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Cold on a Cob posted:https://www.citynews1130.com/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/ $3.7 million?!
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Aug 30, 2021 15:21
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I've been seeing friends over the last couple of weeks for the first time in ages, Covid Life, etc. I'm having a lot of fun with them complaining about house prices then, within 30 mins, them talking about how they are looking into buying a second place to rent out - no hint of self awareness. "Why not concentrate on paying down your own home instead of leaning more into this?" - "WELL MY FRIEND DID IT AND NOW THEY HAVE A TESLA! - THEY WROTE IT OFF AS A BUSINESS EXPENSE!" Feels pretty bad watching friends turn into cunts. These are *all* people that left Toronto ~5 years ago because it was too expensive, again, no hint of self awareness on this. midge fucked around with this message at 15:36 on Aug 30, 2021 |
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Aug 30, 2021 15:26
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midge posted:I've been seeing friends over the last couple of weeks for the first time in ages, Covid Life, etc. I'm having a lot of fun with them complaining about house prices then, within 30 mins, them talking about how they are looking into buying a second place to rent out - no hint of self awareness. The entire structure of our economy and most every related government policy is encouraging this behaviour so I wouldn't exactly blame them for being semi-rational actors about this. Decoy Badger posted:I did some math on Toronto rent vs wages: Luckily, interest rates look like they're not going to rise significantly anytime soon so the ~half or more of the population who are getting squeezed of their entire income for living expenses can continue propping up the rest of the economy by borrowing more money..
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Aug 30, 2021 15:33
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don't hate the player, hate the game
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Aug 30, 2021 15:34
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mojo1701a posted:$3.7 million?! A low amount indeed. Sounds like one of those revered low income home flippers.
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Aug 30, 2021 17:23
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Cold on a Cob posted:https://www.citynews1130.com/2021/08/30/vancouver-liberal-taleeb-noormohamed-real-estate/ local news is hammering this pretty hard so i wonder if the liberals are actually gong to have to replace him as a candidate. he even gave a terrible sound bite when asked about how many houses he had flipped saying "i don't want to speculate" i think they distance themselves from him, especially if that sound bite starts getting used against the liberals as a whole (even though i'm sure every party has tons of people who do this)
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Aug 30, 2021 20:13
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Number19 posted:he even gave a terrible sound bite when asked about how many houses he had flipped saying "i don't want to speculate" Hahaha holy poo poo that's amazing.
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Aug 30, 2021 20:18
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Cold on a Cob posted:Hahaha holy poo poo that's amazing. he's the typical canadian political failcandidate who keeps running for different things until he eventually wins one by chance he lost to jody wilson-raybould last election, lost in the recent vancouver city council election, and is now trying the federal seat again now that wilson-raybould isn't running this go around. just keep trying to win an election, any election, until you luck into one that's the kind of candidate the liberals need to stand by
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Aug 30, 2021 20:25
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Number19 posted:he's the typical canadian political failcandidate who keeps running for different things until he eventually wins one by chance He also considered running for Vision Vancouver as their mayoral candidate. edit: Oh wait that's probably what you meant by the vancouver city council thing.
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Aug 31, 2021 01:54
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https://www.scmp.com/news/china/dip...ampaign=3146957quote:Canada tax agency reveals secret study linking home prices to millionaire migration, five years after freedom-of-information request l o l
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Aug 31, 2021 02:20
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large hands posted:don't hate the player, hate the game I feel very comfortable hating the players to be honest.
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Aug 31, 2021 13:06
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Number19 posted:local news is hammering this pretty hard so i wonder if the liberals are actually gong to have to replace him as a candidate. he even gave a terrible sound bite when asked about how many houses he had flipped saying "i don't want to speculate" Canadian Debt Thread: I don’t want to speculate
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Aug 31, 2021 13:20
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midge posted:I've been seeing friends over the last couple of weeks for the first time in ages, Covid Life, etc. I'm having a lot of fun with them complaining about house prices then, within 30 mins, them talking about how they are looking into buying a second place to rent out - no hint of self awareness. This is so common. Step 1: make a consumption based society where not having enough money makes it difficult to participate in society Step 2: raise expenses until everyone is just barely able to get by Step 3: fill in the gaps with cheap debt Step 4: encourage the use of debt to generate ~equity~ through property ownership Profit. I don’t think there’s anything except meme stocks and Bitcoin that has provided a greater rate of return than real estate. People are desperate for money and they’re leveraging themselves to the eyeballs to get a piece of this market that seems to have no end in sight. I will not be the least bit surprised if our country starts attracting extremely wealthy immigrants to inject their capital and keep this housing market going once local wages are no longer sufficient to buy a home anywhere. I wonder if the music will ever stop.
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Aug 31, 2021 13:52
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No. You don't say. Extremely obvious thing was actually true all along.
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Aug 31, 2021 15:52
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Kraftwerk posted:I don’t think there’s anything except meme stocks and Bitcoin that has provided a greater rate of return than real estate. People are desperate for money and they’re leveraging themselves to the eyeballs to get a piece of this market that seems to have no end in sight. 
