Register a SA Forums Account here!
JOINING THE SA FORUMS WILL REMOVE THIS BIG AD, THE ANNOYING UNDERLINED ADS, AND STUPID INTERSTITIAL ADS!!!

You can: log in, read the tech support FAQ, or request your lost password. This dumb message (and those ads) will appear on every screen until you register! Get rid of this crap by registering your own SA Forums Account and joining roughly 150,000 Goons, for the one-time price of $9.95! We charge money because it costs us money per month for bills, and since we don't believe in showing ads to our users, we try to make the money back through forum registrations.
 
  • Post
  • Reply
Mantle
May 15, 2004

Some of my conservative friends supported ABC because of their tough on addicts position in the DTES. I don't think they've made any progress in that area either.

So far their biggest impact has been to use active transport funding to remove active transport in Stanley park and to give a retroactive windfall to developers.

Adbot
ADBOT LOVES YOU

Alctel
Jan 16, 2004

I love snails


https://vancouversun.com/news/local...be7c430522/amp/

Hmmm

Weird headline considering on my first read it's the landlord being lovely

PT6A
Jan 5, 2006

Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Alctel posted:

https://vancouversun.com/news/local...be7c430522/amp/

Hmmm

Weird headline considering on my first read it's the landlord being lovely

How do you figure? It looks like there's some sort of disagreement as to whether the tenants are actually living there, or the property is vacant, unless I missed something.

Mantle
May 15, 2004

The Vancouver Sun is a lovely masturbatory tabloid for landlords. They're just trying to establish a narrative of "vacancy tax harms renters" by contriving a story where the landlord doesn't properly apply for the exemption as causing a nice young family to lose their home.

PT6A
Jan 5, 2006

Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Mantle posted:

The Vancouver Sun is a lovely masturbatory tabloid for landlords. They're just trying to establish a narrative of "vacancy tax harms renters" by contriving a story where the landlord doesn't properly apply for the exemption as causing a nice young family to lose their home.

Sounds right. A way around this might be: if you (an owner) get hit with the tax, then your tenant is entitled to a full refund of all rent paid to you, since obviously they weren't "living there." Might motivate landlords to get their poo poo together.

Femtosecond
Aug 2, 2003

Something in that speculation tax story doesn't add up. It's really challenging to believe that the government bureaucracy is being that obstinate in like ignoring the evidence they're being given or there's something funny about this property and someone telling this sob story is lying.

PT6A
Jan 5, 2006

Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane
I find it very easy to believe that a government bureaucracy is being obstinate and stupid, actually. I've had to work with Transport Canada on a number of issues, and the number of times inspectors disagree with other inspectors as to how to interpret their own written regulations (oftentimes in absolute contradiction to those written regulations, both in my favour and otherwise) is truly impressive. Frustrating, but impressive!

Writing laws and regulations is actually really loving difficult, for exactly this reason.

PT6A fucked around with this message at 04:58 on Jun 6, 2023

Alctel
Jan 16, 2004

I love snails


Mantle posted:

The Vancouver Sun is a lovely masturbatory tabloid for landlords. They're just trying to establish a narrative of "vacancy tax harms renters" by contriving a story where the landlord doesn't properly apply for the exemption as causing a nice young family to lose their home.

Yeah the headline is 'vacancy tax forcing out this poor family' then it turns out that the landlord for some reason either is doing something shady or is too dumb to supply the correct paperwork

Or is just using that as excuse to sell

Typo
Aug 19, 2009

Chernigov Military Aviation Lyceum
The Fighting Slowpokes

T.C.
Feb 10, 2004

Believe.
Oh god oh god oh god, the CBC did a thing where they put two renters and two airbnb hosts at a table and made them talk, and then there was an economist listening in the background. I'm so inherently angry at what I assume this is going to be that I can't bring myself to press play.

https://www.youtube.com/watch?v=lhFKKyc7wJk

edit: okay, part is really painful, but the economist is basically "your business model is garbage and suicide for the economy and we need to regulate it out of existance." Not worth watching, but could have been much worse.

