Canada Housing/Debt: Trust me, I'm a landlord.

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namaste friends: Sep 18, 2004; by Smythe

Hey look guys a bunch of random numbers

# ? Jan 28, 2017 06:50

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# ? Jun 3, 2024 01:43

MiddleOne: Feb 17, 2011

Throatwarbler posted:

My condo went up $3000, now assessed at $13k more than what I paid for it in March.

Sounds like good news...?

Well except that you own a condo in the first place but you know, details. :v:

# ? Jan 28, 2017 07:27

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/SmallHousing/status/825018826295123968

lol ok

# ? Jan 28, 2017 08:26

I would blow Dane Cook: Dec 26, 2008

TW: Zerohedge (quoting Bloomberg)

quote:

Chinese Capital Controls Threaten Property Bubbles All Over The Globe As Buyers Lose Access To Cash

For months/years we've covered the many real estate bubbles that have been inflating all over the world courtesy of Chinese billionaires looking to launder money offshore (here are just a couple of examples: Vancouver, Sydney and New York). But a new set of capital controls enacted in China on January 1st, and aimed specifically at curbing foreign real estate investments, may just be the needle that finally pops all those bubbles.

As Bloomberg pointed out earlier this month, the following new restrictions on foreign currency transaction were implemented earlier this year.

Customers must pledge money won�t be used for overseas purchases of property, securities, life insurance or investment-type insurance. While such rules aren�t new, citizens previously didn�t have to sign such a pledge
Customers must give a more detailed account of the planned use of funds, such as business travel, overseas study, family visits, medical treatment, merchandise trade or purchases of non-investment insurance policies, including the timing, by year and month
Violators of foreign-exchange rules will be be added to the currency regulator�s watch list, denied foreign-exchange quota for three years and subjected to anti-money-laundering investigations
Customers must confirm compliance with restrictions on money laundering, tax evasion and underground bank dealings
Customers must now confirm they aren�t lending or borrowing quotas to or from other citizens
And while some of the new capital controls above may not seem that onerous, they're already threatening real estate deals from London to Melbourne as Chinese buyers are finding it increasingly difficult to fund down payments.

In London, Chinese citizens who clamored to purchase flats at the city�s tallest apartment tower three months ago are now struggling to transfer their down payments. In Silicon Valley, Keller Williams Realty says inquiries from China have slumped since the start of the year. And in Sydney, developers are facing �big problems� as Chinese buyers pull back, according to consultancy firm Basis Point.

�Everything changed�� as it became more difficult to send money offshore, said Coco Tan, a broker at Keller Williams in Cupertino, California.

Less than a month after China announced fresh curbs on overseas payments, anecdotal reports from realtors, homeowners and developers suggest the restrictions are already weighing on the world�s biggest real estate buying spree. While no one expects Chinese demand to disappear anytime soon, the clampdown is deterring first-time buyers who lack offshore assets and the expertise to skirt tighter capital controls.

�If it�s too difficult, I�m out,�� said Mr. Zheng, 66, a retired civil servant in Shanghai who declined to give his first name to avoid attracting regulatory scrutiny. He may abandon a 2.4 million yuan ($348,903) home purchase in western Melbourne, even after shelling out a 300,000 yuan deposit last August. He�s due to make another big payment next month.
As further evidence that the tighter controls are working, Chinese banks last month registered net inflows under the capital account for the first time since the yuan�s devaluation in August 2015.

Moreover, as Bloomberg points out, several new construction luxury buildings are now at risk of losing contracted sales as Chinese buyers, once flush with cash, are finding it very difficult to make progress payments.

At The Spire in London, a 67-story tower with sweeping views of the River Thames and flats starting at 595,000 pounds ($751,901), prospective buyers were caught off guard by the new rules. Less than 70 percent of clients who signed purchase contracts last year have made their initial payments, with the rest now facing �problems,�� a press official at Greenland Holdings Corp., the project�s Shanghai-based developer, said on Jan. 12. The official asked not to be named, citing company policy.

