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Subjunctive posted:On the other hand, who cares about paper losses if people aren't going to sell? If my house goes down to $500K, my property taxes and insurance will drop! If everyone loses 50% overnight, you are still paying the same thing for property tax. If _solely_ your property loses 50% of your assessed value, you will pay 50% less taxes.
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# ? Feb 24, 2017 20:11 |
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# ? Jun 13, 2024 04:17 |
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For someone who could actually truly afford their house a crash is just going to be sad but not hurt them in any way directly, they just won't have as nice of a retirement as they hoped. The problem is a shocking large number of people have bought far far more house than they can actually afford and are basing their entire finances and lives around the price going up forever. Also the crash will cause massive unemployment and economic problems since what, 40% of our economy is housing related now. You've lost your job, your wife has been reduced to part time, and your 800k house could maybe get 600k but there's a massive panic of sellers so you might not even get that. You can't afford to ride it out because you have negative savings, you have no buffer, you have to sell within a couple months or you're hosed. This is the point some of us might be able to maybe afford something, if we're still employed. It's also the point the government throws billions at the banks and passes laws protecting middle class homeowners from being foreclosed on to help create a "soft landing". People will support privatizing healthcare and selling off all public assets if it means keeping a 3 car roof in Langley over their truck equity.
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# ? Feb 24, 2017 20:20 |
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Most of Canada has recourse loans, so if you're underwater and you sell well... If you suddenly can't afford the payments and are forced to sell, you will still be paying the difference to the lender. Here is something some of you may want to look at https://www.cmhc-schl.gc.ca/en/corp/nero/jufa/jufa_018.cfm
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# ? Feb 24, 2017 20:34 |
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Risky Bisquick posted:If everyone loses 50% overnight, you are still paying the same thing for property tax. If _solely_ your property loses 50% of your assessed value, you will pay 50% less taxes. Yeah, that's true.
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# ? Feb 24, 2017 20:44 |
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Risky Bisquick posted:Most of Canada has recourse loans, so if you're underwater and you sell well... If you suddenly can't afford the payments and are forced to sell, you will still be paying the difference to the lender. It's not a house of cards, it's a homeowner equity of cards.
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# ? Feb 24, 2017 20:47 |
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Risky Bisquick posted:Most of Canada has recourse loans, so if you're underwater and you sell well... If you suddenly can't afford the payments and are forced to sell, you will still be paying the difference to the lender. Only if they seek it, which didn't happen in the US for whatever reason
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# ? Feb 24, 2017 20:50 |
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mastershakeman posted:Only if they seek it, which didn't happen in the US for whatever reason Do you mean homeowners in the USA were selling instead of allowing their house to go into foreclosure? I have no idea why they would do this as they are then taking on the losses that the bank would otherwise incur. With a non-recourse mortgage the borrower can walk away - they lose their invested equity but they're not on the hook for any shortfall when the bank later sells the house. e: oops, added missing 'non-' Cold on a Cob fucked around with this message at 21:08 on Feb 24, 2017 |
# ? Feb 24, 2017 21:01 |
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Cold on a Cob posted:Do you mean homeowners in the USA were selling instead of allowing their house to go into foreclosure? I have no idea why they would do this as they are then taking on the losses that the bank would otherwise incur. With a non-recourse mortgage the borrower can walk away - they lose their invested equity but they're not on the hook for any shortfall when the bank later sells the house. ^
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# ? Feb 24, 2017 21:03 |
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Cold on a Cob posted:Do you mean homeowners in the USA were selling instead of allowing their house to go into foreclosure? I have no idea why they would do this as they are then taking on the losses that the bank would otherwise incur. With a non-recourse mortgage the borrower can walk away - they lose their invested equity but they're not on the hook for any shortfall when the bank later sells the house. no i mean that even though the lender got a judgment for the shortfall against the person, they never collected. I worked tens of thousands of foreclosure cases in the usa and only heard of it happening one time ever and that was a 'this time its personal' type case.
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# ? Feb 24, 2017 23:14 |
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quote:I joined this group for perspective. Too many of my peers need a buoyant market to survive as they're not actually good agents. While I appreciate the alternative perspective, fear-mongering and opinion without facts don't help at all. Here's what I see:
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# ? Feb 24, 2017 23:15 |
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There was a pretty good takedown of the Greenbelt-is-restricting-supply argument today in the G&Mquote:It’s in that context that Robert Kavcic, senior economist at BMO, probes the calls by some industry players to remove part of the Ontario Greenbelt, “as if that would be a magic bullet to slow the recent pace of home-price growth.” Mr. Kavcic says it’s unlikely that would be the case. I hope this can permeate the public consciousness by the next election. e: http://www.theglobeandmail.com/real-estate/toronto/torontos-runaway-housing-market-heading-toward-a-crash-economists-warn/article34109049/
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# ? Feb 25, 2017 00:43 |
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mastershakeman posted:no i mean that even though the lender got a judgment for the shortfall against the person, they never collected. I worked tens of thousands of foreclosure cases in the usa and only heard of it happening one time ever and that was a 'this time its personal' type case. Where was this, if you don't mind me asking? I know recourse mortgages exist in the USA but I've been lead to believe they are fairly uncommon.
