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.

mila kunis: Jun 10, 2011

Mandibular Fiasco posted:

Oh, we rent a nice house - it's close to my wife's work, close to SkyTrain for me to get downtown. Modern appliances (SubZero fridge, etc.), great landlord, but our family has grown since we moved in, and we're ready to upgrade to something bigger with more room and with more accessible schools (our house is a hike to the nearest elementary school). Problem is anything we like is $1.6M, which is just insane considering the income required to afford such a thing. Now these houses aren't extreme luxury by any stretch, but are decent upper middle class sort of places. Given our incomes, we should be able to afford something like this, but the market is non-functional for anyone that didn't inherit massive wealth, or is a 1%er, or is bringing money in from overseas. Our rent is also really low by current standards, so finding something nicer is likely going to double our costs, but give us none of the security of tenure (landlord owns the house right next door) or a proportionally better place for the cost.

All to say the usual pathways that families were able to advance through for housing aren't accessible anymore, and there is a long way for the market to fall before we reconnect incomes to costs.

On a side note, I was listening to CBC Radio 1's town hall yesterday on the opioid crisis and the homelessness crisis on the DTES...where we are now is a logical outcome of treating housing as a commodity and allowing foreign money to distort the market. If families like mine, that twenty years ago used to live on the west side or North Vancouver are no longer able to, and we move to Burnaby/New Westminster, where are the people who used to live in Burnaby/New Westminster going to go? It's trickledown homelessness.

What's astonishing is that there's a national election in a month and this stuff that's impacting millions seems barely on the radar of priorities to talk about.

# ? Sep 9, 2019 06:20

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# ? May 24, 2024 20:19

Femtosecond: Aug 2, 2003

Mandibular Fiasco posted:

On a side note, I was listening to CBC Radio 1's town hall yesterday on the opioid crisis and the homelessness crisis on the DTES...where we are now is a logical outcome of treating housing as a commodity and allowing foreign money to distort the market. If families like mine, that twenty years ago used to live on the west side or North Vancouver are no longer able to, and we move to Burnaby/New Westminster, where are the people who used to live in Burnaby/New Westminster going to go? It's trickledown homelessness.

The influx of foreign wealth has accelerated the process, but the trend we've experienced of the 'upper middle class' being 'displaced' from the west side was always going to happen. As I posted earlier there's only 40k detached homes in CoV and so even less so in the relatively larger lot west side.

*puts on YIMBY hat*

The dominant trend that is displacing people from certain neighbourhoods is the fact that it's simply not allowed to build any new housing in those neighbourhoods. In the last few years Vancouver has dumped heaps of condo development into Mount Pleasant and none in the west side and accordingly you can see in the census that population is declining in the west side and increasing in Mount Pleasant.

There's no way that any middle class people will ever get to live in the west side of Vancouver until at the very least Vancouver changes the rules and allows people to build at a minimum fourplexes and small apartment buildings. Until that happens the only way to live there is to 1) buy a single family house for multi-millions of dollars or 2) rent a basement suite.

*takes off YIMBY hat*

Of course the financialization of housing has made all of this worse and made it increasingly difficult for developers to be able to build anything that is affordable even if such apartments were allowed by zoning. Even if the government was gung ho about creating its own affordable housing, the situation has been made more difficult because the financialization of housing has increased the value of the land so much, and so the government has to pay more simply to buy the land.

It's a Kerry Gold article :rolleyes:

so quoting all the usual folks saying the same thing and pushing the same view you've read a thousand times before, but I thought this article was a bit extra interesting since there's some straight talk quotes from developers saying how absurdly broken the market is for them. Basically no one makes enough money to afford what the final price of these projects would be. No wonder everyone builds condos. The core thing driving this is that land values have spiked so much due to that financialization of housing.

quote:

Vancouver builders sour on rental

In the leafy Vancouver west side neighbourhood of Kerrisdale, there is a lot at W. 35th Avenue that has sat overgrown and empty for several years. There are small indications of future redevelopment, including a stack of lumber, orange fencing and a City application sign that shows a proposal for clustered white rental townhouses.

