|
Sure.
|
#
?
Oct 10, 2021 03:56
|
|
|
|
| # ? May 24, 2024 15:49 |
|
|
The whole point of this exercise is to make banks evaluate risk lol. Capitalists can't shut the gently caress up about personal responsibility. Time to put up outer shut up. After all corporations are people too right?
|
|
#
?
Oct 10, 2021 03:58
|
|
|
Number19 posted:My guess is that the longer they wait to raise the rate, the higher it will have to go in the end to get inflation properly under control. Every government knows raising rates is political suicide for them. If they can delay it until the other party has to do it they can cruise to power again when their opposition has the grenade explode in their hand. The one thing that will almost certainly grind the housing market to a halt is interest rates rising and staying higher for a while. They have delayed raising rates for a long time already so who knows what it will take if they can’t slow the rate of inflation. The rates are controlled by the bank of Canada which is supposed to be independent of the government. Whether that's playing out in practice I dunno. Regarding banks taking a bath on people handing back the keys, cmhc and the other high ratio lenders are one the hook for the risky ones that had less than 20 percent down. The banks can withstand a 20 percent drop before they get hurt. Then it's just foreclosing and dealing with the loss after sale, not sure if they write it off or go after homeowner. I assume just write it off.
|
|
#
?
Oct 10, 2021 04:15
|
|
|
The bank loaned you $900K against a million dollars of collateral. If the collateral drops in value then it’s no longer a fully-secured loan, so they will (in theory) want you to pay back enough of the loan that the remaining amount is covered by the market value of the collateral asset. You could take out a loan to purchase Property A by using Property B as collateral, which is somewhat what happens when people take out HELOC loans to buy additional real estate. What should happen if Property A drops in value? I think one of the few ways to make our real estate substantially more hosed would be to have the majority of gains accrue to the lending banks instead of the owning individuals. So congratulations on that, I guess. I’ll admit that I don’t understand what corporate personhood has to do with it, though, so I might well be missing something significant about your position!
|
|
#
?
Oct 10, 2021 04:17
|
|
|
No you dumb gently caress the point is to reduce the risk taken on by borrowers if the market gets hosed and to reduce the incentive to invest in housing even if the market is increasing because reasons.
|
|
#
?
Oct 10, 2021 04:27
|
|
|
You don’t reduce the incentive to invest in housing, you just move it from individuals to banks. How is that an improvement? It’s not like there aren’t a ton of corporations already slurping up real estate as it is.
|
|
#
?
Oct 10, 2021 04:29
|
|
|
Yeah banks love investments with zero income with magical unicorn capital gains. Aren't you supposed to be some kind of tech rich g oh nevermind
|
|
#
?
Oct 10, 2021 04:35
|
|
|
why would they give up the debt service income here? I mean, it’s a weird fictional ownership model that you’re proposing, but I don’t understand why banks wouldn’t charge interest on the loan and capture an increase in the value of the property. (plus if they’re part owners I’m sure they’ll find a way to charge rent too, because why not?) why would the government prop up real estate prices less if banks owned them than if individuals did? that doesn’t seem like the sort of behaviour we’ve come to expect you are right, though, that you don’t need to know anything material about finance to luck into a meaningful amount of money as a windfall
|
|
#
?
Oct 10, 2021 04:56
|
|
|
Subjunctive posted:You don’t reduce the incentive to invest in housing, you just move it from individuals to banks. How is that an improvement? I think that is in fact a material improvement.
|
|
#
?
Oct 10, 2021 06:01
|
|
|
half cocaine posted:No I mean if you have taken out a mortgage on a 1 million condo with a 100k down payment, why is it ok for the bank to come after you for 900k if it halves in value? Why shouldn't the bank be forced to take a haircut of 450k? There's been some other rambling here but this all feels disconnected. You were loaned 900k dollars secured by the value of the home. It would be the same if it was a bank or an individual or whatever that loaned you money that was backed by some asset. The fact that it's housing and banks seems immaterial, it's just the contract in the end.
|
|
#
?
Oct 10, 2021 14:10
|
|
|
https://www.reddit.com/r/canadahousing/comments/q53van/whenever_you_can_kick_these_fking_tenants_out_my/quote:TLDR: This market has turned agents and people into monsters with no humility The first time my prior landlord wanted to sell I made sure I was there for every showing. The second time I vacated just to make it go quicker. It sucks. Cold on a Cob fucked around with this message at 15:43 on Oct 10, 2021 |
|
#
?
Oct 10, 2021 15:38
|
|
|
you have to be absolute scum to be buying a tenanted house with the intention of kicking them out
|
|
#
?
Oct 10, 2021 16:14
|
|
|
You don't need a reference letter to rent what are they talking about
|
|
#
?
Oct 10, 2021 16:28
|
|
|
evilpicard posted:You don't need a reference letter to rent what are they talking about it's common for people to ask for previous landlord references, last place I rented did a credit check
|
|
#
?
