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I went in to talk to the bank about renewing my mortgage today and they effectively offered me a half million line of credit. My wife and I were pretty much  at the guy. They were offering to finance what is left owing on our house plus a heloc that totalled up to the max we could get approved to borrow. We currently have a heloc with a 30k limit.Jesus loving christ that's a loaded debt gun they are handing out there. Better just chuck a couple of luxury cars on there to finance the lifestyle we so clearly deserve what could possibly go wrong 
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Oct 19, 2019 06:29
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| # ? May 24, 2024 15:14 |
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BuT mOrTGaGe DeLiNqUeNcIeS aRe lOw
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Oct 19, 2019 06:38
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mashed_penguin posted:I went in to talk to the bank about renewing my mortgage today and they effectively offered me a half million line of credit. My wife and I were pretty much Meanwhile all signs are pointing to a global economic meltdown at least twice as bad as '08. 
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Oct 19, 2019 17:10
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I forgot the other bit too he wanted to push our amortization out to 25 years instead of the 15 left we have on the original timeframe to "lower our monthly payments". gently caress that poo poo.
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Oct 19, 2019 17:52
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Lead out in cuffs posted:Gah -- just saw this while browsing those listings, and looked it up because it was right by the house some friends are renting. I can't wait for the recession to hit so that CRA goes after all these amateur hoteliers who don't pay taxes on their business income.
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Oct 19, 2019 20:21
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Mandibular Fiasco posted:I can't wait for the recession to hit so that CRA goes after all these
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Oct 21, 2019 01:00
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Franks Happy Place posted:The lines are usually long and the owner is a social media thirsty dipshit but the best fried chicken is definitely Downlow and it's not even close. just wanna lend my support to this poster and his singularly good opinion. how the rest of you could be so wrong... tsk tsk.
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Oct 21, 2019 13:21
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The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. This particular son's finances were always assumed to be healthy because he owned a moderately sized house in Kelowna which he bought a couple decades ago. His mortgage was known to be so low that everyone in the family assumed he had paid off the house. It turns out he had borrowed even more money against the inflated valuation of the house. This son has been living it up with his wife and two teenaged daughters. This past weekend they came down to vancouver to visit family but rather than stay with them, they got this amazing deal at the fairmont for $370/night. Mom and daughters spent the weekend shopping and one of the teenaged daughters got some collagen injections. Meanwhile the son went down to Seattle to catch the Seahawks game. I want to draw a picture of Canadian Gothic.jpg where the wife and husband are wearing moncler jackets, standing in front of a Kelowna mcmansion with a couple luxury cars in the background. That's my story ty for reading. Like and subscribe if u agree
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Oct 22, 2019 14:16
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incontinence 100 posted:The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. *barf*
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Oct 22, 2019 16:50
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Claes Oldenburger posted:*barf* Yeah that game sucked
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Oct 22, 2019 17:15
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incontinence 100 posted:The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. Pls post in the bad with money thread.
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Oct 22, 2019 19:14
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incontinence 100 posted:The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. I have some extended family that are like this. Patriarch gifted the one son a house (nothing for any of the three daughters) who then promptly took all his equity gains and blew it on consumption, thinking the party wouldn't end. Well, it did, and they are seriously stretched. No sympathy here.
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Oct 22, 2019 19:40
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incontinence 100 posted:The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. 
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Oct 23, 2019 03:49
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incontinence 100 posted:The matriarch of a family I know peripherally recently passed away. The matriarch has many children and when it came time to execute (dispatch whatever) the will, there was acrimony. It turns out one of her many sons is deeply in debt from a mortgage and a large HELOC. 
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Oct 23, 2019 05:28
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Yes, it's like a lava lamp.
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Mandibular Fiasco posted:I have some extended family that are like this. Patriarch gifted the one son a house (nothing for any of the three daughters) who then promptly took all his equity gains and blew it on consumption, thinking the party wouldn't end. Well, it did, and they are seriously stretched. No sympathy here. As irritating as these stories are, you should maintain a little sympathy. People are the product of their environment, and ours blasts in people's brains that they are never good enough until they buy X consumer item right now using whatever credit vehicle they have access to. "You're richer than you think" is an enticing siren's song. At the end of the day, it can be fun and cathartic to moralize, but it's okay to note the problem is systemic, while also noting some have it much worse than others.
