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

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Dreylad: Jun 19, 2001

I'm really (self)interested to see what this is gonna do to the Toronto rental market.

# ? Aug 3, 2017 18:44

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# ? May 22, 2024 02:40

Baronjutter: Dec 31, 2007; "Tiny Trains"

Even if everything in Canada loses 25% it's still insanely over-priced and out of reach of most people without it becoming their one and only investment for retirement. Destroy housing as an investment.

# ? Aug 3, 2017 18:45

leftist heap: Feb 28, 2013; Fun Shoe

The soft landing is upon us.

# ? Aug 3, 2017 18:52

McGavin: Sep 18, 2012

mashed_penguin posted:

http://www.cbc.ca/news/canada/british-columbia/buyer-who-walked-away-from-real-estate-deal-ordered-to-pay-360k-1.4232844

This one is from when the foreign buyers tax came in.

$1.25 million in Newton. Yikes.

# ? Aug 3, 2017 19:04

namaste friends: Sep 18, 2004; by Smythe

McGavin posted:

$1.25 million in Newton. Yikes.

That's the most insane thing. A million to live in loving newton

# ? Aug 3, 2017 19:37

mashed: Jul 27, 2004

Now they get to pay $325K to not live in Newton :v:

Presuming they have recoverable assets in Canada and haven't run away overseas.

# ? Aug 3, 2017 20:53

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

Earnest money is wired as part of the P&S execution, no? That's how I've always seen it done.

# ? Aug 3, 2017 20:56

blah_blah: Apr 15, 2006

Subjunctive posted:

Earnest money is wired as part of the P&S execution, no? That's how I've always seen it done.

Yes, and it was in this case (at least as I read it), but your liability for reneging is not capped at the earnest money.

# ? Aug 3, 2017 21:47

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

Oh, true.

# ? Aug 3, 2017 21:53

mashed: Jul 27, 2004

Yeah they got a judgement against them that is 6x their deposit. They didn't bother to show up at trial and their lawyer claims they are appealing so :iiam:

what will happen in the end.

# ? Aug 3, 2017 22:29

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

mashed_penguin posted:

Yeah they got a judgement against them that is 6x their deposit. They didn't bother to show up at trial and their lawyer claims they are appealing so what will happen in the end.

The multiple of deposit statistic doesn't really matter at all though right? I thought that was weird they included it. Once you default on that deal, the court is going to look at what that default cost the seller who could have sold it to someone else. The deposit is mainly just there as a consideration to prove the deal is finalized.

# ? Aug 3, 2017 22:38

mashed: Jul 27, 2004

Postess with the Mostest posted:

The multiple of deposit statistic doesn't really matter at all though right? I thought that was weird they included it. Once you default on that deal, the court is going to look at what that default cost the seller who could have sold it to someone else. The deposit is mainly just there as a consideration to prove the deal is finalized.

I think it was just to illustrate how much bigger the judgement was than the deposit they had paid. I'm guessing people are familiar with the idea of losing a deposit if you bail on the deal but maybe not so much the difference between your offer and what the seller ends up selling for if you bail.

# ? Aug 3, 2017 22:46

namaste friends: Sep 18, 2004; by Smythe

https://www.bloomberg.com/news/articles/2017-08-03/hong-kong-s-tiny-flats-pile-up-as-property-market-dangers-grow

quote:

Hong Kong's Tiny Flats Pile Up Unsold

Tiny flats are flooding Hong Kong as developers rush to target first-time buyers struggling to get into the world�s priciest market.

Inventories of new flats smaller than 431 square feet (40 square meters) rose to about 1,400 at the end of June, according to Centaline Property Agency. Wong Leung-Sing, an associate director of research, said the number may rise to about 2,000 by year end, the highest in data that started in 2014. The figures include dwellings yet to be completed.

The wave of smaller flats is testimony to the price surge that has put bigger homes beyond the reach of many buyers and triggered warnings from analysts and officials that the city is at risk of a property crash. Financial Secretary Paul Chan has cautioned of a �dangerous situation� after repeated efforts to cool the market.

Developers built 2,346 pint-sized flats in the first five months of 2017, or 60 percent of last year�s total. Annual construction of small apartments surged more than 500 percent from 2011 to 2016, according to government data.

A 150 square foot home -- slightly bigger than a car park -- can cost HK$2.8 million ($358,000) at the AVA 61 project in one of Hong Kong�s poorest districts, Sham Shui Po, according to the Apple Daily newspaper. At that development, 82 of 95 units had sold as of Thursday after sales began in June, and the agent for the project, Midland Realty, says Hong Kong�s record prices will continue to support demand for small units.

