Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

Purgatory Glory: Feb 20, 2005

RBC posted:

my landlord took out a 650,000 mortgage on our house at the peak of the market and now the house is worth 500k at best lol

Do your part and stop paying rent and start squatting.

# ? Jan 8, 2023 20:40

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# ? Jun 9, 2024 20:55

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

she says she wants to move in here. im still paying rent until we find a house to buy in the next 4-5 months.

i told her, good luck at the ltb lol.

# ? Jan 8, 2023 21:17

Baronjutter: Dec 31, 2007; "Tiny Trains"

My boss got owner-use evicted and they're sure it was BS so they've been watching the local listings like a hawk to see if it's advertised for rent within this year.

I also got into a stupid argument with a guy who's a lawyer and a landlord who says illegal evictions can't happen because the tenancy board will rule against the landlord. I was trying to explain most people don't have time to constantly search listings to see if their former landlord who evicted them for family use it re-listing it at $1000 more a month. Nothing can get through to people like that. They live in these professional upper middle class bubbles where everyone has the money and time to partake fully in the legal system. The rule of law will always prevail in the end, so any tenant that is screwed by a landlord only has their own laziness to blame for not seeing through the process.

# ? Jan 8, 2023 21:53

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

the brilliant thing is i occassionally deliver mail here, so like, i'll know if she actually moves in or not (not sure she understands this)

I fully believe she will live here for a year then either duplex the house or put it up for sale. either way shes losing hundreds of thousands of dollars

# ? Jan 8, 2023 22:22

Femtosecond: Aug 2, 2003

Developers are whining that it's impossible to build.

quote:

Delivering new Metro Vancouver rentals now �next to impossible�
Changes will be needed in 2023 to accommodate high costs, interest rates and competitive government programs to meet immigration and housing targets, builders say

As British Columbia looks to increase supply in 2023 to meet housing and immigration targets, there are industry concerns that construction costs, high interest rates and government programs that no longer accommodate the current market are making purpose-built rentals next to impossible to move forward with, according to Brad Jones, senior vice-president of Wesgroup Properties.

Prior to six months ago, rental projects saw a boom as a result of low interest rates and government programs, like Canada Mortgage and Housing Corp.(CMHC) Rental Construction Financing Initiative (RCFi), that provided many incentives, said Jones.

�That's really changed. The prospects of doing rental now are incredibly difficult as a result of some of those incentive programs changing, as well as the increase in interest rates,� he said.

Jones noted increasing numbers of applications and competition among developers as one of the driving factors of the RCFi becoming less desirable.

�What we're really facing now, and starting to really see going into next year, is a fairly significant increase in government fees and charges for amenity delivery, infrastructure, servicing, etc,� he said.

According to a CMHC report on how to increase affordability by 2030, the private sector will be �critical� in addressing the supply shortfall. This comes at a time when the federal government announced that Canada had set a new immigration record with 431,645 new permanent residents in 2022, according to a press release from Immigration Minister Sean Fraser.

�I'm fairly worried about what rents are going to do over the next few years with the level of immigration that we're going to see, in addition to a slowdown in construction across the board as a result of high cost and high interest rates,� he said.

According to Jones, rental rates have increased 17 per cent in Vancouver since mid-2022.

Hani Lammam, executive vice-president at Cressey Development Group, cites uncertainty in zoning and government financing as the main roadblocks for purpose-built rentals.

�When you have developers competing as to who can provide more sustainability and accessibility or more affordability, it just becomes treated as a level of uncertainty,� Lammam said. �Without certainty that we can get the financing, why would we go through a three or four year rezoning approvals process, only to get turned down because they didn't like the benefits package that we put forward?�

Going forward, Lammam believes that municipalities should look to pre-approve zoning for land meant for purpose-built rentals in order to cut back on the red tape needed to get approvals.

Both Lammam and Jones said they want to see changes made to the RCFi in order to provide funding with as few barriers as possible.

Shawn Bouchard, vice-president of Quadra Homes, submitted a report to the federal government June 2022 that looks to tweak the RCFi. With this program, the funds are borrowed by the developer in the form of a mortgage directly from the Bank of Canada (BOC). However, due to increased demand on the program, projects are not being funded and annual allocation is too low.

Bouchard is proposing an increase in funding and the creation of a fixed low-interest rate direct from the BOC. According to the report, the only cost to the government would be administrative. In addition, significantly increasing the program does not impact federal expenditures or budget, according Bouchard.

�That way, they can provide a low interest rate and it doesn't cost anything to the taxpayer, it doesn't cost anything to the government. The government actually gets all that money back and the interest rate that they charge actually becomes a revenue stream,� he said.

