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

namaste faggots posted:

BC startup pioneering bank ownership through crowdfunding
https://www.biv.com/article/2016/12/bc-startup-pioneering-bank-ownership-through-crowd/

So an investment bank capitalized through crowd funding. How disruptive

I guess it's great if you don't care that your money will have zero return

This sounds like that pyramid scheme that just collapsed in Nigeria, tbqh.

# ? Dec 17, 2016 18:24

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# ? Jun 1, 2024 08:48

namaste friends: Sep 18, 2004; by Smythe

http://www.macleans.ca/economy/economicanalysis/b-c-s-new-subsidy-for-homebuyers-is-pure-politics-and-bad-policy/

quote:

B.C.�s new subsidy for homebuyers is pure politics and bad policy
By offering interest-free loans, B.C. is encouraging residents to take on bigger risks, with all the benefits going to existing homeowners and developers

With an election less than five months away, Christie Clarks� B.C. Liberal government is into full-on election mode and the countless government spending announcements that come with it. This past Thursday, the government rolled out its newest election season offer: the B.C. Home Owner Mortgage and Equity Partnership Program, carrying a price tag of $703 million over three years. The program�s stated goal is to �ensur[e] the dream of home ownership remains within reach of the middle class� by providing first-time home buyers in the province with 25-year, matching loans worth up to $37,500 for their down payment. No interest would be accrued or payments required over the first five years of the loan.

The response from economists and other housing experts has been nearly unanimous: in the words of Professor Tom Davidoff of UBC�s Sauder School of Business, �it�s terribly policy.� In an overheated housing market with substantial constraints on the supply side like Vancouver or Victoria, this kind of demand shock will simply lead to increased home prices, with the vast majority of benefits accruing to existing homeowners and developers.
The policy not only fails to address its stated goal, but it does so while encouraging young British Columbians to take on more debt than they would otherwise have. It�s difficult to see what economic rationale the province may have to encourage its residents to engage in more risk-taking. If it turns out that the recent appreciation in British Columbian housing values has been, at least in part, a housing bubble, this could have truly disastrous consequences.

The policy�s most overlooked economic failing is in its opportunity costs, as noted by Professor Joshua Gottlieb from the Vancouver School of Economics who has argued that �a grant to new home buyers will ultimately require raising tax rates on working families in B.C.�rates that are already very high.� For a program that does little more than transfer wealth to existing homeowners and developers, it wouldn�t be difficult to find dozens of alternative programs or tax reductions that would provide greater social value.

So why would a government that has been in power for so long implement such a horrendous piece of policy? Politics, plain and simple. And while some commentators think that the policy was �well intentioned,� it has the trappings of a carefully designed electoral offer with little regard for non-political outcomes.

Over the first three years of the B.C. Liberals� current mandate, housing affordability was their single greatest vulnerability. Clark�s former Vancouver-Point Grey rival, NDP MLA David Eby, successfully channeled the public�s frustrations over rapidly increasing home prices and collapsing vacancy rates. In an effort to control the damage on the file, the government introduced a 15 per cent tax on foreign homebuyers in Vancouver, which while similarly panned by economists has proven to be quite popular.

Early reports suggest that the foreign buyer�s tax may actually be having an impact in the Vancouver real estate market. However, for a government seeking reelection in five months, the last thing the Clark wants to see is a slowdown in economic activity. Since the political value in the foreign buyers tax is less about actual price decreases than it is about the perception that the government is doing something, the government clearly felt that it had the political space to move forward with a countervailing measure.

That�s one side of the political motivation behind the new subsidized loan program, but even in the absence of the foreign buyer�s tax the government may have opted to offer up this subsidized loan scheme. Why? The benefits of the subsidized loan program accrue entirely to British Columbians who are very likely to vote and donate to political campaigns: existing homeowners, developers, and potential new homeowners. Further, on average these voters are more likely to be within the voting universe of the B.C. Liberal Party.

It�s for these reasons that the government has chosen this path over the otherwise superior B.C. Housing Affordability Fund proposal that would tax vacant properties or a broader investment in affordable housing. Both of these options would actually address the policy problem in that they shift the supply of housing rather than the demand for it, but fail in that many of their benefits go to renters who are less likely to vote.

