- Mandibular Fiasco
- Oct 14, 2012
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This is what happens when someone’s fame isn’t based on substance. You have to get more crazy for people to keep paying attention.
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Apr 30, 2021 15:19
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- Adbot
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ADBOT LOVES YOU
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May 23, 2024 03:53
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- Jam Band Death Cult
- Feb 29, 2008
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I'm Very Glad I'm Going To Be An Earl
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I mean, let's be real "FRAPRU says the average rent for a studio apartment in Montreal is $702, while a three-bedroom and up is $1,112." is also a dream throughout almost all of Ontario. I live on Georgian Bay and rent starts around here at $1250 for shithole 1 bedroom.
This stat is not for new but existing leases. Per housing rights groups there's a widening (for one bedrooms, 4-500$) gap between these depending on size. I'd like to think in this thread at least we could do away with drive-by understandings of what "market" rent is.
Jam Band Death Cult fucked around with this message at 17:06 on Apr 30, 2021
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Apr 30, 2021 17:04
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- Femtosecond
- Aug 2, 2003
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Now that toxic foreign demand has been dealt with, demand siders are finally realizing that the speculation is coming from inside the house
quote:
In Vancouver and Toronto, as many as 1 in 5 homeowners own more than one property
New data released by the Canadian Housing Statistics Program show that one in five City of Vancouver property owners own more than one property, with similar levels in Toronto. The report suggests that homeowners who own more than one home – in some cases, three or four, or more – is a growing group and is concentrated in Vancouver and Toronto.
Twenty per cent of homeowners in the City of Vancouver own more than one property. For the wider Census Metropolitan Area, the figure is 16.4 per cent – a number matched in the Toronto CMA.
In the City of Toronto, 17 per cent of homeowners own two or more properties.
In Metro Vancouver, multiple homeowners (MHOs) are most concentrated in the Village of Anmore (north of Port Moody), with 31.8 per cent owning more than one property. In West Vancouver, 27.2 per cent of homeowners belong to the MHO club, as do 27.2 per cent in Lions Bay. One in four homeowners in Belcarra belong to the club.
A report done in 2018 by the CHSP showed that 268,670 homeowners in B.C. owned two or more properties. Of those, 62,570 owned three or more properties.
At 57, the median age of the multiple homeowner is only a couple of years older than the median age of a single property owner. The majority of those MHOs live in detached houses, and their second property is also most often a detached house. As well, nearly half own properties that are located within the census metropolitan area in which they live. That indicates that these investment properties are more likely to be used as rental rather than recreational properties, which are typically located well outside the area of the principal residence. However, they could also be empty, or used for something else. That part of the picture is unclear.
The CHSP, part of Statistics Canada, relies in part on tax information provided by the Canada Revenue Agency; so once tax returns are completed for 2020, the CHSP will begin analyzing data for the pandemic year. The data used here was obtained in 2018 and 2019, the most recent available.
“Because of the magnitude and the depth of the data, it is really an example of how we are building this program, every time we add a new component,” said Jean-Philippe Deschamps-Laporte, chief of the CHSP in Ottawa. “It’s like if you do a number painting and add a little colour based on that one number, and then slowly you build something that I myself might find beautiful. If you think about it, owning a home represents Canadians’ most important asset. It also represents Canadians’ most important debt at the household level. So due to the sheer importance of the domain, we have to develop all the facets of that domain.”
The data also show that the more expensive your principal home, the more likely you are to own multiple properties. In Vancouver, the owner of just one property lives in a house with a median assessment of $936,000. The owner of two properties lives in a house assessed at $1.220-million. The owner of three properties lives in a house valued at $1.410-million, and the owner of four properties resides in a house with a median assessment of $1.570-million.
The data is valuable because it will inform policy, says Andy Yan, director of the city program at Simon Fraser University. He said it brings into question “filter theory,” which says that the more supply built, the more opportunities for lower income people to move onto the property ladder. The theory doesn’t account for property hoarding, which might have been driving the market in the past year.
