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jet sanchEz posted:My friend in the bridal path has no mortgage, he paid cash for it. I don't think that this is very unusual in that neighbourhood, I don't think anyone in there works a regular job as we know it. Can you ask your friend in the bridal path what day of the week is garbage day up there. Serious question.
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Mar 7, 2014 17:52
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Cultural Imperial posted:Bob rennie the yellow king of real estate is charging motherfuckers 25k to have lunch with mayor moonbeam Except he isn't, and the Province is continuing to show off its Conrad Blackian yellow journalism. Hell, you can even tell as you read the article that they lied to the "development professional" they interviewed in the same way as they were being duplicitous with that headline. It's also a complete canard -- $25,000 per? That's chump change. Both Vision and the NPA's election campaigns last time around got funded way more than that by plenty of developers, Bob Rennie included (on both sides). If the Province could actually do some investigative journalism into the bigger problem, rather than launching an obviously partisan sensationalistic attack piece, I'd be willing to give it more credence. And "mayor moonbeam"? Besides the obvious crazies who comment on Vancouver newspaper articles, who says that? E: It is at least good to see this entering the public consciousness, it's just that I'm 99% sure the NPA are doing the same thing, and it would be good to see that reported on, rather than the blatant political cocksucking this article represents. Lead out in cuffs fucked around with this message at 18:38 on Mar 7, 2014 |
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Mar 7, 2014 18:30
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Oh sorry, next time I'll remember to address him properly as his lordship
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Mar 7, 2014 20:27
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Jerry Brown is the only "*official title* Moonbeam" and he currently holds office.
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Mar 7, 2014 21:06
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"Special to National Post" http://www.nationalpost.com/m/wp/ho...date=2014-03-08
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Mar 8, 2014 16:16
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I would do everything in my power to encourage these morons to buy. If more people languish in debt predatory when the market implodes, it puts all savers and renters at a vast financial advantage for decades to come.
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Mar 8, 2014 16:52
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I don't think ZIRP and bail-outs (-ins?) are very good conditions for savers, really.
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Mar 8, 2014 17:47
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Lexicon posted:"Special to National Post" Jesus Christ.
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Mar 8, 2014 17:47
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The Globe and Mail actually wrote a not too terrible article that should loving hopefully knock some sense into people!The Globe and Mail posted:Think Gen Y will prop up Canada's housing market? Think again. Meanwhile in Calgary ... Home builders help drive civic election spending to record levels The Calgary Herald posted:
Remember, we shouldn't call these companies "land developers", they should be properly referred to as homebuilders. Because that's what they do. They build sturdy, long-lasting homes that you can keep in your family for generations and proudly pass down to your children.  And best of all, they are located in thriving well established communities with plenty of walking trails and little lighthouses.  Truly this is the pinnacle of the human environment, and nothing could improve this or make it better in any way shape or form and if you have any of those kind of notions to begin with, well you're just crazy and should be immediately removed from city council with someone who has more sane ideas. Luckily these sitchensis fucked around with this message at 20:43 on Mar 8, 2014 |
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Mar 8, 2014 18:11
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Home builders
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Lexicon posted:"Special to National Post" Who in their right mind would pay $2000 per month for 650 sq feet??? That's actually insane.
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Mar 8, 2014 18:56
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Paper Mac posted:I don't think ZIRP and bail-outs (-ins?) are very good conditions for savers, really. Savers, no, but competent investors have done very nicely in the past half decade.
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Mar 8, 2014 19:04
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If the average price to rent a 1 bedroom condo is really $1875, which I highly doubt unless you're putting in some very specific qualifiers, then maybe you should rent an apartment, which are certainly not $1875 even downtown. I pay $1100 for a slightly smaller one bedroom. Surely they can find a 2 bedroom apartment closer than Liberty Village for less than $1800 (yes I know they can and that article is an embarrassingly poorly disguised paid advertisement). And wait, did they seriously call Liberty Village a prime location? Prime for what, exactly?
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Mar 8, 2014 19:06
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eXXon posted:If the average price to rent a 1 bedroom condo is really $1875, which I highly doubt unless you're putting in some very specific qualifiers, then maybe you should rent an apartment, which are certainly not $1875 even downtown. I pay $1100 for a slightly smaller one bedroom. Surely they can find a 2 bedroom apartment closer than Liberty Village for less than $1800 (yes I know they can and that article is an embarrassingly poorly disguised paid advertisement). The patriotic Canadian in me would be loathe to live somewhere called Liberty Village, it sounds so American.
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Mar 8, 2014 19:11
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Alberta Cross posted:The patriotic Canadian in me would be loathe to live somewhere called Liberty Village, it sounds so American. Peace and Order Village on the other hand ...
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Mar 8, 2014 19:13
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Lexicon posted:Savers, no, but competent investors have done very nicely in the past half decade. If by this you mean financial asset prices have increased substantially since 2008, I don't really view that as a positive side effect of ZIRP and bailouts.
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Mar 8, 2014 19:21
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Perhaps you'd be interested in renting in Strong Stable Majority tower under construction in Calgary?
