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quote:Vancouver remains the clear weak spot. The most overpriced/inflated real estate market on the planet is the achilles heel for the country? Color me shocked. I can't wait for Vancouver to emulate the titanic and plow into the bottom of the market. The metro is absolutely absurd, but it's been effecting the province at large for years now. There's no sane reason for a crackshack in Bella Coola or Fort Nelson to sell for $400,000. If you browse MLS you can't find anything for sale other than a mobile home for less than $120K.
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Mar 18, 2013 04:45
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Baronjutter posted:I'd kill for that deal. Over 2000 sqft for only 370k, that's amazing. Here that would be 600+ Fort Nelson is a community of 4000 people, in the middle of wilderness, at the extreme north of BC just below Alaska. It has no economy and relies entirely on seasonal employment in resource extraction. Average temperature in the winter is -50*C. Perspective?
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Mar 18, 2013 17:48
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ocrumsprug posted:Anyone that has lived in Vancouver has had their perspective slowly stripped away over the last decade. As I was looking at that listing, I had a small voice muttering about how they think their kitchen will get them that much. Yup, that's what I mean. The market being so insane in the GVRD has spun out to the rest of the province over the past decade, so you end up with poo poo like this. The fallout when Vancouver finally implodes is going to be stunning.
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Mar 18, 2013 18:26
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In my experience even the 50 year old shitboxes are renting north of $850/month these days, which is insane, so renting is becoming as bad as buying. My mother is on disability and it's looking like I might have to move her in with me in a few years, simply because it's becoming impossible to find a place that will rent to her which she can afford. VVVV: In suite laundry? The places I'm talking about have hot plates instead of stoves! Rime fucked around with this message at 22:36 on Mar 18, 2013 |
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Mar 18, 2013 22:27
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I love that this passes as news.
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Mar 19, 2013 00:38
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Cultural Imperial posted:If only we had a real economy that created real jobs. Vancouver is a sleepy resource backwater that up and decided that it was going to put on a show of trying to be LA or New York, in a fashion not entirely dissimilar to Dubai. The inhabitants of Vancouver are like any other city that finds itself suddenly booming: live like a king and gently caress the consequences. When the hangover finally comes and we go back to being like Prince Rupert in a decade or so, I will very much enjoy it. Assuming D-Wave or General Fusion doesn't turn Burnaby into a crater, of course.
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Mar 19, 2013 19:17
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Cultural Imperial posted:Are we even sure D-Wave isn't some kind of scam? That's so loving typical of Vancouver. D-Wave is legit, they actually have built a quantum computer. Lockheed bought it, even. General Fusion is...questionable.
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Mar 19, 2013 21:16
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Fine-able Offense posted:I was pretty much the only analytical type person at the board in any capacity who was a bear. Why am I not surprised that the Real Estate Board holds meetings at the Pumpjack. 
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Mar 20, 2013 02:43
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Can anyone here speak on the topic of how much risk the real estate bubble presents to our banking system? I'm not talking mortgages, but direct property holdings. The credit unions here seem to be bankrolling an awful lot of condo developments and it's giving me the jitters what might happen to them if the bubble were to pop...
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Mar 20, 2013 20:51
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Pinterest Mom posted:
Not that amazing, Blair was pretty big on sucking the private enterprise cock and serving up public services on a silver platter.
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Mar 21, 2013 02:06
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The topic of heritage structures in BC and the politics surrounding them could be a thread on its own, it goes waaaaay deeper than just building codes and cost. The Janion Hotel is a perfect example.
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Mar 21, 2013 20:07
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ductonius posted:Absolutely everything that has to do with cars in a city creates "no place" in a city. Parking lots are "no place". Nobody goes to the parking lot just because. Roads that can accommodate lots of traffic are "no place". Gas stations are "no place". On-ramps, off-ramps, viaducts, tunnels, bridges, used car lots, wrecking yards are all "no place for people". It's fairly ironic that this was grasped clearly by both the original city planners of Vancouver in the early 1900's, as well as the ones who struck down the freeway proposal in the 1970's, yet we're still having to explain such a basic concept to people. Surrey is a hell-hole for transit because it never had decent city planning, it grew organically block by block as farmland was swallowed up for subdivisions, which is why navigating it is now a maze. Contrast that with Vancouver, which was laid out on a rigid NSEW grid with well-planned street sizes that accounted for growth well into the future. This is a massive detour, though, so getting back on topic might be a good move.
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Mar 22, 2013 02:57
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Is there such a thing as a rental bubble, or is the TFW program going to perpetually subsidize slumlords? I'm trying to find a place in Vancouver right now and some of these fuckers are off their gourd.
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Aug 5, 2013 20:12
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I realized the other day that the Canadian market will only crash when a significant enough volume of people with those mortgages start to die, their children cannot afford to pay them alongside their own, but the market becomes saturated and sales stagnate.