“This latest rush in Canadian residential real estate, is it young people buying their first homes like what happened after the Second World War? Or is this a speculator class adding a second or third property to their hoard?”
Mr. Yan prepared several charts based on the CHSP data, including metropolitan Toronto. In that region, King topped the list of highest concentration of multiple property owners at 26.2 per cent.
“While some Canadians are struggling to find and secure any shelter, there are others who have the opulence of second, third or even fourth homes. How many homes can you occupy at once?” Mr. Yan said.
Urban Planning Professor David Hulchanski at the University of Toronto says that in academic circles, the phenomenon of multiple home ownership is not new but it is growing and changing. The old landlords of yesteryear might have run rooming houses as a revenue stream. Today, the options for revenue include short-term rental, or the property might serve for other family members, or they might just be “safety deposit boxes” in which to store cash. The correlation between wealthier municipalities and the prevalence of multiple home ownership points to the role that housing plays in wealth creation.
“[Multiple home ownership] is much more prevalent now, and much more diverse in a variety of ways, the reasons for it, and the implications for it,” Prof. Hulchanski says.
“This came about in the 1980s and the 1990s when income inequality and wealth inequality took off quite dramatically. We have in our cities, so many people with not only good incomes and incomes protected even during a pandemic, as mine is, as a professor, but enormous wealth. So what do you do with it?
“There are just so many people doing so well. It’s not just income inequality; it’s the polarization. There are more at the top and more at the bottom, at the expense of the middle. The middle is much smaller now than 20 years ago, the middle-income group. But there are way more at the top, and they don’t know what to do with their money.
“Where else do you make the returns that we see in these hot housing markets?”
Prof. Hulchanski referred to a 2020 paper released by the International Journal of Housing Policy on the topic of increased multiple property ownership by individuals and households, which is on the rise in several countries. There has been much discussion around increased private rental growth through investment firms acquiring rental buildings as long-term assets. However, we are also seeing a concentration of rental properties at the household level, says the paper, whose academic authors are from Vienna, Amsterdam and The Hague.
“While high house prices exclude a growing group from access to decent and affordable housing, the number of households that own more than one property – and thus become multiple property owners – is also on the rise.”
Surprising piece of data here that most secondary home owners own another detached house. That really goes against the narrative that condos are bought by investors, which uh Yan literally cites in this article. Yan your data contradicts what you're saying!
But seriously wtf is Yan smoking here when he starts to go off on filter theory. Filter theory is about renters moving to new properties that better fit their needs. Whoever owns the unit doesn't matter? Maybe Yan thinks it does, that renters only upgrade when they can buy a condo but, no renters will also move to a new rental too (rare as that may be in a rent controlled environment when that move assuredly means paying more).
What I think this data does show though is that first time homebuyers have competition in the market. If government is really interested in making things cheaper for FT home buyers they could discourage secondary home investment.
YIMBYs will say, "what's the problem here, this investment creates much needed rental!" though if measures were taken to make condo speculation a lousy asset class, rentals will be built another way regardless. We'd simply see more corporate/pension owned purpose built rental. IMO we've already been seeing that trend. It makes sense since rental is kind of a lousy investment, but pensions are just trying to do better than government bonds.
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Apr 30, 2021 17:14
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- Sassafras
- Dec 24, 2004
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by Athanatos
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Now that toxic foreign demand has been dealt with, demand siders are finally realizing that the speculation is coming from inside the house
Surprising piece of data here that most secondary home owners own another detached house. That really goes against the narrative that condos are bought by investors, which uh Yan literally cites in this article. Yan your data contradicts what you're saying!
But seriously wtf is Yan smoking here when he starts to go off on filter theory. Filter theory is about renters moving to new properties that better fit their needs. Whoever owns the unit doesn't matter? Maybe Yan thinks it does, that renters only upgrade when they can buy a condo but, no renters will also move to a new rental too (rare as that may be in a rent controlled environment when that move assuredly means paying more).
What I think this data does show though is that first time homebuyers have competition in the market. If government is really interested in making things cheaper for FT home buyers they could discourage secondary home investment.
