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.

Anti Plum: Sep 15, 2007

mashed_penguin posted:

I like the West Coast Express. Its a proper train with tables and everything plus a great view of the water and mountains on the way in. It also goes CHOO CHOO. I actively choose it over driving to work. I only drive when I'm working overtime.

Vancouver buses vary a lot depending on which route you are on. I used to take the 14,16 and 20 a lot when I lived on commercial drive and do not miss them one loving bit. Especially the 20 which for some reason seems to end up with a 45 min gap of no buses then 5 drive past in a row drafting NFS underground style.

Also the #7. Goddamn that bus to hell (Incidentally, I think that was its terminus).

# ? Feb 15, 2017 04:49

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# ? Jun 12, 2024 19:27

Baronjutter: Dec 31, 2007; "Tiny Trains"

My friend bought a condo in god knows where but she's nearly across the street from a west coast express station which also drops her off a short walk from her job so it's not really all that bad. Suburbia based on cars is idiotic, suburbia based on transit you can walk to isn't so bad.

# ? Feb 15, 2017 04:58

TerminalSaint: Apr 21, 2007; Where must we go...

we who wander this Wasteland in search of our better selves?

PittTheElder posted:

Satellite radio is awful though. I re-upped my Sirius-XM subscription for a few months last year, and couldn't find a single station worth listening too. The music stations are pretty bad, the talk ones can be OK, but there's way too much filler. Meanwhile they all continuously run commercials for the radio station you're already listening to.

Radio Classics is dope, but so much of that poo poo is in the public domain you can just download them anyway.

# ? Feb 15, 2017 05:02

Number19: May 14, 2003; HOCKEY OWNS
FUCK YEAH

My car has USB ports and plays the music I have on my phone. I guess I could also play it using Bluetooth so I don't have to use wires like some sort of caveman. Every now and then I forget to plug it in and the radio comes on then I'm like "wtf is this poo poo. People still listen to this?"

Radio is pretty bad and Vancouver radio is godawful. There's nothing like accidentally tuning to local sports radio and hearing two old men who's opinion no one cares about be idiotic assholes on the air.

# ? Feb 15, 2017 05:46

Baronjutter: Dec 31, 2007; "Tiny Trains"

If you're doing anything in your life that involves exposure to ads you're doing something wrong.

# ? Feb 15, 2017 05:51

Number19: May 14, 2003; HOCKEY OWNS
FUCK YEAH

The same can be said for Bro Jake and Dave Pratt

# ? Feb 15, 2017 06:00

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

I remember in 2009 when The Peak was a good station.

Then it decided to be a CFOX clone. Just a matter of time until it plays Nickelback.

# ? Feb 15, 2017 06:29

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

http://www.macleans.ca/economy/business/debunking-the-myths-you-think-you-know-about-baby-boomers/

quote:

Debunking the myths you think you know about baby boomers

Myth #1: Boomers haven�t saved enough for what lies ahead

Sure, Boomers have faced their share of financial challenges. There�s been a recession about every seven years since 1945, and that�s taken a toll on Boomer savings. In addition, many are supporting adult children�so-called boomerang kids�thanks in large part to a lacklustre job market.

But there�s more to the story. Their nest eggs may be meagre, but that�s about to change. First, thanks to the soaring housing market, many Boomers are sitting on real estate that has significantly increased in value. Many are downsizing, selling their traditional detached homes, moving into condos and pocketing the profits, which can be substantial.

That�s not all. Experts say Boomers stand to inherit as much as $1 trillion in the coming years, made up largely of real estate and investment portfolios. It�s said to be the largest intergenerational transfer of wealth in Canadian history. To be sure, not everyone will benefit but most will; the average bequest is predicted to top $100,000.

quote:

This post is sponsored by TD

Yeah boomers totally saved by not actually saving anything, cause they're so smart and predicted the housing market. Thanks TD!

# ? Feb 15, 2017 14:05

Mozi: Apr 4, 2004; Forms change so fast
Time is moving past
Memory is smoke
Gonna get wider when I die; Nap Ghost

So the myth is 'Boomers haven�t saved enough for what lies ahead', but the rebuttal to that is 'they didn't need to because their homes are going up in value and they'll inherit a bunch.'

Man, why didn't I think of doing that! Curse my fiscally impudent ways.

# ? Feb 15, 2017 15:00

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

Yeah it's not like a sudden flood of housing on the market will drag prices back down or anything.

