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I see a chart like that and I say a prayer for all the victims who own their homes and now have to pay slightly more in property taxes.
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Apr 1, 2021 20:37
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Flocons de Jambon posted:I see a chart like that and I say a prayer for all the victims who own their homes and now have to pay slightly more in property taxes. You mean how it has gone down in proportion to price increases? Because in Vancouver the total property tax was $6.2 per $1000 of taxable value in 2000, it is currently at $2.92. qhat fucked around with this message at 20:47 on Apr 1, 2021 |
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Apr 1, 2021 20:42
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Pretty heartless to only reduce property taxes by half. You don't know what it's like to be old and helpless and afraid for the future I guess.
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Apr 1, 2021 20:55
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Owns 1.5 million dollar home, is afraid of the future. If only there was a solution to this problem. Hm, nope, never mind.
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Apr 2, 2021 00:35
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My favourite "worst proposal ever" was from one of the North Vancouvers ballpark 5-7 years ago -- they were arguing that because SFHs had gone up in value so much relative to condos, that the bigger share of the property tax burden was really unfair and that the rates for houses and condos should be decoupled so they could instead protect impoverished seniors on their indexed defined benefit pensions and charge much more to the the people in condos for the itty bitty fractional part of the 'property' / land attached to their units. I knew I'd find it if I searched nsnews.com! -- here
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Apr 2, 2021 00:55
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fundamentals are strong though
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Apr 2, 2021 01:23
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Sassafras posted:My favourite "worst proposal ever" was from one of the North Vancouvers ballpark 5-7 years ago -- they were arguing that because SFHs had gone up in value so much relative to condos, that the bigger share of the property tax burden was really unfair and that the rates for houses and condos should be decoupled so they could instead protect impoverished seniors on their indexed defined benefit pensions and charge much more to the the people in condos for the itty bitty fractional part of the 'property' / land attached to their units. That poo poo makes me want to punch a wall.
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Apr 2, 2021 03:20
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quote:According to BMO, an open bidding process and speculation tax would be the next most effective tools with high impact. Taxing non-residential property sales at the full-marginal tax rate, increased single-detached home supply, and a national non-resident tax are rated medium impact. Meanwhile, tighter mortgage rules, limiting equity takeout, and removing principal residence exemption are rated low impact. edit: Misread this as secondary residential property sales. This is actually the first time I'd heard about concerns about non-residential property sales. That's uh, weird. Once again no one is proposing taxing secondary residential property sales capital gains at a higher marginal rate. Kinda funny that the "this is really bold u guys" solution favoured by yimbys, removing the principal residence exemption, is rated rated "low impact". Does that mean it would actually be low impact, or is it the opposite, that this would actually be very high impact, and crush sales, and so the bank doesn't want it? Femtosecond fucked around with this message at 03:46 on Apr 2, 2021 |
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Apr 2, 2021 03:41
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I'm curious about what triggered that insane flip in Germany.
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Apr 2, 2021 04:36
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I read this thread but rarely post in it as I have only the most basic grasp of economics. Still, I thought this could go here: I was bumming around on Crave, trying to find dumb reality TV to fall asleep to, and boy did I ever. Canal-Vie in Québec shoots a full-blown 22-minute docudrama show, now in its ***fifth 10-episode season*** , named "Proprios en otage", which translates to "Landlords Held Hostage". Each episode recounts the saga of a problematic tenant, played by an actor, as the landlord narrates the story. The show partners with the CORPIQ, the biggest landlords association in Québec (most recently famous around here for claiming there is a 6% inoccupancy rate in Montreal, which is just batshit crazy), who have carried out audience interaction elements like FAQs and quizzes right from the show's web site. https://www.canalvie.com/emissions/proprio-en-otage-1.1299925  I know Border Security exists, so it's not like I'm not aware extremely deceitful and exploitative reality tv propaganda exists, but the fact that this production is so expansive and has lasted so long is such incredibly focused, moneyed crazy.
