quote:

Finally, in May 2011, the permits came through. Julian consulted his spreadsheet of contractors and narrowed it down to three candidates. He went outside to mull over his choices. That’s when a man pulled up on his 10-speed bicycle and started chatting with Julian. His name was Robert. He was in his 50s, wore a short-sleeved plaid shirt, jean cut-offs, a rumpled hat and white running shoes. He was missing a few key teeth and didn’t like wearing socks or, as he later informed us, underwear. Robert didn’t own a car and spent his time collecting stray pieces of metal, wood and other junk he’d find on the street. Yet, despite his alarming appearance, he was charming and knowledgeable. He told Julian that he had a degree in structural engineering, and he proposed sensible ideas, like adding skylights to the attic and relocating the furnace to create space for a two-bedroom basement suite. Hey, he said, I could do it myself. Julian wasn’t so sure. Then Robert mentioned he was cheap—only $35 an hour. The next day, Julian checked Robert’s references, which were neither glowing nor damning. We hired him, figuring we could always replace him if things didn’t go well.

Robert started the next day. The first step was to underpin the basement, which required digging it out from the inside. Julian biked over to check on the progress and discovered that our front porch was gone.

tagesschau posted:

The best part is that they're an editor for a website and a part-time teacher at a college; those jobs do not come with spectacular pay. Even if they didn't have kids, there's basically no way they'd have any discretionary income after wasting a million dollars they don't have on this house.

quote:

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Or, as I put it to my children, I help people who run big companies do a better job, so they have more fun and make the world a better place.

Before becoming a coach I was communications advisor to corporate leaders, a jazz musician, and an academic.

If you would like to discover what executive coaching can do for you and your organization, please get in touch.

quote:

We were the victims of a shoddy contractor and bad luck, but also of our own colossal ignorance and hubris.

quote:

In early April, Julian met Jack in the back alley of the Parkdale Public Library and handed him an envelope containing 150 $20 bills.

RBC posted:

Most renters do not fall into that catagory but yes keep coming up with edge cases so you can act self righteous or whatever.

cowofwar posted:

pro-read

http://commonground.ca/michael-hudson/

Coolwhoami posted:

I've have several of my friends in that situation, and to avoid it myself I've had to rent two places simultaneously

quote:

“The whole mood of the market has changed, and that is the bigger factor. People are spooked – investors are spooked, buyers are spooked – and I think that’s the huge issue.”

Mr. Pasalis said many of his firm’s clients have been stepping back and not making offers, hoping prices will fall from the peak, while many sellers are growing desperate for offers, especially if they’ve already bought another house and need to sell quickly.

“Our agents are getting calls from listing agents begging them for offers, just begging them, because the seller is freaking out because they already bought something and they need to sell their house,” he said.

One agent in his firm submitted an offer of $650,000 for a client bidding on a townhouse that was selling for $750,000 a month ago, and the bid was accepted. He said the agent hadn’t expected to get it, but he assumes the seller had no choice.

“It’s going to screw up the market because sellers are going to be looking at February and March prices and buyers are going to be looking at these recent low-ball prices, and we’re going to have an interesting problem there.”

triplexpac posted:

Saw this one on Twitter earlier, it's fun times

http://torontolife.com/real-estate/parkdale-reno-hell/

"We Bought a Crack House"

Coolwhoami posted:

Why would most renters have to be dealing with this for it to be a problem? I've have several of my friends in that situation, and to avoid it myself I've had to rent two places simultaneously so I'm not stuck taking whatever I can get after giving notice, which many can't afford when they also need to have enough to pay for a deposit. This presume you're also not being renovicted, which while giving you a bit more time to investigate options, still puts you on a clock, and one you have absolutely no control over.

Pop-o-Matic Trouble posted:

Holy poo poo those crack house people are the dumbest people on earth.

quote:

http://www.cbc.ca/news/business/cmhc-mortgage-housing-1.4137986?cmp=rss

CMHC insurance volumes plunged 41% after mortgage rules tightened

Housing agency now backing $502 billion in Canadian mortgages

Canada's housing agency saw a sharp decline in the number of home buyers who qualified for mortgage insurance under tougher rules implemented last fall.

In its quarterly financial results posted Tuesday, the Canada Mortgage and Housing Corporation said that it insured just over 48,000 new mortgages between January and March, a 41 per cent decline from the previous three-month period.

The value of those loans dropped to just under $8.3 billion, down from $14.3 billion in the quarter that closed out 2016.

CMHC hikes prices for mortgage insurance
The January to March period in question is the first full quarter since Ottawa changed the mortgage rules last October. Among the new rules is a requirement that borrowers pass a "stress test" to gauge their ability to pay back the loan if mortgage rates were to rise.