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Oct 23, 2019 14:20
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We can have systemic problems and also have derision worthy assholes
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Oct 23, 2019 15:05
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PhilippAchtel posted:As irritating as these stories are, you should maintain a little sympathy. People are the product of their environment, and ours blasts in people's brains that they are never good enough until they buy X consumer item right now using whatever credit vehicle they have access to. "You're richer than you think" is an enticing siren's song. I used to think more like this but frankly the left needs to tap into its righteous fury more often.
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Oct 23, 2019 17:11
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Helsing posted:I used to think more like this but frankly the left needs to tap into its righteous fury more often. If we moralize these problems, we play directly into the narrative that people get what they deserve. Reinforcing that narrative will hurt the poor more than it will ever hurt the middle class. We should have righteous fury, I agree. And I don't want to excuse the complicity of the middle class here, but laughing at workers of a slightly higher strata for spending themselves into bankruptcy sidesteps the real cause and solution. I think you still mostly agree with me, but the last decade has made you more cynical, which is fine, but I trust you know where I'm coming from.
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Oct 23, 2019 17:21
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PhilippAchtel posted:If we moralize these problems, we play directly into the narrative that people get what they deserve. Reinforcing that narrative will hurt the poor more than it will ever hurt the middle class. No, you create a narrative that actions have consequences. If you roll coal, your grandchildren will drown. If you cut taxes, your hospitals will close. If you do something stupid, it WILL come back at you.
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Oct 23, 2019 21:30
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Franks Happy Place posted:No, you create a narrative that actions have consequences. If you roll coal, your grandchildren will drown. If you cut taxes, your hospitals will close. If you do something stupid, it WILL come back at you. Isn't the whole ethos of BC that you don't need to suffer consequences for anything? This is lotus land.
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Oct 23, 2019 21:34
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half cocaine posted:Isn't the whole ethos of BC that you don't need to suffer consequences for anything? This is lotus land. If it wasn't for Alberta, BC would be Canada's dumbest province. The average North Vancouverite probably burns more carbon than any other human being on Earth.
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Oct 23, 2019 21:39
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Franks Happy Place posted:No, you create a narrative that actions have consequences. If you roll coal, your grandchildren will drown. If you cut taxes, your hospitals will close. If you do something stupid, it WILL come back at you. Again, you are personalizing a social issue. You just discard your sympathy because it's a group of people you find distasteful.
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Oct 23, 2019 22:22
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PhilippAchtel posted:Again, you are personalizing a social issue. You just discard your sympathy because it's a group of people you find distasteful. Are we being unfair to students and housewives who are members of satellite families using them as conduits for capital transfer? I guess if I think about it hard enough, these people are paying a really high price in social isolation for the sake of protecting a loved one's fortune.
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Oct 23, 2019 23:30
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On the flipside of that, there is so much  in this court judgement:https://www.bccourts.ca/jdb-txt/sc/19/18/2019BCSC1811.htm Octogenarian gets "befriended" by con artist, who persuades her to take out progressively more reverse mortgages against her five-generation family home to fund his ill-gotten development scheme. Everything goes to poo poo, and the last predatory lender, despite not even following their own mortgage conditions, repos her home. The judge sounds soooo pissed.
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Oct 24, 2019 19:27
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https://www.timescolonist.com/b-c-speculation-tax-personal-info-can-be-collected-and-disclosed-privacy-commissioner-1.23983188 Apparently the BC Liberals have seriously argued that requiring a SIN on a tax form is an invasion of privacy.
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Oct 24, 2019 19:43
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Lead out in cuffs posted:https://www.timescolonist.com/b-c-speculation-tax-personal-info-can-be-collected-and-disclosed-privacy-commissioner-1.23983188 *insert CI's favourite Jenny Kwan quote about how basic financial reporting is insensitive to chinese privacy values*
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Oct 24, 2019 20:07
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Lead out in cuffs posted:https://www.timescolonist.com/b-c-speculation-tax-personal-info-can-be-collected-and-disclosed-privacy-commissioner-1.23983188 Remember when the Ontario competition bureau was trying to get MLS listings released to the public without a REALTOR gatekeeper? The excuse: _privacy_. It's time conservatives like the bc liberals got called out for this bullshit in using privacy as a shield for committing crimes. The CRA is going to be able to use this info for enforcing capital gains tax rules too.
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Oct 24, 2019 20:09
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Lead out in cuffs posted:On the flipside of that, there is so much I think this is going to get more and more common as all the retirees age into dementia territory. I've seen it with my wife's grandmother who had someone who wanted to replace her roof, her boiler, and her windows show up at her door, which are at least semi-legit but incredibly shady companies trying to get what money they can out of people who don't know better. This case is something else.
