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I have a pretty good theory that the toronto housing bubble is funded entirely by drug money laundering. I also have no proof but history will be the judge. When your mayor is involved in crack trafficking its a pretty good bet the reach of trafficking syndicates has reached its peak.
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Jan 12, 2014 03:11
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etalian posted:ha ha the canadian housing market is literally based on childrens doodles and arbitrary made up numbers i have to say this is the most honest condo advertisement i've seen
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Jan 19, 2014 01:29
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Cultural Imperial posted:Almost 20 years ago, 800/month was what you paid to live in the mcgill ghetto (on rachel). For a 4 bedroom. Yes it is. It's also hilarious considering Waterloo's largest employer is blackberry, a company that is regularily laying off thousands of people every month. The Waterloo real estate market can't go anywhere but up! Choo choo, all aboard the millionaire train!
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Jan 19, 2014 01:36
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Guy DeBorgore posted:I still live in Waterloo and this is a really skewed view of the rental market. Yeah single-room sublets are super cheap compared to apartments, that's because you're subletting a single room. Those are both big compromises that come with a bunch of downsides. All of you are missing the important part, it hardly matters what the rent is. At best it covers carrying costs for investors. The important number is the market value of the unit and it's appreciation. The idea of a condo in Waterloo increasing in market value to the tune of 6+% every year like that advertisement is suggesting is hilarious. These people are buying 3 bedroom student rental condos for 360k in a real estate market where the average detached home is less than 300k. It makes no loving sense whatsoever. Students have NO EFFECT on the real estate market in a city.
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Jan 23, 2014 02:06
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Real estate is all about making up random numbers and hoping you somehow wildly profit from it.
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Feb 1, 2014 00:47
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my favorite thing is looking at this chart every month and deciding where we are now im thinking somewhere between "new paradigm" and "denial"
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Feb 1, 2014 01:00
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There's definite upgrade and renovation expenses associated with older housing. It's not trivial. Even if you're just talking about appliances and utilities.
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Feb 2, 2014 22:10
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Cultural Imperial posted:http://m.theglobeandmail.com/life/h...?service=mobile My god, that article and the framing are bizarre. If you read it critically, it's not about "buying poo poo they can't afford". It's about much worse off young people are than their parents. -They live in condos instead of houses because they can't afford houses -They don't have cars because they can't afford them -They have debt because they're poor and have student loans -They don't save because you can't save when you're loving broke Every one of these things can be explained by People are not making as much money as they were and essentials like housing are really loving expensive now. Yet somehow the conclusion is "oh those whacky millenials! they just love moving around and going from job to job and taking the bus because they're free spirits!" What the gently caress?
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Feb 19, 2014 01:12
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Whiteycar posted:I don't know how you can even take it as "Whacky Millenials" when the 3rd line is That's a quote and the next sentence is a snide one line "Her interpretation." qualifier from the writer. Perhaps you are one of those people that considers themselves fortunate not to be tied down by things like "job security" and "benefits".
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Feb 19, 2014 02:21
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London or New York have to be the most dystopian hell holes for any lower class person. The percent of people who graduate with a professional degree and may benefit from moving halfway around the world is so low you might as well be giving advice to people to "work harder". This is not good advice.
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Apr 4, 2014 23:22
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PT6A, stop making every thread about cheese, it's annoying as gently caress. Today's dose of schadenfreude: Condo price drop vaporizes couple’s life savings
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Apr 5, 2014 21:32
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Pixelboy posted:What policy changed in 2010? Interest rates, among other things: 
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Apr 12, 2014 16:19
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etalian posted:cheap credit is pretty much the only way to make a home price bubble "affordable" It's not the banks that would be in trouble, it's the government. The mortgages are mostly insured.