A single detached house used to sit on the 12,440 square-foot corner double lot. The old house was torn down three years ago and the property appears to have been for sale ever since. An MLS listing shows that it was purchased for $2.5-million in 2016. The lot is now for sale, for $5.88-million.

In the meantime, the owner has also gone to the trouble and expense of applying to rezone the property to allow for 12 rental townhouse units. The rezoning application is part of the marketing of the property. In July, 2018, just before the civic election, the former city council approved the project.

Not surprisingly, there was neighbourhood backlash to it, says the architect who�s designing the project. But the mood for more density in neighbourhoods zoned for detached housing was strong, particularly with an affordable housing crisis. The low density west side of the city is an obvious area for more density. Critics argued that the rents were not affordable.

Brian Billingsley, principal of B Squared Architecture, says that the expectation for affordable rental is counter productive.

�The planners were really supportive of the project, they liked it and they kind of pushed it through really fast,� Mr. Billingsley says. �We were one of the last batch to go through rezoning with the old council before the election. The only person who voted against the project was Adrian Carr for the very reason that she didn�t think it was affordable. But dealing with the City of Vancouver, nothing is affordable and everything gets taxed all through the project. And I don�t know how people think builders can absorb all the cost. It makes no sense to me.�

It is one of the few residential detached houses in the city (called an RS zone) to be spot rezoned for multifamily housing. The majority of detached houses that get rezoned are in areas that have been planned, such as the Cambie corridor.

The average starting rents for the project are $1,900 for a one bedroom and $3,700 for the three bedrooms, according to the City, which has set a long list of conditions to be met before the rezoning is enacted. Mr. Billingsley says he�s almost met those conditions and he believes that when it does get built it will provide housing for people who can afford those rents. As those people move from their less expensive apartments, it will then free up existing housing for others.

�There is a certain upward mobility being provided, right? And voting against everything because it�s too expensive, that�s not progressive either. That won�t solve the housing problem in Vancouver or anywhere else.�

However, one developer argues that the market for high-priced rental units is so small that the rental development business is not viable and his company is moving away from rental housing entirely.

Long-time developer Anthony Hepworth, president and chief executive officer of Pennyfarthing Homes, says his company has built every type of property but is no longer interested in rentals because the returns aren�t great enough to cover the high costs. As a result, they�ve sold off all their rental properties except for one.

�Rental for the most part does not make sense,� says Mr. Hepworth, who has a PhD in engineering. He�s been with Pennyfarthing since 1980. �It�s a lousy business,� he says of rental.

He says the problems are the high cost of land as well as climbing construction costs in the past three years. Pennyfarthing developed a rental building at 1450 Creekside Dr. in 1987 and the generously sized 1,150 units rent for around $3,000 a month. After 32 years, the rents have only doubled, he says. The water view building is in a desirable location, a five-minute walk from Granville Island. But at that rent, it can take a month or two to fill an empty unit.

�We are capped out at $3,000 a month. The potential for people to pay more than that, is very, very limited.

�Theoretically there should be a lot of room for rentals to climb � and I think some people are betting on that. But there is a small market for that,� he says.

A proposal to rezone the former single-family home property to allow for 12 units of rental townhouses holds the potential to more than double its value.

Can the market provide affordable rental housing? Not for the majority, says Andy Yan, director of Simon Fraser University�s city program. He calculates that rents for new units between $2,700 and $3,200 a month exclude 75 to 80 per cent of renter households in the city. In other words, rental is not instantly synonymous with �affordable.�

�The problem is when new market rental housing in the city is conflated and valorized, whether intentionally or not, as affordable housing that is immediately accessible for low-to-middle-income renters. It shouldn�t be.�

Mr. Yan says that half of renter households can afford a maximum rent of $1,256 a month, at best. The median household income for renters in Vancouver is $50,250. However, 27 per cent of renter households in Vancouver earn less than $25,000. According to the Canada Mortgage and Housing Corporation, affordable housing is 30 per cent of one�s income. That means that one quarter of Vancouver renter households can afford to pay $625 a month, and that�s at the high end of what they can afford, Mr. Yan says.

