|
Cold on a Cob posted:I also love the idea of eventually paying off a place and just having maintenance costs and taxes. Most people assume they’ll die with a mortgage now and think that’s ok as long as that house keeps gaining value. RBC posted:Well there's something to having a mortgage payment that stays basically constant, interest rate fluctuations aside. Versus rent that is constantly skyrocketing unless you're willing to live in the same place for decades, which is unrealistic with our current tenancy laws. At least if you own you can make needed changes as your life evolves and stay in the same place for longer. Both of these things are also very true. It's going to be a long time before my mortgage is paid off, but when it is, it'll be awesome. And yeah, I know that at the very least my monthly mortgage is going to cost the same every month for the next four and a half years. And barring some sort of interest rate insanity, my payments aren't going to go up nearly as high as rent has here in the last few years as well.
|
#
?
Apr 9, 2021 17:40
|
|
|
|
| # ? May 24, 2024 22:30 |
|
|
Cold on a Cob posted:it was shocking how many people openly encouraged me to do it. Was it really, though?
|
|
#
?
Apr 9, 2021 22:56
|
|
|
I'm not a coop expert but I was under the impression that one of the core benefits of coops vs a regular corporate owned purpose built rental was more stability around rents in that they wouldn't be going up every year like clockwork. Like sure the rent may go up, but it's more for reasons of keeping up with maintenance inflation and not because corporations need return. Maybe that's just equity coops tho?
|
|
#
?
Apr 10, 2021 04:27
|
|
|
I didn’t realize that co-ops were social housing, even. I thought it was just a different model of ownership, probably from media exposure to people talking about them in NYC.
|
|
#
?
Apr 10, 2021 15:48
|
|
|
Yeah there's the buying co-ops which exist in white areas primarily to keep out the "undesirables". You'll see them in the St. Clair and Rosedale neighbourhoods in Toronto, and there's a whole bunch of legacy ones in NYC. You buy a share of the building and the deposits are usually very high and it's harder to get a mortgage. Rental co-ops are just trying to cover operating costs and thus have much lower rents since it's the community operating it. You still have your share of exclusionary ones but it's basically the ideal if you want to long term stay somewhere. But the waiting lists can take a dozen years after you take a dozen years to get on them so...
|
|
#
?
Apr 10, 2021 16:49
|
|
|
One-bedroom west-end Vancouver condo sells at asking price now there's a headline
|
|
#
?
Apr 10, 2021 17:56
|
|
|
I've typically seen the "buying" model be referred to as "co-housing", vs the rental model being "co-ops". And yeah, the rent-at-cost co-ops are considered social housing.
|
|
#
?
Apr 10, 2021 17:58
|
|
|
Truman Peyote posted:One-bedroom west-end Vancouver condo sells at asking price What a freak show!
|
|
#
?
Apr 10, 2021 18:04
|
|
|
After being with this thread for all 1300 pages (Rip you racist rear end in a top hat) and being ready for a market collapse any day now for all those pages I think I'm finally throwing in the towel to start looking. These days it feels like if I don't get in now, I'll never be able to. And I'm so tired of moving every year or two. So expect the market to crash about 6 months after I buy something.
|
|
#
?
Apr 10, 2021 21:10
|
|
|
I feel you. We decided to only hang up 1/3 of our paintings/prints/photos in the place we just moved into because we figure we’ll last maybe two years here. We’re also going to downsize even more. My partner even volunteered to get rid of some of her physical books (!) even though she already limits how many she owns at any given time. I’m so loving tired of moving. Really wish I’d just bought back into the market in 2016.
|
|
#
?
Apr 10, 2021 21:32
|
|
|
Has anyone talked about how hosed housing is because raw materials are currently booked till 2023 at most commercial lumber yards, you can’t get contractors to do the work and you soon won’t be able to buy tools either (one of the major tool companies is basically stopped shipments they are so far behind)
|
|
#
?
Apr 11, 2021 01:30
|
|
|
sbaldrick posted:Has anyone talked about how hosed housing is because raw materials are currently booked till 2023 at most commercial lumber yards, you can’t get contractors to do the work and you soon won’t be able to buy tools either (one of the major tool companies is basically stopped shipments they are so far behind) u see we just need to build more supply and oh...
|
|
#
?