It shouldn�t be a surprise to anyone that a government has chosen to try and maximize its odds of reelection through a policy choice, but what is particularly egregious about this case is the complete disregard for the quality of the public policy. We need to demand better from our elected officials and, in the case of British Columbia�s housing crisis, that means pushing them to take concrete steps to increase private sector housing supply or affordable housing.

Rob Gillezeau is an Assistant Professor in the Department of Economics at the University of Victoria with expertise in economic history, labour economics, and public policy. He previously served as the Chief Economist in the Office of the Leader of the Official Opposition for the NDP.

but the ndp will still find a way to lose

# ? Dec 18, 2016 04:34

leftist heap: Feb 28, 2013; Fun Shoe

the ndp will absolutely lose. it's not even a question.

# ? Dec 18, 2016 04:49

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/marissenmark/status/809577987221979136

this motherfucker

# ? Dec 18, 2016 04:53

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

leftist heap posted:

the ndp will absolutely lose. it's not even a question.

The failing NDP can't even win an election after their disastrous ferries. Sad!

# ? Dec 18, 2016 06:31

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

leftist heap posted:

the ndp will absolutely lose. it's not even a question.

My beer money gambling strategy for this election is to not bet Liberal when it opens but wait until its about three weeks or so from the day of when the NDP finally go full force with whatever their woefully underfunded and anemic ad campaign is.

This should bump their poll numbers slightly, I'll bet Liberal at this point for better paying odds. After they blow their load, Liberals will quickly and expensively counter, and NDP odds will slowly drop towards election day. Liberals are reelected with record low turnout.

That's a freebie for ya CanDebt thread.

# ? Dec 19, 2016 01:21

HookShot: Dec 26, 2005

I'm going to put money on voter turnout being <30% this time.

# ? Dec 19, 2016 04:07

namaste friends: Sep 18, 2004; by Smythe

In 2013 it was 50% wasn't it?

# ? Dec 19, 2016 04:49

HookShot: Dec 26, 2005

namaste faggots posted:

In 2013 it was 50% wasn't it?

IIRC it was in the low 40s

edit: nope you're right, 52%

# ? Dec 19, 2016 04:49

namaste friends: Sep 18, 2004; by Smythe

You're getting mixed up with Vancouver council elections lmao

# ? Dec 19, 2016 04:52

HookShot: Dec 26, 2005

# ? Dec 19, 2016 05:42

Newfie: Oct 8, 2013; 10 years of oil boom and 20 billion dollars cash, all I got was a case of beer, a pack of smokes, and 14% unemployment.
Thanks, Danny.

namaste faggots posted:

BC startup pioneering bank ownership through crowdfunding
https://www.biv.com/article/2016/12/bc-startup-pioneering-bank-ownership-through-crowd/

So an investment bank capitalized through crowd funding. How disruptive

I guess it's great if you don't care that your money will have zero return

FrontFundr sounds like the biggest scam site ever designed to launder drug money. Who thought that was a good idea? Oh right. Vancouver startups.

# ? Dec 19, 2016 08:30

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

Newfie posted:

FrontFundr sounds like the biggest scam site ever designed to launder drug money. Who thought that was a good idea? Oh right. Vancouver startups.

# ? Dec 19, 2016 08:37

Lobok: Jul 13, 2006; Say Watt?

Newfie posted:

FrontFundr sounds like the biggest scam site ever designed to launder drug money. Who thought that was a good idea? Oh right. Vancouver startups.

"So tell me about this idea for a company you've got. What's its name? What does it do?"
"Well it's called 'FrontFundr' and-"
"Pass."

# ? Dec 19, 2016 15:48

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

FrontFundr pitched me, after the AngelList announcement. I politely declined.

# ? Dec 19, 2016 15:49

unknown: Nov 16, 2002; Ain't got no stinking title yet!

The uprising has started!

http://news.nationalpost.com/news/c...ang-that-was-it posted:

Millionaire real estate developer Riaz Mamdani was shot outside of his Mount Royal home in Calgary early Monday morning.

Police were called just after 8 a.m. to the scene in front of 2211 7th St. S.W. where they found a man suffering from gunshot wounds. Mamdani, chief executive and founder of the real estate investor Strategic Group, was identified as the victim by a company spokeswoman, who said he is in stable condition.

Police said in a release Monday afternoon that the shooting was likely targeted, though an exact motive is not known.

