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A guy I know who just moved to Vancouver is wanting to buy a condo and asked me "Is Bosa a decent developer?" lol
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Jan 18, 2021 22:42
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These days there is no such thing. All new condos are basically hot garbage with shiny stainless steel appliances. He's better off buying a unit in an older building that's already had its major repairs accounted for. or rent lol
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Jan 18, 2021 23:51
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Yeah a guy I worked with bought a condo ten years ago, and he was explaining about how you have to check the age of the building, and factor in the special assessments that will happen like clockwork for replacing the roof, etc. And that was just taking into account the stupidity of strata councils, never mind the steady decrease in quality over the past ten years.
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Jan 19, 2021 08:06
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Cold on a Cob posted:The bubble is going to pop the second I take on a 500k mortgage to buy a two bedroom condo. In the two weeks after I close I fully expect my equity to turn into dust. poo poo man, a couple months ago it was a townhouse  What happened?We were in the same boat - both looking at houses and stuff. My wife lost her job last week so we had to put a pause on our search. The ultimate irony being that her coworkers (including the guy who let her go) were all beating the same drum of advice of "Sometimes you just gotta jump in both feet wet; yeah it'll be hard at first but it'll get easier". 1 month later - let go. Cunts.
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Jan 19, 2021 15:44
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Slotducks posted:poo poo man, a couple months ago it was a townhouse Well condo apartment or condo townhouse, we'll see. We don't really _need_ a townhouse so if we find a condo apartment we love we'll jump on it. We took December off and procrastinated since Covid is flaring again but hopefully start actually looking in a week or so, Covid or no. I'm nervous though, all things considered. I make the bulk of our income so if I were to lose my job and we didn't have a cushion, things could get bad fast, so we're thinking about buying a cheaper/smaller place to be safe. 2BR is as small as we can go though.
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Jan 19, 2021 16:24
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Cold on a Cob posted:Well condo apartment or condo townhouse, we'll see. We don't really _need_ a townhouse so if we find a condo apartment we love we'll jump on it. We took December off and procrastinated since Covid is flaring again but hopefully start actually looking in a week or so, Covid or no. Get a load of this fuckin guy not getting the biggest baddest mortgage his income can afford, actually thinking an emergency fund and financial stability is a good idea. That’s not how it’s done in this part of the world Chuckie.
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Jan 19, 2021 19:03
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qhat posted:Get a load of this fuckin guy not getting the biggest baddest mortgage his income can afford, actually thinking an emergency fund and financial stability is a good idea. That’s not how it’s done in this part of the world Chuckie. Crazy man. I bet he actually does due diligence on the property he's interested in, too. What a maroon.
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Jan 19, 2021 19:39
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But if you max out your credit to buy the biggest possible house, how are you going to get another loan for a new Dodge Ram Rebel Crew Cab? Or do you get that first?
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Jan 19, 2021 21:07
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eXXon posted:But if you max out your credit to buy the biggest possible house, how are you going to get another loan for a new Dodge Ram Rebel Crew Cab? Or do you get that first? You make sure your mortgage comes bundled with a HELOC and buy the pickup truck using that
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Jan 19, 2021 21:50
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Baronjutter posted:A guy I know who just moved to Vancouver is wanting to buy a condo and asked me "Is Bosa a decent developer?" I've seen way worse. I'm living in one of their buildings right now and I lived in an older one in the past, and they're both way better than the non-Bosa building I lived in. Like, orders of magnitude better. There are flaws, they aren't nearly as bad as in that other building.
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Jan 19, 2021 23:03
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Condos just generally don't seem like a great idea to buy Aren't they actually going DOWN in price right now too
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Jan 20, 2021 02:23
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PT6A posted:I've seen way worse. I'm living in one of their buildings right now and I lived in an older one in the past, and they're both way better than the non-Bosa building I lived in. Like, orders of magnitude better. There are flaws, they aren't nearly as bad as in that other building. I’ve heard Bosa are okay actually. I have also heard avoid Onni like the bubonic plague.
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Jan 20, 2021 08:15
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https://twitter.com/SteveSaretsky/status/1351934698050633728 Overwhelming majority of people already own property! https://twitter.com/SteveSaretsky/status/1351937390156292096 Home reno boom is real, and certain other segments of the economy got annihilated! (I'm a bit sad because I moved last year knowing I'd want to do around 75-100k in improvements in the year or so after moving and while I got everything booked for the first phase before the reno wave really took off, everything is moving far slower than I'd like on phase II. Months of waiting after signing, etc.)
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Jan 20, 2021 22:15
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I recently learned (possibly even from this thread) that Nova Scotia saw California's famous proposition 13 (property tax permanently tied to purchase price of the property) and thought "hey, that's a good idea" in 2005 and used it for inspiration. Basically, their property assessment process does not permit the assessed value of a owner-occupied property to rise by more than CPI which, at the very least, must have a fairly entertaining impact on standard real estate "% above assessment" and "last year's property tax" metrics. Anyway, they have a map online with dwelling-level data on who is being subsidized / footing the bill for this. It's kind of neat in the abstract sense as it's also a guide to neighbourhood mobility - https://nsfm.ca/cap_map.html#13.39/44.64744/-63.61586. And also "cute" that when you turn on the neighbourhood income colours, it's mostly the wealthier areas being subsidized. I'm sure that everybody flips out at the first mention of property taxes increasing 1-2% more than inflation and how unaffordable this is for pensioners, regardless.
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Jan 20, 2021 23:30
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Sassafras posted:I recently learned (possibly even from this thread) that Nova Scotia saw California's famous proposition 13 (property tax permanently tied to purchase price of the property) and thought "hey, that's a good idea" in 2005 and used it for inspiration. That's completely different from Prop 13? Property Assessment is not property tax.
