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tagesschau posted:In the middle of a what? I do not think they are referring to the temperature.
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Oct 1, 2021 01:37
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Also yeah lol at the near a skytrain comment. The developments are at least 10 blocks away and are on Burrard, smack bang in the middle between the two planned stations of Granville and Arbutus. This is at least a 20minute walk distance uphill.
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Oct 1, 2021 01:45
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Lol all the surrounding SFH is built on Squamish reservation land that was forcibly taken from them only 120 years ago. But boo hoo those poor SFH owners.
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Oct 1, 2021 02:01
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qhat posted:Also yeah lol at the near a skytrain comment. The developments are at least 10 blocks away and are on Burrard, smack bang in the middle between the two planned stations of Granville and Arbutus. This is at least a 20minute walk distance uphill. I imagine there will be a bus. Ooo, maybe a trolly, that kind of narrow density is perfect for a trolly.
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Oct 1, 2021 07:13
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Seems on brand to implement solutions here that are becoming stale elsewhere.
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Oct 1, 2021 15:44
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Lead out in cuffs posted:Lol all the surrounding SFH is built on Squamish reservation land that was forcibly taken from them only 120 years ago. But boo hoo those poor SFH owners. Cool thing about this project is that it gives the CoV the political justification and space to upzone Kits Point at some point in the future. Of course that would require a pro-housing city council which lol we are probably not gonna get any time soon.
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Oct 1, 2021 20:45
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qhat posted:Also yeah lol at the near a skytrain comment. The developments are at least 10 blocks away and are on Burrard, smack bang in the middle between the two planned stations of Granville and Arbutus. This is at least a 20minute walk distance uphill. there's a streetcar line that runs right to olympic village station already in place. it ran during the olympics. they just need streetcars for it
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Oct 1, 2021 21:15
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It sounds like it's probably not the best development site or type, but on the other hand I'm still going to enjoy it if it makes homeowners mad.
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Oct 2, 2021 14:00
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the talent deficit posted:there's a streetcar line that runs right to olympic village station already in place. it ran during the olympics. they just need streetcars for it that stops at Granville, though, doesn't it? it's not far but it's not that much closer than the Broadway line station. anyway, I doubt I'd want to live in the development but injecting that many units into the city can't be a bad thing.
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Oct 2, 2021 20:44
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https://twitter.com/SteveSaretsky/status/1444835542206595073 Steve Saretsky with the super hot take that somehow illiquidity adds a premium to an asset, instead of being a gigantic loving liability when things are bad. Healthy reminder that these people have exactly no idea of how to value assets or even how to invest beyond making their next mortgage payment.
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Oct 4, 2021 09:32
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You can always panic sell. Even if you're underwater, then you just hand your keys back to the bank.
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Oct 4, 2021 15:40
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Purgatory Glory posted:You can always panic sell. Even if you're underwater, then you just hand your keys back to the bank. It's the Albertan way
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Oct 4, 2021 15:49
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qhat posted:https://twitter.com/SteveSaretsky/status/1444835542206595073 Don't give the crypto bros any ideas.
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Oct 4, 2021 16:31
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Saretzky is a fuckin moron. Liquid assets are good because they can be sold and converted to cash quickly enough without losing significant value. That tweet is stating that it's a good thing to own illiquid assets because you are forced to lose value by holding onto them for a long time in a declining market. The loving bitcoin laser eyes are a sign that the twit doesn't know anything and should be ignored.
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Oct 4, 2021 16:34
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qhat posted:https://twitter.com/SteveSaretsky/status/1444835542206595073 he thinks millennials will close the generational wealth gap with buttcoin magic
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Oct 4, 2021 18:32
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You can tell he's an idiot because he's been talking up recently how good Calgary is because the real estate is cheap and how he's thinking of moving there for that reason. Bud the real estate is cheap for a reason.