T.C. fucked around with this message at 06:13 on Jun 6, 2023

Purgatory Glory
Feb 20, 2005

T.C. posted:

Oh god oh god oh god, the CBC did a thing where they put two renters and two airbnb hosts at a table and made them talk, and then there was an economist listening in the background. I'm so inherently angry at what I assume this is going to be that I can't bring myself to press play.

https://www.youtube.com/watch?v=lhFKKyc7wJk

edit: okay, part is really painful, but the economist is basically "your business model is garbage and suicide for the economy and we need to regulate it out of existance." Not worth watching, but could have been much worse.

Watched at double speed and found it interesting enough. The air bnb couple are doing what they can because they can. Gotta change the laws.

Fidelitious
Apr 17, 2018

MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.
That's the thing, people can be rightfully upset at AirBnb hosts and anyone else that profiteers in a similar manner but the buck stops at the government making the regulations.
Most people will use whatever assets they have or can acquire to increase their wealth, it is a reasonable thing to do in our society. I can't really expect them to turn down a low-effort venture out of the goodness of their hearts. Some people do of course, but it's not exactly a policy to depend on. Landlords will increase the rent to the maximum allowed because they can, they will renovict people because they can, they will Airbnb homes because they can.

Regulate this crap and we'll be much improved.

COPE 27
Sep 11, 2006

Alctel posted:

Yeah the headline is 'vacancy tax forcing out this poor family' then it turns out that the landlord for some reason either is doing something shady or is too dumb to supply the correct paperwork

Or is just using that as excuse to sell

Doesn't want to declare rental income

Hubbert
Mar 25, 2007

At a time of universal deceit, telling the truth is a revolutionary act.

Femtosecond posted:

Something in that speculation tax story doesn't add up. It's really challenging to believe that the government bureaucracy is being that obstinate in like ignoring the evidence they're being given or there's something funny about this property and someone telling this sob story is lying.

I'm having flashbacks to the Totem Co-op again, I which vital pieces of information weren't being adequately represented or reported.

It's a complete hunch, but I suspect that the landlord might have something to do with it.

quote:

Bates’s landlord didn’t want to speak to Postmedia News as he has hired a lawyer to help with his case. Court documents show the home was inherited by his wife, who is the administrator of her father’s estate, and a pending lien for $96,000 was filed May 1 by the province under the speculation and vacancy tax act for failure to pay.

also this

COPE 27 posted:

Doesn't want to declare rental income

Hubbert fucked around with this message at 15:42 on Jun 6, 2023

Femtosecond
Aug 2, 2003

Fidelitious posted:

That's the thing, people can be rightfully upset at AirBnb hosts and anyone else that profiteers in a similar manner but the buck stops at the government making the regulations.
Most people will use whatever assets they have or can acquire to increase their wealth, it is a reasonable thing to do in our society. I can't really expect them to turn down a low-effort venture out of the goodness of their hearts. Some people do of course, but it's not exactly a policy to depend on. Landlords will increase the rent to the maximum allowed because they can, they will renovict people because they can, they will Airbnb homes because they can.

Regulate this crap and we'll be much improved.

This is the thing that can't be denied: The Airbnb hosts are supplying a service that is actually in very large demand!

If we had a ton of hotels everywhere no one would want to rent someone's house and bother with chores and cleaning up the place, but we have a shortage of hotels!

If we had a ton of apartments to pick from landlords would be laughed at if they tried to put up their lovely 1960s walkup apartment for $2000+, but we have a shortage of apartments!

Well government do you think you could maybe address some of these problems and destroy the demand for Airbnb and apartments? Could you maybe allow more hotels and more apartments to be built?

No of course not we know that that is apparently impossible.

The government forced scarcity enriches those who already have assets that can be exploited. Everyone without assets gets hosed.

MeinPanzer
Dec 20, 2004
anyone who reads Cinema Discusso for anything more than slackjawed trolling will see the shittiness in my posts

Femtosecond posted:

This is the thing that can't be denied: The Airbnb hosts are supplying a service that is actually in very large demand!

