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.

«‹›1518 »

HookShot: Dec 26, 2005

You guys don't get it this is a great investment and totally worth taking all his retirement money out to pay for!!!!!

# ? Jun 19, 2016 13:17

Adbot: ADBOT LOVES YOU

# ? May 26, 2024 22:01

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

Femtosecond posted:

Re: Trudeau Vancouver Real Estate roundtable discussion:

https://twitter.com/Goldiein604/status/743921060953751552

lol

gotta feed the beast

# ? Jun 19, 2016 14:24

sitchensis: Mar 4, 2009

namaste faggots posted:

http://www.theglobeandmail.com/repo...rticle30502122/

Worked at Goldman Sachs: Check
Orchestrated the sell off of public assets: Check
Involved with Irving family: Check
Got his job through nepotism: Check

Glad that this guy is as much of a breath of fresh air as the article has made him out to be!

# ? Jun 19, 2016 16:07

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

sitchensis posted:

Worked at Goldman Sachs: Check
Orchestrated the sell off of public assets: Check
Involved with Irving family: Check
Got his job through nepotism: Check

Glad that this guy is as much of a breath of fresh air as the article has made him out to be!

"most enthusiastic about firing 200 people"

# ? Jun 19, 2016 16:24

jet sanchEz: Oct 24, 2001; Lousy Manipulative Dog

I lived in NZ and didn't like it, too boring, cold and expensive. My dad, a kiwi, told me I'd regret going down there, that NZ is a backwater full of rednecks. He wasn't wrong but I don't regret living there, it as an adventure and it has some lovely scenery. I regret visiting Australia, total dump and even worse rednecks.

# ? Jun 19, 2016 17:32

HookShot: Dec 26, 2005

Yeah I lived in Australia for 4 years and oh boy am I glad I got out of there.

# ? Jun 19, 2016 17:37

Femtosecond: Aug 2, 2003

quote:

Renovated Vancouver house sets sales record in neighbourhood

3488 HIGHBURY ST., VANCOUVER

LISTING PRICE

$2.780-million

SELLING PRICE

$3.288-million

DAYS ON MARKET

Five

TAXES

$7,266

LISTING AGENT

Bryan Yan, Regent Park Realty

The Action: The sale set a record for highest price in the area for a Vancouver Special, says listing agent Bryan Yan. It out-sold other recent Vancouver Specials; one at 3556 W. 17th, which sold for $2.29-million, and another 3622 W. 19th, which sold for $2.61-million, according to Mr. Yan. To get the best price, he believes in listing high.

What They Got: The 2,368-square-foot house, built 39 years ago, sits on a 33-by-121-foot corner lot. The house was renovated in 2007, with two new kitchens, three new bathrooms, double-glazed windows, new roof, granite counter tops, six bedrooms, sundeck off kitchen, garage, and vaulted ceilings. It�s located near Lord Byng secondary and Queen Elizabeth elementary schools.

The Agent�s Take: The market has shown no sign of slowing, and has gone �bonkers,� according to Mr. Yan. �It�s like a moving locomotive and it can�t stop. It�s too powerful because there�s that much money coming here.�

Foreign capital is no big deal.

# ? Jun 19, 2016 17:56

etalian: Mar 20, 2006

lmao
https://www.youtube.com/watch?v=fTPym5VHI4c

# ? Jun 19, 2016 18:30

Professor Shark: May 22, 2012

You know things are bad when people start using "out of control trains" as positive comparisons

# ? Jun 19, 2016 18:32

Femtosecond: Aug 2, 2003

quote:

Vancouver's housing affordability crisis making neighbourhoods �inhospitable� for middle class: Trudeau

Prime Minister Justin Trudeau agrees that the influx of foreign cash into Vancouver�s real estate market may be making neighbourhoods �inhospitable� to ordinary families.

Trudeau, who met Friday with Vancouver experts to discuss this city�s housing affordability crisis, says that while he wants to fix the problem, he warns of �unintended consequences� if a rushed policy initiative ends up backfiring on cities like Montreal, Calgary and Halifax, which need foreign investment.

Despite his hopeful words, Trudeau offered no specific policies during his two-day visit here, and said Ottawa must work with provincial and municipal governments on a joint strategy to bring down prices in some neighbourhoods.

Trudeau�s comments came prior to Friday�s meeting here with housing experts, who said they would be urging him to tame forces that hiked the average price to more than $1.5 million last month for a Metro Vancouver detached home, up 26 per cent since the October election.

�How can we draw in investments without rendering the city inhospitable for people who have lived here for a long time and want to continue to live here and raise their families here?� the prime minister said in an exclusive interview during his two-day visit.

�Getting that balance right is going to be really important to (keep Vancouver) the world-class city it is.�

In a later interview with CBC, Trudeau indicated that Ottawa is still trying to find a policy tool that won�t backfire.

