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qhat posted:What is your mortgage term, and from who? Refi I did last year with Rocketmortgage (Quicken), also I'm in the US and thought this was the doomsday economics thread. Normally I just read about Canada and laugh.
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May 12, 2021 23:14
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You could get a million+ for ten years fixed from Tangerine in Canada for 1.99 for several months, call it Nov 2020 to Feb 2021. Higher again now.
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May 12, 2021 23:37
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A friend just got 1.2% with Simplii via a broker (Ontario).
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May 12, 2021 23:55
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posting on page 1337
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May 13, 2021 01:18
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I would blow Dane Cook posted:posting on page 1337 Lock in those l33t interest rates. Or 1.337% I guess
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May 13, 2021 02:35
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Except your link says it’s true but for reasons it doesn’t matter because politics.
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May 13, 2021 02:37
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Mandibular Fiasco posted:Except your link says it’s true but for reasons it doesn’t matter because politics. Politics is pretending Ontario is on the brink of insolvency when it demonstrably isn't. Repeatedly hammering on a meaningless point like "largest sub-sovereign debt OMG WTF!!!" is just trying to use one weird accounting trick that proves austerity is the only answer. Liberals hate it!
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May 13, 2021 21:20
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tagesschau posted:Politics is pretending Ontario is on the brink of insolvency when it demonstrably isn't. Repeatedly hammering on a meaningless point like "largest sub-sovereign debt OMG WTF!!!" is just trying to use one weird accounting trick that proves austerity is the only answer. Liberals hate it! The reason people use it is because a) it’s true and b) it’s to draw attention to a massive problem. You seem to like arguing semantics but the bottom line is that Ontario is a fiscal basket case and has a major financial problem to deal with and seems disinterested in responding in a meaningful way.
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May 14, 2021 03:04
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Mandibular Fiasco posted:You seem to like arguing semantics but the bottom line is that Ontario is a fiscal basket case and has a major financial problem to deal with and seems disinterested in responding in a meaningful way. Which ratings agencies think this? What sort of premium is Ontario paying on its debt due to its alleged constant near-insolvency? None and none, you say? Then it looks like this is, as I said before, one weird accounting trick to "prove" something that isn't true.
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May 14, 2021 04:55
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Not saying you’re wrong necessarily, but... Credit agencies were rating subprime mortgage bonds AAA in 2007 The BoC has specifically been buying up government bonds to keep bond prices high and hence borrowing rates low So while yes you might be right that this is all in fact fine, there’s a very recent precedent to suggest maybe you shouldn’t rely too much on what the credit agencies and government issuing the bonds is saying.
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May 14, 2021 07:49
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https://nationalpost.com/news/canada/1-million-over-asking-house-prices-in-rising-tide-all-over-vancouver-island Weeeeeeeeeee No chance of ever affording anything where I live - my family is dirt poor and I won't be inheriting anything / will never get help on the downpayment (unlike literally all my friends my age who managed to buy) so I am poo poo outta luck
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May 14, 2021 17:46
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Alctel posted:https://nationalpost.com/news/canada/1-million-over-asking-house-prices-in-rising-tide-all-over-vancouver-island Take the hint. You don't belong here anymore. Real canadian neighborhoods are for foreign investors.
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May 14, 2021 21:56
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From your own link quote:While technically true
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May 14, 2021 22:10
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I think that's about as far as anyone makes it. Ontario's pretty widely acclaimed as the worst positioned for escalating boomer healthcare / end of life costs too. (Maritimes pretty badly off too due to generations of youth exodus, but not quite so overwhelming since so few people - fed govt "could" trivially bail them out.)
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May 14, 2021 22:26
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Just like Canada, most of Ontario's debt is owned by the public via bonds (I think it's like 68%). Most of Ontario's debt is also in Canadian dollars. High inflation would, like it does for private debt, reduce the overall cost paying down the debt as time went forward (though obviously interest rates on new debt issuances would rise). But ultimately, while sovereign (or sub-sovereign) debt isn't a nothing burger, it does not function at all like private debts like subprime mortgages. But if you did want to address it, tax the poo poo out of the rich. Literally just seize their assets and put their heads on pikes. Let's go motherfuckers.
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May 14, 2021 22:30
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It's too bad we don't have some huge windfall capital gains that are currently untaxed that we could tax. If only..
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May 14, 2021 22:51
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Alctel posted:https://nationalpost.com/news/canada/1-million-over-asking-house-prices-in-rising-tide-all-over-vancouver-island quote:Single-family home prices farther north in Campbell River are up 25 per cent from a year ago to $588,800, and up 24 per cent in the Comox Valley, to $692,300. Direct ferry access from the mainland helped Nanaimo prices rise 23 per cent to $683,000. Should be easy enough to add more housing through much the the island (even of the awful sprawling variety), though lol nope not gonna be able to really happen that much for Tofino and Ucluelet. With those cities hemmed in by the ocean and federal park, the only housing they'll be able to add is multi units and even then there's not that much room. The area is gonna have all the challenges Whistler has developed in becoming near exclusively for the ultra wealthy.
