|
The only ad I have heard from Blue shore financial (located on the North shore in Vancouver)on the radio of late is something to the effect of " Are you helping your adult child buy a new home? we can help".
|
#
¿
Sep 28, 2016 05:15
|
|
|
|
| # ¿ May 10, 2024 07:51 |
|
|
Nice to see a strata use common sense to deal with this. I live in a suburb of Vancouver so Air BnB isn't a feasible way to cover your rent. A coworkers father-in-law owns a building with8 units in China town. The rents under a grand a month and one of his tenants decided she can sublet her unit on Airbnb to pay her rent and make extra cash. The poor old guy has had to travel back and forth to the tenancy board or wherever to get the girl out. No luck yet, he gave up changing the lock and now the door to the unit doesn't even close. Being in a strata is annoying but you bought there and agreed to abide by the rules. About a year ago there was a hooker in our lobby who refused to leave the building because some old bastard in my building had her follow him home after screwing him and then didn't pay her. So she settled in for the day while he hid where ever he lived in the building. If we used a fob system I'd be glad if they cut his off for letting strangers in the building.Not really the same thing but I'm sick of people thinking they get one over on everyone by ignoring strata rules. Take the guy in Coquitlam (another suburb of Vancouver) that decided the guest parking was his and kept his car and junk in the stall for a couple years. http://www.cbc.ca/news/canada/british-columbia/port-coquitlam-couple-must-give-up-condo-over-parking-spot-1.2642860 Purgatory Glory fucked around with this message at 04:42 on Oct 2, 2016 |
|
#
¿
Oct 2, 2016 04:40
|
|
|
MikeSevigny posted:no thank you But but.. The Grey was shot in Smithers! The story of Liam Neeson attacked by wolves in a frozen shithole.
|
|
#
¿
Oct 6, 2016 05:32
|
|
|
I love this total disconnect of thinking.We need to make homes affordable and at the same time protect equity...
|
|
#
¿
Oct 13, 2016 21:39
|
|
|
OSI bean dip posted:That's one less dinner out at Cactus Club. Somebody retweet Cactus club asap!
|
|
#
¿
Nov 2, 2016 03:09
|
|
|
Femtosecond posted:This website mapped the homes the census found not regularly occupied (being left empty or being Airbnb'd one would think) Empty home tax was what 1% of home value? Anyone not interested in renting isn't going to be enticed to start.Make the tax slightly over expectedrental income. That'll get them to stop speculating, if that's the goal.
|
|
#
¿
Feb 12, 2017 04:07
|
|
|
apatheticman posted:Can we officially call Baby Boomers "The Worst Generation" yet? We get them back by charging crazy high prices for assisted living. It's a start at least.
|
|
#
¿
May 24, 2017 04:59
|
|
|
Racists! Let them money launder in peace.
|
|
#
¿
Nov 16, 2017 04:55
|
|
|
Femtosecond posted:um wow if the Airbnb crackdown is actually for serious... What makes it an Airbnb and not an illegal suite that isn't rented out yet?
|
|
#
¿
Apr 17, 2018 05:40
|
|
|
Is there any downside to seizing homes that were purchased by Chinese money launderers, deporting them, and putting the houses back on the market in a controlled fashion?
|
|
#
¿
Apr 19, 2018 04:11
|
|
|
Who wouldn't be excited about cleaning dirty money?
|
|
#
¿
May 6, 2018 01:27
|
|
|
Baronjutter posted:The last time there was a slight dip in the market and everyone was saying the crash was for real going to happen any moment, a family friend was selling his house. He wanted something ridiculous even for the market at the time and would not budge because he deserved it. He let the house sit on and off the market for about 3 years I think. Finally sold it, for more than he initially was holding out for. I think you are right about attitudes of people towards prices. However, we are gonna start hitting a solid wall with rates/income/debt servicing if rates continue to creep up and stress test percentages rise as well. All that goes out the window if they continue to let Chinese money launderers continue to skew the market though.