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Apr 12, 2014 18:35
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Cultural Imperial posted:Check out @BenRabidoux's Tweet: https://twitter.com/BenRabidoux/status/476747285758357504 joe oliver is not only incompetent and stupid, he's now in a position to gently caress things up in a very extreme way
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Jun 11, 2014 16:48
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Lexicon posted:But he's... right, isn't he? Assuming central bank independence (possibly a big assumption these days) and given that banks finance mortgages from the bond market - the 'government' - that is, the Dept of Finance, doesn't set interest rates or rates for mortgages. the bank of canada is a part of the government
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Jun 11, 2014 16:54
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raise interest rates
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Jun 11, 2014 17:42
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Baronjutter posted:It's sort of like how the minister of health can't barge into a hospital and start prescribing treatments. Yes the it's a government hospital and he's the minister of health but there's certain levels of independence and a "chain of command" that doesn't really see or allow this level of micro-management. I believe the BoC is the same way. Yes it's a government institution but it's supposed to be left alone so the "experts" there can do their jobs. Of course just like a health minister can't barge into a hospital and start demanding the doctors replace insulin with homeopathic sugar memory water, he could over time press enough of his own "levers" within the ministry of health that saw that result. But of course there'd be huge push-back from the doctors and hospitals which would most likely destroy the career of and unseat that minister. Once again, from what I understand, a finance minister has even less direct control over the BoC and if he was to demand something extreme or insane there would be significant pushback, but if the minister/government wants to see something happen within the BoC they absolutely do have the power to bot officially and unofficially push things in the direction they want. It's really not the same as the minister of health and their relationship with hospitals at all. Economic policy is not the same as medical science. Any minister of finance saying the government shouldn't be dictating fiscal policy is useless and should lose his job, because that's what his job is.
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Jun 11, 2014 19:20
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Lexicon posted:Except this would be monetary policy, not fiscal. whatever I really don't care if you guys are libertarians and sincerely believe the government shouldn't interfere with the market. But I hope you actually realize this is what you are arguing for.
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Jun 11, 2014 19:34
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"every realtor ive ever dealt with" = 1, one time because you are a 20 year old idiot who trolls with absurd anecdotes about your lame non existant experiences that apply to absolutely nothing
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Jun 13, 2014 18:36
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Kafka Esq. posted:I've only attended a few CivicAction meetings in Toronto, but I can tell you that the problem in Toronto isn't just "retarded" managers. It's a lack of clarity on where density will be that can guarantee that kind of farebox a profitable system needs, and it's a lack of will at upper levels of government to bite the bullet. The ttc is an amazingly efficient system for how little money it operates on. Asking why it "sucks" is like asking why a starving child is having trouble becoming a pro athlete. It's a stupid question to begin with because the answer is so obvious.
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Jun 16, 2014 20:33
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Kalenn Istarion posted:The sale of businesses during boom times and purchasing them for cheap during downturns has made governments heaps of money. See US gov't profit on TARP funds from 2008: http://m.us.wsj.com/articles/BL-WB-42000 lol the transcanada railway was "not developed by government"? Shipping industry? Banking? oil sands? mining? agricultural? Are you loving seriously claiming these industries developed privately? Do you have any loving clue how resource development and infrastructure gets built?
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Jun 17, 2014 01:26
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there are so many weird racist undertones and stupid generalizations in that "article" edit: the highlight for me was his idea for a 10 year tax vacation for small businesses (of which he is an owner) RBC fucked around with this message at 20:46 on Jun 26, 2014 |
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Jun 26, 2014 20:44
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Rime posted:Vancouver condo, valued at $370K, sells for just $1,647 — before city council cancels the sale Because it's a gross generalization about a specific race of people without any facts to paint them in a derogatory manner. That's the definition of racism. You can call it xenophobia, if you prefer.
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Jun 27, 2014 00:20
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Rime posted:I'm sure the people who leap to the defence of the Chinese have just the most wonderful things to say about First Nations as well, behind closed doors of course. What the gently caress is this? Some kind of drive by implication that because I'm against racist generalizations of "foreigners" i'm racist against first nations?
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Jun 27, 2014 15:48
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ocrumsprug posted:A buddy of mine and I used to marvel at those people. No matter how much they made it was all gone, like the proverbial welfare Wednesday spending spree. However we just concluded their role in the world was to make sure the worlds economy continued to function while allowing us to not buy a lot of crap. What's funny to me is that rich people are almost always worse at managing their money than the working poor. There's little incentive to budget when you can blow half a grand on wine in a month and still meet all your other expenses. The working poor on the other, would be hosed if they didn't know how much exactly they can spend on groceries before cutting into rent money. Many white collar professionals are essentially children that never learn to spend like adults because they've always had money in the bank.
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Jul 20, 2014 01:04
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ocrumsprug posted:Keeping rates low seems deliberate in order to devalue the loonie, and get exports moving again. The moment rates go up the canadian economy is going to start collapsing because it's a house of cards built on cheap debt. Interest rates have little effect to no effect on the value of the dollar and the BoC is basically crossing its fingers hoping other sectors of the economy will improve before they have to increase rates.