If we had a ton of hotels everywhere no one would want to rent someone's house and bother with chores and cleaning up the place, but we have a shortage of hotels!

I think you're broadly right but one of the issues with AirBnB is that it revealed that actually a lot of people on vacation don't want to stay in hotels. One of the big appeals of renting someone's apartment, say, is that it has all the amenities of a home, so you can cook, lounge in a living room, cozy up beside a fireplace, chill on a patio in privacy, etc., all for the price you'd probably pay for an average hotel room that doesn't allow you to do any of those things. Plus you don't actually really have to do chores or clean up most of the time any more than you would in a hotel (or at least not unless you make a really big mess).

Of course, people actually on vacation only make up a percentage of all AirBnB business in a place like Vancouver, since oftentimes people looking for permanent housing are forced to rent AirBnBs for months on end before they can actually find a place to live...

Fidelitious
Apr 17, 2018

MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.

MeinPanzer posted:

I think you're broadly right but one of the issues with AirBnB is that it revealed that actually a lot of people on vacation don't want to stay in hotels. One of the big appeals of renting someone's apartment, say, is that it has all the amenities of a home, so you can cook, lounge in a living room, cozy up beside a fireplace, chill on a patio in privacy, etc., all for the price you'd probably pay for an average hotel room that doesn't allow you to do any of those things. Plus you don't actually really have to do chores or clean up most of the time any more than you would in a hotel (or at least not unless you make a really big mess).

Of course, people actually on vacation only make up a percentage of all AirBnB business in a place like Vancouver, since oftentimes people looking for permanent housing are forced to rent AirBnBs for months on end before they can actually find a place to live...

Yep, people (partially) go to AirBnbs to find the non-hotel vibe and unique aesthetics. I would suggest that hotels are only obliquely a competitor to private rentals and it's really small-scale motel-type places with unique rooms that are really trying to take that market. I've seen more of these kind of places appear where you're picking a particular room and not just any of 18 generic double-queen rooms or whatever.

They do tend to be at a premium price of course.

Mr. Apollo
Nov 8, 2000

I'm wondering what longer term effect the interest rates will have on car purchases. I know a few people who have put off buying or leasing a new car because their payments were almost double compared to their current car which was about the same price. I also noticed that when pricing out leases, the manufacturers are now quoting 5 year leases instead of 4 to keep the monthly payment down.

Albino Squirrel
Apr 25, 2003

Miosis more like meiosis

MeinPanzer posted:

I think you're broadly right but one of the issues with AirBnB is that it revealed that actually a lot of people on vacation don't want to stay in hotels. One of the big appeals of renting someone's apartment, say, is that it has all the amenities of a home, so you can cook, lounge in a living room, cozy up beside a fireplace, chill on a patio in privacy, etc., all for the price you'd probably pay for an average hotel room that doesn't allow you to do any of those things. Plus you don't actually really have to do chores or clean up most of the time any more than you would in a hotel (or at least not unless you make a really big mess).

Of course, people actually on vacation only make up a percentage of all AirBnB business in a place like Vancouver, since oftentimes people looking for permanent housing are forced to rent AirBnBs for months on end before they can actually find a place to live...
AirBNBs were extremely useful if you're a family on vacation, in large part because the cost of restaurants is so high and kids are picky eaters so you can't really eat out every night. To get a comparable hotel suite with a kitchen would often be at least twice the cost. I would prefer to stay in hotels to not gently caress up the local rental market but I'd also like to not bankrupt myself while visiting a city, you know?

I use the past tense because since the pandemic AirBNB prices have come up quite a bit to the point where it's comparable. And some countries have been better at building more apart-hotels. But finding places in, say, Toronto is ridiculous in either case. I'm staying there for a week in the summer and couldn't find a single AirBNB for a family that met my price needs. To get a one bedroom suite in a hotel under $300 my choices were basically "in Vaughn by the Ikea" or "literally Jane and Finch".