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Aug 26, 2013 04:18
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Shifty Pony posted:Thanks for this link, so fun read. Considering that for most borrowers now the real consideration is not what a house is worth but instead how much they can afford to pay monthly... Inflation and interest rates returning to "normal" will really hobble the market and given how thinly traded it is that will have the potential to snowball. Before everyone and their grandfather got into the game, and the market slowed down, there were realtors in Vancouver clearing 6 figures a month on commission.
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Aug 27, 2013 05:55
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After seeing some of the ducktarded "renovations" done to my new rental by a hippy or something back in the 70's, I'm oddly glad that the barrier to entry is so high now. Means I can't buy a house, but it means idiots too stupid to breathe can't either? What am I even saying, have we really reached the MAD state in Vancouver? 
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Aug 31, 2013 14:31
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I've been eyeing up this sweet 160+ parcel in the Cariboo an hour from the nearest town. It's getting hard for me to decide if I am more interested in spending the rest of my life in the rat race of city life, renting till I drop dead at 60, or moving to the middle of bumblefuck nowhere with no jobs and no people within a days travel. At least rural parcels are starting to become affordable and less tied to lower mainland market prices, I think is the takeaway from this.
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Oct 16, 2013 22:29
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Cultural Imperial posted:I sometimes think about what it might be like to buy a huge gently caress off house in the Fraser Valley. Then I realize my neighbors would be conservative Christian white trash motherfuckers and I snap out of it. This is why my goal is to buy 150-200 acres of land elsewhere in BC, as far from civilization as I can get while still having an internet connection of reasonable quality. Unfortunately, until the market in Vancouver crashes and burns it is going to continue driving up prices everywhere in the province as it has been for over a decade. It's a waiting game, and as long as the economy in rural BC continues to go down the shitter (driving every youth of above-a-rock level intelligence to the lower mainland to seek employment), it's not a game I see myself winning. Vast swathes of this province are draining into the GVRD right now, clamoring for the opportunity to work at a loving Starbucks in order to survive. Rime fucked around with this message at 22:13 on Oct 21, 2013 |
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Oct 21, 2013 22:09
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To be fair, when you can just keep slapping up POS woodframes in endless subdivisions radiating out from the city center for hundreds of miles, you drive the cost to purchase one very low. American style, if you will.
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Oct 22, 2013 00:20
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etalian posted:Even more since Canadian household debt number also passed the worst levels of the US bubble. Suddenly being 24 and having zero debt because I opted to ignore the post-secondary degree mill idiocy is so much more appealing than it usually is. This is going to be spectacular when it goes boom. 
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Nov 21, 2013 01:57
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Rime fucked around with this message at 03:37 on Sep 8, 2022 |
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Nov 21, 2013 02:52
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Cultural Imperial posted:As far as i know, people like you working at dope rear end internet startups like hootsuite and silicon sisters make a sweet 60k/year. drat son that is way worth it over, you know, learning something substantial in an MA from a good university. Good luck winning that startup lottery with your 0.01 equity bro. SMASH THE POST-SECONDARY INDUSTRIAL COMPLEX Hootsuite and I have a funny past. I hear they got fined a half million dollars or something.  There's nothing in a masters degree that you can't learn on your own, especially with the growing prevalence of offerings such as Khan and Coursera, you just won't get a Edit: It's been a while, I forgot who I was arguing with. Forget I ever bothered. 
Rime fucked around with this message at 04:20 on Nov 21, 2013 |
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Nov 21, 2013 03:55
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Cultural Imperial posted:http://www.scmp.com/news/china/article/1354767/vancouver-benefits-influx-mainland-chinese-migrants-says-mayor They aren't, there's an estimated 300,000 Hong Kong immmigrants who stayed long enough to get citizenship and then returned home at the end of the 1990's when it became clear China wasn't going to gently caress the place. This only really becomes a concern if China DOES ever move on Hong Kong, or when most of them get elderly, because then you have nearly half a million refugees/retirees flooding back on their visas to take advantage of a universal health care system which they haven't been paying taxes into for 20+ years. It's a systemic risk.
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Nov 22, 2013 04:31
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Baronjutter posted:I don't understand how people don't even do the most basic of research. This isn't picking a printer cable brand or something, these are the biggest purchases you'll make in your life and people can't be bothered to google "condo prices after Olympics" let alone listen to people actually telling them? Christ it's up there with people who just walk onto a dealership and buy the car they thinks looks cool without reading any consumer reports or lemonaid guide or gently caress off anything. The party line shoved down everyone's throats leading up to the event was "The olympics will be good for everyone! Magic money machine! Yaaaay!", to the extent that trying to point out salient examples such as the debt hell that Salt Lake is still in nearly twenty years later got you treated like a goddamn pariah. 
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Nov 26, 2013 05:49
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How does it feel to see your inheritance being tossed into the wind?
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Nov 27, 2013 22:09
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Cultural Imperial posted:Maybe building lovely condos is really paying for all the government services that we want? Other, much better, options abound. If we turned around tomorrow and nationalized every oil company operating in Alberta, ala Norway, we'd be able to finance government services right out through the upcoming strain of dying boomers and ensure a soft landing as the population of the country settles. After all, unlike lovely condos, Oil is a finite resource that is only going to increase in price up until it goes poof.