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May 15, 2021 01:19
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quote:Nova Scotia's real estate market continues its skyward ascent When will the provincial government step in to do something about these
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May 15, 2021 01:22
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redbrouw posted:They probably have cameras in the laundry room. Oh yeah, they have 3 of them in my apartment's laundry room, which is only big enough to fit 6 machines. Also the ceilings are a stupefying 20 feet. Even the boiler room aint coming close to that. Who knows why that could be 
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May 15, 2021 19:31
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I heard an ad this morning for buying mortgage securities as an investment...we are so hosed
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May 15, 2021 21:05
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Maybe the reason we have a housing crisis is because we have a bunch of dorks with a Masters of Urban Planning that need to stop everything to weigh in on balcony handrails and then the master arborist needs have their moment in the sun to flex their Landscape Architecture degree. quote:Vancouver’s affordable housing announcements remain unfulfilled years later Wow turns out an elaborate system to only build subsidized housing when its part of a broader hyper luxury housing project is brittle as gently caress? Turns out for-profit developers will stop building housing as soon as they can't make a profit?? Too bad we can't simply raise the taxes to fund directly building subsidized housing huh? Also, boy I wonder why these luxury condos suddenly became completely unviable????? It's almost as if that housing product was specifically designed for a market that has gone away for some reason. But yeah the foreign buyer tax definitely "didn't work." Femtosecond fucked around with this message at 02:39 on May 16, 2021 |
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May 16, 2021 02:36
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Ontarians buying property in Yarmouth NS unseen are in for a shock
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May 16, 2021 05:23
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Femtosecond posted:Maybe the reason we have a housing crisis is because we have a bunch of dorks with a Masters of Urban Planning that need to stop everything to weigh in on balcony handrails and then the master arborist needs have their moment in the sun to flex their Landscape Architecture degree. unironically agreed
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May 16, 2021 06:51
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I keep saying people underestimate the tech money's role in this market segment, here's another almost certain example of Canadians who worked for Amazon (or less likely Microsoft) and came home for family support after kids. https://twitter.com/SE01161854/status/1392627414077829122?s=19 https://www.theglobeandmail.com/real-estate/vancouver/article-vancouver-homes-record-4-million-sale-raises-eyebrows/ posted:Realtor Danny Nikas thought that they might be pushing it, listing an east side property on a 33-foot-lot for almost $3.6-million. But the seller, who’s experienced in real estate, insisted on the price. They ended up setting a Vancouver record. Buying, notably, from a small-time "lived in the property" builder who owned for almost exactly three years (closing dates different from below but assuredly 3y plus a day or so) and would traditionally be going for the capital gains exemption. 2021-May-10 Sold $4,000,000 2018-May-14 Sold $1,700,000 Sassafras fucked around with this message at 07:06 on May 16, 2021 |
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May 16, 2021 07:02
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Mandibular Fiasco posted:The reason people use it is because a) it’s true and b) it’s to draw attention to a massive problem. You seem to like arguing semantics but the bottom line is that Ontario is a fiscal basket case and has a major financial problem to deal with and seems disinterested in responding in a meaningful way. The "major problem" is that provinces take on the burden of things like healthcare that should be on the federal government's dime. Make the federal government pay for it and transfer the debt to them and it's not true anymore. It's an idiotic polemic used to argue for austerity.
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May 16, 2021 14:16
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Femtosecond posted:Maybe the reason we have a housing crisis is because we have a bunch of dorks with a Masters of Urban Planning that need to stop everything to weigh in on balcony handrails and then the master arborist needs have their moment in the sun to flex their Landscape Architecture degree. Politicians and the public as well. In Toronto, it's not at all hidden that the process to build something has intentional roadblocks to be able to modify the proposals and extract concessions from developers.
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May 16, 2021 15:16
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Purgatory Glory posted:Take the hint. You don't belong here anymore. Real canadian neighborhoods are for foreign investors. I mean I know that is kind of a joke but I moved off Vancouver Island because I started to recognize that I was never going to be able to afford a home or have a decent quality of life there. Even when I was coming out of high school in the Comox Valley there was something like a 1% vacancy rate for rentals in the area. Housing in Canada, particularly BC, and especially Vancouver Island has been unsustainable for a long time, even before we had the speculation fuelled crisis that we're seeing now. Lol on me though, I moved from Nanaimo to Kamloops and it's not really so different in terms of unaffordability. The city overall is a lot nicer than Nanaimo, and I don't hate living here at least. 
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May 16, 2021 15:22
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mila kunis posted:The "major problem" is that provinces take on the burden of things like healthcare that should be on the federal government's dime. Make the federal government pay for it and transfer the debt to them and it's not true anymore. It's an idiotic polemic used to argue for austerity. The provinces haven’t ‘taken on’ healthcare. It’s their responsibility per the constitution act and always has been. It was after the fact the provinces independently got into the act of funding a public healthcare system starting in SK and followed by the Hall Commission who said the concept was worthwhile. The feds got into it in the 1960s but it was purely a fiscal transfer exercise, more recently conditioned on principles of the Canada Health Act, and has remained so ever since. There is no ‘making’ the federal government take on more than they want to. They have no obligation and cannot be ‘made’ to do anything. To suggest that the Feds will somehow willingly accept all accrued provincial debt and all future liabilities after being ‘made’ to do so, and therefore current provincial debt doesn’t matter, is crazy talk.