(I feel like I don't understand wth Bouchard is getting at but ok sure?)

These sort of complaints I've heard this before from another source... that there's apparently all this Fed money around but it's apparently contingent on having the permit, but it takes years to get a permit, and maybe you don't even get one so developers are like uhhhhhh maybe I won't?

But yea if the private sector can't do it maybe the government could step in to create the badly needed housing? Oh no right that's not possible for reasons. I guess we'll just do nothing.

# ? Jan 8, 2023 22:30

qhat: Jul 6, 2015

Keep raising interest rates and bury some overleveraged investors. Wow where did all this housing come from.

# ? Jan 9, 2023 00:20

Purgatory Glory: Feb 20, 2005

qhat posted:

Keep raising interest rates and bury some overleveraged investors. Wow where did all this housing come from.

Hey, that's my MLA you're talking about there!

# ? Jan 9, 2023 00:39

mila kunis: Jun 10, 2011

tagesschau posted:

That doesn't follow. What a renter can pay is dependent on their income, not on what landlords want to charge or the purchase price of a condo. And if renters can't pay more, there's no amount of wishful thinking that will make that condo a cash-flow-positive investment.

Tenements and multiple families crammed into apartments

# ? Jan 9, 2023 04:20

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 found the opposite of the Toronto Life person the other day; one of our former instructors is a Toronto-based AC first officer, and he decided he'd rather commute from Calgary to Toronto four times a month rather than put up with living in Toronto, after trying that for 8 months or so. I also know a few Vancouver-based pilots who live here and commute.

I don't think it's the sign of a healthy country that people would be willing to put up with that rather than living in our largest, ostensibly most vibrant cities.

# ? Jan 9, 2023 05:31

COPE 27: Sep 11, 2006

The last time I worked in Toronto I had to commute from Ottawa for 2 months before I found a place to rent

# ? Jan 9, 2023 06:08

qhat: Jul 6, 2015

PT6A posted:

I don't think it's the sign of a healthy country that people would be willing to put up with that rather than living in our largest, ostensibly most vibrant cities.

To be fair, the examples you mentioned sounds like extremely unusual and outliers. I don�t know anyone who would put up with that.

# ? Jan 9, 2023 09:30

qhat: Jul 6, 2015

So the BC provincial nomination program now gives you more points for PR if your job offer is somewhere in the interior. i.e somewhere where there are no serious jobs that a person would specifically immigrate to BC for.

If you want people to move to these small towns with nothing going on, then you need to actually provide serious incentives for business to start up there. Nobody is moving to loving Hope, because Hope is dead and no amount of immigrant prodding is going to change that.

# ? Jan 9, 2023 09:36

McGavin: Sep 18, 2012

qhat posted:

Hope is dead and no amount of immigrant prodding is going to change that.

You referring to the town, or just in general?

# ? Jan 9, 2023 14:11

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

McGavin posted:

You referring to the town, or just in general?

Yes

# ? Jan 9, 2023 14:13

Fidelitious: Apr 17, 2018; MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.

qhat posted:

So the BC provincial nomination program now gives you more points for PR if your job offer is somewhere in the interior. i.e somewhere where there are no serious jobs that a person would specifically immigrate to BC for.

If you want people to move to these small towns with nothing going on, then you need to actually provide serious incentives for business to start up there. Nobody is moving to loving Hope, because Hope is dead and no amount of immigrant prodding is going to change that.

This is just echoes of that Japan thing we were talking about, basically paying people to move to nowheresville. I don't get it.

You're giving a blood transfusion to an already dead body.

# ? Jan 9, 2023 15:25

qhat: Jul 6, 2015

Fidelitious posted:

This is just echoes of that Japan thing we were talking about, basically paying people to move to nowheresville. I don't get it.

You're giving a blood transfusion to an already dead body.

If government actually wanted to build out these towns then they actually need to build them out. We�re talking massive subsidies for new business, massive investments in infrastructure like high speed internet, fast transit both local and to other cities, better schooling with higher education, and obviously affordable housing. There are places in the USA where this approach has seen some success (Chattanooga comes to mind), but it has required real expenditures on the part of government though. Eh nah let�s just leave it to the immigrants, I�m sure they�re happy about moving to buttfucknowhere to work a poo poo job for minimum wage with no help from the government, and this way we don�t have to see them walking down our wealthy Shaughnessy streets so it�s a win win for all.

# ? Jan 9, 2023 17:09

Segue: May 23, 2007

My dental hygienist complaining that she bought a new house further out, but it took her until just before Christmas to sell her current Aurora place for "only" $1.5M.