�That is so far out of the financial reality that the numbers don�t work out,� Mr. Hepworth says, when asked if he could supply that kind of rental. �I think we worked out the numbers for the west side of Vancouver and you need to get about $3.50 a square foot, so a 1,000 sq. ft. unit would be $3,500, and they don�t build them that big. They build 800-foot units and you�re still looking at $2,700 or $2,800 a month for that.

�Unless there is a dramatic increase in salaries, it�s very hard to see many people who will be able to afford it.�

He points to the fact that incomes have doubled since the 1980s, but condo prices have quadrupled.

Mr. Hepworth does not believe affordable housing is in Vancouver�s future. The softened market has not translated into lower prices. The condo market has stalled and developers are holding properties until the prices return. Some multifamily developers are looking to the United States for projects, he says. His own company has four properties on hold until the market goes back up, including one in New Westminster, B.C.
He is seeing properties intended for family housing sit undeveloped.

�I do know what has happened in the townhouse market, and people that bought townhouse sites in Cambie phase three, particularly south of 37th Avenue, all hugely over paid and all those projects are not viable. They didn�t get started, because they haven�t got the presales. They haven�t got bank financing and their land costs are simply too high. So they are sitting there.�

In order to build economically viable rental buildings, especially on the west side, you�d need to go to about 15 stories, says Mr. Hepworth, who believes spot rezonings are a solution.

But Vancouver Hospice Society executive director Simin Tabrizi would like to see more community consultation instead, especially if the spot zoning involves rental units that few can afford. Ms. Tabrizi was part of a major pushback against a rezoning proposal next door to the hospice, for 21 units of rental townhouses, at 4575 Granville St. That proposal was rejected and criticisms included the high rents proposed for the townhouses.

Ms. Tabrizi has proposed that the Society purchase the property and develop it for affordable short-term rental for seniors in the last year of life, a possible partnership with a government agency that could subsidize it. The housing would offer care to people who would normally, and unnecessarily, be placed in hospital. She says it makes more sense than expensive rental because it would fulfill a need for a vulnerable group.

�The City has imposed stuff all over the place and I don�t know how it benefits the city,� Ms. Tabrizi says. �I think the [former] city council became a partner in the whole scheme around housing and speculation of housing, so whether that direction will change with the new council, or not, I don�t know. I think the prevailing idea is that we desperately need housing, and so it�s go-go-go. But I think, really, it�s time to pause a little and do away with this spot zoning and also really engage communities around planning.�

Similar to many housing experts, Mr. Hepworth comes back to government funding as a solution, although he says it�s still complicated.

�The only way you can get affordable housing is by subsidies. Then it becomes, who gets the subsidy and how is it applied? It gets very difficult,� he says.

�Of course, the federal government could also return to the days when it built subsidized housing for low and middle incomes,� Mr. Yan says.

# ? Sep 9, 2019 17:36

half cocaine: Jul 22, 2019

So are Canadians finally coming to the realization that the free market isn't going to make housing affordable?

# ? Sep 9, 2019 20:33

Eox: Jun 20, 2010; by Fluffdaddy

Give it 15-20 years.

# ? Sep 9, 2019 20:52

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

ALL WE NEED TO DO IS KEEP BUILDING MORE UNITS AND THEN LANDLORDS WILL FINALLY LOWER THEIR RENTS!! TRUST ME GUYS THEY DEFINITELY WILL

# ? Sep 9, 2019 21:22

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

half cocaine posted:

So are Canadians finally coming to the realization that the free market isn't going to make housing affordable?

Lol no.

Well, younger and poorer Canadians maybe. Housing was a huge electoral issue in the Vancouver municipal elections. Federally? I don't think enough people have put two and two together in that a big part of the housing crisis was the federal government ceasing to build social housing since the 90s.