Baronjutter
Dec 31, 2007

"Tiny Trains"

Yeah I vastly prefer staying in just a short term apartment instead of a hotel, really hate dealing with hotels and the whole vibe of them. I just wish housing of all types was fully legal and we had more than enough to go around for all types of demand. Until we do though, temporary bans for things like airbnb make sense as you need to do triage for your artificially restricted housing supply. But at the end of the day I want things like airbnb to be legal and fine because there's simply no shortage of homes. A popular place tourists like to visit and people also like to live? Cool, simply allow enough housing to meet demand. Oh that means gradually converting a waterfront neighbourhood of single family houses into a dense forest of apartment buildings? Good, cities grow and change.

Dallas road in victoria should be wall to wall mid-rise to high rise apartments. Fairfield should look more like James Bay or the West End of Vancouver. We live in a democracy with freedom of movement, incumbent homeowners should not have veto power on where people can live or travel.

sleep with the vicious
Apr 2, 2010
Rates increased again

Lain Iwakura
Aug 5, 2004

The body exists only to verify one's own existence.

Taco Defender

sleep with the vicious posted:

Rates increased again

Get ready for another cycle of stories of landlords and people with "second homes" being unable to make payments again.

Purgatory Glory
Feb 20, 2005

Lain Iwakura posted:

Get ready for another cycle of stories of landlords and people with "second homes" being unable to make payments again.

Those scumbaglg tenants really need to step up and pay more.

The Butcher
Apr 20, 2005

Well, at least we tried.
Nap Ghost
"Name one law that says I can't use my sword to threaten you and take your goods."

Precambrian Video Games
Aug 19, 2002



An exciting roundup of housing news:

Why Toronto’s rapid homebuilding program has yet to build a single home. tl;dr because John Tory, all kinds of stupid planning bullshit, and these quotes caught my eye:

quote:

Other problems seemed to contribute to the delays, says Tridel vice-president of planning Mike Mestyan. Frequent turnover in the city’s planning department meant they were continually having to bring new staff up to speed. The city has acknowledged difficulty with retention in its planning department, which it links to issues such as uncompetitive salaries amid skyrocketing cost of living. :lol:

Mestyan says it could take months to receive comments on an application, which would come from numerous divisions and require substantial back-and-forth. “That’s the environment and the arena that we live in,” he said.

A city hall source, who the Star is not naming as they are not authorized to speak publicly about the program, says despite individual staff commitment, there seemed a broader lack of urgency to speed along affordable housing projects — something the city source believed would require a much larger “culture shift” to address.

“The promise of acceleration never materialized the way it was intended. It seemed like the treatment of the file was no different from a regular file,” they said.

...

A report from the Housing Secretariat, released in April, warned that the city’s ability to meet its affordable housing goals was at risk. It said changes to the federal National Housing Strategy programs has meant capital grants are capped at “insufficient” levels to develop new homes in Toronto, and took aim at an Ontario law introduced last year that removes development charge revenues on housing services — revenues the city depended on.

“These factors, along with significant increases in interest rates, labour shortages and global supply chain disruptions impacting the availability of materials, have resulted in many housing projects being stalled in Toronto,” it reads, noting construction costs had gone up by more than 63 per cent since 2019.

It's amazing. Just time after time shooting yourself in the foot. Ostensibly pro-development politicians starve the beast so much it doesn't even have the capacity to plan for the infrastructure to actually build anything. I mean that's not entirely true, there is significant redevelopment and remediation going on in Toronto's port lands, for example (where Google Sidewalk Labs had that failed bid for Panopticon Village), but it's all very slow because funding and streamlining city planning is anathema to even the conservatives whose donors would benefit most from it.

