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Do people sounding the  alarm actually want Land Titles to check citizenship when registering a sale?Vancouver's kind of screwed because the only other option is to enact policies that disincentivize property holding as an investment, like higher property taxes. Good luck getting the middle class to vote for that.
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Nov 4, 2015 23:42
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Cultural Imperial posted:http://www.cbc.ca/news/canada/british-columbia/vancouver-property-assessments-increase-1.3357024 Saw this on the newsstand last night: quote:Homeowners living on Musqueam reserve land in one of Vancouver’s poshest neighbourhoods are again taking the band to court to fight an increase in lease payments, a hike this time of 700 per cent. 
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Dec 9, 2015 19:39
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Yup, exactly. At least in the future you will be able to tell if your condo will be a guaranteed gigantic money pit disaster or not by looking at the depreciation report and confirming that the strata has adopted fees based on one of the funding models in the report. I think it's going to end up in two pretty distinct condo markets, pricier ones that have their poo poo together versus a lower selling price but a $50-100k special assessment landing at any moment. Right now it's just ugly while individual stratas pick which way they're leaning on this one / paying for all the maintenance previous owners shirked over the years.
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Jan 20, 2016 22:14
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Ccs posted:Most of their firms will fail, but anything to part libertarian investors from their money sounds like a good thing to me. It's just annoying to know that when enough of the moneyed rich realize that apps that don't do anything for anybody are not worth 10 billion dollars a bunch of people in profitable companies that sell things of value will lose their jobs because "the economy".
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Feb 7, 2016 22:36
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Furnaceface posted:CI please make sure you are not probated the day the bubble officially bursts. I cant imagine this thread without you when the realtors have to face reality. Eh, they'll just spin the liquidation as "Sales up 15%! Excellent opportunity for value-oriented buyers!"
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Feb 12, 2016 07:05
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So, overseas money has made it difficult to afford a house in Vancouver. Who cares? I'm more annoyed that the government considers having the back of its middle class in real estate bidding wars a higher priority than providing to the poor. The benchmark should be the cost of rent for a single person. As long as it costs more to buy than rent, the interests of wannabe homeowners should have zero weight in policy decisions. The government has much bigger levers it can pull to make housing affordable and it's insulting to hear that it's a priority when it so clearly isn't.
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Feb 18, 2016 05:21
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Lexicon posted:Does this article agree with your sense of the conditions on the ground there Baronjutter? It's not Vancouver-insane yet, but it's not like buying a house makes sense here. My sister sold her condo after a couple days on the market and realtors have been reaching out on social media, looking for anyone who's considering selling because demand is so high. Bonus article to see how awful our councillors are: http://www.timescolonist.com/news/local/victoria-councillors-relent-allow-wave-to-be-painted-1.2151761 They seem to imply that this tile mosaic was the deciding factor between approving the development and declining to build more housing.
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Mar 3, 2016 00:33
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Lifting density or height restrictions is not even in the same neighbourhood as SR&ED corporate welfare.
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Mar 11, 2016 01:06
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I used to spend some time at a remote office in Hamilton and a coworker was telling me about the whole cottage thing. Apparently the roads throughout the GTA are jammed every Friday and Sunday from spring to fall as everyone hustles out to do some sweet relaxing.
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Mar 30, 2016 23:12
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let's get an australia level glut of rental units going on and let landlords fight each other to land a tenant far below the cost to service their mortgages.
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Apr 18, 2016 00:16
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Dreylad posted:Friends on facebook posted a picture of them standing in front of a construction site announcing they just bought a condo that will be built in a couple of years in small central Canadian town.
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Apr 19, 2016 18:10
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jm20 posted:You are in the minority though. People see inflated prices with some arbitrary price off and are more than happy to part with their money. Disrupt your budget!
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Apr 20, 2016 15:09
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: Guys I got this Armani t-shirt for 50% off, it only cost me $150... For a tee shirt.
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Yeah, a guy from the street I grew up on is now a mortgage broker posting "It's not a bubble!" articles on facebook all day.
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May 3, 2016 16:53
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Why are height and floorspace restrictions and setback and parking requirements gospel to urban planners? Job security?
