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https://twitter.com/ronmortgageguy/status/1270836465702965248?s=19 Note that this guy is bearish overall and thinks their customers are nuts but has to grant what he sees happening is happening right now. Re: replies thinking it's to beat CMHC rules... Not a chance - you can't close that fast on a purchase that requires a mortgage. Vancouver housing Twitter has a few people getting excited about listings rising who forget that there's a lag before sales are reported.
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Jun 11, 2020 05:54
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Sassafras posted:https://twitter.com/ronmortgageguy/status/1270836465702965248?s=19 So if it's not trying to beat the CMHC rule changes, what's driving it?
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Jun 11, 2020 06:06
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Mandibular Fiasco posted:So if it's not trying to beat the CMHC rule changes, what's driving it? All-time low interest rates, a low likelihood of imminent increases, low supply of "nice, livable houses", and the familiar song of asset price inflation as amply demonstrated in the stock market. The difficulty for most people to assemble the required down payment is really all that limits things to the < 2m segment, IMO, so people can trumpet falling averages on the places dropping from 4m to 3m, but those properties are largely irrelevant. The wealthy (rare individuals, hedge funds, pension plans) can effectively borrow infinite money for free at this point, I think the worst case outcome is that you see them buying up assets (land, sometimes with decrepit houses attached) when they become slightly distressed. Anyway, punching my numbers into this rent vs buy calculator certainly tells me to BUY BUY BUY at these rates. Other than very slightly due to an inability to input full closing costs (BC PTT), it doesn't seem like it's biased that way, either!
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Jun 11, 2020 07:42
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My mother in law just got accepted offers 100k over asking for home in exurbs. Getting hopeful that she might be able to pass the yet unexploded grenade and drastically downsize right before retiring.
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Jun 11, 2020 17:52
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Sassafras posted:All-time low interest rates, a low likelihood of imminent increases, low supply of "nice, livable houses", and the familiar song of asset price inflation as amply demonstrated in the stock market. That calculator is really sensitive to small changes. I enter in what it would cost to buy the place I rent, with current property taxes and assessment values. If appreciation is 2% (which hasn't been the case in the last three years) I would never break even over the life of the 25 year mortgage. But increase that to 3%, break-even in four years. That is nuts.
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Jun 11, 2020 18:47
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Mandibular Fiasco posted:That calculator is really sensitive to small changes. I enter in what it would cost to buy the place I rent, with current property taxes and assessment values. If appreciation is 2% (which hasn't been the case in the last three years) I would never break even over the life of the 25 year mortgage. But increase that to 3%, break-even in four years. That is nuts. Yes that's how exponential growth works and why most of those "rent or buy" calculators are not useful. "Is the value of your house going to double over the next three years (or whatever)? If yes, then you should buy the house, if not, maybe not!" Thanks for using my Rent or Buy calculator! 
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Jun 11, 2020 19:17
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At this point I can't even imagine what kind of effect the roller coaster ride of doom that is the American economy will have on our own economy let alone our housing sector.
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Jun 11, 2020 19:57
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With the reluctance to post an economic update, Parliament has similar thoughts.
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Jun 11, 2020 23:56
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Dreylad posted:At this point I can't even imagine what kind of effect the roller coaster ride of doom that is the American economy will have on our own economy let alone our housing sector. You need about 350lbs of rice per person to survive a year. With the size of a 20lb bag, I don't think most Canadians possess sufficient storage capacity.
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Jun 12, 2020 01:02
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Rime posted:You need about 350lbs of rice per person to survive a year. With the size of a 20lb bag, I don't think most Canadians possess sufficient storage capacity. I don't want to eat 350 pounds of rice!!!
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Jun 12, 2020 23:29
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CocoaNuts posted:I don't want to eat 350 pounds of rice!!! Just do it a little bit at a time.
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Jun 13, 2020 00:03
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This thread's about the US, but I wonder how strongly the same trend exists here with our lower levels of pestilence and utter dearth of secondary cities (other than the prairies). https://twitter.com/glennkelman/status/1271529298445217792?s=19
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Jun 13, 2020 02:33
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Completely anecdotally in Whistler there have been 43 properties added to the market in the last ten days, 31 in the last seven. This is a place with 340 properties for sale total. In the last seven days 1 property has sold.
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Jun 13, 2020 02:57
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CocoaNuts posted:I don't want to eat 350 pounds of rice!!! Throw in a lifetime supply of chicken bouillon cubes so I can turn it into a ghetto risotto and I'll be fine.
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Jun 13, 2020 03:46
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We get some data from the realtor who puts a flyer in everyone's mailbox out here in Whitby and only April seems to have seen a real dip in home sales. Everything's pretty much similar to last year.
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Jun 13, 2020 05:25
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quote:
https://www.smh.com.au/politics/federal/use-super-to-offset-mortgages-liberal-mp-calls-for-housing-changes-20200612-p551vp.html In Australia, this politician is openly suggesting that the country can't afford to let their housing bubble burst. At least he's honest!
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Jun 13, 2020 12:55
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HookShot posted:Completely anecdotally in Whistler there have been 43 properties added to the market in the last ten days, 31 in the last seven. It's not anecdotal, it's a fact, word has gotten around that properties are getting multiple offers again and every shitlord is trying to unload. https://twitter.com/SteveSaretsky/status/1270480206608785408
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Jun 14, 2020 04:33
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Blue Jays player, coach refuse to pay rent for Toronto condos blaming COVID-19.CBC posted:... [boring intro] ... :crocodile weeping while playing tiny violin:
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Jun 17, 2020 21:22
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https://twitter.com/janetbrown980/status/1273360789370318849?s=21 I want the value of my house to go up, regardless of the cost to labor and everything else.