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Apr 2, 2021 09:07
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The housing market is on fire and I can't afford to live anywhere. Still love the country tho
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Apr 2, 2021 18:18
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I have a friend who recently had her second kid and moved to a small town outside Ottawa because it was affordable and "it has great opportunities for price growth". I asked her what would happen for her kids if this last bastion of affordability grew to itself become unaffordable. She had honestly never considered the effect of unmoderated house price increases for her children, only that she could make more money. The financialization of shelter is a disease.
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Apr 2, 2021 18:51
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Jam Band Death Cult posted:I read this thread but rarely post in it as I have only the most basic grasp of economics. Still, I thought this could go here: This is wild, thanks for sharing
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Apr 2, 2021 18:55
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Landlords Held Hostage should be a miniseries on the Russian Revolution.
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Apr 2, 2021 19:01
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Femtosecond posted:
26 USC § 168(h)(1) quote:(E)Nonresidential real property defined https://www.law.cornell.edu/uscode/text/26/168 posted:(B)Nonresidential real property
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Apr 2, 2021 19:25
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eXXon posted:Landlords Held Hostage should be a miniseries on the Russian Revolution. Not only would I watch this, I would also nominate it for president.
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Apr 2, 2021 19:59
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rgocs posted:If the owner doesn't reside in the property, then for them is not residential property! It seems that indeed "nonresidential property" may be defined as to include "rental property" (IANAL, so there may be more to it than the following, I ain't reading the whole code): oh wild. Yeah that's not intuitive. Huh maybe they are thinking about my idea. Vancouver's resident market urbanist YIMBYs seem to be taking a victory lap that SFH prices are now higher than the worst point pre-foreign/spec tax. https://twitter.com/Scott_dLB/status/1378068416263725057?s=20 The trend seems to be downward but then spikes upward around 2020. Hm I wonder what happened there. Yeah I guess Horgan should have foreseen the effect a once a century global pandemic would have had on prices.
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Apr 2, 2021 22:38
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If only Horgan had acted immediately to implement market urbanist supply side policy action, overriding local municipal representatives and mandating sweeping zoning changes. Then we would have.... more apartments several years from now. Yeah that definitely would have addressed the spiking single family home values we're experiencing right now.
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Apr 2, 2021 22:55
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This seems so quaint to me, a house purchased near a major urban centre for $460K https://www.cnn.com/2021/03/29/success/when-will-housing-market-cool-off-feseries/index.html?utm_source=pocket-newtab 76 all-cash offers on one home. The housing madness shows no signs of slowing Ellen Coleman had never received so many offers on a house in her 15 years of selling real estate. She listed a fixer-upper in suburban Washington, DC for $275,000 on a Thursday. By Sunday evening, she had 88 offers.
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Apr 3, 2021 03:09
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I bought a house in Toronto in February and now houses in the same neighbourhood are being listed for $200k more than what I paid.
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Apr 3, 2021 06:00
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mila kunis posted:I'm curious about what triggered that insane flip in Germany. Investors priced out of Anglo markets snapping up RE in 'undervalued' prime cities. Good news though, it's only in areas where people might actually want to live. You can still get on the ladder in blighted rural areas or immigrant ghettos.
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Apr 3, 2021 17:51
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Jam Band Death Cult posted:I read this thread but rarely post in it as I have only the most basic grasp of economics. Still, I thought this could go here: This is wild and I'm amazed someone hasn't tried to make a version of this for Vancouver. Reminds me of an awful Home-reno show where instead of making a dream kitchen or garden or whatever, the home-reno hosts helped landlords develop their rental properties. The episodes would end with the host proudly proclaiming how much more money the landlords could now bleed from prospective renters. I like to imagine it was cancelled due to viewer outrage, it certainly made my blood boil.