�We need to make sure any action we take doesn�t make things worse,� he said.

The Liberals promised during the 2015 election campaign to �consider all policy tools� to deal with skyrocketing prices. Last week, Finance Minister Bill Morneau said his government was engaged in a �deep dive� on researching the housing sector and considering options.

But aside from toughening down-payment requirements and funding a $500,000 study of the problem, the government hasn�t moved on the matter.

New Democrat MP Kennedy Stewart raised the issue in the House of Commons on Friday, blasting the Liberals for failing to fulfill a campaign promise to provide a tax break to stimulate affordable rental housing.

�The housing crisis in B.C. and across Canada grows increasingly urgent, yet the Liberals broke their promise to provide much needed help,� said the MP for Burnaby South.

Trudeau met privately with a number of housing activists and experts in downtown Vancouver, many of whom planned to tell him to deal with the flood of money from China that is distorting the local market.

Thomas Davidoff, an economist with UBC�s Sauder School of Business, was one of the experts who attended the closed-door meeting, which lasted for about an hour.

In addition to the role foreign money is playing in Metro Vancouver�s housing market, he said other big issues discussed included housing density and tax reform, the latter specific to affluent buyers from overseas who buy luxury properties.

On density, he said Trudeau indicated that he was willing to �force� municipalities who get transit money to densify.

�That�s something he can do, and he seemed to express a willingness to do it,� said Davidoff. �And he certainly seemed open to hearing about tax reform so we don�t sort of roll out the red carpet to people who are bringing money into the country and not earning money here.�

In an interview with The Vancouver Sun and The Province, Trudeau acknowledged that Asian money is part of the problem.

�I think absolutely foreign ownership has a role to play,� he said.

But on CBC he said the challenge is to engineer a stabilization of the real estate market that doesn�t result in driving prices so far down that people get hurt.

�We�re on a trajectory that doesn�t have any good outcomes,� he said.

�What we�re all hoping for is to stabilize the market.�

Trudeau didn�t explain how he could make homes affordable for young couples without causing a plunge in equity values, which could hurt highly leveraged homeowners.

�We need to make sure we�re reining things back a little bit, in a way that doesn�t completely devalue those people whose retirements and whose equity is still in their homes.�

Yet he later said he wanted to �make sure that young people, folks in the middle class, are able to get a proper start on life in the city they love.�

He indicated one option could be for cities to tap into a new federal innovation fund intended to encourage creative ideas to create lower-cost housing.

The idea that Trudeau is going to play, I guess you'd call it the "bad cop" role on this issue, is really interesting. This potentially allows the Mayors to be the good guys when they say they need to intensify development in a neighbourhood. The justifications for doing it haven't changed, but now the Mayors can sort of pretend their hand is being forced by the big bad Federal government.

Normally there'd maybe be some political risk in this in that Trudeau would in a way be changing the rules on his election infrastructure promise, by now imposing restrictions, but I don't think there's any political movement in this country that is opposed to increased density and transit oriented development so I don't see opposition parties complaining. The only criticism I ever read of increased density is from visiting commentators from American Sunbelt states.

quote:

We need to make sure we�re reining things back a little bit, in a way that doesn�t completely devalue those people whose retirements and whose equity is still in their homes.

Am I reading too much into this that his language is more open to the fact that people's valuations will have to decrease for housing to become more affordable? I feel like Christy Clark's tone is more stark in that there can be no decrease in valuations.

quote:

He indicated one option could be for cities to tap into a new federal innovation fund intended to encourage creative ideas to create lower-cost housing.

Here's a creative idea: How about we stop mandating that people set aside 40% of their land for grass? Please mail me some money from that "innovation fund" I've got plenty more ideas...

Femtosecond fucked around with this message at 18:43 on Jun 19, 2016

# ? Jun 19, 2016 18:40

HookShot: Dec 26, 2005

"IT'S A FREIGHT TRAIN AND IT CAN'T BE STOPPED!!!! EVERYBODY GET ON!!!!!"

# ? Jun 19, 2016 18:49

Professor Shark: May 22, 2012

It's pretty much that Capitalism Monster cartoon only not ironic

# ? Jun 19, 2016 18:52

triplexpac: Mar 24, 2007; Suck it
Two tears in a bucket
And then another thing
I'm not the one they'll try their luck with
Hit hard like brass knuckles
See your face through the turnbuckle dude
I got no love for you

HookShot posted:

"IT'S A FREIGHT TRAIN AND IT CAN'T BE STOPPED!!!! EVERYBODY GET ON!!!!!"

This whole thing gets funnier by the day it seems.

# ? Jun 19, 2016 18:52

ductonius: Apr 9, 2007; I heard there's a cream for that...

