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RBC posted:Canadian buyers have shown they are absolute idiots and will do anything to buy a house. Every time I look at my mortgage payments and see that I'm paying what works out to 1240/million in monthly interest I shake my head at how cheap money is. And I will lol forever at housing activists who remain focused on nothing but the total price: https://twitter.com/Kathrynchq/status/1396184237137563652?s=19 But don't worry, aside from "prices detached at the tail end of a decade of stagnation even as rates fell by nearly two thirds", she doesn't give off entitled vibes. I wonder if she's willing to face a longer commute or live in a townhouse or ... https://twitter.com/Kathrynchq/status/1395771088131350533?s=19
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May 22, 2021 21:43
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RBC posted:The central bank is supposed to set rates without political interference. This isn't fully true. Banks and monoline lenders all stress test. That constitutes like 80% of mortgages in the country, a figure that really didn't change all that much when the stress test was first introduced. Credit unions and private lenders make up about 12%, and it seems likely that a decent percentage of this is pretty "boring" mortages, ie. people that weren't necessarily just looking to escape stress testing. If there is an alternative lending bogeyman out there it doesn't seem like they are in the mortgage business directly.
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May 22, 2021 23:08
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leftist heap posted:This isn't fully true. Banks and monoline lenders all stress test. That constitutes like 80% of mortgages in the country, a figure that really didn't change all that much when the stress test was first introduced. Credit unions and private lenders make up about 12%, and it seems likely that a decent percentage of this is pretty "boring" mortages, ie. people that weren't necessarily just looking to escape stress testing. If there is an alternative lending bogeyman out there it doesn't seem like they are in the mortgage business directly. read through this https://www150.statcan.gc.ca/n1/pub/11-621-m/11-621-m2021001-eng.htm
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May 23, 2021 14:51
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Sassafras posted:And I will lol forever at housing activists who remain focused on nothing but the total price As compared to local incomes, or as compared to GDP, it's the best determiner of the long-term sustainability of prices at these levels, unlike monthly outlay, which is completely meaningless.
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May 23, 2021 17:44
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Sassafras posted:Every time I look at my mortgage payments and see that I'm paying what works out to 1240/million in monthly interest I shake my head at how cheap money is. It's cheap if you have the bootstrap money from a high-paying job or the bank of mom and dad. For the rest of the country? Sorry, should tried being richer. Sorta like TFSAs/RRSPs. Half of Canadians (a majority?) can't afford to max them out, so they're basically just a tax subsidy for the rich.
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May 23, 2021 19:05
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https://twitter.com/LausterNa/status/1396272471192465408?s=20 It remains weird af to me that Vancouver yimbys continue to be all smug "see there was never any toxic demand," implying that the foreign buyer taxes and speculation taxes "didn't work" when the data they're posting shows that yeah no one pays the tax because thousands of units were added to the rental market. In the same breath they also downplay how many units were added to the market as not much, and point out vacancy didn't budge. Meanwhile they'll stress the absolutely critical importance of approving some 4 story apartment building in Kits that adds like 50 units of rental housing. I dunno I think that putting 2300+ housing onto the market in a year, effectively 46 of those small kits apartments that are so important to build, seems like a pretty cool outcome (especially given the low effort involved)?
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May 23, 2021 19:14
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I mean clearly both can be true, no?
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May 23, 2021 21:06
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both are def true but I can't help but shake my head at the yimbys who are constantly trying to re-litigate the arguments of the past to try to prove that "actually I was right because-" instead of just taking the L and moving on. Not to say that the demandsiders are any better. Whatever demandsiders are left, still unsatisfied about their foreign/spec tax victories are straight up embarrassing  .
