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MickeyFinn posted:Do these buildings have a professional manager paid to be on site and keep track of this sort of stuff, or do the councils just wait until there are too many false fire alarms or something like that? Yeah, varies by location. I only know BC has requirements on councils to get professional reports every X some time period. Doesn't mean that they'll actually do the maintenance though. The report will say that to be confident they need to collect X dollars every year in strata fees, and to do that they need to raise the fees 45%. Well, that's never going to happen so they defer everything as long as they can until the building is in terrible shape. This goes on across the sector until half the apartment building stock is in disrepair and insurance companies have to increase their rates because it's basically guaranteed that something extremely costly is going to happen. You have to hope that your strata council has the foresight to actually keep the building in good financial shape as opposed to not wanting to upset the owners who don't want to pay for anything because they're putting 60% of their income into the mortgage. A lot of buildings do have professional managers but they can't force the council to do anything unfortunately.
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Sep 19, 2021 14:47
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Mantle posted:Pensioners are rich. I'd love to have a pension that covered my cost of owning property. Spending too much of your income on the house you own is literally called "house poor." I get what you are saying here, because someone who spends the same amount on renting is just regular "poor," but not being able to maintain your buildings because the old people who live there can't afford it is a problem. Maybe stratas should have income requirements? If you aren't making 3x the monthly payment, you can't buy here. (For example.)
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Sep 19, 2021 16:32
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Had a bout of exasperation wrt one of my housemates being a disgusting slob so I had a looksie at other apartments, as a hypothetical. At this point my options are to resign myself to his lovely mess in common areas, tell him to get the gently caress out and roll the dice on another rando housemate, ask my boss for a raise in the middle of a pandemic to cover extra expenses, or get married and hope two incomes is enough for one bedroom. As things stand it's not physically possible to live alone with my current income and it's becoming harder and harder every passing day.
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Sep 19, 2021 21:20
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My household income is apparently 95%+ percentile and we can't afford to buy a house or have a family probably ever because both of our families are poor and didn't pay for college and downpayments like our more "successful" friends.
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Sep 19, 2021 22:07
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you need an annual income of $230k to buy the median single family home in greater vancouver (~1.4 mil). that's assuming you have $240k lying around for a down payment that's 97th percentile for the region
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Sep 20, 2021 00:19
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evilpicard posted:My household income is apparently 95%+ percentile and we can't afford to buy a house or have a family probably ever because both of our families are poor and didn't pay for college and downpayments like our more "successful" friends. Same boat - all by ourselves we're in the 90th percentile in Ontario here and I'm looking to buy in places 100+ km away from Toronto and still can't afford it. This poo poo's hosed
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Sep 20, 2021 15:13
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https://www.cbc.ca/news/canada/london/landlord-denied-tenant-tattoos-london-1.6178804 Goddamn I hope this person nails this idiot landlord to the wall in small claims court. Slotducks posted:Same boat - all by ourselves we're in the 90th percentile in Ontario here and I'm looking to buy in places 100+ km away from Toronto and still can't afford it. Where did you calculate what percentile you're in?
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Sep 20, 2021 17:31
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https://www.thekickassentrepreneur.com/household-income-percentile-calculator-for-canada/ it's probably garbage data - but still
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Sep 20, 2021 18:21
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Alternatively https://www12.statcan.gc.ca/census-recensement/2016/dp-pd/dv-vd/inc-rev/index-eng.cfm
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Sep 20, 2021 18:29
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Slotducks posted:https://www.thekickassentrepreneur.com/household-income-percentile-calculator-for-canada/ kaom posted:Alternatively Thanks! According to this my income is in the "pretty loving high" percentile. Weird how I can't afford a house and can barely afford a condo now.
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Sep 20, 2021 19:00
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Slotducks posted:https://www.thekickassentrepreneur.com/household-income-percentile-calculator-for-canada/ "Enter Your Net Worth" kaom posted:Alternatively Yeah this is the one. Would be good to get household income too, but I don't see it in such a nice format. It'd be good to plot that against housing affordability.
