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Seems both the Canadian threads have been derailed with BC chat. One question I would like to pose is if there was any study done to see what % of consumer spending has increased due to increase in consumer debt and how that would affect our GDP if we got back to theoretical ideal savings. Right now pretty much everyone I know is living paycheque to paycheque and either house poor or close to it. Visas and credit lines have become these people's safety nets when they weren't set up for that. How do we correct this when it seems most of society sees this as normal and sees spending close to 5 or 8 times your annual income on a house "the thing to do"?
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Mar 20, 2013 04:06
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So let's assume the market correction is going to happen sometime within the next 2 years. What happens? Does the conservative government try it's hardest to keep everything afloat until the 2015 election? Do they just drop the mic and say Im out, Justin deal with this poo poo? How do the banks react? It's not in their best interest to flood the market with foreclosed inventory. Do you get a US situation where you have swathes of housing stock on a shadow list? I am just trying to play out any situation in my head where I can actually afford the nicer quality houses that my relative income level should have afforded me 10 to 15 years ago and right now all I can see is a perfect poo poo show 5 to 10 years down the line. Things take a hard bounce and the tail end of the baby boomers retirements and HELOCs just get wiped out and their forced to work through their supposed retirement age. Edit: whelp our long national nightmare is just beginning. apatheticman fucked around with this message at 03:52 on Aug 13, 2013 |
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Aug 13, 2013 03:06
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Sassafras posted:For all that people laugh at that site, I have friends who very successfully rent out places they furnished for ~1000 bucks on there for 600-800 per month above what would otherwise be market rent. If nobody used it, would it exist? I'll just continue to assume it is a place for whores to rent for incalls.
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Aug 14, 2013 04:23
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Blade_of_tyshalle posted:Wait, 0% down? Does that actually mean you don't have to put a downpayment on a house to get a mortgage for it? Please tell me I'm mistaken, because that sounds totally nuts. Its what my sister in law has. Then she likes to hold it over our heads that she has a house and we don't.
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Aug 23, 2013 18:41
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Talk me out of this bullshit. We've been having problems with our rented apartment for a while. Our building was impacted with the Calgary flood and our parking wont be ready until like Mid October - November. We got some loving annoying mechanical vibrations coming from pipes and our neighbours across the hall have a newborn that spends more time crying than not crying. My landlord wont reduce my rent for failure to provide services spelled out on the lease (parking, storage) but will let me break the lease when I want. This poo poo place is making me really want to look at houses, I keep justifying to myself I'll buy within my budget and ride out the "crash" with a 7 to 10 year fixed term mortgage at like 4% (I already have 3 or 4 brokers lined up willing to cut me that rate). VVV I'm one of the lucky people with a defined benefit retirement plan. Spreadsheet is being made. Oh god... apatheticman fucked around with this message at 03:24 on Aug 29, 2013 |
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Aug 29, 2013 03:08
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Cultural Imperial posted:I think it's great that stratas are banning renters. This should help bring down prices as they're reducing investment yield to zero. With more building policies like this, you wouldn't need to introduce nonsense policies to limit foreign ownership. I wish it was an all or nothing type thing. Right now its such a pain in the rear end to be a tenant in a place with a Condo Board. Everything is delayed by 12-24 hours due to conversations having to flow through the "landlord". Right now they are instituting a 30 day prebooking (ie cant book 28 days from your move out date) for elevators plus a 150 fee for 3 hours of booking of elevator time. Registration of tenants is another 300 bucks. I am sure most of it is breaking some discriminatory law but no one is complaining and seems to take it as par for the course. Either you let renters rent and deal with them on a case by case basis and treat them the same or just don't and don't pussy foot around the subject by making up some clearly targeted condo laws.
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Oct 14, 2013 03:12
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Mr. Wynand posted:Having said all that though, I am also starting to question whether a pricing collapse really would be that devastating compared to the ongoing economic damage cause by having so much of potential spending be swallowed up by mortgage payments. It's not. Look at consumer debt levels.