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Apr 4, 2021 00:07
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McGavin posted:I bought a house in Toronto in February and now houses in the same neighbourhood are being listed for $200k more than what I paid. I was legit looking at trying to sell my house before I bought my next house so I could actually be patient and wait for what I was actually looking for but the way things are going I'm worried that even waiting a month or two after a sale will mean the market will pass me by the way it's growing right now. Or the flip side of buying first with a loan and having the market crashing before I can sell the current one. Things are insane and I think I'm staying put unless I find a deal of a lifetime. That being said, I bought in 2009 and it was crazy then too - I had lost 12 bidding wars before I finally landed lucky 13, including one bidding war I won and the owner turned around with "you're the top of the eight bidders, and over asking price, but I wanted it to go for more, would you consider this price?" and I told them to gently caress off on raw principle. But yeah, if I hadn't gotten in then I wouldn't have a hope of getting a home at the current prices.
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Apr 4, 2021 03:08
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I was looking at Montreal population and they finally in 2016 caught up to where they were at in the 70s before the Parti Quebecois got elected and caused and incredible exodus of ~200k to leave the Island (for mostly Toronto). Assuming that Montreal doesn't do anything more remarkable than Toronto/Vancouver, the days of housing surplus, high vacancy and cheap rear end apts in Montreal are gonna be long gone soon. It's a safe prediction that Montreal home prices will follow Toronto/Vancouver to bubble land soon.
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Apr 4, 2021 06:23
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The funniest think is everyone who works at CBSA hates Border Security and appearing on it was a career death sentence.
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Apr 5, 2021 00:29
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Friend just bought a nice row house in Montreal for only like 600k, nice.
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Apr 5, 2021 00:31
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Time to set the thread clock back to 2015 or whenever the last time people were lining up for townhomes in Langleyquote:Hopeful Metro Vancouver homeowners stand in line for the chance to snag Langley townhomes welp
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Apr 5, 2021 02:03
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I post this because it feels good, like a Q anon does declaring Trump will be back in office in the next few months : https://www.straight.com/news/realtor-warns-canadian-home-prices-could-fall-40-percent-in-major-housing-market-correction quote:A realtor fears that the Canadian housing market is so overheated that it could burn the whole thing down. Purgatory Glory fucked around with this message at 05:16 on Apr 5, 2021 |
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Apr 5, 2021 05:13
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I mean he’s not wrong, the recent housing boom is almost certainly because of the floodgates being opened to a bunch of previously credit unworthy borrowers suddenly having access to cheap credit. It does make you wonder what’s going to happen when interest rates go back up again.
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Apr 5, 2021 08:34
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Femtosecond posted:I was looking at Montreal population and they finally in 2016 caught up to where they were at in the 70s before the Parti Quebecois got elected and caused and incredible exodus of ~200k to leave the Island (for mostly Toronto). Really hope this does not come to pass. Part of the charm that comes from the city's atmosphere in the arts and its festivals comes from having low cost rental units - tied into some better rent controls.
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Apr 5, 2021 13:21
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quote:Back in B.C., the frenzy is so great that some people are resorting to buying without ever setting foot in their new homes. That's what happened to Ean Jackson and his wife Sibylle Tinsel. They recently sold their home in Vancouver and were looking to downsize somewhere farther afield. https://www.cbc.ca/news/business/housing-bubble-small-towns-1.5973134
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Apr 5, 2021 14:28
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I was just up the Sunshine Coast this weekend. Sechelt has started the process of converting rural properties around the downtown into cookie cutter subdivisions with tiny lots. I browsed the real estate listings for the area and it is supremely unaffordable. This is for a place that is 2.5 hours away from Vancouver (inclusive of a 40 minute ferry ride).