While developers can cut prices to clear inventory as needed, some analysts are concerned that buyers could end up with units they can�t resell.

�It could be dangerous when these small flats are unleashed onto the second-hand market after the demand is filled up in the next three to five years,� Bocom International Holdings Co. analyst Alfred Lau said.

meanwhile in hong kong

# ? Aug 4, 2017 00:39

ephori: Sep 1, 2006; Dinosaur Gum

I sold my house in Ladner in 2016, left Canada, and became a rental dalit halfway because of this goddamn thread which I have been reading obsessively for years and I have been hearing what a huge mistake I made from my family non-stop ever since. I am absolutely starving for any news of a ceiling being reached, let alone the bottom starting to fall out. I'm hoping I can go back and buy my own house back for half price when Trump kicks me out of the US.

# ? Aug 4, 2017 00:49

Evis: Feb 28, 2007; Flying Spaghetti Monster

When the crash happens you won't want to buy because you'll be worried it'll continue to drop.

# ? Aug 4, 2017 01:31

I would blow Dane Cook: Dec 26, 2008

Developers are funny

quote:

�Lip service�: Green walls in Brisbane�s West End labelled a failure

Angry Brisbane residents have hit out at a developer for failing to deliver on promises to build a green wall on South Brisbane apartment building, Soda.

Pictures attached to a Facebook post by the West End Community Association show several plastic-potted plants sitting along an awning, none of which appear to have grown in the 12 months the block has been completed.

For comparison, the association included a render of the building that was used in developer GDL Group�s application for the building � in the image, Soda was covered in significantly more foliage than the final product.

https://www.domain.com.au/news/lip-service-green-walls-in-brisbanes-west-end-labelled-a-failure-20170804-gxocy3/

# ? Aug 4, 2017 01:38

cowofwar: Jul 30, 2002; by Athanatos

Abbortsford wants more development

http://www.cbc.ca/news/canada/british-columbia/abbotsford-agricultural-land-industrial-development-1.4231622

# ? Aug 4, 2017 02:36

namaste friends: Sep 18, 2004; by Smythe

cowofwar posted:

Abbortsford wants more development

http://www.cbc.ca/news/canada/british-columbia/abbotsford-agricultural-land-industrial-development-1.4231622

I'm remarkable OK with that

# ? Aug 4, 2017 02:37

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

Evis posted:

When the crash happens you won't want to buy because you'll be worried it'll continue to drop.

You gotta take the emotion and chart reading poo poo out of it. Just do your homework beforehand and pick a price you think is worthwhile to pay for [asset], and would be happy to own it at.

Yeah you'll never nail the absolute bottom, but who cares? You bought [thing] at a price you felt was fair and affordable.

Way less stressful, and more likely than not if you'd played it by feel and got caught up in your emotions, you'd buy too early, too late, or get paralyzed and never strike at all.

Same deal goes for selling poo poo.

# ? Aug 4, 2017 02:41

the talent deficit: Dec 20, 2003; self-deprecation is a very british trait, and problems can arise when the british attempt to do so with a foreign culture

ephori posted:

I sold my house in Ladner in 2016, left Canada, and became a rental dalit halfway because of this goddamn thread which I have been reading obsessively for years and I have been hearing what a huge mistake I made from my family non-stop ever since. I am absolutely starving for any news of a ceiling being reached, let alone the bottom starting to fall out. I'm hoping I can go back and buy my own house back for half price when Trump kicks me out of the US.

my parents and brother own in ladner and they are shook. they think they should have sold last fall. you did fine

# ? Aug 4, 2017 02:48

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

The Butcher posted:

You gotta take the emotion and chart reading poo poo out of it. Just do your homework beforehand and pick a price you think is worthwhile to pay for [asset], and would be happy to own it at.

Yeah you'll never nail the absolute bottom, but who cares? You bought [thing] at a price you felt was fair and affordable.

Way less stressful, and more likely than not if you'd played it by feel and got caught up in your emotions, you'd buy too early, too late, or get paralyzed and never strike at all.

Same deal goes for selling poo poo.

But but but underwater.

