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.

Rime: Nov 2, 2011; by Games Forum

HookShot posted:

Yeah, but the thing is ICBC is so loving expensive compared to private insurance in other provinces because the BC Liberals treat it as a cash cow that I can see where people are coming from.

Like, I agree that it's a good thing that ICBC isn't insuring these cars anymore and they have to go private, but I imagine if everyone was allowed private insurance in BC premiums would go down for a looooooootttttttt of people.

Every two years I've paid more in premiums than my car is worth with ICBC.

Have you even insured a vehicle in Ontario? Enjoy paying even more than you would under ICBC, just because you are a woman, and even more if your car is red. Only risky drivers buy red cars, after all, and everyone knows women are terribly high risk drivers.

Also LOL at anyone who complains about how drivers in the lower mainland are the worst they've ever seen, and yet simultaneously thinks private insurers would charge lower premiums in that ecosystem. :laffo:

# ? Nov 26, 2016 02:11

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# ? Jun 12, 2024 17:00

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

HookShot posted:

Yeah, but the thing is ICBC is so loving expensive compared to private insurance in other provinces because the BC Liberals treat it as a cash cow that I can see where people are coming from.

Like, I agree that it's a good thing that ICBC isn't insuring these cars anymore and they have to go private, but I imagine if everyone was allowed private insurance in BC premiums would go down for a looooooootttttttt of people.

Every two years I've paid more in premiums than my car is worth with ICBC.

If I insured under ICBC my premiums would be halved overnight, for superior coverage.

# ? Nov 26, 2016 02:14

Juul-Whip: Mar 10, 2008

Rime posted:

Have you even insured a vehicle in Ontario? Enjoy paying even more than you would under ICBC, just because you are a woman, and even more if your car is red. Only risky drivers buy red cars, after all, and everyone knows women are terribly high risk drivers.

Also LOL at anyone who complains about how drivers in the lower mainland are the worst they've ever seen, and yet simultaneously thinks private insurers would charge lower premiums in that ecosystem.

Well, you see, market competition has exactly the same effect in compulsory insurance as it does in nonessential consumer goods. Furthermore,

# ? Nov 26, 2016 02:19

Rime: Nov 2, 2011; by Games Forum

Double posting because it's been a long week and IDGAF.

Here is a fancy new tower somewhere in the lower mainland. Largely bachelors and one-bedrooms, occupancy was supposed to have been three months ago but the concrete was hosed. Lets take a look inside:

The ikea cabinets rather than in-wall storage were not included in the square footage calculations pre-sale. They don't show up on the floorplans.

Which I guess sucks when your bedroom loses a shitton of space for two cabinets, and they have that awesome uncleanable gap at the top which is too small for storage but great for spiders to build houses in.

Hope you didn't want to bake cookies, or chicken, or anything really. The fuckin' 28' yacht I looked at last week had a larger oven.

To the left we have a lovely cabinet setup with a built-in mount for a TV. But wait, the wall to the right has the only door to the bedroom, and the living room is so narrow that your couch would be two feet away from the TV if you had it away from the door! Let's also put two baseboard heaters kitty-corner beside each other, but none in the kitchen or entryway, that corner can heat the entire living space despite being beside the patio doors.

At least they recognized there's less floor space than a dorm room in here and threw the owners a bone with the built-in desk unit. You can't see it in the pictures, but there's no power outlet underneath it so it's more of a last great gently caress you really.

This has been your tour through a new-build condo, starting at just $469,000.

:fuckoff:

Rime fucked around with this message at 04:44 on Nov 26, 2016

# ? Nov 26, 2016 02:26

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

Unless you're like a 60 year old that's never been in an accident and live in the middle of nowhere and drive an old man car you always always pay more for private insurance. I have never in my life ever met someone that had lower premiums in a province with private insurance including several family members that have moved from provinces with public insurance to ones with private. Some have opted to sell really nice bikes and cars because they couldn't afford the insurance, even with spotless records.