And it's not like boomers haven't spent years borrowing against that paper equity to help buy high priced houses for their kids in Vancouver and the GTA.

Yeah, everything's going to be fiiiiiiiine.

# ? Feb 15, 2017 15:07

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

Everything is in fact going to be so hosed come our old age that nobody has any loving clue how to adequately prepare for it.

# ? Feb 15, 2017 17:06

Rime: Nov 2, 2011; by Games Forum

#YOLO unironically and stop living as if the comforts afforded to us growing up, let alone those experienced by our parents, will still exist.

Want to ski? Do it now, before the snow and infrastructure is gone. Want to travel? Do it now, before the great migrations turbofuck entire continents. Hell, in thirty years just ripping up BC for the long weekend will probably no longer be feasible at all.

I doubt we get another decade before the ivory tower we casually inhabit comes crumbling down. Make the best of your remaining time at the top of the historical pyramid and stop squandering your lives on a dying capitalist system. That is all you can do. :colbert:

Rime fucked around with this message at 17:40 on Feb 15, 2017

# ? Feb 15, 2017 17:37

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

Agreed, but please don't raise my property taxes.

# ? Feb 15, 2017 17:44

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

Rime posted:

#YOLO unironically and stop living as if the comforts afforded to us growing up, let alone those experienced by our parents, will still exist.

Want to ski? Do it now, before the snow and infrastructure is gone. Want to travel? Do it now, before the great migrations turbofuck entire continents. Hell, in thirty years just ripping up BC for the long weekend will probably no longer be feasible at all.

I doubt we get another decade before the ivory tower we casually inhabit comes crumbling down. Make the best of your remaining time at the top of the historical pyramid and stop squandering your lives on a dying capitalist system. That is all you can do.

It probably won't be *that* bad but LMAO at all the people doing poo poo like saying that they want to scuba dive on the Great Barrier Reef but are waiting until retirement to do it. It's going to be a grey sand bar devoid of life in a matter of years.

# ? Feb 15, 2017 17:56

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

Never mind the reef, I don't think millennials should be banking too hard on retiring at all given current trends.

# ? Feb 15, 2017 18:42

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

# ? Feb 15, 2017 19:18

Tighclops: Jan 23, 2008; Unable to deal with it; Grimey Drawer

Helsing posted:

Never mind the reef, I don't think millennials should be banking too hard on retiring at all given current trends.

I know I'm not the only one this fills with rage. There's going to be so much violence my loving god

# ? Feb 15, 2017 19:24

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

Speculation

quote:

https://www.bloomberg.com/news/articles/2017-02-15/yellen-sets-high-hurdle-for-reducing-fed-s-massive-bond-holdings

Yellen Sets High Hurdle for Reducing Fed's Massive Bond Holdings
...
Policy makers expect to increase the fed funds rate to 1.4 percent by the end of 2017, according to the median of their projections released on Dec. 14. That would still leave it below the 20-year average of 2.3 percent.
...

quote:

https://www.thebalance.com/us-economic-outlook-3305669

The FOMC first raised the Fed funds rate to 0.5 percent in December 2015 and raised interest rates again in December 2016 to 0.75 percent. For more, see Current Fed Funds Rate.

It expects the rate to rise to 1.5 percent in 2017, 2 percent in 2018 and 3 percent in 2019.
...
The Fed said it would start selling $4 trillion in Treasuries after the Fed funds rate has normalized to about 2.0 percent.

e: If this comes to fruition say goodbye to canadian real estate

# ? Feb 15, 2017 20:02

Jordan7hm: Feb 17, 2011; Lipstick Apathy

My brother is about to buy a house.

Luckily it's a cheap house on the Quebec side so there's a bit of a price floor there anyway, but man I hope he's planning for a rate spike.

# ? Feb 15, 2017 20:04

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

Risky Bisquick posted:

Speculation

e: If this comes to fruition say goodbye to canadian real estate

Are our interest rates directly tied to this?

# ? Feb 15, 2017 20:42

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

Everything but the variable rates, yes. Keep in mind they have been forecasting moving on rates for a few years, it seems like Cheeto in Chief may be the one to git r done.

# ? Feb 15, 2017 21:08

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

quote:

BMO declares Toronto housing bubble amid �dangerously� hot prices

After months, if not years of hand-wringing about Canada�s hot housing markets, BMO is calling it: Toronto�s housing market is in a bubble.

�Let�s drop the pretence. The Toronto housing market � and the many cities surrounding it � are in a housing bubble,� BMO Chief Economist Doug Porter wrote in a note to clients Tuesday.