Investigators are searching for a suspect in connection with the shooting described only as �a male wearing a bright orange jacket.�

A Rolls-Royce with front-end damage and bullet holes through the windshield was cordoned off by police in front of the Mamdani home, among the most valuable homes in Calgary. Spanning more than 9,000 square feet, it was built in 1912 by survivors of the Titanic disaster.

Pat Moore lives across the street from the Mamdani residence and heard the shots around 8:00 a.m. this morning.

�I heard bang bang bang, that was it,� Moore said. �And it sounded like gun shots to me, although I�m not familiar with gun shots . . . I asked my husband if he was ok, it sounded just below our house.�

Three bullet holes were visible in the windshield of a black Rolls-Royce at a shooting scene in Mount Royal.
Looking out her upstairs window, Moore could see several police vehicles and the bullet riddled vehicle. Moore said she had not seen the black Rolls-Royce in the neighbourhood before the shooting incident this morning, but added that Mamdani �comes and goes� from the property quite frequently.

Not long after the shooting and several blocks away, fire crews responded to reports of multiple explosions in the 3800 block of 7th St. S.W.

# ? Dec 19, 2016 22:56

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

quote:

it was built in 1912 by survivors of the Titanic disaster

Like they all headed out to Calgary for a house-raising?

# ? Dec 19, 2016 23:16

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

unknown posted:

The uprising has started!

I heard that the victim was named in an 8-figure lawsuit, too. Seems like he might have been up to no good.

# ? Dec 19, 2016 23:27

ductonius: Apr 9, 2007; I heard there's a cream for that...

quote:

Millionaire real estate developer...

Police said in a release Monday afternoon that the shooting was likely targeted, though an exact motive is not known.

So, they're pretty sure it's someone on the list of people he ripped off, all of which have good reason to kill him, they're just not sure exactly which one did it.

# ? Dec 20, 2016 00:13

Lobok: Jul 13, 2006; Say Watt?

ductonius posted:

So, they're pretty sure it's someone on the list of people he ripped off, all of which have good reason to kill him, they're just not sure exactly which one did it.

It was a baby who shot him after his gun fell out of his jacket and into her hands.

# ? Dec 20, 2016 15:53

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

ductonius posted:

So, they're pretty sure it's someone on the list of people he ripped off, all of which have good reason to kill him, they're just not sure exactly which one did it.

But don't worry, local politicians have already spoken glowingly of his character in public.

# ? Dec 20, 2016 16:01

McGavin: Sep 18, 2012

Seat Safety Switch posted:

But don't worry, local politicians have already spoken glowingly of his character in public.

Well he was rich, so obviously he was a good person.

# ? Dec 20, 2016 17:08

I would blow Dane Cook: Dec 26, 2008

ductonius posted:

So, they're pretty sure it's someone on the list of people he ripped off, all of which have good reason to kill him, they're just not sure exactly which one did it.

"Did he have any enemies?" "Well where do I start?"

# ? Dec 21, 2016 01:18

Gorau: Apr 28, 2008

The whole thing reads like a cheesy plot line to a police procedural. Right down to the upscale neighbourhood and the shot up Rolls Royce Phantom.

Edit: and not just an eight figure class action. He had a 50 million class action against him and a 200 million class action against him. The later of which just received certification.

Gorau fucked around with this message at 01:26 on Dec 21, 2016

# ? Dec 21, 2016 01:24

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Gorau posted:

The whole thing reads like a cheesy plot line to a police procedural. Right down to the upscale neighbourhood and the shot up Rolls Royce Phantom.

Nah, then there would've been a bomb wired to the ignition. Do you even watch TV bro? :v:

quote:

Edit: and not just an eight figure class action. He had a 50 million class action against him and a 200 million class action against him. The later of which just received certification.

Oh, I hadn't heard about that one. Yeah, it seems like he may have made some people upset...

# ? Dec 21, 2016 01:35

Guest2553: Aug 3, 2012

Brokering Bad: Complaints about B.C. mortgage brokers up 85 per cent

quote:

Lying to borrowers, lying to banks, falsifying official documents, and exploiting conflicts of interest: Enforcement actions taken in the past year by the province�s financial services regulator provide a look at a handful of B.C. mortgage brokers behaving badly.

While only a few cases result in formal disciplinary actions, new figures show the number of complaints about B.C. mortgage brokers has increased dramatically over the past two years.