YIMBYs will say, "what's the problem here, this investment creates much needed rental!" though if measures were taken to make condo speculation a lousy asset class, rentals will be built another way regardless. We'd simply see more corporate/pension owned purpose built rental. IMO we've already been seeing that trend. It makes sense since rental is kind of a lousy investment, but pensions are just trying to do better than government bonds.
https://twitter.com/HarrisonRJ_/status/1387585324834951169?s=19
20% non-resident is not insubstantial - and as the beneficial ownership registry doesn't require reporting on existing properties/entities until the very end of 2021, the "non-resident" numbers may yet spike further.
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Apr 30, 2021 18:31
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- Femtosecond
- Aug 2, 2003
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Jesus christ there better be a legendary view behind that house or something to justify that price. Probably isn't tho and it's just West side houses being several million more for ~ reasons ~ .
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Apr 30, 2021 18:55
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- Hubbert
- Mar 25, 2007
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At a time of universal deceit, telling the truth is a revolutionary act.
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Now that toxic foreign demand has been dealt with, demand siders are finally realizing that the speculation is coming from inside the house
Surprising piece of data here that most secondary home owners own another detached house. That really goes against the narrative that condos are bought by investors, which uh Yan literally cites in this article. Yan your data contradicts what you're saying!
But seriously wtf is Yan smoking here when he starts to go off on filter theory. Filter theory is about renters moving to new properties that better fit their needs. Whoever owns the unit doesn't matter? Maybe Yan thinks it does, that renters only upgrade when they can buy a condo but, no renters will also move to a new rental too (rare as that may be in a rent controlled environment when that move assuredly means paying more).
What I think this data does show though is that first time homebuyers have competition in the market. If government is really interested in making things cheaper for FT home buyers they could discourage secondary home investment.
YIMBYs will say, "what's the problem here, this investment creates much needed rental!" though if measures were taken to make condo speculation a lousy asset class, rentals will be built another way regardless. We'd simply see more corporate/pension owned purpose built rental. IMO we've already been seeing that trend. It makes sense since rental is kind of a lousy investment, but pensions are just trying to do better than government bonds.
Interesting read! Thank you for sharing.
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Apr 30, 2021 21:48
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- human garbage bag
- Jan 8, 2020
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by Fluffdaddy
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High real estate prices is the cost of making your country one of the most desirable places to live in the world.
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Apr 30, 2021 21:54
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- Mantle
- May 15, 2004
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High real estate prices is the cost of making your country one of the most desirable places to live in the world.
I don't buy this. Canada was one of the most desirable places to live in the early 90s and that was a time of real estate depression. Lots of immigration from HK97, refugees, soviet collapse, etc.
High real estate prices is really just cheap debt domestic and international, combined with preferential tax treatment.
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Apr 30, 2021 22:54
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- Mantle
- May 15, 2004
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richmond and langley hadn't been completely paved over yet in the 90s
So hard to know where to aim when the goal posts keep moving
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May 1, 2021 00:18
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- Mantle
- May 15, 2004
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Even Edward Snowden shits back on a Canadian real estate poo poo pumper after being invited as a guest speaker
https://www.youtube.com/watch?v=Hv3UC4lz3oQ
Skip to 7:50 to see him out the host as a convicted fraudster.
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May 2, 2021 05:22
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- Femtosecond
- Aug 2, 2003
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Last month BC Attorney General David Eby made a comment at testimony to the Commission of Inquiry into Money Laundering in British Columbia effectively saying that he regretted helping Andy Yan in getting the data for Yan's 2015 study on westside home buying, because racists leveraged it to further their existing anti-asian, anti-immigration narrative.
https://www.straight.com/news/attorney-general-david-eby-expresses-regret-over-his-role-in-2015-study-on-non-anglicized-names
The local twitter supplysiders and foreign capital deniers have pounced on this quote this week to go after Andy Yan, relitigate the issue, and try to prove once again no, they weren't owned.
