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N12 means Ontario guys
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Mar 9, 2021 01:30
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I posted this in another thread, just four of the most recent 7 reported sales in Vancouver West. Bunch of others in the 4s, couple 5s, one 6... in the last week Generally we all just ignore the west side now as most everyone in thread has been priced out for years, but now that the "other Vans" + Burnaby and Richmond are all so close..!
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Mar 9, 2021 02:03
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Mantle posted:N12 means Ontario guys Speaking of, I'm probably getting mine tomorrow. 
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Mar 9, 2021 02:14
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Femtosecond posted:People hate on the primary exemption as a big giveaway, but this story seems like a summary of why it exists. Thanks you just explained why doing away with it would crash the housing market and make prices more reasonable.
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Mar 9, 2021 04:00
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Itt people literally don't understand taxation as social and economic policy as a means of making society more equitable so we don't resort to guillotines.
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Mar 9, 2021 04:03
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I don't think sweet, sweet tax free capital gains decades down the line is at all a core reason why people are so eager to buy homes. We're not even actually seeing that many boomers take advantage of this fact and downsize and take those gains. They're gonna be leaving their detached houses in coffins. The more significant way that people are building wealth through home ownership is by leveraging the equity via HELOCs. I have no idea why we exempt 50% of the capital gain on secondary investment property. We should tax that fully. Seems like most countries are like Canada in exempting taxes on primary homes so I dunno who to even look at as a contrasting tax regime to see if their market is less bubbly (tho pretty much everywhere is less bubbly than Canada).
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Mar 9, 2021 04:34
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Femtosecond posted:I have no idea why we exempt 50% of the capital gain on secondary investment property. We should tax that fully. It's because capital gains is only charged on 50% of all investment asset appreciation, including stocks and whatever, not really a real estate specific thing. Most western countries give preferential tax treatment to income via capital gains/dividends because something about encouraging investment but actually mostly because hurr the people who make the legislation and the people who back those people financially happen to also earn a majority of their money from investment income.
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Mar 9, 2021 04:58
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qhat posted:It's because capital gains is only charged on 50% of all investment asset appreciation, including stocks and whatever, not really a real estate specific thing.
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Mar 9, 2021 08:15
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It’s blatantly unfair. You earn 50k working every day and you pay twice as much in taxes as a guy with some passive investments who also earns 50k. What’s he going to do, not invest his extra money and lose out to inflation? Do we really need to give a guy with that much cash laying around a large carrot?
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Mar 9, 2021 08:27
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rgocs posted:I took his point to be that real estate should not be considered an investment asset. By removing the 50% capital gains exemption from secondary housing you'd discourage its use as investment, and rich people may then think twice about it and possibly prefer to put their money in other investments that would get them their 50% exemption (who knows, maybe something productive for society, hahahaha... right) I mean getting rid of the principle residence exemption I think would be sufficient, but sure I can settle for 100% gains on all real estate also
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Mar 9, 2021 09:05
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yippee cahier posted:It’s blatantly unfair. You earn 50k working every day and you pay twice as much in taxes as a guy with some passive investments who also earns 50k. What’s he going to do, not invest his extra money and lose out to inflation? Do we really need to give a guy with that much cash laying around a large carrot? 50k employment income with no extra deductions in BC, 2021 - taxes payable: 7,659 (just a nose, a few hundred bucks, into the bracket above 22.70%) 50k capital gain on top of 223k other taxable income - taxes payable (on the 50k capital gain): 13,375 (53.50% marginal rate, so 26.75% on the capital gain) But sure, if the 50k capital gain person had literally zero other income, their taxes payable would be: 2,384 (working stiff pays more than triple, not double) And for good measure, if it was 50k in eligible dividends (or even 63k) their tax bill would be: 0
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Mar 9, 2021 09:42
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Found out what our (landlord's) condo sold for and it makes me want to throw up. The market has well and truly gone insane when a nice looking but shoddily built 4-over-1 2BR condo in the rear end end of Mississauga with almost zero amenities sells for almost 700k. It doesn't even have a loving storage locker, you have to pay your own utilities - hell, you own your own AC and heater so you gotta pay for those too. We are definitely not buying now. This settles it. Cold on a Cob fucked around with this message at 14:21 on Mar 9, 2021 |
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Mar 9, 2021 14:18
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BonerKid fucked around with this message at 21:17 on Oct 29, 2022 |
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Mar 9, 2021 16:33
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BonerKid posted:Two years ago I struggled for months to find a place in Mississauga. The houses/condos were already far too expensive and half the places I looked at renting were 1500/mo for a tiny closet sized room. I ended up in a lovely and possibly illegal basement apartment, but the rent is so low I won't complain. Unfortunately my company moved to a new office, so once I'm asked to come back to the office I'll have to move or put up with a significantly longer commute. I can't imagine how bad the market is now and my only hope is they allow me to continue working remotely so I can move somewhere more affordable.   Good luck. My company can't wait to get us back in the office and is already asking people to come back one day per week, so permanent work from home isn't an option. The thing is - I prefer being in the office anyway, so I am trying like hell to stay near my office (which is also in Mississauga) so my commute is <=30 minutes. I'd also like to stay somewhat close to Toronto in case I get another job there. We're going to keep looking for a few more weeks and hope for the best.
