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https://twitter.com/AmandaMsteph/status/1090664609919381504
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# ? Feb 1, 2019 18:33 |
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# ? May 27, 2024 21:49 |
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So how long should I wait before buying a house once everyone overleverages the poo poo out themselves. (for real though, how long should I wait for the market to actually crater out?)
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# ? Feb 1, 2019 19:57 |
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thread about year-over-year decline in prices, inventory for condos & detached https://twitter.com/SteveSaretsky/status/1091405298848346118
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# ? Feb 1, 2019 20:01 |
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Drewjitsu posted:So how long should I wait before buying a house once everyone overleverages the poo poo out themselves. You must be new to the thread. Welcome! All Canadian real estate is going to crash in a matter of weeks, as has been the case for years. If you purchase property in a large city now you are an idiot because you could save hundreds of thousands of dollars by waiting six months. You will definitely not see any gains on that property in your lifetime.
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# ? Feb 1, 2019 20:02 |
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Drewjitsu posted:So how long should I wait before buying a house once everyone overleverages the poo poo out themselves. Everything is so far gone, when the housing market craters, it will create a series of cascading failures, that will eventually lead to everything literally being on fire. Your only chance for burnt-out husk equity is to buy now. Get on the flaming wreck ladder right now, or be priced out forever. We're 2 weeks away from the 6th anniversary of calling the crash in this very thread.
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# ? Feb 1, 2019 20:03 |
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Powershift posted:Everything is so far gone, when the housing market craters, it will create a series of cascading failures, that will eventually lead to everything literally being on fire. We are basically an apocalyptic death cult but with shelter.
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# ? Feb 1, 2019 20:27 |
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Got it. Buy as soon as possible then resort to mad max style home defence when everything goes to poo poo. Got it. Maybe my crazy, libertarian, gun owning, fatalist, former housemate had it correct.
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# ? Feb 1, 2019 20:33 |
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apatheticman posted:We are basically an apocalyptic death cult but with shelter. praise heloc
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# ? Feb 1, 2019 20:33 |
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Majuju posted:thread about year-over-year decline in prices, inventory for condos & detached This is actually pretty convincing. That condo price drop is bigger than 2008. https://twitter.com/SteveSaretsky/status/1091407882258571264 Then again, the first response: https://twitter.com/TheFallingStar/status/1091405806187118592 Yeah, if you want to buy, make sure you can actually afford what you're buying. There is a very real chance you will not see any money back from it for a long time if ever, but you will at least have a roof over your head. OTOH, if you're aiming leverage yourself to the limit in the hopes that interest rates will stay low and housing prices will increase by 10%/year forever, then you deserve what's coming to you.
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# ? Feb 1, 2019 20:37 |
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Powershift posted:praise heloc As a lifelong renter, I consider this helocentric model of the universe blasphemy.
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# ? Feb 1, 2019 20:40 |
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You can't get bailed out by the Government in a crash if you don't own a home.
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# ? Feb 1, 2019 20:57 |
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What would this hypothetical bailout look like? Helping people refinance at an artificially low rate? Loads of bonus cash for first time home buyers to keep prices up? Can’t believe that is the NDP’s strategy...
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# ? Feb 2, 2019 00:06 |
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The CMHC will bail out the banks, that's its purpose. Defaulted debt just gets shifted onto the public balance sheet, and taxpayers ensure the banks never have a bad quarter! Homeowners will get exactly as much bailout as they got in 2008 in the states, or as they ever have in any housing downturn.
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# ? Feb 2, 2019 00:28 |
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Square Peg posted:The CMHC will bail out the banks, that's its purpose. Defaulted debt just gets shifted onto the public balance sheet, and taxpayers ensure the banks never have a bad quarter! You lose your house. The bank gets paid to foreclose your house. Then they get compensated for the bad bet they made loaning you money. Then the government buys the house from the bank. Then raccoons move in to the house. The bank declares record profits. I think it is called capitalism?
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# ? Feb 2, 2019 03:50 |
This audio interview does a good job of explaining how the thousands of people who bought a presale condo in the last two-ish years in Vancouver are hosed. Mainly that you have to re-qualify for a mortgage based on your lower home value before completion, leaving you to come up with the $50,000+ value that disappeared. https://twitter.com/SteveSaretsky/status/1091735076277108738
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# ? Feb 2, 2019 21:17 |
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mashed_penguin posted:You can't get bailed out by the Government in a crash if you don't own a home. I think you mean hold a mortgage.
