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http://www.cbc.ca/m/news/#!/content/1.2605866/ Young Canadians, ages 25-34 think home ownership is a solid investment. Go for it assholes. Go buy till your hearts are content.
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Apr 10, 2014 23:32
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Cultural Imperial posted:http://www.cbc.ca/m/news/#!/content/1.2605866/ In a way, I don't really blame people for thinking this. People are poo poo at analysis and innumerate as a rule, and have heard nothing but the mantra of housing from their boomer parents.
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Apr 10, 2014 23:36
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One of my friends was telling me that years ago a couple she knew was actually angry at her for not buying a house instead of paying rent. Young people have been brainwashed by their parents who played a different game than today.
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Apr 11, 2014 00:17
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Lexicon posted:In a way, I don't really blame people for thinking this. People are poo poo at analysis and innumerate as a rule, and have heard nothing but the mantra of housing from their boomer parents. If the stock market had been on a 10-20% tear for the last 11 years and the last crash was when they were still watching Teletubbies, they would also think it was a great investment. People would be throwing their life savings at 300 dollar bank shares, and we would be watching it with a mixture of  and  .
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Apr 11, 2014 00:21
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cowofwar posted: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. The Canadian market is much different the US market since in that in terms of debt loading canadians already exceeded the worst of the US credit bubble.
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Apr 11, 2014 01:05
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http://www.vancouversun.com/news/metro/Jenny+Kwan+represents+Canada+poorest+neighbourhoods+scoops/9719713/story.htmlquote:
What this really says is that the people who live in her riding that vote NDP are dumb. as. gently caress. Just like her.
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Apr 11, 2014 06:02
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http://www.theglobeandmail.com/report-on-business/economy/housing/regulator-set-to-release-new-mortgage-rules/article17925905/quote:Canada’s financial regulator is close to releasing a new set of standards for Canada’s mortgage insurers, one that the real-estate industry has worried may chill the market. kiss your equity goodbye home owners
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Apr 11, 2014 06:06
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Cultural Imperial posted:http://www.vancouversun.com/news/metro/Jenny+Kwan+represents+Canada+poorest+neighbourhoods+scoops/9719713/story.html No, not really. Calling most of one of the most left-leaning ridings in BC dumb as gently caress purely on the basis of one terrible, tabloidy newspaper article, now that is dumb as gently caress. I mean, there are regulars in this thread who you've just flung a personal insult at.
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Apr 11, 2014 08:27
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Cultural Imperial posted:http://www.vancouversun.com/news/metro/Jenny+Kwan+represents+Canada+poorest+neighbourhoods+scoops/9719713/story.html Yeah, it's a lovely article about some personal issues that an MLA is dealing with. It's unclear what it has to do with the housing bubble. If your comment relates to an MLA living outside her riding, the article points out that happens all the time, up to and including the premier. Who cares if she lives in a nice house? If your comment is about the embezzlement from the charity, it sounds like it was her slime all husband who she is divorcing and proactively making reparations on behalf of. If anything, I feel sympathetic to getting screwed over like that, and don't see what it has to do with her politics. Not sure what other point you were trying to make with that one.
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Apr 11, 2014 10:07
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Not knowing anything else about it, what kind of qualifications/previous merit does she possess that offsets her being a corrupt scumbag?
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Apr 11, 2014 12:36
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Cultural Imperial posted:http://www.theglobeandmail.com/report-on-business/economy/housing/regulator-set-to-release-new-mortgage-rules/article17925905/ That horse left the barn years ago. This ought to speed up the return of house prices to non-bubble levels, but people who suddenly discover that they're poorer than they think will likely blame the government for something that would have happened anyway and was largely due to their own imprudence.
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Apr 11, 2014 13:22
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What a 1.9-million dollar house in Vancouver might look like: http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14228387
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Apr 11, 2014 14:27
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I think he is drawing the contrast in our advocates for the poor living in 1.9 million dollar houses. And that perhaps her supporters are rubes for buying it. After being in politics for much of her adult life, she is likely one of the few people that can legit afford a house in Vancouver at the moment. As the MLS post indicates, it is unlikely she is eating cakes in a Versailles replica. Throatwarbler posted:Not knowing anything else about it, what kind of qualifications/previous merit does she possess that offsets her being a corrupt scumbag? She been an MLA for 18 years so whatever she was before is largely immaterial.
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Apr 11, 2014 15:26
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Giant Goats posted:What a 1.9-million dollar house in Vancouver might look like: http://beta.realtor.ca/propertyDetails.aspx?PropertyId=14228387 I enjoy showing stuff like this to friends of mine from SF and NYC. They think Vancouverites are loving bonkers (and they're right). (ps: Love the '888' in the pricing. I get that superstition/numerology features in some Asian cultures, but gently caress - they're not stupid. This is so shamefully, embarassingly, transparent)
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Apr 11, 2014 15:33
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In case you missed it, Flaherty passed away yesterday. Whatever else you think about the conservatives, it seems that they have mostly been measured and careful in their fiscal policy and I hope that whoever comes in behind him can carry the torch.