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Jun 17, 2020 22:19
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half cocaine posted:https://twitter.com/janetbrown980/status/1273360789370318849?s=21 He sure didn't ask me!
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Jun 18, 2020 05:22
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Baronjutter posted:He sure didn't ask me! He specifically mentioned one of my weed projects as an economic development pillar, so John Horgan is back to being OK
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Jun 18, 2020 08:21
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https://twitter.com/ewsiddall/status/1273652209960587270?s=21 Good Twitter thread.
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Jun 19, 2020 05:28
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half cocaine posted:https://twitter.com/ewsiddall/status/1273652209960587270?s=21 This is awesome. Evan Sidall kicking the rear end of the real estate cartel. About bloody time.
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Jun 19, 2020 20:00
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I was walking through Granville Street tonight. Interestingly, it seems a lot of bars are not taking the whole 50% capacity and mandated distancing thing seriously. Peered into a couple and they seemed very busy. I could see Vancouver's covid cases getting pretty high.
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Jun 20, 2020 08:10
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qhat posted:I was walking through Granville Street tonight. Interestingly, it seems a lot of bars are not taking the whole 50% capacity and mandated distancing thing seriously. Peered into a couple and they seemed very busy. I could see Vancouver's covid cases getting pretty high. Didn't they get rid of the 50% capacity limit, and as long as you could maintain 6 feet it's fine? Or were they just planning on doing that soon?
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Jun 20, 2020 18:33
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https://twitter.com/nytimes/status/1275155422551379968 Trump has signed a lot of executive orders that don't really stick, but just in case anyone thinks that our low low April immigration numbers were anything other than a pandemic-induced flash in the pan and they won't make up for lost time later...
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Jun 22, 2020 22:45
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Sassafras posted:https://twitter.com/nytimes/status/1275155422551379968 I'm so loving relieved right now, my employer has been shipping us across the border willy-nilly, letters in hand to avoid quarantine on either side. This prevents me from obtaining a work visa at all and keeps me in Canada until next year, thank god.
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Jun 22, 2020 23:00
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Yeahhh a bunch of America businesses are going to lose their poo poo. No way this survives a court challenge.
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Jun 22, 2020 23:21
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Trump is just protecting the foreign workers from covid. All hail President Trump.
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Jun 22, 2020 23:28
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Rime posted:I'm so loving relieved right now, my employer has been shipping us across the border willy-nilly, letters in hand to avoid quarantine on either side. This prevents me from obtaining a work visa at all and keeps me in Canada until next year, thank god. Unless they find an exception for you to get a TN, which doesn't seem to be included in the lists I've seen. Prob because it's an international treaty thing. Honestly though in tech this is just going to result in a fuckload more offshoring and maybe some new regional offices opening up outside the US. Mr Luxury Yacht fucked around with this message at 15:08 on Jun 23, 2020 |
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Jun 23, 2020 15:05
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Mr Luxury Yacht posted:Unless they find an exception for you to get a TN, which doesn't seem to be included in the lists I've seen. Monterrey and Vancouver/Toronto will pick up the slack
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Jun 23, 2020 16:06
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Mr Luxury Yacht posted:Unless they find an exception for you to get a TN, which doesn't seem to be included in the lists I've seen. I specifically fall under the 1L-B for intercompany transfers cross border, I'm safe. I build wind turbines I'm not getting a TN. Unless they just send me for "training" for a few months, of course.
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Jun 23, 2020 16:36
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Before these forums get shut down: Has there been any talk or news in Canadian Politics about student loan debt forgiveness in response to COVID-19, aside from the suspension of payments/interest?
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Jun 24, 2020 16:04
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qhat posted:It's not anecdotal, it's a fact, word has gotten around that properties are getting multiple offers again and every shitlord is trying to unload. And two weeks later: https://twitter.com/ZealtySearch/status/1274401603861110784 https://twitter.com/ZealtySearch/status/1275624202884636673 Sassafras fucked around with this message at 18:39 on Jun 24, 2020 |
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Jun 24, 2020 18:25
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Real world: Unemployment at all-time highs, 15% of insured mortgages in deferral, immigration completely shut down, rents falling and second wave of covid looming Real estate world: Best sales since ever
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Jun 24, 2020 19:46
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qhat posted:Real world: Unemployment at all-time highs, 15% of insured mortgages in deferral, immigration completely shut down, rents falling and second wave of covid looming It's insane. The housing bubble will outlast these dying forums. Nothing can kill Canadian housing and we are all fools for doubting it. Sad but true
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Jun 24, 2020 23:56
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or the insane concentration of capital in the hands of the few means that when vast swathes of people sudden need to sell their homes at a loss, rather than a lack of buyers we're going to see entire neighborhoods owned by very few people
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Jun 25, 2020 09:52
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The housing bubble never ends.
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Jun 25, 2020 10:03
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JawKnee posted:or the insane concentration of capital in the hands of the few means that when vast swathes of people sudden need to sell their homes at a loss, rather than a lack of buyers we're going to see entire neighborhoods owned by very few people We're going to see the largest transfer of lands into private equity and ultra-wealthy hands in centuries, yes.
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Jun 25, 2020 12:07
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Rime posted:We're going to see the largest transfer of lands into private equity and ultra-wealthy hands in centuries, yes. Biggest since the last one, anyways. And the one before that.
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Jun 25, 2020 12:36
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