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.

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namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/news1130/status/930532420389965824

# ? Nov 14, 2017 21:35

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# ? May 24, 2024 18:16

just another: Oct 16, 2009; these dead towns that make the maps wrong now

It seems like just yesterday that fears of the influence of Chinese capital were dismissed as xenophobia.

# ? Nov 14, 2017 21:55

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

hahaha vancouver is loving doomed

# ? Nov 14, 2017 21:56

Rime: Nov 2, 2011; by Games Forum

The original bylaw had more teeth than this pile of poo poo, what a joke.

# ? Nov 14, 2017 22:11

JawKnee: Mar 24, 2007; You'll take the ride to leave this town along that yellow line

lol $50/yr

brb, renting a second apartment and turning mine into a $3000/month ab&b

# ? Nov 14, 2017 22:15

namaste friends: Sep 18, 2004; by Smythe

Rime posted:

The original bylaw had more teeth than this pile of poo poo, what a joke.

What's the difference?

# ? Nov 14, 2017 22:25

cowofwar: Jul 30, 2002; by Athanatos

Hhahahahha let�s floor this gas pedal and take the bubble to the moon!

# ? Nov 14, 2017 22:31

HookShot: Dec 26, 2005

gently caress off, CoV.

# ? Nov 14, 2017 22:32

Rime: Nov 2, 2011; by Games Forum

The old bylaw was "this is illegal, gently caress off" but not enforced. The new bylaw is a pile of loopholes and edge-cases and semi-legalizations which will also not be enforced.

The city had a better PR position when they weren't enforcing the harder version.

# ? Nov 14, 2017 22:45

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

How many stratas are actually allowing AirBnB? If there's one thing that make a condo board director turgid, it's the thought of levying a massive fine on someone who ~~broke the rules~~ didn't first bribe them to allow it, so it would seem like an easier route for detection and enforcement, rather than having the city do it.

# ? Nov 14, 2017 23:59

Skizzzer: Sep 27, 2011

PT6A posted:

How many stratas are actually allowing AirBnB? If there's one thing that make a condo board director turgid, it's the thought of levying a massive fine on someone who ~~broke the rules~~ didn't first bribe them to allow it, so it would seem like an easier route for detection and enforcement, rather than having the city do it.

does the city even know that? weren't they trying to shut down that anonymous twitter account that kept reporting illegal AirBnbs? It should be the city that reinforces this poo poo, goddamn. you would think the first step is to get some stats on Airbnb properties in Van. (not angry at you, in case that wasn't clear)

# ? Nov 15, 2017 00:16

Rime: Nov 2, 2011; by Games Forum

The person in charge of all this at the city was formerly a consultant for Airbnb, what do you expect? CoV has to be one of the most blatantly corrupt municipalities in the country.

# ? Nov 15, 2017 00:21

Juul-Whip: Mar 10, 2008

uh actually quebec is the most corrupt province :smugbert:

# ? Nov 15, 2017 00:47

etalian: Mar 20, 2006

cowofwar posted:

Hhahahahha let�s floor this gas pedal and take the bubble to the moon!

At least this means you would no longer be in Vancouver....

# ? Nov 15, 2017 01:49

cowofwar: Jul 30, 2002; by Athanatos

etalian posted:

At least this means you would no longer be in Vancouver....

wut

# ? Nov 15, 2017 01:52

Powershift: Nov 23, 2009

THC posted:

uh actually quebec is the most corrupt province

Openly corrupt. Quebec is the most openly corrupt province.

You can still afford a house in there, but have to hire Montreal Mafia connected contractors to remodel it or your permit gets denied. It's known and people live with it.

BC still holds most corrupt.

# ? Nov 15, 2017 02:35

namaste friends: Sep 18, 2004; by Smythe

And Montreal is loving dope

# ? Nov 15, 2017 03:05

Femtosecond: Aug 2, 2003

There's lots of teeth in the Airbnb bylaw. It only legalizes primary residences, and not even secondary suites in a primary residence. This means that it is legal to rent out your condo while you're away in Mexico for two weeks, but illegal to buy an investment condo for the purposes of constantly renting it out on Airbnb like a hotel business.

If the city actually enforces this (a big if) it would be impactful on vacancy and affordability.