Oct 10, 2021 16:34
|
|
|
My current place I needed a letter from my employer, 3 character references, the contact details for my current landlord for a reference, and a credit check. They tried to ask me for $75 for the credit check and I managed to convince them that I could just log in to equifax and show them on my phone. They said someone faked theirs before so they didn’t trust me just sending them the PDF. It was an insane amount of hoops to jump through imo but it was a very good price for a TO rental so I did it anyway.
|
|
#
?
Oct 10, 2021 16:39
|
|
|
Starks posted:My current place I needed a letter from my employer, 3 character references, the contact details for my current landlord for a reference, and a credit check. They tried to ask me for $75 for the credit check and I managed to convince them that I could just log in to equifax and show them on my phone. They said someone faked theirs before so they didn’t trust me just sending them the PDF. Yeah getting a rental these days is seriously more difficult than applying for a mortgage. Landlords are assholes.
|
|
#
?
Oct 10, 2021 16:45
|
|
|
I've rented in Toronto, yes you need a credit report, proof of income and your old addresses but no you do not need a letter from your landlord - that's some 1700's Russian level of serfdom we aren't at yet (barely)
|
|
#
?
Oct 10, 2021 16:52
|
|
|
evilpicard posted:I've rented in Toronto, yes you need a credit report, proof of income and your old addresses but no you do not need a letter from your landlord - that's some 1700's Russian level of serfdom we aren't at yet (barely) Every rental I've moved into in the last ten years has contacted my previous landlord. I've lived in 5 different places in that time period..
|
|
#
?
Oct 10, 2021 17:07
|
|
|
Can confirm you don’t strictly need it, but not having one does limit your choices for sure. Just get a friend to fake it for you if you don’t have it, that’s what I’ve always done, it’s not something you should be worried about. As far as the credit check goes, I only give them permission for a soft check, if a landlord wants a full check I simply tell them to gently caress off because that affects my rating. Any landlord who insists on more than that I guarantee you will be more hassle to deal with in the long term than just holding out for something better.
|
|
#
?
Oct 10, 2021 17:36
|
|
|
When I rented, everything was done through a property management company for a condo in Etobicoke. This was winter 2016. I had to do a credit check and meet for an interview with the property management company. That was it. The interview had the guy saying “I’m not worried about you, you pay your bills clearly. Just remember if we have a late payment for any reason we will begin the eviction process immediately”. They also wanted a letter from my employer providing proof of employment.
|
|
#
?
Oct 10, 2021 18:17
|
|
|
Yeah, just forge a reference letter.
|
|
#
?
Oct 10, 2021 18:50
|
|
|
I'm surprised tenants aren't forced to eat garlic in front of those benevolent landlords to prove they're not a vampire with how unbalanced the vetting is in the tenant vs landlord dynamics
|
|
#
?
Oct 10, 2021 23:54
|
|
|
Slotducks posted:I'm surprised tenants aren't forced to eat garlic in front of those benevolent landlords to prove they're not a vampire with how unbalanced the vetting is in the tenant vs landlord dynamics Not garlic no, but they are required to do the yardwork for them. In a good few decades capitalism will have reverted to full on feudalism.
|
|
#
?
Oct 11, 2021 00:23
|
|
|
Tenants are the new scapegoat of society.
|
|
#
?
Oct 11, 2021 00:48
|
|
|
Landlords are now asking for all this poo poo before you can even see the place btw. Using covid as an excuse to not even bother to talk to you before ghosting you because you have a kid.
|
|
#
?
Oct 11, 2021 02:51
|
|
|
large hands posted:Letter from a landlord making the rounds on Twitter, apparently they own 3 houses: Thinking about how Elizabeth May is a landlord and wondering lmao
|
|
#
?
Oct 11, 2021 13:42
|
|
|
Cold on a Cob posted:https://www.reddit.com/r/canadahousing/comments/q53van/whenever_you_can_kick_these_fking_tenants_out_my/ Wondering about the agent who's "ready to offer when you can kick these tenants out". If they're going to live in the house they can remove the tenants themselves. If they want to re-rent it then the only way they're getting these tenants out is paying them off. Just curious what the agent thinks the sellers could possibly do. The obvious move is for the buyers to do the usual fake "personal use" eviction. Which still drives me nuts. Taking someone's home from them is such a severe action that the punishment for doing it falsely needs to be as severe. If you do it your house should be seized by the government and turned into social housing.
|
|
#
?
Oct 12, 2021 13:28
|
|
|
Fidelitious posted:Taking someone's home from them is such a severe action that the punishment for doing it falsely needs to be as severe. If you do it your house should be seized by the government and turned into social housing. My preferred solution isn't quite so extreme, but my preferred solution for bad-faith evictions would be to calculate the difference between what the tenant was paying at the old place, and the market rate for a new, equivalent place, and automatically convert it into a lien held by the tenant against the property. This would continue as long as the tenant continues suffering damages by having to pay more rent than they otherwise would have, and has the advantage of making the property toxic to both lenders and potential buyers. Make it treble damages, and the former tenant would eventually own the property outright if the landlord was stupid enough.
|
|
#
?
