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Bank of Canada holds interest rate at 1.25% Is this just going to continue to build to the inevitable collapse?
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May 30, 2018 15:23
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It's weird - I have this thing in my head telling me that I shouldn't listen to the people that solely exist to skim profit off the selling and buying of homes...
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May 29, 2020 14:34
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qhat posted:I'm fully convinced that the people who are running the bank of canada would sooner devalue the currency and allow inflation to run rampant than allow housing to collapse. I can't think of a thing more Canadian than the people in charge in this country doing their best to protect real estate at all costs.
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Jul 23, 2020 21:09
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lol >Be Millennial >See nothing but war for oil or drugs growing up >Get out of high school or college right as the housing recession hits >Can't get a job >Eventually get a job a couple years later >Same wages as like 2004 >Scrimp and save as much money to pay back your 9% interest student line of credit/OSAP bill >Be told for 5-7 years "sorry things are going to be tight around here for the next couple years on account of the recession" never get a raise >Be good and save money as your parents told you (in a 0.05% savings account from the big banks) >Learn about high interest savings account (3%) >Savings now don't degrade with inflation year over year >Try to jump into the market but you're outpaced every time >See property values double since 2015 >See interest rates at their lowest >Housing market still going up up up >literally punished for not overextending yourself and incurring an insane amount of risk >COVID hits >Housing Market still goes up >Laid off >Interest rates drop >Inlaws uncle just bought their 14th property talks about hard work and how landlords are "good honest job" lol gently caress me what's the point of even trying.
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Jul 24, 2020 14:59
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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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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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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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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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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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Probably the fact that there's about 100 years of epidemiology and other healthcare related improvements to maybe stop this from happening. Turns out for something so "unprecedented" a lot of things could've been done to avoid nearly 1 Million deaths
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Sep 18, 2020 18:12
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I think what I'm experiencing right now is a rash of people from Toronto (probably living in condos) moving to the Hamilton and surrounding area and completely bullying the market there right now. I saw a house go for 150k over asking in Hamilton Mountain (when surrounding units sold around the same asking price a month ago) I saw a end unit townhouse go for 80k over asking with 18 accepted bids with over 50 booked viewings. poo poo's BONKERS right now
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Oct 15, 2020 15:46
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All the people moving to Hamilton and further who still work for companies based downtown Toronto are in for a shock when their bosses "missed personal connection" and order everyone back into the office. Or they figure out they're paying Toronto wages for someone who doesn't work in Toronto anymore and can get the same output from someone telecommuting from Corner Brook or Jacarta for 40-80% less money.
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Oct 19, 2020 20:35
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Stress testing punishes first time home buyers - not the people working on their 14th property.
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Oct 23, 2020 17:13
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Boy I can't wait to spend an ever increasing amount of my stagnant wage on insanely rising rent/mortgage & living costs... But no no - It's because I had avocado toast that one time.
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Oct 23, 2020 17:24
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Cold on a Cob posted:So open question then: How do we make it harder for people to acquire their 14th property while carrying ridiculous amounts of leveraged debt without punishing single property buyers? Keep the stress test the same for single property buyers. Add a multiplicative effect based on n# of properties over 2 to make sure their not overleveraging themselves - sayyyy if a pandemic hits and all their tenants can't pay their rent. Oh maybe make a first time home buyers program that doesn't cap out at 66% the value of a bachelor condo in the 'sauga. Slotducks fucked around with this message at 20:28 on Oct 23, 2020 |
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Oct 23, 2020 20:26
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Cold on a Cob posted:Ok but don’t these landlords use alternative lenders that don’t apply the stress test anyway? That was what I assumed in the first place when I suggested making it harder to evade. If I’m wrong about that and these guys are borrowing from the big banks then I would be surprised. gently caress I don't know maybe make alternative lenders follow the same rules? It's not the wild west...
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Oct 23, 2020 20:36
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Ervin K posted:This right here is the most boomer thing I've ever read. same people who say "kids have it too easy these days" as if that's not the loving point of it all.
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Oct 28, 2020 19:41
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My parents aren't giving me poo poo when they die because they're not going to have anything to give. I'm breaking that cycle if I can.
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Oct 28, 2020 20:38
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I continually enjoy proverbially shoving needles into my eyes as we get outbid on house offers by 50-70k week after week cool cool cool
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Nov 6, 2020 18:26
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"well if you're not having success in buying a place - what about renting?" Oh where I have to pay utilities, and the rent is more than the mortgage for the place along with strict no pet rules as well? hosed either way! Boy a sure love earning over median household income in Burlington and somehow being priced out of loving Hamilton and now Brantford.
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Nov 9, 2020 18:45
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linoleum floors posted:Dude you have to pay utilities if you own a house too.. lol. The advantages of renting are many. Sorry I should've wrote "still have to pay utilities"
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Nov 10, 2020 15:24
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You know what TD, you're right. I'm too hard on the older generations for completely loving over my generation. Thanks. https://twitter.com/DJDynamicNC/status/1328879791064363009 Time to rise and grind let's go boss boys and boss girls - get that money and deposit it into the TD™ Ultra High Interest Mega Savers Account™ (0.005% Interest with minimum balance of $1,000,000)
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Nov 18, 2020 17:01
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So I'm trying to buy a house in the hamilton/brantford area and apparently I've picked the worst time for it possible - but I picked through all the listing data and have gone back to see what things sold for and this game we're playing is really loving stupid. Bear in mind this is all anecdotal evidence and sample sizes are really small From the listings we've been offered and shown: Asking price ranges: 400k - 550k Hamilton 23 Listings Average Price increase from Ask to Sold: 71k Median Price increase from Ask to Sold: 70k Max Asking Price difference: 155k Min Asking Price difference: $2k Brantford 15 Listings Average Price increase from Ask to Sold: 38k Median Price increase from Ask to Sold: 35k Max Asking Price difference: 95k Min Asking Price difference: -$14.9k Thoughts: 1. gently caress realtors for trying to keep their data private - took me about 2 hours to manually pull all this data through and had to use multiple websites due to either a) missing information or b) conflicting numbers 2. gently caress our government for not having any rule in place to keep asking prices to be anywhere sensible 3. It's a complete crapshoot. Looking at comparables mean nothing at all right now.
