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Myriarch posted:Well that could certainly never go wrong. Gotta keep all your investment exposure to one market. Yeah thinking you can time the market and then putting all your money in one idea is the fast track to grief. For some reason people overweight real estate as a "investment".
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Sep 19, 2015 16:27
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22 cross-collateralized homes. That's going to end hilariously badly. It's basically like dominoes. If one goes, they all go.
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Sep 19, 2015 18:04
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HookShot posted:22 cross-collateralized homes. The same fun as the US 2009 recession in which everyone from big corporations to individual people were aggressively leveraged.
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Sep 19, 2015 18:22
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etalian posted:The same fun as the US 2009 recession in which everyone from big corporations to individual people were aggressively leveraged. Werent there actual stories in the US about people doing exactly the same thing? How the gently caress do people not learn? 2009 was only 6 loving years ago. 
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Sep 19, 2015 18:24
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Greed and delusion combined is a scary thing.
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Sep 19, 2015 18:29
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Also, I am very smart, as evidenced by my genius house based investment strategy, therefore I won't have any problems unlike other people who are all idiots.
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Sep 19, 2015 19:07
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YeOldeButchere posted:Also, I am very smart, as evidenced by my genius house based investment strategy, therefore I won't have any problems unlike other people who are all idiots. A family member told me real estate is the best investment.
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Sep 19, 2015 19:07
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Reverse Centaur posted:This was completely fake btw. The real Canvas is this brilliant design in False Creek Flats That's a bizarre way to make a joke but okay. Lol
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Sep 19, 2015 22:20
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Furnaceface posted:Werent there actual stories in the US about people doing exactly the same thing? How the gently caress do people not learn? 2009 was only 6 loving years ago. It's not as stupid as it first seems once you realise that politicians have Interest rates need to go up before prices will come down. And politicians will be doing their utmost to make it as painless as possible when it happens - if you're young and don't have too much personally invested by way of deposits (just equity shifted around and around), the gamble isn't too bad. You either make out like a bandit thanks to government assistance, or you declare bankruptcy and start over quite young in a market with much more affordable housing.
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Sep 20, 2015 03:07
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In a debt fueled bubble you don't need rates to go up at all for it to bust. Debt just needs to become a little harder to get due to tighter lending standards and that is all it takes. Actually even that isn't required if you think about it. If the banks can't loosen lending standards anymore and people's wages don't go up eventually a peak in effective debt is reached which stops sales at higher prices. Without those continuous price increases home flipping no longer makes sense and the market would start to crumble slowly at first and then faster as time went on as it became apparent that more appreciation wasn't going to happen. This all takes a long time to happen though and things can and usually will get quite ridiculous before it all blows up. In the US NINJA loans allowed some homeless to suddenly 'own' homes before things started to fall apart. The joke was if you could fog a mirror you could get a home for a while. edit: rates going up wouldn't effect current mortgages but would effect new ones. If new loans get too expensive then the market comes to a halt. \/\/\/\/\/\/\/\/\/\/\/\/ PC LOAD LETTER fucked around with this message at 08:08 on Sep 20, 2015 |
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Sep 20, 2015 06:12
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In Canada aren't (mortgage) interest rates generally 5 year fixed though? So even if rates go up overnight, won't it take a while before it really starts affecting anyone but the minority? I thought I read somewhere that 90% of home loans in Canada are fixed rate.
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Sep 20, 2015 06:55
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HookShot posted:In Canada aren't (mortgage) interest rates generally 5 year fixed though? So even if rates go up overnight, won't it take a while before it really starts affecting anyone but the minority? I thought I read somewhere that 90% of home loans in Canada are fixed rate. Regardless, there'll be plenty of people stupid enough to have over-leveraged themselves at 3 month and 1 year contracts when it all comes tumbling down, there always is.
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Sep 20, 2015 07:46
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Yeah, I guess everyone's got to come up to the 5 year mark sometime as well, 20% of people with that mortgage would do it in the first year, in theory.
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Sep 20, 2015 08:10
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THC posted:That's a bizarre way to make a joke but okay. Lol It was parody so close to real life that it wasn't very clever. For example, this is real, a few blocks away:  First Baptist Church (Burrard and Nelson) wants in on the development racket And this addition to historic Waterfront station was recently shot down 
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Sep 20, 2015 12:06
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I'm down with bonkers architecture; I hate boring and unimaginative buildings.
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Sep 20, 2015 16:18
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El Scotch posted:I'm down with bonkers architecture; I hate boring and unimaginative buildings. I'm all up for imaginative buildings unless they're shaped in ways which make me worry that they're going to melt whatever ends up in the path of the buildings reflection.