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May 23, 2021 21:18
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Oh... kay? Doesn't break down the non-bank lenders granular enough to tell which ones are monoline mortgage companies vs. other private lenders? I don't really see how any conclusion could be drawn from this vis-a-vis people trying to avoid the stress test. quote:Historically, non-bank lending institutions have held about a quarter of the total household residential mortgage market’s outstanding debt. As the lockdown took effect in March 2020, the growth in outstanding household mortgage debt provided by non-banks slowed, with chartered banks providing the bulk of the funds. As businesses reopened in April, the amount of mortgage lending administered by both chartered banks and non-banks surged to record levels. With the accelerating growth of home sales into the summer, non-bank mortgage lending was outpaced by that of banks as they represented a smaller portion of mortgage lending in each month through the end of November, while posting a sizable increase in this final month.
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May 23, 2021 21:19
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Lead out in cuffs posted:It's cheap if you have the bootstrap money from a high-paying job or the bank of mom and dad. For the rest of the country? Sorry, should tried being richer. Yeah I was going to say - it's cheap if you can afford the downpayment. Which unless you have an existing house already that's skyrocketed or rich parents, good loving luck. I've been saving flat out for years but house prices are rising faster than my savings.
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May 24, 2021 05:36
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Indicative of the full on revanchism going on right now. https://twitter.com/yuenpauwoo/status/1396828002672168960 This captures all the talking points, that because housing is still expensive, the fb/spec tax "did nothing" and that old classic that it's racist with the new spin that it made people more racist. Never mind the fact that if you look at the graph of housing prices, pre-global pandemic the taxes caused price growth to plunge into the negative. But I guess it would have been better if going into the pandemic price growth in Vancouver was still spiking??
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May 24, 2021 17:53
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Femtosecond posted:Indicative of the full on revanchism going on right now. It’s increasingly evident that any nuance in the discussion of the effect of foreign capital outflows is impossible. The woke scream racism, while the racists are given a bigger platform to scream hatred. The problem is the money and the conditions under which it is obtained, not the colour of the person’s skin.
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May 24, 2021 20:38
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https://www.reddit.com/r/legaladvice/comments/nae31u/tenant_hasnt_paid_for_18_months_moves_out_and_a/
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May 25, 2021 07:09
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I would blow Dane Cook posted:https://www.reddit.com/r/legaladvice/comments/nae31u/tenant_hasnt_paid_for_18_months_moves_out_and_a/ Landlords staying true to their Get Something For Nothing MO.
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May 25, 2021 11:09
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I would blow Dane Cook posted:https://www.reddit.com/r/legaladvice/comments/nae31u/tenant_hasnt_paid_for_18_months_moves_out_and_a/ Simply trying to get what they are owed, or vindictiveness? You decide!  (Out of all the responses the OP gave to people, this is the only one that got downvoted into the negatives.)
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May 25, 2021 14:33
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I mean, if they stopped paying so they could put together a down payment, that's a lovely thing and just encourages laws to punish renter.
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May 25, 2021 15:43
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I guess the reason Saretsky has eased off complaining about ~speculators~ and has become a bitcoin bug, talking more about crypto coins and Bank of Canada stimulus is because he's doing some more speculating himself these days. https://twitter.com/rohanarezel/status/1397024776833490951?s=21 lmao
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May 25, 2021 17:01
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His Twitter account isn’t really readable at all these days. I only ever check once in a while to see if he’s posted anything about RE sales volumes, but it’s becoming increasingly hard to find even that since its buried in an avalanche of money printing crypto plugging nonsense. He’s even eased off the Bitcoin recently too, since I believe he bought a whole bunch in the January peak this year and maybe has lost a ton of value since then.
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May 25, 2021 18:43
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I would blow Dane Cook posted:https://www.reddit.com/r/legaladvice/comments/nae31u/tenant_hasnt_paid_for_18_months_moves_out_and_a/ Another low-income landlord. Sad
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May 25, 2021 22:17
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qhat posted:His Twitter account isn’t really readable at all these days. I only ever check once in a while to see if he’s posted anything about RE sales volumes, but it’s becoming increasingly hard to find even that since its buried in an avalanche of money printing crypto plugging nonsense. He’s even eased off the Bitcoin recently too, since I believe he bought a whole bunch in the January peak this year and maybe has lost a ton of value since then. There is a lot of Bitcoin insanity right now. Fundamentals mean nothing. It’s casino mixed with a Ponzi scheme.
