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Pixelboy posted:Oh dear god. I love how they managed to put a positive spin on "we're building as many houses as we used to, except now no one is buying them!" Very smoothly done, it's almost like the article is paid reporting, And comparing Ottawa to NYC 
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Feb 21, 2014 13:43
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You should absolutely stockpile Coors in apocalypse prep. Once civilization collapses and there are no thermometers available, you'll be glad your beer is in temperature-indicating cans!
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Feb 26, 2014 18:46
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Rime posted:Yes, because you're hold $1000 worth of debt regardless of your net worth? I mean, the average they use is $41,000 in Vancouver, it's unlikely that many people have $50,000 in savings on top of that debt (and if they do they need to go take some basic math classes Heh, there are car loans out there that have lower interest rates than saving accounts.
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Feb 26, 2014 22:02
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Kafka Esq. posted:Probably a refusal to insure new five percent down mortgages popping up as bond yields lower. That'd be a totally smart thing for them to do. Can't wait to see what it does to house prices.
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Feb 26, 2014 22:46
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Cultural Imperial posted:sigh That shed is almost 900k?  I knew BC real estate was insane, but this is way beyond what I thought.
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Feb 27, 2014 00:16
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Brannock posted:$1 million (left to be paid) per mortage and all of that money being instantly absorbed by the CMHC rather than prorated. Them's some big mortgages there.
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Feb 27, 2014 22:50
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Hey the bank pre-approved me for 500k, there's no reason I shouldn't use this money! True story, a couple of friends who make about 80k together, already have a car loan, consumer debt in the five figures and a baby on the way got pre-approved for something ridiculous like 500k. They were reasonable and only spent ~250 on the house.
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Mar 5, 2014 21:10
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Desjardin's website calculator says I can go ahead and buy a 267k house with 25 down, no big deal.
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Mar 5, 2014 21:59
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Corrupt Cypher posted:That's a fun one to play with. The difference between a 3% and 5% interest rate equated to $40,000(180-225ish). It actually looked fairly reasonable to me. 60k annual salary with a 25k downpayment suggested between $180,000 and $220,000. Also really neat to see mortgage insurance ends up costing you almost $25k over the course of the purchase. Yeah it's a lot of fun to play with, but it still goes higher than I'd feel comfortable buying. 260k house on 61k/year seems a bit of a stretch to me. http://desjardins.com/ca/tools/value-home/index.jsp for reference.
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Mar 6, 2014 01:09
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Lexicon posted:Quite aside from all things housing, if this passes for competent analysis at one of the world's foremost banking institutions, we are all well and truly hosed. This is far, far from the worst analytic methodology I've seen this month.
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Mar 12, 2014 18:09
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Gonna quote this:WHERE MY HAT IS AT posted:I have a real estate law question, located in Ontario, Canada if that helps.
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Mar 14, 2014 18:37
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An important thing to remember when discussing china is that the government will go to great length to keep people employed - people with jobs don't have as much time to revolt. The Chinese government basically hosed the worldwide tanker market last year because their shipyards were slowing down and starting to layoff people. China's gonna delay the crash as long as they can artificially, but when it does go down... It's going to be a disaster of epic proportion.
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Mar 16, 2014 12:26
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Also people who've never had to share a bathroom with neighbors since the first year of college. poo poo sucks.
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Mar 18, 2014 20:12
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Rick Rickshaw posted:On the other side of the coin here folks, you can't live in your stocks. In a lot of situations, buying a house still doesn't make sense if you compare it to renting. And most of the people that are going to default on their houses didn't just buy it to have a place to live.
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Mar 22, 2014 16:25
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Cultural Imperial posted:http://www.biv.com/article/20140324/BIV0111/140329980/vancouver-8217-s-housing-market-strongly-dependent-on-chinese Well, this confirms my opinion of the Conference Board and think tanks in general. Are there still really people in 2014 who still expect China to grow indefinitely?
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Mar 24, 2014 17:33
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Saltin posted:House went up for sale in my neighbourhood in Toronto this week. Along the Danforth, walking distance to subway, 5 stops to Yonge and Bloor. Semi, 17.5 by 100 foot lot. Tiny place. I bought my house in 2003 for $320k and it's much bigger. This house is listed at just shy of $800k and they are going to get it. shrike82 posted:You should sell your place, move into a rental, and buy when the market implodes. Seriously, if someone is willing to give you twice and more what you paid, sell.