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Oct 14, 2013 23:08
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spacemost posted:So to confirm, the thinking is that thousands of wealthy Chinese tourists are going to visit this hotel in Nanaimo, fall in love with the city, and then buy up all the real estate? The Nanaimo bars have done all their good will and marketing for them!
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Nov 4, 2013 19:56
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Oh god I bought.... In Calgary, rent situation is still hosed, super hosed if you have pets. At least I locked in my rate for 7 years? We bought an infill in an area of the city that seems to be in the process of being redeveloped (shacks turning into 2 million dollar 4 plexes) 4 bedroom 4 bathroom with renting the basement the place is going to be less than 2100 a month which is far less than we would pay renting a place of the same quality. Still get to customize some aspects so trying not to go crazy on that, everyone I've told seems to cream themselves on the idea of the resale value. apatheticman fucked around with this message at 04:45 on Nov 5, 2013 |
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Nov 5, 2013 04:20
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etalian posted:Did you get a intentional or unintentional waterfront property? I think the only problem right now would be the amount of hobo urination that flooded into my property not the rivers.
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Nov 5, 2013 04:53
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Demon_Corsair posted:Where about, and how much are you renting the basement for? Montgomery and around 800 to 900 + utilities.
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Nov 5, 2013 19:53
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etalian posted:Also the whole amortization table is another good one about "throwing" money away, the first few years of mortgage payments are mainly interest handed over to the bank. Keep in mind the NY times site may be including some US only tax breaks.
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Nov 17, 2013 23:54
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Lexicon posted:Sorry, what's the reason the tech industry in Vancouver is a joke? I mean, it is, but I've read your response three times now and can't begin to parse the logic. Brain drain. Tech industry in Canada is being bled dry because the US has the money and resources to draw the top tier talent.
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Nov 21, 2013 05:28
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Cultural Imperial posted:Calgary Cabbies are quite good in my experience. I was waiting for a taxi in front of a hotel in Toronto. 2 cabs pull up at the same time both into the unloading section. One customer gets out says thanks, the other is taking a bit, I could see some wild hand gestures going on. The customer gets out and says something to the effect of "Call the loving cops then Im trying pay you!" He wouldn't take credit cards only cash. The other driver was from the same company and started chewing the non-credit driver out. I see my co-workers showing up so I stop paying attention for about 2 minutes. Turn my head back and there into a full of fist fight. The valet dude was so pissed off he made the driver of our taxi (same company again) give us a free ride. 3 months later the auditors question us on why we submitted a taxi receipt with just the airport fee (or something like it) The only reason a driver wants cash only is because he wants it off the books.
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Jan 26, 2014 21:50
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ocrumsprug posted:The PM of Canada has some reassuring words for us all. Stephen Harper uttered these words in 2008 posted:While it has slowed down considerably, and while there remains this considerable instability, the American economy has not crashed, has not itself entered into recession.
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Jan 28, 2014 01:31
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etalian posted:So does Canada at least have insurance for bank deposits similar to the US FDIC? CDIC covers 100 K in checking/savings and GIC's
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Feb 2, 2014 07:53
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RBC posted:My god, that article and the framing are bizarre. I don't know how you can even take it as "Whacky Millenials" when the 3rd line is quote:“They will be the first generation that is not going to be better off than their parents were,” says Melanie Reuter, director of research for the Real Estate Investment Network. Kind of sets the tone as here how they are coping with it.
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Feb 19, 2014 02:11
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Cultural Imperial posted:https://www.youtube.com/watch?v=YW3h4wv8_ko https://www.youtube.com/watch?v=HUSjMnmS5lI Slightly better version, that one has weird cropping
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Mar 10, 2014 00:29
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Wasting posted:
I work with a lot of wealthy individuals (same salary range you are speaking of). Accountants mostly, I get the same spiels, however there is a ting of class warfare in there. They basically hate the people the rent to, hate the imposition of being a "landlord" yet continue to extol its virtues. I usually smile and nod and just be like you know what its not for me, but it really is almost cult like.
