|
incontinence 100 posted:Wait until your NDP friend finds out Jagmeet wants to increase the capital gains tax to 75%. And also to bring in a wealth tax that will prevent hard working middle class Canadians from catching up to the world's rich.
|
#
?
Jun 19, 2019 02:17
|
|
|
|
| # ? May 22, 2024 07:25 |
|
|
We need to massively expand tax free savings account limits to help the working poor grow their retirement investment portfolios.
|
|
#
?
Jun 19, 2019 02:22
|
|
|
taxing family gifts over 5k or something like that would loving wreck the market
|
|
#
?
Jun 19, 2019 02:28
|
|
|
Death taxes are morally wrong!
|
|
#
?
Jun 19, 2019 02:56
|
|
|
Baronjutter posted:I got into a big thing with some NDP guy who thinks it's "classist" and "pulling up the ladder" to say that poo poo like first time homebuyer's grants and poo poo are bad. The level of stupidity found in the masses are going to doom our species. 50-year mortgages...yeesh. Does that guy work for a bank?
|
|
#
?
Jun 19, 2019 03:50
|
|
|
"Anything to get people into homes" it's exactly this kind of ridiculously careless mindset that caused the financial crisis in '07. These people are acting like once a home has been purchased that suddenly life will be carefree and there won't be any significant maintenance costs of the property let alone the mortgage payments (most of which you won't see again because interest lol). Renting also needs to stop being a borderline stigma, there's absolutely nothing wrong with it. qhat fucked around with this message at 06:35 on Jun 19, 2019 |
|
#
?
Jun 19, 2019 06:32
|
|
|
Baronjutter posted:We need to massively expand tax free savings account limits to help the working poor grow their retirement investment portfolios. This. Focus also needs to be taken off the RRSP, nobody under $100k/year can fill that up and you might actually need that money for things other than putting a deposit on a shabby overpriced house.
|
|
#
?
Jun 19, 2019 06:41
|
|
|
https://www.cbc.ca/news/canada/calgary/chinatown-condo-development-calgary-1.5180914quote:"We're OK if they do development. But let's not destroy the culture and characteristics of Chinatown." lol The parking lot in question, center.  surrounded by condos, office buildings, and a dying hippie mall. The Lot is 2 blocks away from what is actually chinatown, and half of downtown calgary is empty parking lots because there are billions of empty offices.  e: The big china scam mall outside of calgary is still completely hosed, too. https://newhorizonmall.com/interactive-map/#/ Powershift fucked around with this message at 12:59 on Jun 19, 2019 |
|
#
?
Jun 19, 2019 12:33
|
|
|
cowofwar posted:I am conflicted because it is good that a lot of speculators are taking a bath but all that money went to rear end in a top hat boomers who cashed out. The speculators are more undeserving.
|
|
#
?
Jun 19, 2019 13:17
|
|
|
You can build anywhere you want as long as I can't see it from my backyard. Also we care about pedestrian safety above all else, so let's have more surface parking lots. It's hard to count the ways these fuckers contradict themselves.
|
|
#
?
Jun 19, 2019 15:44
|
|
|
qhat posted:Renting also needs to stop being a borderline stigma, there's absolutely nothing wrong with it. Renting would get a better rep if the vast majority of landlords weren't useless dogshit slowly letting their property degrade until till they sell it for a profit and buy another one and/or renovict you.
|
|
#
?
Jun 19, 2019 17:01
|
|
|
If you think these are the worst things West Vancouverites say, well https://dailyhive.com/vancouver/west-vancouver-b-line-protester-comments-march-4-2019 quote:1. I am certainly not culturally entitled
|
|
#
?
Jun 19, 2019 17:04
|
|
|
If I won the lottery I'd spend at least a couple hundred thousand publicizing these folk on large billboards in east van. Names, faces, net worth, and specific quotes. And then let the market do the needful when the time comes.
|
|
#
?
Jun 19, 2019 18:38
|
|
|
CRISPYBABY posted:Renting would get a better rep if the vast majority of landlords weren't useless dogshit slowly letting their property degrade until till they sell it for a profit and buy another one and/or renovict you. I think another big part of the problem is that urban density in Canada is still a relatively new thing, so you've only really got the population since Gen X used to the concept that not everyone is entitled to their own personal half-acre. Plus, in the end, there's really no getting away from the idea that you're throwing a big pile of cash into a bottomless pit on the first of every month. Sure, it's frequently a better idea than throwing a similar amount of cash at a giant wall of interest, but at least with that you get the vague promise of the teensy bit of principal you've chipped off.
|
|
#
?