If you're curious look up the address for some apartment building in Toronto or Calgary, call up an insurance company and give them those details and get an insurance quote. Just say you're planning on moving there and want to see what it'll cost.

# ? Nov 26, 2016 02:28

Professor Shark: May 22, 2012

Those baseboard heaters are going to be constantly running

I think that's why I haven't seen a baseboard heater in forever haha

# ? Nov 26, 2016 02:30

Rime: Nov 2, 2011; by Games Forum

If someone were to look at that unit and try to tell me with a straight face that it was designed to be lived in, rather than to cram as many investment vehicles for the chinese into a single tower while cutting every conceivable corner during construction, I would assume they the product of multi-generational incest.

Also if you think patio furniture is an indication of habitation in finished condos, you're an idiot. Over half the units on inhabited towers that I've cleaned, the patio furniture is dirty as gently caress and the unit itself is completely empty and obviously uninhabited.

gently caress the lower mainland, gently caress the government of the lower mainland, gently caress the provincial government, and gently caress the apathetic goddamn citizens of this province. I can't wait till towers like the one above start literally collapsing in ten or fifteen years, and they will.

I am angry and drunk.

:fuckoff:

# ? Nov 26, 2016 02:38

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

Professor Shark posted:

Those baseboard heaters are going to be constantly running

I think that's why I haven't seen a baseboard heater in forever haha

In our old condo we had baseboard heaters, but we were on the top floor so all the tenants below us provided the heat. I think we ran them twice.

Thanks for the free heat, suckers.

Summer was a whole other story. :supaburn:

# ? Nov 26, 2016 02:42

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

No thanks private auto insurance or private hydro. It would be nice if the BCLibs didn't constantly loot both in order to have "balanced" budgets.

# ? Nov 26, 2016 02:42

Professor Shark: May 22, 2012

That apartment is something that an alien would design based on a conversation with a person about what an apartment is

# ? Nov 26, 2016 02:42

cowofwar: Jul 30, 2002; by Athanatos

Rime posted:

If someone were to look at that unit and try to tell me with a straight face that it was designed to be lived in, rather than to cram as many investment vehicles for the chinese into a single tower while cutting every conceivable corner during construction, I would assume they the product of multi-generational incest.

Also if you think patio furniture is an indication of habitation in finished condos, you're an idiot. Over half the units on inhabited towers that I've cleaned, the patio furniture is dirty as gently caress and the unit itself is completely empty and obviously uninhabited.

gently caress the lower mainland, gently caress the government of the lower mainland, gently caress the provincial government, and gently caress the apathetic goddamn citizens of this province. I can't wait till towers like the one above start literally collapsing in ten or fifteen years, and they will.

I am angry and drunk.

I like to look at the curtains. They should be random but you can tell when multiple floors have not sold because the lights/curtains are in unison.

# ? Nov 26, 2016 02:43

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

Seat Safety Switch posted:

In our old condo we had baseboard heaters, but we were on the top floor so all the tenants below us provided the heat. I think we ran them twice.

Thanks for the free heat, suckers.

Hell yeah. I don't have to fire up the baseboard heaters until it drops below zero thanks to all the ambient heat. Currently sitting at a comfy 20c inside, 7c outside.

Wood building though. Do you get the same effect in concrete ones? Not sure if they would insulate better or the concrete would soak up and retain the heat...

# ? Nov 26, 2016 02:53

Throatwarbler: Nov 17, 2008; by vyelkin

Chinese households don't typically have or use ovens so that might be a reason the oven is an afterthought.

# ? Nov 26, 2016 03:03

HookShot: Dec 26, 2005

ocrumsprug posted:

No thanks private auto insurance or private hydro. It would be nice if the BCLibs didn't constantly loot both in order to have "balanced" budgets.

Agreed. Like, I actually really like ICBC in theory, and I don't want it to go away. I just want the government to stop using it as a cash cow.

http://www.insurancebusiness.ca/ca/news/auto/ranked-yearly-auto-insurance-costs-by-province-196447.aspx

LOL ontario.