Apr 11, 2021 02:38
|
|
|
Subjunctive posted:I didn’t realize that co-ops were social housing, even. I thought it was just a different model of ownership, probably from media exposure to people talking about them in NYC. Yeah I often get confused about this too because like I vaguely know about coops in NYC from like uh Seinfeld but yeah that seems like a different thing. There's equity coops out there, but yeah the sort of stuff around Vancouver and I assume the rest of Canada is like some organization owned by government or a community land trust owns the land and builds a building, and the residents of the coop lease from that organization. In these sorts of coops there's potential it to be social housing, where you can cap rents at 30% of incomes and residents that happen to become relatively wealthy end up paying more and end up essentially helping support lower income residents. A problem can develop when the lease from the government starts to get closer and all the residents develop an incredible amount of anxiety. This is currently going on in Vancouver's South False Creek (SFC) neighbourhood and there's been heaps of drama around current residents who only want minor changes, fiddling around the edges (eg. "lets build a new tower over a surface parking lot"), and YIMBYs agitating for the government to get more from its land, to raze the whole thing and build way more towers etc. In this SFC example, there are stacked townhouses on the property, which were radically dense in 1970s terms, but laughably low density in a modern context of being a stones throw away from Downtown Vancouver. There does also exist another issue with coops in that because there's an application process coop critics will argue that there's the potential for the process to be more exclusionary than just market rental. People have noted that SFC for example is whiter and older than other neighbourhoods. It's hard to say though whether that is because of an exclusionary application process, or because people often want to be around their peers (ie. if a hood is known as a boomer hood, and you're a young person... do you move there?). Femtosecond fucked around with this message at 02:57 on Apr 11, 2021 |
|
#
?
Apr 11, 2021 02:49
|
|
|
Twitter peeps react with shock to government minister saying "we're not going to deliberately crash house prices, everything about that is stupid" https://twitter.com/TOAdamVaughan/status/1381303086128492557?s=19 https://twitter.com/TOAdamVaughan/status/1381359976413806596?s=19 Incidentally, for people who think r/PersonalFinanceCanada and whatnot don't have nearly enough housing posts already, there's apparently a spinoff subreddit at r/CanadaHousing that's even whinier.
|
|
#
?
Apr 12, 2021 00:37
|
|
|
Isn’t housing already too expensive? The only ways I can think of to increase affordability without reducing current equity holders is to either keep rates going ever down, literally have the government give people money to buy a house with, or aggressively target wage growth while preventing bidding wars somehow.
|
|
#
?
Apr 12, 2021 00:41
|
|
|
MickeyFinn posted:Isn’t housing already too expensive? The only ways I can think of to increase affordability without reducing current equity holders is to either keep rates going ever down, literally have the government give people money to buy a house with, or aggressively target wage growth while preventing bidding wars somehow. What about finally getting fixed rate mortgages like the US? The terms could even get even longer. I bet affordability would be fine on a 100 year 1% mortgage.
|
|
#
?
Apr 12, 2021 00:51
|
|
|
There was a post on ratespy.com the other day indicating 30 year terms are coming to Canada though uptake likely to be slim given rates. (not amortizations, that already exists) Kinda like 10Y terms exist but other than the recent 10 @ 2.04 or whatever it was at Tangerine, they're basically never used.
|
|
#
?
Apr 12, 2021 01:11
|
|
|
"We can't allow a 10 percent drop!" said during a 30 percent increase
|
|
#
?
Apr 12, 2021 02:05
|
|
|
They want a "soft landing" - no correction, just reduced appreciation to get house prices down to some reasonable value vs salary. If it actually dropped to 1-2% per year would only take... idk, forty years I guess? Also I just realized I posted this in the wrong thread, so I'm going to quote it here: Cold on a Cob posted:https://twitter.com/JohnPasalis/status/1381241520771186694?s=20 So Adam Vaughan wants to sacrifice everyone's future to protect people that bought in the last 3 to 6 months. Or maybe to be more fair, he doesn't know how they could do 10% without it spinning out of their control. Cold on a Cob fucked around with this message at 02:22 on Apr 12, 2021 |
|
#
?
Apr 12, 2021 02:20
|
|
|
Cold on a Cob posted:They want a "soft landing" - no correction, just reduced appreciation to get house prices down to some reasonable value vs salary. If it actually dropped to 1-2% per year would only take... idk, forty years I guess? Whats even more frustrating is that literally 100 percent of the buyers lately are getting their down payments from selling their previous place at the inflated price. So they can take a drop. At the very least they are not first time buyers who have patiently scraped together their down payments after diligently saving. Those good folks are on the sideline wanting sanity to prevail.
|
|
#
?
Apr 12, 2021 02:52
|
|
|
drat John Pasalis is on fire today. Instead of filling this thread with tweets I'll just link to the heads of two threads... https://twitter.com/JohnPasalis/status/1381301700523360259?s=20 https://twitter.com/JohnPasalis/status/1381312402675802112?s=20 hArPeR DiD iT (by not doing something the Liberals could have perhaps done since then) 
|
|
#
?
Apr 12, 2021 04:11
|
|
|
I feel like most people are kind of done with the whole "harper did it" now. I mean for gently caress sake it's been almost 6 years of liberal govt, it's basically either an admission that they have no intention of doing anything to change it or don't have the balls to change it.
|
|
#
?
Apr 12, 2021 06:35
|
|
|
ADam vaughan is like, really bad
|
|
#
?
Apr 12, 2021 12:19
|
|
|
also to be clear the people blaming our housing bubble on foreign investors instead of dumbass canadians yoloing all their money into a lovely house are also real bad
|
|
#
?
