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Cultural Imperial posted:"the other shoe has dropped"
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# ¿ May 16, 2013 00:14 |
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# ¿ May 21, 2024 14:52 |
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Cultural Imperial posted:Yes I do actually. My judgement is based upon the broad generalization that most Vancouverites are carrying too much debt. We know this because of: That said, being over-leveraged is a problem but you can't blame the debtors - the problem is that the interest rates are being held artificially low by multiple parties which creates bubbles. But as usual, corruption and greed drives short term decisions with long term consequences. cowofwar fucked around with this message at 23:20 on Aug 22, 2013 |
# ¿ Aug 22, 2013 23:17 |
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Albino Squirrel posted:Welp, the end is nigh.
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# ¿ Aug 23, 2013 03:24 |
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If you're just comparing rent payments to mortgage payments the. You're missing a lot of additional costs associated with home ownership.
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# ¿ Oct 19, 2013 15:16 |
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It would be nice if Canada actually collected better data more thoroughly about a lot of things. But thanks to the non-evidence based decision making of the government this is unlikely to happen. So enjoy the heresay and speculation from unregulated and self-regulated markets.Cultural Imperial posted:http://www.theglobeandmail.com/report-on-business/bank-of-canada-rate-stance-could-have-adverse-effect-on-housing-market/article15032903/
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# ¿ Oct 24, 2013 23:23 |
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Cultural Imperial posted:Sorry. Don't give a gently caress. All of these people need a strict lesson in the consequences of being greedy and financially irresponsible.
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# ¿ Oct 26, 2013 16:05 |
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Cultural Imperial posted:It would be really interesting to find out how the tories came up with the idea to shift the housing industry into overdrive after the 2008 lehman collapse.
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# ¿ Oct 30, 2013 00:11 |
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PT6A posted:Yeah, they cut a regressive tax. Those bastards! As you said a responsible government that was concerned about it being regressive would adjust other revenue streams to make it revenue neutral. They just cut it because they knew it would buy votes. cowofwar fucked around with this message at 12:14 on Oct 30, 2013 |
# ¿ Oct 30, 2013 12:11 |
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ocrumsprug posted:Yeah, but this is countered by the BMO.
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# ¿ Oct 30, 2013 21:07 |
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We have one full bathroom and a half bathroom on the main floor. I am good with that number, I don't have the desire to clean more bathrooms than that. Nevermind seven.
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# ¿ Oct 30, 2013 23:37 |
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Relative to cities outside of Canada the transit in Vancouver sucks, but within Canada it's one of the best. The westcoast express is great and the skytrain is pretty good with three lines . Bus system sucks hard.
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# ¿ Nov 1, 2013 03:32 |
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Buying a house in Alberta is basically the same as giving up on life.
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# ¿ Nov 21, 2013 01:45 |
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If someone wants me to take a 6 year car finance at 0% I'll take it. And I could afford to pay in cash.
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# ¿ Nov 22, 2013 21:13 |
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The only thing keeping a lot of small town BC towns alive is money from weed cultivation.
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# ¿ Nov 23, 2013 23:44 |
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Whatever, it's probably all fake anyways. Canadian newspapers are all trash or right-wing rags.
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# ¿ Nov 24, 2013 23:39 |
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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.
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# ¿ Nov 25, 2013 19:49 |
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Xoidanor posted:What is even an "illegal nightly rental"? Maybe it's because I'm living in a country where zoning isn't the fundamental aspect of urban planning but I have no idea what the article is even talking about.
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# ¿ Nov 30, 2013 18:21 |
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If the BoC or government states on record that there is a bubble everyone will rush to sell and it will encourage a crash. Denial always precedes bubbles.
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# ¿ Dec 13, 2013 01:24 |
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RBC posted: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. It should be regulated but the developers have the local government by the balls and the federal government relies on the housing boom to keep poo poo from getting retarded before 2015.
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# ¿ Jan 12, 2014 05:25 |
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PhilippAchtel posted:Is a 30 year fixed rate mortgage not an option? Aren't they the standard in the US?
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# ¿ Jan 18, 2014 16:35 |
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sitchensis posted:Toronto leads North America in
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# ¿ Jan 21, 2014 19:27 |
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I think Canadian banks actually are very large and have lots of international exposure.
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# ¿ Jan 23, 2014 06:11 |
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Yeah. When I travel on business I hate having to pay with cash because half the time I get no receipt and the other half I get some bullshit chicken scratch business card receipt thing. Hell for expensing.
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# ¿ Jan 26, 2014 21:51 |
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LemonDrizzle posted:Is there really no governmental database of housing transactions and prices in Canada?
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# ¿ Jan 31, 2014 02:46 |
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Lexicon posted:Well we do have the regulation that says "only a chap blessed by the real estate board may sell your house" so there's that at least.
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# ¿ Jan 31, 2014 03:09 |
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etalian posted:Yup there's no such thing as a bubble that can go on forever despite all the optimism from the people like realtors.
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# ¿ Feb 1, 2014 20:37 |
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Condo towers are in development for a long time so they can lose money by not finishing the project even if the market is turning against them. But that said, developers use investor money to build the towers. As long as the investors continue to give them money to build they will build. Once built and sold the developers and investors get their return and the developers are off the hook in a year.