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Mar 28, 2014 01:35
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Lexicon posted:Who is this joker anyway? He seems to get mentioned a lot. Just an overly successful realtor? He's the physical manifestation of Canada's hubris regarding housing.
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Apr 2, 2014 05:20
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Cultural Imperial posted:Hey all you rentailures. Check out this spreadsheet from real life failure Rob Carrick on housing affordability. I think some of Lambs cronies are on the case quote:
quote:
Yeah.. that horrible financial advice of hey maybe look at the percentage of income this is going to cost you and see how much wiggle room you have.
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Apr 3, 2014 00:47
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Cultural Imperial posted:We need to protect our property owners from the scourge of renters bro. Bring the "Lord" back to landlord. In the ruling sense not the Jesus sense
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Apr 9, 2014 16:10
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Throatwarbler posted:I guess it's because I'm from Alberta and all I see everywhere are Ontarian migrant workers but "rich Ontarians" just sounds so bizzare to me. What the gently caress does anyone even do in Ontario, other than shoddily assembling Dodge Caravans? Surely not much since it seems like half of them are in Alberta anyway. Bay street?
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Apr 22, 2014 02:21
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The way to get hosed from both ends is to rent in a condo building. Your landlord is most likely absentee and a majority of the time the Condo board is making rules to actively dissuade renters. It cost me $500 to move out and unfortunately the landlord had the law on his side because the lease incorporates all new condo rules/fees.
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Apr 26, 2014 18:54
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on the left posted:Real estate is an investment. However, you invest based on cashflow generated, not capital appreciation. If you have a chance to get 5% rental yield after all is said and done, go out and buy as many houses as you can afford. If you are speculating that house prices will increase 20% and you can lever that into an 80% return, you deserve to lose your money. Not to mention the first thing they teach you in investment class is diversification. One of the women I used to work with had no stocks, mutual funds, or any other investmetn besides rental properties. She pushed hard on it, "why dont you get into it?" Shes about 10 years away from retirement, or 30 years.
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May 15, 2014 01:28
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PT6A posted:The floods certainly didn't help matters, but there's also massive migration. Even with massive, ill-advised and poorly planned new communities springing up in the middle of Buttfuck Nowhere, the population growth is a major problem to contend with. Rental vacancies are basically nil, and unless you have a major factor in your favour, you aren't going to find a good place in a decent location for anything close to affordable. This was part of the reason we bought, it wasn't necessarily that the vacancy rate was as bad as it was (its been poo poo for a while) but the perception is that it was worse allowed rental owners to increase rent and become way more stringent than normal. As bad as it is trying to find something close to affordable in a decent location try doing it with a pet.
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Jun 18, 2014 13:32
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Rime posted:I work in one of those glass office towers by the VAG and as soon as the air con gets turned off in the building at 5:30, it starts to turn into an oven. I've left a chocolate bar overnight and come back to find it a lake the next morning. Fruit ripens and explodes in the same timeframe. You think it'd be more energy efficient to keep it running rather then having the HVAC system work at max capacity for 2 to 3 hours a day having to pull all the heat out for the morning workers. I dont understand businesses.
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Jul 4, 2014 15:35
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ChairMaster posted:I'd still say it's more the fault of the poo poo country that got those people killed. I mean are we gonna start blaming the IOC for allowing the Olympics to be hosted in a lovely country? Cause they kinda do that all the time and nobody seems to really care. I guess I'd be on board with blaming them but I don't see that happening. Hey man, Vancouver isnt that bad.
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Jul 5, 2014 21:09
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Cultural Imperial posted:http://www.vancouversun.com/business/Barbara+Yaffe+Vancouver+residents+fight+bring+order+construction+wild+west/10008803/story.html I don't disagree though. There is absolutely no consumer protection for buyers or any protections for construction going up adjacent to a property. At least in Calgary you hear stories of someone next to an infill just having their peace and quiet and ability to use their own property ruined for whatever amount of time it takes to build whatever goes up. Another issue I keep seeing pop up is builders listing their new properties on MLS and rejecting any standard builder contract so there is literally nothing the consumer can do to compel the builder to finish the property to the agreed upon level of completion. That should be manditory and new builds shouldnt be able to do an end run around a standard contract and I am surprised established builders haven't thrown their money in to lobby council to "level the playing field".
