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Bankers don't know jack poo poo. Yeah sure we're just going to detach interest rates completely from the USA, ok mate you've had just about enough for tonight.
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Feb 25, 2024 22:39
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Femtosecond posted:poo poo is gonna lift off if this happens CONTINUE BUYING HOUSES AND TAKING ON DEBT, YOU WILL BE ABLE TO REFINANCE NEXT YEAR
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Feb 25, 2024 22:47
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Femtosecond posted:poo poo is gonna lift off if this happens That's an incredibly bold claim from Desjardins. The bond market, which has been overly optimistic about cuts ever since the first hike in this cycle, doesn't expect rates to drop that low at any point in the next decade. Rates are not dropping that far that fast without some apocalyptically bad numbers coming out of the economy in the next couple of quarters. And that scenario certainly does not point to number go up.
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Feb 26, 2024 02:16
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2.5 per cent by the end of 2025 seems particularly aggressive to me. The fact that inflation, minus housing, is now well within the BoC's range of acceptability does now give them due reason to consider cutting. The fact that housing is now the part dominating inflation should make them consider it too? I could see them cutting a 1/4 point and soaking there until fall and reevaluating then. IMO the economy is not great, but I'm not sure we're at the "economy is imploding" point where the Bank is pushed into severe rate cuts.
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Feb 26, 2024 03:59
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It would be nice if the government was able to supply low-interest money for housing construction.
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Feb 26, 2024 04:59
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Femtosecond posted:The fact that inflation, minus housing, is now well within the BoC's range of acceptability does now give them due reason to consider cutting. The fact that housing is now the part dominating inflation should make them consider it too? I hope nobody at the BoC is thinking that rate cuts are going to somehow lower housing inflation by spurring a massive wave of new construction instead of doing what they always do, which is let people take on more debt and drive up housing costs. Baronjutter posted:It would be nice if the government was able to supply low-interest money for housing construction. They could make some kind of national bank, or even a housing and mortgage corporation.
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Feb 26, 2024 05:21
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Our house is 2/3rds on one mortgage rate and 1/3rd on another much higher mortgage due to porting and planning the 2nd one to expire at the same time as the first one. I mathed out that our combined interest rate is 3.7%. Will they cut that far by the time we renew? (a little over a year) Seems unlikely. This cut by half prediction sounds ridiculous to me.
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Feb 26, 2024 15:17
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Remember when we had years and years of ultra low interest rates but no one could get any new homes built because of concerns about parking and shadows? Good times.
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Feb 26, 2024 22:01
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https://x.com/michaelgeller/status/1761912117253562813?s=46&t=ruJSzwqECRxfc3oePbtIng Makes sense. Banks are like "we'll lend you [large amount of money] but we want it back immediately." Results in creating the product that sells the fastest. That'll be a high demand, relatively low priced product.
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Feb 27, 2024 17:51
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Lol, Lmaoquote:One of the purchasers of a unit in a downtown building subsidized for first-time homebuyers already owned six single-family homes in the Victoria area worth more than $7 million, says a civil suit filed by B.C. Housing.
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Mar 6, 2024 18:11
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Why yes, this is my first time buying a seventh home. Why do you ask?
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Mar 6, 2024 20:35
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MeinPanzer posted:Why yes, this is my first time buying a seventh home. Why do you ask?
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Mar 6, 2024 20:56
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moved into our new place today and already had two random people in the new building ask if we bought or were renters
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Mar 6, 2024 21:57
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Toronto council is starting to look at anti-renoviction bylaws like Hamilton apparently has, hmm. That could be quite good, but we’re in hellworld…
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Mar 7, 2024 00:39
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Cold on a Cob posted:moved into our new place today and already had two random people in the new building ask if we bought or were renters There's a good reason for this, owners want other owner-occupied units because investors having voting power or, god loving forbid, influence on the condo board is rear end. I don't think it's like "oh god, a renter" anymore. I have nothing against renters, I have something against the people they're renting from, who are overdue for a home call from kindly Dr. Guillotine. And if you're a renter, I'd say you'd want to be one in a building that's majority owner-occupied, because then the people making the decisions that affect livability have their own comfort at stake. Speaking of stakes, we should consider burning landlords at them. PT6A fucked around with this message at 01:25 on Mar 7, 2024 |
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Mar 7, 2024 01:21
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At the very least, this was just a pilot, and for projects moving forward they're vetting buyers much more thoroughly. (And they undertook an audit to claw back the condos from the fraudulent buyers.) I was surprised that it was so loosely run the first time around, but then I realized I'd skimmed over this sentence: quote:Initially brought in under a B.C. Liberal government, the program had few rules when it was launched, he said. Oh, well duh I guess.