While Beijing�s policy tweak may appear symbolic on the surface, it�s likely to cause a �notable reduction� in Chinese purchases of Australian property, according to Christopher Todd �CT� Johnson at Basis Point, a consulting firm that specializes in business relations between the two nations. Australia approved A$24 billion ($18.1 billion) of real estate investments from China in the fiscal year ended June 2015, the most recent figures available, making the country by far the biggest source of foreign buyers.
And with one bubble on the verge of popping, the only question to answer now is which asset class speculative Chinese billionaires will cause to bubble over next?

http://www.zerohedge.com/news/2017-01-26/chinese-capital-controls-threaten-property-bubbles-all-over-globe-buyer-lose-access-

# ? Jan 28, 2017 09:07

HookShot: Dec 26, 2005

I cannot think of a single situation I would want to live less than a microhome.

Ok homelessness would be worse. But gently caress I hate the idea of microhomes.

# ? Jan 28, 2017 17:58

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

Every time I see a new condo with their 9x8' master bedrooms, no closets and living rooms that are really just glorified dining rooms I think "this is way too loving small to live in" and yet now those are considered luxurious.

# ? Jan 28, 2017 18:38

mashed: Jul 27, 2004

HookShot posted:

I cannot think of a single situation I would want to live less than a microhome.

Ok homelessness would be worse. But gently caress I hate the idea of microhomes.

Artisanal trailer enthusiasts always seem to forget they need to park it and hook it up somewhere. It's obviously a conspiracy designed to keep the tiny house movement down.

# ? Jan 28, 2017 18:49

Rime: Nov 2, 2011; by Games Forum

Friend and I were talking about the north coast in a whiskey bar last night, got to thinking about Prince Rupert. Further reading brought up this debacle which I doubt anyone in this thread has even heard of:

http://quinnbender.com/chinasyndrome/

quote:

In a depressed economy, Chinese government-backed Sun Wave Forest Products purchased the shuttered Skeena-Cellulose pulp mill on Watson Island, near Prince Rupert, BC, vowing to put hundreds of men and women back to work.

It was 2006. The City of Prince Rupert approved a multi-million-dollar tax break to help them accomplish their goal, but something quite different occurred.

Sun Wave stalled on their commitments until all but the most hopeful and fool-hardy in this small community of 14,000 re-branded the company a North Coast pariah, as expensive machinery critical to the mill's operation was unplugged and shipped off for auction.

Few believe it was ever Sun Wave�s intention to re-start the mill.

In 2009 the City seized the property in lieu of unpaid taxes--billed retroactively when Sun Wave failed in its contractual obligation to restart operations. Its owner, Ni Ritao, later fell under investigation by Chinese authorities for an alleged bank-loan fraud revolving around the mill purchase. The head of China�s National Energy Administration and members of the B.C. government were also singled out in a widening scandal. Whatever the original intention, all that�s known for certain is the burden Sun Wave left in its wake: a rusting and gutted whale, leaching toxins with impunity as it swallows $1.2 million annually from city coffers�at the expense of now-cancelled community programs and municipal projects.

The whole article is a great read. An excellent look beyond housing prices at the ways China and Chinese cash has been gutting this province economically for nearly two decades.

And here, with more detail on the China side of things:

http://www.theglobeandmail.com/news/british-columbia/bizarre-trans-pacific-scandal-plagues-prince-ruperts-best-hope/article7651944/?page=all

quote:

Caijing published a report last year claiming Mr. Ni attempted to use the mill to secure more than $100-million (U.S.) in loans from state-controlled banks in China. The Caijing report said that in June, 2006, after Mr. Ni had already bought the mill, he applied for the loans, $60-million of which was earmarked for buying a majority stake in Sun Wave, a company he already controlled. Mr. Ni allegedly used forged appraisal documents in the loan application valuing the mill at $202-million. The appraisal firm named in the documents, American Appraisal Canada Inc., when contacted by The Globe and Mail, denied ever issuing the report.

Mr. Ni�s representatives in Canada have said the allegations are untrue and that the loans, which were never approved, were for the cost of restarting the mill. Wei Shao, a lawyer in Vancouver representing Mr. Ni in several lawsuits, said the Caijing story was planted by disgruntled former Sun Wave employees in Canada.

The Skeena saga has also enmeshed a British Columbia cabinet minister. Documents obtained by The Globe and Mail show that B.C. jobs minister Pat Bell forwarded an internal government email discussing a potential settlement with Mr. Ni and detailing the fraud allegations against him to an employee of the Chinese businessman who is also a B.C. Liberal Party insider and a former MLA.

Rime fucked around with this message at 20:48 on Jan 28, 2017

# ? Jan 28, 2017 20:37

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

Speaking of which, happy Chinese New Year all!