Where there's already enough infrastructure, we'll get new landmarks courtesy of luminaries like Frank Gehry:

quote:

Born and raised in Toronto, Gehry was back in town Wednesday for the groundbreaking of the east tower of Forma, his project that’s been almost 10 years in the making. It will consist of two towers, one at 73 storeys and the other at 84, at 266 and 276 King St. W., and more than 2,000 condo units.
...
The Toronto project, which will have theatres on each side and Roy Thomson Hall nearby and will include an art gallery and space for OCAD university, is “an opportunity to build the beginning of an urban fabric,” Gehry told the Star in an interview. Forma will be his first residential buildings in Canada and his tallest in the world. Sales began in June of last year.
...
The twisting structure has an almost crystal quality, and the frames will catch the light in different ways, Gehry said. “Since they face different ways at different times of the day the light will play, subtly. And it’s free — people that are in there they’re not going to realize it,” he said. “So I think that’s giving back.”

The original plan called for three towers of 80-plus storeys on a six-storey podium and called for the destruction of the Princess of Wales Theatre and four heritage warehouses. It was pared down after some less than favourable reaction from city officials back in 2013.
...
One thing that is not free are the residential units in the towers. In November, the penthouse suite was sold for more than $20 million. “In 51 weeks we have sold $1-billion worth of real estate,” said Mitchell Cohen, chief operating officer of Westdale Properties in his remarks at the groundbreaking ceremony. Cohen praised the “lasting impression” the project will leave on the city’s skyline, a common theme at the groundbreaking.

“If I have to see that CN Tower as the representation of this city one more time, I’m gonna throw up,” added Elly Reisman, director, of Great Gulf Homes, who was also in attendance.

lol that's like somebody in the 1950s saying they still hate how the Eiffel Tower ruined Paris' skyline. Anyway, here are the shiny baubles that will either blind pedestrians or set them on fire, and replace the hideous CN Tower in Toronto's collective consciousness:





I've seen some of Gehry's apartments elsewhere (e.g. Dusseldorf harbor below) and opinions will vary on their aesthetic appeal but they're typically as impractical as they look and had to cut corners (ha ha, get it) in build quality given the unusual geometry - something you can easily notice walking around them at street level. I guess the TO towers were pared back to slightly misaligned blocks and more conservative bling because he got his hand slapped for the original design from a decade ago that would have been completely impossible to build and probably generated a massive wind tunnel and falling glass panes.

Precambrian Video Games fucked around with this message at 05:06 on Jun 8, 2023

Precambrian Video Games
Aug 19, 2002



... and ok, one more article about renting out your backyard as a private dog park for possibly illegal pets:

quote:

Nala is a misunderstood girl, says her mom. Bonnie Pritchard says her velvety grey American bully dog isn’t always welcome in public leash-free parks. Although Nala isn’t afraid or aggressive, other people and dogs sometimes react to her appearance.

Fortunately, Pritchard’s sister, Catherine Watt, has converted her quarter-acre, shady Oshawa backyard into a private dog park that she rents by the hour through a U.S. platform called Sniffspot.

In the same way that Airbnb and Swimply facilitate short-term rentals of private homes and swimming pools, Sniffspot is an online platform that helps homeowners earn a few extra bones simply by letting their property go to the dogs.

Swimply and Sniffspot, motherfucker

MeinPanzer
Dec 20, 2004
anyone who reads Cinema Discusso for anything more than slackjawed trolling will see the shittiness in my posts

eXXon posted:

... and ok, one more article about renting out your backyard as a private dog park for possibly illegal pets:

Swimply and Sniffspot, motherfucker

One of the other weird side-effects of the cost of living crisis I’ve witnessed among friends and family in BC is the emergence of an entire gig-based sub-economy related to dogs: dogsitting, walking, grooming, and now I guess whatever this is. I know four(!) different couples who subsidize their housing costs by engaging in some combination of these activities in addition to their full-time jobs.

Femtosecond
Aug 2, 2003

Calgary Council got a surprise shock that people are actually paying attention to their bad votes.

quote:

Bell: After backlash, Calgary city council backs down — just a little

...
Anyway, that 8-7 No vote got city council scolded and it was especially stinging for some councillors, who consider themselves conservative, when Conservative MPs jumped on their case.

To be fair it was not only Conservative MPs but many others who have been following the bouncing ball and know there is a housing crisis as more and more people are being priced out of the buying and renting market.