# ? Nov 15, 2017 04:07

namaste friends: Sep 18, 2004; by Smythe

but you and mr wynand know that airbnb has no impact on the rental market

# ? Nov 15, 2017 04:17

I would blow Dane Cook: Dec 26, 2008

quote:

My Uber driver has six houses, but will the bank know about it?

On the way back from a meeting last week I caught an Uber and the driver told me he had six investment properties. He had previously been a chef.

A week earlier a taxi driver told me he had two houses.

As a property editor, I was keen for an explanation about their housing investment, which they were happy to give.

They had equity buffers, they said, but the debt serviceability? They sort of glossed over that.

I raised my eyebrows being the boring conservative I am with money, and thought about my recent meeting with a credit ratings agency.

At the meeting I was told that the majority of banks in Australia do not require a home loan borrower to inform them if they have lost their job.

As long as they keep paying the loan off it doesn't matter that they haven't told the bank they have just been laid off (probably because a robot replaced them and robots don't have houses).

And if the banks don't know about this job loss then that also means credit rating agencies don't know either.

Fitch's David Carroll reminds us that: "The loan-by-loan information provided after closing may contain less detail about the original borrower and property characteristics than that provided prior to the transaction closing."

There are plenty of data points the credit rating agencies look at including employment type, such as self-employed, which carries a higher risk, but the agency is not informed as to whether the borrower has become unemployed after taking on a loan.

The measures that determine the credit rating that the agencies give the banks' property loans is determined by a long list of factors and in the past month, banks have announced they will start requiring and reporting more detailed information.

Commonwealth Bank of Australia said in October it would begin supplying better data on $400 billion in loans including customer repayment history, borrowing limits, when mortgages were initiated and how long loans had left to run, but nothing about forcing a borrower to inform them of being unemployed.

Delinquency has started to show up

Westpac Banking Group also recently announced that it would introduce a new range of policies intended to tighten lending by increasing scrutiny of borrowers' income. But again, no need to disclose that the borrower has lost their job or say moved from a cushy white collar job to driving an Uber, which surely has to have some impact on their ability to service debt.

So if unemployment starts to spike in official figures it may not be for a while that we see the rate of home loan delinquency start to rise.

If business gets bad, the Uber driver I met might sell one of his houses and use the equity to service the debt in another.

Certainly delinquency has started to show up in areas where unemployment has increased. Western Australia, where the mining boom has petered out, now accounts for half of the ANZ bank's home loan losses.

In August, the country's biggest mortgage lender CBA said Western Australia also led its portfolio in terms of home-loan arrears, with a rising 1.23 per cent rate, which is twice the national average.

But unlike the US, when someone loses their job and can't repay the loan, they can't just walk away from it. They will have to sell and make sure the bank is fully repaid.

In the US they could walk away. They called it jingle mail there, because borrowers would simply put the keys in an envelope and give it back to the bank to deal with.

In Australia, the banks are only protected to the point that the borrower is willing to declare bankruptcy.

After that, the banks will have to deal with it.

And if interest rates rise and home values fall, which they are doing, then it could get very hard to deal with.

So maybe my next Uber driver will be a banker, but I doubt the bank will know about it.

http://www.afr.com/real-estate/my-uber-driver-has-6-houses-but-will-the-bank-know-about-it-20171110-gzj1d3

# ? Nov 15, 2017 12:46

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/bcnewswire/status/930821416911380481

# ? Nov 15, 2017 19:00

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

namaste faggots posted:

https://twitter.com/bcnewswire/status/930821416911380481

lmfao

'you're not against PRIVACY are you?! do you, as a canadian citizen, want your medical records put online?! then this breach is bad and no different mmmkay?'

# ? Nov 15, 2017 19:01

Juul-Whip: Mar 10, 2008

https://twitter.com/j_mcelroy/status/930883322481336320

nuke vancouver

quote:

You feel poor�in a good way

I can�t be the only one who�s eaten instant noodles in Yaletown between jobs. As you saunter down the streets of this blessed neighbourhood, you�re surrounded by all sorts of unaffordable things � the restaurants and the clothing stores, for starters. Yes, you feel impoverished, but Yaletown serves as reinforcement for getting your act together. It makes you want to be a better person so you�ll always have a wad of cash in your bag.