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Mar 8, 2014 19:21
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Alberta Cross posted:The patriotic Canadian in me would be loathe to live somewhere called Liberty Village, it sounds so American. There used to be a little pocket of artists in and around Liberty Street who rented out spaces in old factories that were semi-converted to residential units. A couple of friends of mine were paying $400 a month for these gigantic units that were about a thousand square feet with 15 foot high ceilings, it was pretty sweet. The only real downside was that there was only one bathroom per floor so you'd have 15 people sharing it but everybody was pretty clean and respectful. Now, yeah, it completely sucks down there, the stupid name is only the tip of the iceberg. A friend of mine bought a pre-built condo in Liberty Village in 2009 or so as an investment and he had a hard time selling it last autumn, he had to lower the asking price two times before he was able to unload it. I think he only barely came out ahead as well, and he paid very little for it back in 2009.
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Mar 8, 2014 19:38
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Alberta Cross posted:Who in their right mind would pay $2000 per month for 650 sq feet??? That's actually insane. lol “What we offer is affordability,” says Sam Crignano, president of Cityzen Development Group, one of the developers behind Garrison Point. He, like many people, believes the low interest rates we’ve been seeing won’t last much longer, that if you have a down payment, it’s a good time to buy. That’s especially true when you consider all the added benefits you get with buying a condo. There’s added space thanks to common areas. “You have to look beyond the square footage of a unit,” Mr. Crignano says. “There are meeting rooms, there are theatres, there is a gym, we’ve got an outdoor swimming pool and a number of areas that are designated for children [they will be programmed for kids of various ages]. You’ll have a lot of spaces that are an extension of the home.” Which is something that could benefit young families like the Doerksens. “Looking further down the road, purchasing a home is a great investment and one that is important to us,” Ms. Doerksen says. “By continuing to rent, we aren’t banking our money how we would like to be. We would rather be building equity than signing a rent check to someone else each month.” etalian fucked around with this message at 20:02 on Mar 8, 2014 |
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Mar 8, 2014 20:00
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Paper Mac posted:If by this you mean financial asset prices have increased substantially since 2008, I don't really view that as a positive side effect of ZIRP and bailouts. It's called a reversion to the mean, and has been going on in the equity and bond markets for well over a century.
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Mar 8, 2014 20:04
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Lexicon posted:It's called a reversion to the mean, and has been going on in the equity and bond markets for well over a century. Oh, is that what it is? I thought it was regulatory capture enabling a tiny clique of wealthy banks and institutional investors to extract enormous rents from the real economy, silly me.
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Mar 8, 2014 20:22
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Paper Mac posted:Oh, is that what it is? I thought it was regulatory capture enabling a tiny clique of wealthy banks and institutional investors to extract enormous rents from the real economy, silly me. You simply don't know what you're talking about, and are letting your [justified] anger at banks cloud your interpretation of how financial markets work. Every pension fund, RRSP and small time investor with a balanced portfolio has made out like a bandit over the past 5 years. That's entirely orthogonal to whether regulatory capture and other shadiness goes on - it does - but the original conversation was about savings/investing.
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Mar 8, 2014 21:15
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It was about savers and renters, who haven't really benefited from the policy solutions chosen to deal with the last major housing crisis. You made the remark that investors have made out well, apparently because of the axiomatic attractive power of "the mean". I don't happen to believe that increases in prices in financial markets definitionally represent a reversion to some kind of historical growth path, particularly when there are many, many reasons to believe that comparisons to 20th century growth trajectories aren't particularly useful anymore. I think we agree that the post-2008 policy and regulatory environment was extremely favorable for the investment/capital class, I just don't happen to think that the fact that even grannies with RRSPs made out decently since 2008 makes the policy course chosen a net benefit for society (and, in particular, savers or renters), particularly given the ongoing consolidation of financial and political power, as well as the appearance of various investment bubbles, in the relevant markets. e: I guess I should clarify that I took the collective group of "renters and savers" to mean "Joe Blow living within his means with a couple of TFSAs and a savings account" rather than the minority of people who have substantial investment income Paper Mac fucked around with this message at 21:35 on Mar 8, 2014 |
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Mar 8, 2014 21:27
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Alberta Cross posted:The patriotic Canadian in me would be loathe to live somewhere called Liberty Village, it sounds so American. Pretty cool name it sounds like to me: quote:"Liberty Street", for which Liberty Village is named, was the first street both male and female convicts would walk once freed.
