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

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ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

Let me tell you about this 18.6% return investment. I want to share it with you, friend.

# ? May 30, 2014 14:48

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# ? May 21, 2024 13:31

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

"One of Toronto's most sought after locations." It's a middling hotel with a good rooftop patio and mediocre restaurants. So, yeah, probably one of the better condos to live in.

# ? May 30, 2014 15:25

mik: Oct 16, 2003; oh

Cultural Imperial posted:

You too can be a Very Important Person*

*conditions not important enough to include

quote:

On the rarest of occasions, when like-minded visionaries join forces and traditional boundaries are blurred, real inspiration and innovation are cultivated and new paradigms are born. Such is the case with thompson residences. Freed developments has teamed up with the thompson hotel group and rethought the way people live in the city. Imagine: hotel inspired living. premium condominium residences infused with a jet-set sensibility and access to the top-tier hotel located across the street. This is a truly unique and decidedly distinguished take on life in the city.

# ? May 30, 2014 16:24

namaste friends: Sep 18, 2004; by Smythe

I hate that hotel. It's like all of Toronto's loving ego manifested in dwell magazine furniture.

# ? May 30, 2014 17:58

Sundae: Dec 1, 2005

quote:

new paradigms

Burn it down.

# ? May 30, 2014 18:05

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

Cultural Imperial posted:

I hate that hotel. It's like all of Toronto's loving ego manifested in dwell magazine furniture.

I used to live across the street. One morning I was coming home from yoga and a thin, tanned, hungover man in his underwear yelled obscenities at me from the penthouse as I rode past on my bike.

Ahhh Toronto.

# ? May 30, 2014 18:16

Buckwheat Sings: Feb 9, 2005

mik posted:

You too can be a Very Important Person*

So weird how basically the biggest thing they could come up is: OMG YOU GET TO LIVE NEXT TO OUR HOTEL.
Because that's clearly what I think about first thing when I buy a home. If it's next to a hotel.

# ? May 30, 2014 19:36

Rime: Nov 2, 2011; by Games Forum

I got the impression the condos were in the hotel itself, and thus privvy to the use of the hotel amenities? If so, I shudder to imagine how horrific the strata fees must be.

# ? May 30, 2014 19:39

Baronjutter: Dec 31, 2007; "Tiny Trains"

Not even next to, across the street.

# ? May 30, 2014 19:44

namaste friends: Sep 18, 2004; by Smythe

One more thing I hate about that loving hotel. The ground floor turns into a nightclub at night.

When returning to my room I didn't key my floor in right. I went for a ride with some dude up to the penthouse. The elevator door opened up into his penthouse.

# ? May 30, 2014 19:51

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

was he thin and tanned and in his underwear? I know that guy.

# ? May 30, 2014 19:53

Rime: Nov 2, 2011; by Games Forum

That makes it worse! Now all those hotel-class amenities, such as the staffed rooftop bar, will be entirely on strata fees. :stonk:

# ? May 30, 2014 19:55

namaste friends: Sep 18, 2004; by Smythe

peter banana posted:

was he thin and tanned and in his underwear? I know that guy.

all i remember are the thick black plastic glasses everyone important in the real estate industry seems to wear

# ? May 30, 2014 19:55

namaste friends: Sep 18, 2004; by Smythe

What jobs are all these important real estate players going to fall back on after the crash?

I can't really think of anything other than prostitution. I'm serious.

# ? May 30, 2014 19:56

Baronjutter: Dec 31, 2007; "Tiny Trains"

Cultural Imperial posted:

What jobs are all these important real estate players going to fall back on after the crash?

I can't really think of anything other than prostitution. I'm serious.

Pyramid scams, MLM, motivational speaking. Any bullshit artistry.

# ? May 30, 2014 20:00

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

Cultural Imperial posted:

What jobs are all these important real estate players going to fall back on after the crash?

I can't really think of anything other than prostitution. I'm serious.

the percentage of immaculately dressed, somewhat photogenic homeless people in Toronto and Vancouver (and Montreal) is about to skyrocket.