I'm not a real big fan of the demand siders, I think they've gone off the rails a long time ago, but Justin Fung of HALT does provide some useful context to Yan's study in this thread. At the time that Yan did this provocative study, there was literally no data and the issue at the time was that there was no data. Given there was no data Yan had to do an unusual study to try to get any hint of anything. The unusual study created enough smoke that it helped embarrass the government into actually collecting data.
Surprise surprise, when the actual data was collected there was such significant foreign capital involvement in the market that the government acted.
Reading some of the tweets of demandsiders defend Yan's study, the image in this one caught my eye.
https://twitter.com/mortimer_1/status/1391073426849239043?s=20
One of the biggest reasons foreign capital and in particular from China was in all likelihood hugely important to fueling Vancouver's real estate market is because one of BC's most rich and powerful people, condo king Bob Rennie, a BC Liberal political power broker who frequently placed in the top 10 of Vancouver Magazine's Power 50, a man at the top of his game who has everything and no reason to lie, and who would have had direct access to the sales data, repeatedly said prices were going up because wealth from China was fueling the market.
Worth noting of course that Rennie has also repeatedly said that the incredible equity of Boomers that will pass their wealth to their children will also drive the market. He was right about that too.
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May 9, 2021 17:15
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- Mandibular Fiasco
- Oct 14, 2012
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Last month BC Attorney General David Eby made a comment at testimony to the Commission of Inquiry into Money Laundering in British Columbia effectively saying that he regretted helping Andy Yan in getting the data for Yan's 2015 study on westside home buying, because racists leveraged it to further their existing anti-asian, anti-immigration narrative.
https://www.straight.com/news/attorney-general-david-eby-expresses-regret-over-his-role-in-2015-study-on-non-anglicized-names
The local twitter supplysiders and foreign capital deniers have pounced on this quote this week to go after Andy Yan, relitigate the issue, and try to prove once again no, they weren't owned.
I'm not a real big fan of the demand siders, I think they've gone off the rails a long time ago, but Justin Fung of HALT does provide some useful context to Yan's study in this thread. At the time that Yan did this provocative study, there was literally no data and the issue at the time was that there was no data. Given there was no data Yan had to do an unusual study to try to get any hint of anything. The unusual study created enough smoke that it helped embarrass the government into actually collecting data.
Surprise surprise, when the actual data was collected there was such significant foreign capital involvement in the market that the government acted.
Reading some of the tweets of demandsiders defend Yan's study, the image in this one caught my eye.
https://twitter.com/mortimer_1/status/1391073426849239043?s=20
One of the biggest reasons foreign capital and in particular from China was in all likelihood hugely important to fueling Vancouver's real estate market is because one of BC's most rich and powerful people, condo king Bob Rennie, a BC Liberal political power broker who frequently placed in the top 10 of Vancouver Magazine's Power 50, a man at the top of his game who has everything and no reason to lie, and who would have had direct access to the sales data, repeatedly said prices were going up because wealth from China was fueling the market.
Worth noting of course that Rennie has also repeatedly said that the incredible equity of Boomers that will pass their wealth to their children will also drive the market. He was right about that too.
Only reason Rennie was right about anything is that he has bought off every politician he can in service of having them do nothing that affects his stated business. Meanwhile, our economy continues to ossify as no one who works for a living can afford to live here.
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May 9, 2021 17:36
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- Sassafras
- Dec 24, 2004
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by Athanatos
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Sounds like an Anglicized surname to me!
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May 9, 2021 18:12
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- Mandibular Fiasco
- Oct 14, 2012
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Meanwhile, in Ireland....
quote:David McWilliams: The property system won’t crash like 2008, but painfully grind to a halt
Ireland is at the end of a giant, slow-moving housing Ponzi scheme
David McWilliams Sat, May 8, 2021, 06:00
After years of hard slog, failed experiments, dry runs, tinkering around and enormous effort, an American medical researcher, Jonas Salk, developed the first safe vaccine for polio in 1955. A brutal, highly contagious disease, polio attacks the central nervous system and can cause deformity, particularly to the legs. It was a common killer in Ireland and around the world.