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May 26, 2021 00:45
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buttcoin people are almost as bad as landlords, not quite but almost
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May 26, 2021 00:56
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I was on Facebook today and I got like five scam ads in a row linking to fake Toronto Star articles using fake Elon Musk quotes trying to sell some Bitcoin investment scam. I basically never see ads or go on fb normally so maybe it’s always like this but goddamn was it gross. I’m not sure what’s a bigger scam - Bitcoin poo poo or the ad industry (especially internet ads).
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May 26, 2021 01:19
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Sassafras posted:I made a few posts earlier this spring about selling my mother-in-law's place into a really hot market - about to get my father's up too. It hadn't seen any real work/maintenance in thirty years so we paid someone to do a bit of a flipper reno on it - enough to hopefully make it also appeal to non-flipper buyers who are willing to live with the rest and do it later, etc. Listing for a solid 40% more than last year's assessed, probably this week ... we'll see how it goes. Arguably missed the top, but it's a smaller market with way less supply so it may not matter. Multiple offers, pending sold at 44% over last year's assessed - inspection subject, but with a backup offer already in hand not very far behind it, I can't imagine there'll be non-trivial negotiation. An extremely equivalent house (neighbours of 40+ years, we knew it well) sold for almost exactly my dad's "last year assessed" less than two years ago so that number wasn't insanely wrong or anything. Sassafras fucked around with this message at 08:14 on May 27, 2021 |
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May 27, 2021 08:09
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https://www.reddit.com/r/AMA/comments/nlx30s/nyc_landlord_was_murdered_and_i_havent_paid_rent/
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May 28, 2021 06:14
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I would blow Dane Cook posted:https://www.reddit.com/r/AMA/comments/nlx30s/nyc_landlord_was_murdered_and_i_havent_paid_rent/ https://www.youtube.com/watch?v=Sl-un_Rq1kM qhat fucked around with this message at 06:47 on May 28, 2021 |
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May 28, 2021 06:45
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https://twitter.com/DouglasTodd/status/1398080077628248064?s=19 Fall significantly percentage in BC is, I think, exactly the percentage of renter households.
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May 28, 2021 16:40
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The bad thing about that guy who made the reddit post is that he became a landlord himself
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May 28, 2021 19:14
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Wait, is that how it works? You kill a landlord, you become the landlord?
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May 29, 2021 14:08
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You need to make sure you burn the corpse and throw it in the trash.
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May 29, 2021 14:45
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One weird trick landlords don't want you to know!
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May 29, 2021 18:57
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Lobok posted:Wait, is that how it works? You kill a landlord, you become the landlord? When you take the final landlord's head you win The Prize, which is that you now own all the property and can afford to have children
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May 29, 2021 19:56
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Tighclops posted:When you take the final landlord's head you win The Prize, which is that you now own all the property and can afford to have children is this like monopoly, do my rentiers pay me more for each child i have
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May 29, 2021 20:06
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Here's the big solution to our housing crisis from the Federal Government, free money for wealthy people to take on moar debt, so that they can inflate the value of homes even further. https://twitter.com/HedyFry/status/1399071872550113282?s=20 Thanks Hedy Fry!
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May 31, 2021 16:52
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Femtosecond posted:Here's the big solution to our housing crisis from the Federal Government, free money for wealthy people to take on moar debt, so that they can inflate the value of homes even further. lol what the actual gently caress 'in response to out of control house prices we have decided to allow more and richer people to borrow more money'
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May 31, 2021 17:03
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You are missing the point. This change prevents filthy poors making less than 150k from entering the rentier class while allowing the noble, hardworking middle class to realize their dreams of home ownership. Working as intended.
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May 31, 2021 17:21
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Only wealthy people are responsible enough to receive free money.
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May 31, 2021 17:31
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Great news for the people who can afford $650k mortgages I guess.
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May 31, 2021 18:46
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still 100k below the average canadian house price lmao
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May 31, 2021 20:46
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oh my god this loving government lmao oh god
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