Professor Shark posted:

You know things are bad when people start using "out of control trains" as positive comparisons

I wonder what happens to locomotives that can't slow down or stop. Like, what happens when there's a bend in the tracks that you'd want to slow down for? Or, maybe the tracks up ahead won't really support the train that will be bearing down on them. What happens then?

It's called a train wreck. The realtor just tacitly admitted the housing market is head for a train wreck.

# ? Jun 19, 2016 18:57

Professor Shark: May 22, 2012

I think you're giving him too much credit, also I read Atlas Shrugged, I know how trains work :smuggo:

# ? Jun 19, 2016 19:18

namaste friends: Sep 18, 2004; by Smythe

HookShot posted:

"IT'S A FREIGHT TRAIN AND IT CAN'T BE STOPPED!!!! EVERYBODY GET ON!!!!!"

Well you'll feel better about it and the government is going to bail you out anyway. Like mickeyfinn says it's perfectly rational

# ? Jun 19, 2016 19:38

Meat Recital: Mar 26, 2009; by zen death robot

Vancouver is the next Lac Megantic. Dont let it stop in your town.

# ? Jun 19, 2016 20:00

Professor Shark: May 22, 2012

Hot ~~Potato~~ Train!

# ? Jun 19, 2016 20:04

The Butcher: Apr 20, 2005; Well, at least we tried.; Nap Ghost

ductonius posted:

I wonder what happens to locomotives that can't slow down or stop. Like, what happens when there's a bend in the tracks that you'd want to slow down for? Or, maybe the tracks up ahead won't really support the train that will be bearing down on them. What happens then?

You just need to add more track.

Supply side wins again!

# ? Jun 19, 2016 20:13

leftist heap: Feb 28, 2013; Fun Shoe

Femtosecond posted:

The idea that Trudeau is going to play, I guess you'd call it the "bad cop" role on this issue, is really interesting. This potentially allows the Mayors to be the good guys when they say they need to intensify development in a neighbourhood. The justifications for doing it haven't changed, but now the Mayors can sort of pretend their hand is being forced by the big bad Federal government.

Normally there'd maybe be some political risk in this in that Trudeau would in a way be changing the rules on his election infrastructure promise, by now imposing restrictions, but I don't think there's any political movement in this country that is opposed to increased density and transit oriented development so I don't see opposition parties complaining. The only criticism I ever read of increased density is from visiting commentators from American Sunbelt states.

Am I reading too much into this that his language is more open to the fact that people's valuations will have to decrease for housing to become more affordable? I feel like Christy Clark's tone is more stark in that there can be no decrease in valuations.

Here's a creative idea: How about we stop mandating that people set aside 40% of their land for grass? Please mail me some money from that "innovation fund" I've got plenty more ideas...

I have zero faith that the Liberal government will do anything remotely substantial on housing. Everything Trudeau says is hedged with ~*protecting equity*~ talk.

# ? Jun 19, 2016 20:18

leftist heap: Feb 28, 2013; Fun Shoe

Also it's pretty rich that previous governments, both Liberal and Conservative, have zero qualms with engaging in protectionism in basically every other industry (resource extraction, telecoms, agriculture, etc.), but when it comes to housing all of a sudden it's whoa there, we wouldn't want to discourage foreign investment! Gotta take a balanced approach here.

# ? Jun 19, 2016 20:23

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

leftist heap posted:

Also it's pretty rich that previous governments, both Liberal and Conservative, have zero qualms with engaging in protectionism in basically every other industry (resource extraction, telecoms, agriculture, etc.), but when it comes to housing all of a sudden it's whoa there, we wouldn't want to discourage foreign investment! Gotta take a balanced approach here.

It's not like there's any coherence or guiding axioms to the policy making, let alone a sense of ethics.

# ? Jun 19, 2016 20:30

Professor Shark: May 22, 2012

I guess Trudeau is slumming it at McDonalds for lunch now, things are getting tight for everyone...

# ? Jun 19, 2016 21:10

Reince Penis: Nov 15, 2007; by R. Guyovich

leftist heap posted:

Also it's pretty rich that previous governments, both Liberal and Conservative, have zero qualms with engaging in protectionism in basically every other industry (resource extraction, telecoms, agriculture, etc.), but when it comes to housing all of a sudden it's whoa there, we wouldn't want to discourage foreign investment! Gotta take a balanced approach here.

What the gently caress are you talking about both Libs and Cons sign every free trade deal that shows up on their doorstep??

Protectionism lol

# ? Jun 19, 2016 21:35

McGavin: Sep 18, 2012

PK loving SUBBAN posted:

What the gently caress are you talking about both Libs and Cons sign every free trade deal that shows up on their doorstep??

Protectionism lol

Tell that to the telecom industry.

# ? Jun 19, 2016 22:51

etalian: Mar 20, 2006

McGavin posted:

Tell that to the telecom industry.