Also there are a lot of boomers holding property they got cheap 30-40 years ago, who want prices to keep going up. And guess who tends to vote more?

# ? Sep 9, 2019 21:33

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

mila kunis posted:

What's astonishing is that there's a national election in a month and this stuff that's impacting millions seems barely on the radar of priorities to talk about.

But enough about catastrophic climate change :classiclol:

# ? Sep 9, 2019 21:46

Helsing: Aug 23, 2003; DON'T POST IN THE ELECTION THREAD UNLESS YOU JOE BIDEN

This is really sad to say but an actual free market would probably be an improvement over the current Canadian housing market which is deliberately engineered to produce higher prices year by year forever. Suffice it to say that is not intended as an endorsement of a free market in housing.

# ? Sep 9, 2019 21:53

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Housing market failures are pretty localized to a few markets. Now those markets are huge and should be prime Liberal voting ground, but instead the election is going to be about pipelines, maintaining property values in Winnipeg (or other white bread substitute town in the middle) and some racist thing happening in Quebec.

# ? Sep 9, 2019 22:47

CRISPYBABY: Dec 15, 2007; by Reene

A 75 year old explained to me yesterday they're probably going to live in their RV doing circuits around friends parking spots till they die because because they can't find a town in Southern Ontario where they can afford a one bedroom rent.

# ? Sep 9, 2019 23:11

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

ocrumsprug posted:

Housing market failures

There's kind of a problem in terminology, too. Most news articles about property prices use a ton of negative emotive language around price decreases ("sluggish", "battered market", etc), and positive emotive language around price increases ("recovery", "hope", "light at the end of the tunnel"). So to a lot of people, anything but a perpetual increase in prices is a "failure".

# ? Sep 10, 2019 02:34

Femtosecond: Aug 2, 2003

Speaking of not helpful interventions in the housing market, lets see what everyone's favourite Vancouver East NDP MP, Jenny Kwan, thinks we should do:

# ? Sep 10, 2019 03:29

Lobok: Jul 13, 2006; Say Watt?

RBC posted:

ALL WE NEED TO DO IS KEEP BUILDING MORE UNITS AND THEN LANDLORDS WILL FINALLY LOWER THEIR RENTS!! TRUST ME GUYS THEY DEFINITELY WILL

Is this only in reference to truly affordable housing? Because I'm not sure why this kind of thing is treated as some crazy fantasy in this thread even though it actually happens. A disbelief that it can't be maintained in the long run perhaps?

# ? Sep 10, 2019 03:47

Femtosecond: Aug 2, 2003

Lobok posted:

Is this only in reference to truly affordable housing? Because I'm not sure why this kind of thing is treated as some crazy fantasy in this thread even though it actually happens. A disbelief that it can't be maintained in the long run perhaps?

Yeah it does happen but only when folks gently caress up in the short term. Then the market corrects and developers simply stop building. No developer is going to keep building in an environment where there is surplus housing and landlords are having to offer deep incentives to rent a unit.

Cities of course always need to constantly be building more housing but that doesn't mean there's going to be a surplus.

The solution is for the government to fund a housing agency that does constantly build new housing regardless of the market conditions.

# ? Sep 10, 2019 03:55

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Lobok posted:

Is this only in reference to truly affordable housing? Because I'm not sure why this kind of thing is treated as some crazy fantasy in this thread even though it actually happens. A disbelief that it can't be maintained in the long run perhaps?

Yeah the issue is that developers building more units is necessary but not sufficient for rents (or owning) to become affordable. The feds getting back into building social housing would be a start.

# ? Sep 10, 2019 04:28

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

Femtosecond posted:

Yeah it does happen but only when folks gently caress up in the short term. Then the market corrects and developers simply stop building. No developer is going to keep building in an environment where there is surplus housing and landlords are having to offer deep incentives to rent a unit.

Cities of course always need to constantly be building more housing but that doesn't mean there's going to be a surplus.

