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Fidelitious posted:It's so completely mind-boggling that all I can figure is that the provincial government thinks (understandably) that people don't understand how property taxes work and it will make people think that they're doing something nice for them to increase affordability? And they can blame cities for raising rates? I have no idea Conservatives think taxes and the government are bad, and so the people they elect want to starve and worsen government services so their wealthy Captain of Private Industry friends can make a buck shoveling rubble. I don't think it's more complicated than that.
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Jan 6, 2024 03:56
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Was chatting with a pal at my old building and after a long period of time of no Airbnb (never really been much a problem) they ran into someone with bags in the entry asking where unit 254whatever was. They had a look and yep it was on Airbnb. "License number: exempt" lol as if that's a real thing. Just amazing how brazen the rule breakers are. Supposedly the BC government is going to do something to help City of Vancouver with enforcement but I haven't heard much about what the mechanics are and how they're going to stop the situation. Folks seem to think the boom is coming down on Airbnb in BC with the new legislation from the government, but all the BC NDP is doing is pretty much extending a looser version of Vancouver's rules province wide. If they do not provide any additional enforcement aid, then every where in the province will be in the same situation as Vancouver, endlessly playing wack-a-mole. Seems to me likely that there's not really gonna be much change unless there's some powerful enforcement mechanism in that legislation. --- At hockey this morning walked into the dressing room and guys were talking about the Airbnb restrictions, annoyed because hotels are terrible for families and Airbnbs are way better. Honestly I kind of agree and it's puzzling that the hotel industry hasn't tried to create a similar product. The Realtor and Tim Hortons owner discussing the issue get more and more into their conversation. Timmies owner says, "I hate it when people say people are being greedy. It's a Free Market!" Kind of have a small suspicion these guys are/were unhappy Airbnb landlords lol..... At a very surface level, if one doesn't put much thought into it, you can see where the Timmies guy is coming from and it almost seems reasonable. The Market clearly has a huge need for accomodations, so why not serve that need? And If we need more housing beyond that well let's simply make more housing too. Grow the pie, adding more housing, adding more Airbnbs. Reasonable right? Something I recall hearing from YIMBYs in years past. Problem is however that the demand for Airbnb is uneven. Timmies owner here saying "whats the problem? Free Market!" in his big house in the Fraser Valley, where there is no Airbnb demand, meanwhile he owns some Airbnb in the Okanagan where everywhere else has an Airbnb, and local workers in Okanagan can't find a place anywhere no matter how much housing gets built. Not to mention the annoyance of everyone else in that Okanagan condo as clueless tourists there for a weekend show up and make noise... Bet Timmies guy wouldn't be happy about that if it was happening next to his door!
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Jan 6, 2024 04:46
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Femtosecond posted:Was chatting with a pal at my old building and after a long period of time of no Airbnb (never really been much a problem) they ran into someone with bags in the entry asking where unit 254whatever was. They had a look and yep it was on Airbnb. "License number: exempt" lol as if that's a real thing. Just amazing how brazen the rule breakers are. The Timmy guys double loving the market. Taking rental stock off the market to airbnb and making Indian students have to work at Timmy's to get by. My coworker has a friend who was buying houses in the Okanagan and Merrit to Airbnb out. She mentioned them having a device out on the deck that measures decibels and messages her when it gets too loud. How loving horrible does it get for how long before you install that?
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Jan 6, 2024 06:24
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Femtosecond posted:Was chatting with a pal at my old building and after a long period of time of no Airbnb (never really been much a problem) they ran into someone with bags in the entry asking where unit 254whatever was. They had a look and yep it was on Airbnb. "License number: exempt" lol as if that's a real thing. Just amazing how brazen the rule breakers are. First offence confiscate their house. Second offence confiscate their head, imo.
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Jan 6, 2024 06:27
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My sister in law wants to buy an investment condo in calgary - prices are only going to keep going up!
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Jan 6, 2024 17:55
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Purgatory Glory posted:My coworker has a friend who was buying houses in the Okanagan and Merrit to Airbnb out. She mentioned them having a device out on the deck that measures decibels and messages her when it gets too loud. How loving horrible does it get for how long before you install that? This gets into the issue of why regular people that might not really give a poo poo about housing issues don't like Airbnb. People are on vacation and they're gonna want to have fun. For regular people in the Okanagan maybe they have a mildly loud party once every few months if not once a year. If the condo/house is turned into an Airbnb then suddenly it could be occupied constantly by an endless stream of people who are taking their once a year vacation to the Okanagan and accordingly are going to want to have a bit of a party. Therefore it's just constant party. Presumably this is the reasons we initially developed exclusive residential SFH zoning areas too. Residents teamed up to keep any and all disruption out. That meant no hotels no bars no restaurants. Airbnb is a wedge into that. Enabling hotel use in areas that worked hard to keep it out. Of course I'd absolutely prefer having a managed hotel next door than an Airbnb party house. Even worse if it's a party condo next to mine in the same building. We need balance. Allow more hotels and other things and make a more stable and normal market.