Housing prices in Toronto and the surrounding area have become �dangerously detached� from economic fundamentals and are rising simply on the belief that prices will continue to soar higher, according to Porter.

�Prices in Greater Toronto are now up a fiery 22.6 per cent from a year ago, the fastest increase since the late 1980s�a period pretty much everyone can agree was a true bubble � and a cool 21 percentage points faster than inflation and/or wage growth,� he wrote.

Toronto and Hamilton racked up record annual home price increases of 20.9 per cent and 17.6 per cent in January, respectively, according to the Teranet-National Bank Composite House Price Index. It was the 12th straight monthly increase. �The market is far too hot for comfort,� wrote Porter.

The often-cited mantra that Toronto�s real estate market is being driven largely by a lack of supply is wearing thin, he argues. Housing starts in Toronto and Vancouver recently hit an all-time high of 70,000 units per year and overall Canadian starts are above demographic demand at 200,000 units in the past year, according to BMO.

Meanwhile, Toronto condo prices are posting double-digit gains despite plenty of supply, according to Porter. �No, the massive price gains are being driven first and foremost by sizzling hot demand, whether from ultra-low interest rates (negative in real terms), robust population growth, or non-resident investor demand,� he said.

BMO acknowledges that addressing the overheated market won�t be easy. While Toronto prices continue to soar, the Vancouver market is cooling, Calgary and Edmonton are stabilizing after being hit hard by the crash in oil prices and markets such as Winnipeg, Montreal and Halifax are �well-behaved,� Porter wrote.

�Beneath those calm headlines lies serious churning. Toronto and any city that is remotely within commuting distance are overheating, and perhaps dangerously so. And it�s that deep divergence which continues to confound and bedevil policymakers.�

# ? Feb 15, 2017 22:59

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

At least Vancouver is cooling though.

# ? Feb 15, 2017 23:37

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

I'm just glad it's not all "nothing to see here, soft landing ahoy" headlines anymore.

# ? Feb 16, 2017 01:46

ChairMaster: Aug 22, 2009; by R. Guyovich

Hahahaha I can't believe that anyone actually thought our generation would get to retire. That's hilarious. That's one of those things that makes me happy how hosed we are, because most people are so fuckin stupid that I just can't feel any empathy for them anymore.

Tighclops posted:

I know I'm not the only one this fills with rage. There's going to be so much violence my loving god

Haha you wish violence was an actual option, but let's not be stupidly optimistic here, the people in charge of this poo poo know what's coming, and they're not going to be facing the consequences of their actions any time in this century.

# ? Feb 16, 2017 03:39

Professor Shark: May 22, 2012

Things in Nova-Scotia between the Liberals and the Teachers haven't gone well. Despite the government locking out students from the classroom and the subsequent revelation that in preparation for that move, they had contacted day-cares and fast-tracked applications/ expansions that were on year long waiting lists, leading to questions about safety and appropriateness... the Teacher's Union saw the Liberals shoot their own foot and decided to show them how it's done and shot both of theirs.

Now teachers will have a contract imposed on us tomorrow, and the likelihood of a successful court challenge has been diminished thanks to the Union bargaining team agreeing to bring garbage contracts back to the membership. The NSTU president appeared to have turned on the members, encouraging us to vote YES on a contract that was filled with promises to look into issues and gave teachers two days off that no one had asked for, which later turned into a slap-fight between Stephen MacNeil and the NSTU president over what exactly those days off were meant for (MacNeil says that teachers would have to be present in the school and work out of the staff rooms while a sub taught their classes, president says that the days were supposed to be no-questions-asked vacation days, the written terms seem to fall on either side), but now she seems to be saying and doing the right things, but only after a huge push by members to have her resign.

The entire thing is a huge mess, almost as messy as this province with snow lately.

# ? Feb 16, 2017 19:08

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

With all due respect, what does NS teacher union negotiations have to do with the housing/debt bubble?

# ? Feb 16, 2017 19:15

Professor Shark: May 22, 2012

It has to do with me confusing the threads haha

# ? Feb 16, 2017 19:16

Rime: Nov 2, 2011; by Games Forum

Jimbo In Kelowna posted:

I have a fully furnished rental, plus airbnb my own house out, plus manage another. We originally thought that having our suite short term rented, but ended up with long term rental based on good renters, and didn't have the energy to manage it! Generally we try to have long term Sept to May, and short term summer. If our renter is good, we'll forgo the short term summer rental. Cap rate is not relevant due to the suite being apart of our house (separate entrance and its own w/d), payback was 3 years from base build. Live DT and have fairly aggressive pricing, but we have it furnished fairly high end. $1250 per month for 600sf bach, $1500 if only during summer. The short term can be profitable, but since I do my own house when we go away on holidays, and I'm just in the final stages to help someone with their house (they live in the lower mainland), I feel that the stable income is good on our suite, and there is only one of me!