|
|
#
¿
May 13, 2018 01:15
|
|
|
They need to take a scalpel to make it most painful to foreign Chinese owners. It'll feel like home, they ban the number of foreigners in restaurants: http://www.businessinsider.com/beijing-restaurants-limit-foreign-customers-2018-3
|
|
#
¿
Jun 5, 2018 00:06
|
|
|
May have missed earlier posts on this but all the big credit unions are stress testing starting mid July. Anecdotally, people in general seem to be sobering up to the fact homes aren't worth a million bucks in the Fraser valley.
|
|
#
¿
Jul 1, 2018 02:12
|
|
|
Subjunctive posted:Yeah, they wanted proof of income, but they don’t have CMHC backing them up on HELOCs, right? Right, HELOC's can't exceed 65% of the homes value.
|
|
#
¿
Jul 1, 2018 02:18
|
|
|
Subjunctive posted:I thought he said 80, but I can’t be bothered to dig the guidebook out, so let’s say you’re right. I guess I should clarify that I am referring to chartered banks and Credit unions. Not B lenders, who I think can exceed that if they want.
|
|
#
¿
Jul 1, 2018 02:28
|
|
|
Dinosaurtrain posted:I just tried to Google this and I can't find any references to credit union stress tests. Could you please link us? Insider info, I guess the press doesn't know yet. I know brokers haven't been informed yet or literally just found out. Purgatory Glory fucked around with this message at 04:53 on Jul 1, 2018 |
|
#
¿
Jul 1, 2018 04:48
|
|
|
Femtosecond posted:All of this is true, but my point is that the economy is so good that people can afford to pay higher rates, even alt lender higher rates (at least for a short time until they fix their dumb rear end situation). From the conversations I've had with people that work in this industry, everyone involved is absolutely loath to go through a foreclosure process and everyone tries to make it work for the customer. This means that the customer may have to pay higher rates for a short period of time, but people are happy to put that on the table. So long as people have a steady job they can keep things afloat. People are willing to really cut back to hold on to their equity. The one thing that I would see causing a real implosion in the market, would be a traumatic recession which yields job losses and the scenario where people can simply no longer make payments at all. Don't forget that a shitload of places are rentals that were bought because real estate goes up and never goes down. The feeling on the street is sell sooner than later if you want to cash in at the high., which seems to be behind us already.
|
|
#
¿
Jul 2, 2018 03:22
|
|
|
leftist heap posted:still waiting for even one confirmed report of a single senior facing actual hardship due to the 0.2% tax increase. Just one and I will put rosin on my violin bow They all defer the tax anyways.
|
|
#
¿
Jul 8, 2018 01:29
|
|
|
THE BEATWEAVER posted:From a private realtors group on FB: But realtors are business geniuses..
|
|
#
¿
Jul 8, 2018 17:43
|
|
|
what happened posted:https://twitter.com/rdayaglobal/status/1071187727909941249 With that prognosis who wouldn't just end it now anyways?
|
|
#
¿
Dec 9, 2018 00:35
|
|
|
What's the difference between HELOC's and Fixed blocks as far as danger to the institution? People have been refinancing their fixed blocks over and over again and taking them to 80% where as HELOC's have been 65% for a while.