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Jul 8, 2014 05:50
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Cultural Imperial posted:“That is frustrating. You want to have life in your neighbourhood. If nobody is there, it’s not ideal. How we deal with that as a government should be a priority,” he said in an interview. How the gently caress is it problematic for the city to research whether or not the massive amounts of money being spent on infrastructure upgrades in order to facilitate the gigantic buildings going up are actually being used? This should be the number one statistic on approving developer permits.
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Jul 11, 2014 05:24
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triplexpac posted:My bank is constantly throwing credit at me. Cards, Lines of credit, it's like they want me to have the chance to go into crippling debt or something. I've had Scotia bank raise my limit on both my credit card and my line of credit like 6 times. Without asking. Calling them and asking them to put the limit back down to what was originally agreed upon was like speaking a foreign language. No one understood. Ended up switching to RBC surprisingly they just let poo poo be.
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Aug 12, 2014 19:50
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blah_blah posted:There's basically no downside to having more credit available (it's generically good for your credit score via lower utilization if your spending habits stay the same) so I don't see what the fuss is about. The fuss is the bank amending a contract without consent. Also available credit is taken into consideration when you are applying for a mortgage. Essentially the bank wants to know that you aren't dipping into too many pots and over extending yourself. Utilization is only a historical trend they want to see worst case scenario. How much that factors into any loans/mortgages in the future I don't know though I'd just rather not have the hassle.
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Aug 13, 2014 01:33
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Cultural Imperial posted:Oh shiiiiiit "Could" When a sizable percentage of your economy is new builds this will probably get killed to let our strong stable economy flourish for just a couple of months longer.
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Sep 9, 2014 02:14
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peter banana posted:I can't believe MLS doesn't include days on market and price adjustments. What a crock of poo poo. I thought it did but only realtors could see
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Sep 22, 2014 19:15
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Canada Housing Bubble: One Man's decent into incomprehensible range. PS the market is frothy right now
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Sep 28, 2014 06:14
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Cultural Imperial posted:I'm angrily hitting the keyboard precisely because he thinks the conditions under which young people should not be buying doesn't apply to those people who "should be taking advantage of low interest rates". That's the most loving baldfaced lying I've ever seen typed out by some guy who has a loving C in his job title He didn't say that.. its the author, hes advising first time home buyers to wait till house prices crater because he thinks they will before interest rates rise.
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Sep 28, 2014 06:24
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Albino Squirrel posted:I work for a program that houses the severely mentally ill. We're expensive because we have a high staff-to-client ratio, and because we have a family doctor and a psychiatrist. Despite this, in our first two years we saved our entire budget and then some, just in hospital admission costs. Of course, trying to get the government to fund more of this type of program has been like pulling teeth... The biggest disconnect I have with so called fiscal conservatives is that for all their hemming and hawing about spending more on taxes they don't understand simple concepts such the above and cost avoidance. I can only assume one of two things either that they know and don't care thus are dicks or they don't know and thus they are stupid. Maybe its a bunch of business men going into politics and only focusing on small picture "kitchen table" budgeting?
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Dec 3, 2014 06:21
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Legalizing secondary suites would actually reduce vacancy rates. Suddenly all the illegal suites are going to have to be brought up to code and a large majority arent.
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Dec 10, 2014 01:04
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Baudin posted:I'm not sure why you think either of those things are true. (speaking specifically of how legalizing secondary suites would decrease vacancy rates, and why anyone would bother bringing a secondary suite - that they've been running illegally - up to code). Well I didnt know that OK. But I learned something.
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Dec 10, 2014 03:21
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etalian posted:I also wonder how long the oil price bust will last? I think the point is to starve out the tar sands and the newer upstarts in russia etc. It will be a while.
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Jan 14, 2015 04:23
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