So now she's stuck with a $300k mortgage to make up the difference since she bought the new place at the peak thinking her old place would sell immediately.

Also complaining about property taxes going up every year! "Where are all the taxes going? I had to pay land transfer tax too. It's like I don't even own my house!"

This is a conservative voter through and through. Also with her family income she could only get a $450k mortgage, and now owns a $2M property.

# ? Jan 9, 2023 19:28

RBC: Nov 23, 2007; IM STILL SPENDING MONEY FROM 1888

that all seems fine and totally normal

# ? Jan 9, 2023 19:44

Juul-Whip: Mar 10, 2008

Fidelitious posted:

This is just echoes of that Japan thing we were talking about, basically paying people to move to nowheresville. I don't get it.

You're giving a blood transfusion to an already dead body.

at least japan probably has a god drat train to take you from nowhere to somewhere without you having to do 3-6 hours of driving yourself

# ? Jan 9, 2023 21:07

Femtosecond: Aug 2, 2003

Seems very bad!

https://twitter.com/dustbobgod/status/1612526417031626758?s=46&t=wW_E8R4TjRqQB7bay6esiw

# ? Jan 10, 2023 04:26

qhat: Jul 6, 2015

Funny I see almost 200 ish 1bdrm listings that are cat friendly. I think that guy is talking out of his rear end.

# ? Jan 10, 2023 08:32

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

qhat posted:

Funny I see almost 200 ish 1bdrm listings that are cat friendly. I think that guy is talking out of his rear end.

I think he's talking about just the $1,400/mo ones? Terrible graph

# ? Jan 10, 2023 13:15

Fidelitious: Apr 17, 2018; MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.

That graph is an incredibly dumb way to present the data, sheesh. Why would you present it cumulatively instead of graphing how many listings are in each 100 dollar gap?
Or do both at least.

And yeah, I assume he meant competing for 25 listings if you want to pay a maximum of $1400.
Thinking 1200 or 1300 (taking a guess here) for a 1-bedroom in 2019 was expensive is a bit out of touch though.

Objectively yes, that's expensive, but I think that was actually a pretty decent deal for a 1-bedroom back then.

# ? Jan 10, 2023 15:10

qhat: Jul 6, 2015

https://toronto.ctvnews.ca/will-the-bank-of-canada-raise-mortgage-rates-again-in-2023-here-s-what-industry-experts-predict-1.6216395

quote:

"A recession is good news for mortgage rates. A recession would mean rates wouldn't go up, and further, and it would mean rates would have to drop to stimulate the economy," Laird said.

Yeah rates don�t go up until people start defaulting and the banks straight up stop lending. Where do they find these clowns?

# ? Jan 11, 2023 08:30

Fidelitious: Apr 17, 2018; MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.

qhat posted:

https://toronto.ctvnews.ca/will-the-bank-of-canada-raise-mortgage-rates-again-in-2023-here-s-what-industry-experts-predict-1.6216395

Yeah rates don�t go up until people start defaulting and the banks straight up stop lending. Where do they find these clowns?

For real, rates won't go up because in a recession tens of thousands of people lose their jobs and homes.

But hey, good news for the slumlords, their interest rates will stabilize or go down.
gently caress this guy forever.

# ? Jan 11, 2023 14:52

qhat: Jul 6, 2015

Fidelitious posted:

For real, rates won't go up because in a recession tens of thousands of people lose their jobs and homes.

But hey, good news for the slumlords, their interest rates will stabilize or go down.
gently caress this guy forever.

If inflation is persistent, the central bank has to decide whether to prioritize cutting inflation or spurring credit, it can�t do both. The idea that rates will always fall during a recession is dangerous, and possibly irrelevant anyway because banks might not want to lend at any price.

# ? Jan 11, 2023 17:44

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

yikes

https://twitter.com/d_demelis/status/1613159996522364929

# ? Jan 12, 2023 03:08

Precambrian Video Games: Aug 19, 2002

Since the Twitter preview sucks:

I'm guessing the unlabelled cities are Victoria, Calgary, Regina, Winnipeg, Ottawa, Quebec and ?Fredericton/Saint John? Also lol at this reply:

https://twitter.com/CristianEnache_/status/1613361031211896834

Don't worry, you can borrow enough that your payments are half of your gross income instead.

# ? Jan 12, 2023 07:26

Purgatory Glory: Feb 20, 2005

Lol, he thinks telling people that debt that shouldrequire 240k of income will still be given to people with much lower income? Turns out debt service ratios was just the man keeping us down.