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Mar 8, 2014 22:16
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Paper Mac posted:It was about savers and renters, who haven't really benefited from the policy solutions chosen to deal with the last major housing crisis. You made the remark that investors have made out well, apparently because of the axiomatic attractive power of "the mean". Obviously it sucks and is awful to be poor anywhere/anytime, and especially in a country with a massive housing bubble. I'm not in any way attempting to diminish that. I'm coming from the rather more lighthearted position that (A) Investors have done super well, and (B) Renters with sufficient cash flow to participate in (A) and the discipline to not buy into stupid condo fever have done spectacularly well. Basically, this: http://www.theglobeandmail.com/glob...rticle14740574/ Paper Mac posted:I don't happen to believe that increases in prices in financial markets definitionally represent a reversion to some kind of historical growth path, particularly when there are many, many reasons to believe that comparisons to 20th century growth trajectories aren't particularly useful anymore. I don't agree, but this happens to be one of those big unknowable philosophical questions about economics and limits to human ingenuity, resource requirements, etc. We will see. All we have to go on so far is the historical record - and the bear case has been trumped time and time again at this point. Paper Mac posted:I think we agree that the post-2008 policy and regulatory environment was extremely favorable for the investment/capital class, Definitely. Paper Mac posted:I just don't happen to think that the fact that even grannies with RRSPs made out decently since 2008 makes the policy course chosen a net benefit for society (and, in particular, savers or renters) Well, no, and I agree, but that's a separate discussion entirely. We would all be far better off if 2008 hadn't happened.
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Mar 9, 2014 00:06
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https://www.youtube.com/watch?v=YW3h4wv8_ko "How China Fooled the World" - BBC 2 documentary on how China is fuuuuuuucked.
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Mar 9, 2014 09:22
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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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Cultural Imperial posted:https://www.youtube.com/watch?v=YW3h4wv8_ko It was pretty much taking the credit bubble concept to whole new level.
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Mar 10, 2014 00:43
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It's pretty spectacular to increase your national debt by the same amount the American economy grew in 100 years, in 5 years.
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Mar 10, 2014 00:48
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Cultural Imperial posted:It's pretty spectacular to increase your national debt by the same amount the American economy grew in 100 years, in 5 years. If anything I would argue that China had the best response to the 2009 global meltdown, the US did try priming the pump but it never got the required amount of spending to make a big dent in the problem.
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Mar 10, 2014 06:27
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http://www.theglobeandmail.com/repo...hboard/follows/quote:Why the doomsayers are wrong about Canada's housing market Keep buying motherfuckers
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Mar 12, 2014 06:56
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Vancouver has the highest rate of luxury car ownership in North America. http://www.scmp.com/comment/blogs/article/1446885/potent-symbols-new-vancouver-served-rolls-royces-china-plate
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Mar 12, 2014 07:29
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Cultural Imperial posted:Vancouver has the highest rate of luxury car ownership in North America. Now that I can believe. It's eye popping walking around the downtown at times.
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Mar 12, 2014 08:59
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Cultural Imperial posted:Keep buying motherfuckers Isn't Tara Perkins typically more associated with the bearish side of the aisle? I guess she probably didn't write the headline - the article is far more nuanced than the headline suggests. I don't doubt that there might be flaws in various metrics, but this whole thing does seem like grasping at straws a bit. Also: quote:A report by New York-based economists for Deutsche Bank declared in December that Canadian home prices were overvalued by 60 per cent – the most in the world – with Belgium next at 56 per cent. "Canada is in trouble," it warned. Quite aside from all things housing, if this passes for competent analysis at one of the world's foremost banking institutions, we are all well and truly hosed.
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Mar 12, 2014 16:26
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quote:Mr. Dunning, who...is chief economist of the Canadian Association of Accredited Mortgage Professionals, which represents mortgage brokers Nope, no conflict of interest there.
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Mar 12, 2014 17:20
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Lexicon posted:Quite aside from all things housing, if this passes for competent analysis at one of the world's foremost banking institutions, we are all well and truly hosed. This is far, far from the worst analytic methodology I've seen this month.
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Mar 12, 2014 18:09
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FrozenVent posted:This is far, far from the worst analytic methodology I've seen this month.  edit: can I ask - what do you do?
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Mar 12, 2014 18:52
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Lexicon posted:Isn't Tara Perkins typically more associated with the bearish side of the aisle? I guess she probably didn't write the headline - the article is far more nuanced than the headline suggests. I think Perkins is very unbiased in her reporting. She tries to do her best to report both sides of the argument about the state of Canada's housing market. Re: dunning, Ben Rabidoux gives him props on Twitter.
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Mar 12, 2014 20:28
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I really think economists should be obliged to post their transcripts before publishing papers. That way I can just save time and filter out all the ones that didn't take stochastic processes or at least two or three differential equations courses.
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Mar 12, 2014 20:32
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Cultural Imperial posted:I think Perkins is very unbiased in her reporting. She tries to do her best to report both sides of the argument about the state of Canada's housing market. I guess by bearish I meant 'consistent with reality and sanity', as to me they are essentially equivalent. I've yet to see an intellectually honest, salient bull argument at this point.
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Mar 12, 2014 20:33
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Cultural Imperial posted:I really think economists should be obliged to post their transcripts before publishing papers. That way I can just save time and filter out all the ones that didn't take stochastic processes or at least two or three differential equations courses.  That'll be a short list, post-filter.I'd be surprised if the average economist has taken any mathematics beyond introductory differential calculus.
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Mar 12, 2014 20:35
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