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Oct 25, 2019 01:45
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This is actually a fun read: https://vancouversun.com/news/national/ian-mulgrew-money-laundering-hearing-a-magnet-for-conspiracy-theories quote:“I am a victim of organized crime, not limited to but including the Filipino mafia, the Vietnamese mafia, the Chinese gestapo and believe it or not the North Korean spies. I came today because my life is in danger. I have lost everything.” quote:Brandishing a sheaf of notes, he was frustrated as his speaking time ran out: “I have designed something I call the civilization system — basically a system of government for the future. You’re all going to be hearing about it.” etc
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Oct 26, 2019 00:30
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https://mobile.twitter.com/hutchyman/status/1187905888914247680?s=21
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Oct 26, 2019 02:45
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https://www.vancourier.com/sports/new-rules-will-help-fight-money-laundering-b-c-finance-minister-says-1.23988502 posted:The records will not be held in a public registry. Rather, Ministry of Finance compliance and auditing officers, as well as law enforcement officials, will have access to the registry. Information may also be shared with the Canada Revenue Agency in efforts to stop tax evasion, according to the statement. They're not making it public (even for pay/cost recovery)? That is a travesty. People with the right connections, including the super wealthy and/or organized crime participants will be able to lean on those with access to find things out. People acting in the public interest like activists, financial journalists, and random investigators (hobbyists looking for strata/municipal corruption, ex-spouses looking for hidden assets, etc) get completely shut out. Because after all, law enforcement and Revenue Canada have never let us down. (It's good that they have it, but don't stop there!)
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Oct 26, 2019 04:02
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Lead out in cuffs posted:This is actually a fun read: I used to work in a hospital with a psych ward. I came in early one morning to find a person in the lobby, looking lost. I asked if I could help, and she replied "yes, I'm being held here against my will." "Oh, is that so?", I responded. She went on to say "Yes, my husband is the head of the Hells Angels, La Cosa Nostra, and the Italian Mafia and he is very upset that I am in here." I asked her if she wanted to go back to her hospital floor, she said yes, and back she went. That guy must be super busy to be heading up all those groups!
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Oct 26, 2019 05:43
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+1 Demand sidersquote:Court rules against claim that B.C.'s foreign buyers tax is discriminatory lol when you look at the experts brought into this case this was a real supply sider vs demand sider proxy battle
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Oct 27, 2019 04:00
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I'm thinking of putting an offer in on a property in the City of Vancouver so take this as a sign that the bubble is gonna burst very soon. But yeah it's been interesting to watch price action since the peak(?) of ~2017-2018. Very much confirming the notion that prices are 'sticky' on the way down. The market has corrected down, but with lowered prices no one is in any hurry to sell unless they actually have to (eg. an estate sale), and so there's incredibly little product coming onto the market. That low amount of product in effect props up prices. When a 'good' place finally does appear on the market it actually gets sold pretty quick. The exception to this case is the pre-sale condo market, which of course has been creating new properties an unprecedented rates and some of those properties are now coming online. https://twitter.com/FIVRE604/status/1187426445527699461?s=20 (FIVRE making a joke here about PBR. They're condos, but of course they're investor bought so they're all going to rental) Surely this will impact that subsection of the market at some point. I'm expecting new builds to rapidly scale down at some point.
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Oct 28, 2019 17:52
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I wonder at what point that stickiness stops?
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Oct 30, 2019 00:43
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https://twitter.com/88888sAccount/status/1189059854284967936
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Oct 30, 2019 00:46
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Holy poo poo Quebec is suspending its Investor Immigration program (at least for a few months... beginning of the end?). https://twitter.com/RadioCanadaInfo/status/1189544437376049153
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Oct 30, 2019 17:10
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Femtosecond posted:Holy poo poo Quebec is suspending its Investor Immigration program (at least for a few months... beginning of the end?). Wow, that is astoundingly good news.
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Oct 30, 2019 17:20
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Femtosecond posted:Holy poo poo Quebec is suspending its Investor Immigration program (at least for a few months... beginning of the end?). SURPRISE CANADIAN VALUES TEST LOL https://twitter.com/radiocanadainfo/status/1189578156254154752?s=21 20 questions, you can fail it three times.
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Oct 30, 2019 17:38
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I'm all for making politicians pass a Canadian values te-- Wait sorry, it's for who now?
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Oct 30, 2019 17:47
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