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Jan 6, 2024 19:29
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x-posting. it's a blogto article about a reddit post so could be fake as hell but here's your hate read for the day Cold on a Cob posted:"rent control isnt real," i assure myself as i close my eyes and ram the bank with my tenant in the passenger seat of my lovely bronco
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Jan 9, 2024 14:56
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Alright, that's kind of hilarious. I do wish that there was more effort put into education about tenant's rights because every renter should be informed enough to be able to confidently tell this guy to gently caress off.
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Jan 9, 2024 15:09
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You guys, I’ve received some troubling news: investments are never risk-free. Very troubling… Edit: mind you, the conversation with the banker could be epic. “Yeah, so your b’ys flat broke and has gently caress all idea of how to be a landlord, do with that information what you will.” PT6A fucked around with this message at 16:07 on Jan 9, 2024 |
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Jan 9, 2024 16:05
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Cold on a Cob posted:x-posting. it's a blogto article about a reddit post so could be fake as hell but here's your hate read for the day I think it's a fake scenario but a fun read. My response would be to say "I'll risk my credit, thanks for your concern ".
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Jan 9, 2024 16:36
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Purgatory Glory posted:I think it's a fake scenario but a fun read. My response would be to say "I'll risk my credit, thanks for your concern ".
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Jan 9, 2024 17:38
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Yeah I know of no reason that we shouldn’t believe that there aren’t landlords like this out there in abundance.
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Jan 9, 2024 17:53
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PT6A posted:You guys, I’ve received some troubling news: investments are never risk-free. Very troubling… 6%? I thought the average was 2... this is very unsettling
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Jan 9, 2024 19:08
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single-condo landlords are the worst landlords in the universe. The most entitled idiots who have no clue how anything works but feel 100% entitled to not just generate tons of equity but make a monthly profit via rent. My friend rented from a guy just like this. Every interaction with him had him just whining and whining about how hard done by he is. How her rent only just barely covered the mortgage but didn't cover all the strata fees which he had to "pay each month out of pocket" and remember last year when the sink broke?? Yeah, HE had to pay for them out of pocket!! Can you believe it, the tenant doesn't have to pay for that?? How's a landlord expected to make any money in this society??? His condo doubled in value over 5 years of course. But those were "paper gains" he couldn't spend until he cashed out so don't bring them up. He of course did cash out, she was immediately booted out by the new landlord who said they were going to live there but the unit was put back on the market at about 75% higher rent like a month later. These people write letters to the editor about how landlords have no rights and no ability to turn a profit so society should thank them for providing rentals at a loss, have little ametuer landlord facebook groups where they complain endlessly about tenants and exchange hustle culture tips, and provide the least stable rentals because they usually always sell after a 4-5 year cycle.
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Jan 9, 2024 19:25
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Cold on a Cob posted:x-posting. it's a blogto article about a reddit post so could be fake as hell but here's your hate read for the day yet another renter defaulting on their landlord's mortgage, very depressing, why won't tenants take responsibility?!
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Jan 9, 2024 19:30
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Love how somehow making a payment toward paying off the condo you have purchased becomes "pay each month out of pocket"
Femtosecond fucked around with this message at 20:08 on Jan 9, 2024 |
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Jan 9, 2024 20:05
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This is the problem with attempting capitalism without having capital. It doesn't work very well.
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Jan 9, 2024 20:09
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If you're not using other people's money you're doing it wrong.
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Jan 9, 2024 20:15
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PT6A posted:You guys, I’ve received some troubling news: investments are never risk-free. But I'm a good and righteous person! Risk is just for other people's investments!
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Jan 9, 2024 22:12
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The thing to do in that situation would be to show up to the bank and explain that they need to up their interest rate to account for the added risks created by their customer being dumb as rocks
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Jan 10, 2024 06:51
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Can you believe that I pay my mortgage and utilities out of my own pocket every month? The government is out of control.