Manitoba and Saskatchewan IIRC still also have publically owned car insurance and they're the lowest in the country. It's just BC that sucks horribly at everything, as always.

# ? Nov 26, 2016 03:18

I would blow Dane Cook: Dec 26, 2008

Trigger warning: Daily Mail

quote:

The Sydney home where a mother, father, their two autistic children and their dog died in a harrowing murder suicide has hit the rental market one month after the tragedy.

Columbian-born Fernando Manrique, his wife Maria Lutz and their children Elisa, 11, and Martin, 10, were found poisoned to death by carbon monoxide gas inside the Davidson house in the Northern Beaches on October 18.

The four-bedroom home on Sir Thomas Mitchell Drive has gone up for rent for $750 a week, listing 'quality gas appliances' as one of the selling points online.

http://www.dailymail.co.uk/news/article-3970750/Sydney-house-family-four-gassed-death-goes-rent.html

# ? Nov 26, 2016 04:08

Mantle: May 15, 2004

1. Risks of driving are local and can't be compared city to city
2. When there value of cars on the road increases, your exposure increases even if your chance of liability stays the same

# ? Nov 26, 2016 04:15

Lain Iwakura: Aug 5, 2004; The body exists only to verify one's own existence.; Taco Defender

Rime posted:

Double posting because it's been a long week and IDGAF.

Here is a fancy new tower somewhere in the lower mainland. Largely bachelors and one-bedrooms, occupancy was supposed to have been three months ago but the concrete was hosed. Lets take a look inside:

The ikea cabinets rather than in-wall storage were not included in the square footage calculations pre-sale. They don't show up on the floorplans.

Which I guess sucks when your bedroom loses a shitton of space for two cabinets, and they have that awesome uncleanable gap at the top which is too small for storage but great for spiders to build houses in.

Hope you didn't want to bake cookies, or chicken, or anything really. The fuckin' 28' yacht I looked at last week had a larger oven.

To the left we have a lovely cabinet setup with a built-in mount for a TV. But wait, the wall to the right has the only door to the bedroom, and the living room is so narrow that your couch would be two feet away from the TV if you had it away from the door! Let's also put two baseboard heaters kitty-corner beside each other, but none in the kitchen or entryway, that corner can heat the entire living space despite being beside the patio doors.

At least they recognized there's less floor space than a dorm room in here and threw the owners a bone with the built-in desk unit. You can't see it in the pictures, but there's no power outlet underneath it so it's more of a last great gently caress you really.

This has been your tour through a new-build condo, starting at just $469,000.

The oven poo poo is awful and I have seen it in the condo project show home at Lougheed.

Name and shame the development and devoper please.

Lain Iwakura fucked around with this message at 04:50 on Nov 26, 2016

# ? Nov 26, 2016 04:21

Rime: Nov 2, 2011; by Games Forum

OSI bean dip posted:

The oven poo poo is awful and I have seen it in the condo project show home at Lougheed.

Name and shame the development and devoper please.

Probably the same place, it's Bosa - Uptown.

Rime fucked around with this message at 04:52 on Nov 26, 2016

# ? Nov 26, 2016 04:28

apatheticman: May 13, 2003; Wedge Regret

Rime posted:

Hope you didn't want to bake cookies, or chicken, or anything really. The fuckin' 28' yacht I looked at last week had a larger oven.

Congrats on your role in Cocoon

# ? Nov 26, 2016 05:11

Ccs: Feb 25, 2011

Man, this new bank geared towards Chinese-Canadians is really getting into the whole western banking style of screwing over their primary clients.

"The founder and a chief investor of a new Canadian bank aimed at Chinese Canadians was fined for mishandling client insurance claims and faced allegations he duped Chinese immigrants into buying expensive policies they could not afford.

Another principal investor in Wealth One Bank of Canada misrepresented his credentials on the bank�s website, claiming he was a senior ranking member of China�s legislature and an advisory body to that country�s leaders.