Salk, a fascinating character who married Françoise Gilot, a muse and mistress of Picasso, could have been made fantastically wealthy by his discovery, but he chose to give away the patent rather than cash in. The polio vaccine was given out for free to millions, saving countless people. In later life, Salk was asked why he chose not to profit from his breakthrough. He responded that his philosophy in life was to be “a good ancestor”.
It’s a lovely concept being “a good ancestor”. Joe Biden’s backing of the proposal to take the Covid vaccine off patent has a “Salkian” tone to it; giving away free the gift of life is hard to beat. On the other hand, it’s not hard to understand why pharmaceutical companies might want to issue patents to protect their investment in medical research which can take many years and huge capital commitment to perfect. Not surprisingly the share prices of pharma companies, particularly the one leading the vaccine drive, fell sharply this week. It’s a balancing act between keeping the financiers of research motivated to keep investing while ensuring the patients or health services who will use the drugs are not hostage to price gouging by the pharma companies.
Legacy
The balancing act poses big questions.
What type of people do we want to be? And what type of environment do we want to live in? Do we want to live in a world where the concerns of the short term, the immediate balance sheet and the quarterly profit margin dominate? Or should we be more concerned about the long term and focus on the legacy we will leave, the quality of lives for the many and the good we do?
It’s a choice between the impatient world and the patient world.
Quite apart from concerns about vaccines and patents, right now this debate between patience and impatience is also playing out in Ireland in the housing market, even though many of the protagonists don’t realise it or don’t choose to frame it as such. The housing crisis in Ireland is a multi-headed hydra involving finance, planning, cost of building, banking behaviour, building standards, demographics and, ultimately, a struggle between landowners and land users with builders in the middle, who regularly don’t appreciate that landowners are not their friends and often pick the wrong side. The solutions to these various dilemmas, while not easy, are technical and economic in nature. It can be fixed.
At another level, there is a deeper, more philosophical debate waging. It centres on the core inconsistency embedded in what we might call the “promise of property”. The inconsistency is the promise that property will make you wealthy once you own it and sell it on, allied with the promise that the first-time buyer can buy an affordable house. You can only have both of these aspirations for a number of generations because eventually, the society runs out of buyers. We are here now. If we promise homeowners the option to sell on eventually, cashing in at much higher prices than they originally bought the property for, then we need to create a buying class with limitless income. Societies that get lucky economically can probably get away with this, in a fast-growing economy, for at most two generations, then we run out of buyers rich enough to play the game.
Given how many have assumed the viability of this little intergeneration heist, it takes time for society to realise what is going on, so the last generation of first-time buyers will be suckered in with 30-year mortgages, equity-to-buy schemes, first-time buyer grants and the like. These are signs of intergenerational desperation, designed to keep the heist going because the political class can’t see beyond the next election and is petrified to call time on the promise.
The bond market can fix the housing problem. It allows us to time travel
We end up shouting at each other about all class of avian funds – cuckoos, vultures, pigeons, whatever – rather than take a breath to see the reality that is unfolding. We are at the end of a system of profoundly unproductive and highly fragile distortion of wealth. It is a giant, slow-moving housing Ponzi scheme, where exit at the top is dependent on suckers at the bottom. Once you are in the scheme you have a vested interest in keeping the show on the road, whether it is by voting for whoever will threaten it least. Before the system runs out of buyers rich enough, the banking system will lend erratically just to keep the scheme going, condemning another generation to debt. This is all late-stage property heist stuff. The system won’t crash like 2008, but slowly and painfully grind to a halt, dominating local politics as it does.
Impatient capitalists
However, there is a solution. It comes down to the patient versus impatient dilemma. The reason funds such as Reits are at the centre of the story is because they are impatient capitalists. They are short-term investors, borrowing from richer funds and promising an annual yield to investors. They are condemned by short-term thinking, even if they don’t understand this and claim their investors are in for the long haul. Once you have to come up with relentless quarterly profit you are a rodent on the short-term treadmill.