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Nov 28, 2013 00:21
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Cultural Imperial posted:I think Krugman and Summers have a much better idea, that is to implement negative interest rates. How much cash is say, Suncor or Encana holding? Or loving Enbridge? $18 Trillion in proven reserves, based on today's list price of $111/bbl (a price which is only going to go up), and the already-in-place infrastructure to suck it out. That wouldn't finance medicare and CPP through the next thirty years of a tax base in free fall? Rime fucked around with this message at 00:47 on Nov 28, 2013 |
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Nov 28, 2013 00:45
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Anyone looked in the great white north recently? I was perusing job openings in Whitehorse and was immediately scared away by the fact that a city of 30,000 has vacancy rates somewhere between zero and "We rented that yesterday, had 500 people banging down our door!". The average house price up there is over $400,000 now, up from $150,000 in 2006. Both points are loving insane. It's an administrative center with little else driving the economy. Rime fucked around with this message at 20:34 on Dec 5, 2013 |
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Dec 5, 2013 20:30
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Kafka Esq. posted:I don't know if it's on the same level as a Toronto-style pay-for-it-with-debt bubble. Rural prices are your best indicator of whether the entire market has gone off the rails, rather than this being a mere metropolitan bubble. Take BC for example, the lower mainland has been so inflated for so long that there are homes in literal ghost towns selling for over $100k. This isn't isolated, browse MLS and look at how much people are flogging 70's era bungalows in dying company towns for in this province. The situation in the Yukon is demonstrating that our markets are pretty sick.
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Dec 5, 2013 23:36
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HookShot posted:Also Iceland is now in another major bubble. When I was there in 2012 it was really big news that once again prices were rising to unsustainable levels, and they were actually quite worried about it since they saw what had happened the last time a bubble burst, which had been literally four years earlier I would hazard that, since the people responsible for the previous bubble are neither dead nor in prison and for the most part still in their former jobs, if this is a surprise to anyone they may be too stupid to live.
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Dec 9, 2013 22:26
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Can someone enlighten me: if a parent dies with $750k outstanding on their $800k mortgage, what happens to the house? Can it be willed to the child, forcing them to take on the mortgage or sell it? Does the bank repossess it and put a lien on the remainder of the estate? I'm interested in what's going to happen to the market when all these over-leveraged boomers start dying off soonish.
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Dec 10, 2013 20:46
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Cultural Imperial posted:To wit regarding Perkins' impartiality :  Anyone who looks at that graph and doesn't feel themselves pucker up should have their head examined.
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Dec 11, 2013 21:27
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Page 45 of this thread, Etalian posted it. It's got a little watermark for "BCA Research 2013", but that's about as far as my context goes. Edit: Source seems to be Business Insider, generated by BCA: http://www.businessinsider.com/3-charts-that-make-us-scared-for-canada-2013-10 Rime fucked around with this message at 21:54 on Dec 11, 2013 |
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Dec 11, 2013 21:45
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Full text of the Deutsch Bank article: http://www.theglobeandmail.com/repo...rticle15878166/ They're calling 60% overvalued, goddamn. 
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Dec 12, 2013 18:34
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Good Riddance, TD has gone to absolute garbage in the past twelve years.
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Dec 19, 2013 06:14
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- Multiple calls per month aggressively trying to sell me on a 3rd credit card or to raise the rates on my current card. - Tellers act like a robot and every interaction ends with them pleading with me to fill out the telephone survey that will be coming shortly afterwards lest they be fired. - Every time I use a teller they try and get me to switch to a different plan with higher monthly rates, or some investment scheme. That's the poo poo which annoys me the most, but really, the service has been crap and the aggressive sales tactics have almost convinced me to switch everything except my E-series funds over to a credit union.
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Dec 19, 2013 19:43
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EvilJoven posted:In other news, for 400K you can own a 1 bedroom townhome in luxurious Winnipeg. The 2 bedroom is just over half a million! What a steal! You can get a 5 bedroom farmhouse on 150 acres of mixed land and forest with a river running through it about 30 minutes outside of Winnepeg for less than $200k. If you're buying a condo instead of that, you're pants on head retarded.
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Dec 24, 2013 07:50
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etalian posted:
British Columbia is not a place well known for "learning from past mistakes".
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Jan 4, 2014 07:03
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House I'm renting over on Victoria dropped by $28k, but again it's one of those "House is worth $50k, land is 'worth' $773k" situations. Frankly I'm amazed the house is assessed at that, it's a victorian deathtrap that we're shocked hasn't been condemned yet. The second floor is visibly collapsing into the living room. VVVV: The lease is till August and it's dirt cheap for an entire victorian mansion with mahogany trim on everything? Rime fucked around with this message at 02:19 on Jan 5, 2014 |
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Jan 4, 2014 21:35
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Honest question: When housing inevitably collapses, wiping out vast swathes of the economy, and something comes up to cool Chinese consumption of our resources, we're basically going to turn into Russia aren't we.
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Jan 6, 2014 20:43
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