The number of complaints this year is running about 85 per cent higher than the total from two years ago, according to information from B.C.�s Financial Institutions Commission, or Ficom, the body regulating the province�s 3,400 registered mortgage brokers, who arrange mortgages and facilitate interactions between borrowers and lenders.

The regulator received 109 complaints about mortgage brokers in 2013, and the same number in 2014. For 2015, they received 136 complaints, a year-over-year increase of about 25 per cent.

This year, Ficom surpassed that total months ago. By Nov. 30, Ficom had received 185 complaints about mortgage brokers, meaning if the pace remains consistent for this month, the regulator could receive more than 200 complaints for the calendar year.

The surge in complaints could be connected to the higher level of activity in the local real estate market in recent years, said Samantha Gale, CEO of the Mortgage Brokers Association of B.C.

�As we all know in this province, particularly in the Lower Mainland, the real estate prices have gone sky-high, and what you have are a lot of borrowers under stress, because of difficult decisions that are made in difficult, high-stress circumstances,� Gale said. �People are often making complaints when they�re in trouble. Often you�ll find that the mortgage was funded two years ago, but now they�re having trouble paying, and that�s when they�ll make a complaint.�

Chris Carter, registrar of mortgage brokers at Ficom, said in an email: �The increase in mortgage broker complaints can be attributed to a number of factors. We have strengthened our proactive engagement in the marketplace, which has generated an increase in investigations and conduct reviews. There is also heightened public awareness of potential misconduct in the real estate market, and we have been actively encouraging the reporting of misconduct by brokers, lenders, and the public.�

At the end of last month, Ficom had 29 investigations open into mortgage broker conduct, with most relating to allegations of unregistered activity or application fraud.

About 65 per cent of cases so far this year resulted in what Ficom calls �non-enforcement outcomes.� But of the 51 enforcement outcomes by Nov. 30, 40 cases led to conditions being placed on the broker�s licence, six led to warnings, and five resulted in formal enforcement actions. Over the last four years, Ficom has had an average of four formal enforcement actions each year.

Those formal enforcement actions are the only cases made public by Ficom, and they provide a look at the kinds of broker misconduct investigators have uncovered in a hot real estate market.

This year�s enforcement actions include Jorawar Singh Gosal, who admitted to falsifying Canada Revenue Agency documents for �several� clients, in some cases without the borrower�s knowledge, and Indeep Singh Aulak, who took the real estate licensing exam in someone else�s place, the registrar found. Gosal, who is not currently registered, agreed to a consent order earlier this year stating he would be ineligible to apply for registration for the next 10 years, and Aulak was suspended �until further order of the Registrar.�

�Low income, bad credit? WE DO IT ALL!� read the ad printed last year in a Metro Vancouver real estate publication. �When everyone says �NO,� call Rani Gill and get your mortgage done.�

However, there was a problem with the ad, according to the registrar of mortgage brokers: Gill was not a registered broker.

An undercover investigator, pretending to be a real estate investor, met Gill and recorded the meeting, during which she encouraged him to lie to get �a better deal from the bank,� according to a February cease-and-desist order.

�Gill not only demonstrated a willingness to be deceitful, dishonest, and misleading with lenders, she encouraged a potential client to do so as well,� Carter wrote in the order.

In another recent case, broker Robert John Emil Hensel testified he was �offering advice as a friend.�

But Hensel had placed himself in a situation �entirely rife with conflicts of interest,� wrote then-registrar Carolyn Rogers in a February suspension order, when he sent falsified documents to the �friend,� a desperate homeowner for whom Hensel had arranged three mortgages. Hensel had also launched three foreclosure actions on the friend�s family home, for which Hensel, also a licensed realtor, acted as the listing agent.

�Hensel demonstrated little remorse and did nothing to convince me that he would change his behaviour in the future to either avoid putting himself in such a position of extreme conflict of interest or that he would behave differently if he found himself in a similar position,� Rogers wrote after the hearing, adding Hensel�s conduct �shows a high level of contempt for the regulatory framework in place to protect the public.�

Hensel�s mortgage broker licence was suspended for 24 months, but he remains a licensed real estate representative for Vancouver brokerage Maude, MacKay & Company, according to Real Estate Council of B.C. records. His real estate license is subject to 14 conditions and restrictions, including that he remain under a managing broker�s �direct supervision.�

This year, the mortgage industry has experienced significant regulatory changes. Last month, Ficom released new mortgage broker conflict of interest guidelines, outlining rules coming next year requiring brokers to disclose to borrowers the specific dollar value of their commissions, and in October, the federal government tightened mortgage lending requirements.