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Jan 10, 2024 14:59
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Lotta Canadians never gonna get a variable mortgage ever again. https://twitter.com/christinedolik/status/1746208659783155844?s=46&t=ruJSzwqECRxfc3oePbtIng
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Jan 14, 2024 04:50
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Femtosecond posted:Lotta Canadians never gonna get a variable mortgage ever again. I assumed this was a variable rate fixed payment but this person later in that thread says it is a standard variable. Can someone ELI5 how this is possible in this case? Also jesus loving christ
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Jan 14, 2024 04:59
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sleep with the vicious posted:I assumed this was a variable rate fixed payment but this person later in that thread says it is a standard variable. Can someone ELI5 how this is possible in this case? It's RBC, and all the big banks (except Scotia) do not adjust your payments if the rates go up. You just see less go to principal and more to interest (and the amortization goes through the roof because of how little is being paid down). It's ugly but there are a couple things to consider at this moment: 1 These people did qualify for a higher payment and it looks like they chose not to increase theirs, even though they may be able to pay more. 2 Scotia, who is increasing payment amount every rate hike hasn't seen larger losses than the other big 5 who don't.its still early though and this is obviously not sustainable if the economy slows on top of this. Purgatory Glory fucked around with this message at 05:14 on Jan 14, 2024 |
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Jan 14, 2024 05:11
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Eventually there will be a kind of mortgage where you're just paying rent to the bank after a large downpayment, and there are fewer restrictions on what you can do and when you might get kicked out, but you're responsible for things that a landlord would normally take care of. As I type this out, it seems like that wouldn't be all bad, as long as we're honest about what's going on.
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Jan 14, 2024 05:12
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PT6A posted:Eventually there will be a kind of mortgage where you're just paying rent to the bank after a large downpayment, and there are fewer restrictions on what you can do and when you might get kicked out, but you're responsible for things that a landlord would normally take care of. Sounds a lot like one of those 75-year-amortized mortgages I've been hearing about.
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Jan 14, 2024 05:18
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Muscle Tracer posted:Sounds a lot like one of those 75-year-amortized mortgages I've been hearing about. It is. We could even move to an infinite amortization.
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Jan 14, 2024 05:21
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Purgatory Glory posted:It's RBC, and all the big banks (except Scotia) do not adjust your payments if the rates go up. You just see less go to principal and more to interest (and the amortization goes through the roof because of how little is being paid down). It's ugly but there are a couple things to consider at this moment: Ok so it's a variable rate with a fixed payment but that's standard for the big banks. I didn't know that, thought it was an option they could choose. Brutal.
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Jan 14, 2024 05:23
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PT6A posted:It is. We could even move to an infinite amortization. That just sounds like rent with extra fees.
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Jan 14, 2024 05:43
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Canada Housing/Debt: rent with extra fees
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Jan 14, 2024 06:12
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Powershift posted:That just sounds like rent with extra fees. Except you get to leverage yourself to the hilt and also buy either jet skis or snowmobiles with your HELOC
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Jan 14, 2024 06:54
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PT6A posted:It is. We could even move to an infinite amortization. Hear me out... Housing NFTs
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Jan 14, 2024 07:11
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I hope those people go bankrupt
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Jan 14, 2024 07:13
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PT6A posted:Eventually there will be a kind of mortgage where you're just paying rent to the bank after a large downpayment, and there are fewer restrictions on what you can do and when you might get kicked out, but you're responsible for things that a landlord would normally take care of. We’re so close, we just have one final step: convincing people that the public should hold the title to the property instead of the bank.
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Jan 14, 2024 08:44
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Quite a bit of catnip in the Globe's Year in Charts if you feel the big problem around housing right now is immigration...quote:Stacking up Mission accomplished from the POV of the immigration department. All provinces growing faster than the OECD. quote:Extreme times https://www.theglobeandmail.com/business/article-charts-canada-economy-2024/
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Jan 14, 2024 20:09
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I’m torn between thinking this stuff is fairly important and deserves attention and that it’s just kinda obviously stoking insane anti immigrant sentiment. Kinda just paving a neat little path for the Conservative party.
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Jan 14, 2024 21:06
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I think 1. it is a real cause of problems. 2. "just stop immigration" as a solution is simply a way to turn off our brains and go back to the status quo, which only goes to benefit NIMBY established SFH owning wealth that wants a reason to not change their town in any way whatsoever or build any apartments. So the answer is ~somewhere in the middle~ Diploma mills are a real problem. We also need to actually build more homes for people (which means *shock* forcing neighbourhoods to build apartment buildings).
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Jan 14, 2024 21:31
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Despite there being some YIMBYs in caucus like Scott Aitchison, I don't think they have any real power at all. I fully expect that a Conservative government approach to housing would be a regression to doing nothing and pointing to the need for 1) cutting fees, 2) suburban growth and more town development as the solution. The Conservatives will see SFH owners as their voters and they will support them and the SFH status quo. This means the only possible development can be suburban SFH growth on greenfields.
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Jan 14, 2024 21:38
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It would be nice if there was some real industry for these people to work in rather than working in a tim's in an isolated town
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Jan 14, 2024 21:53
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Femtosecond posted:Despite there being some YIMBYs in caucus like Scott Aitchison, I don't think they have any real power at all. IIRC the Conservative proposal is to try to force municipalities / provinces to relax their building codes. Which probably isn't legally possible, but also seems like a pretty terrible idea.
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Jan 14, 2024 23:00
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