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May 18, 2016 07:17
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Baronjutter posted:I didn't want to pry too much, but 215k for a large 2br in an expensive neighbourhood with $250 strata fees makes me think something is terribly wrong with the building. What did the depreciation report say about future expenses? They should have been given a timeline of expenditures and a funding model that showed that $250 is far too low without relying on large special assessments for a building like that. Actual building engineers don't gently caress around and cash a cheque, like home inspectors do. If they voted with a 3/4 majority to skip the depreciation report, that's an enormous red flag. If they ignored the fact that $250 won't pay for ongoing maintenance, that's a regular sized red flag.
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May 24, 2016 20:06
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Ah yes, I'm tired of the hassle of using my home to live in, can finally get back to using it finance other projects.
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May 24, 2016 21:10
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Femtosecond posted:Here in Vancouver two of my friends were recently evicted because their place was supposedly to be renovated, and a few weeks later they spotted their old places up on Craigslist for an over 100% rental price increase. Neither are in the position to buy anything themselves. Sounds like easy money in court to me.
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Jun 16, 2016 16:40
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Femtosecond posted:One of the things I'd want for him is his help in ending the Quebec Investor Immigration program. It's abundantly clear that all those millionaires end up in BC/Toronto. Immigration is a benefit to society. If wealthy people want to live and spend money here, then why not? Policy needs to capture some of this wealth though... the talent deficit posted:the only way to cool the market now is stricter lender regulations. require larger downpayments and require borrowers show provenance of that money. if it's a 'gift' from their parents that corresponds to those parents taking out a mortgage on their own home gently caress that borrower. if it just mysteriously showed up as a cashier's cheque one day, whelp They could crank up the various tax rates. Property tax, property transfer tax, abolishing the capital gains exemption, etc. If people are making 15% a year on housing appreciating in value, tax away 10% and it becomes a lot less lucrative for investors. Suddenly, housing is about a place to live again, your policy doesn't select for people who can ask their parents for an even larger down payment and government has a lot more money to spend on regular folks. EDIT: ^^^ word
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Jun 17, 2016 18:26
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Who's getting "scammed"? The moron who sells their house five to six figures below market value because they think they're selling it to a nice white couple or to preserve the character of the neighbourhood? I'm all for this poo poo.
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Jun 22, 2016 20:25
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Student loans take seven years to discharge with a bankruptcy, making getting a free education less lucrative. What's stopping random pharmacy students from taking an unsecured $250k and starting a life elsewhere?
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Jun 28, 2016 02:12
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cowofwar posted:Just always make lowball offers. Haha, act extremely confused and when told about others bidding over the asking price.
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Jun 30, 2016 18:12
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tagesschau posted:
270 year mortgages, then.
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Jul 4, 2016 05:28
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leftist heap posted:IMO diverse housing stock is a good thing. It's not gonna do anything about the bubble but in a vacuum it's fine. How many goddamn bachelor and 1 bedroom condos can they possibly need? It's not like the city is drowning in vacant 1BRs.
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Jul 11, 2016 20:12
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Why lock in a fixed rate? You really think rates are going to stop dropping, climb to back up where they are now, cover the gap between variable and fixed, then power on above 3.49% with enough time left in your mortgage term to soak you?
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Jul 21, 2016 05:51
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Subjunctive posted:CI clarified that he meant "keep CMHC from insuring low-down mortgages" (which may not require parliament to act), not actually banning some forms of loan, but I'm interested to hear your opinion: what would a bill look like if parliament were to pass it? Take a look at a few of the parameters here: https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_003.cfm. They'd just have to increase the minimum down payment from 5% to some higher number. If the buyer doesn't have that, the loan can't be insured by CMHC and the liability falls on the bank or some dumb third party insurer.
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Aug 6, 2016 21:42
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I'm a little envious that I'm at work instead of exploring a new neighbourhood in some foreign city, but I'm not going to rip into these two because they were born lucky and took advantage of it instead of being morons.
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Aug 15, 2016 17:10
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When there's been a deliberate attempt to commit fraud like that does the CRA kick things into high gear or do they attempt to set up a payment plan for back taxes?
