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Random anecdote: I've posted before about the 700sqft built-in-1960 one-bedroom wood-frame condos across the street that kept getting snapped up for $500K each. Well we met one of the new owners out on the street a few months ago. (Apparently my partner knows them tangentially.) They're a couple, with a newborn, and a gigantic dog. In a one-bedroom. Apparently it's not working out, so they're thinking of "going back to renting". I'm curious about how that works so soon after buying a place.
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Aug 27, 2020 20:41
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Lead out in cuffs posted:Random anecdote: I've posted before about the 700sqft built-in-1960 one-bedroom wood-frame condos across the street that kept getting snapped up for $500K each. Well we met one of the new owners out on the street a few months ago. (Apparently my partner knows them tangentially.) I'm sure they'll find out how it doesn't work when they go to their bank to ask about breaking their mortgage.
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Aug 27, 2020 20:42
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Lead out in cuffs posted:Random anecdote: I've posted before about the 700sqft built-in-1960 one-bedroom wood-frame condos across the street that kept getting snapped up for $500K each. Well we met one of the new owners out on the street a few months ago. (Apparently my partner knows them tangentially.) Insane. On what planet could anyone imagine that apartment working out for 3 people? At any rate, I bet they'll enjoy losing whatever equity they have on the realtor/mortgage fees, and if they are lucky that'll be enough to cover it all.
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Aug 27, 2020 22:26
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Mandibular Fiasco posted:ICYMI, Ewan Sidall decided to go toe-to-toe with a moron realtor in the middle of the night a few days past: FYI that realtor is the same bastard who called out a woman journalist, who was not towing the RE industry line by suggesting Canada was too indebted, as being "a girl...probably in her late 20s with very little writing history just out of community college.". Turns out she's only just a staff writer for Bloomberg for over a decade with two degrees and over a thousand publications and some in outlets such as the NY Times, Guardian, and others. https://twitter.com/natalieobiko/status/1258460576503611392
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Aug 27, 2020 22:36
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Oh god, here's his apology: https://twitter.com/owenbigland/status/1258848697896460294  Yep, so much better.
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Aug 27, 2020 22:45
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Lead out in cuffs posted:Oh god, here's his apology: The tone-deafness of this guy is just something else. No wonder he's a realtor.
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Aug 27, 2020 23:16
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"OwenBigLand"
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Aug 27, 2020 23:49
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RBC posted:"OwenBigLand"
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Aug 28, 2020 00:11
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RBC posted:"OwenBigLand" Username checks out.
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Aug 28, 2020 03:50
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RBC posted:"OwenBigLand" You know what they say about large land owners... They're compensating..... For negative future returns that everyone will have to bail em out of. These"'gurus" are not different than martial arts "masters" that have never taken a hit in the face in their life.
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Aug 29, 2020 03:30
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https://www.timescolonist.com/real-estate/third-generation-landowner-wants-exemption-from-speculation-tax-1.24193865 gently caress this guy quote:“If I’m third-generation owner of a property, why am I being charged with a speculation tax that is intended for vacant properties or foreign owners who don’t use them?” he said.
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Aug 29, 2020 08:29
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Glad to see he is considering selling. If I'm not mistaken, that is exactly what the speculation tax was intended to encourage.
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Aug 29, 2020 10:27
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realtors are weirdos at the best of times, but with the real estate market being so hot for so long whatever professional standards they may have tried to abide by have long given way to pure derangement
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Aug 29, 2020 16:22
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So has anyone talked about how many landlords are about to default when university students don’t show up to rentals this week.
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Aug 29, 2020 17:14
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sbaldrick posted:So has anyone talked about how many landlords are about to default when university students don’t show up to rentals this week. 
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Aug 29, 2020 17:45
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sbaldrick posted:So has anyone talked about how many landlords are about to default when university students don’t show up to rentals this week. i think most of them are in denial about it
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Aug 29, 2020 17:59
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Mantle posted:https://www.timescolonist.com/real-estate/third-generation-landowner-wants-exemption-from-speculation-tax-1.24193865 quote:The third-generation owner of a waterfront property in North Saanich is urging the province to create an exemption under its speculation and vacancy tax for long-term owners such as himself. It's great that the entire article and issue is predicated on not being able to read the last half of the tax name. Also, they have a foundation that is responsible for millions of dollars of charitable donations but are eager to fight against taxes. T.C. fucked around with this message at 18:23 on Aug 29, 2020 |
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Aug 29, 2020 18:20
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These people ALWAYS save their big threat for most of the way through their letters -- it might make more sense for them to sell the house! They think this is taking their ball and going home but are too self centred to realize that someone else would be buying the ball.
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Aug 29, 2020 18:26
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yippee cahier posted:These people ALWAYS save their big threat for most of the way through their letters -- it might make more sense for them to sell the house! They think this is taking their ball and going home but are too self centred to realize that someone else would be buying the ball. "I might have to sell my vacant property!" threatens confused man too stupid to understand law meant to reduce the number of unoccupied properties
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Aug 29, 2020 19:05
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i think were supposed to feel sorry for the guy who inherited a valuable property or something
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Aug 29, 2020 20:48
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sbaldrick posted:So has anyone talked about how many landlords are about to default when university students don’t show up to rentals this week. I dunno if this is that significant. Probably a lot of empty basement suites in Kits due to this, but I assume most of the time that money just is gravy. Maybe a few house owners a bit more pinched without that extra $1000-2000 a month?