The solution is for the government to fund a housing agency that does constantly build new housing regardless of the market conditions.

And Landlords would rather a unit sit vacant for months than lower the rent.

# ? Sep 10, 2019 11:44

linoleum floors: Mar 25, 2012; Please. Let me tell you all about how you're all idiots. I am of superior intellect here. Go suck some dicks. You have all fucking stupid opinions. This is my fucking opinion.

And new construction drives up rents because they're always marketed as premium and luxury builds.

# ? Sep 10, 2019 12:27

Mandibular Fiasco: Oct 14, 2012

Femtosecond posted:

There's no way that any middle class people will ever get to live in the west side of Vancouver until at the very least Vancouver changes the rules and allows people to build at a minimum fourplexes and small apartment buildings. Until that happens the only way to live there is to 1) buy a single family house for multi-millions of dollars or 2) rent a basement suite.

On the basis of income, my family is nowhere near middle class and the west side is miles out of reach. More supply won't fix anything as long as land value is used as a speculative instrument by foreign investors who don't live in their houses.

# ? Sep 10, 2019 20:30

incontinence 100: Dec 21, 2018; by LITERALLY AN ADMIN

Mandibular Fiasco posted:

On the basis of income, my family is nowhere near middle class and the west side is miles out of reach. More supply won't fix anything as long as land value is used as a speculative instrument by foreign investors who don't live in their houses.

At this point any discussion about real estate in BC can be distilled into a dichotomy between those who won't admit publicly that real estate is an integral component of BC's economy and not just a commodity that serves a basic necessity and those who who don't care. The former really aren't ready confront inequality nor do they care. The latter condemned to be economically marginalized, probably for their lifetimes unless they leave.

# ? Sep 10, 2019 23:39

incontinence 100: Dec 21, 2018; by LITERALLY AN ADMIN

https://twitter.com/benrabidoux/status/1171572503778680832?s=21

# ? Sep 11, 2019 03:15

Mandibular Fiasco: Oct 14, 2012

incontinence 100 posted:

At this point any discussion about real estate in BC can be distilled into a dichotomy between those who won't admit publicly that real estate is an integral component of BC's economy and not just a commodity that serves a basic necessity and those who who don't care. The former really aren't ready confront inequality nor do they care. The latter condemned to be economically marginalized, probably for their lifetimes unless they leave.

The sad reality is that without real estate and the associated money laundering, this province caves in on itself. There is simply nothing else keeping the place afloat. The Feds sure aren't interested in shutting the money laundering down, but maybe a recession, debt spike, and higher interest rates will encourage them.

As for us, we are actively searching for jobs outside the Lower Mainland. We shouldn't have to spend $1.5M to have a half-decent house an hour away from the city centre.

# ? Sep 11, 2019 04:14

Mandibular Fiasco: Oct 14, 2012

incontinence 100 posted:

https://twitter.com/benrabidoux/status/1171572503778680832?s=21

Further reason that this country is hosed.

To put the R&D in perspective, there are three major granting agencies for researchers who are university affiliated - SSHRC, CIHR, and NSERC. I had a successful CIHR grant go through...the success rate was 14%. Not because I'm brilliant and the others suck, it's because there is so little money, only the top three to five applications in a given field get approved. The others are good too but just not as good. Those researchers get no funding, do no research, and don't earn a living. It's over for them. And we train lots of PhDs to do research who don't do research, because there's no money anywhere (government or otherwise) who funds it.

Instead, we sell houses to each other and pretend that's the basis for an advanced economy.

# ? Sep 11, 2019 04:17

McGavin: Sep 18, 2012

Mandibular Fiasco posted:

Further reason that this country is hosed.

To put the R&D in perspective, there are three major granting agencies for researchers who are university affiliated - SSHRC, CIHR, and NSERC. I had a successful CIHR grant go through...the success rate was 14%. Not because I'm brilliant and the others suck, it's because there is so little money, only the top three to five applications in a given field get approved. The others are good too but just not as good. Those researchers get no funding, do no research, and don't earn a living. It's over for them. And we train lots of PhDs to do research who don't do research, because there's no money anywhere (government or otherwise) who funds it.