Short-term thinking bullies long-term thinking. We are back in the housing equivalent of charging for vaccines rather than thinking about the greater good.
There is a solution to both the finance and philosophical dilemma, and it involves patient money, money that is borrowed at fixed rates for 100 years. This takes the neurosis out of the balance sheet and – critically – allows us to be good ancestors. These stable long-term loans are how the Dutch Republic financed dykes, for the common good, in the 17th century. Long-term bonds eliminate any capital shortage. The State can borrow today at less than 1 per cent and doesn’t have to flog assets to funds which are only short-term money junkies dressed up as long-term players. We can also manage the transition from “property ownership” mindset to “accommodation users” mindset. We move from a short-term wealth extraction mentality to a lifetime stability mentality.
The answer to financial problems is financial creativity. The bond market can fix the housing problem. It allows us to time travel, to build today and pay tomorrow. This is the essential time-warping alchemy of money. It allows us to be good ancestors. Let’s use it.
I thought this was an apt discussion of how screwed up the system is and why what is going on is abject inter-generational theft and a giant Ponzi scheme.
That said, the economics of what he describes at the end escape me.
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May 10, 2021 20:47
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- Cold on a Cob
- Feb 6, 2006
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i've seen so much, i'm going blind
and i'm brain dead virtually
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College Slice
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Another poor low income landlord being held back by bureaucratic red tape and evil tenants!!!!
https://archive.is/v5FVJ
quote:
Hamilton tenants furious after landlord hikes laundry price to $20 per load
Teviah Moro
By Teviah Moro
Spectator Reporter
Fri., May 7, 2021
Now that his east Hamilton landlord has hiked the laundry up to $20 a load, Steve Taylor wonders what might be next.
“I don’t know if it’s a game he’s playing,” Taylor said.
But he links this week’s hike — to $10 each per wash and dry from $2.75 and $2, respectively — to the landlord’s ongoing effort to move tenants out of 285 Melvin Ave.
“It’s wrong. It’s absolutely wrong.”
Family Properties issued tenants in the nine-storey building’s roughly 60 units notices to clear out for renovations by the end of March.
Some have taken cash buyouts, but about 40 have stayed put, determined to remain in their longtime homes.
The owner wants to tear down walls between kitchens and living rooms to make the units open concept.
The property manager has told tenants the renovations, which also include electrical and plumbing work, are expected to take seven to 10 months.
Taylor, 62, a crane operator at National Steel Car, said he and his wife, Patti, pay $695 for their one-bedroom apartment.
One-bedrooms the landlord has already renovated in the building are going for twice as much.
The spectre of finding another place in Hamilton’s skyrocketed open market, where rents easily crack $1,000 a month, is bad enough.
“Oh, it would kill me,” said Taylor, who hopes to retire in a couple of years.
But of more immediate concern are the laundry rates.
Taylor said he typically does three loads a week. At $2.75 a wash and $2 a dry, that worked out to about $14.25.
But, at $10 a pop for washes and dries, his laundry budget jumps to $60 a week.
“Well, I won’t be paying,” said Taylor, who did his last load in the building on Sunday.
He figures he’ll go to Lux Laundry, a brisk, six-minute walk southwest on Parkdale Avenue North.
There, it costs $3.25 for a double-load wash and $8.25 for a six-load wash. The dryer rate is 25 cents for five minutes.
Lux Laundry is Claudette Pratt’s plan, too. But she doesn’t drive, so she’ll take a taxi.
“I’m not paying 10 bucks for a wash and 10 for a dry,” said Pratt, a 75-year-old pensioner.
Representatives of Family Properties haven’t responded to The Spectator’s requests for comment.
In 2019, 285 Melvin Apartments Limited bought the building for $6.84 million from the previous longtime owner.
Michael Klein, who’s listed as president of 285 Melvin Apartments Limited on the sale documents, also leads the North York-based Family Properties.
Tenants in Toronto have also resisted Family Properties’ efforts to clear them out of a townhouse complex.