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Mar 9, 2021 16:50
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rgocs posted:I took his point to be that real estate should not be considered an investment asset. By removing the 50% capital gains exemption from secondary housing you'd discourage its use as investment, and rich people may then think twice about it and possibly prefer to put their money in other investments that would get them their 50% exemption (who knows, maybe something productive for society, hahahaha... right) Yeah this is what I was getting at. If government is gonna encourage people to invest in a certain way, let's encourage people to invest in something useful, like companies that are trying to save cancer, or make yoga pants that make our butts look good. The status quo encourages landlordism equally with investing in public companies that actually produce something.
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Mar 9, 2021 18:37
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Lmao total vapid real estate pump article in the Calgary Herald. Article asserts that there's a housing boom. Doesn't actually cite any numbers. Worth a shot guys, maybe you can induce some real estate mania.quote:First-time, younger buyers driving Calgary homes market upward There's a reason for that. This article does point out that sales are up. https://calgaryherald.com/life/homes/new-homes/february-residential-resales-the-best-since-2014-pushing-calgary-into-sellers-market quote:Single-family detached homes led the price gains at five per cent year over year to a benchmark price of $502,500. 5% yoy wow 
Femtosecond fucked around with this message at 21:27 on Mar 9, 2021 |
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Mar 9, 2021 20:55
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Cold on a Cob posted:Speaking of, I'm probably getting mine tomorrow. Three loving days and nothing except a cancelled appointment. I wonder if the sale is blowing up. I'd try to chase them down but I've got bigger problems right now. My monthly rental period ends in four days though so they have to get it to me by then. Edit: Cold on a Cob posted:Edit: further events have transpired that have proven the selling agent was doing shady poo poo. to avoid legal bullshit because my agent is actually an old friend of mine, I am not updating this post with that information and editing out what little i said, keeping the most important part: I can actually do a small update here without getting too specific now that everything played out. Basically, the selling agent didn't do anything illegal, but he didn't represent his client's best interests very well. Standard practice is to send a courtesy message to all interested buyers if presentation date is changed, such as if they receive a early offers they are considering. This exact scenario happened but my agent wasn't contacted, and our offer wasn't entered for consideration. The cherry is our planned offer was more than what ultimately won, so regardless if we actually would have won in the end the seller lost out. So nothing illegal, just shady and/or stupid. Cold on a Cob fucked around with this message at 18:10 on Mar 10, 2021 |
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Mar 10, 2021 17:33
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Realtors are generally idiots. Most sales they gently caress up very basic things. I can't think of a more overpaid useless profession.
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Mar 10, 2021 19:35
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linoleum floors posted:Realtors are generally idiots. Most sales they gently caress up very basic things. I can't think of a more overpaid useless profession. The fact they insist on Realtor™ is a dead giveaway.
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Mar 10, 2021 19:56
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Extremely Strong-Bad voice: EVICTED At least that's over with and I have until mid-May to find a new place. Landlord was apologetic, explained that one of them lost their job this year (lol low-income landlords) and gave me a decent bottle of whiskey as a thank you for everything. At least I'll get a stellar reference out of this.
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Mar 11, 2021 15:43
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The funny thing is the gain they got from selling the property was probably worth more than their entire savings up until that point. Who the gently caress needs a job, just keep selling houses.
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Mar 11, 2021 17:27
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qhat posted:Who the gently caress needs a job, just keep selling houses. The end state of the Canadian economy.
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Mar 11, 2021 19:52
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The Canadian economy has always been heavily reliant on commodities
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Mar 11, 2021 21:09
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qhat posted:The funny thing is the gain they got from selling the property was probably worth more than their entire savings up until that point. Who the gently caress needs a job, just keep selling houses. This stupid country.
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Mar 12, 2021 03:26
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Lots of lovely articles showing up from YIMBYS that are like "well well well, looks like housing is still expensive. What are we gonna do now that we don't have foreign buyers to scapegoat."  You know I think British Columbians would be even more hosed if they still had to also compete against that 10-20% of foreign buyer activity, but that's just me.
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Mar 12, 2021 04:33
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https://twitter.com/BenRabidoux/status/1370369733015568393 Sorry to interrupt your regressive tax policy circle jerk homeowners!
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Mar 12, 2021 15:37
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Political suicide. It will never happen. It's fun to dream though.  That said, if I buy a condo this year like I'm seriously considering then it'll almost certainly happen and push me underwater on my mortgage almost instantly.