Gonna get wrecked on a shitload of tasty many courses of food tonight.

# ? Jan 28, 2017 21:34

HookShot: Dec 26, 2005

UnfortunateSexFart posted:

Every time I see a new condo with their 9x8' master bedrooms, no closets and living rooms that are really just glorified dining rooms I think "this is way too loving small to live in" and yet now those are considered luxurious.

Half the "condos" here are just glorified hotel rooms.

I've seen 2 bedroom, 600 sq foot places.

# ? Jan 28, 2017 22:22

HookShot: Dec 26, 2005

mashed_penguin posted:

Artisanal trailer enthusiasts always seem to forget they need to park it and hook it up somewhere. It's obviously a conspiracy designed to keep the tiny house movement down.

People in Whistler are charging over $1000 a month for people to park their RVs in their driveways right now.

# ? Jan 28, 2017 22:23

mashed: Jul 27, 2004

HookShot posted:

People in Whistler are charging over $1000 a month for people to park their RVs in their driveways right now.

I should list my kids playhouse on craigslist as a tiny home. It has real shingles and everything.

It even has a door now.

# ? Jan 28, 2017 22:54

namaste friends: Sep 18, 2004; by Smythe

Learn to capitalism you rent seeking failure. That doghouse can easily get $300 month

# ? Jan 28, 2017 22:56

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

$350 if it includes wifi.

# ? Jan 28, 2017 23:05

mashed: Jul 27, 2004

It has wifi and I can probably get more if I let them use the hose on the back of the house for water.

# ? Jan 28, 2017 23:14

McGavin: Sep 18, 2012

The Butcher posted:

Speaking of which, happy Chinese New Year all!

Gonna get wrecked on a shitload of tasty many courses of food tonight.

Just saw a homeless white guy say "Ni hao ma? Gong hei fat choy," to everyone while he was panhandling.

# ? Jan 28, 2017 23:35

Jordan7hm: Feb 17, 2011; Lipstick Apathy

HookShot posted:

I cannot think of a single situation I would want to live less than a microhome.

Ok homelessness would be worse. But gently caress I hate the idea of microhomes.

I dunno, the amount of space we seem to think we need is pretty enormous. A lot of the time we don't even use it, we just fill it with stuff.

Don't get me wrong, I like a big kitchen and bathroom in particular, but I don't think two people need to live in a 2000 sq ft house.

# ? Jan 29, 2017 03:53

Snuffman: May 21, 2004

mashed_penguin posted:

I should list my kids playhouse on craigslist as a tiny home. It has real shingles and everything.

It even has a door now.

That's a p.nice playhouse. Your kids must love it.

_{what's it valued at?}

# ? Jan 29, 2017 04:11

I would blow Dane Cook: Dec 26, 2008

mashed_penguin posted:

I should list my kids playhouse on craigslist as a tiny home. It has real shingles and everything.

It even has a door now.

Backyard Suite for rent.

# ? Jan 29, 2017 05:15

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

mashed_penguin posted:

I should list my kids playhouse on craigslist as a tiny home. It has real shingles and everything.

It even has a door now.

What about parking for my orange and yellow one seater car?

# ? Jan 29, 2017 17:27

mashed: Jul 27, 2004

OSI bean dip posted:

What about parking for my orange and yellow one seater car?

There is only street parking for this lavishly appointed south facing garden suite. However the neighbourhood does have a walk score of 50.

# ? Jan 29, 2017 18:08

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

Maybe add a hoist to hold the car over the roof?

# ? Jan 29, 2017 18:09

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

mashed_penguin posted:

There is only street parking for this lavishly appointed south facing garden suite. However the neighbourhood does have a walk score of 50.

Gas or electric appliances? What sort of refrigerator?

# ? Jan 29, 2017 18:11

mashed: Jul 27, 2004

OSI bean dip posted:

Gas or electric appliances? What sort of refrigerator?

The finest of Coleman propane appliances. As for a refrigerator it's an environmentally friendly ice powered cooler. #ecohome

The suite backs onto a forest belt in the summer you can enjoy the presence of wildlife.

# ? Jan 29, 2017 18:25

McGavin: Sep 18, 2012

mashed_penguin posted:

There is only street parking for this lavishly appointed south facing garden suite. However the neighbourhood does have a walk score of 50.