Wealth One was established with $50-million from four key investors. Its principal goal is to get deposits from Chinese Canadians and provide mortgages."

http://www.theglobeandmail.com/report-on-business/the-murky-beginnings-of-a-new-canadian-bank/article33034258/?cmpid=PM1116

Get ready for some Shanghai level housing bubble.

# ? Nov 26, 2016 05:28

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

The Butcher posted:

Wood building though. Do you get the same effect in concrete ones? Not sure if they would insulate better or the concrete would soak up and retain the heat...

This one was concrete framed.

# ? Nov 26, 2016 05:33

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Rime posted:

Probably the same place, it's Bosa - Uptown.

I drove past that place the other day and both me and my wife noticed that they had made some of the lower floor units be perpetually in shadow.

This is literally as much light as that unit will ever see.

For anyone not familiar with Vancouver, those units balconies will be green and black with mold and moss within 3 months and there will be less light than a north facing unit. An honest to god prison cell would be more appealing to live in.

Neither of us could believe that they didn't make that lovely spot the fitness room or something instead of trying to rip two people off for 500K.

e: google maps to the rescue

ocrumsprug fucked around with this message at 09:03 on Nov 26, 2016

# ? Nov 26, 2016 08:51

Jordan7hm: Feb 17, 2011; Lipstick Apathy

Seat Safety Switch posted:

If I insured under ICBC my premiums would be halved overnight, for superior coverage.

Holy poo poo I just checked. That's crazy.

How can your car possibly only cost 2 years worth of premiums and still be roadworthy? Do you have multiple accidents or something?

# ? Nov 26, 2016 15:08

namaste friends: Sep 18, 2004; by Smythe

I pay like $1600 a year to insure my 2011 impreza what are you whiny bitches whining about

# ? Nov 26, 2016 15:22

Powershift: Nov 23, 2009

Jordan7hm posted:

Holy poo poo I just checked. That's crazy.

How can your car possibly only cost 2 years worth of premiums and still be roadworthy? Do you have multiple accidents or something?

I paid $750 for my truck, and it costs about $700 a year for liability only, full coverage would be about $1,300. Getting a quote from BC, if i lived in vancouver it would cost $606 for full coverage with $200 deductibles.

I have a class 1 license with no tickets or accidents. The only insurance claim i've ever had was a hail write-off on my subaru.

# ? Nov 26, 2016 15:33

Guest2553: Aug 3, 2012

Jordan7hm posted:

Holy poo poo I just checked. That's crazy.

How can your car possibly only cost 2 years worth of premiums and still be roadworthy? Do you have multiple accidents or something?

Probably because that figure is an average, would be my guess. I pay about 1800/yr for a couple 7 year old Hondas that probably each have another decade of life left in 'em.

I can only imagine how bad it is for the stupid motherfucker that's a standard deviation in the other direction :allears:

# ? Nov 26, 2016 15:45

Jordan7hm: Feb 17, 2011; Lipstick Apathy

My premiums would literally cut in half vs Ontario with better coverage.

# ? Nov 26, 2016 16:09

Powershift: Nov 23, 2009

Guest2553 posted:

Probably because that figure is an average, would be my guess. I pay about 1800/yr for a couple 7 year old Hondas that probably each have another decade of life left in 'em.

I can only imagine how bad it is for the stupid motherfucker that's a standard deviation in the other direction

The stupid motherfucker in the other direction just got his 3rd DUI but still has to get to work.

# ? Nov 26, 2016 16:11

namaste friends: Sep 18, 2004; by Smythe

http://www.financialpost.com/m/wp/p...time=1480112991

quote:

Evidence of the ongoing crackdown by the tax authorities on Canada’s red hot residential real estate sector is everywhere, from recently updated statistics that show increased real estate audit activities, to new rules governing the sale and reporting of your principal residence and even some recent tax cases.