|
|
#
¿
Dec 9, 2018 21:49
|
|
|
what happened posted:What's a fixed block? That spreadsheet calls them residential mortgages. Fixed block just means there is principal and interest repayment and an amortization period. But everybody just resets it to 25 years every time they refinance anyways. HELOCs are never never plans but at least they are capped at 65% and qualified the same way a fixed block is. Also curious if those are HELOC balances or just the available limits out there. Purgatory Glory fucked around with this message at 22:59 on Dec 9, 2018 |
|
#
¿
Dec 9, 2018 22:55
|
|
|
Subjunctive posted:Interesting. I’m pretty sure I’ve claimed accountant fees in the last two years, and all they really do is advise me on tax and prepare the filings. I’ll have to check with them that we’re doing the right thing. The vast majority of people that the government is worried about don't have investment portfolio's that can be leveraged (non-RRSP). Anyone I've seen with investment backed LOC's are usually title-free homeowners or close to it and are doing it because of accountants orders or something like that. Or the reason they have a maxed out HELOC is because it's an investment property and they can deduct the interest. Purgatory Glory fucked around with this message at 00:11 on Dec 10, 2018 |
|
#
¿
Dec 10, 2018 00:07
|
|
|
Subjunctive posted:Can you say more about this? I thought deductibility of the loan interest was related to how the borrowed funds were used, and not whether the collateral property was the borrower’s residence or not. You are right, my comment sorta implied the mortgage had to be on the investment property which is doesn't. The Accountant just needs to show the money went towards the investment property.
|
|
#
¿
Dec 11, 2018 04:16
|
|
|
https://theprovince.com/business/re...f1-5a298db6cd8bquote:Instead, condo owners spokesman Tony Gioventu said the government should go after buildings with empty units built for speculators and investors Am I part of the problem wanting my strata to be forced to allow me to rent out my place so I don't have to sell it at such a loss during the crash?
|
|
#
¿
Dec 16, 2018 02:14
|
|
|
Fuzzy Mammal posted:Also it's just regular old income, unlike if you had invested through a tfsa or whatever. And you're rich and make so much money that you bought it clear title but you want to dick around being a landlord.
|
|
#
¿
Dec 21, 2018 05:49
|
|
|
DariusLikewise posted:https://m.huffingtonpost.ca/2018/12/23/housing-affordability-canada-2018_a_23625782/?ec_carp=6879866888664886295 I'd say that's been a factor in slowing things down, but anecdotally people are having the opposite feelings than they were in 2016 when I speak to them about buying: 2016: -Panic to get in, offers over asking(sorry, a lot were Chinese). -Downsizing and moving East. 2018: -Seeing things sitting on the market longer -sellers panicked to get their place sold because they don't think they will see these values for a long time. -Understanding the stress test is a good thing since rates are poised to climb. I had a signing with a young guy through broker channel (meaning I didn't underwrite it, just signing the paperwork). It was the first purchase in a long while I'd seen. It seemed stupid to me: -mid 30s guy -did well on his town-home sale so had 200K to put down -880K mortgage -House with carriage home -he makes 100k, needs rent to come from the basement and carriage home to make numbers work. -rates cimb 1% and he needs $750 more a month to not default. I feel like if everything goes perfectly he doesn't default and will just manage to stay above water. Also, he's a tradesman so work is related to the housing market.
|
|
#
¿
Dec 24, 2018 06:54
|
|
|
UnfortunateSexFart posted:This audio interview does a good job of explaining how the thousands of people who bought a presale condo in the last two-ish years in Vancouver are hosed. Mainly that you have to re-qualify for a mortgage based on your lower home value before completion, leaving you to come up with the $50,000+ value that disappeared. I wonder how many stories of people walking away from deposits till real panic if any starts to spread.
|
|
#
¿
Feb 3, 2019 00:04
|
|
|
Femtosecond posted:So Jagmeet Singh just announced a new plank of his housing platform. His solution to high housing prices is to... juice demand and re-inflate the housing bubble. The South Asian community fervently invests only in real estate, gotta protect that equity.
|
|
#
¿
Feb 21, 2019 04:03
|
|
|
Mameluke posted:14 people in an 8 bedroom house with presumably...2 kitchens? I didn't think renting could get worse but Still, nice to see places put on the market that were previously just making up a portion of their investment portfolio.
|
|
#
¿
Mar 11, 2019 22:54
|
|
|
Heners_UK posted:Can $3600/mo actually cover the mortgage on a typical $4m home? Even setting aside insurance, tax and maintenance? If they put 20% down they have a mortgage of 3.2 million. 2016 mortgage rate of 2.69%= monthly payment of only $14,600.00 If they put 80% down (where'd that money come from? downsized to this dump in vancouver from a larger house?), mortgage of 800K . 2016 rate of 2.69% = monthly payment of $3,650.00. This guy hosed up big time if he isn't just money laundering.
