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I find it hilarious that someone can consider a number unlucky enough to inform their decisions on housing and simultaneously not be considered mentally deranged.
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Mar 18, 2018 15:12
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So is it a thing where the number 4 causes a noticible drop in the price of the property? Because that sounds like a business opportunity.
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Mar 18, 2018 21:14
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I'm struggling to think of what these seniors would've done if they hadn't become accidental millionaires through their real estate. Do they really have no other savings than their house?
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May 25, 2019 03:49
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cowofwar posted:They probably did and then when their house starting going up 10% a year they started living it up and have now gone through all their savings and equity with the expectation that it would be a perpetual money machine and now that it has stalled and starting regressing they are hosed. I'm just shocked that these same people who are touting their own "prudent" financial planning weren't able to see that a single highly illiquid set of assets was growing to take up a far larger percentage of their savings until eventually it was the savings. If it was any other type of asset, that complete lack of diversification would be considered highly irresponsible.
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May 25, 2019 21:32
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FWIW for the past few months, there have around 9 detached houses in East Van/North West Burnaby (give or take 1 or 2) listed on rew.ca for under a million. This week, that number spontaneously jumped to 18, by far the highest it's been since before prices went parabolic. Reality is setting in for people it seems.
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Jun 8, 2019 05:41
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Lead out in cuffs posted:This is good, although it's still pretty far disconnected from salaries. What's wrong with having a family in a 4bed? Also yeah it's still pretty expensive, the sub million houses have still been failing to sell after multiple months, but such a sudden increase in inventory in that bracket indicates the market is definitely in the process of correcting, which is good for everyone (except the flippers).
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Jun 8, 2019 09:42
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ARACHTION posted:I mean I can “afford” to pay $2,056 a month if I forget about those pesky things like food, electricity, clothing, medicine etc. You see if you weren't eating so many avocados then you'd probably be scraping by
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Jun 11, 2019 14:38
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There's a few Twitter accounts dedicated to posting all of the ludicrous multi-million dollar losses these flippers are getting hit with on a daily basis. I try not to read these types of twitters too much though because honestly often they seem to devolve into baseless hand wringing and sometimes outright racism (duhhduh because it's the Chinese causing all the problems and not, like, actual criminals). That being said, it is very satisfying to see opportunistic flippers get bitten hard by the market.
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Jun 11, 2019 21:13
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incontinence 100 posted:You guys are still worried about ascribing this bubble to specific ethnic minorities? You should be worried about ascribing anything at all to specific ethnic minorities, especially when it leads people to call for foreigners to be kicked out of their homes because of the actions of vast criminal networks who have chosen Vancouver as their dumping ground.
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Jun 11, 2019 22:55
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Of course, where there is actual criminal wrongdoing, seize the absolute poo poo out of their assets. I don't think anyone would argue with that.
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Jun 11, 2019 23:17
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The last one is the answer to all of capitalism's problems, fyi
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Jun 11, 2019 23:37
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incontinence 100 posted:Canada literally laid out the welcome mat for this kind of "investment" and Quebec is still doing it. Yes, but be careful exactly who you're describing here. People who skirt the immigration system like that absolutely should be kicked out of the country, and people who use that PR as a foot in the door for massive money laundering should have their assets confiscated, Chinese or not, period. The whole idea of cash for PR is still pretty perverse to me, but let's be clear that we are talking about actual criminals here, and homeowners who actually live in the houses they purchase (including the vast majority of minorities who fly straight) are victims of crime.
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Jun 11, 2019 23:46
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Baronjutter posted:I don't think any accusations of racism are being made honestly by any party. It's a total smoke screen for all the various groups involved to do nothing and excuse why the status quo had dragged on so long. It's an excuse made by the industry to keep the money flowing, it's an excuse by politicians to hide their corruption and bumbling, it's an excuse by our regulators to again hide their corruption and lack of doing their loving jobs. I agree, it seems these bastards for years had built up a very convenient political model whereby any mention of criminal activity drew immediate accusations of racism, which is the exact kind of bullshit which causes people to swing to the hard right and adding fuel to the idea that their complaints are in fact underpinned by xenophobia. Hence why it's crucially important to continue banging on about the specific details of the crimes, rather than attributing to minorities, if at all possible.
