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Alctel posted:Got this in the mailbox of my (rented) apartment today Can't even afford a typewriter.
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Aug 1, 2020 01:55
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quote:“We can't make homeownership profitable and make housing affordable at the same time,” Swanson explained, “I think those two things are mutually exclusive they pull in opposite directions.” I think you could make these not mutually exclusive but you'd need to dramatically shift how housing works in Canada. If there was a government not for profit agency that built public rental housing with a mandate to make as much as possible below market I think you could create affordable housing. At the same time there could remain the option to buy private housing to gain whatever intangible values comes out of that (ie. features beyond what government housing offers, more freedom to do what you want). There's probably enough of a market for this that the value of private land would rise beyond inflation. Where this could break down would be I suppose if both the private and public developers are competing for the same parcels of land, thus increasing the land values and eroding the potential for affordable public housing, but you'd think that low government interest rates + the ability for government to upzone and recapture new land lift valuations would compensate for that. Femtosecond fucked around with this message at 20:43 on Aug 1, 2020 |
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Aug 1, 2020 20:37
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Shofixti posted:Last year my parents got an almost identical note in Hamilton. I guess this is pretty wide spread. these are sent out all accross the province its not handwritten its just a stupid flyer for a house flipping company https://www.cashhousebuyer.ca
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Aug 1, 2020 20:43
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Burn all speculators.
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Aug 3, 2020 06:33
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Bout to crash the market finally by buying a house in Victoria at the top of the bubble.
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Aug 3, 2020 06:46
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You guys about to lose a lot of money
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Aug 3, 2020 08:26
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qhat posted:You guys about to lose a lot of money So what? I’m also buying, and it might be the peak of the bubble, but to me there are a ton of non monetary reasons why I’m buying. It’s a place to live, not an investment.
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Aug 3, 2020 15:00
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Eh, Whistler and Victoria are probably pretty safe places to buy, honestly (at least until it gets warm enough that you can't ski in Whistler). We'll probably be getting a bigger place in Victoria but I think we'll wait until next summer.
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Aug 3, 2020 15:10
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qhat posted:You guys about to lose a lot of money I mean, this goes with buying a place regardless. They’re money holes.
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Aug 3, 2020 15:54
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large hands posted:Eh, Whistler and Victoria are probably pretty safe places to buy, honestly (at least until it gets warm enough that you can't ski in Whistler). We'll probably be getting a bigger place in Victoria but I think we'll wait until next summer. The market here has already dropped a solid 10% since covid and I wouldn't be surprised if it gets a lot worse before it gets better. 30% of the properties here are owned by Americans who suddenly realized they can't spend time at their summer homes, and here's hoping all the AirBNBs have to sell at a huge loss, too. So I wouldn't be surprised if in the shorter term (next 3-5 years) we do lose a ton of money on this place. But yeah, there are a ton of other reasons why I want to buy, and since it's a place to live and not an investment, I'm not especially concerned about the value dropping. Owning won't be THAT much more expensive than renting here, and comes with a ton more advantages, mainly stability related.
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Aug 3, 2020 16:17
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I've had three loving properties sell out from under me in the Stikine in the past month, including my dream house which had sat on the market for four years. Anything with even barely arable land and not hours up a dirt road is selling like mad up there. Might end up buying something hours up a dirt road at this rate...
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Aug 3, 2020 17:47
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qhat posted:You guys about to lose a lot of money This is a familiar post! I was the idiot in 2016, chided for not waiting a few months to save hundreds of thousands of dollars. It turned out...ok. This thread has good posts and interesting analysis, but low predictive power.
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Aug 3, 2020 17:53
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Same around Montreal, it's loving nuts A house on my street sold almost instantly last fall (Montreal Suburbs). The previous owner had been running it as a boarding house for foreign students without doing any maintenance whatsoever, and it was in a pretty rough shape. Since it sold for so high, so fast, I figured it was going to get a thin coat of paint and flipped ASAP. Nope! the new owners were just in such a rush to get the house that they made a high offer without realizing the extent of the work needed on the place (At least 150K, if not a lot more). It goes without saying that they are not pleased. As a bonus, the previous owner has long left the country, so they don't even have a chance to recoup part of the hidden defects. This market is messing with people's minds. Aramis fucked around with this message at 18:46 on Aug 3, 2020 |
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Aug 3, 2020 18:04
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Rime posted:I've had three loving properties sell out from under me in the Stikine in the past month, including my dream house which had sat on the market for four years. Anything with even barely arable land and not hours up a dirt road is selling like mad up there. I'm hearing that recreational property is on fire right now. My brother told me a pal of his at LandQuest told him that they're having their best year ever. Rich tech bros that are being told by their companies that they can WFH until 2021 (maybe forever) and are looking to buy in places where they can work remote for months at a time. Not sure Stikine would have the fibre required for that lifestyle, but plenty of other places do. Add me to the pile of people who bought recently (end of 2019) so now the market is allowed to crash. Coincidentally I chatted with my realtor yesterday and asked him how he is. He said he's working 12 hour days. Super busy. I'm seeing a mixed market at the moment. Seems like a lot of briskly appearing "sold" stickers on for sale signs on SFH houses and townhouses around, but I'm also seeing listings for obvious ex-Airbnb condos pile up. Could be that given the fear of pandemic lock down, there's a demand for "space" and products that can't provide that (eg. 500 sqft condos) aren't really moving.