The 8-7 vote put heat on city council, hotter than the thermometer outside.

“The sympathetic nods about building affordable housing while pandering for NIMBY voters needs to stop,” says Calgary Conservative MP Michelle Rempel Garner.


The local member of parliament says she lives “safely and happily” in an apartment/condo complex in north central Calgary.

See, it’s not scary at all.

Where the MP lives, she is “surrounded by families of all different walks of life and backgrounds.”

Ah … life in the big city.

“I vehemently object to all NIMBY notions about multi-unit housing.”

Then there’s Scott Aitchison, an Ontario MP who is federal Conservative point man on housing.

These are Conservatives, people.

“Calgary city council was presented with a series of recommendations to deliver more housing. It would have made it easier to build the homes people need. But the gatekeepers stood their ground,” said Aitchison.

The optics stunk for city council, the look was awful.
...


I think what is remarkable here is that Federal Conservative MPs, both local and not local weighed in here big time, whereas in contrast I've never seen anything but disinterest in local municipal housing issues by the Liberals and NDP. The local NDP MPs show up rarely in Vancouver municipal discourse but I've only seen them oppose housing projects.

melon cat
Jan 21, 2010

Nap Ghost
Four words: Backyard dog park timeshares.

melon cat fucked around with this message at 00:41 on Jan 29, 2024

Mantle
May 15, 2004

MeinPanzer posted:

One of the other weird side-effects of the cost of living crisis I’ve witnessed among friends and family in BC is the emergence of an entire gig-based sub-economy related to dogs: dogsitting, walking, grooming, and now I guess whatever this is. I know four(!) different couples who subsidize their housing costs by engaging in some combination of these activities in addition to their full-time jobs.

I'm actually doing this. For me it's a great boon as I get to play with dogs while I wfh. Fortunately I don't have to do it for the money so I can pick and choose nice dogs.

MeinPanzer
Dec 20, 2004
anyone who reads Cinema Discusso for anything more than slackjawed trolling will see the shittiness in my posts

Mantle posted:

I'm actually doing this. For me it's a great boon as I get to play with dogs while I wfh. Fortunately I don't have to do it for the money so I can pick and choose nice dogs.

Yeah it makes sense if you like dogs, have a yard, and work from home and/or are a stay-at-home parent—one of the rare seemingly mostly positive elements of the gig economy. It’s just funny how very BC it is (unless it’s common also elsewhere?).

Ghost Leviathan
Mar 2, 2017
Probation
Can't post for 8 hours!
Also that pet ownership is becoming a luxury of the homeowner class near exclusively.

McGavin
Sep 18, 2012

Love being able to use poor people's property as a dog toilet.

TheKingofSprings
Oct 9, 2012

McGavin posted:

Love being able to use poor people's property as a dog toilet.

If I could I’d use everyone’s property as a toilet

Alctel
Jan 16, 2004

I love snails


Ghost Leviathan posted:

Also that pet ownership is becoming a luxury of the homeowner class near exclusively.

100%

It's really really hard to find rentals that allow pets and they normally cost even more than usual

Femtosecond
Aug 2, 2003

welppp turns out you should have bought [then] and were priced out forever

quote:

Canadian housing affordability ‘likely past the point of no return’: RBC analyst


RBC Capital Markets’ Canadian Housing and Mortgage virtual conference brought depressing conclusions according to analyst Geoffrey Kwan,

“with our most diverse group of speakers to-date, the key takeaways could be summed up as: (1) fixing housing affordability, particularly in Toronto and Vancouver, is likely past the point of no return; (2) housing activity remains weak, but is showing early signs of improvement as Y/Y comps should improve through 2023. However, the recent back-up in bond yields and yesterday’s Bank of Canada (BoC) +25bps rate hike is likely to see mortgage rates materially increase, which some speakers believe could see housing activity weaken again; and (3) a combination of a low unemployment rate, savings built up through the pandemic, increased incomes (partly driven by inflation) and cutting back expenses likely explains why we haven’t seen material financial distress … Numerous speakers seemed to suggest the lack of a credible and coordinated strategy to fix housing affordability, citing the Canadian Government’s plan to bring in an all-time high 500,000 new immigrants/year for the next few years, but also elevated international student activity and a steady stream of temporary foreign workers with educational institutions and employers, respectively, not being required to ensure adequate housing is available for those they bring into Canada, yet financially benefit from high tuition fees and lower cost labour, respectively”

