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The funny thing to think about is how wages and everything haven't kept up with the housing market at all and more and more of everyone's finance is going toward paying either rent or mortgage - leading to less and less money being spent in the economy which then makes wages depress even more because people have to pinch pennies more and more and save as much as possible (with horrible interest rates trying to get people to spend)
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Aug 7, 2020 18:24
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Have you considered becoming a devloper?
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Aug 7, 2020 19:08
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Femtosecond posted:10 years ago working class hoods like Grandview Woodlands and Strathcona were places where students and young workers could rent a house for cheap, and these neighbourhoods were great and vibrant for renters but jump ahead to now, post bubble, and houses in GW have been turned over and are occupied by the Dunbar Diaspora, rich west siders that sold their homes to hot asian money, pocketed a few mil' then bought relatively cheap SFHs in East Van. Now they're trying to keep Grandview Woodlands as an exclusive SFH zone for rich people just the way that Dunbar was. Same poo poo is going on in Strathcona though I think that gentrification process has been going on even longer. The drive will never give in to developing any sort of densified housing and it will be the end of them.
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Aug 7, 2020 19:33
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half cocaine posted:Have you considered becoming a devloper? lol funny you mention that - tech hotspots in Canada are only there because labour is cheaper there than in the states. Wages haven't even kept up in the dev world.
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Aug 7, 2020 20:36
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Slotducks posted:lol funny you mention that - tech hotspots in Canada are only there because labour is cheaper there than in the states. Wages haven't even kept up in the dev world. Housing developer not software developer. 
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Aug 7, 2020 20:51
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Femtosecond posted:Globe and Mail doesn't have any foreign buyer stuff to report on any more, so they're increasingly publishing concern trolling pieces about new Vancouver developments. How About We Just Don't Do Anything? A continuing series on Vancouver's housing and affordability crisis by the Globe & Mail, part 701
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Aug 7, 2020 20:59
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Slotducks posted:The funny thing to think about is how wages and everything haven't kept up with the housing market at all and more and more of everyone's finance is going toward paying either rent or mortgage - leading to less and less money being spent in the economy which then makes wages depress even more because people have to pinch pennies more and more and save as much as possible (with horrible interest rates trying to get people to spend) Despite this reality, the real-estate pumpers say, there is no reason why housing prices would ever come back to earth, because of reasons. Number cannot fail, it can only be failed.
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Aug 7, 2020 21:07
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No, you've got it all backwards, people aren't pinching pennies to afford houses. They're using the inflated values that occur year after year of their properties to leverage themselves into more and more debt, either by buying investment properties or by renovating their current property. It's a giant house of cards.
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Aug 7, 2020 21:16
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If the housing debt bubble is a house of cards, everything about the government response reaction has been a big signal to everyone that: "relax, we are doing everything we can to ensure this house of cards doesn't collapse." Interest rates have dropped and there is absolutely zero way that they're going up any time soon. Giant signal from the government: Buy assets. Accumulate cheap Debt. Get in.
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Aug 7, 2020 21:37
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somehow I think the only barriers they'll put in to "help the 'supposed' housing crisis" would be measures that sound good on paper but either a) completely gently caress over first time buyers or b) are completely loving useless in 2020 Like the RSP first time buyers thing. Mother fucker I wasn't contributing to an RSP I was paying back the loving 9% student loan you gave me when I was 17.
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Aug 7, 2020 21:51
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BIL just bought a condo in North York, 900sqft for $700k. cool cool...
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Aug 8, 2020 00:22
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I predict the upper bound for the canadian housing bubble is when immigrants (the ones who want to work and pay taxes) take a look at vancouver and toronto housing prices and are like nah thx I'm good and proceed to move to America instead.
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Aug 8, 2020 00:35
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half cocaine posted:I predict the upper bound for the canadian housing bubble is when immigrants (the ones who want to work and pay taxes) take a look at vancouver and toronto housing prices and are like nah thx I'm good and proceed to move to America instead. Moving to America is not easy, even with the right skills. Compared to Canada where if you have a relevant masters degree and foreign work experience you can get PR approved without having ever stepped foot in the country. Source: me, a developer immigrant who acquired PR without stepping foot in the country.
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Aug 8, 2020 04:35
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Like it sounds kinda funny but it's actually easier to get work in America by first getting PR in Canada, working for 3 years in Canada, getting citizenship then going to America for the big bucks on a NAFTA visa.