# ? May 30, 2014 20:08

namaste friends: Sep 18, 2004; by Smythe

Hey Baronjutter, the island is fuuuuuucked*

http://vancouverpeak.com/showthread.php?tid=5244

*for waterfront homes

# ? May 30, 2014 20:11

Rime: Nov 2, 2011; by Games Forum

Cultural Imperial posted:

Hey Baronjutter, the island is fuuuuuucked*

http://vancouverpeak.com/showthread.php?tid=5244

*for waterfront homes

Nice, hopefully my dream of buying a shitton of acreage on the west side and roleplaying as a Norwegian settler until I die can finally become an affordable reality.

# ? May 30, 2014 20:41

Baronjutter: Dec 31, 2007; "Tiny Trains"

Wow that's quite a drop in sales, I assume that means the prices them selves will have to come down? Or people will just stubbornly wait?

I noticed that the beach I was basically born and raised on there's been a LOT more for sale signs that I've ever seen. Mostly on fairly new ridiculous mansions. Over the last 10 years all the remaining smaller waterfront homes were replaced with huge ridiculous 4,000+ houses, but they seem to change hands every few years. I don't know why. There's a ton of mansions built over the last 10 years and I consistently see for sale signs in front of them. It seems like nearly every single one ends up for sale a year or two after its built, and then again a few years later. I've seen the same few waterfront mansions sell 3 times over the last decade, same with the newer mansions in my parent's neighbourhood.

It's only the trendy modern flat-roofed new ones, not the old ones that I notice this on either.

Baronjutter fucked around with this message at 21:00 on May 30, 2014

# ? May 30, 2014 20:55

FrozenVent: May 1, 2009; The Boeing 737-200QC is the undisputed workhorse of the skies.

Eventually people who need liquidity will start dropping their prices, and once the dam break it'll be a race to the bottom.

Anybody has a graph of seasonal variation in real estates sales? Because IIRC it was a pretty significant factor.

# ? May 30, 2014 20:57

Franks Happy Place: Mar 15, 2011; It is by weed alone I set my mind in motion. It is by the dank of Sapho that thoughts acquire speed, the lips acquire stains, stains become a warning. It is by weed alone I set my mind in motion.

Baronjutter posted:

Wow that's quite a drop in sales, I assume that means the prices them selves will have to come down? Or people will just stubbornly wait?

Price decreases always lag behind a dropoff in sales (because housing is an illiquid market), but eventually it will happen. Somebody gets divorced, gets fired, retires, has to move for a new job... they are forced to sell, which sets a new comp price, and starts the ball rolling.

# ? May 30, 2014 20:59

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

Baronjutter posted:

Wow that's quite a drop in sales, I assume that means the prices them selves will have to come down? Or people will just stubbornly wait?

I noticed that the beach I was basically born and raised on there's been a LOT more for sale signs that I've ever seen. Mostly on fairly new ridiculous mansions. Over the last 10 years all the remaining smaller waterfront homes were replaced with huge ridiculous 4,000+ houses, but they seem to change hands every few years. I don't know why. There's a ton of mansions built over the last 10 years and I consistently see for sale signs in front of them. It seems like nearly every single one ends up for sale a year or two after its built, and then again a few years later. I've seen the same few waterfront mansions sell 3 times over the last decade, same with the newer mansions in my parent's neighbourhood.

It's only the trendy modern flat-roofed new ones, not the old ones that I notice this on either.

you might be right but this time of year is the busiest for home sales.

# ? May 30, 2014 21:07

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Buckwheat Sings posted:

So weird how basically the biggest thing they could come up is: OMG YOU GET TO LIVE NEXT TO OUR HOTEL.
Because that's clearly what I think about first thing when I buy a home. If it's next to a hotel.

There is a subset of silly trust fund shits in Toronto for which stuff like this is actually really important. So glad I left... Although Vancouver had its own set if Silly Things Rich Kiddies Do.

# ? May 30, 2014 23:10

Rime: Nov 2, 2011; by Games Forum

Kalenn Istarion posted:

Although Vancouver had its own set if Silly Things Rich Kiddies Do.

Not pictured: the N plate.

# ? May 30, 2014 23:35

Baronjutter: Dec 31, 2007; "Tiny Trains"

I'd have to say at least 50% of the ridiculous "super cars" I see have an N magnet on them.
My own Fit of course has an "N" on it as well because I'm a lazy piece of poo poo.