Jun 19, 2019 19:11
|
|
|
And you get a pile of often-hard-to-predict maintenance expenses, of course.
|
|
#
?
Jun 19, 2019 19:42
|
|
|
Subjunctive posted:And you get a pile of often-hard-to-predict maintenance expenses, of course. Or easy to predict but impossible to get your strata council to do anything about.
|
|
#
?
Jun 19, 2019 21:36
|
|
|
CRISPYBABY posted:Renting would get a better rep if the vast majority of landlords weren't useless dogshit slowly letting their property degrade until till they sell it for a profit and buy another one and/or renovict you. Yeah for sure, but I think there's an underlying impression some people get about you if you own vs rent, that you're more responsible or fiscally secure or something, which just flat out has nothing to do with renting vs owning.
|
|
#
?
Jun 19, 2019 22:01
|
|
|
Mandibular Fiasco posted:https://globalnews.ca/news/5366848/renting-for-life-canada-germany/ Eh if they're a professional couple with an international flavour, they're not going to move to an 'average rent' location in Germany. The few attractive cities are almost as hosed as the ones in Canada or similar countries. Concentration pressure on AAA/AA cities is relentless, 2nd and 3rd tier are slightly up or holding steady, and our rural areas are bleeding out just like everyone elses. If they think they can get a nice apt in Munich for under 2500 they have a surprise coming, unless they go out into the sticks or the horrible 70's housing projects on the outskirts. sauer kraut fucked around with this message at 02:16 on Jun 20, 2019 |
|
#
?
Jun 20, 2019 02:09
|
|
|
 Schadenfreude time. quote:Pre-sale condo buyers back out of contracts as market slows in Lower Mainland But... housing only goes up???
|
|
#
?
Jun 20, 2019 16:43
|
|
|
I'm still baffled at the idea of a condo pre-sale even after all this time
|
|
#
?
Jun 20, 2019 17:06
|
|
|
leftist heap posted:I'm still baffled at the idea of a condo pre-sale even after all this time Buy now because next year that condo will be 100k more expensive!!!
|
|
#
?
Jun 20, 2019 21:52
|
|
|
Baronjutter posted:Buy now because next year that condo will be 100k more expensive!!! I'm baffled that it's so normalised that banks won't finance construction if there aren't presales.
|
|
#
?
Jun 20, 2019 22:03
|
|
|
Lead out in cuffs posted:I'm baffled that it's so normalised that banks won't finance construction if there aren't presales. It makes perfect sense from the bank's perspective.
|
|
#
?
Jun 20, 2019 22:47
|
|
|
It's almost like the banks don't believe housing will always go up anymore
|
|
#
?
Jun 21, 2019 07:06
|
|
|
qhat posted:It's almost like the banks don't believe housing will always go up anymore When Bill Good is saying now isn't a great time to sell oh god. please get a equity loan, my family is starving but you can still have that kitchen or backyard you don't need! You know things are probably worse. 
|
|
#
?
Jun 21, 2019 13:50
|
|
|
There's been a data dump from CMHC recently that the housing academics are feasting on. Josh Gordon has released a new (not peer reviewed!!!!! the YIMBYs are in a hurry to insist!) paper where he asserts a strong connection between non-resident ownership and distorted land values. quote:Analysis shows foreign money fuelled Vancouvers shockingly high real estate prices, says academic Here's a link to the paper  This is the 'smoking gun' I guess. 
|
|
#
?
Jun 21, 2019 17:13
|
|
|
Femtosecond posted:There's been a data dump from CMHC recently that the housing academics are feasting on. Josh Gordon has released a new (not peer reviewed!!!!! the YIMBYs are in a hurry to insist!) paper where he asserts a strong connection between non-resident ownership and distorted land values. This paper isn't very good. Just saying. You can just as easily assert that non-resident buyers prefer more high demand cities, which naturally have higher price-income ratios.
|
|
#
?