Apr 12, 2021 12:38
|
|
|
Right. Many of those speculators and money launderers are Canadians please don’t sell ourselves short here.
|
|
#
?
Apr 12, 2021 12:39
|
|
|
I don't think it's any one factor but a contribution of factors that the powers that be have willfully ignored or explicitly endorsed. I do think foreign speculation and local money laundering has helped drive up comparable prices, which "normal" buyers see and follow because that's how real estate pricing works. I have no idea how much and unfortunately the only people talking about it are a bit  like Stephen Punwasi. Honestly it would be great if someone was studying the impacts of all the probable factors - shadow borrowing, intergenerational wealth transfer/borrowing, fraud, money laundering, foreign and local investment, low rates, low supply, and so on - but I don't know if it's even possible to really do so.
|
|
#
?
Apr 12, 2021 13:15
|
|
|
Whatever the factors were , regular people now have to compete with pension funds and hedge funds for housing. It’s beyond hosed now and the longer we take to crash it the more painful it will be.
|
|
#
?
Apr 12, 2021 13:35
|
|
|
Can't wait for my own pension fund to be my landlord, threatening me because my pension doesn't pay me enough to pay my rent. Just kidding, lol like I have a pension
|
|
#
?
Apr 12, 2021 13:48
|
|
|
Why not start opening up a buyer's union to buy real estate and lobby the poo poo outta govt to make it so you have to buy via a buyer's union. That way we can force a real 2 sides market, vs Realtors on both sides wanting to push everything to the limit
|
|
#
?
Apr 12, 2021 14:20
|
|
|
Oh my god could you imagine if housing prices dropped 25%!? By god they'd be returned back to... 2020 prices!!!
|
|
#
?
Apr 12, 2021 14:27
|
|
|
Noblesse Obliged posted:Whatever the factors were , regular people now have to compete with pension funds and hedge funds for housing. i think this reverses the relationship, actually pension funds and retirement savings have to compete with (personal) real estate for investment. the market is so skewed towards property ownership (whether owning your own home and taking out helocs or becoming a landlord) that basically all wealth in canada is funneled right into housing
|
|
#
?
Apr 12, 2021 15:03
|
|
|
https://twitter.com/TOAdamVaughan/status/1381303910351126529?s=20 Vaughan has to explain here how it's apparently "foreign buyers" that are the problem, when BC's combo of foreign buyer and speculation taxes has brought foreign purchasing activity on downward slope to pretty much zero. Is he suggesting it's not literal foreign persons that is the issue but rather foreign REITs or foreign wealth flooding into REITs? quote:In 2020, the share of foreigners in the fair market value of homes was almost zero. Back in 2017, post tax it was around 3-4%. quote:The provincial government’s latest batch of data on residential-property sales to foreign nationals shows figures have remained steady for more than a year now.
|
|
#
?
Apr 12, 2021 17:04
|
|
|
You don’t buy property directly. You pay a Canadian company that does it for you and gives you dividends from the income. You hear adds for these companies on the radio all the time.
|
|
#
?
Apr 12, 2021 17:22
|
|
|
There are also groups of people that pool capital and buy property to rent out. I saw a member of one complaining on Reddit because everything's so expensive now haha. 
|
|
#
?
Apr 12, 2021 17:53
|
|
|
Ban corporate ownership of any residential real estate smaller than an apartment building.
|
|
#
?
Apr 12, 2021 18:19
|
|
|
Cold on a Cob posted:There are also groups of people that pool capital and buy property to rent out. I saw a member of one complaining on Reddit because everything's so expensive now haha. These are the real problem. These are the people that do lovely renovations, refinance at a higher valuation, and use that to buy more properties. They're leveraged to an insane amount
|
|
#
?
Apr 12, 2021 20:35
|
|
|
Cold on a Cob posted:There are also groups of people that pool capital and buy property to rent out. I saw a member of one complaining on Reddit because everything's so expensive now haha. This is nothing really new. Creating a syndicate with your golf buddies to buy a strip mall or whatever has been the bread and butter investment strategy for doctor/lawyer/dentist types since forever.
|
|
#
?
Apr 12, 2021 21:43
|
|
|
https://twitter.com/chigrl/status/1380946164204331013 We should have more global pandemics
|
|
#
?
Apr 12, 2021 23:14
|
|
|
qhat posted:https://twitter.com/chigrl/status/1380946164204331013 gently caress that I need to build a new fence
|
|
#
?
Apr 13, 2021 01:35
|
|
|
|
| # ? May 24, 2024 22:30 |
|
|
Seeing some +50% year over year sales in Burnaby on places that sold for 1.2 to 1.7m in early 2020 (ie, I looked at them online or in person last year). Sure, they have seen some renos, but still, converting everything to fifty shades of grey only goes so far.
|
|
#
?
Apr 13, 2021 02:02
|
|