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Nov 18, 2020 20:17
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Fuzzy Mammal posted:It's also kind of meaningless. If a house is gonna sell for $500k I could 'ask' 499k, 450k, or even $1 and it wouldn't make much of a difference to the final 500 value but the 'amount above asking' would be all over the place. No poo poo it's meaningless but it also leads to places getting 18+ offers on the table at one time. It's bullshit and a massive waste of a huge amount of time.
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Nov 19, 2020 07:01
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Philman posted:I feel your pain. I bought a home last year. I was really frustrated by the whole process. I appreciate the insight - I was prepared by a lot of friends telling it me it was a horrible soul draining process and it's actually worse than I pictured it in my head. I can't stand this. Price ranges in Burlington are so egregious that we considered condos here - but the maintenance fees on them are astronomical, a bunch of them still have kitec, and public transit is so bad in Burlington that we would still need cars. I just can't believe (I totally get why) our government just does nothing about the state of real estate; it's this massive bubble that's bound to pop and they'll do nothing about it until it does; and when it does, they'll likely only bail out those who were extremely overleveraged and irresponsible.
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Nov 19, 2020 15:39
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Doesn't that go against Canadian Anti-Spam Laws as it's not really in line with the business reasons for contact?
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Nov 23, 2020 15:39
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I along with 36 other people lost out on their bids on a house in Hamilton. THIRTY SEVEN OFFERS. Whaaaat the gently caress
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Nov 24, 2020 19:42
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Slotducks posted:I along with 36 other people lost out on their bids on a house in Hamilton. Sold for 30% over asking. Realtors are cunts.
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Nov 24, 2020 22:04
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Cold on a Cob posted:It'll burst the second I finally say "gently caress it" and dump every cent I have into housing on top of getting a 700k mortgage. You and me man - it's like the two keys to the football suitcase - the moment we get in - it's going to all crash down (haha jokes on everyone I just want to live in a home with my wife alone without roommates and I have allusions to becoming a landlord or to use the house for "investment" purposes lolololol)
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Nov 27, 2020 15:41
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Cold on a Cob posted:https://twitter.com/BetterDwelling/status/1349778557006798848?s=20 this seems super sustainable in every single way
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Jan 18, 2021 20:17
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Cold on a Cob posted:The bubble is going to pop the second I take on a 500k mortgage to buy a two bedroom condo. In the two weeks after I close I fully expect my equity to turn into dust. poo poo man, a couple months ago it was a townhouse  What happened?We were in the same boat - both looking at houses and stuff. My wife lost her job last week so we had to put a pause on our search. The ultimate irony being that her coworkers (including the guy who let her go) were all beating the same drum of advice of "Sometimes you just gotta jump in both feet wet; yeah it'll be hard at first but it'll get easier". 1 month later - let go. Cunts.
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Jan 19, 2021 15:44
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Lmao imagine being a G7 country and subjecting near everyone born past 1989 to live like a loving serf.
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Feb 3, 2021 14:34
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ChickenWing posted:Burned: elected to skip the inspection on the place we're currently living because what could possibly be wrong with a newish stacked townhouse? Moved in and found out: What the gently caress? Did your realtor not include stipulations that all things transferring (Chatels) in the sale are required to be deemed in good working condition before takeover under threat of costs being covered by the seller? like isn't this exactly why you have a lawyer look over poo poo like this? so there's some sort of avenue to rectify this poo poo after the sale goes through?
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Feb 8, 2021 20:11
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qhat posted:Honestly I feel there should be a public body which gives home inspections and you must have your home evaluated and the report published by it before being able to list it for sale. It really is completely unacceptable that people are being punished for taking even the most rudimentary steps for due diligence when purchasing a multi-million dollar asset. That sounds like it would be mutually beneficial for all parties in real estate transactions and that's exactly why it'll never loving happen ever.
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Feb 8, 2021 20:13
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Fuzzy Mammal posted:Why would the seller ever accept an offer with that sort of condition My realtor put it across as boiler plate and legitimately not even a thing worth talking about. This is wild.
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Feb 8, 2021 22:09
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I figured that's why the lawyers do their lawyer poo poo and send letters back and forth like pen pals
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Feb 8, 2021 22:40
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half cocaine posted:You know how to fix this? Make the realtors liable. lmfao again this is one of those things that's mutual beneficial for both parties in a transaction and yet will never loving happen ever.
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Feb 9, 2021 15:53
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half cocaine posted:REGULATORY RED TAPE Is there anything Boomers and Late Xers hate more than "Due Diligence"?
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Feb 9, 2021 19:14
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This is all completely sustainable and with everyone over spending on mortgages it definitely won't lead to a shrinking economy as frivolous/extra spending is curbed in an attempt to pay their ever increasing mortgages so their job is eliminated due to loss of revenue and then...?
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Feb 16, 2021 20:12
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| # ¿ Apr 27, 2024 07:36 |
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qhat posted:Just borrow more money dude have you learned nothing? gently caress
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Feb 16, 2021 20:23
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