Gale described some of the new restrictions as �quite draconian,� saying they could affect mortgage brokers� ability to compete with alternative mortgage specialists, who are employed by banks and work to connect borrowers with outside lenders. While those alternative mortgage specialists are not subject to the same regulations as licensed brokers, Gale said, �They�re engaging in mortgage brokering, and they ought to be governed by provincial mortgage brokering licensing legislation.�

Looks like realtors everywhere are just lining up to get that one way ticket to Belize.

# ? Dec 21, 2016 02:16

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

You've seen the "million dollar line" Vancouver maps before... well now you have to go outside Vancouver proper all the way too Goon Street in New Westminster for sub-million houses.

No one wants to live downwind of goons.

quote:

For 2016, which is based on assessments at July 2015, Richmond, Burnaby, Vancouver, North Vancouver and West Vancouver all had over 60 per cent of homes worth 1 million or more � with West Vancouver at the highest with 97 per cent.

http://www.theprovince.com/Business/12561322/story.html

# ? Dec 21, 2016 08:59

Femtosecond: Aug 2, 2003

That's a really interesting article. Yan suggests that if you factor in the increased transportation costs associated with living in the valley, then pretty much everything is over $1 million.

quote:

Yan, who is director at Simon Fraser University�s City Program, also looked at the impact of transportation costs on housing affordability.

In the City of Vancouver the average cost of transportation over 25 years � assuming two per cent inflation per year and that nothing changes to improve the current situation � works out to be $298,459, according to Yan.

By comparison, if you live in the Township of Langley, the 25-year cost of transportation would be $563,755.

Across the Metro Vancouver region, if you add in amortized 25 year average annual transportation cost estimates, the percentage of homes with a cost of over $1 million rises significantly from 43 per cent to 92 per cent.

In areas such as Vancouver, the North Shore, Burnaby and Richmond, adding in such transportation costs increases the percentage of home values, but it�s in Coquitlam, New Westminster, Surrey, Delta, Port Coquitlam and the township and city of Langley where the contrast is most pronounced. In Coquitlam, the percentage of home valued over $1 million goes from 22.4 per cent to 97 per cent if you account for estimated amortized transportation costs. In the township of Langley, the percentage rises from 4.8 per cent to 90 per cent.

This is consistent with that Metro Vancouver study a while back that stated that if one factored in transportation costs in addition to housing, the most expensive region shifted from being the City of Vancouver to being the North Shore and Langley. In this scenario the areas best served by transit, Vancouver, Richmond, Burnaby and New Westminster became the cheapest.

Not even factoring transportation there are quite a few areas of the valley that already have prices for unexceptional houses exceeding $1 million, such as Fort Langley and White Rock.

# ? Dec 21, 2016 09:17

Powershift: Nov 23, 2009

So on top of not wanting to be priced out, you can't afford not to buy a million dollar house.

# ? Dec 21, 2016 09:31

Professor Shark: May 22, 2012

What a terrible place

# ? Dec 21, 2016 12:34

Ccs: Feb 25, 2011

Are apartment rents in Vancouver similarly insane or is it just houses for loose credit/foreign buyer reasons?

# ? Dec 21, 2016 22:40

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

James Baud fucked around with this message at 11:16 on Aug 25, 2018

# ? Dec 21, 2016 22:49

Baronjutter: Dec 31, 2007; "Tiny Trains"

Ccs posted:

Are apartment rents in Vancouver similarly insane or is it just houses for loose credit/foreign buyer reasons?

It's pretty awful, same in Victoria. It seemed fairly decoupled from the bubble for a long time but in the last 2 years it's exploded and landlords are finding every trick in the book to jack rents up, legally or not. What was a $1200 unit 2 years ago could easily be a $1600 now. In Victoria my rent went up $150 a month just this year, and that's the norm around town. Incomes of course are not going up, but property values are, and apartment owners say they are being "forced" to raise rents due to PROPERTY TAXES being out of control. Vacancy is sub 1% as well. Unlike single family homes, there's an actual supply/demand issue with rentals right now. With land value so inflated it's impossible to build anything other than $1600 a month micro bachelors (which are hailed as affordable and so progressive because like who needs "stuff" in the sharing economy mannn)

# ? Dec 21, 2016 23:00

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

Ccs posted:

Are apartment rents in Vancouver similarly insane or is it just houses for loose credit/foreign buyer reasons?