Also don't forget how they brought in piles of foreign workers during the height of the energy boom.

# ? Jun 19, 2016 22:53

namaste friends: Sep 18, 2004; by Smythe

loving Canadians are the biggest whiners when it comes to internet access or cellphones. Let's see if any of you loving bitches could last a year with Xfinity or loving bt

# ? Jun 19, 2016 23:49

HookShot: Dec 26, 2005

namaste faggots posted:

loving Canadians are the biggest whiners when it comes to internet access or cellphones. Let's see if any of you loving bitches could last a year with Xfinity or loving bt

I just spent 4 days trying to get my internet and TV back to normal after going off vacation hold with Telus, and spent three weeks in Europe where I had unlimited internet for a month for $15.

America sucks at things too, it doesn't mean we can't complain that Canada also sucks at those things.

# ? Jun 20, 2016 00:13

I would blow Dane Cook: Dec 26, 2008

ocrumsprug posted:

Let me put a cherry on top for you.

Photo taken downtown this afternoon.

Yes, there is a N on the back. Why do you ask?

# ? Jun 20, 2016 00:17

HookShot: Dec 26, 2005

Not gonna lie, when that was posted in the Vancouver thread I started pricing pokemon decals for my car.

# ? Jun 20, 2016 00:27

Professor Shark: May 22, 2012

You really should lie about that

# ? Jun 20, 2016 00:29

I would blow Dane Cook: Dec 26, 2008

https://www.youtube.com/watch?v=IZs2i3Bpxx4

Over 100,000 Chinese millionaires have moved to Vancouver, sparking everything from a reality show to a property boom making housing unaffordable. Dateline asks if the millionaire migrants are a blessing or curse.

# ? Jun 20, 2016 00:38

mojo1701a: Oct 9, 2008; Oh, yeah. Loud and clear. Emphasis on LOUD!
~ David Lee Roth

Professor Shark posted:

You really should lie about that

If my days of collecting Pokemon cards is any indication, it's probably being used also as an investment.

# ? Jun 20, 2016 01:01

cowofwar: Jul 30, 2002; by Athanatos

Jumpingmanjim posted:

https://www.youtube.com/watch?v=IZs2i3Bpxx4

Over 100,000 Chinese millionaires have moved to Vancouver, sparking everything from a reality show to a property boom making housing unaffordable. Dateline asks if the millionaire migrants are a blessing or curse.

It'll be fun when they lose their party positions and actually join their tax evading families over here in their post-bubble houses with zero income to mooch on the system while their kids no longer have an allowance or employable skills.

# ? Jun 20, 2016 01:01

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

cowofwar posted:

It'll be fun when they lose their party positions and actually join their tax evading families over here in their post-bubble houses with zero income to mooch on the system while their kids no longer have an allowance or employable skills.

They'll sell their overpriced mansions to the next generation of fucko communist party members and move somewhere affordable no doubt.

# ? Jun 20, 2016 01:07

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

cowofwar posted:

It'll be fun when they lose their party positions and actually join their tax evading families over here in their post-bubble houses with zero income to mooch on the system while their kids no longer have an allowance or employable skills.

It's gonna be like the end of a game of hot potato only the potato is a giant housing bubble that ruins everyones lives.

# ? Jun 20, 2016 02:02

cowofwar: Jul 30, 2002; by Athanatos

Even eight years ago when I was back in Vancouver I heard about the mainland Chinese kids who would drop out of university and live large on their sizable allowance and use their tuition money on sports cars instead.

But I guess given the corruption of China, one could just pay someone for a fake degree from UBC and ride that sucker in to a good job back home. I doubt they ever verify degrees.

# ? Jun 20, 2016 03:26

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

To be fair, I've heard about Canadian kids doing that too. Being an idiot teenager with lovely judgement is not confined to one country, culture or race.

# ? Jun 20, 2016 03:32

Lexicon: Jul 29, 2003; I had a beer with Stephen Harper once and now I like him.

PT6A posted:

To be fair, I've heard about Canadian kids doing that too. Being an idiot teenager with lovely judgement is not confined to one country, culture or race.

Not too many idiot Canadian kids at UBC who also own Ferraris though.

# ? Jun 20, 2016 03:42

Adbot: ADBOT LOVES YOU

# ? May 26, 2024 22:01

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

namaste faggots posted:

loving Canadians are the biggest whiners when it comes to internet access or cellphones. Let's see if any of you loving bitches could last a year with Xfinity or loving bt

Just use comcast business. It's practically the same price and they actually give a poo poo if you complain. Also bell charged my mom $125 for a phone call that she didn't even pick up and went to voicemail while she was roaming in Cuba this month. I've never heard of anything like that happening even if you have the worst US cell provider there is

# ? Jun 20, 2016 03:44

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

«‹›1518 »