Is it in Vancouver? I'll give you $250,000 for it with no home inspection.

# ? Jan 29, 2017 18:39

mashed: Jul 27, 2004

McGavin posted:

Is it in Vancouver? I'll give you $250,000 for it with no home inspection.

Coquitlam but that's totally the same.

# ? Jan 29, 2017 18:44

Rime: Nov 2, 2011; by Games Forum

http://vancouversun.com/entertainment/local-arts/vancouver-to-get-unique-soft-skyscraper-in-west-georgia-corridor

quote:

Vancouver�s skyline is about to get a unique addition: a �soft skyscraper�, clad with shingled panels to create soft, blurred reflections expected to make the building look ephemeral.

The 43-storey tower at 1550 Alberni is designed by Japanese architect Kengo Kuma.

Kuma described his tower�s shape as organic and unique. On the north and south sides, it will look as if two big scoops have been taken out of the traditional rectangular cuboid form of a tower.

Alberni is a 43-storey residential tower at Alberni and Cardero designed by Japanese architect Kengo Kuma for Westbank Projects Corp in Vancouver.
Alberni is a planned 43-storey residential tower at Alberni and Cardero designed by Japanese architect Kengo Kuma for Westbank Projects Corp in Vancouver. VANCOUVER SUN
He said that while its shape isn�t based on anything particularly western or Japanese, it is inspired by traditional Japanese buildings that create covered outdoor spaces. He described the tower as an example of a �soft skyscraper� because of the way it takes into account its setting, which includes the street and nearby towers as well as Stanley Park and the North Shore mountains.

�It�s creating semi-outdoor space,� Kuma said. �It creates dialogue between neighbours and the buildings. In that sense, it is a building of relationships not a building of form making.�

The tower � called Alberni � will have 188 condominiums and a ground-floor Japanese restaurant designed by Kuma�s firm. Six levels of underground parking will provide space for 271 cars and 248 bike parking spots inside and out.

Alberni is being built by Vancouver-based Westbank Projects Corp.

Westbank president Ian Gillespie said that as a tower, Alberni isn�t about shouting out �Here I am.�

�It�s about the building blending into and embracing the natural environment rather than try to push against it,� he said.

Gillespie described the building�s form as expressing a feminine side of architecture as opposed to a masculine one.

�When I see that building, that�s what comes to me,� he said. �There is so much testosterone in the real estate business that the last thing it needs is more of that.�

Kuma said the scoops out of the building�s form bring natural light into suites and give more of a view of Lost Lagoon to the west. As well, for someone standing further east on Alberni and looking west, the scoop on that side will frame the lagoon in Stanley Park.

�We�re trying to create a new flow on (Alberni) street,� he said.

�In that sense, we�re not designing the volume � we�re designing the flow. That scoop is creating a natural flow between the buildings.�

On a sunny day when Kuma could see that a dusting of snow had fallen overnight on the North Shore mountains, he said Vancouver�s proximity to nature makes it unique compared to other cities.

His design for Alberni, he said, is one solution to the challenge of providing an experience of nature to people living in a city.

Alberni is a planned 43-storey residential tower at Alberni and Cardero designed by Japanese architect Kengo Kuma for Westbank Projects Corp in Vancouver.
Alberni is a planned 43-storey residential tower at Alberni and Cardero designed by Japanese architect Kengo Kuma for Westbank Projects Corp in Vancouver. VANCOUVER SUN
�In the 21st century, Vancouver can be the model of the environmental city,� he said.

Kuma said creating a dialogue with nature has been one of the most important elements in Japanese architecture.

�There is I think a new definition for architecture: it should be a bridge between nature and artifact,� he said.

�We should design the bridge � not the wall. In Japan, it is always a bridge.�

Kuma, author of the Anti-Object: The Dissolution and Disintegration of Architecture, is considered one of Japan�s hottest architects. His design has been chosen for the Tokyo Stadium for the 2020 Summer Olympics. Kuma is a founding principal of Kengo Kuma & Associates in Tokyo.

Kuma�s work is part of an exhibition called Japan Unlayered, currently on at the Fairmont Pacific Rim. The exhibition includes pop-up stores by Japanese retailers Muji and Beams Japan. Because of demand, free entry to the Muji pop-up is by reservation only. Japan Unlayered continues to Tuesday, Feb 28.