Rental vacancy in the three municipalities near me on the north shore are 0.1, 0.2 and 0.3%, and people are paying double what I pay for mortgage and maintenance for the same space (bought in 2005).

http://www.nsnews.com/news/north-shore-rental-vacancy-rates-among-worst-in-region-1.4682828

I'm essentially stuck in my no kids/no pets 40 year old one bedroom place forever, or until the crash at least, and I'm one of the lucky ones.

UnfortunateSexFart fucked around with this message at 23:15 on Dec 21, 2016

# ? Dec 21, 2016 23:12

mojo1701a: Oct 9, 2008; Oh, yeah. Loud and clear. Emphasis on LOUD!
~ David Lee Roth

Baronjutter posted:

It's pretty awful, same in Victoria. It seemed fairly decoupled from the bubble for a long time but in the last 2 years it's exploded and landlords are finding every trick in the book to jack rents up, legally or not. What was a $1200 unit 2 years ago could easily be a $1600 now. In Victoria my rent went up $150 a month just this year, and that's the norm around town. Incomes of course are not going up, but property values are, and apartment owners say they are being "forced" to raise rents due to PROPERTY TAXES being out of control. Vacancy is sub 1% as well. Unlike single family homes, there's an actual supply/demand issue with rentals right now. With land value so inflated it's impossible to build anything other than $1600 a month micro bachelors (which are hailed as affordable and so progressive because like who needs "stuff" in the sharing economy mannn)

I could be wrong, but isn't part of the problem with rentals in Vancouver also because people keep buying properties as rental "investments," expecting that the return on rentals be proportional to how much they paid for them?

# ? Dec 22, 2016 00:23

cowofwar: Jul 30, 2002; by Athanatos

mojo1701a posted:

I could be wrong, but isn't part of the problem with rentals in Vancouver also because people keep buying properties as rental "investments," expecting that the return on rentals be proportional to how much they paid for them?

Financially illiterate people speculating on apparently simple(complex) instruments with leverage. Sounds like a bubble to me.

# ? Dec 22, 2016 00:25

Baronjutter: Dec 31, 2007; "Tiny Trains"

mojo1701a posted:

I could be wrong, but isn't part of the problem with rentals in Vancouver also because people keep buying properties as rental "investments," expecting that the return on rentals be proportional to how much they paid for them?

This is exactly what happened to my building. "investors" offered my landlord, who loved the building and really didn't want to sell it, a ridiculous sum he couldn't say no to. Now because my new building owners horribly over-paid for the building, they want to increase the rent drastically. But clearly the market will take it, because I'm paying it, and rents in way worse buildings have gone up the same as well.

# ? Dec 22, 2016 01:20

Femtosecond: Aug 2, 2003

Ccs posted:

Are apartment rents in Vancouver similarly insane or is it just houses for loose credit/foreign buyer reasons?

Rental prices were reasonably flat for a while but it seems like prices have been spiking in the last two years, and there's been all sorts of shenanigans with people being "renovicted" in order to kick them out of their place to relist at a higher price. It happened to a few of my friends.

All of this is being driven by rental vacancies being near zero and no developers being interested in building purpose built rental for a long time. It seems like that's changing now, likely because New West and Vancouver have a few incentives to encourage rental (eg. less required parking) and the economics are probably just better with the higher prices.

Burnaby has been steadily tearing down affordable walkup apartments in order to build new condos. Vancouver has rules against doing the same but I think they're the only city that is allowed to implement such a rule because of their special city charter (I could be wrong about this).

Burnaby loses nearly 500 rental apartments in seven years in redevelopment frenzy

Femtosecond fucked around with this message at 02:45 on Dec 22, 2016

# ? Dec 22, 2016 01:22

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Small price to pay for the living in the best place on earth though :v:

# ? Dec 22, 2016 01:40

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# ? Jun 1, 2024 08:48

RealityWarCriminal: Aug 10, 2016

Femtosecond posted:

Burnaby loses nearly 500 rental apartments in seven years in redevelopment frenzy

I read an article saying this was actually okay because speculative buyers are renting out all the new condos being built. :eng101:

# ? Dec 22, 2016 05:29

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

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