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Sep 20, 2021 19:03
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Lead out in cuffs posted:"Enter Your Net Worth" Did you accidentally go to this one instead? https://www.thekickassentrepreneur.com/income-percentile-calculator-by-province-for-canada/ I think that's a typo anyway.
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Sep 20, 2021 19:17
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I had no idea Ft St John is so rich.
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Sep 20, 2021 19:54
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So something else that isn't talked about much in terms of housing costs is how it affects child care. Vancouver has been in a child care crisis for at least 10 years (just going by news articles about it), and probably a lot longer. In terms of numbers, there is only one licensed daycare slot for every three children. So granted, there are stay-at-home parents and some people have live-in grandparents, so not all of those kids need child care, but it's still way fewer spots than the demand. So what a lot of people end up doing is using unlicensed daycares and nanny shares instead. (Or just up and leaving Vancouver). When you talk to people who are nannying, many of them would love to instead open up a daycare and do things more legitimately, but with the cost of both rent and property, they just can't find suitable locations to operate out of. The City are pretty aware of this as a problem, but they don't have the funds, and it is not their jurisdiction to be fixing it. The Feds and the Province have finally started putting some money towards this, although it's way too little and way too late, and if the conservatives get in at the federal level, then RIP any more money being put into it. And things are just going to get worse if housing prices keep going up.
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Sep 20, 2021 20:18
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Cold on a Cob posted:Did you accidentally go to this one instead? Also JFC that site.  "How To Buy An Apartment Building And Make A Whopping 110% In Three Years" "How to Become a Decamillionaire, Grow your Net Worth to $10 Million, and Join the 1% Club" Ten years ago, when the idea of the richest 1% as a group was being tossed around, it was in the sense of a section of the public baying for their blood, not as a prestige thing.
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Sep 21, 2021 00:38
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Looks like Taleeb Noormohamed is going to execute his best flip ever with NDP leading in Vancouver Granville
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Sep 21, 2021 03:58
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qhat posted:Looks like Taleeb Noormohamed is going to execute his best flip ever with NDP leading in Vancouver Granville Lol and there it goes. It's bouncing back and forth.
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Sep 21, 2021 05:06
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Arc Hammer posted:Lol and there it goes. It's bouncing back and forth. Yeah it's real tight. Might not even know tonight until they open the mail in ballots.
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Sep 21, 2021 05:08
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Fidelitious posted:Have you taken a look at your strata's financial state recently? If you're lucky there might be a couple hundred thousand in the reserve. Condo building insurance rates skyrocketed over the last 5 years in BC, like often more than doubling. The engineer's report saying that the work is needed seems legit I guess.
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Sep 21, 2021 05:51
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Now he's leading by 2 votes. The hosed up thing for me is that my citizenship application is trapped in the immigration pandemic backlog. If I had my vote, it may have legitimately decided the MP.
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Sep 21, 2021 06:32
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qhat posted:Now he's leading by 2 votes. You and the 19,340 others you mean
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Sep 21, 2021 06:42
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evergrande's effects on NZ/AUS but it could possibly apply here too? https://www.nzherald.co.nz/business/chinese-housing-giant-unable-to-pay-debts-and-could-wreck-global-economy/5CFU72UJR7NZUSIMEYO6NT22UM/ In a scenario where a protracted crisis unfolds within the Chinese property sector, the Australian and New Zealand property market and economy could end up feeling the heat. If Chinese investors who own Australian or Kiwi property are forced to liquidate their assets in order to cover bad debts, some suburbs with a high proportion of Chinese ownership could see a significant increase in the number of properties on the market. There are also Chinese property developers who have large holdings of Australian real estate, who could be forced to liquidate their foreign asset holdings as they attempt to keep their businesses afloat. [...] if Xi is willing to roll the dice on truly reining in excess in the property sector and Chinese financial markets, Evergrande's woes could be just the beginning of a more protracted crisis with consequences that could echo throughout the world.
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Sep 21, 2021 07:21
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How will the defaulting of Evergrande impact the Canadian housing market, considering how much Chinese investment is in the country?
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Sep 21, 2021 11:36
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evilpicard posted:we can't afford to buy a house or have a family probably ever because both of our families are poor and didn't borrow against their home to give us money for college and downpayments like our more "successful" friends. It remains frustrating that we make significantly more than the average household in our neighborhood (but aren't space rich), and home prices start at roughly "give me all the money you have."