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# ¿ Feb 1, 2014 23:35 |
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US is currently our largest export destination but the trends are that US consumption and Chinese consumption is increasing so it's possible and quite likely that their positions will switch over the next decade . That's why the CPC government is so gung-ho (hah) on the Chinese.
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# ¿ Feb 2, 2014 07:08 |
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The insane rush to get on to the "property ladder" before they miss out is pretty much proof of a bubble. They are agreeing with you but too dumb to realize it.
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# ¿ Feb 3, 2014 22:32 |
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FoE posted:Maybe you guys can give me some advice. I own a 3 bedroom semi-detached in the Ottawa South Neighborhood. We bought at $212k and could probably get around $270k right now. We owe $155k on the mortgage and that's the only debt we have. We love the area, my wife has a 5 minute walk to work, and I have a 15 minute bike ride in the summer. Problem is we have a third child on the way, and he's going to want his own bedroom sometime in the next few years. How should a popping bubble change our timing on buying a new house? We aren't interested in moving too far from where we are now so I expect any price changes in either direction will hit both our house and the house we wish to be. Any sage advice? But if you are happy where you are why not just get bunk beds and stick there for a few more years?
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# ¿ Feb 5, 2014 15:58 |
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jet sanchEz posted:I'd guess around $300K or so. He can actually afford the house and the neighbourhood is full of professionals who can afford to be there which was also an attractive quality of the neighbourhood, according to my friend. When I walk around my neighbourhood of Roncesvalles, I keep thinking about how crazy the prices of houses are here and that there will be a lot of for sale signs once the interest rates start to go up. It's not the poor people who can't get credit that bring the average personal debt up to 160%. It's the white collar workers paying huge mortgages and carrying 200-300% personal debt levels.
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# ¿ Mar 6, 2014 22:46 |
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A house isn't an asset until you own it and you don't own it until the mortgage is paid off.
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# ¿ Mar 7, 2014 01:58 |
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Defaults happen at the end of a bubble just before poo poo hits the fan. It's not a useful metric because once they start happening it's too late.
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# ¿ Apr 10, 2014 18:24 |
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Bubbles need a crisis to pop and thankfully Canada is a bit more insulated to crises due to our social welfare systems. The obvious elephant is increasing interest rates but BoC can hold that down. So we may see slowing growth and eventual stagnation in the best case. Worst case 1 is that the bubble is further inflated. Worst case 2 is that an unseen crisis causes rates to rise, unemployment to rise, resource demand to decrease, etc. Anything that puts financial strain on all those people barely making payments which will result in people flooding the market with properties or defaulting. The absolute worst case is speculators getting spooked. If enough people get scared and try to sell their condo "investments" it will start a run on the "condo bank" with the most solvent holding on to their worthless condos long term and the least solvent forced out of their positions. This is why all the banks, media and agents are overly optimistic. They know once sentiment turns it will be a cluster-gently caress given the number of condos that are sitting empty as "investment" properties. Smart money is probably already making its way out or already gone leaving average Joe holding the bag. The time to get out was when the international stories about the housing bubble started getting exposure which coincided with the banks adjusting their tone slightly. They are buying time to remove themselves from the market but keeping the spin alive so that someone is willing to buy their bag of magic beans. Same thing that the big investment brokers on wall street do - tell their investors one thing and release reports to the public saying another. Pump and dump. cowofwar fucked around with this message at 21:48 on Apr 16, 2014 |
# ¿ Apr 16, 2014 21:41 |
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Wages haven't stagnated, they have in fact decreased over time.
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# ¿ Apr 17, 2014 21:52 |
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I moved from Vancouver to Hamilton and it is pretty nice here. It has a bad rap but once you get familiar with it, it is nice. Just avoid the suburbs and stay in west hamilton proper.
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# ¿ Apr 25, 2014 04:51 |
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Realtors are commission based salespeople. Anyone expecting them to be impartial is an idiot.
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# ¿ May 8, 2014 00:51 |
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This thread is getting really terrible.
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# ¿ Jun 28, 2014 05:22 |
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We like to check out open houses and I always have an eye for the kitchens given that we cook and bake from scratch every day. Good knives and a gas range is right. Fancy pots and pans are bullshit. They tend to be very heavy and full of dumb poo poo like copper. No professionals use these - just basic frying pans and pots. The heavy ones defeat the purpose of a gas range which is fine temperature control. Anyways, lots of renovated kitchens look pretty but are completely impractical. You can tell they were designed and planned by people who don't use their kitchen. Useless islands full of poo poo in the direction path between fridge, sink, range. No counter space. Appliances everywhere.
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# ¿ Jul 2, 2014 06:10 |
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# ¿ May 21, 2024 14:52 |
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Persona non grata posted:Hey, I have a friend who's a lazy low-info leftist, and obviously I know lots about finance and economics, but could you help me explain to him the obvious solution to the Canadian Housing Bubble that I'm missing? Also, if some of the experts in this thread could post their predictions for how the bubble will come apart I would appreciate it. I know with absolute certainty there won't be a soft landing, only and idiot would think that, but I'd like to compare notes on the inevitable future. Although to be fair when the bubble is big enough even the appearance of a soft landing can cause a crisis through positive feedback. The more financially savvy and more liquid investors will cash out when they smell the downturn, with more following suit until the over-leveraged masses catch on at which point it will implode as peoples' positions get squeezed.
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# ¿ Jul 10, 2014 00:00 |