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Aug 29, 2020 22:54
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depends on the area, the smaller university towns in the gta are absolutely rife with over leveraged speculators buying up single family homes and renting them by the room to students
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Aug 29, 2020 23:01
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The only way you can afford a home in Victoria is if you put a student in your basement. The neighbourhoods around campus all have illegal suites in them. At least that's what my landlady told me when I was a student there.
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Aug 29, 2020 23:40
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Will noone stand up for the rich people??
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Aug 30, 2020 05:32
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RBC posted:i think were supposed to feel sorry for the guy who inherited a valuable property or something yeah this is what it is. Literal propaganda to make you sympathize with the absentee land owner; this could easily happen to you (if only your grandfather was a wealthy gentleman of some kind)!
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Aug 30, 2020 06:27
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Yes, it's like a lava lamp.
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Basement suites have been used as a way to over leverage on a mortgage in BC since well before they were legal. It's the main reason they're prevalent.
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Aug 30, 2020 07:10
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PittTheElder posted:yeah this is what it is. Literal propaganda to make you sympathize with the absentee land owner; this could easily happen to you (if only your grandfather was a wealthy gentleman of some kind)! Billionaires paying millionaires to tell the middle class to hate the poor, is how I heard it eloquently put once.
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Aug 30, 2020 16:41
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Guest2553 posted:Billionaires paying millionaires to tell the
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Aug 30, 2020 16:46
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Bi-la kaifa posted:The only way you can afford a home in Victoria is if you put a student in your basement. The neighbourhoods around campus all have illegal suites in them. At least that's what my landlady told me when I was a student there. It's nigh on impossible to buy a house here without a suite. If you tell people you don't want a "mortgage helper" they look at you like you're absolutely nuts.
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Aug 30, 2020 18:38
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leftist heap posted:It's nigh on impossible to buy a house here without a suite. If you tell people you don't want a "mortgage helper" they look at you like you're absolutely nuts. Yeah, no suite was a firm requirement when we were looking. Problem of course was that even if it didn't already have one, if it had a basement big enough it would be priced as if it did. So we had to find a place with only a 6' half basement.
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Aug 30, 2020 18:48
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When we were looking for a house it seemed stupid to buy a 2000sqft home and only be able to use half as a living space. So we just bought a 1000sqft home and now we get to live alone with a smaller mortgage. Why would you want to depend on someone else to pay your mortgage? It's like renting except you have to pay for everything.
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Aug 30, 2020 19:06
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Bi-la kaifa posted:When we were looking for a house it seemed stupid to buy a 2000sqft home and only be able to use half as a living space. So we just bought a 1000sqft home and now we get to live alone with a smaller mortgage. Why would you want to depend on someone else to pay your mortgage? It's like renting except you have to pay for everything. It's free money!
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Aug 30, 2020 20:02
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Since you're mostly paying for the land, a bigger house just shifts more of the cost onto the building (which you can use to generate money) rather than just the land. It's why every house that can't have a suite is pretty much demolished or lifted when it sells now 
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Aug 30, 2020 22:57
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I'm not sure how it would work if you're also living in the home, but renting out an apartment makes the vast majority of the standing costs (property tax, mortgage interest, strata fees, etc) tax deductable.
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Aug 31, 2020 01:31
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qhat posted:I'm not sure how it would work if you're also living in the home, but renting out an apartment makes the vast majority of the standing costs (property tax, mortgage interest, strata fees, etc) tax deductable. Percentage-based. Gets a bit more complicated as you go and at sale time re: principal-residence exemption for capitalized costs, if you actually do it properly (haha).
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Aug 31, 2020 01:46
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I feel like writing off stuff around the rental component probably doesn't make sense given that it fucks up with the capital gains exemption, which is probably gonna be way more worth it.
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Aug 31, 2020 17:09
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Femtosecond posted:I feel like writing off stuff around the rental component probably doesn't make sense given that it fucks up with the capital gains exemption, which is probably gonna be way more worth it. Isn't the law is that if you rent out part of your property for income, you lose the capital gains exemption on that proportion of the property?
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Aug 31, 2020 18:07
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Bi-la kaifa posted:When we were looking for a house it seemed stupid to buy a 2000sqft home and only be able to use half as a living space. So we just bought a 1000sqft home and now we get to live alone with a smaller mortgage. Why would you want to depend on someone else to pay your mortgage? It's like renting except you have to pay for everything. Small house big lot is the way to go.
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Aug 31, 2020 18:11
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Mandibular Fiasco posted:Isn't the law is that if you rent out part of your property for income, you lose the capital gains exemption on that proportion of the property?
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Aug 31, 2020 20:48
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Femtosecond posted:I feel like writing off stuff around the rental component probably doesn't make sense given that it fucks up with the capital gains exemption, which is probably gonna be way more worth it. This is only true in places like Vancouver where house prices went hyperbolic in the past 5 years. If house prices (and also rental prices) were closer to historical norms then it absolutely makes sense to claim the deduction over the exemption since yeah your house went up 3-4% yoy and you're going to have to add 50% of that to your income that year (so really you only pay like 20-25% of the gain), but you also yielded 7-10% in rental income over that time of which most is tax free thanks to all the deductions. Vancouver rental income is around 3-4% ROI right now which is shockingly poor and frankly I'm surprised anybody rents anything out because your net return is approaching what you would get from a total market bond ETF. qhat fucked around with this message at 21:02 on Aug 31, 2020 |
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Aug 31, 2020 20:59
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