# ? Jan 12, 2023 16:50

tagesschau: Sep 1, 2006; Guten Abend, meine Damen und Herren.

Purgatory Glory posted:

Turns out debt service ratios was just the man keeping us down.

Anything that means number not go up is clearly a lie. All hail the infallibility of number.

Seriously, though, since the average Toronto home is accessible only to the top 5% of earners (most of whom probably already own their home), a lot of homeowners here are about to discover that their hundred-year-old home on a 20' lot has too many digits in its asking price.

# ? Jan 12, 2023 17:11

Femtosecond: Aug 2, 2003

new bc premier doing a housing thing, fulfilling one of his promises he made during the nonexistent leadership "race"

quote:

B.C. plans $500M fund to keep older rental buildings with non-profits, not developers

The provincial government has announced plans to create a $500-million fund that will enable non-profits to buy older rental buildings in B.C., rather than allowing those buildings to be sold to developers.

The announcement Thursday was billed as a move to help protect tenants from rising rents across the province.

"We're taking action to protect renters who found an affordable place to live, but are worried their building will be bought out from underneath them," read a statement from Premier David Eby.

The Rental Protection Fund will give non-profit housing organizations one-time grants so they can buy affordable rental buildings. The non-profit could then "work with tenants to make improvements or expand to house more people, and at the same time protect affordable housing."

The strategy, the statement said, is to keep buildings away from speculators, developers and large corporations.

"Their business model often includes redeveloping properties so they can evict tenants, allowing the trusts to make
large profits by either hiking rents or selling the units and taking much needed rental housing off the market," read the province's statement.

The province said the fund will be operational "in the coming months" and financed by March 31.

Not a ton of money, but a good small thing that is easy to setup and get working right away.

# ? Jan 12, 2023 22:26

Lead out in cuffs: Sep 18, 2012; "That's right. We've evolved."

"I can see that. Cool mutations."

Femtosecond posted:

new bc premier doing a housing thing, fulfilling one of his promises he made during the nonexistent leadership "race"

Not a ton of money, but a good small thing that is easy to setup and get working right away.

Yep, definitely a good thing. Do we know which non-profits are set up to do this?

# ? Jan 12, 2023 23:47

Femtosecond: Aug 2, 2003

Of course people would flood out of Toronto and into Durham. Toronto is terrible and Durham is fantastic. Everyone knows this.

https://twitter.com/MikePMoffatt/status/1613993278055276544?s=20&t=C1tPlGA7eC-lflGzxxU5Zg

# ? Jan 14, 2023 03:19

Fidelitious: Apr 17, 2018; MY BIRTH CRY WILL BE THE SOUND OF EVERY WALLET ON THIS PLANET OPENING IN UNISON.

Change percentage doesn't seem to work too well if your net changes from negative to positive or the opposite.

# ? Jan 14, 2023 14:28

Postess with the Mostest: Apr 4, 2007; Arabian nights
'neath Arabian moons
A fool off his guard
could fall and fall hard
out there on the dunes

If just 72 people had stayed in calgary, they'd be getting infinite growth right now

# ? Jan 14, 2023 19:22

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Calgary is honestly pretty great, apart from being in Alberta. It should absolutely be a destination for migration, we�re constantly working on unfucking it instead of making it worse!

Our LRT even works under a variety of climatic conditions. Take that, Ottawa!

# ? Jan 16, 2023 08:53

qhat: Jul 6, 2015

The problem with Calgary is the government, and is a big part of why some (a lot of?) people don't move there.

# ? Jan 17, 2023 04:33

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

qhat posted:

The problem with Calgary is the government, and is a big part of why some (a lot of?) people don't move there.

Do you mean the municipal government or the provincial government?

We're trying to improve both, and we shall. I shall outlast Danielle Smith and her vile bullshit, come hell or high water, because this is my home and I will fight for it as long as I draw breath. I will not be discouraged. I live where the Elbow meets the Bow, I work where I can see the majesty of the Rocky Mountains every single day, and I will not permit the UCP to take this from me. This is my home, and I will fight for it.

# ? Jan 17, 2023 05:26

Professor Shark: May 22, 2012

Why do so many Albertans want GOP style government? Is it fumes blowing in from Mordor?

# ? Jan 17, 2023 11:35

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# ? Jun 9, 2024 20:55

Typo: Aug 19, 2009; Chernigov Military Aviation Lyceum
The Fighting Slowpokes

With sufficient migrants from the desolate wasteland that is Ontario Alberta might follow its hero Texas into having a competitive electoral environment instead of voting right 100% of the time outside of Calgary

# ? Jan 17, 2023 16:10

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