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Aug 3, 2020 19:33
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One of the only things I’m happy about after splitting with my fiancé is passing the hot potato of our overpriced 1br skybox this month.
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Aug 3, 2020 19:54
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Bank Of Canada Pumping Billions Into Mortgage Liquidity To Prop Up Real Estate That graph, LMBAO.
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Aug 3, 2020 20:45
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The other way to think of it is in terms of houses. Really, they only have "bailed out" like 4000 houses in the GTA, 2000 in Metro Vancouver, and maybe a couple hundred elsewhere. As there are something like 60k SFHs in CoV alone... Small potatoes. Wasn't hot money from China WAY bigger until 2016?
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Aug 3, 2020 21:04
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RBC posted:these are sent out all accross the province its not handwritten its just a stupid flyer for a house flipping company got handed a stack of flyers like these for my mail route about four years ago. they were rejected at the depot and had to be re-written cuz no one could figure out if he wanted to buy your house or was a pedophile. vancouver area, looked like it resembled a yellow legal pad and kept going on about his 'caffeine buzz'.
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Aug 3, 2020 22:26
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My friends mortgage broker is insanely busy right now (in ottawa) I was saying I bet a lot of the smaller island properties and houses get snapped up now with the WFH boom
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Aug 4, 2020 16:01
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A friend of mine bought in a new development in Grimsby in March just before the lockdown, and 4 weeks later the developer had bumped the prices by $50K on identical houses.
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Aug 4, 2020 16:11
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Lotta Pent Up Demand https://twitter.com/stevesaretsky/status/1290673870987358214?s=21 BUY NOW
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Aug 4, 2020 17:33
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Never thought I'd buy a house, but maybe I will now just in case.
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Aug 4, 2020 18:17
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Femtosecond posted:I'm hearing that recreational property is on fire right now. My brother told me a pal of his at LandQuest told him that they're having their best year ever. Lotta petite bourgeois people thinking they've found One Weird Trick to survive the climate apocalypse imo
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Aug 4, 2020 20:55
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Subjunctive posted:This is a familiar post! I was the idiot in 2016, chided for not waiting a few months to save hundreds of thousands of dollars. It turned out...ok. Yeah no kidding. The housing bubble to this thread has been the Canadian version of "I'd like to see the ol' bubble wriggle it's way out of this one! *bubble continues* Ah! Well, nevertheless"
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Aug 4, 2020 21:19
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pretty sure my 5 year old daughter will just have to inherit our house when i die, no way shes affording a house anywhere. Me and the wife are living in our starter home that we paid like 210k for 7 years ago now, and its worth like 380-400 now, and this is middle of nowhere like 45 mins south of hamilton, on
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Aug 4, 2020 23:53
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I got a mortgage at TD. They bungled every step, constantly asking for more documents, constantly telling me we were done, then coming back and saying ooops we forgot to ask for X and Y documents too. Over and over, for a month. We almost missed out on the house due to how lovely TD was. Since we have a TD mortgage offer signed and in place we are now trying to get a broker who knows what they're doing to get us a better one in between going unconditional and signing everything with the lawyers. Oh god TD is so bad at this. don't go with TD...
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Aug 5, 2020 01:45
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Baronjutter posted:I got a mortgage at TD. They bungled every step, constantly asking for more documents, constantly telling me we were done, then coming back and saying ooops we forgot to ask for X and Y documents too. Over and over, for a month. We almost missed out on the house due to how lovely TD was. Honestly, I think this is every mortgage lender.
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Aug 5, 2020 03:40
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Tsyni posted:Never thought I'd buy a house, but maybe I will now just in case.
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Aug 5, 2020 04:01
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odiv posted:I have one, but maybe I should get a backup? if you have a backup house you can use it to store all your backup toilet paper too
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Aug 5, 2020 04:14
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Arivia posted:if you have a backup house you can use it to store all your backup toilet paper too Pro move
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Aug 5, 2020 04:56
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If the bank forecloses one house, you can still live in your backup house!
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Aug 5, 2020 05:16
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Rime posted:Bank Of Canada Pumping Billions Into Mortgage Liquidity To Prop Up Real Estate There's no hope is there huh. They'll never let housing become affordable again. I should accelerate my plans to leave this place but idk where to go. The cheaper places in Canada probably don't have jobs for me so maybe leave the country entirely (after the pandemic), but loving where to lol.