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May 16, 2021 15:45
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Descend to slumber posted:I mean I know that is kind of a joke but I moved off Vancouver Island because I started to recognize that I was never going to be able to afford a home or have a decent quality of life there. That's loving wild to me because coming from Metro Vancouver Courtney/Comox wasn't really on my radar as having a housing problem? The remarkable change from peak Vancouver bubble in 2015 and now is that seemingly Canadawide there is a housing crisis. Clearly there's something wrong beyond the local issues specific to Metro Vancouver. Why do you figure vacancy in Comox is so low? I've driven through once. I was under the impression it was kind of a sleepy retirement place for British Columbians and Albertans. I can't really think of why vacancy would be low there other than retiree nimbyism. Doesn't seem like a hot place with lots of Airbnbs like Tofino.
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May 16, 2021 18:44
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Femtosecond posted:That's loving wild to me because coming from Metro Vancouver Courtney/Comox wasn't really on my radar as having a housing problem? A ton of Vancouver retirees have landed there. Place is now the oldest part of Canada, if you can believe it. Prices became disconnected from local incomes just as they have from Vancouver, the causes (retirees with housing wealth and/or pensions earned working elsewhere) are a little different, I think.
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May 16, 2021 20:21
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Mandibular Fiasco posted:A ton of Vancouver retirees have landed there. Place is now the oldest part of Canada, if you can believe it. Prices became disconnected from local incomes just as they have from Vancouver, the causes (retirees with housing wealth and/or pensions earned working elsewhere) are a little different, I think. The air force base serves as a powerful means to advertise the valley to future pensioned retirees, as well. Apparently in recent years past there were so many developments in Cumberland that they started to overload the village sanitary systems and had to be put on hold for a while as it was upgraded. There have been large numbers of subdivisions and housing developments constructed in the valley over the years but they only keep up with demand for people that want to buy full detached houses. No one is building rental apartments or townhouses there, and it's been like that pretty much for years.
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May 17, 2021 00:01
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Sassafras posted:I keep saying people underestimate the tech money's role in this market segment, here's another almost certain example of Canadians who worked for Amazon (or less likely Microsoft) and came home for family support after kids. That's insane. 2.3 million in 3 years just for owning a house.
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May 17, 2021 00:04
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Alctel posted:That's insane. 2.3 million in 3 years just for owning a house. They demolished and rebuilt house+laneway, would have cost a good million or so. Not that anyone's going to spit at 1.3m in 3 years!
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May 17, 2021 00:30
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Mandibular Fiasco posted:The provinces haven’t ‘taken on’ healthcare. It’s their responsibility per the constitution act and always has been. It was after the fact the provinces independently got into the act of funding a public healthcare system starting in SK and followed by the Hall Commission who said the concept was worthwhile. The feds got into it in the 1960s but it was purely a fiscal transfer exercise, more recently conditioned on principles of the Canada Health Act, and has remained so ever since. Way to completely miss the loving point. It doesn't matter whether the responsibility was foisted on them, or whether they willingly took it on, or whether the feds can or will or won't take it on for themselves, the point is that the reason the Ontario deficit is so large is that the provincial governments take up the responsibility of certain services that are typically covered by federal governments in most of the rest of the world. It is not a justification for austerity, but in fact the opposite. That's the point behind the "while technically true" post that was glibly dismissed upthread: quote:The reality is that provinces in Canada have a lot of spending responsibilities that are normally borne by the federal government in other countries. Health care is a great example of one of these differences, in Canada each province has it's own health care insurer (OHIP in Ontario), while in America there is only one Medicare and one Medicaid. This means that any debts associated with running a universal healthcare system and keeping it solvent year-to-year or keeping it functioning through a recession will be borne by the provincial governments in Canada, but by the federal government in America. Education is another big burden handled by the provinces in Canada but largely by the federal government in America, and there are many more.
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May 17, 2021 01:15
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everything is fine https://www.youtube.com/watch?v=oeNqZOSbF0I
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May 18, 2021 02:32
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I thought that video was a joke at first but it very much seems sincere
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May 18, 2021 02:46
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New Maclean's cover story is about how hosed everything is in Canadian real estate. The anecdotes are depressing as hell though in my case made worse by my own failure to get back into the housing market. https://www.macleans.ca/longforms/canadian-real-estate-market-housing-2021/ Edit: Archived copy, just in case: https://archive.is/eElQ1
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May 18, 2021 19:07
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The Cons will solve this issue with one quick fix.
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May 18, 2021 19:31
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At this point the can has been kicked so many times I no longer believe there's a way to fix this without turbo-loving our economy.
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May 18, 2021 19:34
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| # ? Jun 9, 2024 02:04 |
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Yeah the quote that even if housing prices fell by half they would still be higher than prepandemic in some areas is staggering. Exponential growth is a helluva thing.
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May 18, 2021 19:46
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