Jun 21, 2019 18:11
|
|
|
lmao whites always have a mortgage and therefore their level of asset ownership must track their taxable income exactly, white people never do things like get old and retire, or buy a house when they are young and earning money and then retire while living in the same house, or "save money", otherwise accumulate assets throughout their lives in any way. There is no way for asset prices to deviate from income other than the relentless yellow hordes.
|
|
#
?
Jun 21, 2019 18:58
|
|
|
I see so income has nothing to do with anything. Well then I think I've found the perfect argument for outlawing all natural resource jobs and building a massive wall to keep anything and everything from leaving or entering Alberta by way of BC. You don't need a job to live in the second most unaffordable city in the world. The data proves this.
|
|
#
?
Jun 21, 2019 19:25
|
|
|
Throatwarbler posted:I've been to Vancouver once and I agree it's one of the worst cities in Canada, but then my question is why do you guys stay? What keeps you here, the rain? the HST? Uwe Boll? Move to Calgary and you can still fly back to Vancouver every month to do whatever the gently caress people in Vancouver do. Look who's calling racism without appreciating that there actually are thousands of satellite families in Vancouver.
|
|
#
?
Jun 21, 2019 19:36
|
|
|
Throatwarbler posted:lmao whites always have a mortgage and therefore their level of asset ownership must track their taxable income exactly, white people never do things like get old and retire, or buy a house when they are young and earning money and then retire while living in the same house, or "save money", otherwise accumulate assets throughout their lives in any way. There is no way for asset prices to deviate from income other than the relentless yellow hordes. So there's nothing wrong with house prices decoupling from local incomes? Nothing wrong with the hollowing-out of Vancouver's economy that has slowly occurred over the last 20 years that is a direct consequence of this decoupling? Nothing wrong with the opioid abuse crisis that is also almost surely a direct result of this trend? In a normal economy, of course there people at different demographic life stages that have earnings that may be at odds with the value of their individual homes. But on average, the young people and old people should cancel each other out. The statistic Gordon is looking at is the ratio of the average house price to the average income, and in a well-functioning economy both the numerator and denominator should grow at the same rate. A key part of the problem in Vancouver is precisely that there fewer and fewer high-income young people to cancel out the olds and the growing number of satellite families, and that is why his statistic, which is a standard measure of housing market "bubbliness," by the way, has risen so dramatically. And yes, I am an expert on the macroeconomics of housing (I just got a large grant to study foreign ownership, in fact).
|
|
#
?
Jun 21, 2019 20:46
|
|
|
Oakland Martini posted:So there's nothing wrong with house prices decoupling from local incomes? Nothing wrong with the hollowing-out of Vancouver's economy that has slowly occurred over the last 20 years that is a direct consequence of this decoupling? Nothing wrong with the opioid abuse crisis that is also almost surely a direct result of this trend? Omg racist
|
|
#
?
Jun 21, 2019 21:03
|
|
|
I mean, it bears remembering that this bubble started in the mid 2000s with mostly-white Canadians buying houses with 0% down 40-year mortgages. It also bears remembering that those satellite families are fairly diverse. Vancouver has the highest population of overseas US citizens of any city in the world. I'm pretty sure that the rich American assholes owning Shaughnessy mansions are using all the same shady tax avoidance tricks as the rich Mainland Chinese assholes.
|
|
#
?
Jun 21, 2019 21:43
|
|
|
Oakland Martini posted:So there's nothing wrong with house prices decoupling from local incomes? Nothing wrong with the hollowing-out of Vancouver's economy that has slowly occurred over the last 20 years that is a direct consequence of this decoupling? Nothing wrong with the opioid abuse crisis that is also almost surely a direct result of this trend? I think you misunderstood that post. That study directly attributes non resident ownership as the single cause of that decoupling using nothing more than a univariate analysis on very flimsy data point. He then concludes that because he can't see an alternative cause, that this means you can ignore the age old rule that correlation does not equal causation, which is such a crock of horse poo poo that it's amazing this came out of someone who apparently has a PhD. The post you quoted simply pointed out the possibility that the correlation may not be the causation at all.
|
|
#
?