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Apr 5, 2021 15:59
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Guigui posted:Really hope this does not come to pass. Part of the charm that comes from the city's atmosphere in the arts and its festivals comes from having low cost rental units - tied into some better rent controls. The current rental 'crisis' (I know it wouldn't be called a 'crisis' elsewhere in Canada, but I think that's more of a tell of how dire housing is in the country in general than of what we should call this here) has been ongoing since 2017 or so. It has finally been making headlines day after day after day since early this winter, and I wouldn't bet on it going away barring some major legislative intervention which is highly doubtful. I know the rents are still lower here than they are in Toronto or Vancouver, but that's if you can find a rental as the inoccupancy rate has plummeted. There are some stopgaps indeed - and you're right to pluralize "rent controls", because it's not Rent Control proper, but just a few more (minor) administrative stopgaps than there are in other provinces, that came into existence since around 1980 (so right after/during the first referendum-caused exodus to Toronto, actually). Namely: landlords are only allowed to ask for first month's rent upon signature (which counts as a literal payment of first months rent, nothing more) + only allowed to evict tenants in good standing if it's to house their own immediate family in that very rental OR to make major repairs whose necessity must be demonstrated, etc. More importantly, and this is not often well-known by vulnerable tenants: you are allowed to refuse a proposed rent increase and have it fixed by the Tribunal administratif du logement if you can't come to an agreement with the landlord, who will often try to corner you with it and pretend this recourse doesn't exist, per the explicit instructions of the landlord's association. The rate of increase admissible at the Tribunal varies according to the landlord's income and expenses (municipal, school taxes, insurance, major repairs, maintenance, others) for the year, but most often lands around 2.1-3% per year over the past several years. Just from eyeballing the contestation process I'd say that most renters do not have the time or resources to fight this hard to "poison their relationship with their landlord" further or whatever. Most will just negotiate out of tribunal or otherwise accept whatever increase is given to them. Landlords know that there's no follow-up by the Tribunal administratif du logement after renovictions as well (which are illegal), so they carry them out systematically anyway, and given the overwhelmingly scarcity of instances where they do get dinged there's not much incentive to stop. In the absolute, the stopgap measures tend to get overwhelmed by larger economic contexts (for instance, if there is a 0.1% inoccupancy rate for 2-bedrooms in Montréal's Rosemont neighbourhood, and you're offered a lease increasing the price by 6% by a landlord who requests first and last and a security deposit, which is against the law here, it doesn't often make sense to refuse on principle if you can afford it). And so the accelerating increase of rental prices, tho still slower than it has been in Vancouver's market, is very much under way. I do know this might seem quaint to a lot of you looking at rentals elsewhere or properties getting hammered with offers over asking in TO or the west coast. Jam Band Death Cult fucked around with this message at 17:08 on Apr 5, 2021 |
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Apr 5, 2021 16:45
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In Montreal (or QC really) when a tenant leaves the apartment is the landlord free to re-list the apartment at any price, independent of whatever it previously rented at? This is the mechanism by which decades old lovely apartments in Vancouver, SF and elsewhere with low vacancy and relatively high income renters have leaped by staggering bounds. (And also something that incentivizes landlords to "renovict" long time tenants with dubious cause of minor renovations) So long as there is low vacancy and ultra low rates of public housing development, otherwise lovely apartments suddenly become desirable and are able to yield absurd rents as higher paid white collar workers will outcompete everyone else. All this is much to the benefit of landlords that don't even really need to improve their buildings at all to get higher and higher rents. If Montreal rent controls are the same I'd expect it to follow the same path as Vancouver/SF and lovely walkups in hip areas will soon rent for eye watering amounts to highly paid Ubisoft tech workers. Renter advocates in Vancouver have been arguing for rent control that ties the rent to the unit, not to the tenant, such that rents cannot be raised by unbounded amounts whenever a tenant leaves. So far this idea seems to have only picked up political support on the margins.
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Apr 5, 2021 18:40
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Yeah rent control is tied to the tenant in Ontario as well. I'll be watching for listings for the place I'm currently being evicted from for the next 12 months but even then the penalties are pretty toothless.