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# ? Feb 2, 2019 21:24 |
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UnfortunateSexFart posted:This audio interview does a good job of explaining how the thousands of people who bought a presale condo in the last two-ish years in Vancouver are hosed. Mainly that you have to re-qualify for a mortgage based on your lower home value before completion, leaving you to come up with the $50,000+ value that disappeared. I wonder how many stories of people walking away from deposits till real panic if any starts to spread.
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# ? Feb 3, 2019 00:04 |
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Purgatory Glory posted:I wonder how many stories of people walking away from deposits till real panic if any starts to spread. I remember people walking away from deposits at the bottom in 2009 and it's way deeper this time.
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# ? Feb 3, 2019 00:35 |
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quote:Does Upzoning Boost the Housing Supply and Lower Prices? Maybe Not. This study proves something that anti-poverty activists have long claimed, which is that new developments simply displace existing occupants and replace them with higher earners that can pay higher rents. The problem is that land values can shift instantly, while creating buildings that would result in the demand/supply curve shifting is a longer term process. Of course eventually some new housing needs to be built somewhere. The solution to this problem is something that people have pointed to for a long time, which is that there needs to be more ways for cities to capture land value lift and funnel it back into publicly owned housing. In Vancouver there are already Community Amenity Contributions where the city takes 75% of the land lift on a rezoning. One City has advocated for a Land Value Tax on land values gains when a property is sold.
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# ? Feb 4, 2019 18:45 |
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quote:Second, instead of falling prices, as the conventional wisdom predicts, the study finds the opposite. Housing prices rose on the parcels and in projects that were upzoned, notably those where building sizes increased. Isn't conventional wisdom... the exact opposite. Up-zoning a lot very obviously increases the value and always has.
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# ? Feb 4, 2019 19:54 |
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leftist heap posted:Isn't conventional wisdom... the exact opposite. Up-zoning a lot very obviously increases the value and always has. Depends if you think conventional wisdom comes from the economists or the dumb rear end NIMBYs.
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# ? Feb 4, 2019 20:04 |
New Vancouver desperate house selling strategy: a sealed bid auction for a "$10 million" house, with no minimum price: "SELLER AGREES TO USE sealed bid AUCTION(not live auction), WITHOUT RESERVE MINIMUM PRICE TO START OFFER, ALL OFFERS WILL BE PRESENTED TO THE SELLER ON FEBRUARY 8,2019 at 11am." https://www.point2homes.com/CA/Home-For-Sale/BC/Vancouver/Kerrisdale/6349-ELM-STREET/69744692.html
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# ? Feb 4, 2019 22:35 |
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20 bucks!
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# ? Feb 5, 2019 16:21 |
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What's next, penny bids? Buy a vancouver house for just $4.72! ($10 000 fee per bid)
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# ? Feb 5, 2019 19:07 |
quote:The top end of the market driven largely by foreign buyers, especially Chinese, has been the hardest hit. Prices in posh West Vancouver have plunged 14 percent in a year. https://www.bloomberg.com/news/articles/2019-02-04/biggest-vancouver-home-price-fall-since-2013-is-tip-of-iceberg buuuut I thought foreign money was insignificant???