$1 Million dollars for a one-bedroom unit, but that's OK because it's additional supply which will totally relieve the pressure on the rest of the market!

# ? Jan 29, 2017 20:18

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

Rime posted:

http://vancouversun.com/entertainment/local-arts/vancouver-to-get-unique-soft-skyscraper-in-west-georgia-corridor

$1 Million dollars for a one-bedroom unit, but that's OK because it's additional supply which will totally relieve the pressure on the rest of the market!

Isn't Coal Harbour the epicentre of the "towers of empty condos" phenomenon?

# ? Jan 29, 2017 20:33

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

Rime posted:

http://vancouversun.com/entertainment/local-arts/vancouver-to-get-unique-soft-skyscraper-in-west-georgia-corridor

$1 Million dollars for a one-bedroom unit, but that's OK because it's additional supply which will totally relieve the pressure on the rest of the market!

*gutters for grinding up all bird carcasses collected at the base of the tower will be included in maintenance fees

# ? Jan 29, 2017 21:30

Femtosecond: Aug 2, 2003

I guess that 15% tax was a tad too effective for Clark's RE and development industry friends..

https://twitter.com/CKNW/status/825801475460706304

# ? Jan 29, 2017 22:21

Furnaceface: Oct 21, 2004

House down the street from me was up for 1 day before being sold. Apparently a bidding war took place and sold for 604k. For a bungalow. In Barrie.

Also found 2 cards in the mailbox from realtors on a loving Sunday.

This bubble needs to burst.

# ? Jan 29, 2017 22:25

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

Femtosecond posted:

I guess that 15% tax was a tad too effective for Clark's RE and development industry friends..

https://twitter.com/CKNW/status/825801475460706304

Can't really object, people who buy real estate without permanent status are kinda dumb (even if they happened to come out ahead in rising market) but they weren't the intended target and were probably completely overlooked when creating the law.

There will still be people who failed to close on 5% down condos due to the 15% up front tax suing over the whole thing.

# ? Jan 30, 2017 00:00

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Furnaceface posted:

House down the street from me was up for 1 day before being sold. Apparently a bidding war took place and sold for 604k. For a bungalow. In Barrie.

Also found 2 cards in the mailbox from realtors on a loving Sunday.

This bubble needs to burst.

Just accept your new found millionaire status land owner

# ? Jan 30, 2017 00:05

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

I wonder if this new wave of American refugees will help prop up the bubble a bit longer. Thanks Trump!

# ? Jan 30, 2017 01:32

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

Scaramouche posted:

I wonder if this new wave of American refugees will help prop up the bubble a bit longer. Thanks Trump!

No.

# ? Jan 30, 2017 03:38

French Canadian: Feb 23, 2004; Fluffy cat sensory experience

I can't exactly trade my podunk Wisconsin house for a poo poo shack in Vancouver unless the bubble pops soon.

But I do have an aunt and uncle and grandma up there...

# ? Jan 30, 2017 04:32

namaste friends: Sep 18, 2004; by Smythe

https://www.realtor.ca/Residential/Single-Family/17726569/9616-99-AVENUE-Fort-St-John-British-Columbia-V1J1T8

you could move to ft st john.

:laugh:

# ? Jan 30, 2017 04:34

Jazz Police: Nov 6, 2009; It's your fault, man.

namaste faggots posted:

https://www.realtor.ca/Residential/Single-Family/17726569/9616-99-AVENUE-Fort-St-John-British-Columbia-V1J1T8

you could move to ft st john.

"Honey, I really want to add value to the house before we list it. We have the ugliest kitchen and dining room in the province, what should we change?"

"Let's add a kitchen island that ruins the room even more! And a new stove!"

"Perfect. I hope they still sell cupboards as lovely as the ones we have now."

# ? Jan 30, 2017 05:15

HookShot: Dec 26, 2005

That kitchen island is the most hilarious thing I have ever seen.

# ? Jan 30, 2017 06:37

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# ? Jun 3, 2024 01:43

meatcookie: Jun 2, 2007

namaste faggots posted:

https://www.realtor.ca/Residential/Single-Family/17726569/9616-99-AVENUE-Fort-St-John-British-Columbia-V1J1T8

you could move to ft st john.

Nice hookah on the shelf and 'skin lotion' on the nightstand in the (presumably) teenage sons' room.

# ? Jan 30, 2017 06:47

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