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Apr 5, 2021 18:44
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i got renovicted back in november (really 'moving in a family member-victed', but same rules basically from the tenant's perspective) and people in this thread advised i should fight it and go to the tenant board but i'd already left my previous rental on bad terms with the landlord (because she refused to fix a leaky fridge that damaged the flooring underneath it and wanted me to pay for replacement of the entire unit's flooring) and i really couldn't afford to leave another place on bad terms if i ever wanted to rent again. tenant protections are only really useful for the most vulnerable populations and only in preventing eviction and punitive rent increases. as long as landlords are allowed to ask for references the rules don't really matter
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Apr 5, 2021 19:30
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the talent deficit posted:i got renovicted back in november (really 'moving in a family member-victed', but same rules basically from the tenant's perspective) and people in this thread advised i should fight it and go to the tenant board but i'd already left my previous rental on bad terms with the landlord (because she refused to fix a leaky fridge that damaged the flooring underneath it and wanted me to pay for replacement of the entire unit's flooring) and i really couldn't afford to leave another place on bad terms if i ever wanted to rent again. tenant protections are only really useful for the most vulnerable populations and only in preventing eviction and punitive rent increases. as long as landlords are allowed to ask for references the rules don't really matter Isn't it fairly easy to provide fake references? You just need someone willing to lie. Edit: I used my mom as one of my references and she told my current landlord (an RCMP officer) that I was the finest young man she had ever met and that I should be a judge.
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Apr 5, 2021 19:42
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the talent deficit posted:i got renovicted back in november (really 'moving in a family member-victed', but same rules basically from the tenant's perspective) and people in this thread advised i should fight it and go to the tenant board but i'd already left my previous rental on bad terms with the landlord (because she refused to fix a leaky fridge that damaged the flooring underneath it and wanted me to pay for replacement of the entire unit's flooring) and i really couldn't afford to leave another place on bad terms if i ever wanted to rent again. tenant protections are only really useful for the most vulnerable populations and only in preventing eviction and punitive rent increases. as long as landlords are allowed to ask for references the rules don't really matter 100% same. I've been very nice to our evicting landlords because I wanted a good reference since buying in the Toronto area is now fully out of our reach. I also am 99% certain my landlords are acting in good faith and only sold due to a covid-related job loss, but doesn't make it any easier to have to wear a poo poo eating smile while dealing with them throughout all this. The best case scenario for us would have been proving the buyers are acting in bad faith and they are forced to keep us as tenants - not worth going through all that poo poo and burning a reference. Edit: We also have a dog and want to not have to lie to landlords to get her in a condo, so a good landlord reference for the dog is also really helpful. I know they can't really stop you (aside from strata rules banning pets) but we'd rather work with a landlord that is ok with a pet. Cold on a Cob fucked around with this message at 19:47 on Apr 5, 2021 |
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Apr 5, 2021 19:45
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Tsyni posted:Isn't it fairly easy to provide fake references? You just need someone willing to lie. This. Landlord references are even more worthless than job references, being a recent immigrant almost all of my previous landlord references have been totally false and I've never had a problem.
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Apr 5, 2021 21:06
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Femtosecond posted:In Montreal (or QC really) when a tenant leaves the apartment is the landlord free to re-list the apartment at any price, independent of whatever it previously rented at? To answer the first question, they essentially are, yes, so long as the new tenant 'agrees' by signing the lease. In theory the previous rent amount needs to be listed under section G of the universal rental form (though it isn't always, and relatively few people know it needs to be). Renter advocate organizations have tried to hammer home the fact that you can sign for an apartment AND THEN request the Tribunal retroactively adjust the rent in keeping with this previous amount listed in section G, but in practice this rarely if ever happens, and the jurisprudence of late has poked holes in it. I couldn't tell you how long after the lease signature you can do this either, but from memory it's relatively soon - 2 weeks or so after signature you'd need to have initiated proceedings. I've heard certain cities in Germany have banned rent increases altogether for several years at a time - does anyone know what the best practices are elsewhere to keep this from happening? Like, is there a city we know that has an actual lease registry? I've searched a bit but it yielded little. EDIT: I also looked into it and the CMHC says rentals make up about 33% of households in Canada, which is a lot lower than I imagined (though I know next to nothing about housing, having never made enough money to own). Jam Band Death Cult fucked around with this message at 23:10 on Apr 5, 2021 |
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Apr 5, 2021 23:06
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