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Sep 21, 2021 15:08
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Grouchio posted:How will the defaulting of Evergrande impact the Canadian housing market, considering how much Chinese investment is in the country? The reality is no one knows. Could be a blip, could be massive. If it's massive it's going to affect everything, not just houses.
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Sep 21, 2021 17:40
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Isn't RBC the second largest holder of Evergrande bonds?
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Sep 21, 2021 19:35
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Grouchio posted:How will the defaulting of Evergrande impact the Canadian housing market, considering how much Chinese investment is in the country? If you are (effectively) getting a huge margin call back home in China (in the form of one of your biggest investments suddenly going to zero), you are pretty much guaranteed to sell off assets elsewhere to cover those debts.
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Sep 21, 2021 19:40
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How can we make money off this?
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Sep 21, 2021 19:53
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Borrow a house, sell it, then repurchase it six months from now
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Sep 21, 2021 19:57
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A house on my street just sold for $1.65 million after 4 days on the market. Who the gently caress is buying these?
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Sep 21, 2021 23:51
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McGavin posted:A house on my street just sold for $1.65 million after 4 days on the market. Who the gently caress is buying these? Taleeb Noormohamed?
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Sep 22, 2021 00:14
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McGavin posted:A house on my street just sold for $1.65 million after 4 days on the market. Who the gently caress is buying these? Greed and fear.
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Sep 22, 2021 00:16
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What did rich people spend their money on in the 1990s when they could get a SFH in Vancouver for a few hundred thousand dollars instead of $1.65M? Like is the modern art or boat industry suffering now as a result because all the money is going toward homes? lol.
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Sep 22, 2021 00:27
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Demand for boats is at an all time high right now. All of this has nothing at all to do with how much liquid cash people have. It's all credit, the cheaper the credit, the higher asset prices will trend, and the more people will spend on these luxury items.
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Sep 22, 2021 01:26
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you still need a lot of cash to even mortgage $1.65 million. There's a lotta cash sloshin' around out there.
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Sep 22, 2021 03:43
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leftist heap posted:you still need a lot of cash to even mortgage $1.65 million. There's a lotta cash sloshin' around out there. Cash, or illiquid assets? Because if I search for zero-down mortgages in Canada I get a non-zero number of results.
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Sep 22, 2021 04:17
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leftist heap posted:you still need a lot of cash to even mortgage $1.65 million. There's a lotta cash sloshin' around out there.
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Sep 22, 2021 04:47
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eXXon posted:Cash, or illiquid assets? Because if I search for zero-down mortgages in Canada I get a non-zero number of results. We've been over this poo poo before in this thread. No matter how you slice it banks and monoline lenders make up the vast majority of residential mortgages and none of them are doing zero-down mortgages. qhat posted:Not really. It all funnels up from the bottom, poor person gets a high ratio loan to buy a 400k condo from a person who uses the appreciation to upgrade to an 800k townhouse purchased from the guy buying the $1.65m SFH. The people buying the 1.65m homes are either extremely high percentile earners or people who are using their existing home appreciation as the down payment. It all stops when the credit taps turn off and there's no more first time buyers to sell the 400k condo to. Ok well if it doesn't take cash to get into the housing market then full your boots m8
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Sep 22, 2021 05:28
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qhat posted:It all stops when the credit taps turn off and there's no more first time buyers to sell the 400k condo to. I wouldn't say it stops so much as the lower assets start rolling into the portfolios of the people at the higher end and being turned into rentals
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Sep 22, 2021 13:19
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Vancouver renter questions landlord's 'duplicitous' new payment schemequote:Vancouver renter questions landlord's 'duplicitous' new payment scheme EDIT: This same loving landlord spent 6 years trying to evict tenants in bad faith. https://www.cbc.ca/news/canada/british-columbia/vancouver-attempted-evictions-rejected-1.5083931 Take away all of his "investments" and add them to the public housing pool when the tenants voluntarily move on. Cold on a Cob fucked around with this message at 14:26 on Sep 23, 2021 |
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Sep 23, 2021 14:18
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