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Apr 11, 2014 18:25
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Throatwarbler posted:Not knowing anything else about it, what kind of qualifications/previous merit does she possess that offsets her being a corrupt scumbag? Do you have some information that points to her being a corrupt scumbag? Do you think she's lying about her ex-husband misleading her about how the vacations were being paid for? Because the article at least says that she's repaid the expenses herself, despite not knowing about them.
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Apr 11, 2014 18:28
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Kalenn Istarion posted:In case you missed it, Flaherty passed away yesterday. Whatever else you think about the conservatives, it seems that they have mostly been measured and careful in their fiscal policy and I hope that whoever comes in behind him can carry the torch. Bullshit. They've rampaged through the years cutting taxes on the wealthy, slashing social programs, selling assets to pay for spending shortfalls, cutting programs that measure the impact of government/regulation on the country, ignoring new revenue streams, spending tax dollars on pet projects overseas and trying to cover it all up, changing disclosure and transparency laws to hide their malfeasance. The sooner the association of 'conservative = fiscally responsible' dies the better. Budgetary prudence has essentially nothing to do with party.
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Apr 11, 2014 18:57
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EoRaptor posted:Bullshit. They've rampaged through the years cutting taxes on the wealthy, slashing social programs, selling assets to pay for spending shortfalls, cutting programs that measure the impact of government/regulation on the country, ignoring new revenue streams, spending tax dollars on pet projects overseas and trying to cover it all up, changing disclosure and transparency laws to hide their malfeasance. I guess you didn't really read my post - I wasn't equating conservatives generally with fiscal prudence, but saying the policies enacted had been decent during his tenure, irrespective of politics. Depending on your philosophical bent you could argue there were different approaches or more could have been done but I don't personally have the feeling that there was a gross mishandling of the country's fiscal policy, which was in spite of my own personal leanings politically. I also thought the previous liberal government did a good job. Pertinent to the housing bubble bread, he had increased oversight on CMHC, tightened mortgage rules generally, and was willing to spend when the economy was on the gutter to support construction and other infrastructure jobs. The rest of the policy argument probably doesn't belong here. E: we've had over 15 years of fairly stable federal fiscal policy, regardless of who was in the chair and I would say that's a big improvement over what we had previously. Also, I had forgotten that he had just recently retired so we already know who his successor is. It still remains to be seen whether they can be relatively level-headed or will return to the heavily partisan poo poo-show of the 90s. Kalenn Istarion fucked around with this message at 19:46 on Apr 11, 2014 |
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Apr 11, 2014 19:42
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Kalenn Istarion posted:tightened mortgage rules generally In 2006 his government allowed the CMHC to insure 40 year, no money down mortgages. Since then they tightened mortgage rules, but it's ridiculous to say that he "generally tightened mortgage rules."
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Apr 11, 2014 19:49
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Whiskey Sours posted:In 2006 his government allowed the CMHC to insure 40 year, no money down mortgages. Since then they tightened mortgage rules, but it's ridiculous to say that he "generally tightened mortgage rules." Yeah, no kidding. He reversed this major gently caress-up, and instituted a few other panicked policies (CMHC $1M cap, etc) that strike me as largely 'close the barn door' efforts.
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Apr 11, 2014 19:52
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Kalenn Istarion posted:was willing to spend when the economy was on the gutter to support construction and other infrastructure jobs. edit: vvv you shouldn't make jokes like that. Kafka Esq. fucked around with this message at 20:09 on Apr 11, 2014 |
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Apr 11, 2014 20:05
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I like the conservatives because they didn't send us to Iraq and pulled us out of afganistan.
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Apr 11, 2014 20:07
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Baronjutter posted:I like the conservatives because they didn't send us to Iraq and pulled us out of afganistan. You know it was the Liberals who made the initial decision in 2002-2003 to not send us to Iraq, right? The way Harper seems to have a perceived hard-on for the US, I can't say he'd have made the same decision. In fact, it appears he opposed our lack of involvement. Whether that was simply a game of contradictory politics is anyone's guess. Rick Rickshaw fucked around with this message at 20:35 on Apr 11, 2014 |
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Apr 11, 2014 20:32
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Kalenn Istarion posted:I guess you didn't really read my post - I wasn't equating conservatives generally with fiscal prudence, but saying the policies enacted had been decent during his tenure, irrespective of politics. No. warning: Garth Turner link.
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Apr 11, 2014 20:42
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Lexicon posted:Yeah, no kidding. He reversed this major gently caress-up, and instituted a few other panicked policies (CMHC $1M cap, etc) that strike me as largely 'close the barn door' efforts. Flaherty is a large part of the reason this cost 1.9 Million dollars in Vancouver now. His response to the GFC played no small part in what has kept this gas bag inflated for longer than it would have on it's own. He is much luckier than I in that he will not have to live through the coming train wreck that will result from his policies. He doesn't deserve a parade.