Baby boomers, if i hear one more time that its "the same as in my day" Fk-you it is. Two mulit-degree professionals have to grind this hard to pay mortgage and to have a holiday with our kids here in our own province. Crazy!

# ? Feb 17, 2017 02:53

cowofwar: Jul 30, 2002; by Athanatos

Is a mulit-degree like a lit degree in english and mexican topics?

# ? Feb 17, 2017 04:55

Mantle: May 15, 2004

My GF and I have second degrees in law and architecture and are both fully employed practicing in our field.

We both have less purchasing power than my elementary school teacher mom at the same age.

# ? Feb 17, 2017 06:19

cowofwar: Jul 30, 2002; by Athanatos

Mantle posted:

My GF and I have second degrees in law and architecture and are both fully employed practicing in our field.

We both have less purchasing power than my elementary school teacher mom at the same age.

Um excuse me it's well established that millenials are lazy so maybe you should just get a better job.

# ? Feb 17, 2017 06:21

Baronjutter: Dec 31, 2007; "Tiny Trains"

Mantle posted:

My GF and I have second degrees in law and architecture and are both fully employed practicing in our field.

We both have less purchasing power than my elementary school teacher mom at the same age.

Just move to the city that lets you earn the most. Do this every year, or quarter, until you die.

# ? Feb 17, 2017 06:27

Mantle: May 15, 2004

Baronjutter posted:

Just move to the city that lets you earn the most. Do this every year, or quarter, until you die.

If we do that how will we build ~our equity~

# ? Feb 17, 2017 06:40

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

Mantle posted:

If we do that how will we build ~our equity~

You buy houses in every city you move to, renting them out when you leave. It's called an investment, duh

# ? Feb 17, 2017 13:49

mashed: Jul 27, 2004

triplexpac posted:

You buy houses in every city you move to, renting them out when you leave. It's called an investment, duh

Property Portfolio

# ? Feb 17, 2017 15:27

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

Mantle posted:

My GF and I have second degrees in law and architecture and are both fully employed practicing in our field.

We both have less purchasing power than my elementary school teacher mom at the same age.

I don't know about architecture but lol at thinking you're going to make a lot of money coming out of law school in 2017.

I can't swing a dead cat lately without hitting someone who is studying or just completed their J.D. It seems to be what people are doing to avoid leaving school after their PhD or a Masters. There's so many being produced we don't even have enough articling positions for them all in Canada.

# ? Feb 17, 2017 17:00

Femtosecond: Aug 2, 2003

PK loving SUBBAN posted:

I don't know about architecture but lol at thinking you're going to make a lot of money coming out of law school in 2017.

I can't swing a dead cat lately without hitting someone who is studying or just completed their J.D. It seems to be what people are doing to avoid leaving school after their PhD or a Masters. There's so many being produced we don't even have enough articling positions for them all in Canada.

I don't know if we're making more lawyers than before, but there are a number of trends that have made it so that we need a lot less of them. Technology is part of this, but also various legal assistant job categories are gaining more powers and are able to do more things that you previously needed a lawyer for. All this means that you now have lawyers hiring a lot more assistants and hiring less young lawyers.

People talk a lot about technology and job destruction focusing on low end, unskilled labour, but there are a lot of cushy white collar jobs that are being disrupted by this too as people are realizing that these tasks be done so much more cheaply. I can't find it now, but I recall reading an article about how a certain area of money manager jobs were going away and a lot of those old timers were getting laid off by the banks.

# ? Feb 17, 2017 17:52

cowofwar: Jul 30, 2002; by Athanatos

Every time I mention that we're selling our house and moving across the country people ask why we aren't holding on to it and renting it out.

Why would you slum lord from across the country? :canada:

# ? Feb 17, 2017 17:58

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# ? Jun 12, 2024 19:27

DariusLikewise: Oct 4, 2008; You wore that on Halloween?

I thought about renting out my house in Winnipeg when I moved, but the thought of trying to deal with some lovely tenant remotely sounds like a nightmare so we just sold.

# ? Feb 17, 2017 18:05

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