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Aug 5, 2020 23:26
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None of the countries that are any better than Canada want you there if you don't have high demand qualifications, and lots of them are more vulnerable than we are to the rapidly approaching consequences of climate change anyways.
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Aug 6, 2020 00:09
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Is it a coincidence that housing prices are sky high in Canada/AUS/NZ? makes sense that people are trying to get into those countries with relatively sane and stable democracies that will sell land and citizenship if you're rich enough
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Aug 6, 2020 00:09
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Apparently, if you make over $50k USD per year and work remotely, you can telecommute from Barbados...
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Aug 6, 2020 00:29
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Home prices have very little to do with how rich your population is and everything to do with how much credit is available to the population. Once the credit stops, the home prices collapse.
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Aug 6, 2020 03:00
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Agreed. Which is why I don’t think prices are going to collapse. The amount of money being pumped into the financial system has to go somewhere, and if we’re not seeing price inflation generally, it’s probably going into asset price inflation, ie home prices and stock prices.
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Aug 6, 2020 18:01
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Globe and Mail doesn't have any foreign buyer stuff to report on any more, so they're increasingly publishing concern trolling pieces about new Vancouver developments. quote:
Really you can't seem to imagine there existing anyone in Vancouver anyone who can afford $1800 rent?? Why am I starting to think that the fact that you live in the neighbourhood is the core thing creating your concerns about this project? quote:... This has got to be be one of the more bat poo poo insane I've heard a planner say. What is a decolonial approach to density Ms. Moffatt? Maybe instead of just leaving questions hanging there, suggesting that adding more infill density is somehow anti-indigenous, you could help answer the question by providing an alternative? IMO a decolonial approach to planning could be to simply hand over more lands that were stolen away from the Squamish and Musqueam and let them develop those lands as they'd like without settler planners chiming in. How'd you like that idea? Ironically of course, the Squamish's Senakw development on the tiny sliver of lands by Vanier Park they have left is being developed into incredibly high density market rental project so.... quote:.... Yeah the CoV already takes 75% of the land value from rezones via Community Amenity Contributions but go on pretend this doesn't happen... quote:... Femtosecond fucked around with this message at 02:35 on Aug 7, 2020 |
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Aug 7, 2020 02:31
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community around the drive has collectively lost housing over the last few years. some come back piecemeal and there are always new faces, but watching it dwindle as we're slowly atomized across the suburbs into basements so we can pay someone's mortgage loving sucks. like really lovely. and... I know it kinda seems that way, but squamish ain't my people. doesn't really work like that. edit: that was a little more rude and vague than I would have liked. the squamish nation is it's own cultural and unfortunately, legal identity. just because someone may identify as indigenous or have a status card doesn't mean the senakw development offers them any advantages for housing. last I heard they were reserving... bleh... a large number of units for members of the nation, which is cool and good since they make up a big part of the community in vancouver. if they extend that further, say to everyone on a band registration in bc I'm Gaanaxteidí, so while I'm doing okay people in my particular circumstance might not be able to access that housing. when it comes to... even the idea of generational housing in vancouver tied to status it becomes complicated. my card says 6(2), my kids look mostly Han, yukon not china, and I've done my best, but they can never be added to the band registry. poo poo gets complicated. upgunned shitpost fucked around with this message at 07:33 on Aug 7, 2020 |
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Aug 7, 2020 03:22
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upgunned shitpost posted:community around the drive has collectively lost housing over the last few years. some come back piecemeal and there are always new faces, but watching it dwindle as we're slowly atomized across the suburbs into basements so we can pay someone's mortgage loving sucks. like really lovely. 10 years ago working class hoods like Grandview Woodlands and Strathcona were places where students and young workers could rent a house for cheap, and these neighbourhoods were great and vibrant for renters but jump ahead to now, post bubble, and houses in GW have been turned over and are occupied by the Dunbar Diaspora, rich west siders that sold their homes to hot asian money, pocketed a few mil' then bought relatively cheap SFHs in East Van. Now they're trying to keep Grandview Woodlands as an exclusive SFH zone for rich people just the way that Dunbar was. Same poo poo is going on in Strathcona though I think that gentrification process has been going on even longer. Working class progressives in GW that are still lucky enough to be renting full houses in GW are just trying to hold onto what they have, and oppose any new development that they think may displace them, but they're hosed either way. It's only a matter of time before their landlord sells the house out from under them and it goes from being the residence of 3-4 low income renters to a single yuppy family. What's the worse long term outcome here, developers are able to build apartments and there is at least some ability for working class people to remain in the neighbourhood, or GW becomes an elite SFH 'hood like Dunbar and working class people are scattered to the wind?
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Aug 7, 2020 18:19
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