Oct 12, 2021 14:56
|
|
|
This is confusing as gently caress but my read is tenant asked to break lease early, landlord agreed and found a new tenant, but the landlord is now trying to charge the tenant his MLS listing fees. loving scum of the earth. Private landlord has agreed to list our property a month early (as we're leaving) but has just sent us this about our month's refund, does this seem right? 
|
|
#
?
Oct 12, 2021 15:08
|
|
|
It is every business owner’s solemn duty to internalize profits and externalizations costs.
|
|
#
?
Oct 12, 2021 17:29
|
|
|
Is paying that fee in the contract? If the landlord agreed to break the lease and made no mention of it I would for sure file a dispute immediately with the RTB, the magnitude of that cost makes it seem worth it.
|
|
#
?
Oct 12, 2021 18:12
|
|
|
Even if it was in the lease, it's an illegal fee and unenforceable in Ontario. (Edit: OP confirms they are in Ontario in a comment) OP response to the landlord: quote:Our response: From what I recall the law is tenant gives notice, landlord is obliged to find a new tenant, if they do not the tenant is on the hook until end of the lease, but if they find a new tenant the vacating tenant gets their money back - that's it.
|
|
#
?
Oct 12, 2021 18:25
|
|
|
evilpicard posted:I've rented in Toronto, yes you need a credit report, proof of income and your old addresses but no you do not need a letter from your landlord - that's some 1700's Russian level of serfdom we aren't at yet (barely) I've had to do it for my last 3 places, it's pretty common both here and in other cities. It may not be required for Landlords to request it, so not all of them do, but as far as I can tell it is a legal option for them: https://stepstojustice.ca/questions/housing-law/what-information-can-landlord-ask-me-when-i-apply-place/ Usually they just ask for contact details, not a letter, and reach out to the landlord directly so that you can't forge it. Even if asking for a Landlord reference wasn't allowed, what can you even do about it at the application stage? If you say no they can just go with another applicant. Starks fucked around with this message at 20:56 on Oct 12, 2021 |
|
#
?
Oct 12, 2021 20:53
|
|
|
Why does this mean you can't forge it? They reach out and the person on the other end of the line tells them pretty much exactly what's in the letter. Seriously, landlord references are even less reliable than previous job references.
|
|
#
?
Oct 13, 2021 00:19
|
|
|
I look forward to the scam where someone shows a place to a bunch of people, collects all the details necessary to do a credit check, then uses that to commit identity fraud on all the applicants.
|
|
#
?
Oct 13, 2021 04:44
|
|
|
I would love to get that letter from a landlord. Illegally witholding return of last month's rent? I've only lived in Ontario for 1.5 years but I seem to recall that in BC it's triple damages on failure to return the deposit.
|
|
#
?
Oct 13, 2021 13:21
|
|
|
Mortgage broker doesn’t want us to register the house…?reddit posted:Hi everyone, running into an odd situation. I’ll summarize it briefly: Ok this has to be a scam but how does it work? It reminds me of a rubber cheque scam but obviously a lawyer won't let you close with a cheque...
|
|
#
?
Oct 13, 2021 13:34
|
|
|
Cold on a Cob posted:Mortgage broker doesn’t want us to register the house…? This is the scammiest scam I've ever heard of. I'm guessing that there's also a fake lawyer involved with this fake mortgage broker. I'm going to say that the 50% they put down via bank draft to the lawyer is going to disappear. The broker has to 'provide' the missing 50% because they're not going to be able to fool the bank providing the mortgage with their fake lawyer. They ask for the delay in registering to give themselves time to disappear because obviously the whole deal is going to fall through and they need to be gone before anyone has figured that out. The way I describe it does sound pretty shaky though so I must be missing some parts. Other alternative is this guy is just faking up mortgage acceptance to the last second so that he can push them into some kind of private financing deal to "save the deal" where he can charge them some inflated rate. My main question is what 'friend' recommended them to use a scammer. They must have known?
|
|
#
?
Oct 13, 2021 14:07
|
|
|
Disappearing seems unlikely given the papertrail of money, but what do I know. Eitherway, I would neither speak to the broker or the so called friend again after that. I would also report the broker to the police because there’s no way that isn’t fraud of some kind.
|
|
#
?
Oct 13, 2021 17:26
|
|
|
|
| # ? May 24, 2024 15:49 |
|
|
Fidelitious posted:Other alternative is this guy is just faking up mortgage acceptance to the last second so that he can push them into some kind of private financing deal to "save the deal" where he can charge them some inflated rate. Yeah I'm leaning towards this as the likely scenario. Virtually impossible to scam for the entire deposit without a lot of collaborators.
|
|
#
?
Oct 13, 2021 21:28
|
|