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Cultural Imperial posted:Did he take a pay cut? Do you think he's breaking 200k? No idea what he's making, but I do know he was offered more to take a job in Australia. He wanted to move back to Canada instead, which I understand. Vancouver is a beautiful city if you can manage the living costs. I just don't get why he'd buy a house there, and why now of all times.
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Feb 24, 2015 00:33
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Well, my friend just bought a $350k 3br house in St. Albert, Edmonton. The guy bought it 5 years ago at $380 along with 5 other houses and is selling them all and jumping ship. How hosed is my friend?
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Feb 24, 2015 00:39
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Baronjutter posted:Well, my friend just bought a $350k 3br house in St. Albert, Edmonton. The guy bought it 5 years ago at $380 along with 5 other houses and is selling them all and jumping ship. How hosed is my friend? 
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Feb 24, 2015 01:35
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eXXon posted:In related Oz bubble news, after a few weeks in Perth I've seen dozens of signs advertising huge office spaces for lease - anywhere from 3,000 to over 10,000 sqft, 5-50 parking spots, etc. Is this the future of Calgary/Edmonton or did Perth just go nuts building way too much office capacity during the mining boom? The vacancy rate in the Perth CBD is officially 15%, though I've heard from realtors it's closer to 20%. And to really rub it in, there's more office space coming online this year than there has been during any of the past 20+ years. All the new construction was started a few years ago during peak of the iron ore mining boom, around 2012. However, it took so long for things to get finished that mining crashed before they were done. Commercial rents are down 20% from the peak, and they're expected to continue falling for at least the next couple years. The vacancy rate is expected to peak in a year or two. To contrast, the vacancy rate for commercial real estate in the CBD was 3% in 2012. We just moved into an office in West Perth, and we're paying less per sqm than we did for out old office way over in the Bentley Tech Park. The new office included a complete remodel, moving walls, carpeting, painting, the works. I'd say the office building we're in is half empty. The same is happening with the home market as well, just delayed. It's amazing how much rents have fallen over the past year or so, though you still find holdouts who think they can get the same rent they did a couple years ago. I was reading an article the other day, and an REA was saying if you're paying the same rent now as you were last year, you're an idiot. The places we tend to look at, like Leeming, are down a couple hundred/week in rentals, and for sale listings are 100k+ less than they were a year ago. Could barely find a place back then for under 700k, now there are all sorts of homes popping up in the 500k range and lower. YoY, listings are up something like 40%. Anecdotally, I've talked to people who are a bit more serious when it comes to housing than I am, and they've been offering 50k under list price just to gauge the market, and in every case the realtor has called them back to arrange a private showing. 2 years ago, they would have laughed and hung up the phone. It's too bad I'll likely be buying a home in the next couple months, as I feel like the market has a bit more to come down. But it's hard to tell, as the government loves to prop up house prices, especially since most states here don't have property tax, they have stamp duty, which is basically sales tax on a home sale. If home sales drop and prices go down, the government loses a massive chunk of revenue. Boggles the mind how stupid that sort of setup is, since it means a resource focused state like WA gets double whammied by mining and house revenue drops when there's a mining slowdown. JBark fucked around with this message at 02:17 on Feb 24, 2015 |
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Feb 24, 2015 02:12
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triplexpac posted:Sounds like he knows what he is talking about, he is a home owner after all Ever-increasing housing prices can never fail; they can only be failed.
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Feb 24, 2015 05:18
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tagesschau posted:Ever-increasing housing prices can never fail; they can only be failed. lol http://business.financialpost.com/2...umbs-to-chills/ I like how they use a dumbass real estate lady as the article expert. It's like asking a quack doctor if the snake oil cure they are selling really works all the time. quote:Hagerty said Calgary is a young city and many people are not used to the volatility of the oilpatch and its relation to the real estate market.
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Feb 24, 2015 05:36
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etalian posted:lol I said it before and Ill say it again, realtors have been pushing and preaching this garbage for so long that they themselves actually believe it to be true. To them they arent even lying or bullshitting anymore, its what they honestly believe.
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Feb 24, 2015 05:51
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Furnaceface posted:I said it before and Ill say it again, realtors have been pushing and preaching this garbage for so long that they themselves actually believe it to be true. To them they arent even lying or bullshitting anymore, its what they honestly believe. “We have always believed that real estate is a safe long-term play. The numbers don’t lie – since prices have begun to be tracked, they have increased,” he said. “Of course we have seen short-term fluctuation with dips and corrections, but in the long term the arrow has always pointed up.
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Feb 24, 2015 05:54
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etalian posted:“We have always believed that real estate is a safe long-term play. The numbers don’t lie – since prices have begun to be tracked, they have increased,” he said. “Of course we have seen short-term fluctuation with dips and corrections, but in the long term the arrow has always pointed up. People often gloss over the fact that short-term in the real estate market can easily mean 5-10 years.
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Feb 24, 2015 06:07
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Someone needs to repost that list of situations when it's a good idea to buy real estate.