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Mar 25, 2014 15:03
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Saltin posted:Really tempted, I know it makes a lot of sense. There's a confluence of things going on when I think about it - I like my place, I will be mortgage free shortly, my daughter has friends at all our neighbours. Conversely, pocketing 650-700k would be pretty drat sweet. Use less than 2% of that money to buy your daughter a car, then she'll be able to visit her friends.
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Mar 25, 2014 15:18
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A broker spends all his time researching mortgages and applying for them, while you might do so once or twice in your life. He'll have relationships with the lenders he work with, so he can bypass some of the initial screenings. They'll also know if there's any quirks in the systems, peculiarities of a given lenders and whatever. Much like any brokers, really, you're hiring them for the expertise and their network. I assume that much like any other kind of brokers, there are good ones and there are bad ones. From the lender side, it's a form of customer acquisition outsourcing, I guess.
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Mar 31, 2014 15:39
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Lexicon posted:I guess I fundamentally don't understand why the involvement of your broker altered the bank's willingness to lend given your otherwise-unchanged situation, as they don't change you as a 'risk' nor bear any of the risk. The broker doesn't necessarily go to the same bank; he knows which ones would be willing to lend to a given customer. Instead of having to call every single loan officer at every single potential lender, you hire someone who's already done that legwork, or at least has an idea of how it goes. Plus the broker'd know how to present the application to the bank, as opposed to Joe McDoodle who's just fumbling around filling out paperwork with a crayon.
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Mar 31, 2014 16:31
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Lexicon posted:I believe you - but this seems absolutely bonkers! I think you're vastly underestimating the value of market knowledge and existing business relationships. It's not like shopping for plane tickets on Expedia; the market is a lot more opaque and there are people at many points with the power to just nix your whole file because they've got a bad gut feeling. If the market was 100% rational, open and transparent, we wouldn't need brokers. But that's not going to happen.
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Mar 31, 2014 17:03
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Lexicon posted:Yeah, fair point. That's probably my error - in my mind it should be like shopping for plane tickets on Expedia (but with less room for preferences to creep in, as airlines are different but money is not - blah blah blah). The money is the same, the terms are different. Plus the bank is also shopping for customers. Air Canada doesn't give a poo poo if you or your broke deadbeat cousin is booking a flight. The bank cares, and they can afford to be selective in who they lend money to. FrozenVent fucked around with this message at 17:15 on Mar 31, 2014 |
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Mar 31, 2014 17:12
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Having 60-70% of your net worth tied up in a single not especially liquid asset is the very epitome of sound financial planning and wealth management IMO. [/quote] I'm also not sure how ROI on housing is tax free...
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Apr 2, 2014 16:32
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Cultural Imperial posted:The economic and career opportunities that will be afforded to you in cities like NYC or London are stunning. If you have an undergraduate degree, you can't throw a brick in London without hitting a decent job. What. Do you have anything to support that, because seriously, what?
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Apr 4, 2014 20:52
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Cultural Imperial posted:I only have anecdotal evidence: I only have anecdotal evidence, but everyone I know in Canada is either employed, in school or retired.
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Apr 4, 2014 21:06
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Baronjutter posted:My wife has a few years insurance experience, probably the most career-like experience in our family. She might be able to get something I guess? Lloyd's of London. It's in London, dude. I've got the kind of qualifications where I can pick up the phone and be working overseas in three weeks, and I think the whole "run away before the economy collapse!" line of thinking is completely irrealist. As Baronjutter said, most people don't have that kind of portability of skills. Given half a decade to prepare, yeah, it's probably doable to move to a non-lovely country for your average joe. As a reactive response to economic changes? gently caress no. As to why I'm not working overseas? I can make better money here, with better conditions. We're not a real economy, though, somehow?
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Apr 4, 2014 21:23
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Edit - NM
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Apr 4, 2014 22:58
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The part I find the most unbelievable is that they're they're just giving their friend a $600 freebie on the condo. Every month. Regarding the analysis - I don't know how tenant-friendly BC is, but having a tenant at $600 below the market would be a pretty big disincentive to an investment buyer, wouldn't it? And a buyer who intends to occupy wouldn't care whether if there was a renter. I agree that they should sell the place and cut their losses, but that point just seemed a bit weird.