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Mar 12, 2021 18:13
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Why would it push you underwater? The tax is on gains, you only pay anything if the property increases in value. It’d only, maybe, affect you if you wanted to move after the property increased in value. Edit: oh, I get it, because the housing market would collapse obviously
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Mar 12, 2021 18:43
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Canadians in dnd: cops are oppressive fascists, corporatism is destroying the environment and we need to reign in their greed, sexism and gender discrimination must be eliminated, let's reconcile with first nations TWitter: high house prices exacerbate inequality and oppresses the working class. Let's raise taxes to redistribute wealth Canadians in dnd: but this is political suicide and also it will ruin my investment strategy
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Mar 12, 2021 19:43
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Defund the department of national defence?
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Mar 12, 2021 19:44
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qhat posted:Why would it push you underwater? The tax is on gains, you only pay anything if the property increases in value. It’d only, maybe, affect you if you wanted to move after the property increased in value. Exactly; if it pops the bubble it would hurt recent buyers more than long term owners. Can't go underwater if you own your house outright, though I'm sure they would absolutely be losing their minds anyway because they can't borrow as much against the equity. So it's political suicide, even if it's the right thing to do.
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Mar 12, 2021 19:49
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I just want a house to live in with my family and not pay all of my money for it - I'd like our economy not to be reliant on the basics needs in life (food, shelter)
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Mar 12, 2021 19:55
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 (gta sales numbers). Move along nothing to see here.
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Mar 12, 2021 19:59
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half cocaine posted:Canadians in dnd: cops are oppressive fascists, corporatism is destroying the environment and we need to reign in their greed, sexism and gender discrimination must be eliminated, let's reconcile with first nations what a profoundly terrible misreading
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Mar 12, 2021 19:59
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Cold on a Cob posted:Exactly; if it pops the bubble it would hurt recent buyers more than long term owners. Can't go underwater if you own your house outright, though I'm sure they would absolutely be losing their minds anyway because they can't borrow as much against the equity. Have you ever wondered why the NDP hasn't swung further left? I think it's because they talk to people like you.
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Mar 12, 2021 20:19
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half cocaine posted:Canadians in dnd: cops are oppressive fascists, corporatism is destroying the environment and we need to reign in their greed, sexism and gender discrimination must be eliminated, let's reconcile with first nations You have been making some outstandingly poor posts recently.
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Mar 12, 2021 20:19
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half cocaine posted:Canadians in dnd: cops are oppressive fascists, corporatism is destroying the environment and we need to reign in their greed, sexism and gender discrimination must be eliminated, let's reconcile with first nations CI?
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Mar 12, 2021 20:46
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For the record the reason there is nobody in power who has the cojones to tax 65% of the population that own houses has exactly gently caress all to do with millennials not voting for leftist policies, which I am assuming CoaC is. It's got everything to do with the fact there's an entire generation or two who have owned houses for 3 or 4 decades and have no intention of doing anything except pumping their assets to their children just so they can unload them at an opportune point in their lives. And yeah guess who will absolutely not give any fucks at all when millennial savings get crushed as a result of waves of boomers selling off/downsizing in the next decade? Making jokes about this absurd and outrageous situation is not equivalent to tacit support of the bourgeoisie, jesus christ.
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Mar 12, 2021 20:57
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If the NDP listened to me then Minecraft would be a real place and it would be glorious.
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Mar 12, 2021 21:02
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| # ? Jun 13, 2024 07:07 |
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qhat posted:For the record the reason there is nobody in power who has the cojones to tax 65% of the population that own houses has exactly gently caress all to do with millennials not voting for leftist policies, which I am assuming CoaC is. It's got everything to do with the fact there's an entire generation or two who have owned houses for 3 or 4 decades and have no intention of doing anything except pumping their assets to their children just so they can unload them at an opportune point in their lives. Urban house prices are not going to collapse as a result of boomers selling off. Densification, continuous urban population increases via immigration, rampant asset inflation with the support of central banks... Millennials outnumber boomers to boot. Which part of the above leads to falling land values? Climate change / flooding completely isolating areas might do it, but not like you'd want to live in them either if so, and wealthy countries/areas probably can outpace this with dikes... The Dutch have for centuries, give or take a couple floods. There's also a thesis that all the "when interest rates normalize" talk is really just that the boomers were so traumatized by 80s mortgage rates that they haven't noticed that low (not this low, but below stress test) rates actually are the very long term norm and that the brief spike they lived through was the definite oddball and everything else is the equivalent of scrimping for the next great depression that some of their parents did. Condo prices, yeah, they're a bit high perhaps and an interest rate / minor tax changes / supply flood could help drop them back a bit - units do need to cashflow if you actually take away enough of the speculative aspect.
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Mar 12, 2021 22:31
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