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Feb 24, 2015 06:11
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GBS isn't entirely poo poo these days, found this gem in Toronto:  quote:Towards the top you've got about a 30 degree slope. Besides the obvious danger of imminent death to passersby, there's the fact that the wealthiest condo buyers in the building, on the highest floors, get windowless apartments for half of the year. This was actually built in tyool 2014. 
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Feb 24, 2015 07:51
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Rime posted:GBS isn't entirely poo poo these days, found this gem in Toronto: That is incredible
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Feb 24, 2015 07:55
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Jumpingmanjim posted:That is incredible condo includes a built in ski slope as a amenity.
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Feb 24, 2015 08:20
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Rime posted:GBS isn't entirely poo poo these days, found this gem in Toronto: I work near that thing and about 3% of the windows have already been replaced with plywood. Plywood skyscrapers for the future ghettos!
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Feb 24, 2015 14:00
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Decoy Badger posted:I work near that thing and about 3% of the windows have already been replaced with plywood. Plywood skyscrapers for the future ghettos! What's the plywood for?
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Feb 24, 2015 14:03
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Rime posted:GBS isn't entirely poo poo these days, found this gem in Toronto: How does that not violate some sort of building code?
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Feb 24, 2015 14:57
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Reverse Centaur posted:My dad worked for EA Burnaby on FIFA and still didn't break 200k despite working 11 hour days. EA is a notoriously bad employer and actually ranks as the most detested brand in America many years. That is really saying something in a country that is home to Comcast and Ticketmaster.
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Feb 24, 2015 15:32
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Jumpingmanjim posted:What's the plywood for? Filling a window-shaped hole for much less cost than actual glass. It's mostly on glass balconies since either they break more often, are made of shittier glass or people don't care as much.
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Feb 24, 2015 15:52
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Decoy Badger posted:Filling a window-shaped hole for much less cost than actual glass. It's mostly on glass balconies since either they break more often, are made of shittier glass or people don't care as much.  Windows keep the wind out, your living area warm, and also allows sunlight in. Glass is better at all of these than plywood. Balconies who gives a poo poo.
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Feb 24, 2015 15:57
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Like any of those people have the spare cash hanging around to properly maintain their apartment.
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Feb 24, 2015 16:14
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Decoy Badger posted:I work near that thing and about 3% of the windows have already been replaced with plywood. Plywood skyscrapers for the future ghettos! Doesn't really solve the problem of tons of ice and snow cascading onto innocent passerby, tho.
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Feb 24, 2015 16:27
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Rime posted:Doesn't really solve the problem of tons of ice and snow cascading onto innocent passerby, tho. It looks like it falls onto the roof of an adjacent building, however I doubt that was part of the safety plan when that building was designed. How does something like that make it from concept, to approval to construction without someone thinking about the fact it snows in Toronto.
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Feb 24, 2015 17:21
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Look you guys just aren't sophisticated enough to understand the intricacy, heritage and historical context of architecture.
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Feb 24, 2015 17:39
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Saltin posted:EA is a notoriously bad employer and actually ranks as the most detested brand in America many years. That is really saying something in a country that is home to Comcast and Ticketmaster. This is very old news, EA has been demoted from "universally reviled" to "mostly okay, could push a bit less sports shovelware" after Riccitiello took over. Employment-wise, it's also considerably improved since the days of EA_spouse. There's still crunch but nowhere near as bad as it used to be.
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Feb 24, 2015 17:53
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http://m.theglobeandmail.com/report...?service=mobilequote:
tldr low interest rates, longer amortizations (which saved the housing market in 2009) but ended in 2012 has crushed demand for condos. Credit and ease of financing has been the main driving force for this bubble, not beautiful scenery, nor economic growth, nor foreign investment. Some have contributed to the boom but contrary to realtor marketing systems, this bubble is being sustained by the greed and innumeracy of canadians.
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Feb 24, 2015 17:55
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quote:“It’s just a question of time to get the local community out of the rental market and into [condos].” I don't really get this thought process. Who thinks "hmmm my current apartment is alright, but what if I could pay more and make it more difficult to move out? That sounds much better!"
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Feb 24, 2015 18:01
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Why am I not surprised that a development company that is bullish on condos, in arguably the most overbuilt market in the country, is Chinese backed? I wonder how long until BC gets an empty city built here.
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Feb 24, 2015 18:07
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Someone I know recently moved into that tower as a renter. Heat is busted. It's disappointing we get dumpster tier build quality at luxury prices. I happen to love the St. Lawrence area quite a bit so it's very disappointing they're loving it up this way. I really wouldn't despise this housing bubble if they only built these things properly instead of screwing them up the way they are. I don't trust any condos built after 2006.