Earlier this year, the Canada Revenue Agency indicated that transactions in the Greater Toronto Area have been the subject of greater scrutiny, including audits, for some years and that, more recently, the CRA has been actively monitoring and auditing real estate transactions in British Columbia. The CRA is focused on a number of areas of compliance risk in the real estate sector, which include: questionable sources of funds, property flipping, unreported GST/HST on the sale of new or substantially renovated properties, the new housing rebate and unreported capital gains.

Sean Kilpatrick/The Canadian PressThe Canada Revenue Agency headquarters in Ottawa.

Since April 2015 to the end of September 2016, the CRA indicated that in Ontario it has completed the audit of 13,403 files resulting in a recovery of $210.4 million. In B.C., during the same period, the CRA audited 2,366 files, resulting in $30.3 million in recovered tax. The CRA also charges a penalty equal to 50 per cent of the additional tax payable if a taxpayer knowingly makes a false statement when filing a return. During this period of increased audit activity, the CRA applied 663 penalties, totaling $12.5 million, with the highest single penalty being nearly $2.5 million.

Last month, in an effort to gather data about the dispositions of principal residences, the CRA reversed its longstanding published administrative policy that said you did not have to report the sale of your principal residence on your tax return if you were eligible for the principal residence exemption. Starting this year, the CRA said that it will only allow the PRE if you report the sale and designation of principal residence on Schedule 3, Capital Gains of your return.

The CRA is also pursuing, and winning, tax cases against individuals involved in real estate transactions. Take, for example, the most recent case, decided earlier this month involving the GST/HST new housing rebate, which allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house.

One of the main conditions to be eligible for the new housing rebate is that you must buy or build the house for use as your or your relative’s primary place of residence. In addition, if the intention at the outset is to flip the property, you won’t be eligible for the rebate.

The recent case involved an Ontario couple that attempted to claim an HST new housing rebate for a house they purchased in Milton. The purchase agreement was dated in October 2011 for a price of about $425,000. The purchase of the house closed on April 10, 2013 and it was immediately listed for resale on April 21, 2013 for $517,000 as a “Brand New Never Lived in Home.” The house sold shortly thereafter for about $510,000.

The CRA denied the couple’s claim on the basis that the couple never lived in the home when they bought it nor did they ever intend to based on the location of the house relative to where they then lived and worked and relative to where they later bought a different type and size and value of house into which they did move.

The couple argued in tax court that when their “financial and employment circumstances … changed, they decided they had to sell the new house by the time it was built but that her mother-in-law had moved into the house in the interim.” A relative living in the home would have satisfied the condition for the rebate.

Both the CRA and, ultimately, the Judge had serious doubts that the mother-in-law ever moved in since both the house’s listing and the advertising refer “in unqualified terms to the fact that the house was brand new and never lived in.” As the Judge wrote, “It is hard to imagine how the presence of someone living in the house could not be apparent to prospective buyers looking at a brand new never-lived-in home. It is equally hard to imagine a realtor taking such a risk.”

The judge reviewed the home’s utility bills for the short period of ownership. The gas bill showed an almost immaterial gas consumption, and the hydroelectric and water bills showed minimal amounts of electricity used and “0.00 cubic meters of daily water use.”

As a result, the judge denied the couple’s claim for the HST new housing rebate. He also pointed out that this was consistent with the CRA’s assessment of tax on the gain on the sale of the house, as opposed to a tax-free gain as a result of claiming the principal residence exemption.

Thanks for taking a break from your busy schedule of auditing food service workers' tips gently caress heads

# ? Nov 26, 2016 16:26

Furnaceface: Oct 21, 2004

namaste faggots posted:

http://www.financialpost.com/m/wp/p...time=1480112991

Thanks for taking a break from your busy schedule of auditing food service workers' tips gently caress heads

The CRA is massively understaffed. Though Im guessing with even more staff they would still take the path of least resistance and continue to gently caress over the working poor instead of the Conrad Blacks.

# ? Nov 26, 2016 19:12

cowofwar: Jul 30, 2002; by Athanatos

Furnaceface posted:

The CRA is massively understaffed. Though Im guessing with even more staff they would still take the path of least resistance and continue to gently caress over the working poor instead of the Conrad Blacks.