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Sep 6, 2014 21:00
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There are multiple "alternative financial organizations" that will also finance your mortgage down payment so you can effectively buy a house with 0% down.
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Sep 15, 2014 00:14
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PT6A posted:It's my understanding, based on family that I have in Berlin, that long-term tenants in Germany also have more rights with regards to making improvements to rental properties, and otherwise being reasonably free of landlord interference. Perhaps you should stop being one of the poors and join the ranks of proud homeowners. If you don't actually own the property where you live, how can you expect to have any rights?
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Oct 19, 2014 17:29
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that room is smaller than a prison cell
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Dec 14, 2014 21:56
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It's funny that literally all the problems laid out on this page are caused by capitalism and could also be solved by smashing it.
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Jan 7, 2015 06:17
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That's not unusual, you're banking on the lendee paying back the debt over a period of time, not all at once. On a micro level it's not really an issue. But when your whole population is taking on that much debt, it's a problem. It indicates a population that is not planning for the future and is over leveraged.
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Jan 9, 2015 16:26
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It's pretty diverse but any real estate crash would have a huge impact, because it's interconnected with so many industries. Construction, finance, manufacturing would all experience shocks. Demand for housing will most certainly fall when workers get laid off and salaries decline. The danger in the Toronto area specifically is that there is so much construction going on that entire projects could get cancelled mid-construction (it's happened MANY times before) and you could have huge surpluses of residential and commercial space if demand drops off. Empty buildings and building sites are really bad and lead to very long recovery times. RBC fucked around with this message at 22:43 on Jan 25, 2015 |
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Jan 25, 2015 22:39
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melon cat posted:I feel the same way. Toronto's still seen has the immigrant gateway to the country, so there will always be steady demand for Toronto housing. I think that the same thing applies to the contiguous suburbs, too. There won't be a "crash", but prices will temporarily stabilize at some point. In the early 1990s there was a real estate crash and Toronto actually suffered worse than the rest of the province. There's no reason it can't happen again. "Immigration" as a catch all to prop up demand in a falling market doesn't work. 
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Jan 26, 2015 00:19
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melon cat posted:You're missing a crucial part of that chart you referenced- even though there were corrections in the Canadian housing market, the overall trend for house prices is upward. It's the exact same trend you'd see in any stock index. You've got your peaks, valleys, but it's more-or-less upward movement. So what? I'm arguing there will be a crash. You said there wouldn't be because "toronto" and "immigrants".
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Jan 26, 2015 00:39
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This massive condo development in Toronto was just cancelled and is - get this - being replanned as rental apartments: http://www.thestar.com/business/real_estate/2015/01/27/builder-quietly-cancels-condo-complex.html According to the developers, people want to pay for actually well managed rental apartments, instead of renting a condo from a shady overseas landlord. Who would have thought? Remember when real estate developers were all crowing about how no new rentals would ever be built without condos? What a load of horse poo poo.
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Jan 28, 2015 16:24
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peter banana posted:hahahahaha, right near my home and work. It's been a hole in the ground for over 2 years now. itshappening.gif. if you really want a laugh read the urbantoronto thread: http://urbantoronto.ca/forum/showthread.php/18032-Kingsclub-Condos(1100-King-W-UrbanCorp-First-Capital-18-14-12s-Tact)/page5 which is full of the typical spoiled UT condo purchasers whining about losing money
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Jan 28, 2015 16:53
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I'm still lolling at this video linked from the ut kingsclub thread. How stupid do you have to be to buy something like this? https://www.youtube.com/watch?v=o72fK8XXkQg
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Jan 28, 2015 17:26
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Zigmidge posted:Hey thread, I don't participate because I'm not smart enough but consider this my gift to give a little back to a thread that has entertained and educated me. ? There's clearly a bathroom in those photos. That's a pretty nice place at a typical price.
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Jan 28, 2015 17:32
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The kitchen sucks for the price but with utilities included it's not as bad as it looks. I would also say the location (little portugal) is the quickest gentrifying neighbourhood in Toronto right now.
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Jan 28, 2015 17:44
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Rime posted:Cenovus cut another $700m off their capital expenditures budget. i really hope this means i wont have to sit through their lovely attempts at brainwashing before i see a movie now
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Jan 30, 2015 03:03
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