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Aug 8, 2020 04:38
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qhat posted:Like it sounds kinda funny but it's actually easier to get work in America by first getting PR in Canada, working for 3 years in Canada, getting citizenship then going to America for the big bucks on a NAFTA visa. Isn't this literally why all the tech companies are setting up shop in Vancouver? Seems a lot more reliable than the H-1B process.
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Aug 8, 2020 05:02
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I received independant verification that something was awefully amiss when a guy who graduated from the advanced GIS program @ BCIT with my wife hit me up on facebook. He was cold calling, to let me know he was working as a mortgage broker, and asked me to get in touch if I'm looking to buy a house. poo poo man, GIS skills and know how are actually a field that seemed to be in demand. Fucckit, I'ma go sling some debt! Edit to ask: When was Joe Flaherty finance minister? I've been lurking here since then. I can wait a bit longer. Got a RESP to contribute to now. B33rChiller fucked around with this message at 05:32 on Aug 8, 2020 |
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Aug 8, 2020 05:29
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Lead out in cuffs posted:Isn't this literally why all the tech companies are setting up shop in Vancouver? That and also if you work for 18 months at an American subsidiary, you become eligible for L1B which is the same as H1B but has no quota. Vancouver has lots of immigrants willing to work immediately below the border.
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Aug 8, 2020 06:47
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Lead out in cuffs posted:Isn't this literally why all the tech companies are setting up shop in Vancouver? This is definitely why they started (you can dig up old articles about MSFT's office in Richmond that explicitly say this), but at this point they've pivoted away from that into opening normal offices here due to a combination of: 1) Enough decent workers that like Canada for lifestyle reasons and have no real interest in going to Silicon Valley suburban hellhole. 2) Canadian wages are relatively cheaper plus cheap cad dollar = big savings. 3) Same time zone. It's a win/win all around. USD big corps get cheap labour and Canadians are able to make relatively great 6 figure salaries and get sweet sweet AMZN/MSFT RSUs without having to leave home. Yes they don't get the absurd USD salaries they'd get in Seattle or SV, but they also don't have to expose themselves to the more negative parts of living in the USA. Not a bad compromise. Icing on the cake is that workers can eventually move to the US mothership office if they want too. Since the early days of Microsoft opening up an office in Richmond purely has a holding tank for foreigners waiting on US visas, things have changed a lot. Amazon has opened a very significant presence, and Microsoft has pivoted into creating a "real" office in Vancouver and have massively expanded it. This includes both their Xbox Coalition Gears of War studio and a normal Microsoft office. Pre-pandemic Amazon and Apple were planning significant new office space ventures in Vancouver. Not sure what the pandemic means for that now. Anyway this trend is a significant input that will keep the housing prices aloft. When this thread was started you could legit pose the question of who was capable of buying at these prices, given that Vancouver wages were so low, but reality has caught up with the bubble. There are now a lot more Vancouverites out there with 6 figure tech jobs that can legit afford pricy Vancouver housing. Femtosecond fucked around with this message at 20:05 on Aug 8, 2020 |
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Aug 8, 2020 20:01
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Lead out in cuffs posted:Isn't this literally why all the tech companies are setting up shop in Vancouver? You don't need to get Canadian citizenship, just work for a year (net of time spent in the US) and get an L1-A or -B depending on your role. Netscape did it for me in 1998, I did it for people at Mozilla in 2008, a friend just had Google do it for them in 2018. Story as old as time.
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Aug 9, 2020 00:34
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Microsoft is making a huge play for SaaS in the weed industry, so I'd imagine the Vancouver office is a useful place to grab them dollars in a place where it's not, you know, federally illegal.
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Aug 10, 2020 22:44
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Is weed in contango?
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Aug 11, 2020 04:37
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https://twitter.com/bloombergca/status/1293529685884907521?s=21 I guess this is something.
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Aug 12, 2020 13:57
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What's the business model in insuring subprime mortgages in the case of a crash? Just declare bankruptcy and tell everyone "lol, sorry"?
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Aug 12, 2020 18:26
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Lead out in cuffs posted:What's the business model in insuring subprime mortgages in the case of a crash? Just declare bankruptcy and tell everyone "lol, sorry"? The business model is relying on the federal government to bail out an industry that's too big to fail and a middle class that's growing at record speed.
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Aug 12, 2020 19:36
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You can only bailout so much until the federal government is quite literally buying houses.
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Aug 12, 2020 22:30
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qhat posted:You can only bailout so much until the federal government is quite literally buying houses. Or hotels! B.C. taxpayers Canada’s biggest hotel buyers The B.C. government accounted for one-third of the sales and more than half the dollar volume in Canada hotel transactions during the second quarter
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Aug 12, 2020 22:53
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I mean poo poo they already nationalised the Canadian bond market, it might not be long before BoC has a whole bunch of houses on their balances sheets whether they want them or not.