# ? May 30, 2014 23:36

HookShot: Dec 26, 2005

My favourite supercar story is once I was driving through Yaletown and a dude had a super souped up Maserati, like you could hear it from three blocks away, and he couldn't get it out of first and kept stalling.

I'm not sure if the fact that he didn't have an N plate makes it funnier, because it means the dude's been driving for a lot longer without learning to drive a stick shift, but yeah it's not so impressive to be going down Homer at 10kph stop/starting constantly.

# ? May 30, 2014 23:43

Rime: Nov 2, 2011; by Games Forum

Tangential: I love cruising up the sea to sky on my POS frankenbike in the summer, watching idiots with L tags blow past me at 200kmph+ on superbikes while wearing flip-flops, shorts, & plaid. It's like darwinism in action. Inevitably I'll encounter one at that stop light at The Chief and they'll stall & dump it trying to race me off the red. :allears:

# ? May 30, 2014 23:54

Guest2553: Aug 3, 2012

Is "N-plate" like the new "Type-R" or something? I've never heard of it before.

# ? May 31, 2014 00:22

Rick Rickshaw: Feb 21, 2007; I am not disappointed I lost the PGA Championship. Nope, I am not.

Guest2553 posted:

Is "N-plate" like the new "Type-R" or something? I've never heard of it before.

Apparently it means they're a new driver.

Here in NS we have an N on our license but on our plates.

# ? May 31, 2014 00:36

Rime: Nov 2, 2011; by Games Forum

Guest2553 posted:

Is "N-plate" like the new "Type-R" or something? I've never heard of it before.

It's used in BC to denote that you have been driving for less than two years, and if it is on a supercar it means you are probably a coddled little rich gently caress and should be given as wide a berth on the road as possible. Most commonly seen on cars owned by overseas students at UBC, as their parents ship the cars back to the home country afterwards and avoid steep import fees.

Often seen in situations like this:
http://www.cbc.ca/news/canada/british-columbia/alleged-b-c-street-race-with-2m-in-luxury-cars-1.1112196

# ? May 31, 2014 00:39

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

Rime posted:

Not pictured: the N plate.

This is exactly what I was referring to. Pretty sure I've seen that exact car cruising around Robson.

# ? May 31, 2014 02:57

etalian: Mar 20, 2006

Rime posted:

Not pictured: the N plate.

# ? May 31, 2014 16:47

Guest2553: Aug 3, 2012

Rick Rickshaw posted:

Apparently it means they're a new driver.

Here in NS we have an N on our license but on our plates.

Cool, thanks. Googling was giving me a bunch of medical terminology, even when I threw in some driving words:)

# ? May 31, 2014 18:40

etalian: Mar 20, 2006

ha ha

https://www.youtube.com/watch?v=pc-tVZq9a4Y

# ? May 31, 2014 21:34

namaste friends: Sep 18, 2004; by Smythe

http://business.financialpost.com/2014/05/30/cmhc-agrees-to-make-more-mortgage-information-public/

quote:

The decision by Canada�s largest mortgage default insurer to provide more information about its portfolio is welcome news in the industry.

Canada Mortgage and Housing Corporation, a Crown corporation that controls a majority of the market, for the first the time released a supplemental section on its quarterly results which lays out significantly more detailed information about its loans.

�The supplement provides meaningful insight into CMHC�s mortgage insurance operations and will provide market participants with data that will allow them to better analyze our activities in the Canadian housing market,� CMHC said in a release on Friday.

Rob McLister, editor of Canadian Mortgage Trends, said the data indicates, for example, that almost two-thirds of typically insured homeowners have a downpayment of less than 10%.

(Those are the numbers for transactional volumes which don�t include portfolio-insured borrowers or borrowers purchasing five or more unit properties.)

�Someone with only 5% down would be left with 88% loan to value after five years of regular mortgage payments,� Mr. McLister said. �With a correction over 10%, many 5%-downers would be left underwater. In other words, it would be difficult or impossible for many to sell their home and generate enough equity to pay off their mortgage, cover expenses and move.�

The changes in the CMHC�s disclosure come after some economists had demanded CMHC share more of its information about the market. Among them was CIBC deputy chief economist Benjamin Tal who published a report suggesting that the lack of market information makes its harder to get an accurate picture of the stability of the market.