The Hamilton Community Legal Clinic, which has offered advice to tenants at 285 Melvin Ave., called the laundry hike “yet another step” to “frustrate” them out of their units.
“The specific increase to quadruple the cost of an essential service like laundry, in the middle of the pandemic, is a particularly cruel tactic, putting profits before people and creating more unnecessary hardship when folks are already struggling,” staff lawyer Katie Remington said via email.
Landlords can issue N13 notices to vacate properties for extensive renovations that require building permits and must be empty to do the work.
There’s no rent control between tenancies in Ontario. Once units are vacant, landlords increase rents as high as they like for future residents.
Tenant advocates have flagged renovictions as a growing problem in Hamilton that are pricing people out of the local market and threaten to make some homeless.
Last month, the city agreed to expand the scope of a $50,000 “tenant defence fund,” making renters facing N13 battles eligible for its grants.
But advocates are pressing council for stronger anti-renoviction measures.
Last year, the number of N13s and eviction applications filed with the Landlord and Tenant Board in Hamilton was 33. In 2012, the annual count was six.
Tenants at 285 Melvin Ave. were given until March 31 to leave. If residents don’t vacate their units, the landlord must apply for a hearing at the Landlord and Tenant Board within 30 days of the move-out date.
No hearing has been set, said some tenants who called the provincial tribunal in recent days, which means Family Properties would have to start the N13 process over.
Laundry isn’t the only issue at 285 Melvin Ave. Tenants have also clashed with their landlord over parking garages.
About a month ago, the property manager put locks on the garages and demanded proof of a rate agreement from the previous owner, they say.
“They’re putting all these kinds of pressures on us just to try and get us to go, and we’re staying,” Raymond Bonett said.
Laundry isn't the only issue at 285 Melvin Ave. Tenants have also clashed with their landlord over parking garages.
Bonett, 66, said he pays about $35 a month for his garage — one of seven at 285 Melvin Ave. — he has used for the 10 years he’s lived in the building.
“They put a lock on the door,” he said, adding the property manager wanted to charge $150 a month.
But the tenants pushed back and staved off the hike.
Claudette Pratt said she managed to produce paperwork from 2003 that proved she had a rate agreement with the previous landlord for her garage.
“They’re trying to force our hand in leaving,” said Pratt, who pays $935 for the two-bedroom unit she shared with her husband before he died last year.
But she, like the others, said she plans to stay put.
“This laundry,” Pratt said, “it’s another bump in the road.”
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May 11, 2021 13:16
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- redbrouw
- Nov 14, 2018
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ACAB
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They probably have cameras in the laundry room.
I used to do my laundry at lux too.
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May 11, 2021 19:33
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- Purgatory Glory
- Feb 20, 2005
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Loved global news this morning, had a coast capital rep on to dispel mortgage "myths". Turns out you don't need 20 percent down payment for your new home! Also, prioritizing paydown and payout of your mortgage is also a myth! Great info.
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May 12, 2021 05:54
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- Mandibular Fiasco
- Oct 14, 2012
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Loved global news this morning, had a coast capital rep on to dispel mortgage "myths". Turns out you don't need 20 percent down payment for your new home! Also, prioritizing paydown and payout of your mortgage is also a myth! Great info.
The housing-industrial complex in this stupid country is breathtaking.
Inflation is set to take off like a rocket, four of the ten Canadian provinces are insolvent and a fifth has the largest sub national debt in the world. Meanwhile, we’re all piling on debt like the party won’t end.
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May 12, 2021 16:28
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- Jam Band Death Cult
- Feb 29, 2008
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I'm Very Glad I'm Going To Be An Earl
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Ah!
In Le Devoir today, a story about a 22 year old landlord/flipper (let's call him a fliplord) who signed a lease with a woman for 1100$ or so on a 3.5 (a one-bedroom) in a central neighbourhood of Montreal. As I've said previously in this thread, you can contest the amount of a signed lease after signature. She did initiate this, as she learned he'd raised the rent by over 400$ since the previous tenant. While this was getting litigated, she moved in some furniture, painted, etc.