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Sep 20, 2015 16:41
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Xoidanor posted:I'm all up for imaginative buildings unless they're shaped in ways which make me worry that they're going to melt whatever ends up in the path of the buildings reflection. Is that really a bad thing in Vancouver though?
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Sep 20, 2015 17:52
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HookShot posted:In Canada aren't (mortgage) interest rates generally 5 year fixed though? So even if rates go up overnight, won't it take a while before it really starts affecting anyone but the minority? I thought I read somewhere that 90% of home loans in Canada are fixed rate. Bubbles are fueled by the bandwagon effect- it goes up until it doesn't and then the bottom falls out. All you need is a slight decrease in demand to get it started and then booooom. The bandwagon effect is also why even small numbers of rich foreign investors (mostly Chinese in Canada's case) can have a hugely disproportionate effect on the housing market. A small number of people drive up prices and now suddenly all the houses around it are re-valued. Then people see the $$$$$ for doing basically nothing other than signing a piece of paper and everything takes off. That's what people were missing much earlier in the thread when they claimed that it couldn't be foreign money because the numbers were too small- it takes very few to start the process and then the increases are fueled by everyone else. TROIKA CURES GREEK fucked around with this message at 18:25 on Sep 20, 2015 |
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Sep 20, 2015 18:22
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Reverse Centaur posted:And this addition to historic Waterfront station was recently shot down On the bright side you'd have a great view of the train yard!
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Sep 20, 2015 19:20
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Reverse Centaur posted:
This looks like the entrance to the Royal Ontario Museum in Toronto that was an attempt to build an all glass crystal structure, but half-way through they realized the engineering capability didn't exist and wasn't going to exist in time for it's completion, so it ended up as a little glass and a lot more metal.
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Sep 21, 2015 02:08
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PC LOAD LETTER posted:In a debt fueled bubble you don't need rates to go up at all for it to bust. I agree that you don't need rates to go up - I just feel like that's what it's going to take for the Sydney area/Australian market to pop (the article is Australian), the government won't consider any kind of changes that would make housing affordable. It could be something else that makes an impact, but at the end of the day those investors will have a lot of politicians on their side.
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Sep 21, 2015 02:42
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Once it comes, the government will be powerless to do anything. It isn't like the US didn't try to prop theirs up, they just couldn't. Though they did manage to funnel a lot of money to rich people while trying. Funny how that works.
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Sep 21, 2015 03:25
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El Scotch posted:I'm down with bonkers architecture; I hate boring and unimaginative buildings. I like the story of the Chinese architect who intentionally designed a big cock building to troll the government
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Sep 21, 2015 04:13
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ocrumsprug posted:Once it comes, the government will be powerless to do anything. It isn't like the US didn't try to prop theirs up, they just couldn't. Nah, the US actually has a lot of power to avert things like this, if it matters enough to them (it wasn't really the housing bubble itself, but the implosion of the underlying derivatives market that caused the financial crisis). Canada, comparatively, has very few levers that they can move.
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Sep 21, 2015 04:31
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etalian posted:I like the story of the Chinese architect who intentionally designed a big cock building to troll the government Wait what? That was for real and not just an Onion article?
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Sep 21, 2015 05:32
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blah_blah posted:Nah, the US actually has a lot of power to avert things like this, if it matters enough to them (it wasn't really the housing bubble itself, but the implosion of the underlying derivatives market that caused the financial crisis). Canada, comparatively, has very few levers that they can move. They may have levers, but I doubt they have one big enough to make every house in the country worth 50-900% more than their post bust values. I appreciate that they have the ability to create/borrow infinite money, but unless they are buying the houses I am not sure it really would help. I am curious though, what do you think the Americans could have done to keep their bubble going? (Ignoring all the fallout and bailouts from the bust.)
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Sep 21, 2015 05:48
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Furnaceface posted:Wait what? That was for real and not just an Onion article? http://www.scmp.com/news/china/article/1345294/architect-zhou-qi-defends-phallic-design-his-peoples-daily-tower 
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Sep 21, 2015 06:02
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ocrumsprug posted:They may have levers, but I doubt they have one big enough to make every house in the country worth 50-900% more than their post bust values. I appreciate that they have the ability to create/borrow infinite money, but unless they are buying the houses I am not sure it really would help. I guess what I'm saying is I don't think there would have been nearly as much pain if it was merely a bubble popping and not the simultaneous evaporation of massive amounts of house equity, taxable accounts, and retirement accounts (which basically created a feedback loop, without which the drop in housing prices wouldnt've been as large).