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Apr 5, 2014 22:35
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Wish I'd taken a picture, but last fall there was a Duproprio for sale sign on the corner of a cul-de-sac for a house inside, and for whatever reason they had the asking price written on the sign. Then they'd changed an 8 into a 3. Then they crossed the price out and wrote another one in marker. The sign went away around the first snowstorm, I don't know if the house was sold or the sign just got knocked over.
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Apr 5, 2014 23:11
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HookShot posted:How long does cheese from Europe last at room temperature if I were to smuggle cheap cheese back to Canada? It'd be smushy before CBSA and CFIA let you out of the little windowless room at the airport.
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Apr 9, 2014 03:39
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Cultural Imperial posted:http://www.cbc.ca/news/canada/british-columbia/serial-bad-tenants-leave-b-c-landlords-in-the-lurch-1.2603174 Sounds like a bunch of people bought investment properties with no idea of the pitfalls. "Deadbeat renters are a thing? Really? Why didn't my real estate agent tell me this!"
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Apr 9, 2014 15:51
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ocrumsprug posted:Buying apartment buildings with appropriate CAP rates and working as a landlord can be completely worthwhile, otherwise you wouldn't see REITs and property management companies doing it and making super consistent profits. Exactly - rental income makes sense in multi-unit building; single family homes and condos (Especially condos) are a stupid choice. Of course if you own an apartment block, it's going to be more work than owning a single condo, so the lazy landlord "Free money" types don't get involved in that. A few years back I considered buying a triplex, renting one unit to my father for cheap (He's handy with maintenance), living in one and renting out the other. I think that would have worked out ok; if I'd needed to move out of town I'd have let my father handle the building and rented the last unit out. Then I realized that triplexes in my area were up to $450 000 each, and even my real estate agent friend went .
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Apr 9, 2014 19:48
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Unless the strata did some hardcore long term planning and stuck to it, maintenance cost will increase according to maintenance needed, which is a function of wear and tear and aging, which is a function of the age of the building, the use it's seeing and environmental conditions. Inflation's basically the one factor you can rely on for planning purposes; the slow creep upward beyond that is probably because someone on the board is realizing that there's a maintenance / repair shitstorm coming, but the rest of the board is keeping them from charging what they actually need to charge. Does your building have balconies? When were they last replaced? God forbid, did you buy into a condo with a pool? When people say that rent is a maximum and a mortgage is a minimum, they aren't kidding. gently caress maintenance.
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Apr 27, 2014 05:09
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etalian posted:The best thing is the glass wall windows since they are really expensive to replace after 20-25 years, not to mention probably being very maintenance intensive Rooftop pools are my favorite. It's like a literal sword of Damocles, with the added possibility of mold.
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Apr 27, 2014 05:25
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Isn't K&T wiring something you HAVE to disclose by law? You'd think "it's perfectly safe but you might have a hard time getting insurance and have to redo the whole electrical in a bit!" Would drag the price down.
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Apr 30, 2014 12:54
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Who'd be dumb enough to lie to the CRA to tell them their income is higher than it actually is, though?
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May 4, 2014 02:01
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more friedman units posted:The obvious question is the average square footage per room. Yeah, seriously. That doesn't speak so much to the housing market as to how houses are designed in different country. It'd make sense that colder places would have smaller rooms.
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May 4, 2014 21:10
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Wasting posted:It's amazing how people ignore the effects of that 5% down, 40 year mortgage boost. RE was crashing in Canada, around the same time as the US, and Flaherty goosed the market. The bubble outlived him, he died happy.
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May 5, 2014 02:55
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I got a good feeling about next fall. Maybe the government'll prop it up until after the next election though.
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May 8, 2014 17:16
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If you can predict when a bubble will burst, you can predict when it will peak. If you don't know how to turn that knowledge into a shitton of money, I don't know what to tell you.
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May 9, 2014 02:47
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I love it when municipalities try to strong arm Canadian railroads. It's like they've never looked at a federal law in their lives 
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May 9, 2014 12:17
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