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Oct 4, 2021 18:33
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He just fundamentally misunderstands not only what the value of liquidity is, but how assets are even valued in the first place. Liquidity is a measure of how much time it will take to sell your assets at the 'fair market value', which is a function of the spread and the distribution of bids in that spread. Highly illiquid assets have incredibly large spreads, and will have an extremely high volatility. In a downturn if you're very lucky you'll get the fair market value, but most likely you're going to get close to the maximum bid, which could be double digits percentages below the minimum ask. Not only that, but transaction fees could go UP (aka agent fees, see where this is going?) because it's more work to actually make a successful sale. You could also wait for like 6 months, but apparently we're talking about a downturn so you may not have a job; yet your mortgage payments didn't change, neither did your bills, so what are you going to do today if your bank won't lend you a dime and your savings are mainly illiquid without a market? When you're liquid in any significant part, this is a scenario you never have to think about, because you can always liquidate without eating a massive turd, even if the price has fallen materially.
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Oct 4, 2021 18:37
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This is why having a big pile of cash in a savings account somewhere that you can get to at a moment's notice is still essential. Cash is the most liquid asset you can own and everyone should have access to enough of it to survive at least a minor crisis. Sadly I'm willing to bet most of the "house rich, cash poor" people don't have very much in savings at all, and many rely on a HELOC to be "cash liquid" in a crunch. Honestly, the availability of cheap, easy credit is going to have to go away for a while at some point and the end result of that will be quite revealing. Too much of our economy is addicted to credit and the just-in-time system it enables.
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Oct 4, 2021 18:50
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Yeah my parents were always house rich and cash poor. House probably worth something like 1.5 million but even a minor problem like needing to fix a hot water tank would have to go on credit. Zero savings, never any liquid cash as they'd live entirely month to month.
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Oct 4, 2021 18:57
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Successive governments have encouraged that behaviour, and now everyone is hooked on this way of living. I grew up in the days of high interest rate mortgages and I remember pretty clearly my mom saving religiously because getting a loan for anything was devastating. We really need interest rates to climb gradually and for people to start moving back to holding more liquid assets instead of illiquid ones with liens against them. The whole economy is overleveraged, and if credit dries up suddenly we will have a legit pani...wait...hold on...I've been informed that we all need to go out and buy a new phone immediately or the economy will crater.
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Oct 4, 2021 19:06
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Number19 posted:This is why having a big pile of cash in a savings account somewhere that you can get to at a moment's notice is still essential. Cash is the most liquid asset you can own and everyone should have access to enough of it to survive at least a minor crisis. Sadly I'm willing to bet most of the "house rich, cash poor" people don't have very much in savings at all, and many rely on a HELOC to be "cash liquid" in a crunch. Honestly, the availability of cheap, easy credit is going to have to go away for a while at some point and the end result of that will be quite revealing. Too much of our economy is addicted to credit and the just-in-time system it enables. Exactly this. People don't realize that in a recession banks stop lending, that's what makes it a recession. The HELOC can be taken away or called in at a moment's notice, nobody should ever rely on it for liquidity.
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Oct 4, 2021 21:54
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qhat posted:Exactly this. People don't realize that in a recession banks stop lending, that's what makes it a recession. The HELOC can be taken away or called in at a moment's notice, nobody should ever rely on it for liquidity. In 2008 all the banks except Van City(their legalese wasn't written right) increased the rate on all the Helocs. Nothing like calling them but a kick in the dick nonetheless. poo poo gets bad enough banks owe it to their shareholders or credit unions their members to do wjat they need to. Government would do a bail out though which is annoying as gently caress.
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Oct 5, 2021 04:15
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Purgatory Glory posted:In 2008 all the banks except Van City(their legalese wasn't written right) increased the rate on all the Helocs. Nothing like calling them but a kick in the dick nonetheless. poo poo gets bad enough banks owe it to their shareholders or credit unions their members to do wjat they need to. Government would do a bail out though which is annoying as gently caress. I mean for sure they probably won’t call it, more like work out an amortization schedule, or as you say increase your rate (which usually applies immediately), but theoretically you don’t really have control over that if the bank is in distress. Hence why dipping into it can be so dangerous and unreliable.
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Oct 5, 2021 04:24
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Letter from a landlord making the rounds on Twitter, apparently they own 3 houses:
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Oct 7, 2021 00:48
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Oh no. Heaven forbid they have to sell the property to a family.
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Oct 7, 2021 01:10
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large hands posted:Letter from a landlord making the rounds on Twitter, apparently they own 3 houses: "We are now paying out of our own pockets to subsidize your housing" Oh wow so does that mean these landlords are giving the tenants a percentage portion of equity in the home with each mortgage payment they make with the help of the rent they collect each month? No? Then they ain't subsidizing poo poo, assuming they actually believe the drivel they're spouting. Small time landlords are some of the most entitled, sleaziest, and dumbest loving "investors" on the planet.