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Aug 31, 2021 18:25
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img-another-obvious-bubble.png
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Aug 31, 2021 18:36
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eXXon posted:img-another-obvious-bubble.png Might be in bubble territory, but it's not nearly as far out of line with fundamentals as Canadian housing is, and at least USD is a reserve currency.
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Aug 31, 2021 18:45
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Point I was making is that the S&P 500 is an infinitely better investment than Canadian housing, even if it is in a bubble. It actually earns money and is diversified.
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Aug 31, 2021 22:16
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https://www.blogto.com/real-estate-toronto/2021/08/new-toronto-condo-benchmark-price-surpassed-1-million/ quote:New condominium apartments, meanwhile, posted a benchmark price of $1,091,648 in July, according to BILD, representing an increase of 9.8 per cent since July of 2020.
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Aug 31, 2021 22:25
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I've always wanted to pay off a condo for the rest of my life.
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Aug 31, 2021 22:26
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1.09M. Amazing. You need 20% down and a ~150k/year salary to afford a new condo in Toronto now.
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Aug 31, 2021 22:31
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In which two Toronto bartenders on cerb are able to get a mortgage and buy a house in bracebridge
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Sep 1, 2021 01:03
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The bad part is that he became a banker for RBC selling mutual funds.
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Sep 1, 2021 01:09
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No no, you misread. That's what he dreams of doing. He's not qualified yet.
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Sep 1, 2021 01:16
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.....and somehow becoming a landscaper at 40 is less taxing on your body than being a bartender. Wtf.
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Sep 1, 2021 02:51
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sitchensis posted:No. You don't say. Extremely obvious thing was actually true all along. I can't believe that the astronaut families would do this 
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Sep 1, 2021 04:54
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linoleum floors posted:In which two Toronto bartenders on cerb are able to get a mortgage and buy a house in bracebridge So Bracebridge looks like the middle of nowhere but I looked and the prices are still quite high. They must have gotten one of the cheaper places I expect if their mortgage is half their rent. I saw a few things for around 250,000. I can't imagine starting over again as a banking intern in my 40s but I hope it works out for them. I prefer seeing this than the latest BlogTO article about 2 finance execs buying their 2nd Muskoka cottage for 3.5 million because it has slightly better lake views and then they can AirBnB it on the side.
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Sep 1, 2021 13:36
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It's the muskokas. I found the house they bought, for 290,000. I have no idea how they got that mortgage. They must have had a cosigner. No bank would approve two unemployed bartenders on cerb.
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Sep 1, 2021 21:36
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RBC posted:It's the muskokas. 
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Sep 1, 2021 23:33
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quote:The Liberal candidate for Vancouver Granville is refusing to provide details on how he treated more than 40 home sales over the last two decades when tax time came around. https://www.citynews1130.com/2021/08/31/vancouver-liberal-candidate-home-sales-tax/ hmmmmmmmmmmmmmmmmmmmmmmmmmmm
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Sep 2, 2021 02:55
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A home flipper and a tax cheat, what a winner. With the amount of press this guy is getting, I’d be surprised if the CRA wasn’t interested in taking a look at his file a bit more closely.
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Sep 2, 2021 05:16
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So a couple of places on Reddit have been showing insane rent hikes in areas of Canada without rent control. Apart from usual landlord ghouls is there a chance that this need for more cash is being caused by the skyrocketing property values making it harder to make mortgage payments? So a slumlord or a flipper needs to jack up the price to pay down their own mortgage by either stiffing a current tenant or finding a sucker to pay inflated prices on a house?
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Sep 2, 2021 16:22
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Possibly? I mean who knows. It seems unlikely in a market where credit is cheap and prices going up that cash is a huge concern generally. Maybe hiking the rent is a way for them to either get a higher return on an existing property, or sell easily if the tenant walks. But idk it’s all just speculation.
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Sep 2, 2021 16:40
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We're going down the drain - more and more money to be spent on housing either through mortgages and rents will mean less discretionary spending across the board - more article blaming millennials are killing coffee shops, and boutiques when their rent is 60% of their income and they simply cannot afford to do such things as "see a movie" or "spend 80$ on a bespoke shawl"
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Sep 2, 2021 16:57
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Millennials are killing the avocado market after not doing exactly the thing boomers told them to stop doing
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Sep 2, 2021 17:11
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The 2 overpriced condos I rented were definitely cash flow negative for the owners, equity only goes so far
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Sep 2, 2021 17:15
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https://twitter.com/BenRabidoux/status/1433504784384987139 Get used to housing getting even more expensive.
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Sep 2, 2021 23:08
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Was about to post that tweet. 30% of MPs are in fact landlords, shockingly overwhelmingly Conservative and Liberal. That fact alone is enough reason to vote for a local NDP candidate over the other two parties.
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Sep 2, 2021 23:15
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https://twitter.com/Taleeb/status/1433235246749605889 Tax cheat RE flipper seems miffed at why the poors are pissed off at him
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Sep 3, 2021 00:31
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Hooooo boy wait until he learns about the French Revolution
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Sep 3, 2021 01:12
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