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Oct 3, 2016 19:28
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cowofwar posted:Takes less than a year for lawyers for to find more loopholes in the Canadian swiss cheese tax code. Is taxation really the limiting factor? What changes have been made to tax law as part of the referenced macropru shifts?
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Oct 3, 2016 19:31
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PK loving SUBBAN posted:Nothing in the bond yields suggests that interest rates are going to hit 4.64% The BoC's conventional 5 year mortgage rate is 4.64% right now. It's what the new rules will be based off of: http://www.bankofcanada.ca/rates/daily-digest/ e: I mean, if your point is that it's probably not going to happen, well yeah. But that's not really what counts here.
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Oct 3, 2016 19:33
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PK loving SUBBAN posted:Nothing in the bond yields suggests that interest rates are going to hit 4.64% Some of the banks have been internally doing this for awhile now. My ex worked at BMO in the lending department, they routinely did multiple rate scenarios on each mortgage to see if the applicant could realistically renew later on.
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Oct 3, 2016 19:33
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Baronjutter posted:Standard of living in a hell of a lot more than your disposable income and square footage of house though. In every metric I can think of leaving the GTA has substantially improved my life. My commute time is shorter, my social circle has expanded, I spend more time doing things I enjoy and my health has vastly improved. Hell, I'm in better shape now than I have been in probably over a decade.
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Oct 3, 2016 19:34
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leftist heap posted:e: I mean, if your point is that it's probably not going to happen, well yeah. But that's not really what counts here. poo poo, I have a good mortgage rate and I didn't even know it.
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Oct 3, 2016 19:36
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Subjunctive posted:Is taxation really the limiting factor? What changes have been made to tax law as part of the referenced macropru shifts? I don't think many of the tax exemptions that have been created over the years to buy votes were ever examined in the context of non-residents or non-citizens. There are apparently many ways to stack residency status and tax exemptions that presumably were only used by the white North American elite in small enough numbers to stay under the radar but now there are billions of dollars of Chinese money pouring through these holes and attracting attention which explains why obvious holes are only being patched now...reluctantly.
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Oct 3, 2016 19:38
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https://twitter.com/Garossino/status/783001449005363200 lol guys it's already started. the moral hazard justice warriors are starting to angle for a bailout thanks Grimes' mom
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Oct 3, 2016 19:39
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guys i took out a loan on a bmw M5 and i can't make the payments my finances could be wrecked forever won't someone pls think of meeeeeeeeeeeeeeeeeeee
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Oct 3, 2016 19:40
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The general argument against "rent control" (which is a ridiculously vauge term covering laws from "you can only raise rents inflation + this percent a year" to "you can't raise rent at all, even to cover inflation, until this old lady dies, and she can give her unit to a relative who also gets to enjoy the same 1965 era rent" ) are mostly that it makes it unattractive to our hard working capital class to invest in. Why build a 10 million dollar apartment building which will only pay for itself over 10 years and requires active management and upkeep when you can build a 10 million dollar condo and cash out right away and then dump all the upkeep on the new owners? So because developers get a better and quicker return on their investment with condos, they never build rentals, which hurts the rental market and drives up the existing stock because the problem is supply. The solution of course is to have no tenants rights, let landlords kick people out any time they want, increase the rent any time they want, treat tenants any way they want. This would make building rentals attractive to our capitalists, which would increase supply, and high supply would lower rents, some how. Because rents in a "rent controlled" city means the rents are too low to interest developers to build more, but if rents were allowed to be ridiculously high, then developers would build so much the rents would be lower than they are now, which is apparently too low to be attractive to build anything. I don't know. The other solution of course would be to make it so building condos isn't as attractive to help entice developers into building more rentals instead. Or you know, maybe have some sort of actual agency that looks at the housing needs for a region and plays with various tax and regulatory levers to ensure the right supply and types of housing are built because the market is incapable of doing this its self? But most economists think the only way to achieve any sort of rental supply is "gently caress renters rights".
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Oct 3, 2016 19:42
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Can a family with a $100k income even afford a $500k house in Canada? I'd wager household consumer debt says no. $100k gross, $75k net. 25 year $500k @2.7% mortgage $2200 a month, $27k a year. Leaving $50k to support two adults and two children? Not going to happen of daycare is involved.
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Oct 3, 2016 19:45
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EvilJoven posted:Leave Vancouver/Toronto and you all could probably increase your standard of living,including buying a house, despite taking a pay cut. Can't you just wallow in Winnipeg without telling everyone how great Winnipeg is?
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Oct 3, 2016 19:49
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EvilJoven posted:In every metric I can think of leaving the GTA has substantially improved my life. My commute time is shorter, my social circle has expanded, I spend more time doing things I enjoy and my health has vastly improved. Hell, I'm in better shape now than I have been in probably over a decade. you've finally convinced me with this post. i just bought a one way train ticket to Wheatfuck, Manitoba. can't wait to experience true happiness
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Oct 3, 2016 19:53
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Risky Bisquick posted:Can't you just wallow in Winnipeg without telling everyone how great Winnipeg is? I know half a dozen people who keep telling me how happy they are they moved to Hamilton and how there's a thriving arts scene there and it's where all the cool kids are. 
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Oct 3, 2016 19:53
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John Horgan (who you ask?) is going to implement $10/day daycare and when that happens, families will be able to spend at least $1300/month more on a mortgage #bcndp #change #socialism #bestplaceonearth
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Oct 3, 2016 19:56
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It's really depressing that Canada doesn't have a huge number of smaller cities that have great qualities of life and actual jobs that people who don't want to live in Toronto or Vancouver or Montreal could live in. Even the US seems better in this respect. In europe most countries of course have their few big expensive cities, but there's usually dozens or more medium cities and tons of smaller cities that are still worth living in. Canada has what, Victoria and Quebec city?
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Oct 3, 2016 20:00
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