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Oct 7, 2021 01:30
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Imagine if you had to pay for someone else's housing? What kind of injustice is that?
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Oct 7, 2021 01:33
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qhat posted:Imagine if you had to pay for someone else's housing? What kind of injustice is that? The person that wrote that letter is absolutely going to give their child a bill on their 18th birthday as a "funny joke"
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Oct 7, 2021 01:34
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large hands posted:Letter from a landlord making the rounds on Twitter, apparently they own 3 houses: Sell your house and fuckoff into some other line of business.
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Oct 7, 2021 03:36
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Lol I figured that would be in Delta or something but I'm not surprised to see it's Saanich. My friends and family who rent or work for municipalities in Victoria can still surprise me with their rental horror stories after all these years.
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Oct 7, 2021 07:32
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Isn’t Vancouver island like huge for mortgage helpers? As in, you’re looked upon like a leper or something if you don’t have one?
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Oct 7, 2021 08:03
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Basically all my friends and family from Victoria and environs have gotten help from their parents to buy a house, though I don't know if it's any more prevalent than in, say, Vancouver or Toronto.
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Oct 7, 2021 11:04
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large hands posted:Letter from a landlord making the rounds on Twitter, apparently they own 3 houses: Oh man, I would love for them to make that ARI application to the RTB. I'm sure they'd all have a good laugh. You can only get that if there has been some massive increase in expenses out of your control (definitely didn't happen) or if the financing of the property is dependent on the rent and it was somehow unforeseeable that the current rent wouldn't be sufficient. I read the line about selling to family as a threat that they'll sell to family who will kick them out for "own use" and then immediately re-rent it. Whoever received this should tell them to gently caress off and make sure they document every single thing this rear end in a top hat does and keep a very close eye on the buyer if they do actually sell.
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Oct 7, 2021 13:30
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When approving someone to buy a rental property the calculation isn't at full rent anyways. It's usually around 80 percent of actual rent, allowing for vacancies. So anybody with a rental home can't claim the mortgage is too expensive. Nice try with trash removal, utilities and taxes. Renters should reply back saying that mortgage financing has decreased and they'd like a rent decrease.
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Oct 7, 2021 15:44
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If you're underwater after 5 years of max rent increases then you were probably close to underwater from the very beginning. Utilities and property taxes haven't gone up THAT much in 5 years.qhat posted:Isn’t Vancouver island like huge for mortgage helpers? As in, you’re looked upon like a leper or something if you don’t have one? I don't know if it's any worse than anywhere else in BC or the country, but when we were house shopping people thought we were crazy for wanting a place WITHOUT a suite (it's free money, duh) and it was actually very hard to find a place without a "mortgage helper" (a lovely basement suite badly crammed into a house).
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Oct 7, 2021 16:47
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Insurance has skyrocketed though.
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Oct 7, 2021 17:35
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leftist heap posted:I don't know if it's any worse than anywhere else in BC or the country, but when we were house shopping people thought we were crazy for wanting a place WITHOUT a suite (it's free money, duh) and it was actually very hard to find a place without a "mortgage helper" (a lovely basement suite badly crammed into a house). In Toronto, at least, anything with a basement that could conceivably be rented out has already had its price bumped by $100,000, because the seller expects the buyer to front the first ten years' worth of net income from that suite, whether they rent it out or not, meaning the "mortgage helper" doesn't actually help pay the mortgage.
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Oct 7, 2021 17:55
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McGavin posted:Insurance has skyrocketed though. It hasn't for detached homes, which is the type of housing under discussion
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Oct 7, 2021 18:19
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i wouldnt even reply to that just pretend i never even saw it
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Oct 7, 2021 20:08
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leftist heap posted:I don't know if it's any worse than anywhere else in BC or the country, but when we were house shopping people thought we were crazy for wanting a place WITHOUT a suite (it's free money, duh) and it was actually very hard to find a place without a "mortgage helper" (a lovely basement suite badly crammed into a house). Despite owning property I wish prices would tank, which also makes people think I’m an idiot. They’re right but I don’t think this is why.
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Oct 7, 2021 22:33
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