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Jan 21, 2021 01:53
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Throatwarbler posted:That's completely different from Prop 13? Property Assessment is not property tax. It's a direct proxy since property taxes are levied as a mill rate against assessed value. The only difference is that that if property prices go stagnant for decades the inflation-capped assessment might eventually catch up. "According to the Canadian Real Estate Association, the average home in Halifax sold for $297,466 in August, compared to $239,758 in August of 2019." Buy one year later than the identical place next door and that's potentially a 25% higher property tax bill for life. Get a few years of compounding thirty percent increases like certain other places have seen...
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Jan 21, 2021 02:23
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Sassafras posted:It's a direct proxy since property taxes are levied as a mill rate against assessed value. In most of Nova Scotia, you can get a house for under $200k. Most people own their houses. The law was put in to protect those people from foreign investors driving up the prices.
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Jan 21, 2021 05:08
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brucio posted:In most of Nova Scotia, you can get a house for under $200k. Most people own their houses. The law was put in to protect those people from foreign investors driving up the prices. Lol what the gently caress are you talking about? The average price of a home in Nova Scotia is $320K, and that includes condos and townhouses. My sister in law bought a house in Halifax* three years ago, and she had to go half an hour's drive outside the city and still paid $350K. That law, like the law in California, is completely about protecting boomer wealth at the expense of younger generations. * Population-wise, Halifax and its exurbs is most of Nova Scotia.
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Jan 21, 2021 05:37
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Lead out in cuffs posted:Lol what the gently caress are you talking about? The average price of a home in Nova Scotia is $320K, and that includes condos and townhouses. I'm talking geography. I've been looking at decent houses in Cape Breton for sale for under $100k. Of course, Halifax and it's suburbs and exhurbs are not like that.
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Jan 21, 2021 05:46
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That's not a particularly useful statement if most of NS's population is concentrated around Halifax.
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Jan 21, 2021 06:08
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mila kunis posted:That's not a particularly useful statement if most of NS's population is concentrated around Halifax. It's not, HRM is less than half of the NS population.
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Jan 21, 2021 12:57
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The USUAL SUSPECTS are dooming the housing market again.
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Jan 21, 2021 21:47
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Sounds more like they're making a strong case for the government to make absolutely sure they prop things up to stave off a scary collapse. And, by God, the government and central banks are ready to keep doing so to keep our economy humming!
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Jan 21, 2021 21:57
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sitchensis posted:These days there is no such thing. All new condos are basically hot garbage with shiny stainless steel appliances. This cannot be emphasized enough.
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Jan 22, 2021 01:15
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Renting is pretty good compared to buying tbqh.
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Jan 22, 2021 04:59
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The only reason we decided to look at buying again is because we are facing probable eviction this year. Our rent in a new place will go up $400 per month minimum if that happens (this is after factoring in the rental market drops) so numbers to buy look attractive in our situation, especially with condos dropping in price in the Toronto area.
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Jan 22, 2021 11:35
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quote:Canada’s top central banker isn’t worried about the country’s hot housing market, saying low interest rates and demand for space rather than speculation are behind the price gains. https://www.bnnbloomberg.ca/bank-of-canada-governor-isn-t-worried-about-a-housing-bubble-1.1551734
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Jan 23, 2021 03:14
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are we SURE that last line wasn't written by the beaverton
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Jan 23, 2021 03:16
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Canadian Debt Thread: accommodative monetary policy
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Jan 23, 2021 03:17
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In Vancouver Amazon has enough leased space in a office tower under construction to fit 10,000 employees according to real estate experts. Does Amazon have a presence in Toronto too?
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Jan 23, 2021 04:34
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They've got multiple floors in multiple buildings downtown, so yeah, they've got space in Toronto.
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Jan 23, 2021 04:43
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There's def been uh, an increasing reluctance to go to the USA during the Trump years. It'll be interesting to see if that trend reverses now that there's a democrat in charge, and if Canada gets a "brain drain" again.
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Jan 23, 2021 04:54
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Ah yes that company Amazon, famous for *checks notes* paying it's employees wages that are high enough that they won't bat an eye at $3k a month in rent.
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Jan 23, 2021 05:53
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Amazon has a lot of software people that are very well compensated, even if they have a lot of poorly paid warehouse workers.
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Jan 23, 2021 17:26
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https://twitter.com/BenRabidoux/status/1353032786840608768 A thread that may either depress you or not!
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Jan 23, 2021 19:18
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Another Canadian real estate bear in full capitulation mode: https://twitter.com/BenRabidoux/status/1353032786840608768?s=19
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Jan 23, 2021 19:18
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leftist heap posted:https://twitter.com/BenRabidoux/status/1353032786840608768 Shouldn't this graph be starting at 0%? Also what is a "house price"? This just reads like noise to me.
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Jan 23, 2021 22:14
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HookShot posted:Ah yes that company Amazon, famous for *checks notes* paying it's employees wages that are high enough that they won't bat an eye at $3k a month in rent. I mean I don't know about now, but in Vancouver a year back they had waves of recruiting for devs at around 130-140k for intermediate experience.
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Jan 23, 2021 22:30
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Mantle posted:Shouldn't this graph be starting at 0%? Also what is a "house price"? This just reads like noise to me. It's measuring the year-over-year change in real (inflation adjusted) housing prices. When prices decline, the percentage change is negative, which is why the y-axis covers both negative and positive numbers.
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Jan 23, 2021 22:30
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Crow Buddy posted:Amazon has a lot of software people that are very well compensated, even if they have a lot of poorly paid warehouse workers. Even if they were paying American-sized salaries to Canadians, which they aren't, there aren't enough Amazon employees in Toronto or Vancouver to prop up the market.
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Jan 24, 2021 02:46
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