# ? Aug 4, 2017 02:50

namaste friends: Sep 18, 2004; by Smythe

the talent deficit posted:

my parents and brother own in ladner and they are shook. they think they should have sold last fall. you did fine

Why are they so shook? I thought all owners were OK with declining prices because they need a house to LIVE in and it's not an INVESTMENT

# ? Aug 4, 2017 03:06

Guest2553: Aug 3, 2012

namaste faggots posted:

Why are they so shook? I thought all owners were OK with declining prices because they need a house to LIVE in and it's not an INVESTMENT

Don't act like you're not enjoying this, I can feel the heat radiating from your monstrous priapism through my computer screen

# ? Aug 4, 2017 03:55

sitchensis: Mar 4, 2009

namaste faggots posted:

I'm remarkable OK with that

lol if u think it won't immediately be rezoned from industrial to single family residential

of all people you should be the one who knows that there is no industry but the real estate industry in Canada anymore

# ? Aug 4, 2017 04:36

Femtosecond: Aug 2, 2003

cowofwar posted:

Abbortsford wants more development

http://www.cbc.ca/news/canada/british-columbia/abbotsford-agricultural-land-industrial-development-1.4231622

Abbotsford is a sprawling mess but of course the notion of any sort of redevelopment and intensification of existing zoning is not possible.

Instead the rules need to be changed so that cheap agricultural land can get turned into industrial and cheap industrial can get turned into more residential.

# ? Aug 4, 2017 04:59

Femtosecond: Aug 2, 2003

The best thing about living here after smoked salmon is cheap blueberries, so as far as I'm concerned we need to be expanding agricultural land in blueberry country.

# ? Aug 4, 2017 05:13

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

The best blueberries grow wild on the Canadian shield and if you aren't getting berries from wild berry pickers in Northern Ontario and Quebec you're missing out. They make farm berries taste like crap.

# ? Aug 4, 2017 05:35

Powershift: Nov 23, 2009

Wild blueberries lose 90% of their flavor once they're picked off the plant. If you're not traveling there yourself and chewing them straight off plant, you might as well be eating american blueberries.

# ? Aug 4, 2017 05:39

Baronjutter: Dec 31, 2007; "Tiny Trains"

I got a single little farm up in central Saanich that i go to and pretty much eat them straight off the bush and it's good. gently caress I love blueberries and gently caress I hate tasteless imported stuff. gently caress beerchat, it's blueberry time.

Baronjutter fucked around with this message at 06:41 on Aug 4, 2017

# ? Aug 4, 2017 05:59

namaste friends: Sep 18, 2004; by Smythe

Rages about the importance of slow local food
Is angry about missing Kyoto targets

Takes intercontinental flights for holidays

# ? Aug 4, 2017 06:07

Furnaceface: Oct 21, 2004

namaste faggots posted:

Rages about the importance of slow local food
Is angry about missing Kyoto targets

Takes intercontinental flights for holidays

Distilled Canadian

# ? Aug 4, 2017 06:22

Baronjutter: Dec 31, 2007; "Tiny Trains"

As long as you don't have a kid you're doing more than every greenwashed yuppie idiot or LEED DOUBLE PLATINUM certified building apparently.

# ? Aug 4, 2017 06:42

ChickenWing: Jul 22, 2010

Baronjutter posted:

As long as you don't have a kid you're doing more than every greenwashed yuppie idiot or LEED DOUBLE PLATINUM certified building apparently.

If you hold in a fart you're generally doing more than a LEED DOUBLE PLATINUM certified building

# ? Aug 4, 2017 13:22

apatheticman: May 13, 2003; Wedge Regret

Baronjutter posted:

As long as you don't have a kid you're doing more than every greenwashed yuppie idiot or LEED DOUBLE PLATINUM certified building apparently.

Where is the childless couple tax credit?!

# ? Aug 4, 2017 13:27

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/stephenfgordon/status/893463063231385600

It's not happening.

http://www.nationalpost.com/m/tale+systems/2514268/story.html

quote:

If you�re contemplating a major real estate decision, you should take the time to understand why two reputable surveys can come to such different conclusions. The CREA survey is good for measuring sales activity and it is packed with information, especially at the local level. Unfortunately, it�s flawed when it comes to taking the pulse of the nationwide housing market, because the mix of homes sold through MLS nationwide can jump around from one month to the next. If luxury homes in Vancouver dominate the sales mix this month, prices may appear to have jumped. On the other hand, if low-priced starter homes in Saint John are the property choice du jour, prices may appear to have slumped. The swing in the mix from month to month means that you can fall into the trap of comparing apples to oranges. The Teranet-National Bank index avoids that problem. It tracks only homes that have previously been sold and it compares each sale price to the previous price for the same property, so you�re always comparing apples to apples.