Jun 21, 2019 21:55
|
|
|
qhat posted:I think you misunderstood that post. That study directly attributes non resident ownership as the single cause of that decoupling using nothing more than a univariate analysis on very flimsy data point. He then concludes that because he can't see an alternative cause, that this means you can ignore the age old rule that correlation does not equal causation, which is such a crock of horse poo poo that it's amazing this came out of someone who apparently has a PhD. I understood the post fine. In short, it asserted that house prices decoupling from incomes is a normal phenomenon that we should expect to see because people retire and live in expensive houses (that they purchased in their prime earning years) when they have low incomes. Which I pointed out is incoherent. I also understand the correlation vs. causation "issue." In fact, the purpose of my research is to develop a quantitative model to perform counterfactual simulations that I can use to measure the causal contribution of foreign ownership to the housing bubble. But in the case of Vancouver, the facts are so blindingly obvious that anyone who argues foreign ownership has nothing to do with housing prices is a moron or arguing in bad faith, or both. The data, as sparse as they are (and they are sparse because of intentional obfuscation of the problem by the previous government and the real estate industry), have only one sensible interpretation. Hence the scare quotes above. And yes, white people can be foreign owners. There are tons of rich Americans there, as the poster above you pointed out.
|
|
#
?
Jun 21, 2019 22:24
|
|
|
Oakland Martini posted:I understood the post fine. In short, it asserted that house prices decoupling from incomes is a normal phenomenon that we should expect to see because people retire and live in expensive houses (that they purchased in their prime earning years) when they have low incomes. Which I pointed out is incoherent. Just stop right there and stop calling people morons. Noone here is arguing that non-resident ownership is not contributing to the problem, but that doesn't mean that it's okay to suddenly give a pass to studies that make grand assertions without a solid base to back it up. That study very explicitly claims that non-resident ownership is the primary cause of the house price decoupling, and that because the correlation is so strong (we're talking about data for a dozen cities in a single year, 2018) that we can just ignore the fact that correlation is not causation. Nobody serious in stats looks at one variable and one data point and then attributes causation to that variable, that's just plain incompetence. I'm fully onboard that there is a big problem with people buying houses here that don't live here, but that doesn't mean I have to give credit to every crackpot study that comes out that happens to align with my own views. This is why we have a thing called peer-review, because guess what, academics also put a lot of garbage out there and it would behoove you not to believe absolutely everything an Assistant to the Professor has to say without question. qhat fucked around with this message at 22:43 on Jun 21, 2019 |
|
#
?
Jun 21, 2019 22:40
|
|
|
Why is this thread being flooded by new people who are still denying that massive scale Chinese money laundering is absolutely the main problem in Vancouver? We moved past this like 5+ years ago and even back then the constant "you're afraid of Asians" redirection was tiresome.
|
|
|
#
?
Jun 21, 2019 23:21
|
|
|
Canadian realestate and luxury realestate in other pacific rim cities and elsewhere in the world all surged following chinas massive printing of money as dudes took huge business loans and sent the money out of the country with their families. The downturn last year also perfectly coincided with chinas implementation of controls on money moving out of the country. Yes, there was lots of domestic speculative activity but the chinese money was essential for the meteoric rise rather than your average bubble.
|
|
#
?
Jun 21, 2019 23:29
|
|
|
UnfortunateSexFart posted:Why is this thread being flooded by new people who are still denying that massive scale Chinese money laundering is absolutely the main problem in Vancouver? We moved past this like 5+ years ago and even back then the constant "you're afraid of Asians" redirection was tiresome. Who exactly is saying that? I'm pointing out that this study in particular which is currently receiving an inordinate amount of media attention is actually not a very good study for reasons that have nothing to do with whether you like Chinese people or not. I like to hold view points based on some kind of factual evidence, not based on made up conclusions from extremely flimsy statistics, and no, "it's just common sense" isn't good enough. Sure there is a huge problem with intentional withholding of data in real estate and that should be addressed as a matter of priority.
|
|
#
?
Jun 21, 2019 23:31
|
|
|
|
| # ? May 22, 2024 07:25 |
|
|
UnfortunateSexFart posted:Why is this thread being flooded by new people who are still denying that massive scale Chinese money laundering is absolutely the main problem in Vancouver? We moved past this like 5+ years ago and even back then the constant "you're afraid of Asians" redirection was tiresome. non-resident posters I guess
|
|
#
?
Jun 21, 2019 23:32
|
|