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Aug 12, 2020 23:09
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Sassafras posted:Or hotels! BC isn't bailing out the hotel industry. They're trying to backfill emergency housing stock with hotels that are already built and able to reasonably quickly take people.
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Aug 13, 2020 16:59
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T.C. posted:BC isn't bailing out the hotel industry. They're trying to backfill emergency housing stock with hotels that are already built and able to reasonably quickly take people. Same in Toronto. Hotels are being bought to house homeless within accordance with COVID guidelines; traditional methods pack people in too tight, etc
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Aug 13, 2020 17:14
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T.C. posted:BC isn't bailing out the hotel industry. They're trying to backfill emergency housing stock with hotels that are already built and able to reasonably quickly take people. That headline is also pretty sensational. "One third of all hotel sales in Canada!!1!*" *Four hotels, mostly small ones But yeah, seems like a good opportunity to use COVID money to also increase social housing stock.
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Aug 13, 2020 17:52
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https://twitter.com/ewsiddall/status/1295301064519045121?s=21 https://twitter.com/ewsiddall/status/1295301065232003073?s=21
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Aug 17, 2020 12:15
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Oh weird the TREB has suspended one of the websites that makes a realtor basically useless in this day and age? Weird. Huh - must be for holistic reasons and totally valid yep yep. https://www.bungol.ca/treb-data-suspended/
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Aug 17, 2020 14:14
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Intentionally hiding widespread access of pricing data is nothing short of price manipulation and fraud, and I sincerely hope the TREB gets the book thrown at them. But we all know that won't happen.
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Aug 17, 2020 17:07
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half cocaine posted:https://twitter.com/ewsiddall/status/1295301064519045121?s=21 this guy came from Goldman Sachs and probably gonna gently caress off there once he's done. Something about his current griping that just feels very hollow.
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Aug 17, 2020 18:50
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I mean Siddall has basically been the only going "hey... like, maybe slow down a bit you guys - this is a weird pandemic we don't know what's going to happen - hey stop - no - wait - slow down oh god damnit..." as prices still go up and up and up
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Aug 17, 2020 18:59
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Slotducks posted:I mean Siddall has basically been the only going "hey... like, maybe slow down a bit you guys - this is a weird pandemic we don't know what's going to happen - hey stop - no - wait - slow down oh god damnit..." as prices still go up and up and up He's not wrong I just find it hard to take him too seriously. I know he doesn't have total control of these things but he's been in charge of CMHC for years now so it's not like he's been some powerless bystander.
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Aug 17, 2020 19:17
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midge posted:Same in Toronto. Hotels are being bought to house homeless within accordance with COVID guidelines; traditional methods pack people in too tight, etc Well, about that: TorStar posted:Joyce Rankin works with Toronto’s homeless for a living. Just  at grouping together a deadly pandemic, construction for long-overdue mass transit that will be a massive boon to people and businesses in the area, and homeless shelters for the least fortunate.A second for "the community [actually only a vocal minority thereof] believes crime is up in the area" (crime is not up in the area).
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Aug 17, 2020 19:33
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Rich people mad because property value go down.
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Aug 17, 2020 19:49
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leftist heap posted:this guy came from Goldman Sachs and probably gonna gently caress off there once he's done. Something about his current griping that just feels very hollow. He's six years into a Parkinson's diagnosis. That would make most would-be masters of the universe a little grumpy at the best of times. Sassafras fucked around with this message at 20:44 on Aug 17, 2020 |
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Aug 17, 2020 20:28
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ICYMI, Ewan Sidall decided to go toe-to-toe with a moron realtor in the middle of the night a few days past: https://twitter.com/ewsiddall/status/1298153230321569792?s=20 Math for morons: https://twitter.com/ewsiddall/status/1298153232620019713?s=20 And the coup-de-grace: https://twitter.com/ewsiddall/status/1298158405882916865?s=20 Then the goon demands an apology. https://twitter.com/owenbigland/status/1298350569531162625?s=20 Finally, a takedown of realtor stupidity from someone in a position to do so. Oh, and this was hilarious...the now deleted tweet had some other random guy accusing EW's wife of being in conflict of interest because reasons. His reply: https://twitter.com/ewsiddall/status/1298252295168303104?s=20 Mandibular Fiasco fucked around with this message at 19:11 on Aug 27, 2020 |
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Aug 27, 2020 19:07
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