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Sep 21, 2015 08:09
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El Scotch posted:I'm down with bonkers architecture; I hate boring and unimaginative buildings. I love it too, Vancouver is finally doing some cool stuff with towers, but the issue with that specific one is it drapes around waterfront station, which is the 100+ year old main hub of the skytrain/seabus/CBD transit system. 100 year old buildings are ancient and super rare on the west coast, it's like putting a condo on top of the parthenon. edit: more detail/photos here: http://www.vancitybuzz.com/2015/01/origami-waterfront-office-tower-rejected-lack-respect-historic-buildings/ UnfortunateSexFart fucked around with this message at 12:28 on Sep 21, 2015 |
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Sep 21, 2015 12:24
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http://www.cbc.ca/m/news/business/got-kids-find-another-place-to-live-1.3233761 It's pretty dumb to tell people the rejected rental applicants the reason they were rejected. When I was a landlord I sure as gently caress didn't tell people why (stoners, single mothers).
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Sep 21, 2015 17:56
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Cultural Imperial posted:http://www.cbc.ca/m/news/business/got-kids-find-another-place-to-live-1.3233761 Also, when you're firing someone, or not hiring someone.
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Sep 21, 2015 18:06
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Cultural Imperial posted:When I was a landlord 
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Sep 21, 2015 18:15
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CI was the driver of the bubble all along...
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Sep 21, 2015 18:36
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That's right bitches, I was a rentier 
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Sep 21, 2015 18:49
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Cultural Imperial posted:That's right bitches, I was a rentier That makes sense. The born again are always the most crazy.
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Sep 21, 2015 18:59
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Cultural Imperial posted:http://www.cbc.ca/m/news/business/got-kids-find-another-place-to-live-1.3233761 quote:Khoo didn't complain, neither did McCubbins. And that's why landlords get away with this poo poo, for years. Because nobody in this country is willing to leverage the frameworks we have in place to deal with assholes, out of fear for their own security. It's a sign that the framework is extremely broken and worthless as an enforcement tool, same poo poo as with unpaid internship laws.
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Sep 21, 2015 19:28
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loving single moms are scum worse than the lowest dope fiend and should not be able to rent a place because wait what?
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Sep 21, 2015 20:11
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Rime posted:And that's why landlords get away with this poo poo, for years. Because nobody in this country is willing to leverage the frameworks we have in place to deal with assholes, out of fear for their own security. It's a sign that the framework is extremely broken and worthless as an enforcement tool, same poo poo as with unpaid internship laws. Its not really fair to single out these people for not acting. The sad thing is, the people who are most likely not have the time and resources due to work, family and other commitments are the most likely to get hosed over this way. What I don't understand is why we don't have a robust mechanism for the government to do it on their behalf, like they're supposed to. I mean, if I got assaulted on the streets and the police dealt with it, the Crown would lay charges on my behalf. Unfortunately, in this day in age when it cames to labour rights, tenants rights etc. there is no support because lack of funds. There used to be a time when there were labour rights investigators, now in BC we have some joke "fill in this form and bring it to the boss who's loving you over, to make him more likely to gently caress you over even more" Melian Dialogue fucked around with this message at 20:18 on Sep 21, 2015 |
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Sep 21, 2015 20:15
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The root problem is that we're too dependent on amateur landlords, who obviously have a much deeper interest in their property than a corporation that owns hundreds or thousands of places would. For example, if I were to rent out my condo to someone else, I'd still be ultimately responsible if they violated the condo policies and got a fine as a result. I'd also be less able to absorb the cost of any damages caused, and I don't have lawyers and collections people on staff to deal with people who are trying to screw me over. This is one of many, many reasons why I have absolutely no interest in ever owning a property for something other than my own personal use. Ultimately, I'd like to see the laws zealously enforced to try and knock amateur landlords out of the market as much as possible, because they cause a lot of problems with the rental market, and they're a bunch of cheap assholes who have no interest in making the condo corporation actually function beneficially for residents.
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Sep 21, 2015 20:24
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PT6A posted:The root problem is that we're too dependent on amateur landlords, who obviously have a much deeper interest in their property than a corporation that owns hundreds or thousands of places would. For example, if I were to rent out my condo to someone else, I'd still be ultimately responsible if they violated the condo policies and got a fine as a result. I'd also be less able to absorb the cost of any damages caused, and I don't have lawyers and collections people on staff to deal with people who are trying to screw me over. This is one of many, many reasons why I have absolutely no interest in ever owning a property for something other than my own personal use. Totally agree. It baffles me that people are willing to landlord at all - for one thing, the financial parameters are so dire in Canadian cities, and have been for so long. Between the risk and the hassle, I wouldn't do it even if the returns to the capital/time were huge.
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Sep 21, 2015 20:33
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