Instead, we sell houses to each other and pretend that's the basis for an advanced economy.

Why would you want to be a scientist? All the smart people know to get a career in real estate.

# ? Sep 11, 2019 04:24

Precambrian Video Games: Aug 19, 2002

Actually I have a Master's in Property Science with a minor in Real Estate Analysis.

# ? Sep 11, 2019 04:30

toe knee hand: Jun 20, 2012; HANSEN ON A BREAKAWAY

HONEY BADGER DON'T SCORE

Mandibular Fiasco posted:

The sad reality is that without real estate and the associated money laundering, this province caves in on itself. There is simply nothing else keeping the place afloat. The Feds sure aren't interested in shutting the money laundering down, but maybe a recession, debt spike, and higher interest rates will encourage them.

As for us, we are actively searching for jobs outside the Lower Mainland. We shouldn't have to spend $1.5M to have a half-decent house an hour away from the city centre.

I'm buying a move-in ready 5 bedroom house on 1/3 acre within city limits in the BC interior for 400k. You can do it. Check out government jobs, or jobs with natural resource sector companies. They operate in the interior. If you do consider applying for a government job, especially provincial government, I may be able to give you some insights into the hiring process.

toe knee hand fucked around with this message at 04:51 on Sep 11, 2019

# ? Sep 11, 2019 04:48

Femtosecond: Aug 2, 2003

Mandibular Fiasco posted:

On the basis of income, my family is nowhere near middle class and the west side is miles out of reach. More supply won't fix anything as long as land value is used as a speculative instrument by foreign investors who don't live in their houses.

At this point we have a foreign buyer tax, City of Vancouver vacant housing tax, an Airbnb tax, a City of Vancouver Airbnb regulation (ban on whole condo rentals) and a speculation tax that is essentially another vacant housing tax. With all that in mind do you think foreign investors owning empty homes is still a problem going forward? Have we not halted this issue?

So long as vacancy remains as low as it is in Vancouver there will be people, whether they're locals or not, that will think becoming a landlord is a good investment (it's not).

Building luxury condos in the west side that get rented out at high market prices doesn't directly help regular income people, but maintaining the status quo in the west side of Vancouver as an exclusive millionaire district doesn't help regular people either.

The only direct way to help Vancouverite renters with normal incomes is via publicly owned below market rental housing.

Until that publicly owned housing solution arrives I don't see the harm in allowing private apartments now that there exists an array of policies designed to ensure that these units are actually being rented long term for locals.

# ? Sep 11, 2019 05:00

incontinence 100: Dec 21, 2018; by LITERALLY AN ADMIN

Everyone is trying to escape Kamloops, not move to it.

# ? Sep 11, 2019 05:00

Mandibular Fiasco: Oct 14, 2012

McGavin posted:

Why would you want to be a scientist? All the smart people know to get a career in real estate.

Yes, because contributing to knowledge that will keep you from getting dead is of no value to anyone. Closing a deal on that 3BR-2Bath fixer-upper in north Burnaby for that sweet commission on the other hand, now *that* is contributing!

# ? Sep 11, 2019 05:18

Mandibular Fiasco: Oct 14, 2012

toe knee hand posted:

I'm buying a move-in ready 5 bedroom house on 1/3 acre within city limits in the BC interior for 400k. You can do it. Check out government jobs, or jobs with natural resource sector companies. They operate in the interior. If you do consider applying for a government job, especially provincial government, I may be able to give you some insights into the hiring process.

I lived in the northern interior for quite a few years. I got enough of a taste of the culture there to last me a good long while. It wasn't bad, and I made a good number of friends, but it wasn't my scene. I'm definitely not in the hunter/4x4er set, but for the right gig, who knows. We haven't ruled it out.