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Mar 7, 2024 02:24
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PT6A posted:There's a good reason for this, owners want other owner-occupied units because investors having voting power or, god loving forbid, influence on the condo board is rear end. I don't think it's like "oh god, a renter" anymore. I have nothing against renters, I have something against the people they're renting from, who are overdue for a home call from kindly Dr. Guillotine. Sadly in my experience I've found people in condo buildings to very much be incredibly classist against renters and didn't want them around, prematurely blaming their existence for all sorts of imagined hypothetical misfortunes. Femtosecond fucked around with this message at 02:57 on Mar 7, 2024 |
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Mar 7, 2024 02:52
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Also lol at the paraphrasing of the court filing by that realtor who brokered all this fraud. She didn't personally profit in any way from brokering the sale of $3M+ of property, or from buying a condo for herself at 12% below market! Also the condo she bought is totally her primary residence. She definitely doesn't live in any of the other $2.5M of housing she owns! Also she just doesn't understand English very well. This was all a big mistake resulting from miscommunications.
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Mar 7, 2024 03:06
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Femtosecond posted:Sadly in my experience I've found people in condo buildings to very much be incredibly classist against renters and didn't want them around, prematurely blaming their existence for all sorts of imagined hypothetical misfortunes. Well, I hate the consequences of someone renting. Which is that there's some stupid, rich cocksucker making money off the renter, with voting privileges, who has every reason to reduce his expenses, and no reason to make the building more livable. The renters themselves are not an issue, I would say. Everyone who lives here has more in common with each other than any of us have in common with a loving parasite bastard landlord. If it were up to me, non-residents would be prohibited from being on condo boards by federal law, and from voting during AGMs.
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Mar 7, 2024 03:06
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Lead out in cuffs posted:Also lol at the paraphrasing of the court filing by that realtor who brokered all this fraud. All her clients that bought in that building also just happened to lie about/obfuscate their income and other properties, by mistake. I'm glad it's all coming to light, it's just so very BC. Christie Clark's Condos for Low Net Worth Landholders large hands fucked around with this message at 03:56 on Mar 7, 2024 |
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Mar 7, 2024 03:54
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PT6A posted:Well, I hate the consequences of someone renting. Which is that there's some stupid, rich cocksucker making money off the renter, with voting privileges, who has every reason to reduce his expenses, and no reason to make the building more livable. I understand the fear in that they consider that renters don't have a stake in common property and are less likely to be concerned about the overall state of the building. That said, I don't think this holds very well at the moment given how difficult it is to find affordable rentals. Absolutely no one wants to move. Like you say, I would have far more concern about non-resident owners who can actually influence things and will almost definitely vote against anything that costs them money for any reason. As for the scamming realtor. Hilarious try to end run around contracts by claiming to not understand them. I know of no place where you can avoid breach of contract by way of ignorance. That would be a pretty neat trick to get out of any contract.
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Mar 7, 2024 15:13
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Someone in my work Slack just asked whether she could use the first time homebuyers account she filled to buy a rental property. 
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Mar 7, 2024 15:58
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The idea constantly perpetuated that renters don't have a concern about their community or the quality of the building they live in is exactly the sort of classist bullshit I'm talking about. I've witnessed resident owners treat their homes like absolute garbage and fight every single strata increase or defer maintenance until things start falling apart. I've been in more than one home while looking to buy in the past that smelled awful, had mold, rancid food in the fridge, water damage, holes in the walls, etc etc. Just absolutely loving disgusting - and this was people trying to SELL their goddamn homes.
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Mar 7, 2024 17:30
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Cold on a Cob posted:The idea constantly perpetuated that renters don't have a concern about their community or the quality of the building they live in is exactly the sort of classist bullshit I'm talking about. I've witnessed resident owners treat their homes like absolute garbage and fight every single strata increase or defer maintenance until things start falling apart. I've been in more than one home while looking to buy in the past that smelled awful, had mold, rancid food in the fridge, water damage, holes in the walls, etc etc. Just absolutely loving disgusting - and this was people trying to SELL their goddamn homes. 100% this. For sure the people violating code, ripping out load bearing studs, and caulking electrical systems in place give a gently caress about their local greengrocer /s. Some of the houses I've seen my friends buy in Toronto are loving death traps.