When she came to continue work on the apartment last week, (a move-in date of May 1st) she found other tenants had moved in. The fliplord now claims he had mistakenly signed two leases on this apartment, and that the people who are now moved in in fact signed first. Impossible to prove this is false, so long as both the new tenant and landlord agree to fictively backdate the lease contract.
Still hasn't gotten her furniture back.
Wonderful.
https://www.ledevoir.com/societe/599587/logement-interdite-d-acces-avant-meme-d-emmenager
Follow-up article says the apartment has been empty since May 1st. Also, the fliplord has tried to evict at least one chemo patient in the east end of Rosemont, and has gouged people with illegal fees. Article ends with the suggestion that section G of the universal lease contract form be mandatory and that landlords be sanctioned if it's left empty.
https://www.ledevoir.com/societe/600674/interdite-d-acces-avant-d-emmenager-le-proprietaire-encore-sur-la-sellette
I should say, I'm relatively pleased with the press coverage of the rental crisis in Montreal. I am also, however, sure it's not nearly enough.
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May 12, 2021 18:04
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- tagesschau
- Sep 1, 2006
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D&D: HASBARA SQUAD
THE SPEECH SUPPRESSOR
Remember: it's "antisemitic" to protest genocide as long as the targets are brown.
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the largest sub national debt in the world
no
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May 12, 2021 18:46
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- Femtosecond
- Aug 2, 2003
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Follow-up article says the apartment has been empty since May 1st. Also, the fliplord has tried to evict at least one chemo patient in the east end of Rosemont, and has gouged people with illegal fees. Article ends with the suggestion that section G of the universal lease contract form be mandatory and that landlords be sanctioned if it's left empty.
https://www.ledevoir.com/societe/600674/interdite-d-acces-avant-d-emmenager-le-proprietaire-encore-sur-la-sellette
I should say, I'm relatively pleased with the press coverage of the rental crisis in Montreal. I am also, however, sure it's not nearly enough.
Sadly it's usually wack a mole when it comes to cracking down on landlord shenanigans. The victims often don't have the time to navigate the system and pursue justice and its easier simply to move on.
The troubling thing for Montreal is that landlord shenanigans and illegal evictions are a sign that rental housing has become scarce. It is only in a low vacancy environment that landlords are empowered in this way.
If vacancy is critically low, Montreal could accordingly be on the way to joining Toronto and Vancouver in having a dysfunctional system, housing crisis and spiking rents and prices.
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May 12, 2021 18:55
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- Sassafras
- Dec 24, 2004
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by Athanatos
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The housing-industrial complex in this stupid country is breathtaking.
Inflation is set to take off like a rocket, four of the ten Canadian provinces are insolvent and a fifth has the largest sub national debt in the world. Meanwhile, we’re all piling on debt like the party won’t end.
You're supposed to load up on hard assets and cheap debt when inflation is expected. Canadians are doing the right thing!
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May 12, 2021 19:08
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- Health Services
- Feb 27, 2009
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If my debt is denominated in dollars, cheaper and more plentiful dollars means it's easier to pay off.
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May 12, 2021 20:00
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- Health Services
- Feb 27, 2009
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If wages don't increase is it really inflation?
Lots of things, even most things, can get expensive due to demand, production, or supply chain issues, but that's separate from money costing less, isn't it?
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May 12, 2021 20:41
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- Twerk from Home
- Jan 17, 2009
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This avatar brought to you by the 'save our dead gay forums' foundation.
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Hm let me see here, I wonder what happens to debt payments if inflation is high. I imagine people would not want to give out a loan if they knew it was going to be worth a paltry amount at maturity. Maybe they have a way of collecting more from the loan than the principal is worth, some kind of rate intended to compensate the lender for the loss, i.e the latin 'interesse'. Perhaps, the 'interesse rate' could go up? Who knows.
that doesn't sound right, i just got a brand new 30 year loan for a horrifying amount of money at 2.9%
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May 12, 2021 23:08
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- Adbot
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ADBOT LOVES YOU
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