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# ? Feb 5, 2019 19:23 |
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UnfortunateSexFart posted:https://www.bloomberg.com/news/articles/2019-02-04/biggest-vancouver-home-price-fall-since-2013-is-tip-of-iceberg insouciant
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# ? Feb 5, 2019 20:26 |
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Yessssss realtor and speculator tears
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# ? Feb 5, 2019 21:15 |
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UnfortunateSexFart posted:New Vancouver desperate house selling strategy: a sealed bid auction for a "$10 million" house, with no minimum price: https://www.youtube.com/watch?v=ilTG2r9q_G4
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# ? Feb 5, 2019 22:36 |
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lol and Abundant Housing wonders why people say they're useful idiots for developers. https://twitter.com/theBreakerNews/status/1092890804245258240
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# ? Feb 6, 2019 07:01 |
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honestly though, it owns how they pumped up all these loser candidates like 5kids1cup and Yes-man Hector. what were they thinking? this very likely saved Vancouver from a right-wing majority on council
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# ? Feb 6, 2019 07:16 |
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I hope all of you living in Goonview Goonlands are going to write to the City in support of the social housing / drug rehab centre being proposed at 1st and Clark. https://www.straight.com/news/1197086/market-rates-social-housing-east-vancouver-project-take-high-income-renters https://rezoning.vancouver.ca/applications/1636clark/index.htm quote:Anyone who considers themselves affected by the proposed by-law amendments may speak at the Public Hearing. Please register individually beginning at 8:30 am on February 8 until 5 pm on the day of the Public Hearing by emailing publichearing@vancouver.ca or by calling 604-829-4238. You may also register in person at the door between 5:30 and 6 pm on the day of the Public Hearing. You may submit your comments by email to publichearing@vancouver.ca, or by mail to: City of Vancouver, City Clerk’s Office, 453 West 12th Avenue, Third Floor, Vancouver, BC, V5Y 1V4. All submitted comments will be distributed to Council and posted on the City's website. Please visit vancouver.ca/publichearings for important details. VPD, Vancouver Coastal Health and BC Housing are all pushing for this as being desperately needed, but there are some terrible NIMBYs trying to block it, so every email and speaker in support counts.
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# ? Feb 6, 2019 07:38 |
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THC posted:honestly though, it owns how they pumped up all these loser candidates like 5kids1cup and Yes-man Hector. what were they thinking? this very likely saved Vancouver from a right-wing majority on council Sadly I know of at least one overall left-leaning young person who voted for them, so they may actually have cut into the COPE candidates' votes.
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# ? Feb 6, 2019 07:40 |
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Femtosecond posted:This study proves something that anti-poverty activists have long claimed, which is that new developments simply displace existing occupants and replace them with higher earners that can pay higher rents. The problem is that land values can shift instantly, while creating buildings that would result in the demand/supply curve shifting is a longer term process. The predictable reaction to this study is people saying upzoning doesn't work, but for affordable housing to be built upzoning has to happen anyway unless it's supposed to all be built Somewhere Else or municipalities run roughshod over their own zoning and planning to build it where it currently isn't allowed.
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# ? Feb 6, 2019 19:43 |
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Would rent control help? Like if you can only get X per month rent then surely more apartments = more money? I don't know how to stop them building a million single room studios though.
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# ? Feb 6, 2019 20:05 |
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The only solution is to take the "they" out of the equation and bypass the private market altogether for a majority of housing going forward. -Tax the poo poo out of real-estate and land-speculation, do everything you can to tank the value of land. -Buy up properties from desperate "taxed to death" landlords and property dragons. -Build new housing and protect existing stock.
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# ? Feb 6, 2019 20:51 |
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Baronjutter posted:-Build new housing and protect existing stock. Greenfield suburbs, woo! And people made fun of China for building whole new highly urban "ghost cities" instead of tract housing with a 90 minute one-way commute.
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# ? Feb 6, 2019 21:11 |
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James Baud posted:Greenfield suburbs, woo! I sometimes don't think it's possible for you to interpret people's posts here more disingenuously but there you go.
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# ? Feb 6, 2019 21:16 |
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lmao lets re-inflate this poo poo quote:
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# ? Feb 7, 2019 05:29 |
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Why not a mortgage you can pass on to your grand kids. Call them century mortgages. Come on, let's see million dollar houses in Saskatoon! The difference between a 25 year and 30 year mortgage on a $300,000 house is $153.98/month. In the first 5 years on a fixed rate mortgage at 3.74%, you pay $890.81 less interest and $10,089.41 less principle. Over the full amortization period of the mortgage, you pay $36,969 more in interest. That's just on a $300,000 house, and only 3.74% interest. 30 year mortgages shouldn't be insured by the government, they should be outlawed by the government. e: To keep the same payment as a 25 year/$300,000 mortgage at 3.74%, on a 30 year gets you a $333,263 house. Powershift fucked around with this message at 05:47 on Feb 7, 2019 |
# ? Feb 7, 2019 05:42 |
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# ? May 27, 2024 21:49 |
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Femtosecond posted:lmao lets re-inflate this poo poo This stupid country. We are so completely hosed.
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# ? Feb 7, 2019 05:43 |