�CMHC is in the position to provide important information to the market,� he said in an interview Friday, welcoming the new disclosure.

CMHC has been overhauling its board with a more Bay Street flavor, adding former Wall Street CEO Robert Kelly as its new chairman. One of the first major acts of the new management was to increase fees, something it said was needed to improve capital targets and reduce taxpayer exposure to the market.

Finn Poschmann, vice-president of the C.D. Howe Institute, noted CMHC only started producing quarterly reports in the spring of 2011 and that has already had a positive impact on quantity and quality of information.

�The reports have become incrementally clearer and more complete, and are beginning to look more like a meaningful report from a financial institution,� said Mr. Poschmann.

He noted the results released Friday show that the average credit score of newly originated loans is �nudging� up which means the loan quality is getting better.

�The lenders are reporting delinquency rates that are hugely down from the financial crisis period,� said Mr. Poschmann.

The housing agency said its profit for the first quarter was $406-million, up 7% from a year ago. Its insurance-in-force dropped $2-billion from the fourth quarter to $555-billion.

�The increase in net income is mainly attributable to higher earnings from investments and lower insurance claims expenses, both a result of improved economic conditions,� said CMHC.

CMHC said said the average credit score in its portfolio was 743 in the first quarter while average gross debt service was 26.2% � both signs CMHC says of the strong ability of homeowners to manage debt.

Overall arrears were 0.35% of all mortgages as of March 31, 2014.

This needs to be repeated a billion times to marginal buyers.

quote:

�Someone with only 5% down would be left with 88% loan to value after five years of regular mortgage payments,� Mr. McLister said. �With a correction over 10%, many 5%-downers would be left underwater. In other words, it would be difficult or impossible for many to sell their home and generate enough equity to pay off their mortgage, cover expenses and move.�

# ? Jun 1, 2014 01:59

etalian: Mar 20, 2006

Cultural Imperial posted:

http://business.financialpost.com/2014/05/30/cmhc-agrees-to-make-more-mortgage-information-public/

This needs to be repeated a billion times to marginal buyers.

Good thing home prices are inflated 30 to 50 percent depending on the area.

etalian fucked around with this message at 18:26 on Jun 1, 2014

# ? Jun 1, 2014 02:36

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

etalian posted:

Good think home prices are inflated 30 to 50 percent depending on the area.

Single detached houses.

If you are sitting in your condo or townhouse (or garden suite of a house in Vancouver), you aren't seeing 30-50% anything.

ocrumsprug fucked around with this message at 05:58 on Jun 1, 2014

# ? Jun 1, 2014 05:56

peter banana: Sep 2, 2008; Feminism is a socialist, anti-family, political movement that encourages women to leave their husbands, kill their children, practice witchcraft, destroy capitalism and become lesbians.

Reasons why hotel condos might be a hard sell (besides the obvious)

http://www.thegridto.com/life/real-estate/no-room-for-the-inns/

# ? Jun 2, 2014 18:38

Kalenn Istarion: Nov 2, 2012; Maybe Senpai will finally notice me now that I've dropped :fivebux: on this snazzy av

peter banana posted:

Reasons why hotel condos might be a hard sell (besides the obvious)

http://www.thegridto.com/life/real-estate/no-room-for-the-inns/

While the facts are what they are, the reality is that the majority of people buying units in these things don't give a poo poo about any of that and just want the hotel jet set lifestyle. An extra couple thousand (or 10,000) is a drop in the bucket.

The reason the units in the Trump specifically don't show up on MLS is that in the super-premium market the transactions are generally done via private sale and private marketing. Agents don't list stuff in the upper price brackets on MLS if they can get away with it.

# ? Jun 2, 2014 19:36

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# ? May 21, 2024 13:31

namaste friends: Sep 18, 2004; by Smythe

I don't think that's what everyone who bought a hotel condo in whistler was thinking kalenn. Those things are harder to sell than cancer.

# ? Jun 2, 2014 19:41

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