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Feb 24, 2015 18:09
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I've got another friend who is renting a whole house for about $850 but she found a barely 1br condo that she says will cost her $800 a month, that's including "everything" except this time she gets to keep all that money rather than throw it out the window for someone else. I asked about transaction costs and future "special assessments" but those aren't to be worried about because they are "one time things". It's amazing how people really only care about what their monthly cost is, anything else is irrelevant. They also really really really care about owning. There's still this idea that every penny you pay into your condo you will get back at the end, with interest. While renting is throwing your money away. Or they'll say "Well I might lose money on a condo, but I'll 100% lose it all on an apartment so why not take the chance for the same price?" Baronjutter fucked around with this message at 18:22 on Feb 24, 2015 |
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Feb 24, 2015 18:17
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Cultural Imperial posted:http://m.theglobeandmail.com/report...?service=mobile Oh interesting G&M. Less than 10 months to change your tune
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Feb 24, 2015 18:22
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Baronjutter posted:I've got another friend who is renting a whole house for about $850 but she found a barely 1br condo that she says will cost her $800 a month, that's including "everything" except this time she gets to keep all that money rather than throw it out the window for someone else. I asked about transaction costs and future "special assessments" but those aren't to be worried about because they are "one time things". Or perhaps they just don't care. I've had one special assessment (which has improved the building immeasurably, so I consider it money well-spent) and I recently had to replace a toilet. These sorts of expenses are why I "have savings" and "earn money," they're hardly the end of the world.
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Feb 24, 2015 18:23
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ocrumsprug posted:How does something like that make it from concept, to approval to construction without someone thinking about the fact it snows in Toronto. It's what happens when you buy an off-the-shelf design that was probably intended for Beijing. 
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Feb 24, 2015 18:25
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ocrumsprug posted:It looks like it falls onto the roof of an adjacent building, however I doubt that was part of the safety plan when that building was designed. How does something like that make it from concept, to approval to construction without someone thinking about the fact it snows in Toronto. It's hardly the only building too. Toronto architects probably have an underground gambling ring to see how many Torontonian lives they can end. http://www.thestar.com/opinion/columnists/2008/03/11/nature_makes_fools_of_architects.html
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Feb 24, 2015 18:30
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Rime posted:It's what happens when you buy an off-the-shelf design that was probably intended for Beijing. If Toronto is anything like what I've heard about Vancouver, city hall and building inspectors are too scared to ever say no to anything. Developers will sic a lawyer on the city if anything doesn't pass inspection and if there's any letter-of-the-code reason why that thing should have passed they threaten to sue for the lost construction time and damage to the building's reputation. So unless something is absolutely iron-clad not to code, they don't bother. With the actual design of the buildings though, architects and engineers carry huge insurance (one of the reasons architects are mostly all poor) and by signing off on their plans they are taking responsibility for the consequences. The city gives plans a look over, but rarely with their own engineers re-checking everything. They mostly just want to see everything is signed-off by the designers. In a case like this Toronto condo the city most likely has nothing to do with it, it will all fall on what ever engineer signed off on the math showing that those slopes and windows would be fine for the snow load. Now if it was a Vancouver project and it turned out the building was designed correctly but an inspector noticed the windows were being installed sort of wrong but didn't report it due to legal fears, I'd believe that.
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Feb 24, 2015 18:32
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Baronjutter posted:If Toronto is anything like what I've heard about Vancouver, city hall and building inspectors are too scared to ever say no to anything. Developers will sic a lawyer on the city if anything doesn't pass inspection and if there's any letter-of-the-code reason why that thing should have passed they threaten to sue for the lost construction time and damage to the building's reputation. So unless something is absolutely iron-clad not to code, they don't bother. With the actual design of the buildings though, architects and engineers carry huge insurance (one of the reasons architects are mostly all poor) and by signing off on their plans they are taking responsibility for the consequences. The city gives plans a look over, but rarely with their own engineers re-checking everything. They mostly just want to see everything is signed-off by the designers. In a case like this Toronto condo the city most likely has nothing to do with it, it will all fall on what ever engineer signed off on the math showing that those slopes and windows would be fine for the snow load. This is how construction works across the country, and has worked this way since the 80s. 
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Feb 24, 2015 20:07
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Developer rear end in a top hat posted:“It’s just a question of time to get the local community out of the rental market and into [condos].” Yes, let's ruin one of the better parts about life in Montreal!
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Feb 24, 2015 20:59
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No poo poo. I once paid 550 for a studio.
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Feb 24, 2015 21:13
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Cultural Imperial posted:No poo poo. I once paid 550 for a studio. There's no way a Vancouverite property developer is going to be able to comprehend that it's actually quite nice to be a renter in a market like Montreal.
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Feb 24, 2015 21:19
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Furnaceface posted:This is how construction works across the country, and has worked this way since the 80s. It isn't possible to have an external party validate every single stamped drawing without enormous cost (essentially redesign) for larger buildings. Those windows look lovely for aesthetic purposes in the winter but that slope is fine since it doesn't allow snow to accumulate to an excessive degree. It's more sound than a flat roof design. The engineer incurs liability for structural issues, but if something looks like rear end? Not our profession's concern or scope.
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Feb 24, 2015 21:53
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 No comment necessary.
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Feb 24, 2015 22:21
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