|
|
#
¿
Mar 14, 2019 03:44
|
|
|
qhat posted:Spoiler alert: they don't actually live here Ok, eat the rich's children.
|
|
#
¿
Jun 29, 2019 03:14
|
|
|
Parents sign gift letters all the time and expect repayment. It's just to make the lender happy.
|
|
#
¿
Jul 31, 2019 21:53
|
|
|
Grouchio posted:How prepared are the Canadian banks for the next recession? I have a family member working at TD and I don't want them laid off or stripped of retirement funds. I would think banks are fine. But if house prices dropped enough I would be curious what situation CMHC and Genworth would be in. Maybe a Fanny Mae &Freddie Mac type scenario.
|
|
#
¿
Aug 24, 2019 01:47
|
|
|
incontinence 100 posted:Isn't the majority of TD's residential mortgage book insured by the CMHC? At least the portion of book where the borrower is marginal? The major banks will likely have layoffs, just like the last recession but the banks will likely not experience anything close to an existential crisis. Everything that had less than a 20 percent down payment is backed by cmhc and genworth. The banks only feel the pain when values drop further than 20 percent and people walk from mortgages that were not backed. That's not to say that a bank won't poo poo-can employees in the event they aren't doing anywhere near the volume of mortgage business. That won't be because the bank is in trouble though. Purgatory Glory fucked around with this message at 04:06 on Aug 24, 2019 |
|
#
¿
Aug 24, 2019 04:04
|
|
|
Risky Bisquick posted:Who’s going to walk from full recourse loans? Going to be pretty hard unless you plan on leaving Canada so they never collect the judgement against you. It's happened before. Once it gets normalized people do it more and more as well. If I owned a house worth 500k and owed 800k, I'd have to at least think about walking away and renting till the bankruptcys finished. Again, in the 80s, people became pretty understanding of this. At least they say they were.
|
|
#
¿
Aug 24, 2019 17:02
|
|
|
Exactly, and you know a guy who knows a guy that bailed then you do it too. Just like everyone makes money flipping so you have to buy to not be stupid. Maybe we see the flipside. See what a recession will cause when money laundering isn't as prevailent.
|
|
#
¿
Aug 25, 2019 07:35
|
|
|
CRISPYBABY posted:I pay all my bills near instantly (no mortgage so just LoC/Credit Card) but wonder if banks would like me more if I dragged things out and sucked some more interest out of me. I wonder what the ideal customer looks like. Someone whose chronically late and only makes the minimum payment on everything but simultaneously somehow never defaults? It's a myth that lenders (at least traditional ones) like people who pay lot's of interest. Many lenders use different scores to determine credit worthiness: -FICO(people know as the credit score) measures how late you are on payments. Also if you are close to the limit on revolving debt when you get it checked again. Tells us the history of your mistakes with your debt. -TUBS score(transunion bankruptcy score). This most people havent heard of and we don't explain that if their credit is poo poo that this is reason cause it just confuses them. This measures how much debt you have open and where the balances are compared to the limit. It tells us the chances poo poo will go wrong. The analogy I use is to compare it to is those plate spinner guys. FICO tells us how many times he's dropped a plate. TUBS tells us if he has set up so many plates that even if they have't dropped yet that it's becoming inevitable. Credit card companies love people that pay early and use the card like crazy cause they sit back and collect the fees from the vendor and have no risk. People who have been paying lot's of interest are a sure sign things are going to go sideways eventually, or they are just poor money managers.
|
|
#
¿
Aug 26, 2019 16:49
|
|
|
|
| # ¿ May 10, 2024 07:51 |
|
|
ocrumsprug posted:LMFAO, prime + 10% from TD. For a mortgage that is.
|
|
#
¿
Sep 5, 2019 22:56
|
|