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# ? Feb 25, 2017 01:37 |
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Cold on a Cob posted:Where was this, if you don't mind me asking? I know recourse mortgages exist in the USA but I've been lead to believe they are fairly uncommon. Illinois, Chicagoland and outlying areas. They're not uncommon at all, the judgments just aren't sought. Probably because bankruptcy would get you out of almost every one of them, but even when rich people (i.e. R. Kelly) owed a few million no one bothered to collect
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# ? Feb 25, 2017 02:19 |
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I have enough for a down payment on a gorgeous 20 acre parcel on Lasqueti, I could pay it off inside of 15 years and live my hermit dream on the only island in BC which is still full of hermits instead of rich fucks. The urge to go full retard, it is killing me.
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# ? Feb 25, 2017 22:10 |
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Rime posted:I have enough for a down payment on a gorgeous 20 acre parcel on Lasqueti, I could pay it off inside of 15 years and live my hermit dream on the only island in BC which is still full of hermits instead of rich fucks. If I weren't tied down to a specific location for work, I would do exactly this. Just not on the west coast
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# ? Feb 26, 2017 02:47 |
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quote:
Some areas have been heavily targeted by speculators, and have population declines, while other areas that have seen redevelopment, such as Mount Pleasant, don't show the same effect. I hope someone does deeper research on this topic. It would be interesting to know why this happened. No doubt when the big Marine Gateway projects were approved by council I'm sure the councillors made little speeches about how they were adding more badly needed residential units to the city and were creating a new neighbourhood. What actually happened though was that many of those units were purchased for investment purposes and Vancouverites chose to move to New West and Langley instead. The city needs to know what went wrong here. Was there some technical aspect of the project itself that lent itself to this conclusion, or was some level of investor action inevitable and it happened to concentrate itself at Marine Gateway due to marketing choices or some other factors?
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# ? Feb 26, 2017 19:49 |
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Once again New Westminster proves its rental housing policy is an answer to Burnaby's feckless mayor stating that it's not his problem.quote:“Somehow this is the local government’s fault?” Corrigan objects. “You can’t magically manufacture social housing out of nothing. If the federal or provincial governments, who have all of the assets, aren’t paying... [that’s] the public making choices.” Go gently caress yourself, Derek.
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# ? Feb 26, 2017 20:06 |
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The most FYGM of mayors. At least Gregor pretends to give a gently caress.
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# ? Feb 26, 2017 20:25 |
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actually municipalities can't do anything about housing stock. people in this very thread have told me so.
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# ? Feb 26, 2017 20:51 |
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The Butcher posted:The most FYGM of mayors. At least Gregor pretends to give a gently caress. Reminder: The BCNDP support Corrigan and his housing policies because our left wing are literally the worst.
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# ? Feb 26, 2017 21:02 |
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Femtosecond posted:No doubt when the big Marine Gateway projects were approved by council I'm sure the councillors made little speeches about how they were adding more badly needed residential units to the city and were creating a new neighbourhood. What actually happened though was that many of those units were purchased for investment purposes and Vancouverites chose to move to New West and Langley instead. The city needs to know what went wrong here. Was there some technical aspect of the project itself that lent itself to this conclusion, or was some level of investor action inevitable and it happened to concentrate itself at Marine Gateway due to marketing choices or some other factors? I've actually spent a fair bit of time in Marine Gateway because my girlfriend used to live there. The tenants/owners are terrible and common spaces like hallways, etc started to look like poo poo within one year of the building opening. It essentially has no amenities and strata fees are low so I imagine they'll just let it get shittier and shittier. re: 'investments', there were huge lineups at presale (this was about 3 years ago, now), all units sold out instantly, and it was mostly Chinese people looking to buy. Basically what it was like for any condo presale in Vancouver 3 years ago.