# ? Sep 11, 2019 05:20

Mandibular Fiasco: Oct 14, 2012

Femtosecond posted:

At this point we have a foreign buyer tax, City of Vancouver vacant housing tax, an Airbnb tax, a City of Vancouver Airbnb regulation (ban on whole condo rentals) and a speculation tax that is essentially another vacant housing tax. With all that in mind do you think foreign investors owning empty homes is still a problem going forward? Have we not halted this issue?

No. There are too many dodges on the vacant homes tax, and for foreign millionaires, the fees are still a drop in the bucket. AirBnB regulations are not being enforced. The speculation tax needs to be province wide and needs to be higher.

AirBnB is probably the most egregious of these problems, because City of Vancouver documentation shows they weren't serious about enforcement and notwithstanding that Twitter guy, there has been really no enforcement of any consequence. At least the others are an effort to do something.

Remember, social housing owned by government isn't going to be affordable to government unless land values come crashing down. Maybe that'll happen, but it hasn't happened yet, and until it does, governments won't be able to build enough places for a price that is politically palatable, so they'll choose to do little to nothing instead, because they'll lose for trying.

# ? Sep 11, 2019 05:23

Mandibular Fiasco: Oct 14, 2012

incontinence 100 posted:

Everyone is trying to escape Kamloops, not move to it.

Do they still have the Kamloops sign on the hillside?

# ? Sep 11, 2019 05:24

Mandibular Fiasco: Oct 14, 2012

eXXon posted:

Actually I have a Master's in Property Science with a minor in Real Estate Analysis.

TRU grad spotted.

# ? Sep 11, 2019 05:24

McGavin: Sep 18, 2012

Mandibular Fiasco posted:

TRU grad spotted.

It's weird how TRU grads can spot one another.

# ? Sep 11, 2019 05:39

Mandibular Fiasco: Oct 14, 2012

McGavin posted:

It's weird how TRU grads can spot one another.

Well played.

Edit: Just for the record, I thought eXXon was making a joke, and I was riffing off that. Apologies for any offence caused.

Mandibular Fiasco fucked around with this message at 05:44 on Sep 11, 2019

# ? Sep 11, 2019 05:42

half cocaine: Jul 22, 2019

Mandibular Fiasco posted:

TRU grad spotted.

Couldn't get into Sauder undergraduate real estate program huh?

# ? Sep 11, 2019 05:42

Mandibular Fiasco: Oct 14, 2012

half cocaine posted:

Couldn't get into Sauder undergraduate real estate program huh?

Oh, I got in, but I snarked off Tsur Sommerville on the first day challenging his academic integrity and was ejected from the program.

# ? Sep 11, 2019 05:46

Precambrian Video Games: Aug 19, 2002

If you want to listen to two FIRE wankers whine about not being able to build another half million nanocondos in downtown Toronto against the reasonable objections of decent city councillors, here you go :

https://www.tvo.org/video/how-high-can-toronto-go

# ? Sep 12, 2019 02:16

Mandibular Fiasco: Oct 14, 2012

eXXon posted:

If you want to listen to two FIRE wankers whine about not being able to build another half million nanocondos in downtown Toronto against the reasonable objections of decent city councillors, here you go :

https://www.tvo.org/video/how-high-can-toronto-go

I wonder how people like this sleep at night. In a world of finite resources, greed only destroys.

# ? Sep 12, 2019 17:51

Mandibular Fiasco: Oct 14, 2012

So there is talk of taxing capital gains on primary residences now.

https://ipolitics.ca/2019/09/13/tory-allegation-of-secret-trudeau-tax-plan-a-blatant-misrepresentation-liberal-incumbent-says/

About bloody time we started taking steps to modify the gross misallocation of capital the absence of a tax on property capital gains for primary residences causes. This was a given once the ownership registry started.

# ? Sep 14, 2019 04:58

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# ? May 24, 2024 20:19

Mantle: May 15, 2004

gently caress yes.

# ? Sep 14, 2019 05:16

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

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