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Sep 13, 2016 16:33
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Yeah, massively jacking up property taxes would be great. Pump the money into ubiquitous transit / social programs / housing subsidies / anything else. It'd be the most effective way to directly counteract what people say they're mad about: speculators buying and holding land as an investment. Any property tax increase would transfer directly to people's mortgage payments, pushing back against the effects of cheap credit a little bit. If foreign speculators are your thing, their investments are suddenly earning that much less per year. Meanwhile, everyone has a better city to live in.
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Sep 23, 2016 06:04
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Sounds good to me. Japan has a pretty cool system: https://en.wikipedia.org/wiki/Kei_car#Taxation
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Sep 23, 2016 22:55
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Professor Shark posted:This is legit annoying- Canada Netflix doesn't have Justified... Wait and see what titles get rolled into Netflix once their "competition" stops paying for exclusive rights.
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Sep 26, 2016 23:40
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PK loving SUBBAN posted:I had a landlord once tell me not to bother with references because even if your a bad tenant the odds of getting a bad review are virtually nil, because landlords WANT bad tenants to move out. The tenant's friends pretending to be a previous landlord aren't going to give them a bad review either.
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Sep 29, 2016 19:32
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They'll be starting a consultation to consider if lenders should shoulder some of the risk of CMHC insured mortgages. "Canada’s system of 100 per cent government-backed mortgage default insurance is unique compared to approaches in other countries." is a pretty diplomatic summary of current policy. http://www.fin.gc.ca/n16/data/16-117_2-eng.asp
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Oct 3, 2016 17:21
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Looking at what tech companies are offering in Vancouver even with the lovely dollar and rampant SR&ED abuse: it's not a supply problem.
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Oct 14, 2016 15:36
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http://vancouver.ca/home-property-development/residential.aspx They currently stand at 0.316567%???? HA! No wonder people are investing, that's one hell of a management fee on something appreciating in value by double digits.
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Nov 25, 2016 18:11
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rhazes posted:I think someone posted ages back about an urban planning/design/transportation book in either this thread (or maybe the Vancouver thread, which is often very similar). Does anyone recall it? I have a big itching to read it now. https://www.amazon.com/Better-Way-Zone-Principles-Livable/dp/1597261815
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Dec 4, 2016 00:27
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namaste faggots posted:The way it currently works, of your capital gains, 50% are eligible to be taxed at your highest marginal rate. The rumor is that they're increasing this proportion to 75%. Is it credible? I dunno I heard it from someone who works with some partners at an accounting firm and they're advising their clients to realize some of their gains this year. I've always found this sort of stuff to be vile. Make 35k in a year by showing up to your job every day and busting your rear end? Pay income tax on all of it. Make 35k by flipping property? Pay income tax on half of it. "It's meant to incentivize investment which creates jobs" is the weakest excuse for rich people paying half the tax as poor people.
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Dec 15, 2016 20:13
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"NDP says increase too little, too late" is gross. Who can I vote for who isn't trying to give more handouts to wealthy homeowners?
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Jan 10, 2017 22:35
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Maybe the next time some media empire has to lay off a bunch of journalists they could start with the people who think property taxes go up at the same rate that property assessments do. Thanks.
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Jan 20, 2017 04:47
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What kind of lovely Canadian would admit defeat and throw in the towel when they're a couple hundred grand underwater on their condo? We are going to have a ton of people who dutifully pay their mortgages for years to get back to point of owing the value of their homes.
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Mar 14, 2017 19:03
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Ccs posted:So when the bubbles in Vancouver and Toronto implode, who is left holding the bill? If we're correct in thinking that the government will bail homeowners out, then will it just be provincial taxpayers who are providing that money? Or is it going to require the federal government to put in money in order to prevent a total economic clusterfuck? The feds will give enough money to the big five to fill in their losses so their executives can still get bonuses. The money will probably come from (or through) CMHC even though a bunch of loans should have never qualified. Homeowners are irrelevant to keeping the wheels of the economy in motion if they're no longer shovelling money onto the bottom lines of the banks. This is Canada. We're just going to do a crappy imitation of the US, years later.
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Mar 17, 2017 19:10
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