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Jun 12, 2019 00:56
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Rime posted:I sincerely stopped being able to care about the injustice of Vancouver real estate when I realized that y'all are gonna have a real fun time as climate refugees from down south start pouring over the border in about ten years, preceded by massive volumes of Hong Kongers repatriating on passports they haven't used in decades as China tightens its fist internally. If what you are saying is true then buying property here is about the best investment one can possibly make
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Jun 12, 2019 06:51
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cowofwar posted:Non-disclosure of assets is a cultural trait of ethnic Chinese, Jenny Kwan is quoted saying at the time in Millionaire Migrants. "It's in our culture to be money laundering thieves" what a load of horse poo poo.
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Jun 14, 2019 08:14
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Don't think it's a secret that presales are a requirement for obtaining financing.
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Jun 16, 2019 05:22
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"Anything to get people into homes" it's exactly this kind of ridiculously careless mindset that caused the financial crisis in '07. These people are acting like once a home has been purchased that suddenly life will be carefree and there won't be any significant maintenance costs of the property let alone the mortgage payments (most of which you won't see again because interest lol). Renting also needs to stop being a borderline stigma, there's absolutely nothing wrong with it. qhat fucked around with this message at 06:35 on Jun 19, 2019 |
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Jun 19, 2019 06:32
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Baronjutter posted:We need to massively expand tax free savings account limits to help the working poor grow their retirement investment portfolios. This. Focus also needs to be taken off the RRSP, nobody under $100k/year can fill that up and you might actually need that money for things other than putting a deposit on a shabby overpriced house.
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Jun 19, 2019 06:41
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You can build anywhere you want as long as I can't see it from my backyard. Also we care about pedestrian safety above all else, so let's have more surface parking lots. It's hard to count the ways these fuckers contradict themselves.
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Jun 19, 2019 15:44
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CRISPYBABY posted:Renting would get a better rep if the vast majority of landlords weren't useless dogshit slowly letting their property degrade until till they sell it for a profit and buy another one and/or renovict you. Yeah for sure, but I think there's an underlying impression some people get about you if you own vs rent, that you're more responsible or fiscally secure or something, which just flat out has nothing to do with renting vs owning.
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Jun 19, 2019 22:01
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It's almost like the banks don't believe housing will always go up anymore
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Jun 21, 2019 07:06
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Femtosecond posted:There's been a data dump from CMHC recently that the housing academics are feasting on. Josh Gordon has released a new (not peer reviewed!!!!! the YIMBYs are in a hurry to insist!) paper where he asserts a strong connection between non-resident ownership and distorted land values. This paper isn't very good. Just saying. You can just as easily assert that non-resident buyers prefer more high demand cities, which naturally have higher price-income ratios.
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Jun 21, 2019 18:11
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Oakland Martini posted:So there's nothing wrong with house prices decoupling from local incomes? Nothing wrong with the hollowing-out of Vancouver's economy that has slowly occurred over the last 20 years that is a direct consequence of this decoupling? Nothing wrong with the opioid abuse crisis that is also almost surely a direct result of this trend? I think you misunderstood that post. That study directly attributes non resident ownership as the single cause of that decoupling using nothing more than a univariate analysis on very flimsy data point. He then concludes that because he can't see an alternative cause, that this means you can ignore the age old rule that correlation does not equal causation, which is such a crock of horse poo poo that it's amazing this came out of someone who apparently has a PhD. The post you quoted simply pointed out the possibility that the correlation may not be the causation at all.