Poor people don't go to court. Do I want the CRA to spend $1m recovering $100k? No. Do I want rich people getting away with tax fraud because they can hide behind a lawyer? No. so we have a problem, do we spend more money to recover less in order to target certain types of fraud? That's a political decision.

# ? Nov 26, 2016 19:15

McGavin: Sep 18, 2012

cowofwar posted:

Poor people don't go to court. Do I want the CRA to spend $1m recovering $100k? No. Do I want rich people getting away with tax fraud because they can hide behind a lawyer? No. so we have a problem, do we spend more money to recover less in order to target certain types of fraud? That's a political decision.

Sounds like the CRA needs to make punitive damages scale with the income or assets of the offender. They should also do more to remove the loopholes that people use to evade taxes legally.

# ? Nov 26, 2016 19:51

Furnaceface: Oct 21, 2004

McGavin posted:

Sounds like the CRA needs to make punitive damages scale with the income or assets of the offender. They should also do more to remove the loopholes that people use to evade taxes legally.

Yeah this. Go full Switzerland and have fines scale to income/assets/whatever. That way the poor family isnt suddenly hit with a 100k fine they can never afford yet the multimillionaire can shrug off as a minor inconvenience.

# ? Nov 26, 2016 20:25

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

I can't get over those pictures that Rime posted. Particularly the spider nook above the closets which is the most :lol:

thing ever.

# ? Nov 26, 2016 20:54

namaste friends: Sep 18, 2004; by Smythe

cowofwar posted:

Poor people don't go to court. Do I want the CRA to spend $1m recovering $100k? No. Do I want rich people getting away with tax fraud because they can hide behind a lawyer? No. so we have a problem, do we spend more money to recover less in order to target certain types of fraud? That's a political decision.

Hmm yes let's be more open minded and embrace all opinions because

# ? Nov 26, 2016 21:06

HookShot: Dec 26, 2005

Jordan7hm posted:

Holy poo poo I just checked. That's crazy.

How can your car possibly only cost 2 years worth of premiums and still be roadworthy? Do you have multiple accidents or something?

I have a 2008 Prius with 350,000kms on it. It's probably worth like 3-4k. I've never been ticketed in BC, I've never been in an accident, I've never had a claim. I'm paying around $1600 a year.

# ? Nov 26, 2016 23:40

Powershift: Nov 23, 2009

Well everybody knows prius drivers are fuckin lunatics so there's that.

# ? Nov 26, 2016 23:43

New Coke: Nov 28, 2009; WILL AMOUNT TO NOTHING IN LIFE.

Unfortunately, it costs just as much to pay the salary of someone who's been paralyzed by a civic as it does a beamer.

# ? Nov 26, 2016 23:50

Rime: Nov 2, 2011; by Games Forum

New Coke posted:

Unfortunately, it costs just as much to pay the salary of someone who's been paralyzed by a civic as it does a beamer.

It's a failure of basic education that people don't realize they are not insuring their vehicles replacement value, that ICBC could give two shits about paying you out for your car: insurance is about covering your rear end against possibly maiming / killing someone for life.

IMO $1600 a year is considerably better than "Surprise, fuckface, you're getting sued for $2m because you broke that cyclists back", but we live in a society where apparently everything should be free regardless of the hidden costs so :shrug:

# ? Nov 27, 2016 04:34

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# ? Jun 12, 2024 17:00

Jordan7hm: Feb 17, 2011; Lipstick Apathy

HookShot posted:

I have a 2008 Prius with 350,000kms on it. It's probably worth like 3-4k. I've never been ticketed in BC, I've never been in an accident, I've never had a claim. I'm paying around $1600 a year.

Whoa. Ok maybe the estimator I used was way off then. I was seeing like $500 for the minimum coverage on a 2006 Civic assuming a 35 year old male driver with no accidents.

# ? Nov 27, 2016 04:37

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

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