To my mind, the Teranet-National Bank index provides a more realistic picture of how prices are moving than CREA does. It isn�t perfect, mind you. It measures activity in only six cities (Halifax, Montreal, Ottawa, Toronto, Calgary, Vancouver). Still, it�s the closest thing we have to a reliable measuring stick for what�s happening to the prices of the homes we live in. And right now, it�s suggesting the national real estate boom is a lot less boom-like than you think.

# ? Aug 4, 2017 15:02

McGavin: Sep 18, 2012

EvilJoven posted:

The best blueberries grow wild on the Canadian shield and if you aren't getting berries from wild berry pickers in Northern Ontario and Quebec you're missing out. They make farm berries taste like crap.

Everyone in Vancouver knows that the sweetest blueberries are picked by impoverished geriatric Sikhs, who pray every day that they die quickly when the seatless cargo van they cram into to get to work inevitably rolls over, just so they don't have to endure one more day of backbreaking labour to earn enough to eat.

# ? Aug 4, 2017 15:05

namaste friends: Sep 18, 2004; by Smythe

Those are all family members of the farm owner so maybe you should stop sticking your nose into family business

# ? Aug 4, 2017 15:10

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

McGavin posted:

Everyone in Vancouver knows that the sweetest blueberries are picked by impoverished geriatric Sikhs, who pray every day that they die quickly when the seatless cargo van they cram into to get to work inevitably rolls over, just so they don't have to endure one more day of backbreaking labour to earn enough to eat.

drool

Now I have to get some blueberries.

# ? Aug 4, 2017 15:10

namaste friends: Sep 18, 2004; by Smythe

http://bc.ctvnews.ca/mobile/langley-couple-faces-100-000-in-repairs-to-new-home-1.3526887

quote:

Langley couple faces $100,000 in repairs to new home

When you pay hundreds of thousands of dollars for a new home, you wouldn't expect to face tens of thousands of dollars in repairs right after moving in, but that's what happened to a Langley couple who ran into trouble with their builder.

Lydia Cabral purchased her 3,200-square-foot home for $668,000. But just two years later the structure needed repairs costing almost $100,000.

�Right when you walk into the bathroom, it sloped downward,� she explained to CTV�s Ross McLaughlin.

�Where�s the tub?� McLaughlin asked.

�It wasn�t supported underneath,� she said.

The floors in the home didn�t line up, the shower leaked and in the front bedroom and the wall didn�t meet the floor and it had to be shored up.
�It�s a framing problem,� said Cabral, �I blame the builder.�

Cabral says the builder, Jasbir Dhaliwal with SDS New Homes, never fixed the problems, so she had to file a claim against their home warranty.
"We showed him many, many times. He ignored it. We had a list that was more than 100 items long and he didn't want to look at any of it," she said.

An inspector with the home warranty approved repairs on many of the items on that list, and Cabral says the cost of repairs is now more than $100,000.

The repairs have been going on for a year. The family had to move their stuff into the garage, and move out of the home with their four-year old daughter, while even more problems were discovered. The home warranty company has hired another contractor to fix those issues.

�The contractor called us and said they found water on the floor, there's a crack in the foundation," said Cabral.
SDS New Homes is registered with the home protection office and is also a licensed home builder so fortunately there was a warranty, but McLaughlin wanted to know why he wasn�t taking care of the problems.

Dhaliwal and his company are building another house in the neighbourhood, so McLaughlin and Cabral went to speak with Dhaliwal at his new project.

When they arrived he claimed there was a language barrier and asked for an interpreter. Fortunately, CTV cameraperson Jazz Sanghera was able to speak his language.

"You understood very well when we purchased the home from you. You understood English very well when we tried to tell you all the issues," said Cabral to Dhaliwal.
McLaughlin wanted to know what went wrong with Cabral�s house.

"The main problem is the floor, right? The floor is not even,� explained Dhaliwal, �Sometimes the tradesmen did the mistake, right?�

�But you�re responsible for the trades,� said McLaughlin, �You�re the builder. So why didn�t you take care of it?�

Dhaliwal didn�t answer, but since the question was asked in English, maybe it was the language barrier again.

McLaughlin asked if he had anything left to say to Cabral.

�I�m sorry she had a hard time,� said Dhaliwal, �I�m really sorry.�

the reddit comments are awesome

https://www.reddit.com/r/vancouver/comments/6rgjue/100000_needed_in_repairs_to_an_almost_new_house/

# ? Aug 4, 2017 15:39

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# ? May 22, 2024 02:40

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

Best thing about picking your own blueberries is you can choose those nice tart half-ripe ones.... so good.

# ? Aug 4, 2017 15:40

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