The goal of that policy effectively was to make it harder to get insurance, which would help make sure that people buying houses are financially able to do so. Judging by Tuesday's numbers, that policy seems to be having its desired effect, as the CMHC said the new regulations were the biggest factor in the decline in new insured mortgages.

"Both purchase and refinance volumes decreased, largely due to new regulations announced by the government in the fourth quarter of 2016," the CMHC said.

The new rules also took aim at so-called portfolio insurance, which is insurance that lenders take out in bulk to insure their uninsured loans with the CMHC.

Since last year, mortgages on homes worth more than $1 million, as well as mortgages on investment properties, are no longer eligible to get CMHC portfolio insurance. Those limitations pushed portfolio insurance at the CMHC down by 87 per cent, compared to the end of 2016, to just under 4,700 units during the first three months of 2017.

How to buy a home the right way, according to CMHC
All in, the CMHC is now backing Canadian mortgages valued at $502 billion. That's well below the cap of $600 billion that the CMHC must stay under, and it's also a 10 per cent decline from a year ago.

If the CMHC continues to give out fewer mortgages and less mortgage insurance because of tougher new rules, that $502 billion figure will likely come down further still.

Delinquencies decline, except in Alberta and Saskatchewan

One reason for cautious concern in the numbers is that, while Canada's mortgage delinquency rate is still very low, at just 0.32 per cent, the agency did note a slight uptick in Alberta and Saskatchewan in the number of people falling more than 90 days behind on their mortgage payments.

*Cool Chart Here, QC/AB/ON>> rest*

As of the end of March, there were 8,022 Canadians considered to be delinquent on their home loans, the CMHC said.

The average CMHC-insured homeowner owns more than 35 per cent of the equity in their home, and owes $260,826 on their mortgages as of the end of March, the agency said.

RBC posted:

I never said it wasn't a problem, only that Rime was searching for some crap to feel self righteous about while ignoring my main point. Which is what you are also doing.

RBC posted:

If more people treated renting like buying they would do their due dilligence before moving in and not lease from shady slumlords or in rentals with terrible neighbours. Renting does not have to be a nightmare, if you are a good tenant you can be picky. And if you are anal from day 1 about renters rights and getting everything in writing from your landlord you will not end up renting from a poo poo landlord (because they will avoid you like the plague) and you will be protected from future "situations."

Azerban posted:

their other greatest hits:

http://cottagelife.com/realestate/the-story-of-how-one-young-family-found-their-dream-cottage-for-59000
http://www.cbc.ca/radio/dnto/puttin...rbage-1.3462830

Coolwhoami posted:

unless you propose a minimum standard for good tenant that then forces a landlord to select at random once that threshold is met

RBC posted:

I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow.

RBC posted:

I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow.

Baronjutter posted:

If the banks told me they'd totally lend me 2 million dollars that are guaranteed to turn into 3 million in a few years and then I looked over at the government and they nodded and said "Go for it, I got your back" I'd probably go for it too.

RBC posted:

I dunno why everyone is laughing at the crackhouse media whores, they spent like 1.2 million to buy it and renovate and it's worth 2.5+. Proof you can be a complete goofus in this market and still end up with bags of money somehow.

cowofwar posted:

pro-read

http://commonground.ca/michael-hudson/

quote:

but it requires an educated electorate

Subjunctive posted:

Cold on a Cob posted:

He comes across as pretty smarmy in statements like that. But many of his statements ring true for me.

EvilJoven posted:

Anecdotally, yes. When I was growing up in the 80s my parents had a 25 year mortgage at these absurd rates. They survived it because housing prices were much lower so the monthly payments weren't as bad. They also bought a much smaller semi detached and lived within their means, rather than insisting that they own some gigantic 3000 square foot monster.

That being said, money was tight. We didn't always have the nicest stuff. Buying second hand was always considered before buying new and it sucked being the one stuck with the smallest bedroom in the house that was barely able to fit a twin bed a dresser and a shelf.

I wasn't the only kid in this sort of situation, a lot of my peers also were.

Then mortgage rates started coming down and inflation brought wages up a bit and by the time the economy had left the 87 recession behind it wasn't nearly as financially straining.

And a lot of people started trading up and chasing the big rear end house and suddenly a 'dead end' became a cul-de-sac and used cars became pre-owned and everything started to come with a fancier name and a higher sticker price.

Risky Bisquick posted:

My dad and his friend are currently on a quest for some good ol dented fridges. I pointed them in the right direction the other day.