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Mar 7, 2024 17:41
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I was reading something years ago about the whole "renters treated like 2nd class citizens or worse" in condo buildings. So many owners interviewed would of course go on about how renters don't seem to care about the building, can be louder and don't seem to value harmony with neighbours, don't maintain their units well enough and so on. Then they interviewed the renters and pretty much all of them initially made an effort to be good neighbours but were treated like such unwanted scum by the owners that they just stopped giving a gently caress. When you know you're hated either way simply for renting, why bother trying?
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Mar 7, 2024 17:53
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Cold on a Cob posted:The idea constantly perpetuated that renters don't have a concern about their community or the quality of the building they live in is exactly the sort of classist bullshit I'm talking about. I've witnessed resident owners treat their homes like absolute garbage and fight every single strata increase or defer maintenance until things start falling apart. I've been in more than one home while looking to buy in the past that smelled awful, had mold, rancid food in the fridge, water damage, holes in the walls, etc etc. Just absolutely loving disgusting - and this was people trying to SELL their goddamn homes. This attitude is probably a big part of the reason a lot of homeowners (and aspiring homeowners) are dead set against the construction of higher density housing.
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Mar 7, 2024 18:34
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Baronjutter posted:It would be nice if the government was able to supply low-interest money for housing construction.  Note: I'm making a joke here.
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Mar 8, 2024 03:08
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I was briefly on a strata council and my ire was reserved solely for the landlords. Half the time they didn’t even give renters a chance to get along with their neighbours, they simply wouldn’t tell them about any building rules. They also shouldn’t get a vote. Want to spend money to make the property nicer to live in (signage)? NO. Want to make life worse for residents but maybe “protect your property value” (pet restrictions)? YES. I guess it was a blessing in disguise none of them wanted to do any work so they hardly showed up on council at all. Baronjutter posted:don't maintain their units well enough This isn’t the renter’s responsibility. 
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Mar 8, 2024 03:46
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kaom posted:This isn’t the renter’s responsibility. Exactly. As a renter I am not responsible for repairing fixtures or appliances and if I do let the unit fall into a state of disrepair due to my actions I can be evicted. Despite this I have made repairs in the past; partly due to covid and partly due to negligent landlords and condo property managers. For example, in the last decade I have repaired my door strike plate, fixed a leaky dishwasher, replacing an oil clogged range hood filter (fire hazard!), remounted some kitchen cabinet doors (wood filler ftw), and patched a wall to re-mount a towel rack. Hell, my lease says I'm not even allowed to paint or mount my tv on the wall but it also says I'm responsible for any repairs less than $100 lmao. All of this is illegal under the Ontario RTA and I could technically demand my landlord change my dead lightbulbs, not that I would get anywhere doing so.
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Mar 8, 2024 15:19
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My philosophy is I want to spend the least amount of time possible interacting with my landlord, kicking up a fuss about spackling some dry wall doesn’t fit well into that philosophy so for stuff like that I’d rather just get it done. I mean yeah if the toilet breaks or there’s a leak then the landlord is 100% going to shell out for it, but small poo poo nah it’s not worth it.
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Mar 8, 2024 16:33
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More evidence that housing filtering is real. https://twitter.com/IDoTheThinking/status/1766504632451219824 https://www.minneapolisfed.org/article/2024/how-new-apartments-create-opportunities-for-all
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Mar 10, 2024 03:40
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My experience trying to buy a house so far: Owner: Give me $400,000 Me: OK Owner: No
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Mar 10, 2024 03:49
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Listing prices are marketing, not economics.
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Mar 10, 2024 03:55
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Less so in the exurbs but a lot of owners are delusional
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Mar 10, 2024 03:57
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COPE 27 posted:My experience trying to buy a house so far: try baking them some cookies
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Mar 10, 2024 04:01
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Listing prices are just negotiating starts. Only thing that matters is the actual sales price.
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Mar 10, 2024 04:33
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Only if there's a buyer willing to pay that price.
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Mar 10, 2024 05:32
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At least it's fun watching realtors having to drag potential buyers to showings that go nowhere.
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Mar 10, 2024 06:02
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In Scotland, where I just bought a house, all offers are final, all bidding is blind, and you have to pay any difference between listed price and accepted offer in cash. It’s also really hard to get mortgages for more than the independent valuation of a property. After hearing about the nightmare of buying a house in BC from friends and family, navigating the whole system here was really refreshing.
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Mar 10, 2024 09:44
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COPE 27 posted:Only if there's a buyer willing to pay that price. if there’s no buyer, then it’s not a sale price, because there was no sale?
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Mar 10, 2024 14:16
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