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Jun 21, 2019 21:55
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Oakland Martini posted:I understood the post fine. In short, it asserted that house prices decoupling from incomes is a normal phenomenon that we should expect to see because people retire and live in expensive houses (that they purchased in their prime earning years) when they have low incomes. Which I pointed out is incoherent. Just stop right there and stop calling people morons. Noone here is arguing that non-resident ownership is not contributing to the problem, but that doesn't mean that it's okay to suddenly give a pass to studies that make grand assertions without a solid base to back it up. That study very explicitly claims that non-resident ownership is the primary cause of the house price decoupling, and that because the correlation is so strong (we're talking about data for a dozen cities in a single year, 2018) that we can just ignore the fact that correlation is not causation. Nobody serious in stats looks at one variable and one data point and then attributes causation to that variable, that's just plain incompetence. I'm fully onboard that there is a big problem with people buying houses here that don't live here, but that doesn't mean I have to give credit to every crackpot study that comes out that happens to align with my own views. This is why we have a thing called peer-review, because guess what, academics also put a lot of garbage out there and it would behoove you not to believe absolutely everything an Assistant to the Professor has to say without question. qhat fucked around with this message at 22:43 on Jun 21, 2019 |
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Jun 21, 2019 22:40
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UnfortunateSexFart posted:Why is this thread being flooded by new people who are still denying that massive scale Chinese money laundering is absolutely the main problem in Vancouver? We moved past this like 5+ years ago and even back then the constant "you're afraid of Asians" redirection was tiresome. Who exactly is saying that? I'm pointing out that this study in particular which is currently receiving an inordinate amount of media attention is actually not a very good study for reasons that have nothing to do with whether you like Chinese people or not. I like to hold view points based on some kind of factual evidence, not based on made up conclusions from extremely flimsy statistics, and no, "it's just common sense" isn't good enough. Sure there is a huge problem with intentional withholding of data in real estate and that should be addressed as a matter of priority.
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Jun 21, 2019 23:31
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Can't help but feel that with the frenzy to build as many condos as fast possible in Vancouver before the market collapses that a good chunk of buildings will have cut corners left right and centre.
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Jun 27, 2019 02:36
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Nobody, for example, wants to be in a house fire. But do you know where you especially don't want to be in a fire? 10 floors up in a building with lovely fire protections.
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Jun 27, 2019 02:38
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To be clear we are talking about a tsunami upwards of 20 metres high. Which would put an entire 3 story building underwater
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Jun 27, 2019 07:26
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McGavin posted:I am fully prepared to eat the rich. Spoiler alert: they don't actually live here
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Jun 28, 2019 05:17
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I heard you can fry meat on the hood of a Lamborghini
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Jun 29, 2019 05:36
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That also sounds like complete fraudulent advertising. I'd probably be looking at taking legal action against the realtor.
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Jul 7, 2019 21:47
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ocrumsprug posted:If you are driving through smaller rural towns and notice houses without siding, but are obviously not under construction it is because your house isn't "constructed" until the siding is up. Ergo, you don't pay property taxes on the structure. This sounds incredibly slimy. So basically you can put the foundations and some basic structures in, leave them to rot exposed for ten years, and then put up the sidings and claim it's brand new?
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Jul 7, 2019 22:54
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Hover posted:That opportunity might come back when it's all underwater I heard it already is 
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Jul 9, 2019 10:50
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Those poor millionaire homeowners who can't build decks on their own property. Won't somebody please stick up for the down trodden homeowner who just can't catch a break.
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Jul 12, 2019 07:50
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Hover posted:We would have affordable housing if these old white guys would stop loving thinking with their decks I endorse this post for president
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Jul 14, 2019 04:21
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Looking forward to seeing that number increasing by an order of magnitude when the beneficial ownership registry comes into force in 2020.
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Jul 15, 2019 21:16
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incontinence 100 posted:I had no idea it was going to take that long. Surely there are enough techbros that could deploy this into the cloud in the next couple hours? No way, you're looking at maybe 6 months for a competent team. There's probably a lot of security testing, front and back end designing, cost analysis, and whatever else that needs to be done. Remember this database is going to contain sensitive information so it has to be done right. Add in the probability that whoever doing it is probably a govt crony who are cheaper and inherently less competent, and you've got yourself a year+ project.
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Jul 15, 2019 22:29
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incontinence 100 posted:Or maybe the NDP is slow walking this registry into existence so all the right kind of people get a chance to protect themselves. No, governments are really that bad at computer
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Jul 16, 2019 05:19
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incontinence 100 posted:It's also 500k circulating in an economy that otherwise wouldn't have that money. Folks, money laundering is an integral component for growing our economy. The garden deck economy has been stagnating recently, it could use a fresh injection of cash from the faceless Mr Xu
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Jul 16, 2019 19:48
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Some get the figures on new deck builds within the past 6 months, this could be smoking gun FINTRAC have been looking for
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Jul 17, 2019 05:05
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