Juul-Whip fucked around with this message at 21:07 on Nov 15, 2017

# ? Nov 15, 2017 21:04

namaste friends: Sep 18, 2004; by Smythe

Motherfucker don't make us give them a click

# ? Nov 15, 2017 21:34

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

quote:

It makes you want to be a better person so you�ll always have a wad of cash in your bag.

The only thing worse than the rich is the aspirational rich who equate money with worthiness.

Also rich people don't carry cash, lol

# ? Nov 15, 2017 21:54

cowofwar: Jul 30, 2002; by Athanatos

If you don�t like money and don�t like food and like microcondos and don�t like quiet and don�t like being comfortable at night then yaletown is the place for you!

Also astroturf everywhere along the sidewalks that loving reek of dog urine.

# ? Nov 15, 2017 22:01

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

living in yaletown is convenient if you sell coke or steroids i guess

# ? Nov 15, 2017 22:15

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

I've got this great idea for a startup, here's the pitch

we make guillotines

It'll be really disruptive

# ? Nov 15, 2017 22:22

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

Will they have wifi and be controlled by an app? It's not truely disruptive unless it's web connected and has an app.

# ? Nov 15, 2017 22:26

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

Can we call it the Cuttr?

# ? Nov 15, 2017 22:26

namaste friends: Sep 18, 2004; by Smythe

Hey gently caress off cuttr is the name of my app for women with daddy issues

# ? Nov 15, 2017 22:32

rgocs: Nov 9, 2011

EvilJoven posted:

Will they have wifi and be controlled by an app? It's not truely disruptive unless it's web connected and has an app.

You joke, but it would definitely be useful to automatically send people in the vicinity an alert with the precise location and time one is going to be used. Can't really use a gillotine without a crowd.

# ? Nov 15, 2017 22:36

Square Peg: Nov 11, 2008

rgocs posted:

You joke, but it would definitely be useful to automatically send people in the vicinity an alert with the precise location and time one is going to be used. Can't really use a gillotine without a crowd.

Better yet, just have the app pop up with a list of crimes/net worth and yea or nay buttons, with a certain threshold & quota automatically releasing the blade and livestreaming the results.
Democracy in action!

EvilJoven posted:

Can we call it the Cuttr?

Slicero

# ? Nov 15, 2017 22:43

cowofwar: Jul 30, 2002; by Athanatos

Tighclops posted:

I've got this great idea for a startup, here's the pitch

we make guillotines

It'll be really disruptive

https://twitter.com/leyawn/status/860199590599020544/photo/1

# ? Nov 15, 2017 23:40

quaint bucket: Nov 29, 2007

cowofwar posted:

https://twitter.com/leyawn/status/860199590599020544/photo/1

So if you don�t like certain people very much, just put them on the far right

# ? Nov 16, 2017 02:22

namaste friends: Sep 18, 2004; by Smythe

https://twitter.com/warrenbrazier/status/930933040011812864

# ? Nov 16, 2017 03:43

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

Google Maps has a new satellite image for the area east of me and you can see what happens when condo developers buy out an entire single family home neighbourhood.

It's even more clear-cut now, every single house shown in this photo - minus about three hold-outs - is getting demolished, even though the new height limit is only six storeys. Was a blue collar dock worker neighbourhood, now will be an extension of super-yuppified "LoLo," with prices over $1,000 per square foot.

# ? Nov 16, 2017 04:41

namaste friends: Sep 18, 2004; by Smythe

Real estate can only go up best place on earth

# ? Nov 16, 2017 04:46

Purgatory Glory: Feb 20, 2005

namaste faggots posted:

https://twitter.com/warrenbrazier/status/930933040011812864

Racists! Let them money launder in peace.

# ? Nov 16, 2017 04:55

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# ? May 24, 2024 18:16

Jan: Feb 27, 2008; The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.

UnfortunateSexFart posted:

Google Maps has a new satellite image for the area east of me and you can see what happens when condo developers buy out an entire single family home neighbourhood.

It's even more clear-cut now, every single house shown in this photo - minus about three hold-outs - is getting demolished, even though the new height limit is only six storeys. Was a blue collar dock worker neighbourhood, now will be an extension of super-yuppified "LoLo," with prices over $1,000 per square foot.

Your screenshot didn't include the industrial harbour and train terminals just across the road south of there. :allears:

# ? Nov 16, 2017 05:01

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

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