***

Scotiabank strategist Hugo Ste-Marie thinks the Bank of Canada will raise rates again in 2023,

“the BoC pointed out that “with three-month measures of core inflation running in the 3½-4% range for several months and excess demand persisting, concerns have increased that CPI inflation could get stuck materially above the 2% target.” … core CPI (ex-food and energy) has decelerated in the past year, but more recently, progress has stalled. Conclusion: With the BOC facing a very resilient economy, where the inflation risk is tilted to the upside, it’s hard to think that only one hike will be enough to change the broad picture... more hikes are likely needed. Next two meetings are scheduled in July (most likely) and September (too long to wait). [derivatives markets] now pegged the benchmark rate at 5%+ in Q4, implying at least one more to go.’

***

BMO economist Benjamin Reitzes is also in the ‘more hikes’ camp as he highlighted the bond market reaction to Wednesday’s Bank of Canada meeting,

“Government of Canada bond yields surged on Wednesday following the Bank of Canada’s latest 25 bp rate hike, lifting policy rates to 4.75%. The overnight rate is now at the highest level since 2001, when the BoC was cutting rates as the tech bubble burst. The market was pricing only 50% odds of a hike ahead of the latest decision, contributing to the sharp bond market move. Another 25 bp hike in July appears likely in our view given the BoC’s hawkish tone and limited data points until that meeting. The market agrees with our view and is pricing another 35-40 bps in tightening by year-end. As of late Wednesday afternoon, Canada 2-year yields surged over 20 bps to around 4.60%, the highest level in 16 years. With 5-year yields also popping about 20 bps higher, mortgage rates could soon climb as well. That would dampen building momentum in housing, something the BoC probably won’t mind seeing.”



I'm seeing an increased amount of finance/bankers/economist ppl point at international students as being a problem. I wonder if this is something the Feds might be pushed to scale back on even as they continue to add immigrants in general.

Femtosecond fucked around with this message at 05:28 on Jun 10, 2023

McGavin
Sep 18, 2012

I think they're trying to make the point that because housing is so scarce, every additional person is a problem, and that unlike immigrants, international students don't have to stick around and contribute to Canada’s economy so every space spent housing an international student is wasted. Pretty sure this is how economists think.

T.C.
Feb 10, 2004

Believe.
What does it mean for housing affordability to be past the point of no return. Like, we're in a collapsing black hole of affordability beyond the event horizon. It's a nonsense statement

Ghost Leviathan
Mar 2, 2017
Probation
Can't post for 8 hours!
It makes sense to neoliberal brain where there is absolutely nothing material that government can do about it, and private interests are the ineffable law of the universe.

Adbot
ADBOT LOVES YOU

Calumanjaro
Nov 11, 2011
If Canada scales back on international students there will be huge issues with Ontario universities. Right now they've basically had their income frozen for the past decade, because Ford froze tuitions, but also froze funding. I believe Wynne also froze the number of funded places (which of course Ford continued).

The universities use international students, along with expensive grad programs such as business and law or medical schools, to make up the funding gaps.

They are already having trouble attracting qualified workers, as they can't match US or other international salaries. If you recall, Laurentian went bankrupt a little while ago, and others will follow suit if these conditions continue (probably Brock first). (Laurentian went bankrupt deliberately though because they tried to pull the classic business rear end in a top hat move of weaseling out of their debts).

There have been rumblings of going private among high-level administrators. These are not serious at this point, but eventually will be. So say hello to your new US style education system in 10 years time :911:.

  • 1
  • 2
  • 3
  • 4
  • 5
  • Post
  • Reply