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Apr 11, 2014 20:48
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ocrumsprug posted:Flaherty is a large part of the reason this cost 1.9 Million dollars in Vancouver now. His response to the GFC played no small part in what has kept this gas bag inflated for longer than it would have on it's own. I actually think you can blame the inflation in just about every segment of housing on him, except this. No typical working-Vancouverite is paying $1.9M for that, who wouldn't otherwise have been able to in the absence of the worst foibles of the CMHC etc. That's global mobile capital poo poo right there (no, I'm not specifically blaming Asians). The Burnaby shitbox condos that go for $400k, the tiny cap-rate 'revenue properties', the people falling over themselves to overpay for Toronto duplexes (right up to the CMHC boundary, I might add): now that's Flaherty right there.
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Apr 11, 2014 21:43
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ocrumsprug posted:He is much luckier than I in that he will not have to live through the coming train wreck that will result from his policies. He doesn't deserve a parade. Oh, come on. He certainly wasn't 'lucky' to die of a massive heart attack.
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Apr 11, 2014 21:48
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There are so many reasons why I don't think the above is true, but ultimately I don't care enough to write a long post about it. I'll end my contribution to the topic by simply saying it could have been a hell of a lot worse. There are no easy choices in a lovely economy.
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Apr 11, 2014 21:54
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Kalenn Istarion posted:There are so many reasons why I don't think the above is true, but ultimately I don't care enough to write a long post about it. I'll end my contribution to the topic by simply saying it could have been a hell of a lot worse. There are no easy choices in a lovely economy. If you end up summoning the energy, it would be a welcome read.
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Apr 11, 2014 21:56
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Unlikely to happen. I'm apolitic in general and tend to vote the party with the least shitheaded policies with a bias so social programs rather than fiscal. This has led me to vote liberal more often than not for reasons I won't elaborate here. I have no desire to position myself as defending conservative ideals in general and I have a strong sense that defending the fiscal policy stuff in specific would be pissing into the wind here. The blog above which was purported to refute my points actually came off at the end with grudging respect and an acknowledgement that 'F' did the right thing on a number of policies which isn't too far off what I think. Said a different way, I struggle to imagine anyone who could have done a better job. Not because Flaherty was a shining example of brilliance but because the odds of any politician being less shitheaded are pretty low.
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Apr 11, 2014 22:18
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Oh certainly rolling back the changes that they originally implemented that turned out terribly isn't much of an indictment. They did however roll those policies out in the first place. There is also some weight to what you say about whether someone else at the helm would have made a better decision due to lack of options in 2008-2009. However they had been in power implementing terrible ideas for three years at that point. ocrumsprug fucked around with this message at 01:37 on Apr 12, 2014 |
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Apr 12, 2014 00:36
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It's still ridiculous to praise someone for rolling back the very changes he enacted, years after the policy created a damaging misallocation in the market. I actually thought he was joking, but apparently when this all blows up it will be the current government's fault and no one else's.
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Apr 12, 2014 01:09
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Scary: http://www.macleans.ca/economy/realestateeconomy/11-charts-about-the-housing-market/
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Apr 12, 2014 02:10
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I loving *love* the mortgage renewal gap chart.
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Apr 12, 2014 03:41
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Lexicon posted:Scary: http://www.macleans.ca/economy/realestateeconomy/11-charts-about-the-housing-market/ lol 
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Apr 12, 2014 03:41
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Lexicon posted:No typical working-Vancouverite is paying $1.9M for that, who wouldn't otherwise have been able to in the absence of the worst foibles of the CMHC etc. That's global mobile capital poo poo right there Well, I'm sure the seller wishes that were the case, but it's a mediocre 65-year-old home that isn't actually near any amenities and is about as far from a main drag as you can possibly get. It's not like we're talking about arguably valuable downtown real estate—it's a forgettable property in the suburbs that you can drop a McMansion onto and not much more.
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Apr 12, 2014 04:30
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tagesschau posted:Well, I'm sure the seller wishes that were the case, but it's a mediocre 65-year-old home that isn't actually near any amenities and is about as far from a main drag as you can possibly get. It's not like we're talking about arguably valuable downtown real estate—it's a forgettable property in the suburbs that you can drop a McMansion onto and not much more. That place is a decent plot of land a few blocks from Oakridge centre which is getting $1.5billion redevelopment. That price is all location and hope that a developer will pay top dollar for the land. While still ungodly expensive, a 5 minute drive away will get you a brand new 6 bedroom for 1.24Million.
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Apr 12, 2014 06:19
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etalian posted:lol What policy changed in 2010?
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Apr 12, 2014 07:34
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Pixelboy posted:What policy changed in 2010? I'm wondering that myself- that's a huge jump in the chart over two years
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Apr 12, 2014 11:53
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ocrumsprug posted:He is much luckier than I in that he will not have to live through the coming train wreck that will result from his policies. He doesn't deserve a parade. He was a millionaire; lets be honest he was never going to have to live with the consequences of his policies.
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Apr 12, 2014 15:46
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