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# ? Feb 26, 2017 21:18 |
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Speaking of Marine Gateway and transit oriented development projects.quote:Liberals pursue density at transit hubs as answer to the housing crunch Meggs is right in that the provincial government is simply trying to come up with a way to download more of the costs of public transit onto municipalities. The CoV already does exactly what Coleman describes, but the revenue from that upzoning goes toward public amenities such as parks. The province wants to take this revenue stream away. If Marine Gateway is any indication these overbuilt condo projects will be bought by investors, be left half empty and they'll do nothing to improve the vacancy rate and lower rents.
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# ? Feb 27, 2017 01:50 |
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Yeah, but think about how much money they'll make for investors.
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# ? Feb 27, 2017 01:58 |
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http://www.theglobeandmail.com/report-on-business/trump-tower-developer-girds-for-controversial-vancouver-opening/article34138655/quote:
god, brent jang you're loving worthless. lose your fucing job already
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# ? Feb 27, 2017 02:15 |
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http://www.theglobeandmail.com/globe-investor/inside-the-market/could-slowing-retail-sales-burst-canadas-housing-bubble/article34138893/quote:Could slowing retail sales burst Canada’s housing bubble?
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# ? Feb 27, 2017 02:16 |
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http://business.financialpost.com/p...iness-to-retirequote:After losing everything in Fort McMurray fires, engineer mulls his readiness to retire — maybe to far north get hosed herb
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# ? Feb 27, 2017 02:20 |
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namaste faggots posted:http://www.theglobeandmail.com/globe-investor/inside-the-market/could-slowing-retail-sales-burst-canadas-housing-bubble/article34138893/ just more economic slack for the housing market to pick up
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# ? Feb 27, 2017 02:27 |
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namaste faggots posted:http://www.theglobeandmail.com/report-on-business/trump-tower-developer-girds-for-controversial-vancouver-opening/article34138655/ Shari Mountain, a 20-year-old Vancouver event manager, believes the Trump name is toxic
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# ? Feb 27, 2017 02:38 |
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namaste faggots posted:http://www.theglobeandmail.com/report-on-business/trump-tower-developer-girds-for-controversial-vancouver-opening/article34138655/ I love it how Mr Tiah talks exactly like Donald Trump.
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# ? Feb 27, 2017 02:42 |
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Go look up event planner Vancouver on linked in. Came up with 4000 hits last time I tried
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# ? Feb 27, 2017 02:42 |
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I mean this stereotype aside, quote:At age 58, his $400,000 home and three of his four vehicles — two trucks, a snowmobile and an all-terrain scooter, were turned to steel skeletons. Herb actually doesn't seem that deserving of the CanDebt thread honours. $700k in the tank at 58, DB pension, and retiring to some god forsaken shithole further north of Ft Mac, he's actually in a pretty decent position. Not great, but not bad.
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# ? Feb 27, 2017 03:13 |
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The Butcher posted:I mean this stereotype aside, Yeah, Herb has done pretty solid milking the unbelievable good fortune of his generation compared to most of his peers. The only thing which annoys me is that he is apparently unable to realize this and thinks he's not in a solid position.
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# ? Feb 27, 2017 03:28 |
That's because Herb probably thinks that his peers, like him, don't have any debts either and have paid everything off. My mom is like that; I tell her that her neighbors have loans on their cars and she's like "what no, people don't actually do that, do they?"
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# ? Feb 27, 2017 04:29 |
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Herb saves $4k a month, I think he's gonna be fine.
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# ? Feb 27, 2017 05:14 |
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I wish I was Herb except in the cold wet Maritimes instead of the frozen cold North
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# ? Feb 27, 2017 11:56 |
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https://twitter.com/RobynUrback/status/835533894111932417 on the upside the heating bill is cheap
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# ? Feb 27, 2017 16:01 |
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You can't even put a "modern" sized house on that lot!
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# ? Feb 27, 2017 16:26 |
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http://business.financialpost.com/news/economy/brace-for-a-sell-off-in-canadian-bonds-because-a-sea-change-is-coming-bmo-warnsquote:Brace for a sell-off in Canadian bonds because a sea change is coming, BMO warns oh well lol
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# ? Feb 27, 2017 16:48 |
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http://vancouversun.com/news/national/b-c-a-battleground-for-lawyer-loophole-casesquote:B.C. is the front line of a developing skirmish between federal Finance Department officials and Canadian lawyers over rules designed to fight money laundering. oh so that's how all this works guys, self regulation works and we can't possibly impose additional burdens on our venerated friends in the legal profession because that would be onerous and impede the growth of the middle class and small businesses
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# ? Feb 27, 2017 16:58 |
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# ? Jun 13, 2024 04:17 |
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namaste faggots posted:https://twitter.com/RobynUrback/status/835533894111932417 I can't tell, is that a converted garden shed or really oddly shaped tiny-house?
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# ? Feb 27, 2017 17:21 |